REC- 1-51.p65 - Rural Electrification Corporation Ltd.

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82 COMMENTS OF THE COMPTROLLER & AUDITOR GENERAL OF INDIA UNDER SECTION 619 (4) OF THE COMPANIES ACT, 1956 ON THE ACCOUNTS OF THE RURAL ELECTRIFICATION CORPORATION LIMITED FOR THE YEAR ENDED 31 MARCH 2010 The preparation of financial statements of Rural Electrification Corporation Limited for the year ended 31 March 2010 in accordance with the financial reporting framework prescribed under the Companies Act, 1956 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor General of India under Section 619 (2) of the Companies Act, 1956 is responsible for expressing opinion on these financial statements under Section 227 of the Companies Act, 1956 based on the independent audit in accordance with the auditing and assurance standards prescribed by their professional body, the Institute of Chartered Accountant of India. This is stated to have been done by them vide their Audit Report dated 19 th May 2010. I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit under Section 619 (3) (b) of the Companies Act, 1956 of the financial statements of Rural Electrification Corporation Limited for the year ended 31 March 2010. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to the inquiries of the statutory auditors and Company personnel and a selective examination of some of the accounting records. On the basis of my audit nothing significant has come to my knowledge which would give rise to any comment upon or supplement to Statutory Auditors’ report under Section 619 (4) of the Companies Act, 1956. Place: New Delhi Dated: 09.07.2010 For and on behalf of the Comptroller and Auditor General of India (Naina A. Kumar) Principal Director of Commercial Audit & Ex-officio Member Audit Board-II, New Delhi
STATEMENT PURSUANT TO SECTION 212 (1) (e) OF THE COMPANIES ACT, 1956 RELATING TO SUBSIDIARY COMPANIES Sl. Name of the subsidiary REC Transmission REC Power North Karanpura Talcher-II Raichur Sholapur No. Projects Company Distribution Transmission Transmission Transmission Limited Company Limited Company Limited# Company Limited# Company Limited# 1. Financial year of the Subsidiary ended on 31.03.2010 31.03.2010 31.03.2010 31.03.2010 31.03.2010 2. Date from which they became subsidiary 08.01.2007 12.07.2007 23.04.2007 01.05.2007 19.11.2009 3. Share of the subsidiary held by the company as on 31st March, 2010. (a) Number & face value 50,000 equity 50,000 equity 50,000 equity 50,000 equity 50,000 equity shares shares of Rs. 10/- shares of Rs. 10/- shares of Rs. 10/- shares of Rs. 10/- of Rs. 10/- each each each each each (b) Extent of holding 100% 100% 100% 100% 100% 4. The net aggregate amount of the Subsidiary Companies Profit/(Loss) so far as it concerns the members of the holding Company. (a) Not dealt with in the holding Company’s accounts:- (i) For the financial year Rs. 198,010,352 Rs. 10,365,029 No Profit earned by No Profit earned by No Profit earned by ended 31st March, 2010. the Company the Company the Company (ii) up to the previous financial year of the subsidiary company. Nil Rs.32,003,084 Nil Nil Nil (b) Dealt with in the holding Company’s accounts:- (i) For the financial year ended 31 Nil Nil Nil Nil Nil st March, 2010. (ii) For the previous financial year of the subsidiary Company since they became the holding Company’s Subsidiaries. Nil Nil Nil Nil Nil #Note 1: 100% shares of North Karanpura Transmission Company Limited, Talcher-II Transmission Company Limited and Raichur Sholapur Transmission Company Limited are held by REC Transmission Projects Company Limited which is a direct subsidiary of the Company. In pursuance of provision of Section 4 (1) (c) of the Companies Act, 1956, these companies are also subsidiaries of Rural Electrification Corporation Limited as on 31.03.2010. Note 2: In case of REC Transmission Projects Company Limited, the process of selection of the successful bidders for transfer of, North Karanpura Transmission Company Limited and Talcher II Transmission Company Limited has been completed during the year. B.R. Raghunandan H.D. Khunteta P. Uma Shankar Company Secretary Director (Finance) Chairman & Managing Director ANNEXURE-IV 83
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CORPORATE OFFICE ZONAL OFFICES REGI
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2 CONSISTENT GROWTH OVER 10 YEARS P
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4 MISSION Mission & Objectives 41st
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6 PERFORMANCE HIGHLIGHTS 41st ANNUA
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8 ACKNOWLEDGEMENTS 41st ANNUAL REPO
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10 41st ANNUAL REPORT 2009-10 82(3)
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12 41st ANNUAL REPORT 2009-10 11. A
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14 41st ANNUAL REPORT 2009-10 As me
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16 Shri Venugopal N. Dhoot Dr. Devi
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18 SHRI DEVENDER SINGH Government N
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20 To The Shareholders, The Directo
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22 crore and Fixed Assets of Rs.89.
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24 (DSM), Municipal DSM, Bachat Lam
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26 Sl. Programme No. of No. of No.
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28 21.3 Four quarterly review meeti
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30 Electricity Department of Manipu
Page 34 and 35: 32 41st ANNUAL REPORT 2009-10 TABLE
Page 42 and 43: 40 The performance orientation buil
Page 44 and 45: 42 As a listed company and a good c
Page 46 and 47: 44 (ii) The terms of reference of t
Page 48 and 49: 46 3.1.8 FPO Committee During the y
Page 50 and 51: 48 the Company are published in lea
Page 52 and 53: 50 (xi) Distribution of Shareholdin
Page 54 and 55: 52 SOURCES OF FUNDS Shareholders’
Page 56 and 57: 54 Authorised SCHEDULE ‘1’ CAPI
Page 58 and 59: 56 88th Series - 8.65% Redeemable a
Page 60 and 61: 58 SCHEDULE- ‘5’ FIXED ASSETS A
Page 62 and 63: 60 SCHEDULE ‘8’ DEFERRED TAX LI
Page 64 and 65: 62 SCHEDULE ‘11’ OPERATING INCO
Page 66 and 67: 64 SCHEDULE ‘15’ ADMINISTRATION
Page 68 and 69: 66 15. Auditors’ Remuneration inc
Page 70 and 71: 68 25. Subsequent to settlement of
Page 72 and 73: 70 Changes in the Fair value of Pla
Page 74 and 75: 72 Rs. In Lacs. Particulars As at N
Page 76 and 77: 74 For the purpose of application o
Page 78 and 79: 76 In terms of our Report of even d
Page 80 and 81: 78 To The Members of Rural Electrif
Page 82 and 83: 80 by our audit and in the immediat
Page 86 and 87: 84 CONSOLIDATED SOURCES OF FUNDS Sh
Page 88 and 89: 86 CONSOLIDATED Authorised SCHEDULE
Page 90 and 91: 88 CONSOLIDATED 88th Series - 8.65%
Page 92 and 93: 90 CONSOLIDATED SCHEDULE- ‘5’ C
Page 94 and 95: 92 CONSOLIDATED SCHEDULE ‘8’ DE
Page 96 and 97: 94 CONSOLIDATED SCHEDULE ‘11’ O
Page 98 and 99: 96 CONSOLIDATED SCHEDULE ‘17’ C
Page 100 and 101: 98 CONSOLIDATED 21. Disclosure in r
Page 102 and 103: 100 CONSOLIDATED Amounts recognized
Page 104 and 105: 102 CONSOLIDATED 35. The Corporatio
Page 106 and 107: 104 CONSOLIDATED CONSOLIDATED SIGNI
Page 108 and 109: 106 AUDITORS’ REPORT TO THE BOARD
Page 110 and 111: 108 ADDRESSES OF REC OFFICES Sl. RE
Page 112 and 113: 110 Sl. REC Offices Addresses Telep
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REC- 1-51.p65 - Rural Electrification Corporation Ltd.

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