REC- 1-51.p65 - Rural Electrification Corporation Ltd.
REC- 1-51.p65 - Rural Electrification Corporation Ltd.
REC- 1-51.p65 - Rural Electrification Corporation Ltd.
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NON-BANKING FINANCIAL COMPANIES AUDITORS’ REPORT<br />
The Board of Directors<br />
<strong>Rural</strong> <strong>Electrification</strong> <strong>Corporation</strong> Limited.<br />
SCOPE Complex, Core-IV<br />
Lodi Road,<br />
New Delhi-110003<br />
Dear Sir,<br />
As required by the Non-Banking Financial Companies Auditors’ Report (Reserve Bank) Directions, 1998 issued by the<br />
Reserve Bank of India, on the matters specified in Para 3 and 4 of the said Directions to the extent applicable to the<br />
<strong>Corporation</strong>, we report that:<br />
1) The <strong>Corporation</strong> had applied for registration as provided in section 45-IA of the Reserve Bank of India Act, 1934 (2 of<br />
1934) and has been granted certificate of registration by Reserve Bank of India on 10/02/1998 having Registration No.<br />
14000011.<br />
2) As per amendments to NBFC Regulations vide notification no.s 134 to 140, dated 13/01/2000, the Government<br />
Companies have been exempted from applicability of provisions of RBI Act relating to maintenance of liquid assts<br />
and creation of Reserve Funds and the directions relating to acceptance of public deposits and prudential norms. The<br />
exemption of Non Banking (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,<br />
2007 was also notified vide RBI Master Circular No. 145 dated 1 st July 2009.<br />
3) The <strong>Corporation</strong> has not accepted any public deposits during the year 2009-10.<br />
4) For the Financial year 31 st March 2010, the <strong>Corporation</strong> has complied with the Accounting Standards, Income<br />
recognition, Provisioning for Bad and Doubtful debts, Capital Adequacy & Exposure Norms are as per the prudential<br />
norms formulated by the Company and referred to/ as stated in the Significant Accounting Policies.<br />
For Bansal & Co. For K.G.Somani & Co.<br />
Chartered Accountants Chartered Accountants<br />
(D.S. Rawat) (Bhuvnesh Maheshwari)<br />
Partner Partner<br />
Membership No. 83030 Membership No. 88155<br />
Firm Regn. No. 001113N Firm Regn. No. 006591N<br />
Date: June 10, 2010<br />
Place: New Delhi<br />
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