DIRECTORS’ REPORT To, - Rajasthan...Govt. of Rajasthan during the financial year 2014-15. Therefore, the subscribed & paid up capital as on 31.03.2015 stood at Rs. 35,40,55,21,000/-

DIRECTORS’ REPORT

To,

The Members,

The Directors are pleased to present the Fifteenth Annual Report and the Audited Financial

Statements for the financial year ended 31st March, 2015.

I FINANCIAL HIGHLIGHTS

(a) Summarized Financial Results

The comparative position of working results of the company for the financial year 2014-15 vis-a-vis earlier year is as mentioned below:

(Rs. In Lacs)

Particulars 2013-14 2014-15 Total Revenue 693135.08 828059.74 Profit before Depreciation, Interest & Taxes (158633.03) (59147.93) Depreciation and amortization expenses 26654.16 37566.89 Interest, Finance Charges & Lease Rental 293778.29 259782.69 Profit/(Loss) before Priod Period Items and tax (479065.48) (356497.51) Add/(Less):Prior period Incomes/Expenses (Net) (5233.64) (2791.38) Profit/(Loss) before Tax (484299.12) (359288.89) Provision for Tax - - Profit after Tax (484299.12) (359288.89) Net Profit/(Loss) available for appropriation (484299.12) (359288.89)

(b) Dividend

There being no profit available for appropriation, the Directors show their inability to declare

any dividend for the year under review.

(c) Share Capital

The Authorized Share capital of the Company as on 31st March, 2015 stood at Rs. 10000 Crore.

Allotment worth Rs. 2,01,56,71,000/- was made against the equity capital received from the

Govt. of Rajasthan during the financial year 2014-15. Therefore, the subscribed & paid up

capital as on 31.03.2015 stood at Rs. 35,40,55,21,000/- and share application money pending

for allotment as on 31.03.2015 was Rs. 7,86,89,79,000/- .

Page 1 of 167

(d) Bonds Pursuant to the financial restructuring scheme for state distribution companies notified by the

Govt. of India on 5th October, 2012, the Company issued bonds to the extent of 50% of the

short term liabilities outstanding as on 31.03.2012 of Rs. 6694.22 crore in favour of 25 banks

on 18th October, 2013 at a coupon rate of 9.95% p.a. The interest liabilities on these bonds

shall be borne by the State Govt. till these bonds are taken over by the State Govt. The State

Govt. has taken over bonds of Rs. 1917.90 crore (Rs. 1244.84 crore during F.Y. 2013-14 & Rs.

673.06 crore during F.Y. 2014-15) by way of issuing special government securities by

31st March 2015.

The remaining bonds shall also be taken over by the State Govt. in phases by March 2017. As a

result of this the debt burden (interest+repayment) of the company will get reduced to this

extent. In addition to this, the 50% short term loan outstanding as on 31.03.2012 of Rs.

6215.15 crore have also been restructured by all the banks for a period of ten years including 3

years moratorium period on same rate of interest.

(e) Subvention/Grants from State Government

(Amt. in Crore)

A Cash Support 132.30

B Tariff Concession Subsidy 1602.12

C Deficit Subsidy 295.18

D E.D. subsidy 354.45

E Interest (World Bank) Subsidy 3.93

F Subsidy against Stamp Duty 6.57

G Subsidy against Compounding Charges 3.34

H Subsidy for Interest Bonds 284.65

I Subsidy for Hailstorm 0.26

TOTAL 2682.80

Page 2 of 167

(f) Finance The Company has availed working capital loan of Rs. 3158.03 crore from Commercial Banks/

Financial Institutions during the year under review to cover up the revenue gap. In addition to

this, the long term loans of Rs. 635.37 crore were availed from REC/PFC to incur plan capital

expenditure during the year. The banks have sanctioned and disbursed the loans towards

Operational Funding Requirement (OFR) during the year to take care of its operational payment

liability as per the provisions of the FRP scheme. The State Level Monitoring Committee (SLMC)

under the chairmanship of the Chief Secretary, GoR and the MoP, GoI is periodically monitoring

the progress of the FRP.

II OPERATIONAL PERFORMANCE

The Company sold 12899.39 MU of energy to all categories of consumers during the year under

review fetching revenue of Rs. 7130.37 Crore as against sale of 12499.59 MU of energy for a

sum of Rs. 6192.74 Crore during the corresponding period of last year. The Company

purchased 18518.15 MU of energy against 16498.42 MU in the last year.

The comparative table below displays the performance of the Company during the last three

financial years:-

Sr. No

Description F.Y.

2012-13

F.Y.

2013-14

F.Y.

2014-15

1 Purchase of Energy (MU) 15840.02 16498.42 18518.15 2 Energy sale (MU) 11862.67 12499.59 12899.39 3 Distribution Losses (%) 20.65 20.69 26.08 4 Revenue from SOP (Rs. in Crore) 4938.09 6192.74 7130.37 5 Release of Domestic Connection (Nos.) 145416 158625 15224

6 Release of Agriculture Connection (Nos.) 12884 22421 10479

7 Collection Efficiency (%) 98.99 98.63 99.07

8 AT&C Loss (%) 21.11 21.77 26.06

Page 3 of 167

III STRENGTHENING OF DISTRIBUTION SYSTEM

The Company has been working constantly to strengthen the Distribution System by giving

priority for extension of Sub-stations and Distribution lines. The features and progress of

various schemes/activities undertaken for strengthening of Distribution system are as follows:

1. Installation of single phase & Three phase transformers

The Company has installed total no. of 24110 single phase & three phase transformers for rural

domestic consumers to reduce the peak load during the financial year 2014-2015.

2. Reform Programme:

Under Reform Programme, particularly in rural areas, the Company has installed small capacity

transformers i.e. 10 KVA & 16 KVA for individual connections also. These transformers would

prevent theft of energy and improve the quality of electricity supply. The agriculture

connections under the jurisdiction of the Company, attached with 100/ 63 KVA transformers will

be connected with 25 KVA transformers. ABC will be used for connecting these transformers

with the new agriculture connections.

3. R-APDRP-Part B (Non SCADA towns & SCADA Towns)

It is an initiative of government of India with focus on establishment of base line data;

maintaining reliability of supply and reduction of AT&C losses through strengthening and up

gradation of sub transmission and distribution network. This scheme covers cities and towns of

urban areas with population of more than 30,000.

Initially 25% funds are provided as loan from GOI and balance is to be raised from financial

institutions. Based on the criteria for reduction of AT&C losses below 15% and maintaining the

same below that level, 10% of the total project cost of the town will be converted into grant

every year. A maximum of 50% of the total project cost of a town can be converted into grant

if the losses of that town are brought below the 15% and are maintained for 5 years. The AT&C

losses will be verified by a TPIEA-EA M/s. Voyant Solution Pvt. Ltd., Gurgaon which has been

appointed as TPIEA-EA by PFC. Base line losses of 29 towns are already verified by TPIEA-EA.

Page 4 of 167

Status of Sanctioning and Disbursement of R-APDRP Projects:

R-APDRP ELIGIBLE TOWNS

SANCTIONED TOWNS

2014-15 (RS. IN CRORE)

SANCTION

DISBURSMENT

Expenditure up to

31/03/15 Part - A 29 29 52.05 160.74 192.10 Part – B 29 29 391.09

Location Of Data Center & Disaster Recovery Centre:

Data center: JAIPUR

Disaster recovery center: JODHPUR

4. Gram Panchayat Vidyut Vitran Yojna (GPVVY)

In this scheme nearly 580 nos. 33/11 KV GSS in different Panchayats were sanctioned and 425

nos. 33/11 KV GSS have been commissioned upto FY 2014-15.

5. Mukhya Mantri Sabke Liye Vidyut Yojna (MMSLVY)

A provision of Rs. 50.00 Crore was made in FY 2014-15 for releasing pending domestic

connections to rural households situated in Dhanies/villages having population less than 100

under Mukhya Mantri Sab ke Liye VidyutYojna. A provision of Rs. 25.00 Crore has been kept for

execution for the Financial Year 2015-16.

6. Feeder Improvement Programme (FIP)

A total provision of Rs 498.40 Cr. was made for execution of Feeder Improvement Programme

(FIP). Main features of this programme are as under:-

1. Tightening of loose wires

2. Straightening of tilted poles

3. Insertion of Pole in long span for providing adequate ground clearance

4. Reconditioning of single phase distribution transformer

5. Reconditioning of three phase distribution transformer

6. Replacement of obsolete AB cables

7. Capacity augmentation of single phase DT’s

8. Earthing of single phase DT’s

9. Providing three phase systems in villages near to 33/11 KV S/s

Page 5 of 167

10. Tightening of loose AB cable

11. Providing M-seal / repairing of unsealed cable points.

12. Providing Insulated connectors

13. Replacement of defective meters

14. Transformer reading platform, etc.

Progress of FIP as on 31.03.15:

Sl Particulars Number

1 Tightening of Loose wires 81112

2 Straightening of Tilted Pole 55865

3 Insertion of Pole in Long Span and provide Adequate Ground

25032

4 Reconditioning of Distribution Transformer Single Phase 9042

5 Reconditioning of Distribution Transformer Three Phase 16469

7. Sub-station Improvement Programme (SIP)

A total provision of Rs 169.56 Crore was made for execution of Sub-station Improvement

Programme (SIP). Main features of this programme are as under:-

1. Replacement of non operative roster switches

2. Installation of new roster switches

3. Repair/replacement of non operative circuit breakers

4. Installation of new circuit breakers

5. Replacement of non functioning feeder meters

6. Installation of new feeder meters

7. Improvement of earthing at 33 KV substation/power transformers etc.

Progress of SIP as on 31.03.15:

Sl. Particulars Number

1 Installation of New Roster Switches on Nos of Feeders 2872

2 Installation of New Circuit Breakers on No of 11 kV feeders 1283

3 Installation of New feeder meters on Nos. of Feeders 947

4 Repair / Replacement of non operative Circuit Breakers on Nos of 11 kV

Feeders

441

5 Replacement of non functioning feeder meters on Nos. of Feeders 345

Page 6 of 167

8. Deen Dayal Upaadhya Gram Jyoti Yojna (DDUGJY)

The Govt. of India has launched Deen Dayal Upadhyay Gram Jyoti Yojna (DDUGJY) for the rural

areas with the following components:

• Separation of agriculture and non-agriculture feeders facilitating judicious rostering of

supply to agricultural & non-agricultural consumers in the rural areas.

• Strengthening and augmentation of sub-transmission & distribution infrastructure in

rural areas including metering of distribution transformers/ feeders / consumers.

• Rural Electrification, as per CCEA approval dated 01.08.2013 for completion of the

targets laid down under RGGVY for 12th Plan and 13th plan by carrying forward the

approved outlay for RGGVY to DDUGJY.

The scheme as approved in 12th& 13th Plan will get subsumed in this scheme as a separate

rural electrification component. Projects under the scheme shall be completed within a period of

24 months from the date of issue of Letter of Award (LOA) by the utility. The Project

Management System (PMS) Cell at HQ and at District level for DDUGJY has been established.

XIIth PLAN

Under 12th Plan project the scheme for electrification of un-electrified habitation & BPL

households residing in the habitations having population more than 100 have been sanctioned

by REC. The details are as under:

S.No

District

Sanctioned Amount

(In Crore)

Coverage

Dhanies BPL Connections

APL Connections

1. Ajmer 14.04 1583 7699 11361

2. Bhilwara 19.13 19.01 23607 20912

3. Chittorgarh 9.77 1636 10473 18320

4. Dungarpur 138.93 3126 63938 26127

5. Jhunjhunu 21.71 1882 2137 23402

6. Nagaur 19.04 1594 6312 9602

7. Pratapgarh 58.15 1742 18147 22248

8. Rajsamand 51.18 2528 11554 18301

9. Sikar 86.06 3335 5722 27069

Total AVVNL 418.01 19327 149589 177342

Page 7 of 167

Under XII Plan DDUGJY Schemes of nine Districts namely Ajmer, Bhilwara, Nagaur, Sikar,

Jhunjhunu, Chittorgarh, Pratapgarh, Dungarpur & Rajsamand were sanctioned. Out of the

above nine Districts’ schemes, the work order has been awarded for three Districts i.e.,

Pratapgarh, Dungarpur, Jhunjhunu. The details of work order awarded are as follows:-

S. NO

Name of District Name of Firm

Awarded Cost

(In Lacs)

REC Sanction

Cost (In Lacs)

Date of detailed

work order

1 Jhunjhunu M/s. Absolute Projects (India) Ltd., New Delhi

2225.31 2171.16 10.12.2014

2 (a)

Pratapgarh (lot-I)

2807.50

2 (b)

Pratapgarh (Lot-II)

M/s. Akhandalamani Electricals & Construction JV with M/s. Mangal Electricals Industries Pvt. Ltd., Jaipur

2821.90 3008.00 10.12.2014

3 Dungarpur (Lot-I,II &

III)

LOT-I & II:- M/s. Chadalavada Infratech Ltd., Hyderabad

13726.51 13892.52 10.12.2014

LOT-III:- M/s. Power Instrumentation (Guj) Pvt. Ltd. JV with M/s. Absolute Projects (India) Ltd., New Delhi

9. Integrated Power Development Scheme (IPDS)

The Govt. of India has launched Integrated Power Development Scheme (IPDS) for the

Urban/Semi-urban areas with the following components:

1. Strengthening of Sub-transmission and Distribution network in urban areas;

2. Metering of distribution transformers / feeders / consumers in urban areas;

3. Rooftop Solar Project, installation of solar panels and smart/net meters as a mandatory

component under IPDS;

4. Continuing IT enablement of distribution sector and distribution network strengthening

as per the norms of the ongoing scheme of RAPDRP by subsuming the same in IPDS.

NADs & DPRs of 11 District (having 66 nos. towns) have been prepared amounting Rs. 605.49

Crore under this Scheme.

Page 8 of 167

Proposed Annual Plan (FY 2015-16)

The Annual Plan of Rs. 906.55 Crore is proposed for FY 2015-16, and accordingly resources for

the plan provisions have also been proposed to the extent of Rs. 906.55 Cr. The provision for

capital expenditure to be incurred under planned activities during 2015-16 will be as under:

Name of schemes Cost of Schemes (Rs. Cr)

2014-15

Proposed for 2015-16

Sub- Transmission & Distribution 310.00 237.00

Rural Electrification Works 315.00 237.00

Rajiv Gandhi G.V. Yojna/DDUGJY 50.00 85.00

R-APDRP-A 15.00 26.55

R-APDRP-B/IPDS 100.00 161.00

Feeder Improvement Programme 60.00 100.00

Sub- Station Improvement Programme 50.00 30.00

Mukhya Mantri Sabke Liye Vidyut Yojna 50.00 30.00

TOTAL 950.00 906.55

IV VIGILANCE AND ANTI THEFT MEASURES

During the FY 2014-2015, the Vigilance unit worked with thrust being on preventive vigilance.

The aspect was emphasized by conducting periodic and surprise inspection of various units and

by issuing effective guidelines to streamline systems with the aim of eliminating gaps and

insuring transparency in day to day operations. Detailed investigations were carried out in

several cases of registered complaints during this period. The vigilance unit worked for

systematic improvements with a view to bring about greater transparency, objectivity and

accountability thereby contributing to the overall efficiency and effectiveness of the company.

The Company has restored to the constant strategic efforts for curbing the theft of electricity as

under:-

1. Intensive Vigilance Checking in theft prone areas particularly in Jhunjhunu, Sikar,

Chittorgarh, Bhilwara, Ajmer and Nagaur circle.

2. Intensive Vigilance Checking in theft prone areas of Agriculture area, Khinwsar, Nawa,

Roopangarh, Kuchaman.

3. Special campaign organized for checking of Mobile Towers, Educational Depts., Ice

Factories, Water Purifyng Factories, Restaurants, Dhabas & Hotels on National Highways

Page 9 of 167

and Marble Units by the team of O&M and Vigilance Officers with the support of Anti

Power Theft Police Stations as well as Local Police.

4. Special raids being conducted in order to detect the cases of tempering in meters.

5. Enforcement of legal provisions of the Electricity Act-2003 and rules made there under

to arrive at the logical conclusion of each VCR.

6. Inter Sub-Division / Division and joint checking done by mobilizing collective efforts of

(O&M and Vigilance) team after careful planning, gathering proper intelligence while

keeping an element of surprise.

7. Salutary examples were given by arresting the second theft holders under consumer/

non consumer category.

8. Disposal of approx 175 Primary Enquiry in the Company during the FY 2014-2015.

9. 1556 replacements of theft Transformers were sanctioned in the Company during the FY

2014-15.

10. Disposal of approx 280 TC/TIS in the Company during the FY 2014-2015.

Emphasis for checking was given on following key activities:-

1. Intensive Vigilance Checking was conducted in the areas particularly where the Feeder

wise losses are on higher side in the circle.

2. In order to reduce the (T&D) losses, load checking of agriculture connection was

conducted in the Company.

3. Regular intensive checkings were conducted by Vigilance Officers as per details given

below:-

Year Total

Checking

No. of Theft

Cases

Amount Assessed

(in lacs)

Amount Realized

(in lacs)

FIRs

Lodged

2013-14 21525 15344 3425.23 1688.46 2914

2014-15 22075 15152 3613.16 1785.03 2527

Page 10 of 167

21525 22075

15344 15152

3425.23 3613.16

1688.46 1785.032914 2527

0

5000

10000

15000

20000

25000

No. ofChecking

Assessment(InLacs)

FIR Lodged

2013-142014-15

589.74 524.42

2126.242413.53

709.25 675.22

0

500

1000

1500

2000

2500

Compounding Civil Liability Malpractise

Assessment (In Lacs)

2013-14 2014-15

534.19

333.03

724.37

941.47

429.9510.53

0

200

400

600

800

1000

Compounding Civil Liability Malpractise

Realization (In Lacs)

2013-14 2014-15

Year Amount Assessment (in lacs) Amount Realized (in lacs)

Compounding Civil Liability Malpractise Compound

ing Civil

Liability Malpractise

2013-14 589.74 2126.24 709.25 534.19 724.37 429.90 2014-15 524.42 2413.53 675.22 333.03 941.47 510.53

Page 11 of 167

4. Regular intensive checkings were conducted by O&M Officers as per details given below:-

8479898625

1901926616

3074.434908.55

1363.02 1980.9 444 5570

10000

20000

30000

40000

50000

60000

70000

80000

90000

100000

No. of Checking No. of Theft Assessment(InLacs)

Realization(InLacs)

FIR Lodged

2013-14

2014-15

5. In order to prevent theft of energy following Nos. of FIRs were registered during the

year in the various Anti Power Theft Police Stations of the Company as stated in table

out of which 2600 cases have been compounded and Rs. 366.67 Lacs recovered. Total

58 culprits were arrested:-

Year No. of FIRs No. of cases Compounded & FR (Others)

Amount Compounded (In Lacs)

2013-14 3358 3083 261.22 2014-15 3084 2600 366.67

33583054 3083

2600

261.22 366.67

0

500

1000

1500

2000

2500

3000

3500

No. of FIRs No. of CasesCopmpounded

Amount Compounded(InLacs)

2013-142014-15

Year Total Checking

No. of Theft Cases

Amount Assessment (in lacs)

Amount Realized (in lacs)

FIR Lodged

2013-14 84798 19019 3074.43 1363.02 444 2014-15 98625 26616 4908.55 1980.90 557

Page 12 of 167

6. Two complaints were lodged under special courts constituted for dealing electric matters

against the offenders who were found indulged in theft of electricity during the year.

7. A toll free number 18001800131 has been provided for providing information about theft

of electricity. The complaint of theft of electricity may also be lodged in the Call Centre.

V TARIFF

The Rajasthan Electricity Regulatory Commission (RERC) approved the revised Tariff for the

year 2014-15 vide its Order dated 20.02.2015. The revised tariff was made effective from

01.02.2015. The Commission allowed tariff increase of about 16.88%. Assessment of

additional revenue worth Rs. 212 Crore was made due to tariff hike for the remaining part of

the Financial Year 2014-15.

In exercise of powers conferred under Regulation-127 of RERC Tariff Regulations, 2009 and

Regulation 88 of RERC Tariff Regulations, 2014, Fuel surcharge has been levied on all

categories of consumers for the financial year 2014-15 as follows:

Particulars Q1 (Apr 14 to June 14)

Q2 (July 14 to

Sep 14)

Q3 (Oct 14 to Dec 14)

Q4 (Jan 15 to March 15)

FS leviable Rs. 0.17 / Unit Rs. 0.19 / Unit Rs. 0.23 / Unit Rs. 0.06 / Unit

Comml AJ AJ-565 dated 21.01.2015

AJ-567 dated 18.02.2015

AJ-583 dated 25.05.2015

AJ-594 dated 06.10.2015

VI CUSTOMER SERVICES

Customer satisfaction has always been the top priority of our Company. During the year under

review, the Company has initiated measures for providing power supply & related services to

consumers in best possible manner. Several important steps regarding better services to

consumers initiated in previous years have been pushed forward. Some of them are reported

hereunder:

Facility to pay bill of any area at any counter is working effectively in 29 towns of under

the Company and providing the same facility in other towns also.

Page 13 of 167

Centralized computer equipped call center for entire Discom area has been established

at Ajmer for quick and speedy resolution of consumer grievances. At present, following

six types of grievances are being registered at the CCC:

(i) No current complaints

(ii) Safety related issues

(iii) Transformer failure

(iv) Other technical

(v) Energy theft

(vi) Harassment by Discom Officials

AMR based DT metering with consumer indexing.

For consumers’ satisfaction, on demand Meter testing at consumers’ premises has been

implemented in all circles in which consumer may request to get his meter tested on

telephone.

The Company has been striving constantly for eliminating any avoidable delay in

allowing new connections, providing uninterrupted power supply and putting in place a

consumer-friendly bill collection network.

Installation of push fit type electronic / superior meters and improvement of bill

collection network to facilitate bill payment.

Deposit of consolidated stamp duty on quarterly basis on behalf of prospective

consumers in advance.

The Company has taken up various welfare schemes for benefit of SC / ST / BPL families

and rural areas like Deen Dayal Upadhyay Gramin Jyoti Yojna and Rural Electrification

Programme.

To redress the grievances of the consumers for giving early relief and cut short the time

taken, the RERC has issued amendment to the ‘RERC (Guidelines for Redressal of

Grievances) Regulations, 2003’ by forming only one Forum-‘Grievances Redressal Cum

Settlement Forum’. There is 4-tier system in this regard: Sub-divisional Forum,

Divisional Forum, Circle (District) Forum and Corporate Forum.

Organizing chaupals at all 33 / 11 KV sub-stations for on the spot redressal of consumer

grievances.

The Circle offices of the Company are continuously holding consumer friendly camps to

redress the problems of the consumers.

Expedition of the settlement of consumer disputes and grievances by the effective

working of Settlement Committees at various levels.

In order to avoid accidents and to provide uninterrupted power supply to the consumers,

the Company is installing Feeder Pillar Boxes of new technique.

Page 14 of 167

The Company has the distinction of being electricity utility in implementation of

inventory management system.

Placing of various orders issued by the Company from time to time related to Agriculture

consumers on the website www.rajenergy .com / www.avvnl.com

VII ACHIEVEMENTS

The Company has made the following achievements in various fields, during the year under

review: -

S No.

Description Unit FY 2012-13

FY 2013-14

FY 2014-15

1 Commissioning of 33 KV Sub-Stations

Nos. 60 146 80

2 Electrification of villages Nos. 102 13 59

3 Kutir Jyoti connections Nos. 13719 7783 15782

4 Ag. Connection to SC Nos. 921 4530 1885

5 Total connections released Nos. 175787 199844 183259

6 Laying of AB cables Km 4922.19 7288.37 8563.85

7 Replacement of meters Nos. 464998 428367 351803

8 Vigilance Checking Nos. 193746 106323 120700

9 Assessment through Vigilance Lacs 7021.09 6499.66 8521.71

10 Realization through Vigilance Lacs 3845.55 3051.48 3765.93

VIII RIGHT TO INFORMATION

The Right to Information Act, 2005 has been implemented in the Company in order to provide

information to citizens and to maintain accountability and transparency. The Company has put

RTI manual on website for access to all citizens of India and has designated Public Information

Officers/Assistant Public Information Officers and Appellate Authorities as per the provisions of

the Act. During the year under review 2112 applications were received under the RTI Act, out

of which 1963 applications were disposed off and 149 applications were pending at the end of

the financial year 2014-15.

Page 15 of 167

http://www.avvnl.com/

IX CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Board of Directors in its meeting held on 16th September, 2014, constituted Corporate

Social Responsibility Committee (CSR) as required under Section 135 of the Companies Act,

2013 comprising of following three Members and also prescribed the roles and responsibilities

of CSR committee.

1. Chairman

2. Managing Director

3. Director (Finance)

No meeting of the CSR committee was held during the year under review as there being no

profits available with the company during the preceding three financial years for spending on

CSR activities.

X MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL

POSITION

There is no such material change and commitment affecting the financial position of the

Company which has occurred between the end of financial year of the Company which the

financial management relates and the date of the report.

XI CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

The following changes have taken place in the Directors and the Key Managerial Personnel of

your Company during F.Y. 2014-15:

S.No. Name Designation From To

1 Shri. Arjun Singh Director 21.02.2013 30.09.2014

2 Smt. Seema Srivastava Director 02.09.2013 01.08.2014

3 Shri. K.C. Goidani Director (Technical) 09.09.2013 08.09.2014

4 Shri. Praveen Gupta Director 17.12.2013 13.06.2014

5 Shri. Bachet Ranawat Managing Director 03.01.2014 02.01.2015

6 Shri.R.G. Gupta Director &Chairman 04.01.2014 19.11.2014

Page 16 of 167

7 Shri. Alok Director 21.02.2014 29.10.2014

8 Shri S.C Dinker Director 13.06.2014 Continuing

9 Shri Arun kr. Gupta Director 01.08.2014 Continuing

10 Shri. R.K. Gupta Director 19.09.2014 Continuing

11 Shri Sanjay Malhotra Director & Chairman 01.11.2014 Continuing

12 Smt. Aparna Arora Director 13.01.2015 Continuing

13 Shri. Hemant Kr. Gera Managing Director 16.01.2015 Continuing

The Board placed on record its sincere appreciation for the valuable contributions made by the

outgoing Directors as Members of the Board.

During the financial year 2014-15, Eight meetings of the Board of Directors were held on

07.05.2014, 26.06.2014, 30.07.2014, 16.09.2014, 28.10.2014, 28.11.2014, 27.02.2015

& 30.03.2015 which were attended by the Directors as follows:

Sr.No Name of Members Meeting(s)

held

Meeting(s)

attended

1 Shri Sanjay Malhotra 3 3

2 Shri Alok 5 3

3 Shri Hemant Kumar Gera 2 2

4 Smt. Aparna Arora 2 0

5 Shri Praveen Gupta 1 0

6 Shri S.C Dinker 7 2

7 Shri R.G. Gupta 5 5

8 Shri B. Ranawat 6 6

9 Smt. Seema Srivastava 3 3

10 Shri Arun Kumar Gupta 5 4

11 Shri. N. K. Mathur 8 7

12 Shri K.C. Goidani 3 3

13 Shri Arjun Singh 5 3

14 Shri R. K. Gupta 4 1

Page 17 of 167

The composition of Board of Directors of the company as on 31.03.2015 was as follows:

Sr. No. Name Designation DIN

1. Shri Sanjay Malhotra, IAS Chairman 00992744

2. Shri Hemant Gera, IAS Managing Director 05293920

3. Smt. Aparna Arora, IAS Director 02360232

4. Shri S.C.Dinker, IAS Director 01471998

5. Shri Arun Kumar Gupta Director 06948144

6. Shri Narendra Kr. Mathur Director (Finance) 06852416

7. Shri R. K. Gupta Director (Nominee of Bank of Baroda) 06932634

XII WHISTLE BLOWER POLICY (VIGIL MECHANISM)

The Company has formulated a Whistle Blower Policy incorporating the provisions relating to

vigil mechanism in terms of Section 177 of the Companies Act, 2013, in order to enable the

Directors and employees of the company to take up any issue of concern impacting and

compromising with the interest of the company to the level of Audit Commitee. The Company is

committed to adhere to the highest possible standard of ethical, moral and legal business

conduct and to open communication and to provide necessary safeguards for protection of

employees from reprisals of victimization for whistle blowing in good faith.

XIII POLICY AGAINST SEXUAL AND WORKPLACE HARASSMENT

The Company is committed to provide and promote a safe, healthy and congenial atmosphere

in respect of gender, caste, creed or social class of employees. In its endeavor to provide a

safe and healthy work environment for all its employees, the company has an Anti Sexual

Harassment Policy in line with the requirements of the Sexual Harassment of Women at the

workplace (Prevention, Prohibition & Redressal) Act, 2013 to ensure zero tolerance towards

verbal, physical, psychological conduct of sexual nature by any employee that directly or

indirectly harasses, disrupts or interferes with another’s work performance or creates an

intimidating offencive or hostile environment, so that each employee can realize his/her

maximum potential.

Page 18 of 167

Internal Complaints Committee (ICC) at corporate office has been set up to redress complaints

received regarding sexual harassment. All employees (permanent, contractual, temporary,

trainees) are covered under this policy. During the Financial Year 2014-15, the complaints of

sexual harassment received in the Company were duly redressed and action was taken against

defaulters.

XIV STATUTORY AUDITORS

The Company being a Government Company, M/s. C. R. Mehta & Co., Chartered Accountants,

Jaipur were appointed as Statutory Auditors of the Company for the financial year 2014-15 by

the Comptroller & Auditor General of India vide letter no. CA. V/ COY/ RAJASTHAN, AJVVN

(1)/957 dated 06/08/2014 , pursuant to the provisions of Section 139 (5) of the Companies

Act, 2013.

XV COST AUDITORS

Pursuant to the provisions of Section 148 of the Companies Act, 2013, M/s. Chittora & Co.,

Cost Accountants, Jaipur were appointed as Cost Auditors of the Company for the Financial

Year 2014-15 by the Board of Directors.

XVI SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act, 2013, M/s. Pratibha

Khandelwal & Associates, Company Secretaries, Jaipur have been appointed as Secretarial

Auditors of the Company for the Financial Year 2014-15 by the Board of Directors. The report

of the Secretarial Auditors along with the replies of the Board to the Secretarial Auditors’

Report is enclosed as ‘Annexure-II’ to this report.

XVII AUDITORS’ OBSERVATIONS

The report of the Statutory Auditors is appended with the Balance sheet. The replies of the

Board to the Statutory Auditors’ Report are enclosed as an addendum to this report.

The report of the Comptroller & Auditor General of India in pursuance of Section 143 (5) of the

Companies Act, 2013 and Management Response thereto are enclosed as an addendum to this

report.

Page 19 of 167

XVIII DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) of the Companies Act, 2013, the Directors to the best of their

knowledge and belief confirm that:

i) in the preparation of the Annual Accounts, the applicable accounting standards had been

followed along with proper explanation relating to material departures;

ii) the directors had selected such accounting policies and applied them consistently and

made judgments and estimates that are reasonable and prudent so as to give a true and

fair view of the state of affairs of the Company at the end of the financial year and of the

profit and loss of the Company for that period;

iii) the directors had taken proper and sufficient care for the maintenance of adequate

accounting records in accordance with the provisions of this Act for safeguarding the

assets of the company and for preventing and detecting fraud and other irregularities;

iv) the directors had prepared the annual accounts on a going concern basis.

v) the directors had devised proper systems to ensure compliance with the provisions of all

applicable laws and that such systems were adequate and operating efficiently.

XIX EXTRACT OF ANNUAL RETURN

The extract of Annual Return as on financial year 2014-15 in Form No. MGT-9 as required

under Section 92 (3) of the Companies Act, 2013 read with rule 12 (1) of Companies

(Management and Administration) Rules, 2014, is set out as ‘Annexure-I’ to the Director’s

Report and forms part of this Annual Report.

XX INTERNAL AUDIT (IA)

The Company has an Internal Control System commensurate with the nature of its business

and the size of the Company. The Internal Audit wing of the Company headed by the Chief

Accounts Officer (IA) has been appointed as `Internal Auditor’ of the Company under Section

138 of the Companies Act, 2013 by the Board of Directors.

Page 20 of 167

XXI AUDIT COMMITTEE

During the financial year 2014-2015, Four Meetings of the Audit Committee were held on

26.06.2014, 30.07.2014, 28.11.2014 & 30.03.2015 which were attended by the following

Members as follows:


held

Meeting(s)

attended



3 Shri Praveen Gupta 1 0

4 Shri S.C. Dinker 3 0

5 Smt. Seema Srivastava 2 2

6 Shri Arun Kumar Gupta 2 1


8 Shri Hemant Gera 1 1

The composition of Audit Committee as on 31.03.2015 was as follows:

1. Shri Sanjay Malhotra Member

2. Shri Hemant Gera Member

3. Shri S. C. Dinker Member

4. Shri Arun Kumar Gupta Member

Shri Narendra Kr. Mathur, Director (Finance) of the Company is the permanent invitee of the

Audit Committee.

XXII BORROWING COMMITTEE

During the financial year 2014-2015, Thirteen Meetings of the Borrowing committee were held

on 07.05.2014, 17.06.14, 14.07.14, 30.07.14, 03.09.14, 16.09.14, 28.10.14, 28.11.14,

17.12.14, 29.12.14, 27.02.15, 09.03.15 & 25.03.15 which were attended by the Members as

follows:

Page 21 of 167


held

Meeting(s)

attended



3 Shri.N.K Mathur 13 11


5 Shri Hemant Kumar Gera 3 3

The composition of Borrowing Committee as on 31.03.2015 was as follows:

1. Shri Sanjay Malhotra Member

2. Shri Hemant Gera Member

3. Shri Narendra Kr. Mathur Member

XXIII RISK MANAGEMENT

The risk management practices include identifying risks relating to impact assessment, risk

analysis, risk evaluation, risk mitigation and monitoring and integration with strategy and

business planning.

During the last Financial Year, the risk management practices continued to focus on mitigating

financial management related risk i.e; availability of cheaper finance from different sources,

revenue collection from consumers, effective utilization of funds. The micro level observance

and focus were also given on timely and cheapest availability of power and supply of

uninterrupted and quality power to all categories of consumers, reduction in T&D losses etc.

The impact of risk relating to reputation, compliance of regulator’s orders, curbing accidents,

crisis management, effective utilization of man power etc. were also given continuous focus

during the year under review.

The company carried out periodic assessment of risks, their potential impact on key business

objectives relating to growth, profitability, talent management, reputation and operational

effectiveness were reviewed and discussed in various meetings. A special Grading system was

developed for reviewing the performance.

Page 22 of 167

XXIV TRANSFER TO RESERVES

During the period under review, the Company has not carried any amount to Reserves.

XXV SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S

OPERATION IN FUTURE

No significant or material orders were passed by the Regulators or Courts or Tribunals which

impact the going concern status and Company’s operation in future.

XXVI REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES & JOINT VENTURE

COMPANIES

There are no Subsidiaries, Associate and Joint Venture Companies of the Company.

XXVII PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES

No loans were given, investments were made, guarantees were given and securities were

provided during the year.

XXVIII PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES

There are no contracts or arrangements with related parties referred to in sub-section (1) of

Section 188 of the Companies Act, 2013, therefore, Form No. AOC-2 has not been attached.

XXIX DEPOSITS

The Company has not accepted or renewed any amount falling within the purview of provisions

of Section 73 of the Companies Act, 2013 (“the Act”) read with the Companies (Acceptance of

Deposit) Rules, 2014 during the year under review. Hence, the details relating to deposits and

the details of deposits which are not in compliance with Chapter V of the Act is treated as NIL.

XXX EMPLOYEES’ REMUNERATION

None of the employees of the Company is covered under the provisions of Rule 5 (2) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Page 23 of 167

XXXI CONSERVATION OF ENERGY, TECHNICAL ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Conservation of Energy, additional investments and proposals and Impact of the

measures

As required under Section 134 (3) (m) of Companies Act, 2013, read with the Companies

(Disclosure of Particulars in the report of the Board of Directors) Rules, 2014, the relevant

information pertaining to Conservation of Energy, Technology Absorption and Foreign

Exchange Earnings and Outgo are given below :-

The Bureau of Energy Efficiency (BEE), in partnership with the Energy Efficiency Services

Limited (EESL), has launched a nationwide capacity building programme to mainstream

DSM into utility operations. As part of the capacity building initiatives, EESL is currently

supporting the Company in undertaking load research activities and developing DSM action

plans. Apart from the load research activities, EESL has provided two DSM experts (one

technical & one financial expert) on deputation to the Company and the Company has

signed an MOU for participating in this scheme.

Load research is the starting point in the overall DSM planning process to identify strategic

demand side measures and unlock their potential for acquiring demand side resources. Load

research activities, conducted as part of this study, primarily involved analysis of consumer

load profiles and market surveys to analyze the electricity usage pattern of major end use

applications. The outputs from these activities have been used to identify DSM opportunities

for the Company and make informed assessment of the technical potential for energy

savings and peak demand offset envisaged from complete market transformation.

Agriculture sector

There is a prime need to consider agriculture sector for energy efficiency improvement. The

energy conservation measures in this sector will be taken as under:

• Replacement of existing inefficient pumps with energy efficient BEE star rated pumps.

• Improvement of power factor at load end and feeder end.

• Replacement of energy inefficient capacitors and starters with efficient one.

• Improvement in the under/oversized electric structure such as wiring, transformers etc.

with a proper structure.

Page 24 of 167

DSM in other sectors – Domestic, Commercial, Industry, PHED, Street Lighting

As a part of DSM activity, consumer survey has also been initiated in various sectors viz;

domestic, commercial, industrial, PHED and PSL. Survey is mainly intended to get familiar with

the existing equipment, their capacity, star ratings, awareness among the consumers about

energy efficiency equipment such as LED lamps, star rated ceiling fans, refrigerators, air-

conditioners etc. and their interest towards energy conservation. Possible energy conservation

measures would be as follows:

• Replacement of inefficient lighting fixtures with energy efficient LED lightings.

• Replacement of inefficient ceiling fans with BEE 4 or 5 star rated fans.

• Replacement of inefficient air-conditioners with BEE 4 or 5 star rated ACs.

• Replacement of inefficient existing transformers with star rated efficient transformers.

• Replacement of inefficient existing motors/machines with star rated efficient

motors/machineries.

• DSM based Efficient Lighting program (DELP) _ LED bulbs are proposed to be promoted

for use amongst the consumers resulting in overall energy consumption reduction as

well as reduction in peak power demand.

• Replacement of existing street lamps with energy efficient LED lamps. The project is

developed under profit sharing between Municipal Corporation and EESL through which

EESL will invest entire cost of the project and profit through energy savings will then be

shared with EESL by Municipal Corporation.

DSM in Government office buildings:

Govt. buildings are also the major consumer of electricity. The electricity consumption of

Government office buildings are significantly higher and there are enormous opportunities of

energy efficiency improvement in such buildings. BEE has already taken initiatives and has set

energy consumption benchmarks of buildings in order to certify them as star rated buildings.

Other conservation measures:

Besides the above, your company has also taken various steps for conservation of energy

through its DSM cell which are as follows:

Page 25 of 167

a. The message of energy conservation was spread among the general masses by

conducting seminars, making awareness in public to save the electricity through

advertisements and publicity, distribution of literatures, brochures, pamphlets, stickers

containing information, slogans, demonstration of energy saving devices etc. Meetings

with various industrial associations were also arranged. Various activities such as load

research, visits to industries & commercial establishments were carried out and

suggestions given to the consumers regarding conservation of energy resulting in

reducing their energy bills. Various demonstrations of energy saving equipments were

arranged from time to time.

b. The Company is also stressing for the use of non-conventional energy sources viz. Bio-

mass, Solar and Wind Power etc. The consumers are given a rebate in energy charges

for use of Solar Energy.

c. LT less schemes are being promoted and 100KVA/ 63KVA distribution transformers are

replaced by 25KVA & 40 KVA transformers and installed close to the load.

d. The company has constructed 80 Nos. of new 33/11KV sub-stations with extension of

538.49 kms. of 33KV lines in 12 circles of Ajmer Discom to reduce length of 11KV

feeders, improve voltage regulation and cater more load.

e. Laying of three phase or single phase armoured cable / ABC of proper rating in place of

existing overhead LT lines to feed single/three phase load.

f. To reduce commercial losses, company has laid down 4718.58 KM of AB cable in

agriculture sector and theft prone areas.

g. Under the provisions of Energy Conservation Act, 2001, the Annual Energy Audit has

been made compulsory to be conducted by the Certified Energy Auditors from 2007.

This provision is applicable for all the concerns consuming large units of power.

Disclosure relating to Research and Development (R&D) and Technology absorption

• Low loss distribution transformer with metering cum protection box for housing 1-2

energy meters with MCCB and LT capacitor duly sealed and welded for prevention of theft

in FRP and one transformer for one agriculture connections being introduced for new

connections.

• Use of Insulated ACSR rabbit conductor and single phase and three phase Aerial Bunched

Cable in theft prone areas.

• Use of piercing connectors (Specially designed as per NFC standards) for piercing Aerial

Bunched Cable and inserting service cable.

Page 26 of 167

• Use of suspension and tension clamps in single phase and three phase AB cables as per

NFC standards.

• Use of Energy Meters with specifically designed meter case and Meter Box Meter case

ultrasonically welded with two Nos. moulded polycarbonate seals having same serial

number as that of meter including terminal cover seal. Meter box having push fit

arrangement and again with two Nos. moulded polycarbonate seals having same serial

number as that of Meter.

• Use of ‘Roaster’ group operating switch (RGOS) specially designed for operating from

ground for making through three phase supply or single phase supply or isolating all the

three phases and neutral to regulate domestic single phase supply round the clock.

Foreign Exchange & Outgo

The company has not made any payment in foreign exchange or received any foreign exchange

during the year under review.

XXXII APPRECIATION AND ACKNOWLEDGEMENT

The Board of Directors of your Company take this opportunity to thank the Ministry of Power,

Govt. of India/Govt. of Rajasthan, Ministry of Finance (GOI/GOR), RERC, PFC, REC and other

Financial Institutions etc. for the abundant support and trust in us. Your Directors also

acknowledge the support and guidance extended by the C&AG, the Statutory Auditors and

Bankers. The dedicated services rendered by the employees at all levels also need special

mention. Your Directors also acknowledge the efforts, commitment and constructive co-

operation of the Employees Unions and Association of Engineers and Officers towards their

enduring support. The Board of your company convey their sincere thanks to the customers,

suppliers and various other stakeholders for their continued support & co-operation to the

Company and its Management.

For and on behalf of the Board Place:Jaipur Date: 10.12.2015 (Sd/-) [Bhaskar A. Sawant] CHAIRMAN

Page 27 of 167

Annexure- I to Directors’ Report 2014-15 FORM NO. MGT 9

EXTRACT OF ANNUAL RETURN As on financial year ended on 31.03.2015

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management &

Administration) Rules, 2014.

I. REGISTRATION & OTHER DETAILS:

1 CIN U40109RJ2000SGC016482

2 Registration Date 19/06/2000

3 Name of the Company Ajmer Vidyut Vitran Nigam Limited

4 Category/Sub-category of the Company

Company Limited by Shares

State Govt. Company

5 Address of the Registered office & contact details

Vidyut Bhawan, Panchsheel Nagar, Makarwali Road, Ajmer-305004, Rajasthan, India

6 Whether listed company No

7 Name, Address & contact details of the Registrar & Transfer Agent, if any.

N.A.

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

S. No. Name and Description of main products / services

NIC Code of the Product/service

% to total turnover of the company

1 Distribution of Electricity 35109 100% 2 ------ ----- ----- 3 ------ ----- ------

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

SN Name and address of the Company

CIN/GLN Holding/ Subsidiary/

Associate

% of shares

held

Applicable Section

1 ------ ------ ------ -- ------

Page 28 of 167

IV. SHARE HOLDING PATTERN (Equity share capital breakup as percentage of total equity) (i) Category-wise Share Holding

Category of Shareholders

No. of Shares held at the beginning of the year [As on 31-March-2014]

No. of Shares held at the end of the year [As on 31-March-2015]

% Change during

the year

Dem

at

Phys

ical

Tota

l

% o

f To

tal

Shar

es

Dem

at

Phys

ical

Tota

l

% o

f To

tal

Shar

es

A. Promoters

(1) Indian

a) Individual/ HUF

-- 10 10 0.00 -- 10 10 0.00 0.00

b) Central Govt 0.00 - 0.00 0.00

c) State Govt(s) -- 3338984990 3338984990 100.00 -- 3540552090 3540552090 100.00 5.7

d) Bodies Corp. -- 0.00 0.00 0.00

e) Banks / FI -- 0.00 - 0.00 0.00

f) Any other -- 0.00 - 0.00 0.00

Sub Total (A) (1)

-- 3338985000 3338985000 100.00 - 3540552090 3540552090 100.00 5.7

(2) Foreign

a) NRI Individuals

- - 0.00 - - - 0.00 0.00

b) Other Individuals

- - 0.00 - - - 0.00 0.00

c) Bodies Corp. - - 0.00 - - - 0.00 0.00

d) Any other - - 0.00 - - - 0.00 0.00

Sub Total (A) (2)

- - - 0.00 - - - 0.00 0.00

TOTAL (A) - - - 0.00 - - - 0.00 0.00

B. Public Shareholding

1. Institutions

a) Mutual Funds - 0.00 - 0.00 0.00

b) Banks / FI - 0.00 - 0.00 0.00

c) Central Govt - 0.00 - 0.00 0.00

d) State Govt(s) - 0.00 - 0.00 0.00

e) Venture Capital Funds

- 0.00 - 0.00 0.00

f) Insurance Companies

- 0.00 - 0.00 0.00

g) FIIs 0.00 - 0.00 0.00

Page 29 of 167

h) Foreign Venture Capital Funds

0.00 - 0.00 0.00

i) Others (specify)

0.00 - 0.00 0.00

Sub-total (B)(1):-

0.00 - - - 0.00 0.00

2. Non-Institutions

a) Bodies Corp.

i) Indian 0.00 - 0.00 0.00

ii) Overseas 0.00 - 0.00 0.00

b) Individuals

i) Individual shareholders holding nominal share capital upto Rs. 1 lakh

0.00 - 0.00 0.00

ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh

- 0.00 - 0.00 0.00

c) Others (specify)

Non Resident Indians

- 0.00 - 0.00 0.00

Overseas Corporate Bodies

- 0.00 - 0.00 0.00

Foreign Nationals

- 0.00 - 0.00 0.00

Clearing Members

- 0.00 - 0.00 0.00

Trusts - 0.00 - 0.00 0.00

Foreign Bodies - D R

- 0.00 - 0.00 0.00

Sub-total (B)(2):-

- - - 0.00 - - - 0.00 0.00

Total Public (B) - - - 0.00 - - - 0.00 0.00

C. Shares held by Custodian for GDRs & ADRs

- 0.00 0.00 0.00

Grand Total (A+B+C)

- 3338985000 3338985000 100.00 - 3540552090 3540552090 100.00 5.7

Page 30 of 167

(ii) Shareholding of Promoter SN

Shareholder’s Name

Shareholding at the beginning of the year

Shareholding at the end of the year

% c

hang

e in

sh

areh

oldi

ng d

urin

g th

e ye

ar

No.

of S

hare

s

% o

f tot

al S

hare

s of

the

com

pany

% o

f Sha

res

Pled

ged/

en

cum

bere

d to

to

tal s

hare

s

No.

of S

hare

s

% o

f tot

al S

hare

s of

the

com

pany

% o

f Sha

res

Pled

ged

/ en

cum

bere

d to

to

tal s

hare

s

1 The Governor of Rajasthan for Govt. of Rajasthan 3338984990 100 NIL 3540552090 100 NIL 5.7

2 Sh. Sh. Shailendra Agarwal 2 0.00 NIL 0 0.00 NIL 0.00

3 Sh. Kunji Lal Meena 1 0.00 NIL 0 0.00 NIL 0.00

4 Sh. P. S. Jat 1 0.00 NIL 0 0.00 NIL 0.00

5 Sh. Deepak Srivastava 1 0.00 NIL 0 0.00 NIL 0.00

6 Sh. Tanmay Kumar 1 0.00 NIL 0 0.00 NIL 0.00

7 Smt. Seema Srivastava 1 0.00 NIL 0 0.00 NIL 0.00

8 Sh. Alok 2 0.00 NIL 0 0.00 NIL 0.00

9 Sh. Arjun Singh 1 0.00 NIL 0 0.00 NIL 0.00

10 Sh. B. Ranawat 1 0.00 NIL 0 0.00 NIL 0.00

11 Sh. K. C. Goidani 1 0.00 NIL 1 0.00 NIL 0.00

12 Sh. Uma Shankar Tripathi 1 0.00 NIL 1 0.00 NIL 0.00

13 Sh. R.G. Gupta 1 0.00 NIL 1 0.00 NIL 0.00

14 Sh. Narendra Kr. Mathur 1 0.00 NIL 1 0.00 NIL 0.00

15 Sh. S. C. Dinker 1 0.00 NIL 1 0.00 NIL 0.00

16 Shri Arun Kr. Gupta 1 0.00 NIL 1 0.00 NIL 0.00

17 Sh. Sanjay Malhotra 2 0.00 NIL 2 0.00 NIL 0.00

18 Sh R. L. Gupta 1 0.00 NIL 1 0.00 NIL 0.00

19 Sh Hemant Gera 1 0.00 NIL 1 0.00 NIL 0.00

(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

SN Particulars Date Reason Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of shares % of total shares

No. of shares % of total shares

1. At the

beginning of the year

01.04.2014 ---- 3338985000 100 3338985000 100

2.

Changes during the

year

26.06.2014 Allotment of Equity Shares 48234000 100 3387219000 100 16.09.2014 Allotment of Equity Shares 32156500 100 3419375500 100 28.10.2014 Allotment of Equity Shares 16078300 100 3435453800 100 28.11.2014 Allotment of Equity Shares 16078300 100 3451532100 100 27.02.2015 Allotment of Equity Shares 32110000 100 3483642100 100 30.03.2015 Allotment of Equity Shares 56910000 100 3540552100 100

3. At the end of the year

31.03.2015

3540552100 100

Page 31 of 167

(iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs):

SN For each of the Top 10

shareholders

Date Reason Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of shares % of total

shares

No. of shares % of total

shares

1 Name

At the beginning of the year

0.00

0.00

Changes during the year

0.00

0.00

At the end of the year

0.00 0.00

2 Name


0.00

0.00


0.00

0.00


0.00 0.00

(v) Shareholding of Directors and Key Managerial Personnel:

SN Shareholding of

each Directors and each Key Managerial Personnel

Date Reason Shareholding at the beginning of

the year

Cumulative Shareholding

during the year No. of shares

% of total

shares

No. of share

s

% of total

shares 1 Shri Kunji Lal

Meena 17.04.2013 1 share transferred from Shri Sudhansh

Pant as per approval of GoR 1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


18.09.2014 1 share transferred to Shri R.G. Gupta as per the approval of GoR.

- 0.00 0 0.00


31.3.2015 - 0 0.00 0 0.00

2 Shri P. S. Jat 11.06.2008 1 share transferred from Shri S.R. Bansal as per approval of GoR

1 0.00 1

0.00


1.4.2014 - 1 0.00 1 0.00


18.9.2014 1 share transferred to Shri Bachet Ranawat as per the approval of GoR

- 0.00 0 0.00


31.3.2015 - 0 0.00 0 0.00

3 Shri Deepak 22.07.2010 1 share transferred from 1 0.00 1 0.00

Page 32 of 167

Srivastava Shri A. K. Jain as per the approval of GoR


01.04.2014 - 1 0.00 1 0.00


18.09.2014 1 share transferred to Shri Narendra Mathur as per the approval of GoR

- 0.00 - 0.00


31.3.2015 - 0 0.00 0 0.00

4 Shri Shailendra Agarwal

17.04.2012 09.10.2013

1 share transferred from Shri B. L. Khamesara &

1 share transferred from Shri Naresh Pal Gangwar as per approval of GoR

2 0.00 2 0.00


01.04.2014 - 2 0.00 2 0.00


18.09.2014 2 shares transferred to Shri Alok as per the approval of GoR

- 0.00 0 0.00


31.3.2015 - 0 0.00 0 0.00

5 Shri Tanmay Kumar

25.05.2012 1 share transferred from Shri Abhay Kumar as per approval of GoR

1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


18.9.2014 1 share transferred to Shri S. C. Dinker as per the approval of GoR

- 0.00 0 0.00


31.3.2015 - 0 0.00 0 0.00

6 Smt. Seema Srivastava

09.10.2013 1 share transferred from Smt. Shashi Mathur as per approval of GoR

1 0.00 1 1


01.04.2014 -- 1 0.00 1 0.00


18.09.2014 1 share transferred to Shri Arun Kr. Gupta as per the approval of GoR

- 0.00 - 0.00


- 0 0.00 0 0.00

7 Shri Alok 18.09.2014 2 shares transferred from Shri Shailendra Agarwal as per approval of GoR

2 0.00 2 0.00


01.04.2014 - 2 0.00 2 0.00


12.12.2014 2 shares transferred to Shri Sanjay Malhotra as per the approval of GoR

- 0.00 - 0.00


31.03.2015 - 0 0.00 0 0.00

8 Shri Arjun Singh

09.10.2013 1 share transferred from Shri C. S. Chandaliya as per approval of GoR

1 0.00 1 1


01.04.2014 - 1 0.00 1 0.00


12.12.2014 1 share transferred to Shri Raju Lal Gupta as per the approval of GoR

- 0.00 - 0.00


31.3.2015 - 0 0.00 0 0.00

9 Shri Bachet Ranawat

18.9.2014 1 share transferred from Shri P. S. Jat as per approval of GoR

1 0.00 1 0.00

Page 33 of 167


01.04.2014 - 1 0.00 1 0.00


12.02.2015 1 share transferred to Shri Hemant Gera as per the approval of GoR

- 0.00 - 0.00


31.3.2015 - 0 0.00 0 0.00

10 Shri K. C. Goidani

09.10.2013 1 share transferred from Shri Arjun Singh as per approval of GoR

1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


- - - 0.00 - 0.00


31.3.2015 - 1 0.00 1 0.00

11 Shri R. G. Gupta 18.09.2014 1 share transferred from Shri Kunji Lal Meena as per approval of GoR

1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


- - - 0.00 - 0.00


31.3.2015 - 1 0.00 1 0.00

12 Shri Narendra Kr. Mathur

18.09.2014 1 share transferred from Shri Deepak Srivastava as per approval of GoR

1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


- - - 0.00 - 0.00


31.3.2015 - 1 0.00 1 0.00

13 Shri S. C. Dinker

18.09.2014 1 share transferred from Shri Tanmay Kumar as per approval of GoR

1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


- - - 0.00 - 0.00


31.3.2015 - 1 0.00 1 0.00

14 Shri Arun Kr. Gupta

18.09.2014 1 share transferred from Smt. Seema Srivastava as per approval of GoR

1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


- - - 0.00 - 0.00


31.3.2015 - 1 0.00 1 0.00

15 Shri Sanjay

Malhotra 12.12.2014 2 shares transferred from Shri Alok as

per approval of GoR 2 0.00 2 0.00


01.04.2014 - 2 0.00 2 0.00

Page 34 of 167


- - - 0.00 - 0.00


31.3.2015 - 2 0.00 2 0.00

16 Shri Hemant Gera

12.02.2015 1 share transferred from Shri Bachet Ranawat as per approval of GoR

1 0.00 1 0.00


01.04.2014 - 1 0.00 1 0.00


- - - 0.00 - 0.00


31.3.2015 - 1 0.00 1 0.00

V. INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due for payment.

(Amt. Rs./Lacs) Particulars Secured Loans

excluding deposits

Unsecured Loans Deposits Total Indebtedness

Indebtedness at the beginning of the financial year

i) Principal Amount 12945.79 11866.19 24811.98

ii) Interest due but not paid

- iii) Interest accrued but not due

143.37 323.42 466.79

Total (i+ii+iii) 13089.16 12189.61

-

25278.77 Change in Indebtedness during the financial year

* Addition 573.61 3231.25 3804.86 * Reduction 197.06 1402.49 1599.55

Net Change 376.55 1828.76

-

2205.31 Indebtedness at the end of the financial year

i) Principal Amount 13322.33 13694.95 27017.28 ii) Interest due but not paid 63.76 63.76 iii) Interest accrued but not due 149.71 279.77 429.48

Total (i+ii+iii) 13535.80 13974.72 -

27510.52

Page 35 of 167

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

SN

Particulars of Remuneration

Name of MD/WTD/ Manager Total Amount

Name Shri Bachet Ranawat

Shri Hemant Gera

Shri N. K. Mathur Shri K.C. Goidani (Rs/Lac)

Designation M. D. M. D. & CEO Director (F) & CFO Director (Tech) 1 Gross salary (For the period

01.04.2014 to 02.01.2015 )

(For the period 16.01.2015 to 31.03.2015)

(For the period 01.04.2014 to 31.03.2015)

(For the period 01.04.2014 to 08.09.2014)

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

10.04 3.20 15.98 4.41 33.63

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

0.67 - - 0.25 0.92

(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961

- - - - -

2 Stock Option - - - - -

3 Sweat Equity - - - - -

4 Commission - - - - - - as % of profit - others, specify

5 Others, please specify

- - - - -

Total (A) 10.71 3.20 15.98 4.66 34.55

Ceiling as per the Act

-

-

- -

-

-

*Excluding Gratuity provision and including leave encashment B. Remuneration to other Directors

SN. Particulars of Remuneration Name of Directors

Total Amount

(Rs/Lac) 1 Independent Directors

Fee for attending board committee meetings

-

Commission - Others, please specify -

Page 36 of 167

Total (1) -

-

- -

2 Other Non-Executive Directors - Fee for attending board committee meetings

-

Commission - Others, please specify -

Total (2) -

-

- -

Total (B)=(1+2) -

-

- -

Total Managerial Remuneration - Overall Ceiling as per the Act

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

SN. Particulars of

Remuneration Name of Key Managerial

Personnel Total Amount

Name Shri B. Ranawat

Shri Hemant Gera

Shri N. K. Mathur Smt. Neha Sharma (Rs/Lac)

Designation

CEO (For the period 01.04.2014 to 02.01.2015 )

CEO (For the period 16.01.2015 to 31.03.2015)

CFO (For the period 01.04.2014 to 31.03.2015)

CS (For the period 01.04.2014 to 31.03.2015)

1 Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

10.04 3.20 15.98 8.20 37.42

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

0.67 0.67

(c)Profits in lieu of salary under section 17(3) Income- tax Act, 1961

2 Stock Option

3 Sweat Equity

4

Commission

- as % of profit

- others, specify

5 Others, please specify

Total

10.71 3.20 15.98 8.20 38.09

*Excluding Gratuity provision and including leave encashment

Page 37 of 167

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the

Companies Act

Brief Description

Details of Penalty / Punishment/

Compounding fees imposed

Authority [RD / NCLT/ COURT]

Appeal made, if any (give

Details)

A. COMPANY Penalty Punishment Compounding

B. DIRECTORS Penalty Punishment Compounding

C. OTHER OFFICERS IN DEFAULT Penalty Punishment Compounding

For and on behalf of the Board Place:Jaipur Date: 10.12.2015 (Sd/-) [Bhaskar A. Sawant] CHAIRMAN

Page 38 of 167

Annexure-II to Directors’ Report

FORM NO. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2015

[Pursuant to Section 204 (1) of Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 ]

To,

The Members,

Ajmer Vidyut Vitran Nigam Limited CIN No: U40109RJ2000SGC016482 Regd. Office: Vidyut Bhawan, Panchsheel Nagar, Makarwali Road , Ajmer -305004

WE have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Ajmer Vidyut Vitran Nigam Limited. (hereinafter called the company ). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts /statutory compliances and expressing our opinion thereon.

Based on our verification of the Ajmer Vidyut Vitran Nigam Limited books , papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company , its officers , agents and authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31ST March, 2015, generally complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter :

WE have examined the books, papers, minute books, forms and returns filed and other record maintained by Ajmer Vidyut Vitran Nigam Limited (“the Company”) for the financial year ended on 31st March, 2015 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder ;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder ;

(iii) The Depositories Act, 1996 and the Regulation and Bye-Laws framed thereunder;

(iv)Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

Page 39 of 167

(v)The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) :-

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, as amended / re-enactment thereof;

(e) The Securities and Exchange board of India (Issue and Listing of Debt Securities) Regulations, 2008;

(f) The Securities and Exchange board of India (Registrar to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client— Not applicable to the Company during the Financial year under review.

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 – Not applicable to the company during the Financial year under review .

(h) The Securities Exchange Board of India (Buy Back of Securities) Regulations, 1998 – Not Applicable to the company during the financial year under review.

(vi) We have also examined the compliances of the provisions of the Electricity Act, 2003 applicable specifically to the company wherein we have also relied on the Compliance Certificate issued by the Management in addition to the checks carried out by us.

WE have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India. (NOT MANDATORY FOR THE PERIOD UNDER REVIEW BUT WERE GENERALLY FOLLOWED BY THE COMPANY)

(ii)The Listing Agreement entered into by the company with Stock Exchanges. Not Applicable to the Company.

Page 40 of 167

During the period under review the Company has generally complied with the Provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

WE further report that

Ajmer Vidyut Vitran Nigam Limited (AVVNL / Ajmer DISCOM) is a Company under the Companies Act,1956. It is established by Government of Rajasthan under the provisions of Rajasthan Power sector Reforms Act, 1999 as the successor Company of RSEB. AVVNL is engaged in distribution and supply of electricity in 11 districts in Rajasthan.

The Company is a State Government Company and the structure and the composition of the Board is decided by the State Government.

During the Financial Year 2014-15, under review the Board was duly constituted with proper balance of Executive and Non Executive Directors but the company has not appointed Independent Directors as required under section 149(4) of the Companies Act,2013 and The Companies (Appointment And Qualification of Directors) Rules ,2014. Consequently, all the Board Committees does not have Independent Directors.

The Changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the Provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, Agenda and detailed notes on agenda were generally sent at a shorter notice than prescribed but due consent is being taken from the directors and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meetings and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members views, if any are captured and recorded as part of the minutes.

WE further report that systems and processes in the company needs to be strengthened further to commensurate with size and operations of the company to monitor and ensure effective compliance with applicable laws, rules, regulations and guidelines. We further report on the following points:

(i) Vigil Mechanism u/s 177(9)& (10) : As per the information and explanations given to us the same has not been complied with during the financial year under review.

(ii) CSR Committee was constituted during the year. However, as required under section 135(1) the Committee should consist of at least one independent Director, which the company has not complied with.

(iii) Nomination & Remuneration Committee: The company has not constituted the Nomination and Remuneration Committee as required under section 178 of the Companies Act 2013 and the rules made thereunder.

Page 41 of 167

WE further report that during the audit period the Company has:

1. In the AGM held on 29/12/2014:

(a) Authorised Share Capital of the Company was increased from Rs.3500 crore to Rs.10,000 crore and consequently the Articles of Association & Memorandum of Association were altered.

(b) Approval of creation of mortgage and/or charge on all or any of the immovable or movable properties, both present and future for securing substantial assistance under section 180 (1) (a) was taken.

2. Issued 20,15,67,100 Equity Share of Rs.10 each.

3. Not maintained Register of Fixed Assets showing full particulars including quantitative details and situation of fixed assets.

4. Disclosures as required under section 12(3) of the Companies Act, 2013, for registered office and CIN have generally not been complied with.

5. Based on financial statements under review the accumulated losses of the company are more than 50% of its net worth. The company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

6. Except as stated in Note no.28 on Contingent liabilities and other disclosures in Financial Statements for the year 2014-15 relating to Assessment Position in respect of Income Tax/ FBT/Sales Tax, VAT, we have not noticed nor the Company has reported us any other matter during the course of our audit.

FOR PRATIBHA KHANDELWAL & ASSOCIATES

PLACE: JAIPUR COMPANY SECRETARIES

(Sd/-)

DATE : 07/12/2015 PRATIBHA A KHANDELWAL

C P NO. 3973

M NO.7194

Page 42 of 167

‘Annexure A’

To,

THE Members

AJMER VIDYUT VITRAN NIGAM LIMITED

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the company .Our responsibility is to express an opinion on these Secretarial records based on our audit.

2.We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and books of accounts of the company.

4. Where ever required, we have obtained the Management Representation about the compliance of law, rules, and regulations, and happening of events etc.

5. The compliance of provisions of Corporate and other applicable laws, rules, regulations , standards is responsibility of management .Our examination was limited to the verification of procedure on test basis .

6. The Secretarial Audit report is neither an assurance as to future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company.

Date: 07/12/2015

Place: JAIPUR

(Sd/-)

Pratibha. A. Khandelwal

Practising Company Secretary

Membership No. : F 7194 C.P NO . 3973

Page 43 of 167

MANAGEMENT REPLIES ON THE COMMENTS OF SECRETARIAL AUDITORS FOR THE PERIOD 1ST APRIL, 2014 TO 31ST MARCH, 2015

S.NO OBSERVATIONS REPLIES 1. The company has not

appointed Independent Directors as required under section 149(4) of the Companies Act, 2013 and The Companies (Appointment And Qualification of Directors) Rules, 2014. Consequently, all the Board Committees do not have Independent Directors.

Under Article 31 of the Articles of Association of the Company, the State Government is vested with absolute power to appoint and remove the Directors/Managing Director/Whole Time Directors/Chairperson on the Board of AVVNL till it holds 100% paid up share capital of AVVNL. At present, 100% share holding of AVVNL is vested with the Government of Rajasthan. In view of above, the Energy Deptt. was requested to convey approval of the State Govt. for appointment of `Independent Directors’ on the Board of AVVNL. The matter is under consideration with the Energy Deptt., GoR.

2. Vigil Mechanism u/s 177(9)& (10) : It has not been complied with during the financial year under review.

The Board of Directors in the 231st Meeting held on 12th May, 2015 accorded approval to the `Whistle Blower Policy’ and established a vigil mechanism as per the requirements of Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014.

3. CSR Committee was constituted during the year. However, as required under section 135(1) the Committee should consist of at least one independent Director, which the company has not complied with.

Pursuant to the provisions of Section 135 (1) the Companies Act, 2013, the CSR committee has been constituted by the Board in its 226th meeting held on 16th September, 2014. The matter of appointment of Independent Directors is under consideration with the Administrative Deptt. i.e; Energy Deptt., Govt. of Rajasthan. As soon as the appointment of Independent Directors is conveyed by the State Govt., the CSR committee will be re-constituted as required under the Act.

4. Nomination & Remuneration Committee: The company has not constituted the Nomination and Remuneration Committee as required under section 178 of the Companies Act 2013 and the rules made thereunder.

`Nomination & Remuneration Committee’ has not been constituted in the Company since the power to appoint and remove the Directors are vested with the State Government pursuant to Article 31 of the Articles of Association so long as the entire share capital is held with the State Govt. Accordingly, the State Govt. appoints Directors in the Company from time to time as per the requirements.

Page 44 of 167

Being State Govt. utility company, the remuneration payable to the Directors, Key Managerial Personnel and the Employees are linked with the pay scale of the State Govt.

Under the circumstances, the Nomination & Remuneration Committee cannot separately formulate the criteria for determining qualifications of a Director and also can not recommend to the Board a policy relating to the remuneration for the Director, KMPs and other employees as required under section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014.

5. Not maintained Register ofFixed Assets showing fullparticulars including quantitative details andsituation of fixed assets.

Division-wise Fixed Assets register of most of accounting units have been maintained having financial & quantitative details upto FY 2011-12. Preparation of Assets Register in respect of further period is under process.

6. Disclosures as required under section 12(3) of theCompanies Act, 2013, forregistered office and CINhave generally not been complied with.

In compliance with the provisions of the Companies Act, 2013 a circular was issued by the Company to all the units in-charge to ensure compliance of Section 12 (3) of the Companies Act, 2013 relating to publication, printing, etc of its name, CIN, Address, Email id, Telephone Number etc. It is generally being complied with by the Company and it will be ensured to get it complied with at all levels.

For and on behalf of the Board

Place:Jaipur Date: 10.12.2015 (Sd/-)

[Bhaskar A. Sawant] CHAIRMAN

Page 45 of 167


Management Response on Observation by Statutory Auditors on Annual Account for the year 2014-15

ANNEXURE –I

1. Para 1 : Though the company has decided to subscribe the Equity Share Capital in the company named RAJONLINE LTD. The above equity was to be provided by GOR on behalf of all the three Discoms. Since the above equity was not given by the GOR hence no investment and subsidy were accounted for. Moreover the company has not paid any amount towards the equity of RAJONLINE LTD.

2. Para 2 : As per Accounting Policy no. 1.8 of 2012-13, Cash Support and Subsidy against interest were accounted for on the basis of sanction received from the GoR (i.e. on cash basis) and accordingly, 307.90 crore received in 2012-13 had been treated as income of that year. The similar policy was adopted in year 2013-14 also and the fact was explicitly mentioned at note no. 19.6 that since subsidy against interest on bonds had already been shown as income in year 2012-13 (due to cash basis of accounting in respect of subsidies) therefore, no adjustment against interest on bonds made in year 2013-14. In view of above, now during the current year 2014-15 balance amount of Rs. 12.46 crore (Rs. 307.90-Rs.295.44) has been shown as expenditure. The above fact has also been disclosed at Note No. 22 1(a) in current year financial statements.

3. Para 3 : The necessary adjustment, if required, will be made in next year.

4. Para 4 : Outstanding amount of Rs. 755.15 Lakhs (Pr. Yr. 300.64 lakhs) receivable from local bodies also includes amount payable by Panchayat Samities towards street light bills which are not to be written off. Necessary directions to write-off the above amount as per the order of Secretary, (LSGD).have already been issued.

5. Para 5 : The above difference is due to the fact that the actuary has considered the data related to movement of funds based on actual contribution paid by AVVNL to the trust as

Page 46 of 167

expenditure while the expenditure accounted for in the books on accrual basis which is paid in next month.

6. Para 6 : The above balance is of RSEB period and was transferred upon unbundling of erstwhile RSEB to AVVNL. The above lease transactions are lying under dispute under various courts. Looking to the above, company could not write off the above balances. Hence suitable note has been given at Note No. 28 (1) (ix).

7. Para 7 : Matter has been taken up with the State Government to reimburse the Minimum Charges and decision is likely to be received in near future.


9. Para 9 : The entry for losses due to theft are being made on the basis of FIRs lodged/information received from field offices. The competent approval got from DYSP, AVVNL, Ajmer who is the nodal officer for the same. Further the matter is also placed to the BOD in the agenda for approval of accounts. As regards in the difference in the two balances the necessary reconciliation will be made in next year and after that correction entry will be made.


11. Para 11 : The matter will be examined in next year and corrective measures will be taken after due approval.

12. Para 12 : Payment to Suppliers/Contractors is being made through RTGS system on receipt of funds. In the given case, in the anticipation of receipt of funds on 31.03.2015 cheque for yourself for payment through RTGS was prepared but no funds was received on 31.03.2015. So said cheque was utilized in the first week of April-2015 after receipt of funds.

Page 47 of 167

There was no credit balance in current account statement of SBBJ. However due care will be taken in future.

13. Para 13 : Noted, due care will be taken in future.

14. Para 14 : Noted, due care will be taken in future.

15. Para 15 : As the payment of advance is being made by RVPNL on

behalf of Discoms as per decision of Co-ordination committee, matter will be taken up with RVPNL for passing of ICT and accordingly adjustment entry for above transaction will be made in next year. Further as regards liability of interest and TDS thereon, due care will be taken in future.

16. Para 16 : As disclosed at item no.28 (1) (xvi) & (xviii), the cases are

under dispute with APTEL/RERC, hence provision has not been made.

17. Para 17 : Up to F.Y. 2006-07, depreciation was charged from the next year from the date of addition/ installation as per the provision of Electricity (supply) Annual Accounts Rules 1985 and accordingly calculation of 12 years for the year 2002-03 has been treated from the date of charging of depreciation. However matter will be further examined and necessary corrections, if required, will be made in future.

18. Para 18 : The matter will be examined in next year and due adjustment entry will be carried out.

19. Para 19 : Looking to the present financial condition of Discoms efforts are being made to reduce the delay payment surcharge for which matter is being perused with the power suppliers. In anticipation of favourable results, the liability for the same has not been provided in F.Y. 2014-15. However this issue will be reviewed in next year and necessary provisions, if required will be made accordingly.

20. Para 20 : The company has lodged the claim of GBI with IREDA calculated on the basis of difference between CERC tariff (Rs.17.91/kwh) and base rate as per the guidelines for RPSSGP no. 5/23/2009-P&C dt. 16.06.2010 issued by MNRE, GOI whereas the IREDA is reimbursing the GBI claim calculated on the basis of difference of SERC/RERC rate minus base rate. As per clarification sought from MNRE, “The state tariff at the time of registration of the project shall only be considered for payment of GBI. Hence matter will be

Page 48 of 167

perused with the Management for taking a decision in next year.

21. Para 21 : As disclosed at item no.28 (1) (i), the case is under dispute with Supreme Court, hence provision has not been made.

22. Para 22 : As disclosed at item no.28 (1) (iii), the case is under dispute with Supreme Court, hence provision has not been made.

23. Para 23 : As no demand has been raised from the Stamp Deptt. GOR therefore the same has been disclosed at 28 (1) (xix).

24. Para 24 : Since stamp duty is payable on purchase of movable assets, here fixed assets are created from CWIP on which allocation of various overhead are also included. Further no demand has been raised by Stamp Department, GOR hence no provision has been made.

25. Para 25 : As a prudent business approach, payment of interest to banks

has been made after checking of demands received from the banks and same has been accounted for accordingly.

ANNEXURE –II

26. Para 1 : As disclosed at Note No. 11.5, title deeds in the name of

RSEB/AVVNL are available with the concerned Superintending Engineer Efforts are being made to obtain the details of old records and to reconcile the title deeds.

27. Para 2 The lease rent has been provided on the basis of demand made by Revenue Deptt. GOR for the year 2013-14 as the best estimate available on that point of time because the demand for the year 2014-15 has not been received till date.

28. Para 3 : Due to day to day completion of work in small quantities,

fixed assets are recognized from WIP on the basis of Work Completion Certificates. Project wise details of CWIP are available in the office of the Superintending Engineer / Work Execution authority.

29. Para 4 : To account for expenditure of Turnkey projects (tender wise),

individual heads have been allotted. Documentary evidence and feeder wise details under Turnkey Projects are available with Superintending Engineer /Work Execution Authority. Due to day to day completion of work in small quantities, fixed assets are recognized from WIP on the basis of Work Completion Certificates.

Page 49 of 167

30. Para 5 : Stock registers are maintained at sub-division level to record

transaction related to material received from circle store and issued for works. Material credit note is prepared when surplus material (if any) is returned to circle store, which are also recorded in stock register maintained at sub divisions. Every issue of material is linked with gate passes and proper acknowledgement of authorized employee of receiving sub division/JEN offices. The same are also recorded date wise in the stock register. Thus, the required necessary records in regard to receipt and issue of material from ACOS to sub division and vice versa are being properly maintained. The material for the purpose of capitalization is booked to CWIP as per Store Issue Notes (SIN) prepared by circle stores which is a established accounting procedure right from the inception of the company. The system adopted is as per generally accepted accounting principal. Treatment of material at sub-divisions as capital work in progress is always accepted being such material is at site with proper controls. The above mechanism is there since RSEB period and continued in companies.

31. Para 6 : As per Schedule III of Companies, Act 2013, there is no such requirement of disclosing Category wise details of ‘Capital Work in progress’ and Capital Inventory. Further as per practice prevailing in Rajasthan Disocms since beginning disclosures is made in disclosed format.

32. Para 7 : The material failed under guarantee period are to be repaired

by firms at free of cost as per terms & conditions of purchase order. The materials are issued to firms through SINs and complete records are maintained at store unit with proper control. Looking to the huge number of transaction, third party confirmations are not obtained.

33. Para 8 : The Assets have been transferred to AVVNL through

Rajasthan Power Sector Reform Transfer Scheme, 2000 notified by the Energy Department in the Official Gazette on July 19, 2000 (Part-II, Schedule-‘D’). The Gross value as on 01.04.2014 has been arrived after deletion of assets which have been retrieved later on. The documentary evidence are available for the gross value of assets of erstwhile RSEB. The division wise fixed assets register up to FY-08 duly reconciled with the accounts and physically verified by the field officers are available. Preparation of fixed assets register upto the year 2014-25 is under process.

34. Para 9 : Assets which are retrieved are being deducted from total fixed assets and proportionate provision for depreciation is

Page 50 of 167

also withdrawn. The above retrieved assets have been accounted as and when received in the stores. As per the Accounting policy followed by Nigam, WDV of retrieved assets charged to revenue during the year.

35. Para 10 : The accounting of withdrawal of fixed assets due to obsolescence or theft is being made on the basis of Store issue rate of that year which is the best method available with the Nigam in current situation. However matter will be examined and a suitable policy regarding this matter will be made.

36. Para 11 ; Claims of material price variance are specifically related to Plant & Machinery and Line & Cable Network and are transferred to above heads in proportion of additions made during the year.

37. Para 12 : Assets created through contribution, Grants or subsidy relates to Line, Cable network predominantly which has a general life of 25 years so the methodology adopted for incorporating recognition of deferred revenue income in P&L Account out of receipt of contribution, grants and subsidy is the best course of action, which a company can adopt in the present system prevailing in the industry.

38. Para 13 : As per the Accounting Policy followed by the Nigam, the works completed are transferred from WIP on the basis of statement approved by the circle Superintending Engineer monthly, considering that it has been put to use immediately before the month end. Hence depreciation is charged accordingly.

39. Para 14 : Noted.

40. Para 15 (a) : Loan accounts are duly reconciled though there may be some differences in balances as on 31st march 2015 between AVVNL and Banks/financial institutions. Letters for balance confirmation were sent to concerned banks/financial institutions with the request to send confirmation directly to statutory auditor.

41. Para 15 (b) : In respect of Sundry Debtors, necessary disclosure has been

made at Note No. 14.2 (B), as the company is having large number of consumers, confirmation of due balances from the consumers are not feasible. In case of Sundry Creditors, letters for balance confirmation were sent to concerned

Page 51 of 167

banks/financial institutions with the request to send confirmation directly to statutory auditor.

42. Para 15 (c) : The difference of Rs. 146.36 crore between total outstanding

as per books of accounts and MIS is due to adjustment of fuel surcharge which is made on accrual basis as per note no. 18.4. The remaining difference is of RSEB period, adjustment of which will be made in due course.

43. Para 15 (d) : Noted, Efforts are being made to reconcile and reduce the

differences of Inter unit account balances.

44. Para 15 (e) : The necessary reconciliation will be made in next year and suitable accounting procedure will be drafted for recording of these transactions.

45. Para 15 (f) : The works completed are transferred to fixed assets from

WIP on the basis of certificate issued by the Circle Superintending Engineer. Hence details of addition of fixed assets are available in the respective field offices. Preparation of Assets register in respect of further period is under process. Accordingly current year additions will suitably be incorporated in preparation of fixed assets register.

46. Para 15 (g) These balance are due to MIS adjustment. Due reconciliation

will be carried out and necessary correction, if necessitated, will be made in MIS.

47. Para 15 (h) The electric bills of public street lighting (PSL) of Municipal

bodies have been adjusted from the urban cess and remaining balance of urban cess is paid to the GOR. The present credit balance is however due to non- payment/adjustment of dues to GOR.

48. Para 15 (i) Bank reconciliation of current year has been made by most of

the accounting units. The difference in bank reconciliation of opening balances as well as balances in remittance of circles (Accounting Code 24.551) will be made in due course.

49. Para 15 (j) Balances of Stock excess pending investigation and stock

shortage pending investigation will be cleared on finalization of reports of physical verification of stock which is normal part of procedure. Efforts are on to reconcile balances in material stock adjustment account, required entries of which will be carried out in next year.

Page 52 of 167

50. Para 15 (k): In respect of credit balances, amount of un-posted receipts

will be credited into respective consumers accounts in FY 16 after due verification. However in respect of debit balances due reconciliation will be made in next year.

51. Para 15 (l) : As disclosed at Note No. 11.2, the assets which are not allocable to specific heads of Office Equipment like cyclostyle machine, photocopier, fax, telephone, fans, coolers, air-conditioners, tube lights, room heaters, water coolers, water purifier, computer, printer, UPS etc are booked in other assets under the code head 10.910.

52. Para 15 (m): As disclosed at Note No. 17.3, Reconciliation of inter- company balances upto FY-14 has been made. The inter-company reconciliation of balances as on 31st march 2015 is under process and will be made in next year. The effort will be made to account for the identified long pending entries.

53. Para 15 (n): Due reconciliation will be carried out and necessary correction entry, if necessitated, will be made.

54. Para 15 (o): Due reconciliation will be carried out and necessary correction entry, if necessitated, will be made.

55. Para 15 (p) : Balance of loan recovery of the transferee / transferred employees from other power sector companies could not be transferred due to non- availability of details of sanctioning authority / their present place of posting etc. However necessary efforts are being made for reconciliation. Advances given for O&M suppliers and works are adjusted in due course. Age wise subsidiary details are available at circle offices.

56. Para 15 (q) : As in books of accounts some heads of revenue items also includes adjustments through PCBs which are not included in MIS as well as some items of MIS booked in other income instead of Revenue from sale of power. Hence there always remains difference in revenue as per books of accounts and MIS.

57. Para 16 : The necessary disclosure has been made at Note No. 8.1 and

contingent liability disclosed at Note No. 28 (1) (x) for litigation pending under MSMED Act, 2006.

58. Para 17 : With regards to Service Tax and WCT these taxes have been deducted at the time of making payment as per the provisions of their respective enactments. In case of VAT, the VAT

Page 53 of 167

invoices are being issued at the time of sale and accordingly VAT returns are filed in timely manner. In case of TDS, due provision has been made at the year end and accordingly TDS has been deposited in due time.

59. Para 18 : As per Schedule-III of Companies Act, 2013 it is stated “Depending upon the turnover of the company, the figures appearing in the Financial Statements may be rounded off as below” thus it is stated that provisions of rounding off are not mandatorily required.

60. Para 19 : Under the prevailing system of billing, the compounding

charges, amount of civil liability, undercharges pointed out by the revenue audit and misuse charges etc. are recovered immediately on demand but debit in consumer ledger is processed in next billing cycle. This results in negative balances in consumers account on a cut-off date. These are those cases where amount is recovered in Feb/March and their cycle of billing comes in next financial year i.e. from April onwards. In certain cases consumers also opt to deposit their electricity bill in advance. Further in certain cases billing of various consumers is revised /corrected subsequently due to settlement/court cases and due to various other reasons. This results in allowing of credits against the previous assessment of a large number of consumers whereas such consumers deposit their electricity bills prior to passing of credits under the aforesaid circumstances.

61. Para 20 : Efforts will be made in future for complete ageing of liabilities and thereafter a suitable policy for written off the same will be prepared and got approved.

62. Para 21 : As per section 2(m) of wealth tax act, “the debts owned by

assessee on the valuation date are deductible if these debts are incurred on the assets included in the wealth”.

In case of AVVNL, the ratio of long term loans to the assets comes to 3.73:1. Looking to the above it may be stated that all the assets has been purchased only through loan and in view of significant difference between debts and assets, no wealth tax calculation has been made.

63. Para 22 : As disclosed at Note No. 1.7 (f) 100% capitalization of employees cost of units which are engaged for capital works has been made on the block of assets as individual assets are not identified in absence of updated Fixed Assets Register. As and when the fixed assets register are updated the same will be apportioned on individual assets.

Page 54 of 167

64. Para 23 : As per practice being followed from earlier years the Scrap

and Empties are not valued and considered at zero value being the losses /WDV charged on losses of the year.

65. Para 24 : Asset which has been retrieved is being accounted as and

when received in the stores and accordingly entries for disposable of assets are made.

66. Para 25 : Necessary disclosure has been made at item 1.11 of Note I

Accounting Policy.

67. Para 26 : The disclosure has been made at item 1.15 of Note I Accounting Policy.

68. Para 27 : Under Article 31 of the Articles of Association of the Company,

the State Government has the absolute power to appoint and remove the Directors/Managing Director/Whole Time Directors/Chairperson on the Board of AVVNL till it holds 100% paid up capital of AVVNL. At present, 100% share capital of AVVNL is held by the Government of Rajasthan. In view of above, the Energy Department was requested to convey approval of the State Government for appointment of ‘Independent Director’ on the Board of AVVNL. The matter is, therefore, under consideration of Energy Department, GoR.

69. Para 28 : A Whistle Blower Policy to establish Vigil Mechanism in the Company has been approved by the Board of Directors in its 231st meeting of Board of Directors held on 12.05.2015. Nomination & Remuneration Committee has not been established in the Company because in this Company, the appointment of Directors is made by the State Government. The remuneration payable to the Directors, Key Managerial Personnel and the employees is also decided as per norms of State Government. Therefore, the Nomination & Remuneration Committee cannot formulate the criteria for determining qualifications of a Director and also can not recommend to the Board a policy, relating to the remuneration for the Director, KMPs and other employees.

70. Para 29 : Section 198, 309 of the Companies Act, 1956 regarding Managerial Remuneration & Remuneration to Directors were exempted in case of Govt. Companies, and the exemption under Section 197 of Companies Act, 2013 has also been issued on 5th June, 2015. The exemptions to Govt. Companies were under examination of Ministry of Corporate Affairs and were anticipated to be issued during FY 2014-15, but got

Page 55 of 167

delayed due to some procedural issues. The Managing / Whole Time Directors are ex-officio members of the Board of Directors of the Company. They are officers of the State/Central Govt. or the employees of the Power Sector Companies. The remuneration paid to them (except some honorarium payable as Director) is paid as per the salary payable to them according to the norms of the State/Central Govt./ Power Sector Company for the post held by them.

71. Para 30 : As disclosed at Note no. 21.5 (iii) provision for Compensatory Absence has been provided on estimated basis of equivalent to 10 days establishment cost of 5% employees on the basis of sample data collected. Next year efforts will be made to comply with the provisions of AS-15 in this regard.

72. Para 31 : Due to involvement of huge cases of service matters, estimated

amount of pending court case could not be compiled. Further while calculating estimated liability in respect of contracts on capital account, major contract of TW/RGGVY/MM has been taken into account but petty contracts given on circle/division/ subdivision level has not be considered looking to large number of cases involving small amount.

73. Para 32 (a-c): Where ever the company has not followed the accounting on

accrual basis for the mentioned income/expenditure the fact has been disclosed for the same.

ANNEXURE- III

74. Para a to j : Management replies in respect of qualified Accounting

Standards have already been provided while giving replies to the referred paras at appropriate places.

ANNEXURE- IV 75. Para (1)(a) : Division-wise Fixed Assets register of most of accounting

units have been maintained having financial & quantitative details up to FY 2011-12. Preparation of Assets register in respect of further period is under process.

76. Para (1)(b) : The Fixed Assets have been physically verified by the

company up to the FY-07-08. Physical verification of fixed

Page 56 of 167

assets and preparation of fixed assets register beyond FY 07-08 is under process.

77. Para (2)(a) : As per practice since beginning, physical verification of

inventory is being made on rotation basis. Due to large quantity of various items, it is practically not possible to cover all circle stores in a single year. Physical verification reports are available with concerned IA wing of the circle.

78. Para (2)(b) : The Company is conducting physical verifications of

inventories lying at various circle stores on rotation basis by the acquainted staff having knowledge of the field. The store management is fully computerized at circle level. Every Store issue Note (SIN) and Store receipt note (SRN) are made through computer and balance can also be viewed at any time.

79. Para (2)(c) : The proper records of retrieved material are being made on

receipt of the same in circle store. The matter of excess/shortage of stores is under investigation which is a normal part of procedure. Whenever reports are finalized necessary adjustment are carried out.

80. Para (3) : No comments. 81. Para (4) : The Company has adequate internal control procedure. The

company has prescribed purchase manual /works manual/other provisions, which are followed in purchase of inventory /fixed assets. As regards sale of goods and services there are separate wings for meter reading, bills distribution, bill collection and grievances of consumer The billing is done as per schedule program and proper records are being maintained. Moreover complete computerization of revenue matters is under progress under R-APDRP programme.

82. Para (5) : No Comments.

83. Para (6) : The Cost Accounts as per statutory requirement are being

maintained.

84. Para (7) (a) : As disclosed at note no. 28 (1) (vii) the demands related to short deduction is on account of mismatch and are subject to rectification. As regards wealth tax the reply as been given at point no.21 of Annexure II.

85. Para (7) (b) : The demands are pending under litigation with CIT (Appeals), ITAT and Rajasthan High Court.

86. Para (7)(c) : No comments.

Page 57 of 167


88. Para (9) : Due to acute financial crises, the payment of interest was got delayed.

89. Para (10) : No comments.

90. Para (11) : The term loans have been utilized for the purpose they were taken for.


(Sd/-) Place : Jaipur Chairman Date : 10.12.2015 AVVNL

Page 58 of 167

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF,


Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AJMER VIDYUT VITRAN NIGAM LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement, and a summary of the significant accounting policies and other explanatory information for the year then ended.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the preparation of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the

Page 59 of 167

Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the standalone financial statements.

Basis for Qualified Opinion

We give in Annexure I and II (which forms an integral part of this report), statements regarding the comments, qualifications and reservations that constituted the basis for our opinion.

Annexure I contains the comments, qualifications and reservations, the effects of which, on the elements of financial statements, could be reasonably quantified. The effects are tabulated in the table below:-

` in Crore

S No Head Of Accounts Reported Figure

Overstated Understated Figure after impact

1 Trade Receivables 601.57 15.05 586.52

2 Other Current Assets 2,925.42 135.69 2,789.73

3 Tangible Fixed Assets 6,641.82 5.50 6,647.32

4 Other Current Liability 7,898.10 105.71 8,003.81

5 Cash & Cash Equivalents 73.02 22.44 95.46

6 CWIP 1,726.03 8.06 1,734.09

7 Trade Payables 1,115.84 126.66 1,242.50

8 Unsecured Loan 8,218.17 20.84 8,239.01

Accordingly the loss for the year is understated by ` 367.95 Crore out of which prior period adjustment understated are ` 41.39 Crore.

The effects/possible effects of the qualifications described in Annexure-II to report, on the financial statements, are not ascertainable.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects/possible effects of the matter described in the Basis for Qualified Opinion paragraph above, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally

Page 60 of 167

accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2015 issued by the Central Government Of India in terms of sub-section (11) of section 143 of Companies Act, 2013 (hereinafter referred to the “Order”), and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure IV, a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As the company is governed by the Electricity Act 2003, the provisions of the said Act have prevailed wherever they have been inconsistent with the provisions of the Act.

3. As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account [and with the returns received from the branches not visited by us.

d) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. However a list of Accounting Standards which have not been properly complied with has been given as Annexure III to this report.

e) The matter described in the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

f) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

g) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion paragraph above.

Page 61 of 167

h) With respect to the other matters to be included in the Auditor’s Report in accordance with

Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has not disclosed the impact of all pending litigations on its financial position in its financial statements – Refer Note 28.2 to the financial statements and Point No 30 of the Annexure II to the Auditors’ Report.

ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii) There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company.

4. In terms of the Directions issued by the Comptroller & Auditor General of India under sub section (5) of section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure V, a statement on the matters specified on the said Directions.

FOR C.R.MEHTA & CO. Chartered Accountants

FRN – 000789C DATE – 02-Nov-2015 PLACE - JAIPUR (Sd/-)

RANJAN MEHTA Partner

M.NO: 414774

Page 62 of 167

Annexure I- referred to in our report under “Basis of Qualified Opinion” paragraph

Qualifications, the effects of which could be reasonably quantified

1. The company in the 217th meeting of BOD held on 15.10.2013 decided to subscribe 8,30,000

Equity Shares of ` 10/- each aggregating to ` 83.00 lacs in the company named RAJONLINE LTD. incorporated on 10/12/2013 being one of the promoter. The company has informed that no subscription has been made whereas the MCA site confirms Paid Up Capital of ` 4,99,00,000/- which was to be contributed in the ratio (250:83:83:83) in between Rajcomp, JVVNL, JDVVNL and AVVNL. As the Company has confirmed that they have not made any investment in the said company. In view of the facts the company has understated Investment (other current Assets) by ` 83,00,000/- and current liabilities have also been understated by ` 83,00,000/-

2. The Finance Department, GOR vide order dated 30.03.2013 granted a subsidy amounting to ` 307.90 crore against Interest to be paid by the company on the bonds to be taken over by the GOR. Later on the GOR informed that the interest subsidy will be allowed from the date of allotment i.e. 18/10/2013. During the year 2012-13 the Income from Subsidy was booked by ` 307.90 crore which was commented by us vide Para 26 of Annexure I to the Auditor’s Report 2012-13. During the previous year 2013-14 the company booked expenditure for Interest on Bonds ` 295.44 crore which was also commented by us vide Para 13 of Annexure I to the Auditor’s Report 2013-14. Now during the current year the company booked an expenditure of ` 12.46 Cr. (see Note no. 22.1(a)). Thus during the current year the prior period expenditure is understated by ` 12.46 cr. and expenditure for Interest on bonds (Code 78.225) is overstated by ` 12.46 Cr.

3. During the current year the company has received a sum of ` 2,71,85,00,000 as against the

interest on bonds of ` 2,71,74,78,191. The company has recognized the total amount received as income. While the company should identify the excess as advance received to be adjusted in the following year. Thus company has understated the Expenditure for interest on bonds by ` 10,21,809 and other current liability for advance subsidy by the same.

Page 63 of 167

4. The books of accounts of the company are showing ` 755.15 Lakhs (Pr.Yr. ` 300.64 Lakhs) as receivable from Local Bodies against Public Street Lighting (Code Head 23.103). Out of this amount ` 48.73 Lakhs for the year 2009-10 was required to be written off, but company has not yet written it off. This writing off was directed by “Office of Accountant General (C&RA) Raj.” in Supplementary Audit of financial year 2009-10. This has resulted in overstatement of “trade receivables” and understatement of “loss” by ` 48.73 Lakhs. Further adjustments are required to be made as per order of Secretary (LSGD) G.O.R. during the year are also pending.

5. The superannuation board contribution (A/c Code 75.830) amounting to ` 4,28,44,43,162

Gratuity fund boards contribution (A/c code 75.840) amounting to ` 49,96,85,387 and Earned leave Encashment (A/c code (75.845 & 75.851)) amounting to ` 45,59,04,495 have been charged to statement of profit and loss whereas the amount required to be charged as per actuarial valuation (Note no. 21.5) was ` 4,28,88,00,000 for A/c code 75.830 , ` 49,79,00,000 for A/c code 75.840 and ` 45,60,00,000 for A/c code (75.845 & 75.851). Hence there is a difference of ` 43,56,838 (understated) for A/c code 75.830 , ` 17,85,387 (overstated) for a/c code 75.840 and ` 95,505 (understated) for A/c code (75.845 & 75.851) , the net effect being understatement of other current liability and loss by ` 26,66,967 (i.e. ` (-) 43,56,838 + ` 17,85,387 – ` 95,505).

6. Other Current Assets includes a sum of ` 2.96 crore receivable (Account code 28.890) from various parties pertaining to the security deposit with lessor. This amount is lying since a long time and chances of recovery are negligible as there are no efforts in this direction. This amount hence should be written off so as to reduce overstated assets. Hence loss is understated and other current assets are overstated to this extent

7. Other current assets includes a total sum of `137.97 crore against subvention receivable

from State Government towards difference charges (Accounting code 28.626) short recovered from agriculture consumer (` 46.73 crore, ` 50.71 crore and ` 40.53 crore for the year 2009-10, 2010-11 and 2011-12 respectively), however the State Government has agreed to reimburse the same only up to 31-3-2009 and there is no further commitment by the state government to recoup the above amount. The accounting of this amount was incorrect and in violation of AS-9 and hence other current assets is overstated and loss is understated to this extent.

Page 64 of 167

8. Other Current Assets include a sum of ` 2.58 crore receivable (Account code 28.101) from various parties pertaining to Sundry Debtors Sale/Electricity Plan Lease. This amount is lying since a long time and chances of recovery are negligible as there are no efforts in this direction. This amount hence should be written off so as to reduce overstated assets. Hence loss is understated and other current assets are overstated to this extent.

9. The company has disclosed a sum as ` 9,33,28,274 under the head other current assets as “Reserve for loss due to Theft of Assets”. The company should have written off the amount after taking due approval. However the same has not been done thus the current assets are overstated to that extent. Further, the company has disclosed ` 13,62,96,287/- as provisions for loss on obsolete capital assets which must also be written off by taking the due approval. Thus the current liabilities are also overstated by the said amount. Further thing to note is that ideally the above 2 balances should tally with each other but in case of the company they do not match.

10. Current Liabilities includes a sum of ` 5.29 crore pertaining to Sundry Creditors for expenses (Accounting Code 46.410). This amount has been transferred from RVPNL and is shown as Sundry Creditors since a long time and no demand /claim for payment has been made/raised by concerned creditor. This amount should be written off to reduce overstated Other Current Liabilities. Further loss is also overstated to that extent.

11. An amount of ` 3,29,46,986 /- is lying under the head Other Current Liabilities as “Unreconciled excess credits given by SBBJ etc” (Code 46.600). Out of this amount `3,20,78,872 are pertaining to 2006-07 and ` 8,68,113/- are pertaining to the year 2010-11. Thereafter no further credits/debits have been received in this code. This amount is lying for a long time and is barred by limitation. The company should have transferred this amount to income. Hence the Current liabilities are overstated and loss is also overstated to that extent.

12. The Company has reported a credit balance of ` (22,44,41,515.00) in Current Account with SBB & Jaipur. However from the enquiry we have came to know that the company had issued the cheques without having actual balance in the account otherwise a current account cannot have a credit balance unless there is a limit sanctioned by the bank in that account, which is not in this case. Thus by this company has understated the Other Current Liabilities and understated the cash and cash equivalents.

13. During the year SKADA work has been undertaken by M/s Dongfang Electronics Ltd. China. The contractor has supplied material during the year 2014-15 of ` 4,03,55,712, out of which

Page 65 of 167

payment of ` 1,73,03,833 has been made, which was transferred to CWIP, the remaining amount of ` 2,30,51,879 were not accounted for, therefore resulted in understatement of CWIP and understatement of other current liabilities to ` 2,30,51,879 .

14. The contract under RAPDRP Part A has been awarded to M/s HCL Infosystem Ltd. The contractor has supplied material during the year 2014-15 of `5,75,38,910, out of which no payment has been made during the year and the above said amount was not accounted for, therefore it resulted in understatement of CWIP & understatement of other current liabilities.

15. During the current year the Company has made an interest expenditure of `2,36,97,410/- towards interest on loan given by RVPNL for the year 2013-14. It came to our notice that there was an SPV formed in the state of Odisha for a 4000 MW project at Sundergarh, Odisha in the name of Orissa Integrated Project Limited. The RVPNL paid a sum of ` 20,84,23,000/- upto 31.03.2015 to that SPV on behalf of AVVNL. As per the decision of the Coordination committee the RVPNL has charged the interest on the same for the year 2013-14 which was paid by the AVVNL. Thus the interest expenditure for the year 2013-14 should have been booked by the company as prior period expenditure. Hence the prior period expenditure is understated to that extent and current year expenditure is overstated by the same. Further the company has not deducted the TDS u/s 194 A on the above paid amount and thereby contravened the provisions of Income Tax Act, 1961 to that extent.

RVPNL has demanded a sum of ` 2,71,88,239/- from the company towards the interest cost for the year 2014-15. The company has not recognized any liability towards this interest and the TDS is also not deducted on the same. Therefore the Loss is understated and Current Liabilities are understated by this amount.

The company has also not recognized the amount of loan taken from RVPNL under the head unsecured loans. The said amount should also be booked as an advance by the company. Thus the Other Current assets and Unsecured loans of the company are understated by ` 20,84,23,000/-.

16. RERC has passed an order under petition No. 392/13 in the case of Adani Power Rajasthan Ltd. allowing Compensatory tariff and other remedies due to non linking of coal by ministry of coal, GOI and import of coal at higher rates. The order allowed an additional tariff of 25 paise per unit on variable charges of Adani Power Rajasthan Ltd. As per the bills received by the company the impact comes to ` 49.13 crore. Further the vendor has filed a petition before RERC for determining the compensation due to change in law. After that a committee

Page 66 of 167

of RDPPC officials was formed to scrutinize the issue, which concluded that impacts of Clean energy cess and central excise duty would be admissible. This opinion was also endorsed by the company’s legal counsel. The impact of this comes to ` 49.57 crores and AVVNL’s share is ` 13.88 Cr. (based on 28% Power Purchase Ratio). However the company has not provided for the same in the books of accounts. Therefore the Power purchase is understated by ` 63.01 crores (`49.13 cr + `13.88 cr) and trade payables are understated by the same. Further the contingent liabilities are also overstated by `13.88 crore being the confirmed liability.

17. The Company is an electricity company and it is to charge depreciation as per electricity act. From the current year the depreciation is to be charged as per “Rajasthan Electricity Regulatory Commission (terms and Conditions for Determination of Tariff) Regulations, 2014 notified by RERC. As per proviso to sub rule 4 of rule 22 in case of assets of generating station transmission system and distribution system “remaining depreciable value as on 31st March of the year closing after a period of 12 years from the date of commercial operation shall be spread over the balance useful life of the assets.” The company has adopted this practice for the assets which were acquired during or before year 2001-02 but not for the assets acquired during the year 2002-03. However, the assets which were acquired during the year 2002-03 have also completed the period of 12 years from Commercial operation during the year 2014-15. This non compliance has an impact of ` 2,32,51,620/- . Thus the losses are overstated by this amount and tangible fixed assets are understated by the same.

18. There is an amount of ` 71,22,068.00 is lying under the head “Prov for Works- Capital“ since

year 2009-10. This amount pertains to PGCIL against works done for RGGVY. However the company could not pay such amount since this amount was not received under the scheme to AVVNL. Now since this amount is pending for long and the chances for recovery of the same under RGGVY are meager this should be written off in the books. However since the company has not done any accounting treatment the Losses to that extent are overstated and liabilities are also overstated.

19. Under note No. 28 (xiv) the company has disclosed the contingent liability of ` 126.66 Cr due

to delay in regular payment as envisaged in the power purchase agreements. However during the year under consideration the company has made a payment of `1,07,45,519 to 6 parties. Thus the current situation of already made payments and pending liabilities satisfies all the 3 conditions of para 14 of AS 29. There exists a present obligation as a result of past event that it is probable that an outflow of resources embodying future economic benefits will be required to settle the obligation and the company has already made a reasonable estimate of ` 126.66 Cr. Thus in view of the above and since the company has not booked such expenditure and provided the liability for the same, the Loss is understated to that extent and Trade payables are also understated.

Page 67 of 167

20. The company claimed Generation Based Incentive under RPSSGP @ 12.41 per unit instead of

9.65 per unit as per guidelines issued by MNRE. The company has excess claimed ` 1,45,42,036 /- from IREDA during the year 2014-15. The excess amount claimed from IREDA during year 2012-13 ` 1,48,16,214/-and during year 2013-14 ` 1,58,35,625/-. Hence total excess claimed from IREDA comes to ` 4,51,93,875/- . Therefore the receivable from IREDA is overstated by ` 4,51,93,875/- and Power Purchase has been understated by ` 1,45,42,036/- and Prior Period expenses have been understated by ` 3,06,51,849/-.

21. Refer Note 28.1(i) of notes to accounts where the company has provided for a contingent liability of ` 14,43,00,000/- against power charges billed to M/s. Hindustan Zinc Ltd. However, since the Appellate Tribunal has allowed the appeal in the favor of M/s Hindustan Zinc Ltd and no further stay was granted by the Supreme Court, the company should recognize the same in the books as per the provisions of AS-29. Thus trade receivables are overstated and the losses are understated by the same amount.

22. Refer Note 28.1 (iii) of notes to accounts where the company has disclosed a contingent liability of ` 13,05,000/- towards difference in Minimum Charges claimed by M/s. Fashion Suiting’s, Bhilwara. However, since the Appellate Tribunal has allowed the appeal in the favor of M/s. Fashion Suiting’s, Bhilwara and no further stay was granted by the Supreme Court, the company should recognize the same in the books as per the provisions of AS-29. Thus trade receivables are overstated and the losses are understated by the same amount.

23. Refer Note 28.1 (xix) of Notes to accounts where the company has disclosed a contingent liability of ` 23.50 Cr being stamp duty payable @ 0.1 % as per Rajasthan Stamps Act, 1998 on the loan documents executed during the year 2006-07 to 2011-12 (upto 27-12-2011 since after that the AVVNL was exempted from the same). The company should have booked this amount as provision in terms of forgoing provisions of the act. Thus the current liability and prior period expenditure are understated to that extent.

24. As per the provisions of the Rajasthan Stamps Act, 1998, the company needed to pay Stamp duty @ 0.5% upto 25.02.2008 (since after 25.02.2008 the Govt has remitted the same) on its movable properties. The company has not paid the same during the year 2006-07 and 2007-08 (upto 25.02.2008). However the same was paid by the company during earlier year Thus the company should have provided for the liability for the same and book it into the Tangible Fixed Assets, which is not done by the company. Thus the Fixed Assets have been understated by ` 3.34 Crore (0.5% of 235.58 (2006-07) and 433.78 (2007-08), addition to Plant and Machineries) and Other current liabilities are also understated by the same.

Page 68 of 167

Further the depreciation has also not been provided for on the said amount thus depreciation is also understated by ` 0.1767 Crore (5.28% of 3.34 crore).

25. The company is booking its expenditure of interest equal to the payment made by it to the banks and financial institution (the liability of March is provided separately). The payment is made on the basis of, demand raised by the bank and calculation made by the company whichever is less. However the expenditure should be booked as per the calculation of the company and liability should be recognized for the balance if not paid. As per the calculation provided by the company they have not booked an amount of ` 4,37,59,322 therefore understated expenditure of interest by that amount of other current liabilities are also understated by the same.

FOR C.R.MEHTA & CO.

Chartered Accountants FRN – 000789C

DATE – 02-Nov-2015 PLACE - JAIPUR (Sd/-) RANJAN MEHTA

Partner M.NO: 414774

Page 69 of 167

Annexure II- referred to in our report under “Basis of Qualified Opinion” paragraph

Qualifications, the effects of which could not be reasonably quantified

26. The company possesses Land Owned under Full Title (Account Code 10.101) amounting to ` 3,47,56,394 and Land Held under Lease (Account Code 10.102) amounting to ` 14,19,80,404. Title documents for the Lands of ` 4,47,73,712 (As reported in F.Y.2012-13) only provided to us verification and that too, without bifurcation between lands owned under full title and held under lease. Remaining Title Documents are not provided for verification and the bifurcation between Full Title and leased assets is still pending. No efforts for reconciliation came to our knowledge despite commitment by management and repeated observations of the auditors.

27. The Company has booked ` 1,29,06,113/- as lease rent for lands for F.Y. 2014-15 on estimated basis. However the company does not have any corroborative evidence to justify the same. In the absence of any corroborative evidence we are unable to comment on the validity of the figure. Further the company has not booked the cost of lands acquired during the year 2014-15 and depreciation/amortization has also not been charged on that as required as per New Tariff Regulations-2014 issued by RERC. However in the absence of any information/explanation we are unable to quantify the impact.

28. Project wise classification for Capital Work in Progress (CWIP) accounts (Account Codes 14.000 to 14.991) amounting ` 13,03,83,68,943 was not provided to us. We have come across the instances where the assets have been completed in all respects and even put to use have not been recognized as fixed assets by the company, citing pendency of Work Completion Certificate. Further, the depreciation was also not charged on such assets. However we could not ascertain the amount of such uncharged depreciation in the absence of complete details. We have not been provided with the status of Individual CWIP accounts to ascertain timely recognition of Fixed Assets. There is repeated observation from the statutory auditors as well as C&AG auditors for which no compliance is done. Also Strong MIS is required to be developed instead of just recording financial transactions to provide effective control over capital expenses. Further the Company has not updated the Fixed Assets Register for the current which is a mandatory compliance under Companies Act, 2013. Also the register maintained is not strictly asset wise.

29. We have not been provided with Adequate classification with documentary evidence to support balance in Turnkey Projects (Account Codes 15.101 to 15.300), which amounts to `

Page 70 of 167

2,78,92,54,078. Thus in the absence of necessary supporting and corresponding evidences we are unable to comment on the validity of the figures.

30. It is mentioned in clause no. (g) of point No. 1.7 Accounting for Fixed Assets that material lying at site for capital work are being shown as capital work in progress .The Stores materials are issued by O&M circles to sub divisions and in turn sub-divisions issue them to contractors. The same is debited directly to CWIP by circle offices when they issue materials to Sub-divisions, irrespective of its end use. Thus, Books of Accounts do not reflect the actual transactions taken place between circles, sub –division and contractor. Due to non maintenance of Material at Site Account, the value of material remained unutilized out of material issued to sub division and contractors could not be ascertained. The possibilities of embezzlement of material could not be ruled out; due to lack of details available we are unable to quantify the impact.

31. The company has not disclosed the Category wise details of “Capital Work in Progress” and

capital inventory and stores. The same should be disclosed in Note No. 12.

32. As per Notes to Accounts no. 11.9 the company has disclosed that a total of 10964 transformers, 115 CTPT sets and 169565 Meters are lying at firms’ Works and are not taken out from the Block of Fixed assets. No third party confirmation has been taken by the company in this regard. Thus we cannot comment on the Physical existence of such assets lying at vendor premises.

33. Adequate updated documentary evidence to support identification and locations of

individually Old Assets of erstwhile Rajasthan State Electricity Board have not been maintained by the company. The Gross Value of such assets as on 01/04/2014 was `8,05,31,15,195 as reported to us. Further Depreciation on such assets has been charged on an estimated basis, which is not as per AS-6 and the method prescribed under RERC Tariff Regulation-2014. Also reconciliation of such assets with Fixed Assets Register is pending.

34. In case of replacement of assets, WDV of the assets discarded/retired from active use should

be reduced from the total fixed assets and losses arising from the retirement or gains or losses arising from disposal of fixed asset, which is carried at cost, should be recognized in the Statement of Profit & Loss. However this is not being done in all the cases on uniform basis.

35. The company withdraws its assets from the block of fixed assets due to obsolescence or theft or any other reason. The value of the assets withdrawn is taken from the stores, which is the value on which it was actually acquired from the vendors. However the company has policy to allocate employee, administration and interest costs to the assets. While withdrawing

Page 71 of 167

such assets the company does not withdraw the corresponding allocated figures of indirect costs. Thus by this amount Gross Fixed assets remain overstated. Further the company also continues to charge depreciation on such un-withdrawn portion of fixed assets. By that amount depreciation and therefore losses remain overstated. We could not quantify the amount involved in the absence of asset wise records of capitalization and allocated indirect costs.

36. The company has transferred the entire Material Price Variance, to all the fixed assets capitalized during the year instead of allocating the same to specific fixed assets to which such material price variance relates. Impact of the above observation on fixed assets is unascertainable.

37. As per clause (b) of Significant Accounting Policy No. 1.8 of the company, the company defers

the amount received towards grants and subsidies for cost of capital assets and then 1/25th of the same is recognized every year. However para 14 of AS-12 “Accounting for Government Grants” issued by ICAI are reproduced below:- Para 14 :“Government grants related to specific fixed assets should be presented in the balance sheet by showing the grant as a deduction from the gross value of the assets concerned in arriving at their book value. Where the grant related to a specific fixed asset equals the whole, or virtually the whole, of the cost of the asset, the asset should be shown in the balance sheet at a nominal value. Alternatively, government grants related to depreciable fixed assets may be treated as deferred income which should be recognized in the profit and loss statement on a systematic and rational basis over the useful life of the asset, i.e., such grants should be allocated to income over the periods and in the proportions in which depreciation on those assets is charged…………” As per above para clearly indicate that in case of capital grants the revenue should be recognized over the useful life of the assets and in case of revenue grants they should be recognized as and when the related costs are incurred. However in the various cases such as grant towards RGGVY, Interest on bond subsidy etc. the company has not done such treatment. Although in the absence of complete details as to erection of specific assets for RGGVY scheme we are unable to quantify the impact.

38. The Company, as per its Significant Accounting Policy No. 1.5, depreciating its fixed assets acquired during the year, from the end of the month in which such assets were put to use instead of providing depreciation as per Companies Act 2013 i.e. on a pro-rata basis from the

Page 72 of 167

date these assets were put to use. Such method is in contravention of the provisions of Accounting Standard 6 “Depreciation on Fixed Assets” and RERC’s Tariff Regulation -2014. There is no system to record actual date of put to use to, in absence of which we could not identify the amount of such contravention.

39. Company is not having proper Working Capital Management system for Inventory, Sundry Debtors and Sundry Creditors .The management need to focus on this aspect to optimize working Capital Requirement to reduce carrying cost including Interest Cost of organization.

40. Reconciliations of various accounts are pending. Neither Aging Schedule prepared nor system

for quick disposal of differences developed over the period, despite regular objection raised by Statutory Auditors and C&AG. Various such instances are as under:-

a) We have not been provided with adequate explanations for difference in outstanding loan balances of various institutions with that of books of accounts. Out of total balances of Term Loans of ` 22,190.71 crore, balances for sum of ` 5,505.52 crore are not supported by confirmations.

b) The balances of Sundry Debtors (net of provision) amounting to ` 5,98,56,81,051/- and Sundry Creditors amounting to ` 11,15,84,21,128/- are subject to confirmation and reconciliation.

c) There is a difference between Sundry Debtors as per books of accounts and MIS Reports amounting to ` 1,70,45,10,419 (` 7,64,40,86,419 – ` 5,93,95,76,000). The total outstanding is subject to reconciliation.

d) There is a debit balance of ` 44,97,550 in Inter Unit accounts (Code 31 to 37) reflected under the head “Other Current Assets” which is subject to reconciliation. (See Note 17.5 of Notes to the financial statement). Further the above balance too is un-reconciled with the details of pending ATD/ATCs, the amount of which stands at ` 3,18,15,725 as on 31.03.2015 (According the statement showing circle wise pending ATC/ATD).

e) There is a credit balance of ` 19,49,22,583 in the head Liability for IU Stocks stores (Code 43.700) reflected under Trade payable for Goods- Liabilities for Capital Works/Supplies which is subject to reconciliation. There should not be any inter unit stores liability in the final accounts of the company. However, as informed by the company this account also includes the value for inter company stocks and stores transfer but no corresponding details supporting the actual amount of inter company

Page 73 of 167

stores liability has been provided by the company. Thus this whole figure needs reconciliation and subsequent adjustment.

f) Total additions to Tangible Fixed Assets made ` 7,37,64,79,774 (See Note 11 of Notes to the financial statement) at circles. Details in respect of these additions are not adequately maintained and are subject to reconciliation. As informed, till the time of finalization of this audit report fixed assets register is under process and in that too no entries for the current year were made. This will lead to further delay in preparing updated Fixed Assets Register in future.

g) There was excess Collection of Urban Cess Regular consumers amounting to (code 23.231- 23.249) ` 59,13,640. Reconciliation of this Amount and consequential adjustments are pending.

h) The company is collecting Urban Cess (UC) (account code 46.380) on behalf of Municipal Corporation and the same is paid to them by way of adjustment against their electricity bills and the balance, if any, in cash. However the company has not made the payment of the same to the Govt. /Authorities. The present credit balance in these accounts is ` 30,91,30,047. Thus the adjustment of the same is pending.

i) Cash and Bank balance as per Balance Sheet is debit balance of ` 73,02,20,707. A total of ` 12,93,44,321/- is pending for reconciliation in the balances of bank of collection accounts of the company. Out of this some amounts are lying for very long for which no satisfactory explanations have been provided to us such as ` 19,651,178 in Ajmer District Circle and of ` 794,991 in Udaipur Circle. Thus all the Bank Balances of the company are subject to reconciliations. Furthermore, there is no detail or reconciliation available for ` 1,48,56,955 lying in Remittance from Circles (Accounting Code 24.551) which is pending since 2007-08.

j) The following Inventory balances as at March 31, 2015 are subject to reconciliation and consequential adjustments, if any:

S.No.

A/c Head Account Code

Amount (in `)

1 Stock Excess Pending Investigation 22.810 77,07,762 Credit 2 Stock Shortage Pending Investigation 22.830 65,64,461 Debit 3 Material Stock adjustment A/c- Others Sikar Circle 22.519 12,64,631 Credit

Page 74 of 167

Banswara 22.519 30 Credit 4 Material Stock adjustment Account (O&M) Nagaur 22.539 2,18,998 Credit Udaipur 22.539 7,80,045 Debit Banswara 22.539 11,68,673 Debit 5 Material Stock adjustment Account (CAPTL)

Steel

Sikar 22.501 1,336 Credit

k) As per note no. 14.2 of Notes to the Financial Statements forming part of accounts, sundry debtors’ collection account balance should be nil. The sundry debtors’ collection account (code 23.301-23.351) having a Balance of ` 2,99,69,662 Dr. (P.Y. `2,65,51,427 Dr.) is subject to reconciliation and consequential adjustments, details are as follows:

Sr. No.

Circle Net Closing balance

Net Closing Balance

Debit Credit Debit Credit

1 Ajmer City Circle - 2,09,51,354 - 1,97,03,501

2 Ajmer District

1,61,92,835 - 5,11,72,098

3 Bhilwara 3,31,10,962 - - 66,93,472

4 Jhunjhunu 37,39,728 - 1,71,96,506 -

5 Sikar - 56,35,105 - 61,05,991

6 Udaipur - 97,105 17,39,548

7 Chittorgarh - 24,28,802 - 17,27,345

8 Rajsamand 1,23,46,612 - - 1,04,38,725

9 Nagaur 40,55,622 - 39,28,611

10 Banswara 11,49,895 - 5,02,894 -

11 Dungarpur - 84,25,854 - 1,09,67,653

12 Pratapgarh - 30,87,772 - 18,92,675

Total 7,05,95,654 4,06,25,992 7,93,10,223 5,27,58,794

(l) The company has reflected other assets amounting ` 7,14,91,952 (Account Code 10.910). Company has circle wise bifurcation of these assets but there are no adequate record to show actual location of these assets i.e. where they are actually situated (circle office, division, sub division, ACOS etc.). Thus in the absence of such details we are unable to comment on existence of the assets.

Page 75 of 167

(m) Inter-Company account in Note no. 17.2 (code 28.944, 28.942 & 27.807) amounting to ` 11,45,26,88,575 Dr. and in Note no. 9.3 (code 46.980 - 46.984) amounting to `13,07,48,69,520 Cr. are subject to confirmation and reconciliation. Confirmations from related companies are not received yet. The current year reconciliation has not been done as informed. Table showing differences pending adjustments as on 31/03/2015 are as below:-

Statement as on 31/03/2015

Refer note no. 17.3 to the financial statements wherein company have stated that the reconciliations of intercompany transactions with other sister companies of erstwhile RSEB have been made up to 31.03.2014 which is not correct as various entries have not been passed but only identification of differences have been made. In absence of full details therein we are unable to give a quantified impact over the financial statements.

Further, the system for reconciliation of account balances with related companies is weak and mechanism does not commensurate with the nature and value of transactions. The balance confirmation system should be developed within the company for timely adjustments of the differences.

(n) Circles are showing Excess Collection from PDC Consumers (code 23.501 – 23.598) a total of ` 52,91,204.00. Reconciliations of these amounts and consequential adjustments are pending.

(o) In many accounts Balances are Contrary to the Nature of Account Head, Shown under various accounting units some of them are as under:

Code No Particulars of the Head Amount in ` Dr./Cr. Comment

27.100, 27.102, 27.209

Loans & Advances to Staff 16,72,747 Cr. Credit balance in Loans & Advance to Staff A/C.

Particulars Receivables (In `) Payables (In `)

JVVNL JDVVNL RVPNL RVUN

As per AVVNL (A)

5,88,36,25,964 5,10,96,94,133 3,60,49,72,324 9,46,97,55,587

As per other company(B)

5,87,13,66,456 5,08,47,57,358 3,84,78,29,525 9,32,27,26,294

Difference(A-B) 1,22,59,508 2,49,36,775 (24,28,57,201) 14,70,29,293

Page 76 of 167

28.628 Amount Rec. From Govt. non Revi. T

17,65,53,553 Cr. Credit balance in Amount Rec. From Govt. non Revi.

44.404 Board Contribution to PF Ajmer District Circle

1,285

Dr. Debit balance in Board Contribution to PF.

46.151 Contractor Contribution. CPF Bhilwara Circle. Banswara

1,226 998

Dr. Debit balance in contractor contribution CPF.

46.310 Electricity Duty Payable Ajmer District Circle Bhilwara Chittorgarh Rajsamand.

1,63,92,649 2,60,95,229 3,51,35,676 1,98,75,945

Dr. Debit balance in Electricity Duty Payable.

44.401 Income Tax Deducted At Source Sikar

57,712 Dr.

Debit balance in Income Tax Deducted At Source.

46.921 GPF, CPF Misc. Deposits Ajmer District Circle

1,26,000

Dr. Debit balance in CPF, GPF Misc. Deposits.

47.604

Advance Repair For IP/AG New Connection Ajmer District Circle Dungarpur Banswara

1,98,631 55,25,387

3,45,600

Dr. Debit balance in Advance Repair for IP/AG New Connection.

46.380 Other Levies Payable UCC, Rajsamand Circle Pratapgarh

1,07,82,977

99,65,469 Dr.

Debit balance in Other Levies Payable

46.335 VAT (CPC) 3,36,619 Dr. Debit Balance in VAT. (p) The company has given advances for O & M supplies and works (Account Codes 26.200 to

26.600) amounting to ` 9,60,21,144, Loans and Advances to staff and other advances (Account Codes 27.100 to 27.209 and 27.801 to 27.803) amounting to ` 2,24,50,622 including balances carried over from prior years, These balances are pending for reconciliations and adjustments. There are payments made in advance but expenses not booked. Irrecoverable amounts could not be ascertained in the absence of adequate documentary evidence and subsidiary details. Ageing Schedule is necessary for these items. No efforts for reconciliation came to our knowledge despite repeated observations from statutory auditors and commitment by management.

Page 77 of 167

(q) There are differences in revenue as per Books of Accounts and MIS report generated from Outsourced billing agency. System of complete reconciliation of same and timely adjustment be ensured. Quantification is unascertainable in absence of complete records.

41. Company has not identified trade payables of Micro, Small and Medium enterprises as per MSMED Act 2006. Company has not devised any mechanism to identify the same in future also. Although there are litigations pending under MSMED Act, 2006 against the company for which contingent liability for ` 9,76,25,676 has been disclosed but the company has not disclosed trade payables separately, even for those vendors. During the current year the company has not framed any policy or mechanism to identify the vendors and comply with the act, in spite of repeated observations of statutory auditors and C&AG. Only assurances are being given by the management but no effective implementation is being done and no steps have been initiated to implement the Act. Thus in the absence of comprehensive details we are unable identify the quantum of default and interest payable as per MSMED Act, 2006.

42. Returns filed by the company i.e. Service Tax, VAT, Entry tax, WCT, TDS are not in consideration with the Books of Accounts. It was observed that company is maintaining the books of accounts on accrual basis whereas these returns are filed on the cash basis, as the reconciliation was not available hence could not be Quantified.

43. The Revised Schedule III has introduced new rounding off requirements. The new requirement states that when the turnover exceeds ` 100 crore, the rounding off is to be done to the nearest lakhs, millions or crore, or decimal thereof. The revised schedule III further allows that, it is not compulsory to apply rounding off and a company can continue to disclose full figures, but, if the same is applied, the rounding off requirement should be complied with. Since the company has already rounded off to the nearest rupee, thus the provisions regarding rounding off applies over the company which the company has failed to comply with.

44. Outstanding amount of trade Receivables disclosed at the end of year are net of credit balances. Advances received from Trade Receivables and amount of credit balances of consumers have not been disclosed as Advances from customers under the head other current liabilities. Complete details of consumers having credit balances are not available with the company. The company has not identified the reasons for credit balances. In absence of relevant details of quantification of understatement/overstatement of other current assets, other current liabilities and revenue is not ascertainable.

45. There are several liabilities of the company which are lying for more than 3 years. In various

cases we came to know that no claim has been made by recipient for the same, thus they are

Page 78 of 167

barred by limitation. The company should recognize the same into income. However the company doesn’t follow any practice. In view of non availability of client ledgers along with due dates we are unable to quantify the impact.

46. The company has not complied with the provisions of Wealth Tax Act, 1957. No calculations have been made and no returns have been filed. The provisions related to Guest House, Land not in commercial use for 2 years, Vehicles owned and accommodations allotted to the employees etc are applicable to the company. Further no such compliance has been made in the previous years also. However in the absence of complete information and records we are unable to quantify the amount.

47. The company allocates the employee costs, administration costs and interest costs to the self constructed fixed assets. The method of allocation of such indirect costs is not as per AS-10 and GAAP. The company directly allocates the value of such indirect costs to fixed assets block without assigning it to individual fixed assets. This method is completely in contravention of provisions of AS-10.

48. In the books of accounts of the company scrap is accounted for at nil value and not at net realizable value while as per the provisions of AS-10 clause-24 material items retired from active use and held for disposal should be stated at the lower of their net book value and net realizable value and shown separately in the financial statements .The same has not been done thus leading to the violation of AS-10.

49. In some cases, fixed assets retired from active use and held for disposal continue to be recorded at Net Book Value as part of fixed assets even though Accounting Standard 10 requires that such assets should be stated at the lower of their net book value and net realizable value and shown separately in the financial statements.

50. The company has taken various loans and advances towards cost of capital assets. However the company does not identify the specific qualifying assets to which interest on such loans is to be capitalized. All the interest costs are treated as General Borrowings and capitalized thereafter. Thus the provisions of AS-16 are not complied with to that extent. In the absence of complete information as to generation and funding of assets we are unable to qualify the impact.

51. The company does not conduct the impairment tests on its assets. However there exist the conditions which warrant the impairment testing. Thus the provisions of AS-28 are not complied with to that extent. In the absence of complete information we are unable to quantify the impact.

Page 79 of 167

52. The company has not complied with the provisions of section 149 and 150 relevant to

appointment of Independent Directors. Till the date of this audit report no independent director was there on the Board of Directors of the company. Thus the constitution of the Board of the company is Ultra Vires to the Companies Act, 2013.

53. The company has not complied with the provisions of Vigil Mechanism and Nomination and remuneration committee u/s 177 and 178 respectively of the Companies Act, 2013 during the year 2014-15.

54. The company is paying remuneration to its Directors. During the year the company has incurred huge losses. Thus the company had to pay the remuneration as per schedule V read with sec 197 of the Companies Act, 2013. However the company is not complying with the provisions of schedule V. As per proviso to section II of part II of schedule V “the limits specified under this section shall apply, if the company has not made any default in repayment of any of its debts (including public deposits) or debentures or interest payable thereon for a continuous period of thirty days in the preceding financial year before the date of appointment of such managerial person.”. The company made defaults for more than 30 days during the year even before the appointment of one of the directors. Further the company has not passed any resolution in the Board or General meeting in this regard. Thus, such remuneration paid is ultra virus to the companies act, 2013.

55. During the current year the company has provided a liability for Compensatory Absence

under the head Staff Related Liabilities for an amount or `1,37,27,526/-. The company has made this provision taking 10 days leaves of 5% employee applying it to the Employee Cost (See Note No. 21.5 (iii)). This is done on pure estimation basis which is also disclosed by the company in their Significant Accounting Policy No. 1.10. Such treatment is not in accordance with para 127 and 129 of the Accounting Standard 15 “Employee benefits” issued by ICAI. Para 127 requires that such accumulated compensated absences should be recognized as other Long term employee benefits and further its provisioning should be done taking the total accumulated sick leaves of all the employees and rationalizing it on the basis of past trend. Thus by taking the value of absences for only 5% employees and that too for mere 10 days is in contravention of AS-15. The company should have recognized such amount for all accumulated leaves of all eligible employees as on 31.03.2015.

56. Refer Note No. 28.2 regarding pending court cases. The company has not disclosed estimated amounts pertaining to these cases as contingent liabilities. The details are also not compiled properly. Further the estimated liabilities in respect of contracts on capital account remaining to be executed have not been properly compiled and ascertained as per AS-29.

57. Accounting of following items of income/expenditure is not on accrual basis as required by the Companies Act, 2013 :

Page 80 of 167

a. Interest on loans and advances to staff: These are adjusted on completion of recovery of

principal amount and credited at the time of clearance of dues. (Refer point no. 1.18(iii) of significant accounting policy Part I)

b. Interest on outstanding dues from permanently disconnected consumers: These are adjusted on cash basis (Refer point no. 1.18(iv) of significant accounting policy Part I)

c. Expenditure on account of awards / incentives is booked as and when paid. Similarly incentives received from PFC, REC, NTPC, NHPC & PGCIL are booked as and when received (Refer point no. 1.18(v) of significant accounting policy Part I)

FOR C.R.MEHTA & CO.


DATE – 02-Nov-2015 PLACE - JAIPUR (Sd/-)


M.NO: 414774

Page 81 of 167

Annexure III to the Independent Auditor’s Report (Referred to in clause d of paragraph 3 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date) Deviations from Accounting Standards as prescribed under section 2 Clause (2) of the Companies Act 2013.

a) Accounting Standard 5 on “ Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies”

Refer para 2, 15, 20, 23 of Annexure I to Independent Auditor’s Report. b) Accounting Standard 6 on “Depreciation Accounting” Refer para 17 of Annexure I and para 3,8,10,13 of Annexure II to Independent Auditor’s Report. c) Accounting Standard 9 “Revenue Recognition”: Refer para 7 of Annexure I to Independent Auditor’s Report. d) Accounting Standard 10 “Accounting for Fixed Assets”:

Refer para 13, 14 of Annexure I and para 2, 3, 5, 8, 9, 10, 11, 22, 23, 24 of Annexure II to Independent Auditor’s Report.

e) Accounting Standard 12 “Accounting for Government Grants”: Refer para 2, 3, 7 of Annexure I and para 12 of Annexure II to Independent Auditor’s Report. f) Accounting Standard 13 on “Investments” : Refer para 1 of Annexure I to Independent Auditor’s Report. g) Accounting Standard 15 “Employee Benefits ”: Refer para 30 of Annexure II to Independent Auditor’s Report. h) Accounting Standard 16 “Borrowing Costs ”: Refer para 25 of Annexure II to Independent Auditor’s Report. i) Accounting Standard 28 “Impairment of Assets ”: Refer para 26 of Annexure II to Independent Auditor’s Report. j) Accounting Standard 29 on Provisions, Contingent Liabilities and contingent assets. Refer para 13, 14, 15, 16, 19, 21, 22, 23, 24, 25 of Annexure I and para 31 of Annexure II to

Independent Auditor’s Report. FOR C.R.MEHTA & CO.


DATE – 02-Nov-2015 PLACE - JAIPUR (Sd/-)


M.NO: 414774

Page 82 of 167

http://220.227.161.86/247accounting_standards_as5new.pdf

http://220.227.161.86/247accounting_standards_as5new.pdf

Annexure IV to the Independent Auditor’s Report

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

1. In respect of its fixed assets:

(a) The Company has not maintained upto date proper records showing full particulars, including quantitative details and situation of fixed assets

(b) We have not been provided with the reports and other supporting documentation for Physical verification of fixed assets. It is informed that preparation of fixed assets register is still under process. Accordingly, we are unable to comment upon any material discrepancies.

2. In respect of its inventory:

(a) The inventory has been physically verified by the management during the year on rotation basis only but all circles are not covered in a single year. In our opinion and considering the size and nature of business the frequency of verification is not reasonable. It is necessary to ensure at least annual physical verification. Further no physical verification report has been provided to us in respect of the inventory physically verified by the management.

(b) The procedures of physical verification of inventory followed by the management are not reasonable and adequate in relation to the size of the Company and the nature of its business. Store Management System requires to be modified.

(c) The Company is not maintaining proper records of inventory. The records for retrieved material are not properly maintained. The discrepancies noticed on physical verification carried out in current year and earlier years have not been adjusted

3. The Company has not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanations given to us, the internal control systems are not adequate and commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. We have also observed weakness in internal controls in proper use of Information Technology for MIS System, flow of information between various departments/wings. ERP system is necessary considering size (spread over different locations with various departments) and nature of work for control over maintenance of timely and proper books of accounts. Compiling & maintaining the party wise details of various liabilities and assets to ensure effective Working Capital and Assets Management is must for long term financial discipline. Even the company has no system for timely recognition and adjustments of balances which are contradictory to basic nature of particular account heads. In our opinion, there is a continuing failure to correct major weaknesses in internal control systems despite repeated observations from Statutory Auditors and C&AG.

Page 83 of 167

5. According to the information and explanations given to us, the Company has not accepted any deposits during the year from public within the meaning of provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013.

6. The company has not maintained cost records on regular basis pursuant to the Companies (cost records and audit) (Cost Accounting Records) Rules, 2015 prescribed by the Central Government under Section 148(1) of the Companies Act, 2013. Company prepares cost details only after finalization of annual Accounts. The cost Audit has been conducted for the year 2013-14.

7. According to the information and explanations given to us in respect of statutory dues:

(a) The Company is generally regular in depositing with appropriate authorities undisputed

statutory dues including provident fund, employee’s state insurance, income-tax, sales-tax, Cess,

and other material statutory dues applicable to it. However there are various defaults in TDS

returns in various TAN obtained by the company. The following is the demand payable as per

form 26AS of the company.

Short Payment

Short Deduction

Interest on TDS Payments Default

Interest on TDS Deduction Default

Late Filing Fee u/s 234E

Interest u/s 220(2)

84,217 1,16,16,981 39,779 4,39,044 8,85,262 8,874

Further, the company has not complied with the provisions of Wealth Tax (Refer Point No. 33 of

Annexure I to our report). As explained to us, customs duty, excise duties are not applicable to the company. Service tax under reverse charge mechanism is applicable to the company and the company is regular in depositing the service tax.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employee’s state insurance, income-tax, cess and other statutory dues were outstanding, at the year end, for the period of more than six months from the date they became payable.

According to the information and explanations given to us and according to the records of the

company, the dues outstanding of income-tax, on account of dispute, are as follows (refer note

no. 30(vi) to the Financial statements:

Page 84 of 167

Statute under which dispute is pending

Nature of dues Amount (in ` crores)

Period to which the amount relates

Forum where dispute is pending

Income Tax Act, 1961

Penalty 10.41 A.Y. 2002-03 ITAT/ Pending at Advance Ruling


Penalty 12.48 A.Y. 2003-04 ITAT/ Pending at Advance Ruling


Penalty 0.25 A.Y. 2005-06 CIT(A)/ Pending at Advance Ruling


Demand Penalty

0.25 6.51

A.Y. 2006-07 ITAT/ Pending at Advance Ruling


Demand 1.11 A.Y. 2007-08 CIT(A)/ Pending at Advance Ruling


TDS Demand u/s 201/201(1A)

50.39 A.Y.2004-05 to 2009-10

Stayed by RHC, pending at CIT(A)



4.15 A.Y. 2010-11 Stayed by RHC, pending at CIT(A)



4.69 A.Y. 2011-12 Stayed by RHC, pending at CIT(A)

(c) There are no amounts that are due to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder.

8. The Company has been formed since the financial year 2000-01. However the company has incurred cash losses during the current year and pervious years as well due to the reason that the tariff for sale of power is regulated by RERC and the company has huge transmission and distribution losses. Huge burden of interest cost is also one of the reasons for cash losses.

9. In our opinion and according to the information and explanations given to us, the Company has defaulted in the repayment of dues to banks, financial institutions and debenture holders as follows:-.

S.No. Name of the Institution Nature of Dues i.e. interest/Installment)

Amount (in `) Delay In days

1 Canara Bank Interest 47,159,065.00 37 2 Central Bank of India Interest 44,885,603.00 39 3 Central Bank of India Interest 48,841,387.00 45 4 Central Bank of India Interest 70,497,026.00 46 5 Central Bank of India Interest 70,169,530.00 47 6 Bank of Baroda Interest 59,302,937.00 47 7 Bank of Baroda Interest 3,497,956.00 37 8 Bank of Baroda Interest 10,717,220.00 37 9 Bank of India Interest 76,703,986.00 37

10 Punjab National Bank Interest 93,352,677.00 37 11 Uco Bank Interest 112,518,423.00 37

Page 85 of 167

10. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11. In absence of adequate information and records we cannot comment that the term loans have been applied for the purposes for which they were obtained. On examination of the Balance sheet and Cash Flow Statement of the company, we report that funds raised for short term purposes have not been utilized for long term investments. In fact short term loans raised by company are utilized to fund huge cash losses including interest burden during the year.

12. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of any material fraud on or by the company, except as disclosed in the Notes to Financial Statements note no. 16.3 to 16.12, during the year, nor have we been informed of such case by the management. However there are various instances of theft of electricity and theft of transformers reported during the year.




M.NO: 414774

Page 86 of 167

Annexure V to the Auditors Report

(Referred to in paragraph 4 under “Report on Other Legal and regulatory Requirements” in the Independent Auditors’ Report of even date to the members of Ajmer Vidyut Vitran Nigam Limited on the financial statements of the year ended March 31, 2015)

1. The company has not been selected for disinvestment; hence the clause is not applicable.

2. As per information and explanations given to us, Petty Balances of debts and interest thereon have been written off in accordance with the policy of the company and as per orders issued time to time. During the year company has waived ` 0.15 Crore (Amnesty and other than amnesty scheme), including delayed payment charges/ late payment surcharge. This waiver was to ensure recovery of outstanding amount from debtors. Further, the company has also written off ` 0.69 Crore as bad debts as per the policy and directions of management.

3. Proper records are not maintained for inventories lying with third parties (refer para 7 of Annexure II to Independent Auditor’s Report). The company’s own records for items lying at third party premises are still under reconciliation. No assets were received as gifts from Government or other authorities.

4. Please refer Para 30 of “Annexure II” of our report regarding details of pending legal cases/arbitration cases have not been compiled properly. In absence of complete details, we are unable to give age wise analysis of such cases. Further, as explained to us, a separate wing exists at corporate level which is monitoring cases of Supreme Court, High Court and at Consumer Court level. District level cases are being dealt with respective circle/unit.

5. As explained to us, the company has not entered into agreement with franchise for distribution of electricity and revenue sharing agreement; hence the clause is not applicable. However, as informed to us, the company has initiated tendering process for Ajmer City Circle.

6. In our opinion, the system of billing need to be strengthened looking to the aspect of adjustments being carried out of past billing in few cases which indicates that the billing is not proper at first instance. With regard to collection of revenue, the company has engaged various agencies. However billing is being switched from outside agencies to in-house system developed by M/s HCL in phased manner. The subscribers connection is disconnected as and when the bills are not paid within the stipulated time which itself act as deterrent for non-payment and act as effective system for collection. However, with respect to dues relating to PDC debtors, the company need to strengthened the system of collection.

7. The company is regularly recovering fuel surcharge and FPPCA as approved under the RERC Tariff Regulations. As reflected in Note No. 18.4 fuel Surcharge recoverable from the consumers are accounted for on accrual basis subject to its determination and issue of order upto

Page 87 of 167

finalization of Annual Accounts. During the year the company has accrued unbilled fuel surcharge up to March-2015 based on the orders.

8. As informed to us, The State Govt. is regularly reimbursing the tariff subsidy. During the financial year 2014-15, tariff subsidy amounting `. 1684.29 crore was accrued against which the company has received `. 1701.95 (including excess subsidy of `. 99.83 crore received in financial year 2013-14) from the State Government. As at 31.03.2015, subsidy amounting `. 17.66 crore has been received in advance.




M.NO: 414774

Page 88 of 167

To

The Members of

Ajmer Vidyut Vitran Nigam Limited

AJMER

CORRIGENDUM TO THE AUDIT REPORT DATED 02/11/2015

OF M/s AJMER VIDYUT VITRAN NIGAM LIMITED FOR THE YEAR ENDED 31/03/2015

While framing the audit report, due to clerical error few reference to Notes on Accounts of Balance Sheet

and different portions of the Independent Auditor’s Report were incorrectly reported, which are corrected

as under and the report may be read with this Corrigendum.

Sl. No. Reference Revised Reference

1 In the Independent Auditor’s Report, Para 6

Report on Other Legal and Regulatory

Requirements Point No. 3 (h) (i) it is written as

“………Refer Note 28.2 to the financial

statements and Point No 30 of the Annexure II

to the Auditors’ Report.”

The same may be read as “………Refer Note

28.2 to the financial statements and Point

No 31 of the Annexure II to the Auditors’

Report.”

2 In Point No19 of Annexure I to Independent

Auditor’s Report it is written as “Under note

No. 28 (xiv) the company…..”

The same may be read as ” Under note No.

28 .1 (xiv) the company….”

3 In Point No 7 of Annexure II to Independent

Auditor’s Report it is written as “As per Notes

to Accounts no. 11.9 the company…..”

The same may be read as “As per Notes to

Accounts no. 11.8 the company…..”

4 In Point No 7 (a) of Annexure IV to

Independent Auditor’s Report it is written as

“……Wealth Tax (Refer Point No. 33 of

Annexure I to our report).”

The same may be read as “……Wealth Tax

(Refer Point No. 21 of Annexure I to our

report).”

Page 89 of 167

5. In Point No 4 of Annexure V to Independent

Auditor’s Report it is written as “Please refer

Para 30 of “Annexure II” of our report……”

The same may be read as “Please refer Para

31 of “Annexure II” of our report……”




M.NO: 414774

Page 90 of 167

(Amount in `) Note No. As at 31st March 2015 As at 31st March 2014

1 35,40,55,21,000 33,38,98,50,000 2 (2,68,43,75,83,611) (2,32,50,86,94,558)

3 7,86,89,79,000 -

4 16,80,52,87,240 15,74,63,91,723

5 2,47,67,04,29,152 2,39,94,15,92,064 6 8,87,32,32,811 7,93,68,17,772

7 50,24,94,897 38,78,93,191 8 11,15,84,21,128 7,48,13,47,582 9 78,98,09,78,695 58,68,75,60,892 10 4,84,78,131 5,31,62,635

1,38,87,62,38,443 1,31,11,59,21,301

11 66,41,81,65,133 62,87,12,62,100 11 9,14,611 9,97,242 12 17,26,02,59,349 14,55,40,94,564 13 18,70,64,70,518 22,45,93,60,814

14 6,01,56,50,713 4,14,33,14,567 15 73,02,20,707 1,06,26,95,186 16 49,03,96,400 47,07,51,463 17 29,25,41,61,012 25,55,34,45,365

1,38,87,62,38,443 1,31,11,59,21,301

Contingent Liabilities and other disclosures 28

Chartered Accountants (Hemant Gera)FRN No. 000789C

( S.M.Mathur ) ( Neha Sharma )Company Secretary Partner

Membership No. 414774 Place :- JaipurDated :- 02.11.2015

Significant Accounting Policies & Notes on FinancialStatements

I & II

For & on behalf of the Board Ajmer Vidyut Vitran Nigam Limited

Chief Accounts Officer(ATB)

As per our report of even date

For C.R. Mehta & Co.( Narendra Kumar Mathur)

Managing Director Director (Finance) & CFO DIN 05293920 DIN 06852416

(CA Ranjan Mehta)

Non-Current Assets

Other Current Assets

Intangible Assets

Current LiabilitiesShort-Term BorrowingsTrade Payables

Cash and Bank BalancesShort-Term Loans and Advances

Other Current LiabilitiesShort-Term Provisions

TOTAL

Capital Work-In-Progress

Current AssetsTrade Receivables

TOTAL

Other Long Term Liabilities

ASSETS

Other non-current assets

Fixed AssetsTangible Assets

AJMER VIDYUT VITRAN NIGAM LIMITEDAJMER

Non-Current Liabilities

Reserves and surplus

Long-Term Borrowings

BALANCE SHEET AS AT 31st MARCH, 2015Particulars

EQUITY AND LIABILITIES

Shareholders’ fundsShare Capital

Share Application Money Pending Allotment

Deferred Govt. Subsidies/Grants and CC&SL

(Sd/-)

(Sd/-) (Sd/-)

(Sd/-) (Sd/-)

Page 91 of 167

(Amount in `)

Note No. For the Year ended 31st March 2015

For the Year ended 31st March 2014

18 74,13,63,19,014 62,61,08,32,305 19 8,66,96,54,509 6,70,26,76,028

82,80,59,73,523 69,31,35,08,333

20 76,06,32,01,161 73,12,08,66,363 21 10,04,18,54,838 9,23,27,78,003 22 25,97,82,68,691 29,37,78,29,233 23 3,75,66,89,364 2,66,54,16,401 24 1,01,42,57,999 76,16,61,611 25 1,60,14,52,180 2,06,15,04,897

1,18,45,57,24,233 1,17,22,00,56,508

(35,64,97,50,710) (47,90,65,48,175) - -

(35,64,97,50,710) (47,90,65,48,175) 26 (27,91,38,343) (52,33,63,867)

(35,92,88,89,053) (48,42,99,12,042)

- - - -

(35,92,88,89,053) (48,42,99,12,042)

27 (10.54) (29.03)


For C.R. Mehta & Co.Chartered Accountants ( Hemant Gera )FRN No. 000789C

(CA Ranjan Mehta) ( S.M.Mathur ) ( Neha Sharma )Company Secretary Partner


STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH 2015


Particulars

Profit Before Prior Period Items and TaxPrior Period Income/Expenses

Chief Accounts Officer(ATB)

Ajmer Vidyut Vitran Nigam Limited For & on behalf of the Board

EARNINGS PER EQUITY SHARE OF FACE VALUE ` 10 EACHBasic & Diluted

Significant Accounting Policies & Notes on Financial Statements I & II

(Narendra Kumar Mathur) Director (Finance) & CFO

DIN 06852416Managing Director

DIN 05293920

Current Tax

Depreciation

PROFIT FOR THE YEAR

Deferred Tax

Total ExpensesOther ExpensesRepairs & Maintenance

Profit Before Exceptional Items Exceptional Items

Profit Before Tax

Tax Expense:

Revenue :

Expenses :

Employee Benefits ExpensePurchase of Power

Finance Costs

Revenue From OperationsOther Income

Total Revenue

(Sd/-)

(Sd/-)

(Sd/-)

(Sd/-)

(Sd/-)

Page 92 of 167

2014-15 2013-14(Amount in `) (Amount in `)

A. Cash Flow from Operating ActivitiesNet profit before taxation and extraordinary item (35,64,97,50,710) (47,90,65,48,175) Adjustment for:Depreciation 3,75,66,89,364 2,66,54,16,401 Interest, finance charges and lease rentals 25,97,82,68,691 29,38,06,11,472 Prior Period Income (Extraordinary Item) (21,15,16,022) (33,21,48,931) Income from FD (21,03,552) (3,51,77,066) NRV Adjustments - (13,26,629) Sale of Scrap (33,93,04,677) (36,79,74,120) Incentive from PFC (3,35,46,429) (2,10,63,265) Incentive from REC (4,03,870) (52,74,529) Subsidy for Interest of World Bank Loan (3,95,07,319) (4,36,46,599) Deferred Income towards Cost of Capital Assets (89,25,31,571) (81,44,80,262)

Operating profit before working capital changes (7,43,37,06,095) (17,48,16,11,703) Movement in working capitalDecrease/(Increase) in sundry debtors (1,87,23,36,146) (84,42,88,129) Decrease/(Increase) in loans and advances (2,63,27,937) (1,69,08,288) Increase/(Decrease) in sundry liabilities & provision 10,10,89,00,434 10,84,23,55,070 Decrease/(Increase) in other assets 2,27,34,14,339 65,02,45,328

Net cash from/ (used in) operating activities 3,04,99,44,595 (6,85,02,07,723)

B. Cash flows from investing activities Purchase of Fixed Assets including capital work-in-progress (8,48,61,37,880) (9,85,89,45,455)Decrease/(Increase) in capital inventory & stores (49,79,41,296) (22,39,088) NRV Adjustments - 13,26,629 Sale of scrap 33,93,04,677 36,79,74,120 Interest Received on FD 21,03,552 3,51,77,066 Decrease/(Increase) in capital advances 66,83,000 (4,43,74,029) Net cash from/(used in) investing activities (8,63,59,87,947) (9,50,10,80,757)

C. Cash flows from financing activities Repayment of Long term borrowings (including Conversion into Bonds) (8,80,74,25,027) (17,09,06,48,904) Proceed from Long term borrowings 7,06,24,94,935 7,53,65,24,633 Proceed from Bonds (Conversion into Bonds) - 66,94,22,00,000 Repayment of Bonds (6,73,06,00,000) (12,44,84,00,000) Repayments from Long term borrowings for working capital - - Proceed from Long term borrowings for working capital - - Repayment of Short term borrowings (including Conversion into Bonds) (45,75,00,000) (49,15,53,00,000) Proceed from Short term borrowings 30,98,60,67,920 27,35,20,26,977 Proceeds from Share Capital 9,88,46,50,000 9,10,18,02,000 Subsidy for Interest of World Bank Loan 3,95,07,319 4,36,46,599 Subsidy for Interest on Bonds 2,84,65,00,000 - Interest Capitalization (1,02,34,77,042) (1,04,70,53,577) Interest Paid (30,53,20,26,619) (26,60,36,54,211)Incentive from PFC 3,35,46,429 2,10,63,265 Incentive from REC 4,03,870 52,74,529 Deferred Govt.subsidy & Grants 1,95,14,27,088 2,09,46,43,459

Net Cash from/ (used in) financing activities 5,25,35,68,873 6,75,21,24,769

Net Increase/ (decrease) in Cash and cash equivalents (A+B+C) (33,24,74,479) (9,59,91,63,711) Cash and cash equivalents at the beginning of the year 1,06,26,95,186 10,66,18,58,897 Cash and cash equivalents at the end of the year 73,02,20,707 1,06,26,95,186 Net (Decrease)/Increase in cash and cash equivalents (33,24,74,479) (9,59,91,63,711)

AJMER VIDYUT VITRAN NIGAM LIMITEDCash Flow Statement for the period ending 31.03.2015

Page 93 of 167

Note(s) to the Cash Flow Statement:(Indirect Method)

Particulars 2014-15 Amount in ` 2013-14 Amount in `For RGGVY Scheme 25,18,46,910.00 36,98,02,270.00 For R-APDRP 20,730.00 20,729.00 For World Bank Projects 8,471.00 9,089.00


For C.R. Mehta & Co.Chartered Accountants (Hemant Gera) (Narendra Kumar Mathur)FRN No. 000789C Managing Director Director (Finance) & CFO

DIN 05293920 DIN 06852416

(CA Ranjan Mehta) ( S.M.Mathur ) ( Neha Sharma )Chief Accounts Officer (ATB) Company Secretary Partner


Ajmer Vidyut Vitran Nigam Limited

1. Cash and cash equivalents consist of Cash and Bank Balances as appear in the Balance Sheet.2. Cash and cash equivalents includes FDRs amounting `NIL (P.Y. ` 4,36,51,000) is earmarked against LC. Bank FDRs amounting to ₹ 25,15,25,000are earmarked for RGGVY Scheme.3. Cash and Cash equivalents also includes Funds as shown below for the specified project:

For & on behalf of the Board

(Sd/-)

(Sd/-)

(Sd/-)

(Sd/-)

(Sd/-)

Page 94 of 167

a) General:

1.1 Basic Accounting Policies a)

b)

1.2 Valuation of Inventory (AS-2)

1.3 Cash Flow Statement (AS-3)

1.4

1.5 Depreciation (AS-6)(a)

(b)

(c)

I. Significant Accounting Policies :

The financial statements have been prepared in accordance with generally accepted accounting principles in India (IndianGAAP) to comply with accounting standards notified under section 133 of the Companies act, 2013 and applicableprovisions of Electricity Act, 2003, with the relevant provisions of the Companies Act, 2013,

The company generally follows Mercantile System of Accounting and recognizes significant items of income andexpenditure on accrual basis under the historical cost convention and going concern basis. The accounting policiesadopted in preparation of financial statement are consistent with those followed in previous year except those mentionedin Notes to Accounts.

The issues from stores are valued by FIFO (First in First Out) method except the inventories of transformers, cables,conductors & CTPT sets which are valued at cost under the specific identification method. Inventories of Misc. Scrap &Empties are not valued being insignificant.

Cash flow Statement is prepared on the basis of indirect method to the extent possible as prescribed in AS-3 Cash FlowStatement.

Net Profit or Loss for the Period, Prior period items and Changes in Accounting Policies (AS-5)The Company generally follows the provisions of AS -5 “Net Profit or Loss for the Period, Prior period items and Changesin Accounting Policies” by separately showing prior period items in Net profit/Loss for the period. Proper disclosure hasalso been given where accounting policy has been changed.

Depreciation on fixed assets is charged on Straight Line Method and allocated over the useful life of the asset. The fixedassets are depreciated up to 90% of the original cost.

Depreciation has been provided on monthly basis considering that it has been put to use immediately after the monthend.

Till 2005-06, depreciation on the assets has been charged at the rates notified by the Govt. of India under the Electricity(Supply) Act, 1948 vide notification No. S.O. 266(E), dated 29.03.1994. From the FY 2006-07, the depreciation on theassets has been charged at the rates notified by the Forum of Regulators on dated 23-06-2006 in pursuance toPara5.3(c) of the Tariff Policy issued by the Ministry of Power GOI on dated 6-1-2006 and duly accepted by the RERC.From FY 2014-15, the provisions and methodology of depreciation prescribed in RERC Tariff Regulation - 2014 havebeen adopted. Consequently, useful life of the assets and depreciation rates in respect of fixed assets acquired up to 31stMarch, 2014 have been recalculated so that balance depreciable amount is charged over the revised remaining useful lifeof the assets.

The Inventories are being held for use in Capital works, partly for O&M works and not for sale. Therefore, in view of theparagraph 24 of the AS 2- (Revised), requirement of valuation of Inventories at the lower of Cost and net realizable valueis not applicable.

The organization is headed by a Board of Directors consisting of Chairman, Managing Director, Director (finance), Director (Technical)and four other Directors. The primary accounts are maintained at circle level, which is headed by Superintending Engineer and renderedto the corporate office of the Nigam for consolidation. As on 31 March 2015, there are 12 Operation & Maintenance ( O & M ) Accounting units and 6 non O&M units in the Nigam.


I. Company Overview :

AJMER VIDYUT VITRAN NIGAM LIMITED (AVVNL/Ajmer Discom/Nigam) is a company domiciled in India and incorporated under theprovisions of Companies Act, 1956 . The Company established on 19 July, 2000 by Govt. of Rajasthan under the provision of theRajasthan Power Sector Reforms Act, 1999 as the successor company of RSEB. AVVNL is engaged in 11 districts of Rajasthan, namelyAjmer, Bhilwara, Chittorgarh, Nagaur, Jhunjhunu, Sikar, Rajsamand, Banswara, Udaipur, Pratapgarh and Dungarpur for distribution andsupply of electricity.

b) Organizational Set up:

Page 95 of 167

S.No. Particulars Rate of Depreciation

1 Building 3.34%2 Lease hold Land 3.34%3 Other Civil Works 3.34%4 Plant & Machinery 5.28%5 Lines & Cable Networks 5.28%6 Vehicles 9.50%7 Furniture & Fixtures 6.33%8 Office Equipment 6.33%9 IT Equipment 15.00%

10 IT Software 9.00%

(d)

1.6 Revenue Recognition (AS-9)

1.7 Accounting For Fixed Assets (AS-10)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

In case of assets of distribution system, remaining depreciable value as on 31st March of the year closing after a period of12 years from date of commercial operation is spread over the balance useful life of the assets.Depreciation on the assets transferred through Financial Restructuring Plan (FRP) by the State Government i.e. as on19.07.2000 is charged on the block of the assets at the general applicable rate approved by the RERC Tariff Regulation -2014 to the extent of depreciable amount of the assets.

Revenue from sale of power has been accounted for on accrual basis on the basis of tariff rates as notified by the RERCfrom time to time. However, the provision for unbilled revenue from sale of power is made for the period of 31 days incase of LIP, MIP and SIP (U) consumers and on a proportionate basis of 56.5 days in case of other consumers, as perthe decision taken in the 48th Co-ordination committee meeting.

The gross block of fixed assets is stated at cost of acquisition or construction, including any cost attributable to bringingthe assets to their working condition for their intended use.

A Block Assets register showing the categories of Fixed Assets as on 19.07.2000 (i.e. the transfer date), their lives andthe amount of depreciation charged / withdrawn year wise in respect of erstwhile RSEB has been maintained by RRVPNLtill F.Y. 2004-05, and there after it is transferred to concerned Discoms, hence depreciation charged accordingly,Separate block register for the Nigam has been maintained.

The Fixed Assets have been taken at the transfer price in respect of the assets transferred by the State Govt. vide gazettenotification dated 17.01.2002 and 18.01.2002 and those created subsequently by the company at cost includingappropriate expenses capitalized less depreciation thereon.

The total useful life of the assets as notified by the Central Government from time to time pursuant to the powersconferred on it under the provisions of Electricity (Supply) Act, 1948 in respect of the assets of the erstwhile RSEBtransferred to the Nigam by Government of Rajasthan through Transfer Scheme Notified on 19th July 2000, read withamendments notified by Govt. dated 17.1.2002 and final Transfer Scheme Notification dated 18.1.2002 useful life of thefixed assets has been considered to be same as that of erstwhile RSEB . Due to non-feasibility of segregation of assetsallocated in the transfer scheme to successor entities, the depreciation on assets as on 19.7.2000 has been computed byAjmer Vidyut Vitran Nigam Limited as per advice by Rajasthan Rajya Vidyut Prasaran Nigam Limited and accordinglydepreciation calculated as a whole of RSEB period and charged in proportion of Assets allocated as on 19.07.2000 toAVVNL.

The works completed have been transferred to fixed assets from WIP on the basis of the statements approved by thecircle Superintending Engineers, monthly, considering that it has been put to use immediately before the month end.

A 100% Capitalization of the Employee Cost (including terminal benefits) of the Material Management, RuralElectrification, Turn Key Works, Civil Works, Survey & Investigation and stores wings has been made as the said unit areexclusively working for capital works. Besides this, capitalization of administration expenses related to capital works, of allthe accounting units have been made.

Materials lying at site for capital works are being shown as capital work in progress.

The rates/ useful life as applied for depreciation are different from the rates prescribed under Schedule II to theCompanies Act, 2013. The rates applied for depreciation are as under:-

Page 96 of 167

1.8(a)

(b)

(c)

1.9

1.10

1.11

1.12

1.13

1.14

Related party Disclosure (AS-18)As per Accounting Standard 18 “Related Party Disclosures” as notified under section 133 of Companies act, 2013, thecompany has entered into related party transactions as set out in point no. 8 of Note No. 28, which are not likely to have aconflict with the interest of the company.

Accounting For Taxes On Income (AS-22)Deferred Tax (as per AS-22) is recognized, subject to consideration of prudence, on timing differences, representing thedifference between taxable Income/(Loss) and accounting Income/(Loss) that originated on one period and are capable ofreversal in one or more subsequent periods. In the opinion of management and to the best of their knowledge and beliefDeferred Tax Assets has not been recognized on the basis that there is no virtual certainty, supported by convincingevidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Intangible Assets (AS-26)Intangible Assets are measured at cost and amortized on a straight-line basis over their estimated useful life. Gains orlosses arising from the derecognition of intangible assets are the difference between the net disposal proceeds and thecarrying amount of the asset and are recognised in the income statement in the period in which the asset isderecognised. Further amortization expense are reported in the income statement accordingly. However, in case of ITSoftware the same is amortized at the rate prescribed in RERC Tariff Regulation-2014. In compliance of provisions ofPara 56 of AS - 26 deferred revenue expenditure is written off in the year in which such expenditure is incurred.

As per the accounting policy followed by the Company, consumer contribution, grants and subsidies (including BPLsubsidy under RGGVY ) towards cost of capital assets, which are accounted for on Cash basis are transferred todeferred income and 1/25th amount of deferred income is transferred to other income every year.

Keeping in view the commitment of GoR in Financial Restructuring Plan (FRP), 2005 and reiterated vide MoU executedon dated 26.10.2009, Revenue Gap upto 2008-09 Rs.5983.29 crore was depicted as subvention receivable from theState Government. However, considering the subvention disbursement schedule decided in the State Cabinet meetingdated 19.10.2011 and also recognized in FRP-2013 Rs.3282 crore which would remain unfunded till 2022 has beenreversed and shown as loss in FY 2011-12. Thus, net Rs.2701.29 crore has been considered as subvention receivablefrom the State Government against which committed amount is being disbursed by the GoR regularly.

Investments (AS-13)Company has not made any investment in Govt. Securities or other securities during the financial year.

Employee Benefits (AS-15)The employee benefits are accounted for as per provisions of AS-15 on the basis of categories in which the employeesare covered namely defined contribution plan and defined benefit plan. In respect of benefits covered under definedcontribution plan namely the provident fund, the employer contribution paid with the PF commissioner is recognized asthe expenditure of the year. In respect of the benefits covered under the defined benefit plan namely pension and gratuity,the expenditure is recognized on the basis of present value of obligations as on the date of the balance sheet as per theactuarial valuation. The liability of Leave Encashment is also accounted on the basis of actuarial valuation. The amount ofWorkmen’s compensation has been provided based upon the average figures for the past seven years.

Expected cost of short term employee benefit in form of compensated absences i.e. half-pay leaves (medical leave) isrecognized and provided on the estimated basis.

Borrowing Cost (AS-16)Borrowing Costs that are attributable to acquisition or construction of qualifying assets are capitalized as part of cost ofqualifying assets. The interest on borrowing not received for any specific project/assets or which can not be related tospecific assets have been capitalized by applying a capitalization rate (weighted average of the borrowing cost applicableto the borrowings of the enterprises that are outstanding during the period ) to the expenditure on that assets.Capitalisation of borrowing cost have been ceased when substantial assets is prepared for its intended use. All otherborrowing costs are charged to revenue.

Subvention against ED and compounding charges are accounted for on the basis of aggregate sanctions received fromGOR to the extent of overall E.D and compounding charges assessed in the books of accounts. Cash support andSubsidy against interest etc. are accounted for on basis of sanction received from GOR.

Accounting for Government Grants (AS-12)

Page 97 of 167

1.15(a)

(b)

1.16

1.17

1.18i

ii

iii

iv

v

vi

vii

viii

ix

(b) House tax on company’s properties to the extent not acknowledged as payable.

Provision for liability for expenses / creation of prepaid expenses is not generally made for small / petty amounts.

No provision has been made in respect of the following where liability is not certain or the amount is not precisely known:-

(a) Land and Building Tax claims on the company’s properties which are under dispute.

Expenses incurred on raising finance are being charged to revenue in the year in which these are incurred.

Cost of the land is capitalized after allotment and possession taken over by the Company.

Interest on loans and advances to staff are adjusted on completion of recovery of principal amount and credited at thetime of clearance of dues.

Interest on outstanding dues from permanently disconnected consumers is recognized on cash basis.

Expenditure on account of awards / incentives is booked as and when paid. Similarly incentive received from NTPC,NHPC, PGCIL, PFC & REC is booked as & when received.

Amount received from other distribution companies on account of exchange of power is netted off from the cost of power.

The provision for bad & doubtful debts has been made equal to 100 % of Sundry Debtors balance of PDC consumersappeared in the books of accounts.

Miscellaneous Expenses on recruitment, training, research and development are charged to revenue.

The major assets used for distribution of electricity are plant and machinery like transformers and Lines, Cables andNetwork. It is almost 97% of the gross block of the total assets. In compliance of AS-28 and in view of past history ofthese assets the management of AVVNL decided that there is no external and internal indication on the basis of whichthe impairment loss may be calculated and accordingly the impairment of assets has not been done in the books ofaccounts for the financial year 2014-15.

Provisions, Contingent Liabilities And Contingent Assets (AS-29)No provision has been recognized during the financial year for theft /embezzlement of cash (except in some cases) wherecases are pending at various judicial courts, due to the absence of reliable estimate of the amount of the obligation andno past event reference is feasible in these case, on the Balance Sheet date on the basis of which the Nigam may assesspresent obligation or the probable outflow of resources embodying economic benefit which may require to settle theobligation.

Impairment of Assets (AS-28)An impairment loss is recognized wherever the carrying value of an asset exceeds its recoverable amount. Therecoverable amount of an asset will be higher of the net selling price or value in use. The value in use of an asset ispresent value of estimated future cash flow arising from the continuous use of asset plus residual value (scrap value) atthe end of its useful life.

Page 98 of 167

(Amount in `)

1,00,00,00,00,000 35,00,00,00,000

54.600 35,40,55,21,000 33,38,98,50,000

35,40,55,21,000 33,38,98,50,000

As at 31.03.2015 As at 31.03.2014

3,33,89,85,000 1,66,38,11,000 20,15,67,100 1,67,51,74,000

- - 3,54,05,52,100 3,33,89,85,000


II. NOTES TO THE FINANCIAL STATEMENTS AS ON 31ST MARCH 2015

SHAREHOLDERS' FUNDS

At the end of the yearLess: Bought back during the yearAdd: Issued during the year At the beginning of the year

Authorised Share Capital

1:- Share Capital

As at 31.03.2014

1.1 The Company has only one class of shares referred to as equity shares having a par value of `10. Each holder of equityshares is entitled to one vote per share and dividend as and when declared by the Company.

1.2 In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remainingassets of the company, after the distribution of all preferential amounts.

Account Code As at 31.03.2015

3,54,05,52,100 No. of Equity shares of ` 10 each fully paid up

1.5 The company is a Government Company with 100% share holding by the Government of Rajasthan and it's nominee. Allshares are issued at par of value `10/-each and are general equity share having equal rights for dividend and vote.

10,00,00,00,000 No. of Equity shares (P.Y. 3,50,00,00,000 No.) of ` 10 each

Particulars

1.3 Reconciliation of the number of Equity shares

TOTAL

Issued, Subscribed & Paid Up Share Capital

Particulars

Number of Shares

1.4 During the Previous year 2013-14, 1,24,48,40,000 No. of Equity Shares of ₹ 10/- each have been issued to the Govt. ofRajasthan against liability of bonds amounting to ₹ 12,44,84,00,000 taken over by the Government in terms of FRP, 2013. Inthe current year, The GoR sanctioned ₹ 673.06 crore against liability of bonds, which is not converted into equity shares as on31-03-2015 and shown under Share Application Money Pending Allotment head.

Page 99 of 167

(Amount in `)Account

Code As at 31.03.2015 As at 31.03.2014

- (2,32,50,86,94,558) (1,84,07,87,82,516) (35,92,88,89,053) (48,42,99,12,042) (2,68,43,75,83,611) (2,32,50,86,94,558)


TOTAL

2:- Reserves & Surplus

Particulars

Surplus Opening balance

Add: Profit/(Loss) transferred from Statement of Profit & Loss

Page 100 of 167

(Amount in `)Account Code As at 31.03.2015 As at 31.03.2014

54.700 - 7,64,99,38,000 9,88,46,50,000 9,10,18,02,000

(2,01,56,71,000) (16,75,17,40,000) 7,86,89,79,000 -

3.1:The Company is to issue 78,68,97,900 No. of (Previous year Nil) shares to Government of Rajasthan at par value of ₹10 each, out of which 67,30,60,000 No. of shares to be issued against liability of bonds taken over by GoR. The company hassufficient authorised share capital to cover the share capital amount resulting from allotment of shares out of such shareapplication money.


Closing Balance

3:- Share Application Money Pending AllotmentParticulars

Opening BalanceAdd: Received during the year from Government of RajasthanLess: Share Capital issued during the year

Page 101 of 167

(Amount in `)

Account Code As at 31.03.2015 As at 31.03.2014

55.999

12,51,21,57,713 11,04,43,27,495 1,87,30,04,501 2,11,02,17,191

(71,72,99,309) (64,23,86,973)

13,66,78,62,905 12,51,21,57,713

55.9982,35,87,917 2,49,71,484 7,84,22,587 - (45,22,539) (13,83,567)

9,74,87,965 2,35,87,917

55.9973,21,06,46,093 3,39,69,29,548

- 3,59,43,068 Less: Adjustment made during the year - (5,15,16,801)

(17,07,09,723) (17,07,09,722) 3,03,99,36,370 3,21,06,46,093

16,80,52,87,240 15,74,63,91,723

4.2 Amount received from consumers against new connection is credited to –‘Consumers Contribution towards Service Line’account without waiting for completion reports and the deposit works are also transferred to CC & SL after completion ofwork.

Less: Transferred to Statement of Profit & Loss

TOTAL

Closing Balance

Closing Balance

Closing Balance

Opening Balance

(c) Rajiv Gandhi Gramin Vidyutikaran Yojana SubsidyOpening Balance

Add: Received during the year

Less: Transferred to Statement of Profit & Loss

Add: Received during the year

(b) Grants towards Cost of Capital Assets

4.1 In terms of Accounting Policy No. 1.8 (b), consumer contribution, grants and subsidies (including BPL subsidy underRGGVY) towards cost of capital assets, which are accounted for on Cash basis are transferred to deferred income and thesame is being amortized in 25 years.


Less: Deferred Income transferred to Statement of Profit & Loss Loss

Opening BalanceAdd: Contribution Received From Consumers

4:- Deferred Govt. Subsidies/Grants & CCSLParticulars

Deferred Govt. Subsidies/Grants & CCSL

(a) Consumer Contributions for Service Connections & Line

Page 102 of 167

(Amount in `)

As at 31.03.2015 As at 31.03.2014

A Unsecured Bonds

47,76,32,00,000 54,49,38,00,000

See Description Note 5(i)

B Term Loansi)

1,16,96,72,32,915 1,26,29,29,03,100

ii)75,82,16,997 80,51,48,987

82,18,17,79,240 58,34,97,39,977 2,47,67,04,29,152 2,39,94,15,92,064

4,77,632 No. of (PY - 544938 No.) 9.95% Unsecured, Non-Convertible, Redeemable, Taxable bonds in the nature of debentures having face value of ₹1,00,000/- each, issued at par.

From Banks Secured See Descriptive Note 5(ii)

From Others Secured See Descriptive Note 5(iii)


NON- CURRENT LIABILITIES

5:- Long-Term Borrowings Particulars

Unsecured See Descriptive Note 5(iv)TOTAL

Page 103 of 167

(Amount in `)

S. No. Account Code

Face Value

As at 31.03.2015 As at 31.03.2014

(i)52.225 1,00,000 47,76,32,00,000 54,49,38,00,000

47,76,32,00,000 54,49,38,00,000

All the above Bonds aggregating to ` 47,76,32,00,000 (Previous year ₹ 54,49,38,00,000) are guaranteed by Government ofRajasthan.

TOTAL


5(i) : Descriptive details for Unsecured Bonds

Bonds

9.95% Ajmer Vidyut Vitran Nigam Ltd Bonds as per GoI Scheme(4,77,632 Nos. of Bonds (PY No. 5,44,938 )of ₹ 1,00,000/-each. As per the FRP scheme, Bonds amounting to ₹ 6694.22crore against 50% of STL and Power Purchase Liability as on31.03.2012 have been issued to various banks on allotmentdate i.e. 18 October, 2013. These bonds will be taken over andreplaced with special securities, issued by Government ofRajasthan in phased manner within a period of 5 years, at theirdiscretion and according to their guidelines and instructions inthis regard. Accordingly, during the year, bonds amounting to ₹673.06 crore (PY ₹1244.84 crore) have been taken over bythe State Government.)

Page 104 of 167

(Amount in ₹)

Sr. No. Rate of Interest as at 31.03.2015 Account Code As at

31.03.2015 As at 31.03.2014

(i)Loan I 13.75% 53.510 74,86,92,857 1,24,77,92,857

13.75% 50.966 2,00,00,00,000 2,00,00,00,000

Loan III 13.00% 50.966 2,00,00,00,000 2,00,00,00,000

12.25% 50.966 11,00,00,000 11,00,00,000

12.25% 50.966 1,97,47,00,000 1,97,47,00,000

Loan VI 12.25% 50.966 1,91,73,00,000 1,91,73,00,000

Loan VII 12.25% 50.966 39,17,00,000 -

9,14,23,92,857 9,24,97,92,857

(ii)Loan I 12.60% 53.580 2,35,50,12,697 2,80,35,75,661

Loan II 12.05% 53.580 2,71,77,88,886 3,23,54,62,962

Loan II

(Loan amounting to ₹ 2,00,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 28,57,14,286 each, Starting from01.04.2015, Secured against Escrow & having first pari passu chargeon entire Receivables of the company to the extent of loan amount.)

(Loan amounting to ₹ 2,00,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 28,57,14,286 each, Starting from01.04.2015, Secured against Escrow & having first pari passu chargeon entire Receivables of the company to the extent of loan amount.)

Loan IV

(Loan amounting to ₹ 12,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 1,57,14,286 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)

Loan V


5(ii) : Descriptive details of Term Loan from Banks - Secured

Particulars

Punjab National Bank

(Repayable in remaining 3 half yearly installments, 2 of which are of₹ 24,95,50,000 each and 1 installment is of ₹ 24,95,92,857 upto May2016 & Secured against Escrow, Hypothecation of Fixed assets andhaving first pari passu charge on entire Receivables of the companyto the extent of loan amount.)

(The terms of repayment of loan have been restructured during theFinancial Year 2013-14 and accordingly now repayable in 7 yearlyinstallments of ₹ 28,21,00,000 each, Starting from01.04.2015,Secured against Escrow & having first Pari Passu chargeon of entire Receivables of the company to the extent of loanamount.)

(Repayable in 7 yearly installments of ₹ 27,39,00,000 each, Starting from 20.09.2016, Secured against Escrow & having first Pari Passu charge on of entire Receivables of the company to the extent of loan amount.)

Sub Total (i)

Central Bank of India

(Repayable in remaining 21 quarterly installments, 20 of which are of₹ 11,21,40,741 each and 1 installment of ₹ 11,21,97,877 up to May-2020 & Secured against Escrow & having first Pari Passu charge onof entire Receivables of the company to the extent of loan amount.)

(Repayable in remaining 21 quarterly installments of ₹ 12,94,18,519each up to May-2020 & Secured against Escrow & having first PariPassu charge on of entire Receivables of the company to the extentof loan amount.)

(Repayable in 7 yearly installments of ₹ 5,59,57,143 each, Starting from 26.09.2017, Secured against Escrow & having first Pari Passu charge on of entire Receivables of the company to the extent of loan amount.)

Page 105 of 167

Loan III 12.80% 50.962 2,00,00,00,000 2,00,00,00,000

Loan IV 12.00% 53.580 3,03,18,00,000 3,53,71,00,000

Loan V 12.20% 50.962 2,00,00,00,000 2,00,00,00,000

Loan VI 12.05% 50.962 1,50,00,00,000 1,50,00,00,000

Loan VII 12.25% 50.962 50,00,00,000 50,00,00,000

Loan VIII 12.25% 50.962 60,70,00,000 60,70,00,000

Loan IX 12.25% 50.962 4,42,00,00,000 4,42,00,00,000

Loan X 12.25% 50.962 4,26,64,00,000 4,26,64,00,000

Loan XI 12.25% 50.962 87,12,00,000 -

24,26,92,01,583 24,86,95,38,623

(Loan amounting to ₹ 2,00,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 28,57,14,286 each, Starting from31.03.2016, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)

(Repayable in remaining 12 half yearly installments of ₹ 25,26,50,000each, Starting from 30.04.2014, Secured against Escrow & havingfirst Pari Passu charge on of entire Receivables of the company tothe extent of loan amount.)


(Loan amounting to ₹ 1,50,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 21,42,85,714 each, Starting from31.03.2016,Secured against Escrow & having first Pari Passu chargeon of entire Receivables of the company to the extent of loanamount.)



(The terms of repayment of loan have been restructured during theFinancial Year 2013-14 and accordingly now repayable in 7 yearlyinstallments of ₹ 63,14,28,571 each, Starting from 31.03.2016,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)

(Repayable in 7 yearly installments, 6 of which are of ₹ 60,95,00,000each and 1 installment is of ₹ 60,94,00,000 Starting from30.08.2017,Secured against Escrow & having first Pari Passu chargeon of entire Receivables of the company to the extent of loanamount.)

Sub Total (ii)

(Repayable in 7 yearly installments of ₹ 12,44,57,143 each,Starting from 29.09.2018, Secured against Escrow & having first PariPassu charge on of entire Receivables of the company to the extentof loan amount.)

Page 106 of 167

(iii)Loan I 12.80% 50.975 1,33,00,00,000 1,33,00,00,000

Loan II 12.80% 50.975 1,00,00,00,000 1,00,00,00,000

Loan III 12.80% 50.975 2,00,00,00,000 2,00,00,00,000

Loan IV 12.25% 50.975 1,74,69,00,000 1,74,69,00,000

Loan V 12.25% 50.975 1,70,33,00,000 1,70,33,00,000

Loan VI 12.25% 50.975 34,78,00,000 -

8,12,80,00,000 7,78,02,00,000

(iv)Loan I 13.45% 50.973 1,80,06,00,000 1,80,06,00,000

Loan II 13.45% 50.973 66,67,33,334 66,67,33,334

Loan III 13.45% 50.973 71,41,71,428 71,41,71,428





Sub Total (iii)

Bank of India



UCO Bank

(Loan amounting to ₹ 1,79,94,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 25,72,28,571 each, Starting from01.04.2015,Secured against Escrow & having first Pari Passu chargeon of entire Receivables of the company to the extent of loanamount.)



Page 107 of 167

Loan IV 13.35% 50.973 66,67,33,334 66,67,33,334

Loan V 12.35% 50.973 50,00,00,000 50,00,00,000

Loan VI 13.45% 50.973 1,00,00,00,000 1,00,00,00,000

Loan VII 12.20% 50.973 64,49,00,000 64,49,00,000

Loan VIII 12.20% 50.973 2,58,24,00,000 2,58,24,00,000

Loan IX 12.25% 50.973 2,49,22,00,000 2,49,22,00,000

Loan IX 12.25% 50.973 50,89,00,000 -

11,57,66,38,096 11,06,77,38,096

(v)Loan I 13.95% 50.985 1,00,00,00,000 1,00,00,00,000

Loan II 14.90% 50.985 66,67,33,333 66,67,33,333

(Loan amounting to ₹ 1,00,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 14,28,57,143 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)



(Repayable in 7 yearly installments, 6 of which are of ₹ 35,60,28,000each and 1 installment is of ₹ 35,60,32,000 Starting from30.09.2016, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)

Sub Total (iv)

Corporation Bank



(Repayable in 7 yearly installments of ₹ 7,27,00,000 each, Startingfrom 30.01.2018, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)



Page 108 of 167

14.90%-15.00% 50.985 50,00,00,000 50,00,00,000

12.25% 50.985 24,86,00,000 24,86,00,000

12.25% 50.985 98,49,00,000 98,49,00,000

Loan VI 12.25% 50.985 94,93,00,000 94,93,00,000

Loan VII 12.25% 50.985 19,41,00,000 -

4,54,36,33,333 4,34,95,33,333

(vi)Loan I 12.80% 50.977 1,00,00,00,000 1,00,00,00,000

Loan II 13.25% 50.977 50,00,00,000 50,00,00,000

Loan III 12.25% 50.977 17,06,00,000 17,06,00,000

Loan IV 12.25% 50.977 68,18,00,000 68,18,00,000

Loan V 12.25% 50.977 65,78,00,000 65,78,00,000

Loan V

(The terms of repayment of loan have been restructured during theFinancial Year 2013-14 and accordingly now repayable in 7 yearlyinstallments of ₹ 14,07,00,000 each starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)


Sub Total (v)

Union Bank of India


Loan III

(Loan amounting to ₹ 50,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 7,14,28,571 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)Loan IV


(Repayable in 7 yearly installments of ₹ 2,77,28,571 each. Startingfrom 10.12.2018, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)




(Repayable in 7 yearly installments, 6 of which are of ₹ 9,40,00,000each and 1 installment is of ₹ 9,38,00,000. Starting from 30.09.2017,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)

Page 109 of 167

Loan VI 12.25% 50.977 13,43,00,000 -

3,14,45,00,000 3,01,02,00,000

(vii)Loan I 13.15% 50.976 50,00,00,000 50,00,00,000

13.15% 50.976 16,67,33,334 16,67,33,334

13.15% 50.976 50,00,00,000 50,00,00,000

13.15% 50.976 50,00,00,000 50,00,00,000

13.15% 50.976 1,00,00,00,000 1,00,00,00,000

12.40% 50.976 30,27,00,000 30,27,00,000

12.25% 50.976 1,21,22,00,000 1,21,22,00,000

Loan VIII 12.25% 50.976 1,16,85,00,000 1,16,85,00,000

(Loan amounting to ₹ 50,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 7,14,28,571 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)Loan II

(Loan amounting to ₹ 16,66,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14 and accordingly now repayable in7 yearly installments of ₹ 2,38,19,048 each, Starting from01.04.2015, Secured against Escrow, Hypothecation of Fixed assetsand having first Pari Passu charge on entire Receivables of thecompany to the extent of loan amount.)Loan III

(Loan amounting to ₹ 50,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 7,14,28,571 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)Loan IV

Sub Total (vi)

Bank of Maharashtra




(Loan amounting to ₹ 50,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 7,14,28,571 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)Loan V

(Loan amounting to ₹ 1,00,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 14,28,57,143 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)Loan VI

(Loan amounting to ₹ 30,27,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 4,32,42,857 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)Loan VII

Page 110 of 167

Loan IX 12.25% 50.976 23,86,00,000 -

5,58,87,33,334 5,35,01,33,334

(viii)Loan I 16.72% 50.967 50,00,00,000 50,00,00,000

Loan II 15.25% 50.967 50,00,00,000 50,00,00,000

Loan III 12.60% 50.967 11,70,00,000 11,70,00,000

Loan IV 12.50% 50.967 45,46,00,000 45,46,00,000

Loan V 12.25% 50.967 43,85,00,000 43,85,00,000

Loan VI 12.25% 50.967 8,96,00,000 -

2,09,97,00,000 2,01,01,00,000

(ix)Loan I 14.20% 50.964 33,33,66,667 33,33,66,667

Loan II 13.95% 50.964 16,67,33,334 16,67,33,334

Sub Total (vii)

State Bank of Bikaner & Jaipur







(Repayable in 7 yearly installments, 6 of which are of ₹ 6,26,43,000each and 1 installment is of ₹ 6,26,42,000 Starting from 03.12.2016,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)

Sub Total (viii)

Vijaya Bank



Page 111 of 167

Loan III 13.95% 50.964 66,67,33,333 66,67,33,333

Loan IV 12.60% 50.964 1,00,00,00,000 1,00,00,00,000

Loan V 11.80% 50.964 1,00,00,00,000 1,00,00,00,000

Loan VI 12.25% 50.964 35,95,00,000 35,95,00,000

Loan VII 12.25% 50.964 1,43,95,00,000 1,43,95,00,000

Loan VIII 12.25% 50.964 1,41,79,00,000 1,41,79,00,000

Loan IX 12.25% 50.964 28,34,00,000 -

6,66,71,33,334 6,38,37,33,334

(x)Loan I 12.70% 50.961 1,00,00,00,000 1,00,00,00,000

Loan II 13.20% 50.961 1,15,00,00,000 1,15,00,00,000

Loan III 12.20% 50.961 38,81,00,000 38,81,00,000




(Loan amounting to ₹ 35,95,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14 and accordingly now repayable in7 yearly installments of ₹ 5,13,57,143 each, Starting from30.04.2015, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)



Sub Total (ix)

Canara Bank





Page 112 of 167

Loan IV 12.20% 50.961 97,73,00,000 97,73,00,000

Loan V 12.20% 50.961 94,31,00,000 94,18,33,786

Loan VI 12.25% 50.961 19,26,00,000 -

4,65,11,00,000 4,45,72,33,786

(xi)Loan I 13.50% 50.963 1,50,63,00,000 1,50,63,00,000

Loan II 13.50% 50.963 92,04,00,000 92,04,00,000

Loan III 14.45% 50.963 33,33,66,667 33,33,66,667

Loan IV 12.25% 50.963 32,17,00,000 32,17,00,000

Loan V 12.25% 50.963 1,28,79,00,000 1,28,79,00,000

Loan VI 12.25% 50.963 1,24,34,00,000 1,24,34,00,000

Loan VII 12.25% 50.963 25,39,00,000 -

5,86,69,66,667 5,61,30,66,667


(Repayable in 7 yearly installments, 6 of which are of ₹ 13,48,00,000each and 1 installment is of ₹ 13,43,00,000, Starting from23.09.2016, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)

Sub Total (x)

Oriental Bank of Commerce








Sub Total (xi)


Page 113 of 167

(xii)Loan I 14.85% 50.965 50,00,00,000 50,00,00,000

Loan II 13.20% 50.965 1,00,00,00,000 1,00,00,00,000

Loan III 12.25% 50.965 34,05,00,000 34,05,00,000

Loan IV 12.25% 50.965 51,18,00,000 51,18,00,000

Loan V 12.25% 50.965 65,78,00,000 65,78,00,000

Loan VI 12.25% 50.965 13,43,00,000 -

3,14,44,00,000 3,01,01,00,000

(xiii)Loan I 13.27% 50.968 33,33,66,667 33,33,66,667

Loan II 13.81% 50.968 33,32,66,667 33,32,66,667

Loan III 13.12% 50.968 1,00,00,00,000 1,00,00,00,000




(Loan amounting to ₹ 17,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 7,31,14,286 each, Starting from01.04.2015,Secured against Escrow & having first Pari Passu chargeon of entire Receivables of the company to the extent of loanamount.)

(Repayable in 7 yearly installments of ₹ 9,39,71,429 each Startingfrom 21.09.2016, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)

Sub Total (xii)

Syndicate Bank


Bank of Baroda




Page 114 of 167

Loan IV 12.44% 50.968 75,00,00,000 75,00,00,000

Loan V 13.27% 50.968 16,66,33,334 16,66,33,334

Loan VI 12.21% 50.968 1,00,00,00,000 1,00,00,00,000

Loan VII 12.25% 50.968 40,75,00,000 40,75,00,000

Loan VIII 12.25% 50.968 1,63,00,00,000 1,63,00,00,000

Loan IX 12.25% 50.968 1,57,23,00,000 1,57,23,00,000

Loan X 12.25% 50.968 32,09,00,000 -

7,51,39,66,668 7,19,30,66,668

(xiv)Loan I 14.90% 50.969 8,33,66,666 8,33,66,666

Loan II 14.90% 50.969 50,00,00,000 50,00,00,000





Sub Total (xiii)

Federal Bank






Page 115 of 167

Loan III 14.90% 50.969 50,00,00,000 50,00,00,000

Loan IV 12.65% 50.969 12,30,00,000 12,30,00,000

Loan V 12.25% 50.969 49,25,00,000 49,25,00,000

Loan VI 12.25% 50.969 47,60,00,000 31,58,00,000

Loan VII 12.25% 50.969 9,72,00,000 -

2,27,20,66,666 2,01,46,66,666

(xv)Loan I 13.70% 50.971 16,66,33,334 16,66,33,334

Loan II 13.42% 50.971 50,00,00,000 50,00,00,000

Loan III 11.82% 50.971 1,00,00,00,000 1,00,00,00,000

Loan IV 12.25% 50.971 47,40,00,000 47,40,00,000

Loan V 12.25% 50.971 62,36,00,000 62,36,00,000

Sub Total (xiv)

Allahabad Bank

(Loan amounting to ₹ 16,67,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 2,38,04,762 each, Starting from31.03.2016,Secured against Escrow, Hypothecation of Fixed assetsand having first Pari Passu charge on entire Receivables of thecompany to the extent of loan amount.)

(Loan amounting to ₹ 50,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 7,14,28,571 each, Starting from31.03.2016,Secured against Escrow & having first Pari Passu chargeon of entire Receivables of the company to the extent of loanamount.)









Page 116 of 167

Loan VI 12.25% 50.971 12,73,00,000 -

2,89,15,33,334 2,76,42,33,334

(xvi)Loan I 14.21% 50.972 75,00,00,000 75,00,00,000

Loan II 12.24% 50.972 1,50,00,00,000 1,50,00,00,000

Loan III 12.25% 50.972 86,37,00,000 86,37,00,000

Loan IV 12.25% 50.972 83,43,00,000 83,43,00,000

Loan V 12.25% 50.972 17,04,00,000 -

4,11,84,00,000 3,94,80,00,000

(xvii)Loan I 13.27% 50.974 1,50,00,00,000 1,50,00,00,000

Loan II 13.27% 50.974 1,00,00,00,000 1,00,00,00,000

Loan III 12.44% 50.974 1,00,00,00,000 1,00,00,00,000

Loan IV 12.25% 50.974 1,59,10,00,000 1,59,10,00,000


Sub Total (xvi)

Punjab & Sind Bank




Sub Total (xv)

Indian Bank







Page 117 of 167

Loan V 12.25% 50.974 79,46,00,000 79,46,00,000

Loan VI 12.25% 50.974 1,53,49,00,000 1,53,49,00,000

Loan VII 12.25% 50.974 31,35,00,000 -

7,73,40,00,000 7,42,05,00,000

(xviii)Loan I 16.15% 50.980 66,67,33,333 66,67,33,333

Loan II 16.36% 50.980 1,00,00,00,000 1,00,00,00,000

Loan III 14.22% 50.980 50,00,00,000 50,00,00,000

Loan IV 12.30% 50.980 24,60,00,000 24,60,00,000

Loan V 12.30% 50.980 98,49,00,000 98,49,00,000

Loan VI 12.25% 50.980 94,93,00,000 94,93,00,000

Loan VII 12.25% 50.980 19,38,00,000 -

4,54,07,33,333 4,34,69,33,333






Sub Total (xviii)



Sub Total (xvii)

Dena Bank




Page 118 of 167

(xix)Loan I 14.00% 50.981 16,66,33,334 16,66,33,334

Loan II 13.75% 50.981 37,84,00,000 37,84,00,000

Loan III 12.25% 50.981 1,00,00,00,000 1,00,00,00,000

Loan IV 12.25% 50.981 50,00,00,000 50,00,00,000

Loan V 12.25% 50.981 23,18,00,000 23,18,00,000

Loan VI 12.25% 50.981 92,81,00,000 92,81,00,000

Loan VII 12.25% 50.981 89,56,00,000 89,56,00,000

Loan VIII 12.25% 50.981 18,29,00,000 -

4,28,34,33,334 4,10,05,33,334



Sub Total (xix)

Indian Overseas Bank







Page 119 of 167

(xx)Loan I 13.25% 50.982 50,00,00,000 50,00,00,000

Loan II 13.25% 50.982 50,00,00,000 50,00,00,000

Loan III 12.25% 50.982 11,35,00,000 11,35,00,000

Loan IV 12.25% 50.982 45,46,00,000 45,46,00,000

Loan V 12.25% 50.982 43,86,00,000 43,86,00,000

Loan VI 12.25% 50.982 8,96,00,000 -

2,09,63,00,000 2,00,67,00,000

(xxi)Loan I 13.65% 50.986 16,67,33,334 16,67,33,334

Karnataka Bank






Sub Total (xx)

South Indian Bank



Page 120 of 167

Loan II 13.65% 50.986 50,00,00,000 50,00,00,000

Loan III 13.40% 50.986 25,00,00,000 25,00,00,000

Loan IV 12.75% 50.986 11,36,00,000 11,36,00,000

Loan V 12.50% 50.986 45,46,00,000 45,46,00,000

Loan VI 12.25% 50.986 43,85,00,000 43,85,00,000

Loan VII 12.25% 50.986 8,96,00,000 -

2,01,30,33,334 1,92,34,33,334

(xxii)Loan I 14.85% 50.987 25,00,00,000 25,00,00,000

Loan II 13.25% 50.987 25,00,00,000 25,00,00,000

Loan III 12.75% 50.987 5,35,00,000 5,35,00,000

Loan IV 12.50% 50.987 22,73,00,000 22,73,00,000






Sub Total (xxi)


Catholic Syrian Bank



(Loan amounting to ₹ 6,00,00,000 has been converted into bondsand terms of repayment of remaining loan have been restructuredduring the Financial Year 2013-14. Accordingly, now repayable in 7yearly installments of ₹ 76,42,857 each, Starting from 01.04.2015,Secured against Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)


Page 121 of 167

Loan V 12.25% 50.987 21,93,00,000 21,93,00,000

Loan VI 12.25% 50.987 4,48,00,000 -

1,04,49,00,000 1,00,01,00,000

(xxiii)Loan I 15.00% 50.960 16,67,33,334 16,67,33,334

Loan II 12.25% 50.960 7,58,00,000 7,58,00,000

Loan III 12.25% 50.960 3,78,00,000 3,78,00,000

Loan IV 12.25% 50.960 7,22,00,000 7,22,00,000

Loan V 12.25% 50.960 1,49,00,000 -

36,74,33,334 35,25,33,334

(xxiv)Loan I 13.65% 50.988 1,00,00,00,000 1,00,00,00,000

Loan II 12.75% 50.988 99,30,00,000 99,30,00,000

Sub Total (xxii)

ICICI Bank



(The terms of repayment of loan have been restructured during theFinancial Year 2013-14 and accordingly now repayable in 7 yearlyinstallments of ₹ 54,00,000 each, Starting from 01.04.2015, Securedagainst Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)




Sub Total (xxiii)

Andhra Bank



(Repayable in 7 yearly installments of ₹ 21,28,571 each, Startingfrom 14.11.2017, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)

Page 122 of 167

Loan III 12.25% 50.988 77,28,00,000 77,28,00,000

Loan IV 12.25% 50.988 74,57,00,000 74,57,00,000

Loan V 12.25% 50.988 15,23,00,000 -

3,66,38,00,000 3,51,15,00,000

(xxv)Loan I 13.35% 50.989 25,00,00,000 25,00,00,000

Loan II 12.25% 50.989 11,36,00,000 11,36,00,000

Loan III 13.00% 50.989 5,68,00,000 5,68,00,000

Loan IV 12.25% 50.989 10,96,00,000 10,96,00,000

Loan IV 12.25% 50.989 2,24,00,000 -

55,24,00,000 53,00,00,000

1,31,91,43,99,207 1,28,26,35,70,033

(Repayable in 7 yearly installments of ₹ 32,00,000 each, Startingfrom 26.09.2017, Secured against Escrow & having first Pari Passucharge on of entire Receivables of the company to the extent of loanamount.)

Sub Total (xxiv)

Karur Vysya Bank



(The terms of repayment of loan have been restructured during theFinancial Year 2013-14 and accordingly now repayable in 7 yearlyinstallments of ₹ 81,14,286 each, Starting from 01.04.2015, Securedagainst Escrow & having first Pari Passu charge on of entireReceivables of the company to the extent of loan amount.)




Sub Total (xxv)

Total (i to xxv)


Page 123 of 167

1,36,83,42,857 49,91,21,431 3,04,68,22,754 1,47,15,45,502

86,81,28,571 - 1,22,50,76,871 -

48,57,47,619 - 33,60,57,143 - 59,73,76,191 - 22,45,14,286 - 70,94,04,762 - 50,22,00,000 - 62,42,38,095 - 33,60,42,857 - 80,29,66,667 - 24,26,95,238 - 30,58,04,762 - 44,48,14,286 - 84,08,00,000 - 48,53,76,190 - 45,78,47,619 - 22,40,14,286 - 21,21,33,333 - 11,15,42,857 - 4,00,47,619 -

39,51,14,286 - 6,00,57,143 -

14,94,71,66,292 1,97,06,66,933 1,16,96,72,32,915 1,26,29,29,03,100

(iv) UCO Bank(v) Corporation Bank (vi) Union Bank of India (vii) Bank of Maharashtra (viii) State Bank of Bikaner & Jaipur

Less: Current Maturities of Loans From Banks (Carried to Note No.9.1)

(i) Punjab National Bank (ii) Central Bank of India

GRAND TOTAL

All the above loans aggregating to ₹ 1,31,91,43,99,207 (Previous year ₹ 1,28,26,35,70,033) are guaranteed by Government of Rajasthan.

(xxi) South Indian Bank (xxii) Catholic Syrian Bank (xxiii) ICICI Bank(xxiv) Andhra Bank (xxv) Karur Vysya Bank

TOTAL

(xv) Allahabad Bank (xvi) Indian Bank (xvii) Punjab & Sind Bank (xviii) Dena Bank (xix) Indian Overseas Bank (xx) Karnataka Bank

(ix) Vijaya Bank (x) Canara Bank (xi) Oriental Bank of Commerce(xii) Syndicate Bank (xiii) Bank of Baroda(xiv) Federal Bank

(iii) Bank of India

Page 124 of 167

(Amount in `)


31.03.2015As at

31.03.2014(i)

54.511

9.00% 21,48,00,000 21,48,00,000

9.00% 58,66,35,000 58,66,35,000

80,14,35,000 80,14,35,000 (ii) 50.592

11.00% 50,00,000 50,00,000

50,00,000 50,00,000 80,64,35,000 80,64,35,000

4,82,18,003 12,86,013

75,82,16,997 80,51,48,987

Scheme II (Part-B)


5(iii) : Descriptive details of Term Loan from others - Secured Particulars

Restructured Accelerated Power Development and ReformProgramme- PFCScheme I (Part-A)(Repayment of these loans will become due on 15th day of eachmonth except April and May upto 10 years falling immediately aftermoratorium period of maximum 3 years. These Loans are securedagainst hypothecation of the company's newly financed assets underthe project. Further such loans along with interest thereon shall beconverted into grant once the projects of Part A under R-APDRP areimplemented and verified by an independent agency appointed byMinistry of Power. The time limit for completion of Part-A projects hasbeen extended by the 31st Steering Committee upto 30th June 2015.)

(Repayment of these loans will become due on 15th day of eachmonth except April and May upto 15 years falling immediately aftermoratorium period of maximum 5 years. These Loans are securedagainst hypothecation of the company's newly financed assets underthe project. Further such loans along with interest thereon shall beconverted into grant once the projects of Part B under R-APDRP areimplemented and verified by an independent agency appointed byMinistry of Power.)

Sub Total (i)

GRAND TOTAL Less: Current Maturities of Loans From others(Carried to Note No.9.1)

GRAND TOTAL

Rajasthan State Power Finance Corporation Ltd.

(Repayable in 2 equal yearly installments of ` 25,00,000 each.Starting from 31.03.2016, after allowing one year of moratorium fromthe date of disbursement. Secured against Escrow & Hypothecationof various Receivables of the company to the extent of 110% at anypoint of time as referred in the Schedule of deed of Hypothecationand Memorandum of Agreement .)

Loan I

Sub Total (ii)

Page 125 of 167

(Amount in `)


31.03.2015 As at 31.03.2014

(i) 53.750Loan I 12.50% 1,03,60,000 1,20,86,666

Loan II 12.00% 2,05,33,333 2,30,99,999

Loan III 11.50% 4,35,68,000 4,90,14,000

Loan IV 11.50% 3,14,06,666 3,53,32,500

Loan V 10.50% 3,29,17,500 3,65,75,000

Loan VI 10.50% 2,62,50,000 2,91,66,667

Loan VII 10.50% 3,22,35,000 3,58,16,667

Loan VIII 9.00% 5,21,27,250 5,73,39,975

24,93,97,749 27,84,31,474

(ii) 53.501Loan I 12.50% 7,35,05,250 8,57,56,125

Loan II 12.00% 1,27,68,000 1,43,64,000

Loan III 11.50% 11,45,44,267 12,88,62,300

Loan IV 11.50% 2,97,85,933 3,35,09,175

Loan V 10.50% 30,31,57,051 33,68,41,167

Loan VI 10.50% 3,37,01,850 3,74,46,500

Loan VII 10.50% 1,08,90,600 1,21,00,669

Loan VIII 10.50% 6,29,42,837 6,92,37,117

Loan IX 9.00% 10,55,72,250 11,61,29,475

Loan X 9.00% 19,54,70,917 21,32,41,000

Loan XI 9.00% 57,45,483 62,67,800


5(iv) : Descriptive details of Term Loan from others - Unsecured Particulars

Accelerated Power Development Programme

(Repayable in remaining 6 yearly installments of ` 17,26,667 upto15.03.2021)


Sub Total(i)

World Bank

(Repayable in remaining 6 yearly installments of ` 1,22,50,875 upto15.03.2021)

















Page 126 of 167

Loan XII 9.00% 20,37,32,201 22,07,09,884

Loan XIII 9.00% 1,85,01,000 2,00,42,750

Loan XIV 9.00% 27,79,291 29,93,083

Loan XV 13.00% 87,451 1,31,177

Loan XVI 13.00% 3,09,574 4,12,765

Loan XVII 12.50% 3,89,112 4,66,935

Loan XVIII 12.50% 19,93,209 23,25,410

Loan XIX 12.00% 19,78,284 22,60,896

1,17,78,54,560 1,30,30,98,228

(iii) 54.500 4,65,85,00,000 6,66,82,00,000

4,65,85,00,000 6,66,82,00,000

(iv) 53.760Scheme No. 840003 & 840004 11.75% 11,34,722 13,61,667

Scheme No. 840009 11.75%,12.00% 2,85,43,318 3,26,20,935

11.75%,12.00% 1,90,35,009 2,17,54,296

11.75%,12.00% 1,53,63,207 1,75,57,952

11.75%,12.00% 4,15,47,410 4,74,82,753

11.75%,12.00% 20,74,76,203 23,05,29,115

11.75%,12.00% 3,57,18,565 3,96,87,294

34,88,18,435 39,09,94,012

(v) 53.3009.00% 3,66,62,160 4,03,28,376

9.00% 3,62,18,204 3,95,10,768

9.00% 4,41,85,200 4,78,67,300




(Repayable in remaining 2 yearly installments of ` 43,726 upto 15.03.2017)

(Terms of repayment of such loan shall be decided by theGovernment of Rajasthan when company generate surplus on itsequity. During the year 2014-15, a balance of ` 2,71,85,00,000 hasbeen converted into Bond Subsidy and ` 70,88,00,000 has beenreceived from state Govt. for additional power purchase.)

Sub Total(iii)

Rajiv Gandhi Gramin Vidyutikaran Yojana

(Balance of these 2 loans as per respective schemes are to be paid inremaining 5 equal annual installments upto 15th March 2020)

(Balance of this loan is to be paid in remaining 7 equal annual installmentsupto 15th May 2021)Scheme No. 840014 & 840015

(Repayable in remaining 3 yearly installments of ` 1,03,191 upto 15.03.2018)

(Repayable in remaining 5 yearly installments of ` 77,822 upto 15.03.2020)



Sub Total(ii)

Interest free loan from State Government

(Balance of these 3 loans as per respective schemes are to be paid in 9equal annual installments upto 15th June 2023)Scheme No. 840040(Balance of this loan is to be paid in 9 equal annual installments upto 15thDecember 2023)

Sub Total(iv)

Rural Electrification CorporationScheme No. 1-9

(Balance of these 2 loans as per respective schemes are to be paid inremaining 7 equal annual installments upto 15th August 2021)Scheme No. 840017(Balance of this loan is to be paid in remaining 7 equal annual installmentsupto 15th May 2021)Scheme No. 840018 & 840019(Balance of these 2 loans as per respective schemes are to be paid inremaining 7 equal annual installments upto 15th April 2021)Scheme No. 840028, 840031 & 840039

(Balance of these 9 loans as per respective schemes are to be paid inremaining 10 equal annual installments upto 15th March 2025)Scheme No. 10-19(Balance of these 10 loans as per respective schemes are to be paid inremaining 11 equal annual installments upto 15th March 2026)Scheme No. 20-29(Balance of these 10 loans as per respective schemes are to be paid inremaining 12 equal annual installments upto 15th March 2027)

Page 127 of 167

9.00% 2,02,21,916 2,17,77,448

9.00% 13,72,852 14,78,456

9.00% 7,13,23,824 7,68,10,272

10.00% 3,18,43,112 3,41,17,620

10.00% 4,39,06,296 4,70,42,460

21,58,22,941 23,95,57,963

8%,9%,9.5%,12.5% 1,09,39,728 2,18,79,464

8%,9%,9.5% 49,03,346 98,06,698

8%,9%,9.5% 5,08,060 7,62,090

9%,9.5% 16,25,010 32,50,020

8%,9%,12.50% 86,30,729 1,29,46,092

8%,9%,12.25% 2,04,89,310 2,73,19,080

8%,9% 21,46,780 32,20,170

8%,12.25%,12.50% 8,22,85,834 10,97,14,443

12.25%,12.50% 2,15,15,520 2,68,94,400

12.25%,12.50% 1,81,31,694 2,26,64,617

12.25%,12.5% 64,01,83,574 80,02,29,467

12.25%,12.50% 12,63,28,886 15,79,11,106

12.25%,12.50% 3,79,71,000 4,74,63,750

12.25%,12.50% 8,26,60,800 10,33,26,000

12.25%,12.50% 2,45,91,920 3,07,39,900

12.25%,12.50% 21,29,02,040 26,61,27,550

12.25%,12.50% 5,63,96,800 6,76,76,160

12.25%,12.5% 31,22,02,000 37,46,42,400

12.25%,12.5% 4,94,61,782 5,77,05,413

12.25%,12.50% 1,95,60,600 2,28,20,700

12.25%,12.5% 5,10,09,060 5,95,10,570

Scheme No. 30-36

Scheme No. 37(Balance of this loan as per respective schemes is to be paid in remaining13 equal annual installments upto 15th February 2028)Scheme No. 38-50

(Balance of this loan is to be paid in remaining 108 variable monthlyinstallments upto 31st March 2024)Scheme No. 103-121(Balance of these 19 loans as per respective schemes are to be paid inremaining 1 annual installment upto 15th March 2016)Scheme No. 122-127(Balance of these 6 loans as per respective schemes are to be paid inremaining 1 annual installment upto 15th March 2016)Scheme No. 128

(Balance of these 7 loans as per respective schemes are to be paid inremaining 13 equal annual installments upto 15th January 2028)

Scheme No. 51-57(Balance of these 7 loans as per respective schemes are to be paid inremaining 14 equal annual installments upto 15th March 2029)Scheme No. 58-65(Balance of these 8 loans as per respective schemes are to be paid inremaining 14 equal annual installments upto 15th March 2029)Scheme No. 70

(Balance of these 13 loans as per respective schemes are to be paid inremaining 13 equal annual installments upto 15th March 2028)

(Balance of these 6 loans as per respective schemes are to be paid inremaining 3 equal annual installments upto 15th May 2017)Scheme No. 149-151(Balance of these 3 loans as per respective schemes are to be paid inremaining 2 equal annual installments upto 15th March 2017)Scheme No. 152-189(Balance of these 38 loans as per respective schemes are to be paid inremaining 3 equal annual installments upto 15th March 2018)Scheme No. 190-195

Scheme No. 196-197(Balance of these 2 loans as per respective schemes are to be paid inremaining 4 equal annual installments upto 15th March 2019)

(Balance of this loan is to be paid in remaining 2 equal annual installmentsupto 15th April 2016)Scheme No. 129-131(Balance of these 3 loans as per respective schemes are to be paid inremaining 3 equal annual installments upto 15th March 2016)Scheme No. 132-142(Balance of these 11 loans as per respective schemes are to be paid inremaining 2 equal annual installments upto 15th March 2017)Scheme No. 143-148

(Balance of these 14 loans as per respective schemes is to be paid inremaining 4 annual installments upto 15th March 2019)

(Balance of this loan is to be paid in remaining 4 equal annual installmentsupto 15th March 2019)Scheme No. 205-227(Balance of these 23 loans as per respective schemes are to be paid inremaining 4 equal annual installments upto 15th February 2019)Scheme No. 229-235(Balance of these 7 loans as per respective schemes is to be paid inremaining 4 annual installments upto 15th February 2019)Scheme No. 236-249

(Balance of these 6 loans as per respective schemes are to be paid inremaining 4 equal annual installments upto 15th February 2019)

Scheme No. 198-200(Balance of these 3 loans as per respective schemes are to be paid inremaining 4 equal annual installments upto 15th December 2018)Scheme No. 201(Balance of this loan is to be paid in remaining 4 equal annual installmentsupto 15th February 2019)Scheme No. 204

(Balance of these 5 loans as per respective schemes are to be paid inremaining 5 equal annual installments upto 15th March 2020)Scheme No. 263-264(Balance of these 2 loans as per respective schemes are to be paid inremaining 6 equal annual installments upto 15th June 2020)Scheme No. 265-266(Balance of these 2 loans as per respective schemes are to be paid inremaining 6 equal annual installments upto 15th June 2020)Scheme No. 267-270

Scheme No. 255-257(Balance of these 3 loans as per respective schemes are to be paid inremaining 5 equal annual installments upto 15th March 2020)Scheme No. 258-262

(Balance of these 4 loans as per respective schemes are to be paid inremaining 6 equal annual installments upto 15th June 2020)

Page 128 of 167

12.25%,12.5% 1,85,37,000 2,16,26,500

12.25%,12.5% 2,07,93,097 2,42,58,613

12.25%,12.5% 1,60,56,53,983 1,87,32,62,986

12.25%,12.5% 2,64,57,67,387 3,08,67,28,621

12.25%,12.5% 14,81,21,218 17,28,08,088

12.25%,12.5% 9,60,62,157 11,20,72,515

12.25% 2,70,90,719 3,16,05,839

12.25% 13,72,42,960 27,44,85,920

12.25%,12.5% 41,98,57,601 47,98,37,258

12.25%,12.5% 12,22,36,760 24,44,73,520

12.25%,12.5% 11,88,06,779 13,57,79,178

12.25%,12.5% 38,25,46,298 43,71,95,767

12.25%,12.5% 8,15,40,200 9,31,88,800

12.25%,12.5% 61,20,41,798 69,94,76,339

12.25%,12.5% 3,35,85,480 6,71,70,960

12.25%,12.5% 1,23,93,24,764 1,41,63,71,159

12.50% 7,44,56,300 14,89,12,600

12.50% 7,42,36,260 14,84,72,520

12.25%,12.5% 14,06,33,150 16,07,23,600

12.25%,12.5% 23,71,58,822 27,10,38,653

12.25%,12.5% 34,00,45,664 51,00,68,495

12.25%,12.5% 25,44,12,178 38,16,18,267

12.25%,12.5% 6,01,20,468 9,01,80,705

12.50% 2,53,33,488 3,80,00,233

12.25%,12.5% 17,80,85,935 26,71,28,904

12.25%,12.5% 13,00,67,599 19,51,01,398

12.25%,12.5% 31,61,36,612 35,56,53,690

(Balance of these 14 loans is to be paid in remaining 6 equal annualinstallments upto 15th August 2020)Scheme No. 287-308(Balance of these 22 loans as per respective schemes are to be paid inremaining 6 equal annual installments upto 15th November 2020)Scheme No. 309-313(Balance of these 5 loans as per respective schemes are to be paid inremaining 6 equal annual installments upto 15th February 2021)Scheme No. 314

Scheme No. 271(Balance of this loan is to be paid in remaining 6 equal annual installmentsupto 15th June 2020)Scheme No. 272(Balance of this loan is to be paid in remaining 6 equal annual installmentsupto 15th June 2020)Scheme No. 273-286

(Balance of these 3 loans is to be paid in remaining 7 equal annualinstallments upto 15th April 2021)Scheme No. 320-321(Balance of these 2 loans as per respective schemes are to be paid inremaining 1 annual installment upto 15th June 2015)Scheme No. 322-326(Balance of these 5 loans is to be paid in remaining 7 equal annualinstallments upto 15th June 2021)Scheme No. 327-334

(Balance of this loan is to be paid in remaining 6 equal annual installmentsupto 15th March 2021)Scheme No. 315(Balance of this loan is to be paid in remaining 6 equal annual installmentsupto 15th March 2021)Scheme No. 316(Balance of this loan is to be paid in remaining 1 annual installment upto 15thApril 2015)Scheme No. 317-319

(Balance of this loan is to be paid in remaining 1 annual installment upto 15thAugust 2015)Scheme No. 340-346(Balance of these 7 loans as per respective schemes are to be paid inremaining 7 equal annual installments upto 15th July 2021)Scheme No. 347-348(Balance of these 2 loans is to be paid in remaining 1 annual installment upto15th December 2015)Scheme No. 349

(Balance of these 8 loans as per respective schemes are to be paid inremaining 7 equal annual installments upto 15th July 2021)Scheme No. 335(Balance of this loan is to be paid in remaining 7 equal annual installmentsupto 15th July 2021)Scheme No. 336-338(Balance of these 3 loans is to be paid in remaining 7 equal annualinstallments upto 15th July 2021)Scheme No. 339

(Balance of this loan is to be paid in remaining 2 equal annual installmentsupto 15th Sept. 2016)Scheme No. 361(Balance of this loan is to be paid in remaining 2 equal annual installmentsupto 15th Sept. 2016)Scheme No. 363(Balance of this loan is to be paid in remaining 2 equal annual installmentsupto 15th October 2016)Scheme No. 364

(Balance of this loan is to be paid in remaining 1 annual installment upto 15thNovember 2015)Scheme No. 350(Balance of this loan is to be paid in remaining 7 equal annual installmentsupto 15th February 2022)Scheme No. 351-358(Balance of these 8 loans is to be paid in remaining 7 equal annualinstallments upto 15th February 2022)Scheme No. 359

(Balance of these 5 loans as per respective schemes are to be paid inremaining 8 equal annual installments upto 15th October 2022)

(Balance of this loan is to be paid in remaining 2 equal annual installmentsupto 15th October 2016)Scheme No. 366(Balance of this loan is to be paid in remaining 2 equal annual installmentsupto 15th November 2016)Scheme No. 368(Balance of this loan is to be paid in remaining 2 equal annual installmentsupto 15th February 2017)Scheme No. 369-373

Page 129 of 167

12.50% 10,60,94,240 11,93,56,020

12.25%,12.5% 10,32,18,516 11,61,20,830

12.25%,12.5% 7,67,58,950 8,52,87,722

12.25%,12.5% 24,90,71,063 28,02,04,950

12.00%,12.25% 7,30,51,781 8,11,68,646

12.00%,12.25% 55,47,03,229 73,96,04,305

12.00% 3,95,45,286 4,39,39,208

12.00%,12.25% 2,70,91,19,309 2,11,95,06,003

12.00%,12.25% 74,42,42,009 82,69,35,567

12.00%,12.25% 65,59,03,829 72,87,82,034

12.00%,12.25% 81,77,65,346 74,96,95,167

12.00%,12.25% 15,65,02,021 15,65,02,021

12.00%,12.25% 47,03,06,139 29,57,79,089

12.00%,12.25% 37,75,03,250 37,75,03,250

12.00%,12.25% 63,31,37,641 44,50,60,573

12.25% 45,37,23,440 45,37,23,440

12.25% 81,94,43,705 81,94,43,705

12.00%,12.25% 51,71,14,532 41,03,32,349

12.00%,12.25% 20,55,69,396 20,55,69,396

12.00%,12.25% 19,15,07,513 19,15,07,513

12.00%,12.25% 46,46,59,402 46,46,59,402

12.00%,12.25% 9,57,34,470 9,57,34,470

12.00%,12.25% 3,60,86,689 3,60,86,689

12.00%,12.25% 57,06,23,852 41,58,42,630

12.25% 11,62,19,527 11,62,19,527

12.00%,12.25% 3,59,10,215 3,59,10,215

12.00% 25,76,86,135 25,76,86,135

Scheme No. 374-375(Balance of these 2 loans as per respective schemes are to be paid inremaining 8 equal annual installments upto 15th November 2022)Scheme No. 376(Balance of this loan is to be paid in remaining 8 equal annual installmentsupto 15th February 2023)Scheme No. 377-380

(Balance of this loan is to be paid in remaining 3 equal annual installmentsupto 15th September 2017)Scheme No. 386(Balance of this loan is to be paid in remaining 9 equal annual installmentsupto 15th November 2023)Scheme No. 387-393(Balance of these 7 loans is to be paid in remaining 14 equal annualinstallments upto 15th February 2029)Scheme No. 394-395

(Balance of these 4 loans is to be paid in remaining 9 equal annualinstallments upto 15th April 2023)Scheme No. 381-383(Balance of these 3 loans is to be paid in remaining 8 equal annualinstallments upto 15th March 2023)Scheme No. 384(Balance of this loan is to be paid in remaining 9 equal annual installmentsupto 15th September 2023)Scheme No. 385

(Balance of this loan is to be paid in 10 equal annual installments upto 15thJuly 2024)Scheme No. 400(Balance of this loan is to be paid in 15 equal annual installments upto 15thJuly 2029)Scheme No. 401-403(Balance of these 3 loans as per respective schemes are to be paid inremaining 10 equal annual installments upto 15th October 2024)Scheme No. 404

(Balance of these 2 loans as per respective schemes are to be paid inremaining 9 equal annual installments upto 15th January 2024)Scheme No. 396-397(Balance of these 2 loans as per respective schemes are to be paid inremaining 9 equal annual installments upto 15th December 2023)Scheme No. 398(Balance of this loan is to be paid in remaining 14 equal annual installmentsupto 15th March 2029)Scheme No. 399

(Balance of this loan is to be paid in 10 equal annual installments upto 15thFebruary 2025)Scheme No. 408(Balance of this loan is to be paid in 10 equal annual installments upto 15thJanuary 2025)Scheme No. 409(Balance of this loan is to be paid in 10 equal annual installments upto 15thFebruary 2025)Scheme No. 410

(Balance of this loan is to be paid in 15 equal annual installments upto 15thOctober 2029)Scheme No. 405(Balance of this loan is to be paid in 10 equal annual installments upto 15thDecember 2024)Scheme No. 406(Balance of this loan is to be paid in remaining 10 equal annual installmentsupto 15th January 2025)Scheme No. 407

(Balance of this loan is to be paid in remaining 15 equal annual installmentsupto 15th March 2030)Scheme No. 414(Balance of this loan is to be paid in 10 equal annual installments upto 15thJune 2025)Scheme No. 415(Balance of this loan is to be paid in 10 equal annual installments upto 15thJuly 2025)Scheme No. 416

(Balance of this loan is to be paid in 10 equal annual installments upto 15thMarch 2025)Scheme No. 411(Balance of this loan is to be paid in remaining 10 equal annual installmentsupto 15th January 2025)Scheme No. 412(Balance of this loan is to be paid in 10 equal annual installments upto 15thMarch 2025)Scheme No. 413

(Balance of this loan is to be paid in 10 equal annual installments upto 15thFebruary 2026)

Page 130 of 167

12.00% 1,33,03,34,206 1,26,23,20,645

12.00% 14,03,08,318 13,28,73,939

12.00%,12.25% 58,03,23,780 58,03,23,780

12.00% 29,87,55,063 29,87,55,063

12.00% 5,03,45,599 4,72,41,245

12.00% 6,90,11,711 4,51,35,251

12.00% 93,59,97,943 51,84,49,493

12.00% 43,60,86,037 23,07,58,723

12.00% 32,68,99,608 -

12.00% 60,05,85,921 -

12.00% 63,55,04,914 -

12.00% 1,09,68,910 -

28,77,22,19,150 28,29,63,60,873

50.700Loan I

12.75%, 12.50%,12.25% 15,00,00,00,000 7,50,00,00,000

Loan II 12.25% 5,25,00,00,000 -

20,25,00,00,000 7,50,00,00,000

49,02,22,19,150 35,79,63,60,873

(vi) 53.55013.00% 24,08,06,773 27,29,14,343

12.75% 62,37,32,016 66,90,94,346

13.00% 59,55,90,942 67,52,29,723

12.75% 2,08,16,57,159 -

Loan No.0-7665001 12.75%-12.50% 50.840 15,00,00,00,000 9,50,00,00,000

Loan No.0-7665002 12.65% 50.840 7,00,00,00,000 -

25,54,17,86,890 11,11,72,38,412

(vii) 52.5016,00,00,000 6,00,00,000

8.50%

8.50% 7,99,98,000 7,99,98,000

8.50% 10,66,64,000 10,66,64,000

(Balance of this loan is to be paid in 10 equal annual installments upto 15thAug. 2026)Scheme No. 427-428(Balance of these 2 loans as per respective schemes are to be paid in 10equal annual installments upto 15th June 2026)Scheme No. 429(Balance of this loan is to be paid in 10 equal annual installments upto 15thNovember 2026)Scheme No. 430

Scheme No. 417-424(Balance of these 8 loans as per respective schemes are to be paid in 10equal annual installments upto 15th March 2026)Scheme No. 425(Balance of this loan is to be paid in 10 equal annual installments upto 15thJuly 2026)Scheme No. 426

(Repayable in 28 Quarterly installments of ` 53,57,14,286 each Starting from31.12.2015)

Sub Total(v)

Power Finance CorporationLoan No. 7607004 & 7607005(Balance of these 2 loans as per respective schemes are to be paid inremaining 30 equal quarterly Installments upto 15th July 2022)Loan No. 7607007

(Balance of this loan is to be paid in 10 equal annual installments upto 15thJanuary 2027)Scheme No. 431-432(Balance of these 2 loans as per respective schemes are to be paid in 10equal annual installments upto 15th March 2027)Scheme No. 433-435(Balance of these 3 loans as per respective schemes are to be paid in 10equal annual installments upto 15th Dec. 2026)

Rural Electrification Corporation (Transitional Financing Loan)

(Repayable in 28 Quarterly installments of ` 18,75,00,000 each Starting from31.03.2020)

Scheme No. 438(Balance of these 3 loans as per respective schemes are to be paid in 10equal annual installments upto 15th May 2027)Scheme No. 439-440(Balance of these 3 loans as per respective schemes are to be paid in 10equal annual installments upto 15th Sept. 2027)Scheme No. 441(Balance of these 3 loans as per respective schemes are to be paid in 10equal annual installments upto 15th Dec. 2027)

Scheme No. 436-437(Balance of these 3 loans as per respective schemes are to be paid in 10equal annual installments upto 15th April 2027)

Loan I(Repayable in remaining 7 yearly installments, out of which 6 installments areof ₹ 86,00,000 each and 1 installment is of ₹ 84,00,000. Starting from15.07.2015 )Loan II(Repayable in remaining 7 yearly installments, out of which 6 installments areof ₹ 1,14,00,000 each and 1 installment is of ₹ 1,15,98,000. Starting from15.01.2016 )Loan III

(Repayable in 55 equal quarterly Installments of `1,13,40,582 each, Startingfrom 15.01.2014)Loan No.7624001(Repayable in 24 quarterly Installments, after six months moratorium onprincipal amount from the date of each disbursement, Starting from15.04.2014)

(Repayable in 38 variable quarterly Installments, Starting from 15.10.2015)

Sub Total(vi)

* Life Insurance Corporation

Loan No.7607008(Repayable in 60 equal quarterly Installments of ` 4,01,17,411, Starting from15.10.2015)

(Repayable in 28 equal quarterly Installments of ` 25,00,00,000 each,Starting from 15.04.2020)

Page 131 of 167

8.50% 18,00,00,000 18,00,00,000

8.50% 20,00,00,000 20,00,00,000

8.50% 23,33,30,000 23,33,30,000

9.60% 24,00,00,000 24,00,00,000

10.00% 60,66,58,000 60,66,58,000

10.00% 74,62,00,000 74,62,00,000

10.00% 1,00,00,00,000 1,00,00,00,000

3,45,28,50,000 3,45,28,50,000

(viii) 53.73012.50% 9,89,10,000 11,41,30,000

12.50% 13,54,43,000 15,89,99,000

12.50% 73,71,00,000 1,10,58,73,400

97,14,53,000 1,37,90,02,400

(ix) 54.512

Scheme No . 1 12%,12.25% 1,28,15,383 1,28,15,383

12%,12.25% 42,16,51,623 27,89,06,670

12% 3,35,70,601 6,83,960

12% 47,55,55,680 26,61,50,921

12% 5,61,81,633 2,33,50,363

12% 2,11,34,943 -

1,02,09,09,864 58,19,07,297

(Repayable in remaining 7 yearly installments, out of which 6 installments areof ₹ 1,52,00,000 each and 1 installment is of ₹ 1,54,64,000. Starting from15.07.2015 )

Loan VII(Repayable in remaining 9 yearly installments, out of which 8 installments areof ₹ 2,67,00,000 each and 1 installment is of ₹ 2,64,00,000. Starting from15.07.2015 )Loan VIII(Repayable in remaining 10 yearly installments, out of which 9 installmentsare of ₹ 6,07,00,000 each and 1 installment is of ₹ 6,03,58,000. Starting from15.07.2015 )Loan IX(Repayable in remaining 11 yearly installments, out of which 10 installmentsare of ₹ 6,78,00,000 each and 1 installment is of ₹ 6,82,00,000. Starting from15.07.2015 )

Loan IV(Repayable in remaining 7 yearly installments, out of which 6 installments areof ₹ 2,57,00,000 each and 1 installment is of ₹ 2,58,00,000. Starting from15.07.2015 )Loan V(Repayable in remaining 7 yearly installments, out of which 6 installments areof ₹ 2,86,00,000 each and 1 installment is of ₹ 2,84,00,000. Starting from15.07.2015 )Loan VI(Repayable in remaining 7 yearly installments, out of which 6 installments areof ₹ 3,33,00,000 each and 1 installment is of ₹ 3,35,30,000. Starting from15.01.2016 )

(Repayable in remaining 26 quarterly installments, out of which 25installments are of ₹ 38,05,000 each and 1 installment is of ₹ 37,85,000 upto31.08.2021 )Loan II(Repayable in remaining 23 yearly installments, out of which 22 installmentsare of ₹ 58,89,000 each and 1 installment is of ₹ 58,85,000 upto 30.11.2020 )

Loan III(Repayable in remaining 8 quarterly installments, out of which 7 installmentsare of ₹ 9,22,00,000 each and 1 installment is of ₹ 9,17,00,000 upto17.02.2017 )

Sub Total(viii)

Loan X(Repayable in remaining 12 yearly installments, out of which 11 installmentsare of ₹ 8,33,00,000 each and 1 installment is of ₹ 8,37,00,000. Starting from15.07.2015 )

* Life Insurance Corporation has restructured the outstanding loan amountsvide sanction No.Invma/review-SOS dated 24.02.2015

Sub Total(vii)

Housing & Urban Development CorporationLoan I

Sub Total(ix)

Rural Electrification Corporation - Restructured Accelerated Power Development and Reform Programme (R-APDRP)

(Repayable in 10 equal annual installments upto 15th March, 2026)Scheme No. 2-11(Balance of these 10 loans as per respective schemes are to be paid in 10equal annual installments upto 15th July 2026)Scheme No. 12(Balance of this loan is to be paid in 10 equal annual installments upto 15thAugust 2026)

Scheme No. 23-24(Balance of these 2 loans as per respective schemes are to be paid in 10equal annual installments upto 15th May 2027)

Scheme No. 13-20(Balance of these 8 loans as per respective schemes are to be paid in 10equal annual installments upto 15th June 2026)Scheme No. 21-22(Balance of these 2 loans as per respective schemes are to be paid in 10equal annual installments upto 15th December 2026)

Page 132 of 167

(x) 50.810Loan I 12.25% 85,75,00,000 1,00,00,00,000

Loan II 12.25% 85,75,00,000 1,00,00,00,000

Loan III 12.25% 1,02,75,00,000 1,20,00,00,000

2,74,25,00,000 3,20,00,00,000 89,18,62,89,648 64,16,80,82,697

53.750 2,90,33,725 2,90,33,725 53.501 12,52,43,669 12,52,43,667 53.760 4,21,75,577 4,21,75,578

53.300, 50.700 4,87,29,94,651 3,29,65,36,673 53.550 70,81,36,786 15,71,08,677 52.501 36,18,50,000 86,06,95,000 53.730 40,75,76,000 40,75,49,400 50.810 45,75,00,000 90,00,00,000

7,00,45,10,408 5,81,83,42,720 82,18,17,79,240 58,34,97,39,977

* Small Industries Development Bank of India

TOTALGRAND TOTAL

All the above loans (except Loan from Accelerated Power Development Programme, World Bank, Interest free loan from State government, Rajiv Gandhi GrameenVidyutikaran Yojana, Rural Electrification Corporation (Transitional Financing) Loan II, Power Finance Corporation Loan No.0-7665002 ) aggregating to ` 70,50,17,18,905 (Previous year ` 55,52,73,58,983) are guaranteed by Government of Rajasthan as on 31-03-2015.

Rajiv Gandhi Gramin Vidyutikaran Yojana (RGGVY)Rural Electrification Corporation (REC) Power Finance Corporation (PFC)Life Insurance Corporation (LIC)Housing & Urban Development Corporation (HUDCO)Small Industries Development Bank of India

Grand Total (i to x)

Less: Current Maturities of Loans From Others(Carried to Note No.9.1)

Accelerated Power Development Programme (APDP)World Bank



(Repayable in remaining 6 yearly installments, out of which 5 installments areof ₹ 17,25,00,000 each and 1 installment is of ₹ 16,50,00,000. Starting from10.03.2015 )* SIDBI has restructured the outstanding loan amounts vide sanctionNo.SIDBI JPBO No. 2032/2033/2034/DISCOM-AVVNL dated July 14, 2014.

Page 133 of 167

(Amount in `)

Account Code As at 31.03.2015 As at 31.03.2014-

46.121 5,37,25,176 4,74,46,292 48.100, 48.200, 48.201 5,87,88,85,972 5,32,47,12,607

47.XXX 74,50,21,469 72,03,94,135 46.104 & 46.124 24,54,00,194 21,17,33,738

57.151 1,95,02,00,000 1,63,25,31,000 8,87,32,32,811 7,93,68,17,772


Security Deposits from Contractors

Retention Money

6:- Other Long term liabilities Particulars

Security Deposits from Consumers

TOTAL

Others

Other Deposits (Received from Customers)

Trade Payables

Leave Encashment Payable

Page 134 of 167

(Amount in `)


50.100 50,24,94,897 38,78,93,191 50,24,94,897 38,78,93,191

*Secured Against Hypothecation of Company's entire current assets. The Cash Credit is earmarked as Margin Money against theLetter of Credit, up to 5% of the sanctioned Letter of Credit.


From Banks : Cash Credit (State Bank of Bikaner & Jaipur)*

TOTAL

CURRENT LIABILITIES

Particulars

7:- Short-term Borrowings

Loans repayable on demand

Page 135 of 167

(Amount in `)


- -

41.101-41.999 11,15,84,21,128 7,48,13,47,582 11,15,84,21,128 7,48,13,47,582

8:- Trade Payables Particulars

TOTAL

Trade Payables


Due to Micro & Small EnterprisesOthers For purchase of power

8.2 :- Liability for expenditure on account of Power Purchase pertaining to the period up to 31.03.2015 has been created to the extentof amount of bills received up to 30.09.2015 (Previous Year up to 31.10.2014) including transaction relating to the sister concerncompanies. However, due care has been taken to account for the significant amount of liabilities which have been come into noticeupto preparation of Annual Accounts

8.1 :- In view of multiplicity and difficulty in identification of accounts relating to Micro, small & Medium Enterprises, information withregard to amount unpaid at the year end together with the interest paid /payable under the MSMED Act, 2006 as required underSchedule III to the companies Act, 2013 is not disclosed for determining the particulars relating to current indebtedness to suchundertakings as required under Schedule III to the Companies Act, 2013 is not disclosed.

Page 136 of 167

9:- Other Current Liabilities (Amount in `)Account Code As at 31.03.2015 As at 31.03.2014

21,99,98,94,703 7,79,02,95,666 46.710 - 46.740 4,22,27,01,822 4,59,57,92,369

Interest due but not paid on borrowings 46.750-46.751 63,76,45,810 - 46.752 35,20,39,641 27,99,10,491 46.917 - 28,66,667

Tariff Subsidy received in advance (Refer Note No. 9.2) 28.628 17,65,53,553 99,82,88,492

27.100 - 27.209 16,72,748 23,12,132 42.100 - 43.700 1,88,25,63,687 2,23,04,48,042

44.xxx 38,29,44,886 32,94,54,406 46.103 & 46.123 15,33,67,073 16,01,64,076

46.121 47,99,21,531 44,30,51,944 46.104 & 46.124 68,54,35,710 65,51,68,249 46.410 - 46.441 1,16,52,48,610 1,71,74,41,754

46.600 3,29,46,986 3,29,46,986 46.150-46.971 52,90,82,186 16,28,86,972

46.920 1,09,278 1,22,784 46.968 2,04,58,43,599 1,86,81,04,540

46.980, 46.981 13,07,47,27,911 9,64,55,54,014 46.155-46.932, 44.110,

44.120 1,06,43,62,791 95,85,18,814

46.985 26,07,59,62,000 22,87,47,62,000 46.986 3,28,07,94,000 3,15,22,94,000

57.152-57.153 2,01,92,403 1,51,82,606 57.151 18,50,00,000 21,95,71,000

47.602 & 47.605 53,19,67,767 55,24,22,888 78,98,09,78,695 58,68,75,60,892

As at 31.03.2015 As at 31.03.201414,94,71,66,292 1,97,06,66,933

4,82,18,003 12,86,013.00 7,00,45,10,408 5,81,83,42,720

21,99,98,94,703 7,79,02,95,666

Due during the year (`) Received during the year (`) Closing Balance (`)

(B) (C) (A-B+C)99,82,88,492 16,84,29,34,939 16,02,12,00,000 17,65,53,553

46.980 9,46,97,55,587 2,90,81,13,531 46.981 3,60,49,72,324 6,73,74,40,483

13,07,47,27,911 9,64,55,54,014

(A)

9.2 Details of Tariff Subsidy received from the State Government:

Opening Balance (`) - Payable / (Receivable)

Due for ExpensesRetention Money

Amount payable to Gratuity TrustAmount payable to PF Trust

Un reconciled excess credits given by SBBJ etc.


ParticularsCurrent maturities of long-term debt (Refer Descriptive Note 9.1)Interest accrued but not due on borrowings

Total

Total

Security Deposits from Employees

Term Loan from Banks - Secured Borrowings 5(ii)

TOTAL


Amount Payable to Rajasthan Rajya Vidyut Prasaran Nigam LimitedAmount Payable to Rajasthan Rajya Vidyut Utpadan Nigam Limited

9.1 Descriptive details for Current Maturity of Long Term Debts (Carried from Note No.5)

Term Loan from others - Unsecured Borrowings 5(iv)

Workman Compensation PayableLeave Encashment Payable

Term Loan from others - Secured Borrowings 5(iii)

Interest payable on R-APDRP

Capital Works/Supplies

9.3 Descriptive details for Inter Company Payables

Particulars

Loans & Advances to Staff (Payable)

Particulars

Other Deposits (Received from Customers)

Staff related liabilities

Inter Company Payables (Refer Descriptive Note 9.3)

Earnest Money DepositsSecurity Deposits from Contractors

Other Miscellaneous Deposits

Statutory Liabilities

Income received in advance

Other Payables

Sundry Liabilities

Page 137 of 167

(Amount in `)


44.140 4,84,78,131 5,31,62,635

4,84,78,131 5,31,62,635

(Amount in `)As at 31.03.2015 As at 31.03.2014

5,31,62,635 5,03,49,166 4,39,51,407 5,28,90,052

(4,86,35,911) (5,00,76,583) 4,84,78,131 5,31,62,635

10:- Short Term ProvisionsParticulars

Provisions for Employee Benefits


Amount Shown as Provision

Bonus

Opening balance Add: Provision made during the yearLess: Utilised during the year

Particulars

TOTAL

*Movement of Provision in Compliance of AS-29

Page 138 of 167

(Amount in `)

Balance as on 01.04.2014

Additions/ (Disposals)

Deductions During the period

Balance as at 31.03.2015

Balance as on 01.04.2014

Depreciation charged for the year

Deductions during the period




A) Tangible assetsLand & Rights10.101-103Free hold 3,47,56,394 - - 3,47,56,394 - - 3,47,56,394 3,47,56,394 Lease hold 11,17,31,909 3,02,48,495 - 14,19,80,404 49,00,599 33,37,634 - 82,38,233 13,37,42,171 10,68,31,310

Buildings 1,93,42,77,025 26,29,79,257 - 2,19,72,56,282 33,68,74,563 8,31,06,578 38,610 41,99,42,531 1,77,73,13,751 1,59,74,02,462 10.201-241

Hydraulic works - - - - - - - - - - 10.301-322

Other Civil Works 1,29,48,876 2,59,225 - 1,32,08,101 20,70,050 4,46,224 - 25,16,274 1,06,91,827 1,08,78,826 10.401-412

Plant & Machinery 32,02,44,28,183 2,89,20,32,080 13,90,99,288 34,77,73,60,975 6,52,06,81,240 1,52,95,37,465 7,11,57,135 7,97,90,61,570 26,79,82,99,405 25,50,37,46,943 10.501-599

Lines & Cable Net Work 49,65,73,88,155 4,16,10,02,636 5,99,63,853 53,75,84,26,938 14,12,18,66,376 2,12,69,52,371 5,54,71,351 16,19,33,47,396 37,56,50,79,542 35,53,55,21,779 10.601-685

Vehicles 12,13,36,857 10,21,383 7,08,619 12,16,49,621 11,85,49,667 6,85,183 3,75,689 11,88,59,161 27,90,460 27,87,190 10.710-740

Furniture & Fixtures 3,48,99,246 51,09,635 - 4,00,08,881 1,24,13,088 44,87,713 - 1,69,00,801 2,31,08,080 2,24,86,158 10.810-820

Office Equipments 11,20,03,336 2,38,27,063 1,49,278 13,56,81,121 5,51,52,298 82,18,922 73,602 6,32,97,618 7,23,83,503 5,68,51,038 10.900-990

Total (i) 84,04,37,69,981 7,37,64,79,774 19,99,21,038 91,22,03,28,717 21,17,25,07,881 3,75,67,72,090 12,71,16,387 24,80,21,63,584 66,41,81,65,133 62,87,12,62,100

Assets Transfer

11.xxx - 13,13,63,658 13,13,63,658 - - - - - (0) -

Assets not in use - 1,42,77,434 1,42,77,434 - - 16.110-16.190 - - - - -

Total (ii) - 14,56,41,092 14,56,41,092 - - - - - (0) - Total (i+ii) 84,04,37,69,981 7,52,21,20,866 34,55,62,130 91,22,03,28,717 21,17,25,07,881 3,75,67,72,090 12,71,16,387 24,80,21,63,584 66,41,81,65,133 62,87,12,62,100

B) Intangible assetsIntangible assets (IT Software) 11,91,834 22,230 - 12,14,064 1,94,592 1,04,861 - 2,99,453 9,14,611 9,97,242 10.991

Total 11,91,834 22,230 - 12,14,064 1,94,592 1,04,861 - 2,99,453 9,14,611 9,97,242 Grand Total (A+B) 84,04,49,61,815 7,52,21,43,096 34,55,62,130 91,22,15,42,781 21,17,27,02,473 3,75,68,76,951 12,71,16,387 24,80,24,63,037 66,41,90,79,744 62,87,22,59,342

Previous Year Figures 74,02,44,47,929 10,49,54,45,349 47,49,31,463 84,04,49,61,815 18,67,40,80,995 2,67,82,43,157 17,96,21,679 21,17,27,02,473 62,87,22,59,342 55,35,03,66,934


ParticularsNet BlockAccumulated Depreciation

Non-Current Assets11:- Fixed Assets

Gross Block

Page 139 of 167

S. No. Name of material Quantity lying

in Stores (In No.)

Quantity lying at Firms

Works (In No.)

Total Quantity (In No.)

1 Transformers 16896 10964 278602 CTPT Sets 697 115 8123 Meters 464405 169565 633970

11.3 :-The Nigam has carried out the assessment of the assets lying idol or unserviceable and not in use, and value of such assets at the end of year is ` 1,42,77,434 (previous year `2,52,62,737) for which proper accounting has been made. The Nigam has carried out the accounting of Assets worth ` 13,13,63,659 (previous year `18,51,14,136) retrieved undervarious Works and has been reduced from the block of assets.

11.2 :- The value of Gross Block of office Equipment includes Other Assets amounting to ` 7,14,91,952 (previous year ` 4,63,97,509). The assets which are not allocable to specificheads of Office Equipments are booked in other assets under the code head 10.910.

11.6 :- The IT software is being recognized as intangible asset by the company and depreciated at the rate of 9% as prescribed in RERC Tariff Regulation - 2014.

11.4 :- The title deeds in respect of Land and Rights acquired pursuant to Power Sector Reforms Scheme are in the name of erstwhile RSEB. These have been continued during theperiod under consideration.11.5 :- The Total borrowing cost has been capitalized during the year is amounting to ` 1,02,34,77,042 (previous year ` 1,04,70,53,577).

11.8 :- The material failed under guarantee period has not been removed from the block of assets as these materials are repaired from the vendors in due time under routine operatingactivity. The details of material failed during guarantee period as on 31.03.2015 are as under :-.

11.7 :- Total Addition made in the accumulated depreciation during the financial year 2014-15 consists of current year depreciation amounting ` 3,75,66,89,364 and prior perioddepreciation amounting to ` 1,87,587.

11.1 :- The Gross block of Fixed Assets which has been transferred to the AVVNL under unbundling through Rajasthan Power Sector Reforms Transfer Scheme, 2000 is amounting to `

10,29,60,62,534 on dated 19.07.2000. During the year amounting to ` 71,50,476 (previous year ` 42,75,028) has been charged as depreciation on the above assets.

Page 140 of 167

12:- Capital Work in Progress (Amount in `)Particulars Account Code As at 31.03.2015 As at 31.03.2014

Opening Balance 14.000-15.300 13,61,93,99,534 12,89,80,47,994Additions/ (Disposals) 9,58,46,81,033 11,00,61,28,182Transferred to Assets During the period (7,37,64,57,544) (10,28,47,76,642)

Total (A) 15,82,76,23,023 13,61,93,99,534

Capital inventory and stores: 22.XXXMaterial Stock account 22.100-22.699 1,43,35,53,480 93,47,30,997Material Stock related account 22.700-22.900 (9,17,154) (35,967)Less:Prov. For O&M & Capital Stores 22.910 - -

Total (B) 1,43,26,36,326 93,46,95,030Grand Total (A+B) 17,26,02,59,349 14,55,40,94,564


12.1:- Adjustments of 'Material stock shortage pending Investigation' and 'Material stock excess pendinginvestigation' amounting to ₹ 65,64,461 (Previous year ₹ 65,47,623) and ₹ 77,07,762 (Previous year ₹ 76,81,639)respectively as on 31st march 2015 are pending for finalization of inquires/investigation.

12.2 Based on the consumption pattern of inventory comprising of stores and spares in the past, company is of theview that substantial portion of such inventory shall be consumed in future for construction / erection of the capitalassets. Since the identification / determination of inventory to be consumed for other than capital purpose is notpossible at this stage, the whole inventory of stores and spares has been shown under " Capital work in Progress"head.

Page 141 of 167


28.624 18,67,63,70,511 22,41,27,20,511 Receivable under RGGVY Scheme 28.402 - 1,65,40,296 Amount Recoverable from Ex. Employees 28.403 5,49,884 5,49,884 Other Receivable (Lease) 28.890 2,95,50,123 2,95,50,123

18,70,64,70,518 22,45,93,60,814 13.1 Keeping in view the commitment of GoR in Financial Restructuring Plan (FRP), 2005 and reiterated vide MoU executed on dated26.10.2009, Revenue Gap upto 2008-09 ₹ 5983.29 crore has been depicted as subvention receivable from the State Government.However, considering the subvention disbursement schedule decided in the State Cabinet meeting dated 19.10.2011 and alsorecognized in FRP-2013 ₹ 3282 crore which would remain unfunded till 2022 has been reversed and shown as loss in FY 2011-12.Thus, net ₹ 2701.29 crore has been considered as subvention receivable from the State Government against which committedamount is being disbursed by the GoR regularly and balance amount ₹ 2177.62 crore has recognized as receivable from the StateGovernment which is also in consonance with AS-12, out of above receivable amount ₹ 1867.64 crore has been shown here under"Other Non-Current Assets" as per the requirement of Schedule III of Companies Act, 2013.


TOTAL

13-: Other Non- Current AssetsParticulars

OthersRevenue Subsidy/Grant Receivable from Govt. for Revenue Gap

Page 142 of 167

Current assets :

14:- Trade Receivables (Amount in `)

As at 31.03.2015 As at 31.03.2014

6,01,56,50,713 4,14,33,14,567 - -

6,01,56,50,713 4,14,33,14,567

1,65,84,05,368 1,48,92,20,068 (1,65,84,05,368) (1,48,92,20,068)

- - 6,01,56,50,713 4,14,33,14,567

As at 31.03.2015 As at 31.03.2014 5,75,24,51,532 3,93,44,54,504 5,58,62,331 1,59,40,225 2,99,69,662 2,65,51,428 9,54,00,638 8,42,11,035 8,19,66,550 8,21,57,375

6,01,56,50,713 4,14,33,14,567 `

As at 31.03.2015 As at 31.03.2014 1,58,90,72,536 1,43,07,11,387 6,61,79,039 5,58,75,912

16,121 1,08,461 31,37,672 25,24,308

1,65,84,05,368 1,48,92,20,068

14.2 :- Sundry Debtors:

Particulars Detail of Doubtful Trade Receivables

Dues from PDC Consumers (WCC) [23.551-23.569]Dues from PDC Consumers (UC) [23.571-23.598]


Sundry Debtors for UC [23.231-23.249]

Particulars

Total - B

ParticularsFor Sale of Power (BD) [23.101-23.118]

Less: Provision for doubtful debts

For Electricity Duty [23.201-23.219]

Unsecured, considered Doubtful

Trade Receivables

Less: Provision for doubtful debts

Total

TOTAL (A+B)

Unsecured, considered good

Total - A

Detail of Unsecured, Considered good Trade Receivables

(C) Age wise analysis of Trade Receivables is not available.

(B) As the company is having large number of consumers, therefore confirmation of due balance from theconsumers has not been taken and also quite impracticable, however looking to the past practice dues will berealized in the ordinary course of business.

Sundry Debtors Collection A/c [23.301/23.351]

Dues from PDC Consumers (BD) [23.501-23.520]Dues from PDC Consumers (ED) [23.521-23.538]

Sundry Debtors for SL WCC [23.251-23.269]

(A)Sundry Debtors Collection Account: At the end of the year, there should be nil balance under this head exceptun-posted consumers’ deposits. However, there is a balance of ` 2,99,69,662 (previous year ` 2,65,51,428) which is under reconciliation.

14.1 The company has maintained Provision for bad & doubtful debts, equal to the dues from PDC consumers asappeared in books of accounts, accordingly ₹ 1,65,84,05,368 (Previous year amounting ₹ 1,48,92,20,068) isshown as closing balance of Provision for bad & doubtful debts as on 31-03-2015.

Total

Page 143 of 167

15:- Cash and Bank Balances (Amount in `)Account Code As at 31.03.2015 As at 31.03.2014

For RGGVY Scheme 24.409 3,21,910 2,02,270For R-APDRP 24.495 20,730 20,729For World Bank Projects 24.493 8,471 9,089Other balances 24.300-24.452, 50.110 26,40,81,114 46,31,96,362

24.110 2,58,65,601 1,24,51,51024.100 13,15,39,471 13,54,95,25224.111 3,29,63,797 1,20,19,177

24.210 & 24.220 2,08,466 5,17,30545,50,09,560 62,39,11,694

Other BalancesFDRs with Scheduled Banks (Under RGGVY Scheme) 24.150, 24.409 25,15,25,000 41,32,51,000

24.120 2,36,710 1,73,91924.551-24.653 2,34,49,437 2,53,58,573

27,52,11,147 43,87,83,492 73,02,20,707 1,06,26,95,186


Cash and Cash EquivalentParticulars

Balances with Scheduled Banks

Remittances in Transit

Cash Imprest with Staff

15.1 Bank FDRs amounting to ` Nil (Previous Year of ` 4,36,51,000) are pledged against Letter of Credit. Bank FDRs amounting ₹25,15,25,000 are earmarked for RGGVY scheme.

Cash on Hand

TOTAL (A+B)

Postage Stamps in hand

Total - A

Total - B

Cash Revenue with Sub-DivisionCheques/DD in hand

Page 144 of 167


28.940 - -

26.1XX - 26.7XX 9,60,21,144 9,65,90,039 27.106-27.204 14,59,044 12,37,975 27.412, 27.425 30,16,35,204 28,56,31,741 27.500-27.803 9,12,81,008 8,72,91,708

42.110 - - 49,03,96,400 47,07,51,463

(Amount in `)


27.106 - 2,775 27.201 62,729 1,32,629 27.203 10,834 32,690 27.204 13,85,481 10,69,881

14,59,044 12,37,975

(Amount in `)


27.500 6,62,23,969 6,24,29,524 27.501 23,92,714 22,10,371 27.801 1,31,19,562 1,24,22,852 27.803 95,44,763 1,02,28,961

9,12,81,008 8,72,91,708


Particulars

16.1 :- Short Term Loans & Advances - Staff

Particulars

16:- Short Term Loans & Advances (Current)

Others (Refer Note No. -16.2)

TOTAL

Total

16.2:- Loans & Advances (Others)

Particulars

Advance given for procurement of power

16.6 :- In Rajsamand circle under AEN (O&M), AVVNL office , Deogarh, Shri Raj Singh, UDC committed embezzlementof ` 52,80,000. out of that he had deposited ` 8,48,786 and balance amount ` 44,31,214 debited as recoverable fromhim. FIR No. 330/02 dt. 13.11.2002 was lodged in Police against him. The UDC has been suspended by issuing chargesheet. The case is still sub-judice vide court case No. 182/2004 (prior period instance).

16.7 :- In Nagaur circle under AEN (O&M), AVVNL office, Nagaur M/s Jai Maa Electric labour and Contract SahkariSamiti Limited, Nakasgate, Nagaur to whom contract for bill collection was awarded has not deposited amount of ` 45,35,954. Amount of ` 20,92,294 has been recovered. FIR has been lodged and charge sheet has been issued toconcerned officer/ officials.

Unsecured and considered good Loans & Advances to related parties

Others

Income Tax deduction at source

Advances for Capital Works/Supplies

Interest bearing car adv.Interest free adv.payInterest free travel adv.Interest free medical adv.

Total

Departmental advance

16.8 :- In Nagaur circle under AEN (O&M) office, Degana, Sh. Mukesh Anand, ARO has made embezzlement of ` 1,51,789, out of which ` 45,559 has been recovered. The services of above ARO has been dismissed. The case is stillsub-judice. (prior period instance).

Advances for O&M SuppliesLoans & Advances to Staff (Refer Note No. -16.1)

16.3 :- In Udaipur Circle, a work order was placed to M/s Ex- Semi Government Welfare Society, Ajmer regarding Billscollection in Udaipur city. The firm has embezzled an amount of ` 54,71,777 but the said society has not deposited thefull amount collected in Nigam’s Bank and ` 24,18,777 is still outstanding from the Society, which has been kept asrecoverable in the name of the Society. A civil suit which filed by the Nigam, in Distt. Court, Udaipur for recovery of theamount is withdrawn with liberty to file fresh case after arrest of accused. The defaulting officer/ officials has also beenpunished (Prior period instance). 16.4 :- In Pratapgarh circle, provision has been made for ` 7,54,875 collected by Pritesh Kumar Dagaria Bills collectingAgency in respect of bill collected but not deposited in Nigam’s bank account, which has been kept as recoverable in thename of the contractor. The District Judge, Pratapgarh in court case passed decree to recover the Nigam Dues, butcontractor has not deposited the amount so further proceeding in court for criminal case is pending. Pritesh KumarDagaria absconding after taking Advance Bail from Raj. High Court. (Prior period instance).

16.5 :- In Sikar circle, at Srimadhopur cashier Sh. Babu lal verma LDC made an embezzlement of ` 15,59,945 out ofwhich ` 7,50,135 has been recovered, the balance amount of ` 8,09,810 kept as recoverable in the name of him. He hasbeen compulsorily retired by the Nigam. The matter is under legal proceedings in the court. (Prior period instance).

Margin money deposited-energy exchange

Misc. advance others

Page 145 of 167

16.12 :- In Nagaur circle under AEN (O&M) office, Jayal, billing agencies M/s BIPS & M/s SAR Tech. has shown falsecredits and fake payments through cash stubs. Total amount of embezzlement of Rs. 91,62,690/- plus interest of Rs.49,41,973/- aggregate to Rs. 1,41,04,663/- out of which Rs. 1,12,62,254/- has been recovered from the billing agencies.FIR lodged against billing agencies.

16.11 :- In Jhunjhunu circle under AEN (O&M) office, Mukundgarh, a work order was placed to M/s Ex- Service Man Co-operative Society, Jhunjhunu, regarding Bills collection in Jhunjhunu city, but the said society has not deposited the fullamount collected in Nigam’s Bank and ` 1,65,375 is still outstanding from the Society. For recovery of balance amount,an execution application has been lodged in the ADJ Court, Nawalgarh for decree of warrant against M/s United IndiaInsurance Company, Jhunjhunu from the fidelity guarantee cover. The case is sub-judice. (prior period instance).

16.10 :- In Udaipur circle under AEN (O&M) office, Kherwara, Sh. Ravi Sanadya, LDC has made embezzlement of ` 95,291 which has been kept as recoverable in his name. The defaulting official has been punished. A civil suit has beenfiled by the Nigam in Distt. Court, Udaipur for recovery of amount. The case is sub-judice. (Prior period instance)

16.9:- In Nagaur circle under AEN (O&M) office, Makrana, Sh. Jaidayal Verma, UDC has made embezzlement of ` 56,217. The services of above UDC has been dismissed. The case is still sub-judice before Hon'ble ADJ court,Parbatsar and no amount has been recovered by the Nigam till date. (prior period instance).

Page 146 of 167

(Amount in `)Account Code As at 31.03.2015 As at 31.03.201428.310- 28.390 5,12,571 42,67,741

23.401 10,60,24,28,563 9,10,31,62,303

31.XXX-37.XXX 44,97,550 3,05,81,747 28.512 9,33,28,274 5,78,25,877 28.820 1,42,39,380 1,06,25,517

28.101-28.190 12,19,42,866 13,21,11,782 28.810-28.893 24,35,31,141 31,76,57,465 28.911-28.919 53,79,455 43,39,831

27.807,28.942-44 11,45,26,88,575 12,19,76,29,940 28.622 - 28.650 6,71,56,12,637 3,69,52,43,162

29,25,41,61,012 25,55,34,45,365

(Amount in `) Account Code As at 31.03.2015 As at 31.03.2014

28.810 9,27,247 19,05,706 28.401 27,04,948 20,95,957

Amt Receivable from IREDA 28.835 9,05,52,538 7,33,50,804 28.894 44,59,711 1,47,24,388 28.891 12,58,24,780 20,57,10,254 28.892 50,02,597 8,92,270 28.821 1,55,416 1,27,91,904 28.811 22,77,614 27,11,995 28.812 1,16,26,290 34,74,187

24,35,31,141 31,76,57,465


27.807 45,93,68,478 45,93,68,478 28.942 5,88,36,25,964 6,62,53,96,684 28.944 5,10,96,94,133 5,11,28,64,778

11,45,26,88,575 12,19,76,29,940

(Amount in `)Particulars RVUNL RVPNL JVVNL JDVVNL

(Receivable)/ payable as perbooks ofaccounts

9,46,97,55,587 3,60,49,72,324 (5,88,36,25,964) (5,10,96,94,133)

(Receivable)/ Payable as perbooks of othercompany

9,32,27,26,294 3,84,78,29,525 (5,87,13,66,456) (5,08,47,57,358)

Difference (14,70,29,293) 24,28,57,201 (1,22,59,508) (2,49,36,775)


28.623 2,22,12,39,690 - 28.624 3,09,98,00,000 2,31,52,50,000 28.626 1,37,96,77,855 1,37,96,77,855 28.629 1,48,95,092 3,15,307

6,71,56,12,637 3,69,52,43,162

Income Tax / TDS Refundable

Amount Receivable from E-Mitra Society

DepositsInter Company Receivables (Refer Note No. - 17.2)

17.5 :- Inter Unit Account: The balance under this head should be NIL at the year end. However the balance of ` 44,97,550 (previous year ` 3,05,81,747) lying under this head which is under reconciliation.

Subsidy Receivable Against Minimum ChargesRevenue Subsidy/Grant Receivable from Govt. for Revenue Gap

Amount Receivable From Govt-Hailstorm

Amount Receivable from Govt. Against Interest on bonds

Other Receivable (Testing)

Other Receivable A/c

Amount Receivable from Contractors

Particulars

17.2 :- Inter Company Receivables

Other Receivable (Other than lease)

Particulars

Income Accrued but not due on Loans & Advances to StaffParticulars

Other Receivables (Refer Note No. - 17.1)Sundry Receivables

Unbilled Revenue Accrued but Not due

Reserve for Loss Due to Theft of Assets


17.3 :- The reconciliation of inter-company transaction with other sister companies of erstwhile of RSEB has been made upto 31.03.2014.The reconciliation for the current year is under progress. The balances of other sister companies as per their audited accounts and ofAVVNL as on 31.03.2015 are as follows:

Amount Receivable from Jaipur Vidyut Vitran Nigam Limited Amount Receivable from Jodhpur Vidyut Vitran Nigam Limited

TOTAL

17.1:- Other Receivables (Current) Particulars

Amount Recoverable from SuppliersAmount Receivable from Employee

17:- Other Current Assets

Subsidies/Grants Receivables (Refer Note No. - 17.4)

Inter Unit Accounts

Prepaid Expenses

Total

Others

Total

Advance to Rajasthan Rajya Vidyut Prasaran Nigam Limited

17.6 :- In the opinion of the management, all the current assets, including receivables from the Government of Rajasthan (except inter-unitaccounts) and Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at whichthey are stated.

Total

17.4 :- Subsidies/Grants Receivables

Page 147 of 167

(Amount in `)

Account Code For the year ended 31st March 2015

For the year ended 31st March 2014

61.200-932 71,30,37,02,982 61,92,73,89,904

62.250 75,08,42,032 68,34,42,401 62.950 1,29,25,74,000 -62.950 78,92,00,000 -

74,13,63,19,014 62,61,08,32,305

Particulars

Sale of Power (Refer Note No.18.1 & 18.2) Other Operating Revenue

TOTAL


18:- Revenue from Operations

Delayed Payment ChargesTrue-up Credit of RVPNL (Refer Note No.18.5) True-up Credit of RVUNL (Refer Note No.18.5)

Page 148 of 167

(Amount in `)

1 Domestic 61.200-209 12,09,68,27,985 9,96,25,60,188 2 Non Domestic 61.210-61.219 5,67,06,91,926 4,93,19,68,426 3 Public Street Lightning 61.220-229 39,46,32,769 31,71,80,280 4 Agriculture-Metered 61.230-239 14,87,06,92,604 11,70,11,57,942 5 Agriculture-Flat rate 61.240-249 5,01,57,37,543 4,59,10,06,163 6 Agriculture-Nursery 61.360-369 95,06,109 29,06,663 7 Agriculture-Poultry Farm 61.370-379 3,63,94,888 2,69,84,099 8 Small Industrial Power 61.250-259 1,37,60,54,878 1,25,04,52,164 9 Medium Industrial Power 61.260-269 4,28,35,01,468 3,61,08,65,760 10 Large Industrial Power 61.270-279 14,58,05,26,721 13,59,70,30,262 11 P.W.W. & S. Pumping-Small 61.280-289 1,18,25,39,352 1,00,29,98,379 12 P.W.W. & S. Pumping-Medium 61.290-299 19,89,21,283 19,27,09,702 13 P.W.W. & S. Pumping-Large 61.300-309 92,42,23,908 88,92,59,108 14 Bulk Supply to Controlled Station 61.310-61.318 6,76,40,657 8,26,41,484 15 Bulk supply to Others Consumers(Mixed Load) 61.320-339 46,84,77,686 43,08,12,618 16 Traction Railways 61.340-359 - 2,91,69,015

Sub Total(1-16) 61,17,63,69,777 52,61,97,02,253

Others17 Electricity Duty Recoverable 61.501-61.519 3,46,13,47,474 3,19,24,22,951 18 Meter Rent / Service line rental ( CT / PT Rent ) 61.601-69X 7,42,81,024 7,29,52,702 19 Recovery for Theft of Power / Malpractice 61.710-720 38,74,75,306 33,94,84,537 20 Other State Lev.(WCC) 61.521-61.539 59,62,79,076 57,48,43,598 21 Other State Lev.(UC) 61.401-61.419 49,93,51,791 47,53,82,217 22 Misc. Charges from Consumers 61.901-61.919 9,27,36,32,374 8,44,06,26,734

Sub Total(17-22) 14,29,23,67,045 13,09,57,12,739 Gross Value From Sale of Power 75,46,87,36,822 65,71,54,14,992

Less: Electricity Duty Payable (Contra) 61.541-556 (3,46,13,47,474) (3,19,24,22,951) Other State Lev.(WCC) (Contra) 61.561-61.580 (59,62,79,076) (57,48,43,598) Other State Lev.(UC) (Contra) 61.451-61.469 (49,93,51,791) (47,53,82,217)

Sub Total (4,55,69,78,341) (4,24,26,48,766)

Net Value From Sale of Power 70,91,17,58,481 61,47,27,66,226

23 Receipt from sale of power through tradingIndian Energy Exchange/ Power Exchange India Ltd. 62.450 39,19,44,501 45,46,23,678

Sub Total 39,19,44,501 45,46,23,678 GRAND TOTAL 71,30,37,02,982 61,92,73,89,904


S.No. Account Code

18.1:-Category Wise Details of Revenue from Sale of Power

Particulars For the year ended 31 March 2015

For the year ended 31 March 2014

Page 149 of 167

(Amount in `)

1 Demand Charges 61.200-370 51,04,689 78,95,407 2 Energy Charges 61.201-373 62,42,56,12,940 54,43,89,70,816 3 Power Factor Surcharge 61.202-372 (28,06,41,664) (26,39,43,885) 4 Shunt Capacitor Surcharge 61.204-374 52,06,31,677 33,97,02,367 5 Load Surcharge 61.205-375 14,24,20,011 4,39,00,160 6 Adjustment of Past Billing 61.206-378 (1,73,58,28,669) (2,10,31,85,353) 7 Other Charges 61.209-379 9,90,70,792 15,63,62,742

Sub Total(1-7) 61,17,63,69,777 52,61,97,02,253 Others:

8 Electricity Duty Recoveries 61.501-516 3,46,13,47,474 3,19,24,22,951 9 Other State Lev. (WCC) 61.521-61.539 59,62,79,076 57,48,43,598 10 Other State Lev.(UC) 61.401-61.419 49,93,51,791 47,53,82,217 11 Meter Rent / Service Line Rental (CT / PT Rent) 61.601-69X 7,42,81,024 7,29,52,702 12 Recovery for Theft of Power/ Malpractice 61.710-61.720 38,74,75,306 33,94,84,537 13 Misc. Charges from Consumers 61.901-61.919 9,27,36,32,374 8,44,06,26,734

Sub Total(9-13) 14,29,23,67,045 13,09,57,12,739 Gross Value From Sale of Power 75,46,87,36,822 65,71,54,14,992

Less:Electricity Duty Payable (Contra) 61.541-556 (3,46,13,47,474) (3,19,24,22,951)Other State Lev.(WCC) (Contra) 61.561-61.580 (59,62,79,076) (57,48,43,598)Other State Lev.(UC) (Contra) 61.451-61.469 (49,93,51,791) (47,53,82,217)

Sub Total (4,55,69,78,341) (4,24,26,48,766)

Net Value From Sale of Power 70,91,17,58,481 61,47,27,66,226 15 Receipt from sale of power through trading

Indian Energy Exchange/ Power Exchange India Ltd. 62.450 39,19,44,501 45,46,23,678

Sub Total 39,19,44,501 45,46,23,678 GRAND TOTAL 71,30,37,02,982 61,92,73,89,904

18.5 As per True up orders of RVPNL for the year 2011-12 & 2012-13 credit of ₹ 129.26 crore has been considered as income. True up creditsof ₹ 78.92 crore passed on by RVUNL for the year 2010-11 & 2011-12 have also been considered as Income for the year.

S.No. Particulars For the year ended 31 March 2014


18.2:-Element Wise Details of Revenue from sale of power

Account Code

18.3 Unbilled Revenue from Sale of Power has been re-grouped and included in the category-wise Sale of Power amounting ₹1,49,92,66,259(P.Y.₹1,23,96,13,451) in terms of Accounting Policy no. 1.6. 18.4 Fuel surcharge recoverable from the consumers are accounted for on accrual basis subject to its determination and issue of order uptofinalization of Annual Accounts. During the year company has accounted for ₹ 146.36 crore (P.Y. ₹ 12.13 crore) as income accrued against thefuel surcharge in reference to order issued on dated 18.02.2015, 25.05.2015 and on 06.10.2015. The amount of fuel surcharge is included inthe energy charges as shown above.

Page 150 of 167

(Amount in `)

62.210-62.290 3,35,08,142 5,10,03,118 Gain on NRV Adjustment 62.400 - 13,26,629

63.xxx,64.xxx 5,77,59,23,617 5,78,75,38,667

62.340-62.951 2,86,02,22,750 86,28,07,614

8,66,96,54,509 6,70,26,76,028

(Amount in `)

62.210 -62.212 39,762 9,023

62.224 21,03,552 3,51,77,066 62.221, 62.290 3,13,64,828 1,58,17,029

3,35,08,142 5,10,03,118

(Amount in `)

63.110 3,46,13,47,475 3,19,24,23,070 63.111 - - 63.310 3,95,07,319 4,36,46,599 63.116 4,10,30,560 3,69,88,736 63.400 1,32,30,00,000 1,26,00,00,000

Subsidy received from Govt. for distribution of CFL 63.117 - 44,00,00,000 SUBV.FROM S.G.ADJ. STUMP DUTY 63.600 1,85,06,692 -

4,88,33,92,046 4,97,30,58,405 Deferred Revenue towards cost of Capital Assets

64.200 17,07,09,723 17,07,09,722 64.300 45,22,539 13,83,567 64.500 71,72,99,309 64,23,86,973

89,25,31,571 81,44,80,262 5,77,59,23,617 5,78,75,38,667

19.3 :- Other Non Operating Income

62.340 33,93,04,677 36,79,74,120

62.349 4,03,870 52,74,529 62.350 3,35,46,429 2,10,63,265 62.912 17,02,97,756 8,01,429

62.901-951 31,66,70,018 46,76,94,271 62.950 2,00,00,00,000 -

2,86,02,22,750 86,28,07,614

Sundry credit balances written off Other Misc Receipts

Total

Income due to old balances written off by RVPNL (Refer Note No. 19.7)

Miscellaneous receipts Incentive From REC for timely payment Incentive From PFC for timely payment

Interest Income - OthersTotal

19.2 :- Govt. Grants, Subsidies, Subvention & Deferred Revenue

Total (i)

Account Code For the year ended 31st March 2015

Sale of Scrap

Deferred Revenue- CC&SLTotal (ii)

Grand Total (i + ii)

Particulars For the year ended 31st March 2014

Govt. Grants, subsidies, subvention & Deferred Revenue (Refer Note No. - 19.2)

19.1 :- Details of Interest Income

Particulars Account Code For the year ended 31st March 2015

ED Subsidy from State Govt.Interest subsidy on BondsSubsidy from Govt.-World Bank LoansCompounding Charges subsidy from GORCash Support From State Govt

Particulars Account Code For the year ended 31st March 2015

RGGVY SubsidyGrants towards cost of Capital Assets


Revenue from subsidies and grants

TOTAL

Account Code19:- Other Income




Interest on Loans and Advances to StaffScooter Advance InterestHouse Building Interest

Income from Fixed Deposits in Bank


Particulars

Other non-operating income (Refer Note No. - 19.3)

Interest Income (Refer Note No. - 19.1)

Page 151 of 167

19.7 In compliance with the decision of 229th meeting of Board of Directors of RVPNL dated 20.01.2015, a sum of ₹ 200,00,00,000 hasbeen written off during the year 2014-15 by the RVPNL, out of old dues of Ajmer Vidyut Vitran Nigam Limited upto 31.03.2009, accordinglythe same has been treated as non-operating income.

19.5 :-GOR has allowed to retain compounding charges recovered from consumers as subsidy on the lines of ED, hence an amount of ` 4,10,30,560 has been recognised as subsidy towards compounding charges which has been assessed from consumers.

19.6 :- Allocation of Cash Subsidy Support amongst Discoms:

The distribution of Financial Restructuring Plan-Cash Support for ` 4,41,00,00,000 distributed amongst Discoms. The share of AjmerDiscom during 2014-15 ` 132,30,00,000 (previous year ₹126,00,00,000) has been received by AVVNL.

19.4 ED subsidy of ₹ 3,46,13,47,475 has been accounted to the extent of ED assessed during the year subject to the aggregate sanctionreceived from GOR upto 2014-15.

The subsidy requirement for the agriculture and domestic consumers has been computed on the basis of energy projections for thesecategories and the difference in the average tariff for respective categories and average cost of supply (COS) for each year. The Cashsubsidy available for the sector has been allocated amongst the Discoms in the ratio of the subsidy requirement of respective Discom inthat particular year.

Page 152 of 167

(Amount in `)

70.100-70.601 69,17,05,34,221 66,29,84,33,427 70.110, 70.902 6,94,35,83,111 7,72,23,83,307

70.912 7,90,75,765 9,08,53,056 70.150 (12,99,91,936) (99,08,03,427)

76,06,32,01,161 73,12,08,66,363 Unscheduled Interchanges


State Load & Despatch Charges

Purchases of PowerTransmission Charges


20:- Purchase of PowerFor the year ended

31st March 2014Particulars Account Code

20.7 :- Cut off date for power purchase has been taken as 30th September, 2015 for incorporating adjustment relating topower purchase cost for the year 2014-15. However, due care has been taken to account for the significant amount ofexpenditure which have been come into notice upto preparation of Annual Accounts.

20.8 :-During the year RVPNL has passed on, an amount of Rs.₹ 69.58 crore to AVVNL on account of surplus amount for theyear 2014-15 and ₹ 37.15 crore on account of revenue from yearly transmission charges (YTC) generated from sharing ofRVPN's six ISTS Lines as allowed by CERC order dated 18.03.15, which has been deducted from Transmission chargescharged during the year.

20.4 :- In respect of power being supplied by RVPNL through their shared project, the energy & cost is being accounted foras per bills raised by them. The RVPN is raising bills on this account on monthly basis proportionately of the total generationcost recovery fixed by RERC in RVPN’s tariff order.

20.6 :- The adjustment of unscheduled interchange (UI) charges has been made on the basis of advices received fromRVPN. The unscheduled interchange (UI) charges paid have been netted off with the unscheduled interchange (UI) chargesreceived.

20.5 Power Purchase / Transmission Cost etc. receivable / payable from / to RVPNL or RVUNL due to truing- up of theiraccounts by RERC , is accounted for in the year of raising of bills by RVPNL / RVUNL after such truing - up.

TOTAL20.1:-Pursuant to the provisions of the Electricity Act 2003, from the financial year 2004-05 the company has startedpurchasing power on its own. For this purpose, a separate cell namely ‘Rajasthan Discoms Power Procurement Centre’ hasbeen established which is looking after the power purchase activity on behalf of the Nigam. The power purchase from RVUN,shared projects of RVPN and Inter Discom sale/purchase have been arrived on the basis of advice from RVPN and RVUN.

20.2:-The transmission charges payable to RVPNL has been accounted for in the accounts as per advice from RVPNL,which is subject to final adjustment after reconciliation.

20.3 :- The power purchase has been arrived at by apportioning the total units of energy availability, from all the powerstations of RVUN and CPSUs / IPPs, Bilateral in the approved predetermined ratio of 39:29:32 up to 17th June 2014 and40:28:32 for the period 18th June 2014 to 31st March 2015 amongst JVVNL, AVVNL and JDVVNL. The adjustment for underdrawl /over drawl, from the predetermined ratio as above, has been carried out at the end of the financial year.

Page 153 of 167

(Amount in `)

75.XXX 4,61,88,16,923 4,21,86,42,570

75.810 11,81,67,236 10,65,31,524 75.820 8,59,90,410 5,84,02,639 75.821 59,98,414 59,78,908 75.830 4,28,44,43,162 3,87,24,56,125 75.840 49,96,85,387 53,82,49,516 75.862 4,69,184 6,88,137 75.845 28,30,98,000 37,54,75,050 75.851 17,28,06,495 11,38,80,743 75.852 1,37,27,526 -75.629 2,66,71,849 1,27,87,506

75.610-75.770 9,35,61,703 6,44,47,356 10,20,34,36,289 9,36,75,40,074

75.900 (16,15,81,451) (13,47,62,071)

10,04,18,54,838 9,23,27,78,003

(Amount in `)

75.100-75.199 2,00,74,61,609 2,01,54,11,455 75.200-75.299 60,02,541 58,74,599 75.300-75.399 1,98,87,12,618 1,59,51,41,426 75.400-75.499 22,19,65,866 20,73,78,275 75.002-75.052 16,56,60,800 15,96,63,340

75.615 3,35,25,164 5,27,90,962 75.617 12,23,83,978 11,36,12,766 75.618 13,100 27,750 75.619 - 1,86,616 75.600 3,12,273 3,24,549 75.601 5,58,34,909 4,82,84,593 75.620 72,38,586 46,73,473 75.621 10,69,941 15,78,949 75.624 2,16,555 11,73,500 75.622 42,65,679 64,88,901 75.626 - 73,130 75.630 11,785 8,616 75.850 37,45,791 54,25,853 75.632 3,95,728 5,23,817

4,61,88,16,923 4,21,86,42,570

75.610 4,07,318 8,56,034 75.611 2,27,80,973 2,30,86,774 75.614 53,12,557 25,92,185 75.740 1,81,95,876 1,88,95,390 75.741 36,78,170 22,77,597 75.742 4,25,05,631 1,49,07,632

75.613-75.760 6,66,937 8,30,632 75.770 14,241 10,01,112

9,35,61,703 6,44,47,356

Payment under workmen Compensation Act

CPF FPF Nigam Group Insurance

TOTAL

Leave Encashment (Actuarial)

Annuity Benefits

Gratuity fundMBEB CPF

Less:

Longer Allowance

D.L.I. Admn.Charges

Incentives

Earned leave encashment

Payment to Vigilance Police Staff D.L.I.Boards Contribution

Tuition fee reimbursement

Compensatory Absence (Half Pay Leave Prov.)

Other AllowancesDearness Pay

21.1:- Detail of Salaries and incentives

Ex-Gratia & Bonus Payment

Account Code Particulars

Salaries

21.2:- Detail of Staff Welfare Expenses

Uniform & Livery Expenses

OvertimeDearness allowance




Staff welfare expenses (Refer Note No. 21.2)

Contributions:

Employee Cost Capitalised

21:- Employee Benefits

Account Code

Salaries and incentives (Refer Note No. 21.1)

Particulars

Superannuation



Leave Encashment (Retirement)

Interim Relief

21.3 :- Provision for Ex – Gratia /Bonus has been made for ` 4,39,51,407(previous year ` 5,28,90,052) on Ad–hoc basis for all the employees.

21.4 :- Provision for DA arrears has been accounted for on the basis of Basic Pay @ 6% w.e.f. 01.01.2015 to 31.03.2015 as increased by theState Government and subsequently adopted by the company.


Incentives on R.C.

Conveyance ExpensesProvident Fund Inspection Audit Charges

Incentive on Less T&D LossesE.S.I. Boards Contribution

Total

Safety DevicesOther Welfare Exp.

Total

For the year ended 31st March 2014 Particulars Account Code

Training Expenses

Medical Expenses Reimbursement(Private Hosp)

Soap & Duster

Medical Expenses Reimbursement(Govt. Hosp)

Page 154 of 167

Gratuity Pension

Encashment7.90% 7.90% 7.90%10% 10% 10%

Indian Assured Lives Mortality (2006-08)

Ultimate

Indian Assured Lives Mortality

(2006-08) Ultimate

Indian Assured Lives Mortality

(2006-08) UltimateProjected Unit credit

methodProjected Unit credit method

Projected Unit credit method

(Amount in ₹)Pension

31 March 15Pension

31 March 14Gratuity

31 March 15Gratuity

31 March 14

26,83,47,62,000 24,03,04,82,000 3,95,19,94,000 3,71,21,93,000

2,20,71,00,000.00 1,96,49,36,000.00 14,83,00,000 19,90,78,000

2,09,76,00,000.00 1,88,11,03,000.00 29,89,00,000 28,19,19,000

(1,25,41,00,000) (1,03,34,00,000) (44,00,00,000) (37,64,00,000)

25,71,00,000 (83,59,000) 12,18,00,000 13,52,04,000

30,14,24,62,000 26,83,47,62,000 4,08,09,94,000 3,95,19,94,000

(Amount in ₹)Pension

31 March 15Pension

31 March 14Gratuity

31 March 15Gratuity

31 March 14

3,96,00,00,000 1,04,43,00,000 79,97,00,000 (4,67,00,000)

31,03,00,000 20,01,72,000 6,12,00,000 3,01,20,000 1,08,76,00,000 3,97,95,00,000 36,94,00,000 1,13,90,00,000

(1,25,41,00,000) (1,03,34,00,000) (44,00,00,000) (37,64,00,000)

(3,73,00,000) (23,05,72,000) 99,00,000 5,36,80,000

4,06,65,00,000 3,96,00,00,000 80,02,00,000 79,97,00,000

(Amount in ₹)Pension Gratuity Leave Encashment

30,14,24,62,000 4,08,09,94,000 2,13,52,00,000 4,06,65,00,000 80,02,00,000 - 26,07,59,62,000 3,28,07,94,000 2,13,52,00,000

(Amount in ₹) Pension

Gratuity

Leave Encashment 2,20,71,00,000.00 14,83,00,000 37,94,00,000

2,09,76,00,000.00 29,89,00,000 14,14,00,000 (31,03,00,000) (6,12,00,000) - 29,44,00,000 11,19,00,000 (6,49,00,000)

- - - 4,28,88,00,000 49,79,00,000 45,60,00,000

Liability recognized in Balance Sheet

(D) Expenses recognized in the Statement of profit and Loss

Net Periodic Cost

Expected return on plan assets

Past Service CostNet Actuarial (gains)/loss

ParticularsCurrent Service Cost

Present value of obligationPresent value of Assets

Actuarial (gain)/ loss on obligation

Actuarial (gain)/ loss

Benefit Paid

b) Salary escalation

Interest Cost

a) Discount rateParticulars

(iii) Provision for accumulated compensated absences-Half Pay Leave (Medical Leaves) has been provided on estimated basis i.e. equivalentto 10 days Establishment Cost of 5% employees.

As per Accounting Standard 15 “Employee Benefits”, disclosure of employee benefits as defined in the accounting standard are given below:

(i)After unbundling of RSEB into five successor companies, fund available in the RSEB was transferred to the trusts through Transfer Schemeand afterwards being funded regularly by contribution from the successor entities.

Interest Cost

Benefit Paid

Particulars

Present value of obligation as on 1st April

c) Mortality table

d) Methodology

Particulars

Expected return on plan assets

Fair value of Plan Assets as on 1st April

(C) Liability Recognized in the Balance Sheet

Details as required to be disclosed in pursuant to AS-15 are as under as provided by actuary (subject to disclosure at point No. 21 (i)-(ii))

1. Actuarial Assumptions

(A) Changes in present value of defined benefit obligations as on 31.03.2015.

Present value of obligation as on 31st March

(B) Changes in Fair value of Plan Assets

Fair value of Plan Assets as on 31st March

(ii) As notified in the Transfer Scheme dated 18.01.2002, the obligation of pension and gratuity benefits of the employees of successorcompanies of RSEB and existing pensioners was ` 17,69,00,00,000 out of which liability of active employees was ` 14,44,00,00,000.Proportionate liability of employees of Ajmer Discom was ` 2,89,00,00,000 as on 19.07.2000 which has been contributed to the Trust by RVPNduring 2013-14.

Current Service Cost

Particulars

21.5:-EMPLOYEES BENEFIT : AS-15

Contribution Paid

Page 155 of 167

(Amount in `)

Account Code For the year ended 31 March 2015


78.XXX 25,37,86,90,280 28,98,27,98,712 1,62,30,55,453 1,44,20,84,098

27,00,17,45,733 30,42,48,82,810

78.900 (1,02,34,77,042) (1,04,70,53,577)

25,97,82,68,691 29,37,78,29,233

(Amount in `)

78.225 5,19,12,55,588 2,95,44,31,803 5,06,77,39,690

78.225 12,35,15,898 2,95,44,31,803

78.501 33,14,25,120 33,14,25,120 78.504 3,50,92,87,905 4,28,70,97,070 78.549 4,26,22,122 4,64,87,847 78.517 30,54,92,970 1,13,68,05,934 78.110 2,82,38,353 3,13,75,455 78.527 12,53,41,048 13,82,43,373 78.566 7,21,29,150 7,21,29,150 78.567 8,33,62,564 4,24,86,477 78.592 5,50,000 1,507

4,49,84,49,232 6,08,60,51,933

78.524 14,28,95,098 63,05,06,514 78.525 1,10,21,70,160 2,01,65,20,008

1,24,50,65,258 2,64,70,26,522

78.857 24,70,38,003 29,75,53,899 Interest on Deposit from Suppliers/Contractors 78.853 5,46,045 6,05,000 Other Interest Cost 78.880 2,36,97,410 -

27,12,81,458 29,81,58,899

78.503 6,40,27,475 4,22,52,774 78.505 1,48,49,55,481 - 78.516 40,34,38,458 40,80,28,005 78.518 - 13,26,66,935 78.529 63,12,08,486 76,34,21,407 78.530 4,99,28,013 5,60,22,507 78.531 58,01,15,909 64,34,46,577 78.532 1,96,16,81,478 1,22,52,86,373 78.533 74,81,64,561 86,84,80,056 78.534 1,63,05,67,122 - 78.535 83,01,47,895 94,87,36,157 78.536 40,19,05,022 47,53,12,541 78.537 1,05,92,83,466 76,28,88,950 78.538 28,95,56,135 33,98,78,135 78.539 35,28,77,279 41,02,17,558 78.540 51,49,33,819 60,01,80,093 78.541 1,45,43,46,921 1,27,97,49,007 78.542 96,94,73,933 1,08,36,39,333

Less:- Subsidy received from the State Govt. (Refer Note No. 22.1 (a)

Others:

Interest on Loan from World BankInterest on Loan from PFC for R-APDRP

Interest on loan from RSPFCLSub Total (ii)

Interest on Loan under R-APDRP

Housing & Urban Development CorporationDena Bank

Syndicate Bank

Oriental Bank of CommercePower Finance CorporationVijaya Bank

Interest on Loans from Financial Institutions:

Small Industrial Development Bank of India

Power Finance Corporation Interest on Loan from APDP

Sub Total (iv)

Security Deposit to Consumer

Punjab National BankState Bank of Bikaner & Jaipur

Punjab & Sindh Bank

Account Code

Life Insurance Corporation


Interest on Loans from Commercial Banks:Punjab National BankCentral Bank of India

Sub Total (iii)

Rural Electrification Corporation LTL Rural Electrification Corporation LTL- RGGVY

ICICI BankCanara BankCentral Bank of India

Interest on Borrowings for Working Capital:Cash Credit - State Bank of Bikaner & JaipurRural Electrification Corporation


Interest on Bonds

Sub Total (i)

22:- Finance Costs

TOTAL

Less: Finance Cost Capitalised

Particulars

Interest expense (Refer Note No. 22.1)


Other Borrowing Cost (Refer Note No. 22.2)

22.1 :- Detail of Interest Expenses

Allahabad BankIndian BankUCO BANK

Particulars

Page 156 of 167

78.543 1,01,42,35,341 80,11,13,756 78.544 93,58,26,479 1,07,74,90,600 78.545 29,94,83,865 34,60,55,790 78.546 70,31,69,610 70,23,98,732 78.547 39,38,02,273 24,76,87,738 78.552 52,80,99,451 60,25,40,995 78.553 26,35,75,700 30,83,85,106 78.555 59,96,91,176 48,74,24,655 78.556 25,54,48,165 29,44,64,487 78.557 13,58,91,640 16,01,42,205 78.558 - 36,47,52,227 78.559 - 38,54,05,031 78.560 - 22,12,00,574 78.561 14,89,28,493 3,52,51,110 78.562 - 10,25,16,533 78.563 46,49,91,489 54,44,68,108 78.564 7,06,23,299 7,81,07,086 78.565 - 19,74,63,965 78.700 - 54,449

19,24,03,78,434 16,99,71,29,555 25,37,86,90,280 28,98,27,98,712

(Amount in `)

78.867-78.883 2,29,15,492 2,95,49,248 78.884 1,60,01,39,961 1,41,25,34,850

1,62,30,55,453 1,44,20,84,098

22.1 (a):- As per Financial Restructuring Plan 2013 prepared as per guidelines indicated in GoI scheme dated 05.10.2012, 50% ofthe Short term Liabilities (STL) as on March 31, 2012 is to be taken over by the GoR by way of take-over of Bonds issued byDiscoms in phased manner. The cut off date of issue of bonds in the GoI scheme was considered as July 1, 2013. However, theinterest liability at the rate prevailing on the date of issue of Bonds was assumed to be taken over by GoR from April 1, 2012. Duringthe year 2012-13, the GoR had sanctioned and released ₹ 307.90 crores against interest on Bonds which had been treated assubsidy against interest and credited to income in the year 2012-13 on cash basis as per accounting policy. But later on, it has beendecided & conveyed by the GoR that liability against the interest on bonds would be assumed by the State Govt. w.e.f. the date ofissue of bonds i.e. from 18.10.2013 and therefore, the subsidy given in 2012-13 (₹ 307.90 cr.) had been adjusted against theinterest liability of Rs. 295.44 Cr. for the year 2013-14 (i.e. from 18.10.2013 to 31.03.2014) and balance of Rs. 12.46 Cr. has beenadjusted during the year. Subsequently, subsidy against interest on bonds is being regularly reimbursed/released by the State Govt.and accordingly in order to match interest on bonds on broken period amounting to Rs. 222.12 Cr. has been shown as interestsubsidy receivable from Govt.

22.2 :- Detail of Other Borrowing Cost

Indian Overseas Bank - STLKarnataka -STL


Sub Total (v)

Bank of IndiaBank of Baroda


Andhra Bank

Housing & Urban Development Corporation-LTLBank of Maharashtra

Federal Bank Bank of Maharashtra

Particulars

22.3 :- In respect of Inter Company Transactions between successor companies no interest/surcharge has been charged or paid bythe Nigam during the Year.

Account Code

Finance Charges:

Karur Vysya BankUnion Bank of IndiaInterest on Borrowing for Working Capital

Grand Total

Corporation Bank-STLSouth Indian Bank-STLCatholic Syr.Bank-STLBank of India-LTLUCO Bank-LTLCorporation Bank-LTL

Union Bank of India

22.4 :- As per clause 18 of the Terms and conditions for supply of electricity 2004, interest on consumer security deposit @ 9% p.a.for the period 2014-15 (Previous year @ 8.5% p.a.) has been provided. the provision for amounting to ` 47,61,95,045 net of TDS(previous year ` 41,35,28,178) has been maintained in the accounts.

22.5 :- Interest on Ajmer Discom’s share on account of project preparation fund (PPF) expenditure, ranging between 12% to 13%per annum has been provided. Payment of above project preparation fund made by the RRVPNL who transferred the share to Ajmer Discom which has been considered as loan from World Bank. 22.6 :- Credit of accrued interest on consumer security deposit and interest on meter security in respect of permanentlydisconnected consumers are allowed at the time of final settlement of the dues since same is to be allowed through energy billswhich get discontinued on disconnection (Terms and conditions of Supply of Electricity – 2004 clause 18).

Other Bank ChargesGuarantee Charges

Total

Page 157 of 167

(Amount in `)

77.110 32,63,141 10,81,558 77.120 7,32,66,579 3,58,57,978 77.140 4,46,224 4,26,494 77.150 1,53,92,26,366 1,02,33,05,409 77.160 2,12,69,52,164 1,59,46,08,977 77.170 6,69,551 41,78,902 77.180 45,20,597 15,51,296 77.190 82,39,881 43,01,195 77.191 1,04,861 1,04,592

3,75,66,89,364 2,66,54,16,401


23:- DepreciationFor the year ended

31st March 2015

Plant & Machinery

Office EquipmentsIntangible assets

23.1 During the year company has adopted the methodology and provisions for calculating depreciation as prescribed in RERC TariffRegulations - 2014 and due to change in policy, depreciation has been charged to ₹ 3,75,66,89,364 as compared to ₹ 2,87,58,97,363had the company continued to use the earlier policy.

Account CodeParticulars For the year ended 31st March 2014

TOTAL

Leasehold - Assets

Line & Cable NetworkVehiclesFurniture & Fixtures

BuildingCivil Works

Page 158 of 167

(Amount in `)

74.101-74.150 66,35,81,545 46,92,04,421 74.201-74.235 2,61,08,138 1,41,19,435 74.501-74.525 29,25,45,250 24,90,23,371 74.601-74.670 1,36,83,694 1,19,17,664 74.701-74.710 8,69,619 13,77,439 74.801-74.811 1,74,69,753 1,60,19,281

1,01,42,57,999 76,16,61,611TOTALOffice & Other EquipmentsFurniture & FixturesVehiclesLines, Cables & NetworksBuildingsPlant & Machinery




Particulars Account Code

24:-Repairs & Maintenance

Page 159 of 167

(Amount in `)

Account Code For the year ended 31 March 2015


76.101-76.102 25.01 25.01 1,77,72,777 1,77,98,633 76.104-76.107 25.02 25.02 22,52,772 21,83,487

76.108 19,62,97,460 15,33,62,485 76.109 11,99,264 5,52,217 76.110 2,60,004 11,29,780

Insurance of Material Lying in Stores 76.115 13,14,458 23,76,414 76.111,76.113 25.07 25.07 1,57,07,572 1,55,78,286

76.112 54,94,108 54,42,693 76.121 82,96,706 96,04,606 76.122 4,21,350 4,21,350 76.123 45,67,292 45,89,770 76.124 18,000 5,81,721

Other Professional Charges/Fees 76.119-120,76.125 25.08 25.08 1,05,09,131 24,14,067 76.126 69,61,271 54,45,561

76.131-76.134 25.03 25.03 6,20,16,923 6,64,41,023 76.135,76.137 25.04 25.04 9,24,11,490 8,30,86,777

76.136 1,74,67,270 1,68,95,590 76.138 61,174 2,02,794 76.158 1,97,88,497 1,62,81,607

76.139-76.199 25.05 25.05 27,58,43,989 36,49,36,033 76.210-76.320 25.06 25.06 5,88,20,078 4,69,12,825

76.260 32,54,629 47,77,392 Stamp Duty Registration fee and Charges 78.861 - 43,65,120

80,07,36,215 82,53,80,231

76.900 (7,01,47,190) (9,84,26,163)

73,05,89,025 72,69,54,068

Expenditure on CFL distribution 79.310 - 45,34,25,078 79.410 - 79.460 25.09 25.09 17,30,87,986 23,36,98,841

79.510 - 6,15,044 Loss due to cash written off 79.520 - 1,837

79.530 1,32,56,982 1,44,77,586 79.531 4,64,81,157 3,38,51,558 79.560 7,18,59,210 7,44,60,205 79.561 - 12,17,904 79.571 1,06,52,113 -

Recognition on loss in CPF trust 79.574 - 1,76,00,000 31,53,37,448 82,93,48,053

78.821 4,50,15,053 1307128678.822 21,57,91,188 23,19,81,962 78.823 (1,76,408) 73,960 78.824 1,86,47,520 97,56,786

Concession in fixed charges to Kutir Joyti consumers 78.826 - 19,44,488 78.827 15,31,243 8,44,683 78.828 27,47,17,111 24,75,29,611

55,55,25,707 50,52,02,776 1,60,14,52,180 2,06,15,04,897

2014-15 2013-144,21,350 4,21,350

4,21,350 4,21,350

25.3 :- As per management decision, fixed assets except vehicles are not insured. However, Material lying at Store unit of all locations and money in transit have also beeninsured.


Insurance of Money in Transit

Retainership Expenses of ex-employees

Payment to Auditors

25:- Other Expenses

Consultancy Charges

Rent, Rates & Taxes

Insurance of Vehicles (other than Car & Jeep)

Particulars

Telephone, Telex & EPABX ExpensesPostage & TelegramLegal Charges, Technical Fees

Administrative and Other Expenses:

InsuranceSecurity Service Charges

25.2:- In absence of determination of rent of buildings of Nigam occupied by other successor companies of erstwhile RSEB and vice versa, neither income nor expenditure hasbeen accounted for during the year.

Difference due to Round off Rebate to PSL for providing Timers

DPS/LPS Waived off other than Amnesty Scheme

Fees to Statutory Auditor

25.1:-Details of outstanding remuneration to Auditors (Incl. Service Tax):

GRAND TOTAL(A+B+C)SUB TOTAL(C)

Compen.for Inju.,Death & Damage-Staff

Travelling Exp. - Actual Fare & Others

supply on specific voltage

Hiring of Vehicle

TOTAL

Particulars

Advertisement Exp.

Rebates Allowed to Consumers:

Loss on obsolescence of fixed assets

Shortage on Physical veri. of stocksBad & doubt.deb.prov.for dues from consumers

Other Debits:

Compen.for Inju.,Death & Damage-Outsiders

Less: Administration and other expenses capitalised

Tariff rebate to New Industries

Technical Fees

Loss on obsolesce of Stores etc.in stock

SUB TOTAL(B)

DPS/LPS Waived off other Amnesty Scheme

Vehicle Running Expenses

Other Miscellaneous ExpensesPower Expenses for Administration

Freight & Material Related Expenses

Registration of Motor Car and Jeep

SUB TOTAL(A)

Sundry Debit Balances written off

Page 160 of 167

(Amount in `)Account

CodeFor the year ended

31 March 2015For the year ended

31 March 2014

65.200 1,84,57,668 43,83,62,873 65.400 (6,69,34,481) 2,89,79,638 65.600 23,05,920 49,06,331 65.800 22,97,325 6,64,784 65.900 3,06,25,090 (5,61,28,559)

(1,32,48,478) 41,67,85,067

83.100 26,10,79,673 66,96,79,199 83.300 24,50,188 1,60,66,908 83.500 (44,49,938) 87,65,953 83.600 1,87,587 22,45,013 83.700 28,06,173 22,28,55,892 83.820 45,43,059 1,46,11,394 83.840 (7,26,877) 59,24,575

26,58,89,865 94,01,48,934

(27,91,38,343) (52,33,63,867)


Other Excess ProvisionExcess Provision for DepreciationInterest IncomeReceipt from Consumers

26:- Prior Period Items

TOTAL

1. Income relating to previous year :

Particulars

Depreciation under ProvisionEmployee CostOperating Expenses

2. Prior period expenses/loss :

Material Related Expenses

Short Provision for P.P. in Previous Years

Other Income

Interest & Other Finance ChargesAdministration Expenses

Page 161 of 167



` (35,92,88,89,053) (48,42,99,12,042)

No. 3,40,87,14,896 1,66,84,00,518

` (10.54) (29.03)

Net Profit after tax as per Statement of Profit & Loss attributable to Equity Shareholders (a) Weighted Average number of Equity Shares as denominator for calculating EPS (b)

Earning Per Share (EPS) (a/b)


27:-Earnings Per Share (EPS) and Diluted EPS:

Particulars Unit Basic & Diluted EPS

Page 162 of 167

1

(Amount in `)

A. Y. Tax Demand with Interest

Penalty U/s 271 (1)(C)

Demand Paid / Refund Adjusted

Balance of Demand Status

2002-03 5,03,76,321 11,86,53,910 6,49,25,716 10,41,04,515 Pending At ITAT & Pending at CIT(A) for penalty


2004-05 4,28,55,646 - 4,28,55,519 127 Pending at CIT (A), Ajmer

2005-06 4,74,60,688 - 4,49,23,871 25,36,817 Pending at CIT (A), Ajmer


2007-08 10,34,36,085 - 9,23,00,580 1,11,35,505 Pending at CIT (A), Ajmer

2008-09 5,55,39,394 - 5,55,39,394 - Pending at CIT (A), Ajmer

2009-10 to 2012-13 Nil Nil Nil Nil Pending at CIT (A), Ajmer

TOTAL 36,41,26,175 30,85,65,897 36,25,57,538 31,01,34,534

(Amount in `)

A. Y. Demand u/s 201/201(1A) Penalty Demand Paid Balance of

Demand Status

2004-05 to 2009-10 50,39,80,130 - - 50,39,80,130 Demand stayed by RHC/Pendingbefore CIT (A)

2010-11 4,65,50,312 - 50,00,000 4,15,50,312 Demand stayed by RHC/Pendingbefore CIT (A)

2011-12 5,34,82,493 - 66,00,000 4,68,82,493 Demand stayed by RHC/Pendingbefore CIT (A)

TOTAL 60,40,12,935 - 1,16,00,000 59,24,12,935

(Amount in `)

Short Payment Short Deduction

Interest on TDS Payments/

Deduction default

Late Filing Fee u/s 234E

Interest u/s 220(2) Total Default

84,217 1,16,16,981 4,78,823 8,85,262 8,874 1,30,74,157

(v) Total paid demand amounting to ₹ 4,53,96,540/- for the A.Y. 2009-10 has been rectified u/s 154 of Income tax act, 1961 and whole demand hasbeen reduced to Nil. During the previous year, ₹ 6,78,370/-, 7,15,580/- and 3,13,65,660/- (total amounting ₹ 3,27,59,610/-) has been adjustedagainst pending demands for the A.Y. 2005-06, 2007-08 and 2008-09 respectively, out of the such demand. The refund of remaining balance of ₹1,26,36,930/- issued by the IT department along with interest amounting to ₹ 42,31,722/- for which adjustment entry has been passed under thehead "Income Tax refundable" during the year and interest has been booked under the head " Interest income- others".

(vii) The demands related to TDS defaults u/s 201/ 201(1A)/ 234E/ 220(2) of Income Tax act, 1961 under various TANs of AVVNL as reported in the PAN based Tax credit statement (26-AS) of AVVNL for the financial year 2014-15 are as follows :-

(vii) STATUS OF DEMANDS U/s 201/ 201(1A) of Income Tax Act, 1961 for TDS issues as on 31.03.2015

The demands related to Short deduction is on account of mismatch and are subject to rectification.

(ii) GOR passed on the Electricity duty, recovered of ` 30,07,00,000 from Captive Power Plants up to F.Y. 07-08 on the condition that if the Hon’bleRajasthan High Court decides the case in favour of plant holders, the amount along with interest will be refundable to the Government.


28:- Contingent liabilities and other disclosures

Contingent Liabilities (to the extent not provided for) :-(i) Power Charges of ` 14,43,00,000 billed to M/s Hindustan Zinc Ltd during the year 2006-07 and accounted as Income, presently under litigationbefore the Supreme Court.

(iii) M/s fashion Suiting's, Bhilwara has claimed ` 13,05,000 towards difference in minimum charges for the period June 2007 to September 2007.The matter is still pending with Honourable Supreme Court.

(iv) Liability / Refund against Income Tax for various assessment years: -

STATUS OF INCOME TAX DEMANDS as on 31.03.2015

Page 163 of 167

F.Y. Tax Demand with Interest Penalty Demand Paid /

Refund Adjusted Balance of

Demand Status

2006-07 1,06,347 - 74,272/-(68,611+5,661) -

The appeal was pending atRajasthan Tax Board, Ajmer andStay has been granted forRecovery of Interest amount ` 37,736/- till the case will bedecided. The amount of Rs. 37,736/- waswaived under Amnesty Scheme bydepositing Rs. 5,661/- (i.e. 15% ofthe interest amount of Rs. 37,736/-) vide challan dt. 27.03.2015 &appeal was withdrawn from taxboard.

2011-12 6,425/-(6,045+380) - 6,425 -

Assessment Order issued ondated 28.03.2014 by the CTO,Ajmer. In response to this arequest for rectification has beenfiled vide letter no. 216 dated11.01.2014 for this incorrectassessment. The sales tax dept.has rejected the request. Thedemand has been deposited on dt.05.11.2014.A demand for interest of Rs. 380/-was raised by assessment orderdated 04.06.2015 due to latedeposition of amount of Rs. 6,045/-by 191 days. The interest has beendeposited on dt. 24.06.2015.

TOTAL 1,12,772 80,647 -

(xvii) MVARH charges ` 38.79 Crore from the year 2009-10 to 2014-15 (Previous Year of ` 38.79 crore from the year 2009-10 to 2013-14)charged by RVUNL has not been considered in accounts due to non scheduling of MVARH generation as per instructions of SLDC.

(xvi) The Rajasthan Electricity Regulatory Commission (RERC) has accepted the petition filed by Adani Power Rajasthan Limited (APRL) forallowing compensatory tariff and other remedies due to non linking of coal by Ministry of Coal, Government of India and import of coal at highercosts. The RERC has allowed (vide order dated 30 May 2014 and further clarified on dated 06 August 2015) additional tariff of 25 paisa per unit onthe variable charges as interim relief payable to APRL under the PPA subject to future adjustments, till the committee ( being constituted under saidorder) submit its report and Commission’s order thereon or till March, 2015 whichever is earlier. The estimated impact due to said decision, basedon the energy bills raised by Adani Power Rajasthan limited will be amounting to ` 43.16 Crore. The matter is sub judicious under regulatorycommission/APTEL.

(xiv) Upto the year 2014-15 the power suppliers had claimed Late Payment Surcharge (LPS) amounting to ₹ 126.66 crore due to delay in regularpayment as envisaged in the power purchase agreements. However looking to the liquidity crisis being faced by Rajasthan Discoms, the discomsare approaching these power suppliers to waive off the LPS claims at appropriate levels.

(xv) Letter of credit exposure utilized by AVVNL during the year is of ₹ 109.8987 Crore (Previous Year of ₹ 109.4988 Crore) out of total available LC exposure limit of ₹ 118.00 Crore (Previous Year of ₹ 118.00 Crore).

(viii) VAT and CST assessment has been made upto the Financial Year 2012-13 by the Assessing Authority and there was no unpaid demandexcept the following :-

(ix) The company is carrying balances of assets acquired by erstwhile RSEB under lease agreement from M/s IFB Agro and M/s Alfa General &Leasing Finance. As per lease agreement the assets were to be sold back to the company by lessor on completion of lease period at residual value.Since there is a dispute pending in court, the company has not done accounting of same.

(x) There are 24 cases filed by the industries/concerns covered under the MSMED Act against AVVNL for interest claimed on delayed payments.The total amount involved to ` 9,76,25,676. The all 24 cases are under litigation before various judicial authorities.

(xi) 15 LIP Consumers have filed writ petition before Rajasthan High Court, Jodhpur for staying recovery of Power Factor excess incentive. Thematters are pending with Honourable High court. The Total amount involved comes to ` 1,65,48,624.45.

(xii) The interest earned on funds received from PFC under R-APDRP Scheme upto 2014-15 is ₹ 6.98 crore. As per terms and conditions of thescheme if project is not completed within time schedule as prescribed by the MOP, GOI. The interest will not be converted into subsidy andaccordingly it is to be born by the utility. The said Scheme- Part A has already been extended till 30th June, 2015 and the in-principle approval forextention of R-APDRP Part-B from GoI has been received up to March, 2016.

(xiii) As per terms and conditions of RGGVY Scheme grant received from GOI, may be converted into the loan if required conditions of the scheme are not complied with.

Page 164 of 167

Name of the Vendor Billing Period Amount

Rajwest Power Ltd 8,84,30,919.00

CGPL (Compensatory tariff)FY 2012-13, April -2013 to June -2014

75,17,02,062.00

PTC (GoHP Wage revision) 21.10.13 2,97,810.00

PTC (GoHP)-ULDC Charges 21.2.14 1,28,780.00

Adani Power Ltd. 2014-15 1,06,80,73,150.20

2

3

4

5

6

7

Renewable Energy sources

% of Energy to be purchased

by the distribution

CompanyWind 6.8Biomass 0.7Solar 1.5

8

Key Management personnel :

(Amount in ₹)

Salary & Allowances Terminal Benefits Salary & Allowances Terminal Benefits

10,71,302 39,701 2,96,356 11,604 3,20,381 32,038 - -

15,98,482 1,29,974 99,747 8,922 4,65,996 - 6,41,804 6,931

Shri P.S. Jat (22-04-2008 to 03-01-2014) - - 8,24,853 - Shri Deepak Srivastava (08-06-10 to 08-02-14) - - 13,26,045 1,85,053 Shri Arjun Singh (21-02-2013 to 19-06-2013) - - 2,22,534 9,280

34,56,161 2,01,713 34,11,339 2,21,790

There are 5916 Cases pending in different courts out of which 5052 related to revenue matters, amount of which is not ascertainable. There is nocertainty of liability and final judgment may take period of years. So it will be taken in books of accounts, as per verdicts of the Court.

Under observation as matter is sub judicious under regulatory commission/APTEL.Stay from Hon'ble Supreme Court

Reply regarding payment from PTC is still awaited.

(xx) The estimated liability in respect of contracts on capital account remaining to be executed worth ₹ 4,77,82,22,243 (previous year ₹4,65,48,36,980) out of which ₹ 1,79,80,000 ( Previous year Up to Aug-14 ₹ 1,62,17,000) has been discharged up to Jul-15.

Reply regarding payment from PTC is still awaited.

(xviii) The following bills are not included in power purchase cost for the reasons mentioned as below:

Reason

(xix) The Company has Contingent liability of ₹ 23.50 crore being stamp duty payable @ 0.1 per cent as per Rajasthan Stamp Act, 1998 on the loandocuments executed during the year 2006-07 to 2011-12 (up to 27-12-2011).

Under observation as matter is sub judicious under regulatory commission.

Details regarding key management personnel :-

2014-15

d. Shri K.C. Goidani, Director (Technical) (w.e.f. 09.09.2013 to 08.09.2014)

As per Section 1 (4) (d) of Indian Companies Act, 2013, the provision of Electricity Act 2003 will prevail over the provisions of Companies Act.

2013-14

The Rajasthan Electricity Regulatory Commission has set the following Targets for purchase of Renewable Energy (RE) for the year 2014-15 asper the clause 7 of the Rajasthan Electricity Regulatory Commission (Renewable Energy Certificate and Renewable Purchase ObligationCompliance Framework) Regulation 2010 :-

However, AVVNL could not achieve the above targets set by the RERC for the year 2014-15 and the total under achievement of above targets is of448.18 MU, estimated amounting to ₹ 182.23 lakhs in the year 2014-15. AVVNL has neither purchased the Renewable Energy Certificate of saidamount during the year 2014-15.

a. Shri Bachet Ranawat, Managing Director (w.e.f. 03.01.2014 to 02.01.2015)b. Shri Hemant Kr. Gera, Managing Director (w.e.f. 16.01.2015)c. Shri Narendra Kumar Mathur, Director (Finance) (w.e.f. 04.03.2014)

The Debtors and Creditors balances are subject to reconciliation and confirmation.

No commission has been paid / is payable to the Directors (including Managing Director) by way of percentage of profits. Hence, the computationof net profit in accordance with section 197 of the Companies Act, 2013 is not required to be shown.

As the company deals in a single product and operates under the same economic environment and is not subject to different risks and returns,segment information as per AS-17 issued by the Institute of Chartered Accountants of India is not required to be disclosed.

As per Accounting Standard (AS) -18 'Related Party Disclosure' issued by the Institute of Chartered Accountants of India, the details are as under:-

Shri Narendra Kumar MathurShri K.C. Goidani

Total

Name of Key Management Personnel

Shri Bachet RanawatShri Hemant Kr. Gera

Page 165 of 167

9 Quantative Details of Energy Purchased & Sold :Particulars 2014-15 2013-14

Purchase of Energy (Net) (MU) 18518.15 16498.42

Transmission Loss (MU) 1068.60 738.61

Percentage (%) 5.77 4.48

Net Availability (MU) 17449.55 15759.81

Sales of Energy (MU) 12899.39 12499.59

Distribution Loss (MU) 4550.16 3260.22

Percentage (%) 26.08 20.69

T & D Loss (MU) 5618.76 3998.83

Percentage (%) 30.34 24.24

10

11

12

13

14

All assets and liabilities are presented as current or non-current as per the criteria set out in revised Schedule III of the Companies Act, 2013. Basedon the nature of the products, power generating process and realisation, the Company has ascertained its operating cycle of less than 12 months.Accordingly 12 months period has been considered for the purpose of current / non-current classification of assets and liabilities.

The figures of the current and previous year have been rounded off to the nearest Rupees except specifically specified. The figures of previousyear have been reclassified, regrouped and rearranged to make them comparable with the current year’s figures to comply with the requirement ofSchedule III.

Liability pertaining to period upto 31.03.2015 against works, supply & PV of Poles, R&M claims etc. has been considered as outstanding liability tothe extent claims received upto 30.04.2015 and PV against ACOS supply has been considered as outstanding liability to the extent claims paid upto30.04.2015

Total Guarantee taken from GOR against raising of loans is amounting to ` 3,83,96,20,79,000 (Previous Year of ₹ 3,74,69,68,19,000) out of whichoutstanding loans/ Bonds as on 31.03.2015 is of ` 2,50,17,93,18,119 (Previous Year of ₹ 2,38,28,47,29,016).

The Ministry of Power (MOP), Govt. of India on October 5, 2012 notified the scheme for Financial Restructuring Plan (FRP) of state distributioncompanies (Discoms) which has been formulated and approved by the Government of India to enable the turnaround and long term viability of theState Discoms. The scheme contains measures to be taken by the State Discoms and State Government for achieving financial turnaround byrestructuring their debt with support through a Transitional Finance Mechanism (TFM) by Central Government. The salient features of this schemeare as under:-(i) 50% of the outstanding Short Term Loans and Power Purchase Payables (Short Term Liabilities) as on 31.3.2012 to be taken over by the StateGovernment. The Discoms will first issue bonds to lenders and thereafter, these bonds will be taken over by the State Government in a phasedmanner. Interest payment on these bonds will also be made by the State Government till the same are taken over.

(ii) Balance 50% of the STL will be restructured by providing a moratorium on the principal and best possible terms for repayment (in equalinstallments in 7 years after considering a moratorium period of 3 years) are to be offered by the lenders which will be backed with the full support ofthe State Government and its guarantee.

(iii) For monitoring of the turnaround strategy and progress made by the Discoms, Central and State Level Monitoring Committees (CLMC/SLMC)are incorporated.

(iv) The Central Government will provide support through a Transitional Finance Mechanism (TFM) of which, guidelines have been issued on 2ndApril, 2013.

According to the said scheme, FRP scheme for Rajasthan Discoms has been prepared and as per FRP, Bonds amounting to ₹ 6694.22 croreagainst 50% of STL and Power Purchase Liability as on 31.03.2012 have been issued to various banks and for balance 50% of STL, Loans fromvarious banks have been rescheduled/restructured. In terms of FRP, during the year, bonds amounting to ` 673.06 crore (P.Y. ₹ 1244.84 crore)have been taken over by the State Government. The interest liability on the total bonds has also been assumed by the State Govt.

Page 166 of 167

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143 (6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF AJMER VIDYUT VITRAN NIGAM LIMITED, AJMER FOR THE YEAR ENDED 31st MARCH 2015.

The preparation of financial statements of Ajmer Vidyut Vitran Nigam Limited, Ajmer for the year ended 31 March 2015 in accordance with the financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the management of the company. The statutory auditors appointed by the Comptroller and Auditor General of India under Section 139(5) of the Act are responsible for expressing opinion on these financial statements under section 143 of the Act based on independent audit in accordance with standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 02nd November 2015.

I, on behalf of the comptroller and Auditor General of India, have conducted a supplementary audit under section 143(6) (a) of the Act of the financial statements of Ajmer Vidyut Vitran Nigam Limited, Ajmer for the year ended 31 March 2015. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to 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 comments upon or supplement to statutory auditors’ report.

For and on the behalf of the Comptroller and Auditor General of India

Place :- Jaipur Date:- 08.12.2015 Sd/-

(S. Alok) Accountant General (E&RSA)

Rajasthan, Jaipur

Page 167 of 167