th ANNUAL REPORTenvironment.rajasthan.gov.in/content/dam/raj/energy/... · 2019-12-31 · 9 UE...

16th

ANNUAL REPORT

2015-16

JAIPUR VIDYUT VITRAN NIGAM LIMITED

(A Government of Rajasthan Undertaking)

CIN : U40109RJ2000SGC016486

Regd. Office : Vidyut Bhawan, Jan Path, Jyoti Nagar, JAIPUR-302005

Tel. : 0141-2747064, Fax : 0141-2747015

Website : www.jaipurdiscom.com

Board of Directors

(As on 27.09.2016)

Shri Shreemat Pandey Chairman

Shri Anil Kumar Bohra Managing Director & CEO

Shri Sanjay Malhotra, IAS Director

Smt. Aparna Arora, IAS Director

Shri S. C. Dinker, IAS Director

Shri R.G. Gupta Director

Shri Arun Kumar Gupta Director

Shri M.S. Palawat Director (Finance) & CFO

Shri Sunil Mehta Director (Technical)

Company Secretary

Shri Girish Goyal

Chief Accounts Officer (Rev. Cont.)

CA K.C. Gupta

Statutory Auditors

B. Khosla & Co.

Chartered Accountants

Anukampa-II, M.I. Road,

Jaipur-302001

Bankers

State Bank of Bikaner & Jaipur

Registered Office

Vidyut Bhawan, Janpath,

Jyoti Nagar, Jaipur-302005

S. Particulars Page

No. No(s).

1. Directors’ Report 1-14

2. Secretarial Audit Report MR-3 with Annexure ‘A’ 15-18

3. Secretarial Auditors’ observation & Management reply thereof 19

4. Extract of Annual return MGT-9 20-27

5. Annual Statement of Accounts

(i) Balance Sheet as at 31st March, 2016 28

(ii) Statement of Profit & Loss for the year ended 29

31st March, 2016

(iii) Cash Flow Statement for the year 30-31

ended 31st March, 2016

6. Statement of Significant Accounting Policies (Note-I) 32-36

7. Notes on Financial Statement (1 to 35) (Note - II) 36-120

8. Auditors’ Report 121-122

9. Annexure- ‘A’ of Auditors’ Report 123-124

10. Annexure- ‘B’ of Auditors’ Report 125-127

11. Annexure- ‘C’ of Auditors’ Report 128

12. Management reply to the Auditors’ Report Annexure A,B,C. 129-130

13. Management reply to the Auditors’ Report of Annexure D 131-140

14. Annexure ‘E’ of Auditors’ Report under emphasis of matter. 141-142

15. C&AG Comments & Management Response thereof 143-146

CONTENTS

1


The Directors are pleased to present the 16th Annual Report

and Audited Accounts of Jaipur Vidyut Vitran Nigam

Limited for the year ended 31st March 2016.

1. FINANCIAL HIGHLIGHTS

(a) Summarized Financial Results

The summarized financial results of the Company

for the financial year 2015-16 are given below:

For the For the

year ended year ended

31.3.2016 31.3.2015

TotalRevenue 1,24,54,96,23,287 1,09,54,39,47,797

Profit beforeInterest and (10,00,89,49,397) (19,19,47,52,335)Tax

Net Interest,Finance 33,19,93,08,369 27,70,90,34,055Charges &Lease Rental

Profit /(Loss)BeforeExceptional (43,20,82,57,766) (46,90,37,86,390)Items andTax

Add: PriorPeriod (1,42,08,18,886) (44,19,54,578)Income/(Expenses)

Add: NetAmount ofExtraordinary items(reversal of – –unfundedsubventionagainstrevenue gap)

Net ProfitAfter Tax (44,62,90,76,652) (47,34,57,40,968)available forAppropriation

DIRECTORS' REPORT

(b) Dividend

There being no profit available for appropriation,

the Directors show their inability to declare any

dividend for the Year.

(c) Share Capital

The Authorized Share Capital of the Company

is ` 10,000 crore. The paid up Equity Share

Capital of the Company increased from ̀ 4627.46

crore to ` 6224.04 crore held by the Governor

of Rajasthan and his nominees and share

application money of ̀ 1130.26 crore is pending

for allotment. The Equity Shares of ` 855.60

crore have been issued to Government of

Rajasthan against liability of bonds taken over

by the State Government in terms of UDAY

Scheme and equity shares of ̀ 391.34 crore have

been issued to Government against conversion

of interest for loans.

(d) Issue/redemption of Bonds

(i) UDAY Scheme notified by MoP, GoI on

20.11.2015 with an objective of operational

and financial turnaround of the Discoms,

be measured by reduction in AT&C losses

& elimination of gap between ACS and

ARR.

(ii) Tripartite MoUs amongst Government of

India, State Government and Jaipur Discom

signed on 27.01.2016 with stipulating the

responsibilities of all three stakeholder.

(iii) State Government has to taken over 75%

Discom debt o/s as on 30.9.2015 over two

years i.e. 50% in FY16 and 25% in FY17.

(iv) According to the said scheme, the GoR has

2


taken over JVVNL's debt amounting to

`9647.35 Cr. on 17.03.2016, ̀ 3267.52 Cr.

on dated 31.03.2016. Further, the

Government of Rajasthan taken over 9.95%

bonds of ̀ 855.60 Cr. by converting special

securities in May 2015, issued under FRP

Scheme 2013 has also been treated as taken

over under UDAY Scheme. Thus the total

debt taken over by GoR under UDAY

Scheme amounting to ` 13770.47 Cr in FY

2015-16 by issuing Equity of `1985.87 Cr.

and Loan under UDAY scheme of

`11784.60.

(v) Further, as per clause 7.2 of OM (UDAY)

dated 20.11.2015, JVVNL issued 9.80%

JVVNL 2031 bonds amounting to

` 7616.92 Cr. by converting the JVVNL's

debt on 30.03.2016. Out of which

`2840.43 Cr. (includes in `3267.52 Cr.)

taken over by GoR on 31.03.2016 and

balance of ` 4776.44 Cr. remained with

Discom as on 31.03.2016.

(vi) As per UDAY Scheme, the GoR has to be

taken 25% outstanding debt in FY 2016-

17. According the Government of Rajasthan

has taken over ` 7227.94 Cr. on dated

23.06.2016.

2. OPERATIONAL PERFORMANCE

The Company sold 17852.20 MU (previous year

17493.84 MU) of energy to all categories of consumers

during the year fetching revenue from sale of power

of ` 11055.91 crore (previous year ` 9529.35 crore)

and 164.72 MU (previous year 182.55 MU) sold

through Power Exchange. The Company purchased

27815.61 MU (previous year 26879.18 MU) of energy

reporting Transmission & Distribution losses of

9798.69 MU (previous year 9202.79 MU).

3. STRENGTHENING OF DISTRIBUTION

SYSTEM

The company consisting its efforts to strengthen the

Distribution System by giving priority for extension of

sub-stations and distribution lines. Highest priority has

been given to the rural electrification under 24x7 Power

For All as signed with GoR & GoI jointly on

13.12.2014 to provide electricity access to 30 lac Rural

Households.

A. RAPDRP

The Central Government announced the

Restructured Accelerated Power Development

and Reforms Programme (RAPDRP) in 11th Five

Year Plan. Under RAPDRP, the cities / towns are

covered, having population more than 30,000.

The programme is to be completed in two parts.

I. RAPDRP (PART- A)

Following major activities are being

undertaken in Part-A:

a) Use of IT for establishment of baseline

data.

b) Forecasting and audit of electricity

consumption.

c) Establishment of consumer service

centers based on IT.

d) Consumer indexing.

e) GIS mapping.

f) Metering of distribution transformers

and feeders.

g) Automated data loggings of SCADA /

DSM system on distribution

transformers and feeders.

h) Mapping of equipments installed on

distribution system, 11 KV

transformers, LT line feeders, poles

and network.

i) Extensive use of IT for various works.

3


Power Finance Corporation (PFC) has

sanctioned scheme for five cities of Rajasthan

under SCADA segment of RAPDRP Part-A. It

includes two cities under the jurisdiction of Jaipur

Discom i.e. scheme of Jaipur city and of Kota

city for which work orders have been issued.

II. RAPDRP (PART- B)

The major activities under RAPDRP (Part-B)

including relaying of 11 KV lines and LT Lines

on 11 KV sub-stations, transformers /

transformers load centers; redistribution of load;

separation of feeders; load balancing; laying ABC

in dense abadi area; establishment of HVDS

system; change of electromagnetic meters into

temper proof electronic meters; installation of

capacitor banks; establishment of mobile service

centers; renovation, modernization and

strengthening of 11 KV sub-stations.

B. DDUGJY SCHEMES

a. 12th Plan DDUGJY SCHEMES

(Erstwhile RGGVY)

For strengthening distribution network and

providing connections to unconnected

RHHs, 10 DPRs of various Districts of

Rajasthan were sanctioned by GOI in

September 2013 at a cost of ` 363.06 Cr.

covering 4.65 Lacs APL 1.35 Lacs BPL, 3

villages & 2245 un-electrified Dhanies

having population above 100 population

under RGGVY (12th plan) now renamed

as DDUGJY.

Work contracts for 10 schemes were

awarded between Jan'15 to May' 16. Work

of all schemes of Jaipur Discom completed

within 2 years from date of award.

Separate DDUGJY wing consisting of one

XEN and one AEN have been created in

each circle for monitoring the quality of work

and timely completion of all centrally

Sponsored Schemes. Monthly progress is

being reviewed by the MDs with Contractors

and XENs (DDUGJY).

3 villages of 12th Plan & 9 villages of new

DDUGJY schemes have been electrified

from grid (upto June 16) 6790 BPL &

13247 APL RHH electrified (upto June 16).

Further, Camps at Panchayat level are being

organized on every 1st and 3rd Sunday of

the month under Bijli Sab ke Liye Abhiyan.

b. New DDUGJY Scheme

12 DPRs of all Districts of Rajasthan were

sanctioned by GOI in August 2015 at a cost

of ` 1027.07 Cr under DDUGJY, covering

9 UE Villages & 2238 UE Dhanies including

less than 100 population and Electrification

of 1.28 Lacs APL, 0.247 Lacs BPL

households, Strengthening of Distribution

network, feeder separation, consumer and

feeder metering.

c. IPDS Schemes

All 185 Statutory municipal towns of

Rajasthan have been sanctioned for

distribution network strengthening by

the GOI in August 2015 at a cost of

` 1303.22 Cr.

C. DEMAND SUPPLY MANAGEMENT

Jaipur Discom is leading for DSM. Following

programmes are being carried out in the

company under Demand Supply Management.

4


• To encourage LED bulbs in domestic

sectors.

• To improve Power Factor of the consumers

connected with transformer in industrial

areas.

• To use HDPE in place of GI Pipes in

agriculture sector.

• To install energy saver in Street Light

Connections.

4. VIGILANCE AND ANTI THEFT MEASURES

Power theft is a non ignorable crime. In spite of lot of

efforts and action taken after the advent of Electricity

Act, 2003, transmission and distribution losses still are

of concern for the Energy sector in Rajasthan. T&D

losses also include theft of electricity, although it is a

part of commercial losses, but there is no way to

segregate theft from the T&D losses.

Theft of Electricity is a main menace to Power

Distribution Companies, which swallows the major

portion of company's revenue. The losses on account

of theft of energy are jeopardizing the financial

condition of the companies and also adversely

affecting the interest of honest consumers. The

Vigilance forces are assigned with the task of checking

of both official & non official irregularities to contain

the phenomenon of large scale energy theft activities.

In order to combat with the situation, the company

has resorted to the constant strategic efforts and various

initiatives taken to enhance Vigilance activities for

curbing the theft of electricity as under:

• Streamlined the working of Vigilance wing for

effective function under the control of Addl. S.P.

(Vig.) /S.E. (Vig.) at Corporate level & Z.C.E. /

S.E. (O&M) at Zonal / Circle level.

• Intensive / Special Vigilance Checking in theft

prone areas.

• Additional Emphasis placed on Internal Vigilance.

• Inter / intra sub-division / division intensive

vigilance checking concept introduced resulting

in fresh impetus to Vigilance Checking activities

by mobilizing collective efforts of O&M and

Vigilance teams after careful planning in advance,

gathering proper intelligence and keeping an

element of surprise.

• State Govt. notified the Special Courts and Anti

Power Theft Police Station in each district to deal

with the offences under the Electricity Act, 2003.

• 17 Anti Power Theft Police Stations made

functional in Discom to deal with the offences

under the Electricity Act, 2003.

• Checking Officers in their respective jurisdiction

have been empowered to lodge the complaint in

Special Court / FIR in Anti Power Theft Police

Station for the offences covered under the

Electricity Act, 2003.

• Organized special campaigns consisting the teams

of O&M and Vigilance Officials with support of

APTPS & Local Police Stations for Intensive

Vigilance Checking in Urban & Rural areas.

• Constant checking of tamper proof transformers

with in-house metering duly sealed and welded

with providing of AB cables to contain energy

theft in rural areas.

• Enforcement of legal provisions of the Electricity

Act. 2003 & Rules made there under to arrive at

the logical conclusion in each VCR.

• Compounding of First offences.

• FIR in APTPS.

• The Company's vigorous efforts played a

significant role in arresting the growth of T&D

5


losses by accelerating the vigilance checking

activities during Financial Year 2015-16 and the

progress remained as under:

PROGRESS OF VIGILANCE CHECKING :

Progress of Vigilance Checking:

F. Year Total No. of Theft Assessment Realization FIRs

Checking Detected (Rs. in lac) (Rs. in lac)

2015-16 138286 92496 13604.86 6343.99 11861

The total amount assessed against the Vigilance Checking

Report was ` 136.05 crore and revenue realization is

` 63.44 crore during the F. Y. 2015-16.

Progress of APTPS :

F. No. of Cases Total No. of Person

Year FIRs Comp- Amount Challan F. R. Persons convic

lodged ounded recovered Arrested ted

(Rs. In lac)

2015-16 11861 11309 1635.53 241 11330 296 169

5. TARIFF

The Rajasthan Electricity Regulatory Commission

(RERC) approved the revised tariff for the year 2014-

15. The revised tariff was made effective from

01.02.2015. The commission allowed tariff increase

of about 16.88% which is in force during Financial

Year 2015-16.

In exercise of power conferred under Regulation-88

of RERC Tariff Regulation-2014, Fuel surcharge was

not recovered from all categories of consumers for all

the four quarters for the Financial Year 2015-16.

6. CUSTOMER SERVICES

The Company, in transforming itself into a customer

driven organization, has taken the following proactive

measures for improving customer services:

• The total revenue management (TRM) with spot

billing has already been implemented.

• For better consumer satisfaction Any Where Any

Time energy bill collection project for Jaipur City

has been implemented.

• The services of call center in big cities i.e. Jaipur

and Kota has been implemented with additional

feature of Customer Management System which

shall include fault rectification and consumer

service centers with value added services for

billing, new connection and metering related

issues.

• AMR based DT metering with GIS based

consumer indexing in all urban towns under

implementation in RAPDRP Part-A.

• 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 at any cash

collection center or through internet by net

banking / credit card / debit card.

• The Company has taken up various welfare

schemes for benefit of SC / ST / BPL families.

• 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-

6


divisional Forum, Divisional Forum, Circle

(District) Forum and Corporate Forum.

• Organized chaupals at all 33 / 11 KV sub-stations

for on the spot redressal of consumer grievances.

• For the speedy disposal of consumer grievances,

the Company has established "Control Rooms"

in all the district headquarters falling under the

jurisdiction of the Company. The Control Rooms

are in operation for 24 hours.

• The Circle offices are continuously holding

consumer friendly camps to redress the problems

of the consumers.

• In order to avoid accidents and to provide

uninterrupted power supply to the consumers,

the Company is installing Feeder Pillar Boxes of

new technique.

• The Company has the distinction of being the

first electricity utility in India in implementation

of distribution and automation system measures

in Jaipur City Distribution network.

7. HIGHLIGHTS

The Company has surpassed the targets set on various

parameters for the financial year 2015-16.

Some of the highlights of the operations are as under:

• 73 no. 33 KV new sub-stations with the capacity

of 270.20 MVA were installed and existing sub-

stations augmented with the capacity of 248.20

MVA during the year.

• 351844 Single-phase defective meters and

92142 Poly phase defective meters were replaced

during the year.

• 18696 wells were electrified during the year.

• 720.51 KM of 33 KV lines was laid down during

the year.

• 5 Harizen Bastis were electrified during the year.

• 3847 SC wells were energized during the year.

• 269559 domestic connections and 27202 non-

domestic connections were released during the

year.

• 6234 small industrial connections, 926 medium

industrial connections and 857 large industrial

connections were released during the year

(including PHED).

• 2269 BPL connections were released during the

year.

8. BOARD OF DIRECTORS

The following changes have taken place in the Board

of Directors of the Company during 2015-16:

Name of the Designation From To

Director

Shri G. R. Choudhary Director 02.01.2014 31.08.2015

(Technical)

Shri Deepak Srivastava Director 08.02.2014 30.09.2015

(Finance)

Shri S. C. Dinker Director 13.06.2014 Continuing

Shri Arun Kumar Gupta Director 01.08.2014 Continuing

Shri K. K. Taneja Director 19.09.2014 Continuing

(Nominee of

Central Bank

of India)

Shri Sanjay Malhotra Director 29.10.2014 Continuing

Shri Anurag Bhardwaj Managing 12.01.2015 28.06.2015

Director

Smt. Aparna Arora Director 13.01.2015 Continuing

Shri Bhaskar A. Sawant Chairman and 28.06.2015 28.04.2016

Managing

Director

7


Shri R. G Gupta Director 18.08.2015 Continuing

Shri T. P. S. Dhillon Director (Power 18.08.2015 06.05.2016

Trading

Shri Sunil Mehta Director 01.10.2015 Continuing

(Technical)

The Board places on record its sincere appreciation

for the valuable contribution made by the outgoing

Directors as Members of the Board.

Thirteen meetings of the Board were held during the

period. The Attendance of the Director of the Board

meeting is as follows:

S. Name of Directors Meeting Meeting

No. Held Attended

1. Shri Sanjay Malhotra 13 12

2. Shri Anurag Bhardwaj 2 2

3. Smt. Aparna Arora 13 7

4. Shri S. C. Dinker 13 5

5. Shri Arun Kumar Gupta 13 11

6. Shri Deepak Srivastava 5 5

7. Shri G. R. Choudhary 4 4

8. Shri K. K. Taneja 13 4

9. Shri Bhaskar A. Sawant 11 11

10. Shri T. P. S. Dhillon 10 9

11. Shri R. G Gupta 10 10

12. Shri Sunil Mehta 8 8

The composition of Board of Directors as on

31.03.2016 was as follows:

1. Shri Bhaskar A. Sawant Chairman and

Managing Director

2. Shri Sanjay Malhotra Director

3. Smt. Aparna Arora Director

4. Shri S. C. Dinker Director

5. Shri Arun Kumar Gupta Director

6. Shri R. G. Gupta Director

7. Shri Sunil Mehta Director (Technical)

8. Shri T. P. S. Dhillon Director (Power

Trading)

9. Shri K. K. Taneja Director

9. AUDIT COMMITTEE

During the year, 6 meetings of the Audit Committee

were held, which was attended by the members as

follows:

S. Name of Members Meeting Meeting

No. Held Attended

1 Shri Sanjay Malhotra 6 5

2 Shri S. C. Dinker 6 2

3 Shri Anurag Bhardwaj 1 1

4 Shri Arun Kumar Gupta 6 5

5 Shri Bhaskar A. Sawant 5 5

6. Shri Deepak Srivastava 4 4

The composition of Audit Committee as on


1. Shri Bhaskar A. Sawant Chairman

2. Shri Sanjay Malhotra Member

3. Shri S. C. Dinker Member

4. Shri Arun Kumar Gupta Member

The Director (Finance) of the Company is permanent

invitee of the Audit Committee.

10. BORROWING COMMITTEE

During the year, 6 meetings of the Borrowing

Committee were held, which was attended by the

members as follows:

8


S. Name of Director Meeting Meeting

No. Held Attended

1 Shri Sanjay Malhotra 2 2

2 Shri Anurag Bhardwaj 2 2

3 Shri Deepak Srivastava 4 4

4 Shri Bhaskar A. Sawant 4 4

5 Shri G. R. Choudhary 2 1

6 Shri Sunil Mehta 2 2

The composition of Borrowing committee as on


1. Chairman and Managing Director

2. Director (Finance)

3. Director (Technical)

11. CORPORATE SOCIAL RESPONSIBILITY

COMMITTEE

The Board of Directors constituted Corporate Social

Responsibility Committee (CSR) as required under

Section 135 of the Companies Act, 2013 comprising

of following three members during the period:

1. Chairman

2. Managing Director

3. Director (Finance)

12. MATERIAL CHANGES AND COMMITTMETS,

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.

13. KEY MANAGERIAL PERSONNEL

The following changes have taken place in the Key

Managerial personnel of the Company during

2015-16:

Name of the Designation From To

Director

Shri Anurag Bhardwaj Managing 12.01.2015 28.06.2015

Director &

CEO

Shri Bhaskar A. Sawant CMD & CEO 28.06.2015 28.04.2016

Shri Deepak Srivastava Director (Fin.) 08.02.2014 30.09.2015

& CFO

Shri Girish Goyal Company 26.05.2001 Continuing

Secretary

14. WISTLE BLOWER POLICY (VIGIL

MECHANISM)

The Company has formulated a codified Whistle

Blower Policy incorporating the provisions relating to

vigil mechanism in terms of Section 177 of Companies

Act 2013, in order to encourage Directors and

employees of Company to escalates to the level of the

Audit Committee any issue of concerns impacting and

compromising with the interest of the Company. The

Company is committed to adhere to highest possible

standard of ethical, moral and legal business conduct

and to open communication and to provide necessary

safeguards for protection of employees for reprisals

or victimization, for whistle blowing in good faith. The

Wistle Blower policy is available on the Company's

website www. jaipurdiscom.com.

15. POLICY AGAINST SEXUAL AND

WORKPLACE HARRASMENT

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.

The Company in its endeavor to provide a safe and

healthy work environment for all its employees

developed a policy to ensure zero tolerance towards

verbal, physical psychological conduct of a sexual

nature by any employee or stakeholder that directly

or indirectly harasses, disrupts or interferes with

9


another's work performance or creates an intimidating,

offences or hostile environment such that each

employee can realize his / her maximum potential.

The Company has in place an Anti Sexual Harassment

Policy in line with the requirements of The Sexual

Harassment of Women at the Workplace (Prevention,

Prohibition & Redressal) Act, 2013. 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.

The following is a summary of sexual harassment

complaints received and disposed at corporate office

during the year 2015-16.

Complaints (No.)

Received Disposed Off

NIL NIL

16. STATUTORY AUDITORS’

As the Company is a Government Company, pursuant

to the provisions of Section 139 (5) of the Companies

Act, 2013, M/s B. Khosla & Co., Chartered

Accountants were reappointed as Statutory Auditors

of the Company for the financial year 2015-16 by the

Controller & Auditor General of India vide letter no.

CAV / COY / Rajasthan. JPVIDT (1) / 1167 dated

04.08.2015.

17. COST AUDITORS’

Under the provisions of Section 148 of the Companies

Act, 2013, M/s. K. L. Jaisingh & Company, Cost

Auditors, Noida were appointed as Cost Auditors of

the Company for the Financial Year 2015-16 by the

Board of Directors.

18. SECRETARIAL AUDITORS’

Under the provisions of Section 204 of the Companies

Act, 2013, M/s. Ramesh Kumar Shivnani, Company

Secretaries, Jaipur were appointed as Secretarial

Auditor of the Company for the Financial Year 2015-

16 by the Board of Directors.

19. 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, will be circulated separately.

The report of the Secretarial Auditors along with the

replies of the Board to the Secretarial Auditors' Report

are enclosed as an annexure to this report.

20. 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

10


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 effectively.

21. EXTRACT OF ANNUAL RETURN

The extract of Annual Return as on financial year

2015-16 in Form no. MGT-9 as required under section

92 (3) of the Companies Act, 2013 read with the rule

12 (1) of Companies (Management and

Administration) Rules, 2014, is set out as an annexure

to Director's Report and forms part of this Annual

Report.

22. INTERNAL AUDIT (IA)

The Company has an Internal Control System,

commensurate with the nature of its business and the

size of the Company.

Shri Y. S. Rathore, working as CAO (IA) has been

appointed as Internal Auditor of the Company, under

Section 138 of the Companies Act 2013 by the Board

of Directors of the Company.

23. PERSONNEL

The relations between management and employees

continued to remain cordial during the year.

None of the employees of the Company was in receipt

of remuneration falling under the purview of the

provisions of the Companies Act, 2013. Hence the

information in this regard may be treated as NIL.

24. RISK MANGAGEMENT

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 fiscal, our 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 was also given on timely and

cheapest availability of power and supply of

uninterrupted and quality power to all categories of

consumers, reduction on T & D losses etc. The impact

of risk relating to reputation, compliances of Regulator's

orders, curbing on accidents, crisis management,

effective utilization of man power etc. were also given

continuous focus during the year.

We carried out the following risk management activities

to identify, monitor and mitigate impact of risks:

• 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.

• Regular assessment on business risk environment

including trend line of key external indicators and

internal business indicators were made.

• Assessment on top risks through trend line of risk

levels through dashboard indicators, exposure,

potential impact and assessment of progress of

mitigation actions.

• Reviewed key operational risks in actions based

on inputs from the internal risk information,

external assessment, internal audit findings and

key incidence. Reviewed operational risk areas

11


including consumer's service delivery,

information security, physical security and

business continuity management.

• Monitored impact to our reputation due to

negative media reports.

• Complied the directions / orders issued by

Regulators.

• Monitored availability of funds and its effective

utilization.

• Frequent (almost daily) close monitoring on

availability of power and supply management as

well as availability of alternative sources of power.

• Technological interventions to reduce losses and

theft of power.

25. CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO

* Conservation of Energy

(a) Energy conservation measures taken

As required under Section 134 (3) (m) of

the 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 Company has taken various steps

for conservation of energy by its DSM

Cell. 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.

• 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.

• At present SCADA system is working

in Jaipur city covering about 55 Nos.

of 33 KV substations. In order to cover

all the 33 KV substation of Jaipur city

and 4000 Nos. of Distribution

transformers also and to have an

integrated Distribution automation to

provide the real time monitoring and

control the distribution system. The

execution work is completed and the

project is helping for better operational

efficiency as well as for reduction in

Distribution losses.

• Laying of three phase or single phase

armored cable / ABC of proper rating

12


in place of existing overhead LT lines

to feed single/three phase load to

prevent theft of electricity.

• The Company is installing capacitors,

gradually upgrading primary

distribution voltage from 11 KV to 33

KV and constantly reorganizing /

reinforcing of the network resulting

reduction of losses in Distribution

System. Thrust is also being paid for

providing LT connections for step

down point to individual consumers

including farmers for energizing of

wells and system improvement.

• In order to ensure uninterrupted and

quality power supply and to maintain

11 KV feeders properly, the Company

has started an incentive scheme for the

technical employees of the concerned

'Fault Free Feeder' especially in

Industrial areas.

• 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. The DSM cell of the Company

plans to conduct Energy Audit in

various commercial and government

buildings.

(b) Additional investments and proposals

For better consumer satisfaction Any Where

Any Time energy bill collection project for

Jaipur City is being implemented.

• The services of call center are being

extended by introducing a new

Customer Management System which

shall include fault rectification and

consumer service centers with value

added services for billing, new

connection and metering related

issues.

• AMR based DT metering with GIS

based consumer indexing has been

implemented.

• For consumers satisfaction on demand

Meter Testing at consumers premises

has been implemented in all circles in

which consumer may demand to get

his meter tested on telephone.

• In order to ensure better services in

rural areas Rural Load Management

and Transformer Monitoring System

are being implemented.

• Project for developing HVDS System

by installing new 25 KVA, 11 / 0.4 KV

transformers in place of existing 100 /

63 KVA transformers catering the

agriculture load, modification and

additions in existing 11 KV network /

lines to install new 25 KVA

transformers, providing of separate LT

/ service lines with suitable size of ABC

with a maximum span of 90 Meter for

each consumer.

• Installation of 11 KV switch fuse unit

of new technology on distribution

transformers.

• Installation of meters and meter boxes

push fit type and release of

connections with armored cable.

13


• Other investment proposals as per

energy conservation measures.

• In order to implement the total IT

enablement project in all the

subdivisions of the Company, a

comprehensive process automation

scheme under RAPDRP has been

prepared. The main features of the

project will be on creation of Base line

data, increasing transparency in day

to day working with taking the

consumer in focus. The ministry of

Power, GOI has sanctioned a grant of

` 163 crore under 11th plan for it. The

scheme will come into force within next

2 years. It will cover entire area of

Jaipur Discom including rural areas

also.

• Upgrade of SCADA in Jaipur City and

to introduce new SCADA system of

Kota City in RAPDRP.

• T&D losses reduction programme is

being implemented in the MT / City of

Jaipur Discom to strengthen

distribution network under RAPDRP.

(c) Impact of the measures

• Increase in HT / LT lines ratio from

0.63 in Financial Year 2000-01 to 1.81

at the end of Financial Year 2015-16.

• Improvement in voltage at consumer

end and greater consumer satisfaction.

• Control on unauthorized use of three

phase power supply during single

phase period.

• Quality supply to single phase

domestic and non-domestic

consumers of rural areas. Increase in

the level of satisfaction of rural

consumers.

• Reductions in unauthorized tapping of

power supply with the use of armored

cable / ABC in L.T. distribution system.

• Savings in KWH and peak demand by

more than 100 MW separating single

phase supply from three phase system

in rural areas.

* 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 meter 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.

• 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.

molded 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.

molded polycarbonate seals having same

14


Sr. No. as 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 Earnings and Outgo

The Company has not made any payment in

foreign exchange or received.

26. APPRECIATION AND ACKNOWLEDGEMENT

The Directors are grateful and place on record their

appreciation for continued guidance and support

received from its Shareholders, Bondholders and

Government of Rajasthan, RERC, Government of

India, PFC, REC and other Financial Institutions. The

Board is also thankful to the CAG, Statutory Auditors

and Bankers for their valued co-operation. The Board

also recognizes the contribution of the esteemed

consumers in the growth of the Company and takes

this opportunity to pledge the Company's commitment

to serve them. The Board further wishes to place on

record its appreciation for the continued efforts of the

employees at all levels for their dedicated contribution.

For and on behalf of the Board of Directors,

Sd/-

(Shreemat Pandey)

Chairman

Place : Jaipur

Date : 27.09.2016

15


TO,

THE MEMBERS


VIDYUT BHAWAN,

JANPATH, JYOTI NAGAR,

JAIPUR, RAJASTHAN 302005

I have conducted the Secretarial Audit of the compliance

of applicable statutory provisions and the adherence to good

corporate practices by JAIPUR VIDYUT VITRAN

NIGAM LIMITED (hereinafter called the company).

Secretarial Audit was conducted in a manner that provided

me a reasonable basis for evaluating the corporate conducts/

statutory compliances and expressing my opinion thereon.

Based on my verification of the JAIPUR 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, I hereby report that

in my opinion, the company has, during the audit period

covering the financial year ended on 31st Day of March,

2016, the company 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:

I have examined the books, papers, minute books, forms

and returns filed and other records maintained by JAIPUR

VIDYUT VITRAN NIGAM LIMITED for the Financial

Year ended on 31st Day of March, 2016, according to the

provisions of:

1. The Companies Act, 2013 (the Act) and the rules made

there under;

FORM NO. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31.03.2016

(Pursuant to the Section 204(1) of the Companies Act, 2013 read with Rule No. 9 of The Companies

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

2. The Securities Contracts (Regulation) Act, 1956

(SCRA) and the rules made there under; (AS THE

COMPANY IS UNLISTED COMPANY CLAUSE

NOT APPLICABLE)

3. The Depositories Act, 1996 and the regulations and

Bye-Laws framed thereunder; (AS THE COMPANY

IS UNLISTED COMPANY CLAUSE NOT

APPLICABLE)

4. Foreign Exchange Management Act, 1999 and the

rules and regulations made thereunder to the extend

to Foreign Direct Investment, overseas Direct

Investment and External Commercial Borrowings; (AS

THE COMPANY HAS NOT DONE ANY

FOREIGN INVESTMENT NOR HAS

ACCEPTED ANY INVESTMENT FROM

FOREIGN AS DISCLOSED BY THE

COMPANY)

5. 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; (AS THE COMPANY IS

UNLISTED COMPANY CLAUSE NOT

APPLICABLE)

b) The Securities and Exchange Board of India

(Prohibition of Insider Trading) Regulations,

1992; (AS THE COMPANY IS UNLISTED

COMPANY CLAUSE NOT APPLICABLE)

c) The Securities and Exchange Board of India

(Issue of Capital and Disclosure Requirements)

Regulations, 2009; (AS THE COMPANY IS

16


UNLISTED COMPANY CLAUSE NOT

APPLICABLE)

d) The Securities and Exchange Board of India

(Employee Stock Option Scheme and Employee

Stock Purchase Scheme) Guidelines, 1999; (AS

THE COMPANY IS UNLISTED COMPANY

CLAUSE NOT APPLICABLE)

e) The Securities and Exchange Board of India

(Issue and Listing of Debt Securities) Regulations,

2008; (AS THE COMPANY IS UNLISTED


f) The Securities and Exchange Board of India

(Registrars to an Issue and Share Transfer Agents)

Regulations, 1993 regarding the Companies Act

and dealing with client; (AS THE COMPANY

IS UNLISTED COMPANY CLAUSE NOT

APPLICABLE)

g) The Securities and Exchange Board of India

(Delisting of Equity Shares) Regulations, 2009;

and (AS THE COMPANY IS UNLISTED


h) The Securities and Exchange Board of India

(Buyback of Securities) Regulations, 1998; (AS

THE COMPANY IS UNLISTED COMPANY

CLAUSE NOT APPLICABLE)

6. The Electricity Act, 2003 is a specific other law as

applicable on the Company.

I have also examined compliance with the applicable

clause of the following:

(i) The Secretarial Standards with respect to

Meetings of Board of Directors (SS-1) and

General Meetings (SS-2) issued by The Institute

of Company Secretaries of India.

(ii) The Company has not entered into Listing

Agreement with any Stock Exchanges.

I have not examined Financial Laws, Cost Audit related

records and necessary Rules, as the same has been

audited by other independent Professionals.

During the period under review, the company has

complied with the provisions of the Act, Rules,

Regulations, Guidelines, Standards, etc. mentioned

above subject to the following observations:

1. The composition of the Board of Directors of the

company during the year 2015-16 did not

comply with the requirement of Section 149 of

Companies Act, 2013 and rules made there

under i.e. the Company has not appointed

Independent Directors as specified in the laws.

2. The Corporate Social Responsibility Committee

has duly constituted by the company pursuant

to the provisions of section 135(1) of the

Companies Act 2013, but the company has not

appointed the Independent director pursuant to

the provision of the Companies Act, 2013.

3. The Company has not constituted the

Nomination and Remuneration Committee as

prescribed in Section 178 of the Companies Act,

2013.

4. The company has not maintained the Fixed

Assets Register showing full particulars including

quantitative details and situation of fixed assets.

Subject to my above observation mentioned at para

no. 1, I further report that,

1. The Board of Directors of the company is duly

constituted with proper balance of Executive

Directors and Non-Executive 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.

2. Adequate notice is given to all directors to

schedule the Board Meetings, agenda and

detailed notes on agenda were sent at least seven

days in advance, and a system exists for seeking

and obtaining further information and

17


clarifications on the agenda items before the

meeting and for meaningful participation at the

meeting.

3. Majority decision was taken unanimous by Board

and no dissenting views are captured and

recorded as part of the minutes.

I further report that there are adequate systems and

processes in the company commensurate with the size

and operations of the company to monitor and ensure

compliance with applicable laws, rules, regulations and

guidelines.

I further report that during the audit period the

company has:

1. Issued shares amounted to ` 4,78,79,00,000/-

on 13th of August, 2015 to the Hon'ble Governor

of Rajasthan.

2. Issued shares amounted to ` 69,91,00,000/- on

28th of September, 2015 to the Hon'ble

Governor of Rajasthan.

3. Issued shares amounted to ` 10,47,88,00,000/-

on 29th of March, 2016 to the Hon'ble Governor

of Rajasthan.

4. Issued Debentures amounted to

` 76,16,92,00,000/- on 30th of March, 2016 to

the Banks under the UDAY scheme.

RAMESH KUMAR SHIVNANI

Practicing company secretary

M. No.fcs 7374

CP no.: 6873

Date: 12.09.2016

Place: Jaipur

Note: This report is to be read with our letter of even date

which is annexed as "ANNEXURE-A" and forms an integral

part of this report.

18


To,

The Members,


VIDYUT BHAWAN,

JANPATH, JYOTI NAGAR,

JAIPUR, RAJASTHAN 302005

Our report of even date is to be read with the following

clarification and explanation:

1. Maintenance of Secretarial records 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 the 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 compliance of laws,

rules and regulations and happenings of events etc.

5. The compliance of provisions of Corporate and other

applicable laws, rules, regulations, standards is the

ANNEXURE A

responsibility of the management. Our examination

was limited to the verification of procedures on test

basis.

6. The Secretarial Audit Report is neither an assurance

as to the future viability of the Company nor of

efficiency or effectiveness with which the management

has conducted the affairs of the Company.

7. During the period under review:

• It has been observed that the company has not

complied with the provisions of 43 & 62 of the

Companies Act, 2013 for issuing of shares by

way of private placement. However,

Management is in view, that since the company

is a Government Company, it was not feasible

to comply the provisions of above sections of

Companies Act, 2013.

• It has also been observed that the company has

not adopted the new set of Articles of Association

under the provisions of Companies Act, 2013,

but the Management has assured that the same

will be adopted in the next financial year.

RAMESH KUMAR SHIVNANI

Practicing company secretary

M. No.fcs 7374

CP no.: 6873

Date: 12.09.2016

Place: Jaipur

19


MANAGEMENT REPLY TO THE OBSERVATIONS OF

SECRETARIAL AUDITORS’ OF THE SECRETARIAL

AUDITOR REPORT FOR THE FINANCIAL YEAR 2015-16

S. No. Secretarial Auditors’ Observations Management Reply

1. The composition of the Board of Directors of the

Company during the year 2015-16 did not comply

with the requirement of Section 149 of Companies

Act, 2013 and rules made there under i.e. the

Company has not appointed Independent Directors

as specified in the laws.

2. The Corporate Social Responsibility Committee has

duly constituted by the Company pursuant to the

provisions of Section 135 (1) of the Companies Act

2013, but the company has not appointed the

Independent Director pursuant to the provision of the


3. The Company has not constituted the Nomination

and Remuneration Committee as prescribed in Section

178 of the Companies Act, 2013.

4. The Company has not maintained the Fixed Assets

Register showing full particulars including quantitative

details and situation of Fixed Assets.

The letters has been sent to the Energy Department

for appointment of Independent Directors on the

Board of Directors of the Company.

The letters has been sent to the Energy Department

for appointment of Independent Directors on the

Board of Directors of the Company.

Since all the appointments of Directors are made by

Government and also remuneration is decided by

the Government, the Nomination and Remuneration

Committee was not constituted.

Work relating to preparation of Fixed Assets register

and other allied work for the year 2000-01 to

2012-13 has been outsourced to M/s Ankit

Maheshwari & Associates, CAs, Jaipur which is under

progress.

For & on behalf of the Board

Sd/-

(Shreemat Pandey)

Chairman

20


Form No. MGT-9

EXTRACT OF ANNUAL RETURN

as on the financial year ended on 31.03.2016

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the

Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

i) CIN : U40109RJ2000SGC016486

ii) Registration Date : 19.06.2000

iii) Name of the Company : Jaipur Vidyut Vitran Nigam Limited

iv) Category / Sub-Category of the Company : Company limited by Shares / Government Company

v) Address of the Registered office and contact details : Vidyut Bhawan, Jyoti Nagar, Jaipur,

Rajasthan - 302005 and Ph. No. - 0141-2742802

vi) Whether listed company : No

vii) Name, Address and Contact details of Registrar

and Transfer Agent, if any

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 NIC Code of the % to total turnover

main products / services Product / service of the company

1. Power Distribution 401 92.35 %

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S. No. NAME AND ADDRESS OF CIN / GLN HOLDING / % of Applicable

THE COMPANY SUBSIDIARY shares held Section

/ ASSOCIATE

1. - - - - -

21


IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

i) Category-wise Share Holding

Category of No. of Shares held at the No. of Shares held at the % Change

Shareholders beginning of the year end of the year during

the year

Demat Physical Total % of Demat Physical Total % of

Total Total

Shares Shares

A. Promoters

(1) Indian

g) Individual/ HUF

h) Central Govt.

i) State Govt. (s) 4,62,74,58,000 100% 6,22,40,38,000 100%

j) Bodies Corp.

k) Banks / FI

l) Any Other….

Sub-total (A) (1): 4,62,74,58,000 100% 6,22,40,38,000 100%

(2) Foreign - - - - - - - - -

a) NRIs - Individuals

b) Other - Individuals

c) Bodies Corp.

d) Banks / FI

e) Any Other….

Sub-total (A) (2):- - - - - - - - - -

Total shareholding

of Promoter (A) = 4,62,74,58,000 100% 6,22,40,38,000 100%

(A) (1)+(A) (2)

B. Public - - - - - - - - -

Shareholding

1. Institutions

a) Mutual Funds

b) Banks / FI

c) Central Govt.

d) State Govt. (s)

22


e) Venture Capital

Funds

f) Insurance

Companies

g) FIIs

h) Foreign Venture

Capital Funds

i) Others (specify)

Sub-total (B) (1):- - - - - - - - - -

2. Non- Institutions - - - - - - - - -

a) Bodies Corp.

i) Indian

ii) Overseas

b) Individuals

i) Individual

shareholders

holding nominal

share capital upto

Rs. 1 lakh

ii) Individual

shareholders

holding nominal

share capital in

excess of Rs 1 lakh

c) Others (specify)

Sub-total (B)(2):- - - - - - - - - -

Total Public

Shareholding

(B)=(B)(1)+ (B)(2)

C. Shares held by - - - - - - - - -

Custodian for

GDRs & ADRs

Grand Total 4,62,74,58,000 100% 6,22,40,38,000 100%

(A+B+C)

23


(ii) Shareholding of Promoters

S. Shareholder's Name Shareholding at the Share holding at the

No. beginning of the year end of the year

No. of % of % of No. of % of % of % change

Shares total Shares Shares total Shares in

Shares Pledged/ Shares Pledged/ share

of the encumbe of the encumbe holding

company red to company red to during

total total the

shares shares year

1 Governor of Rajasthan on 4,62,74,58,000 100 % - 6,22,40,38,000 100 % -

behalf of State Government

and its Nominees

Total 4,62,74,58,000 100 % - 6,22,40,38,000 100 % -

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

S. Shareholding at the Cumulative Shareholding

No. beginning of the year during the year

No. of shares % of total shares No. of shares % of total shares

of the company of the company

At the beginning of the year 4,62,74,58,000 74.35 % 4,62,74,58,000 74.35 %

Date wise Increase/ (13.08.2015) 7.69 % 5,10,62,48,000 82.04%

Decrease in Promoters 47,87,90,000

Share holding during the

year specifying the (28.09.2015) 1.12 % 5,17,61,58,000 83.16 %

reasons for increase/ 6,99,10,000

decrease (e.g. allotment /

transfer / bonus/ sweat (29.03.2016) 16.83 % 6,22,40,38,000 100 %

equity etc): 1,04,78,80,000

At the End of the year 6,22,40,38,000 100% 100 %

[*Note: all the percentage have been computed on shareholding at the end of the year (denomination)]

24


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

and ADRs):

S. Shareholding at the Cumulative Shareholding

No. beginning of the year during the year

For Each of the top No. of shares % of total shares No. of shares % of total shares

10 Shareholders of the company of the company

At the beginning of the year - - - -

Date wise Increase / - - - -

Decrease in Share holding

during the year specifying

the reasons for increase /

decrease (e.g. allotment /

transfer / bonus / sweat

equity etc):

At the End of the year - - - -

(or on the date of separation,

if separated during the year)

(v) Shareholding of Directors and Key Managerial Personnel:*

[*Note: - Directors are holding shares on behalf of government of Rajasthan]

V. INDEBTEDNESS

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

Secured Loans Unsecured Deposits Total

excluding Deposits Loans Indebtedness

(in crore) (in crore)

Indebtedness at the beginning

of the financial year

i) Principal Amount 15,657.93 12,466.92 - 28,124.85

(Short Term Loan) 21.33 29.69 51.02

ii) Interest due but not paid - - -

iii) Interest accrued but not due 1,76.72 3,23.52 500.24

Total (I + ii + iii) 15,855.98 12,820.13 - 28,676.11

25


Change in Indebtedness

during the financial year

• Addition 271.54 14,758.66 - 15,030.20

• Reduction (15,215.00) - (15,215.00)

Net Change (14,943.46) 14,758.66 - (184.80)

Indebtedness at the end of

the financial year

i) Principal Amount 714.48 27,225.57 - 27,940.05

(Short Term Loan) 6.57 30 36.57

ii) Interest due but not paid - - -

iii) Interest accrued but not due 10.79 229.35 240.14

Total 731.84 27,484.92 28,216.76

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and / or Manager:

S. Particulars of Name of MD / WTD / Manager Total

No. Remuneration Amount

Shri Shri Shri Shri Shri Shri

Bhaskar Deepak T. P. S. G. R. Anurag Sunil

A. Sawant Srivastava Dhillon Choudhary Bhardwaj Mehta

1. Gross salary 14,15,321 10,51,693 7,67,508 8,31,679 6,04,989 6,27,237 52,98,427

(a) Salary as per provisions

contained in section 17(1)

of the Income-tax Act,

1961

(b) Value of perquisites

u/s 17(2) Income-tax

Act, 1961

(c) Profits in lieu of salary

under section 17(3)

Income- tax Act, 1961

2. Stock - - - - - -

3. Sweat - - - - -

26


4. Commission - - - - - -

- as % of profit

- others

5. Employer contribution - - - - - -

(CPF)

Total (A) 14,15,321 10,51,693 7,67,508 8,31,679 6,04,989 6,27,237 52,98,427

Ceiling as per the Act

B. Remuneration to other directors:

S. Particulars of Remuneration Name of Directors Total

No. Amount

Total (1) - - - - -

4. 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 - - - - -

27


C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD / MANAGER / WTD

S. Particulars of Remuneration Key Managerial Personnel

No.

CEO Company CFO Total

Secretary

1. Gross salary 20,20,310 11,61,235 10,51,693 42,33,238

(a) Salary as per provisions contained in

section 17(1) of the Income-tax

Act, 1961

(b) Value of perquisites u/s

17(2) Income-tax Act, 1961

(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 20,20,310 11,61,235 10,51,693 42,33,238

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

There were no Penalties / Punishments / Compounding of offences for the year ending March 31, 2016

28


(Amount in ` )

Particulars Note As at As at

No. 31 March, 16 31 March, 15

BALANCE SHEET AS AT 31st MARCH, 2016

EQUITY AND LIABILITIESShareholders’ FundsShare Capital 1 62,24,03,80,000 46,27,45,80,000Reserves & Surplus 2 (3,22,93,99,57,819) (2,78,31,08,81,167)Share Application Pending Alottment 3 11,30,26,27,000 6,00,000Deferred CC & SL /Subsidy /Grants 4 26,79,60,56,392 23,11,45,71,252Non-Current LiabilitiesLong-Term Borrowings 5 2,05,10,07,05,717 2,62,32,05,89,048Other Long Term Liabilities 6 9,34,79,11,339 8,52,65,87,882Long-Term Provisions 7 2,56,15,23,940 2,37,15,58,000Current LiabilitiesShort-Term Borrowings 8 36,56,77,173 51,01,72,939Trade Payables: 9Dues of Micro Enterprises & Small Enterprises - -Dues of creditors other than Micro Enterprises& Small Enterprises 48,36,62,83,529 23,95,03,88,117Other Current Liabilities 10 1,02,96,03,07,338 49,88,95,26,458Short-Term Provisions 11 39,70,72,92,137 35,83,59,01,588

1,85,80,88,06,746 1,74,48,35,94,117ASSETSNon-Current AssetsFixed Assets- Tangible Assets 12 1,09,31,89,43,929 1,02,41,58,92,935- Capital work-in-progress 13 11,35,86,52,141 9,34,12,36,816Inventory for Capital Works 14 3,77,02,87,535 3,34,10,45,702Deferred Tax Assets (net) 15 - -Long-Term Loans and Advances 16 1,64,41,43,546 1,72,48,25,089Other Non-Current Assets 17 17,77,63,56,732 20,17,61,70,965Current AssetsInventories 18 - -Current Investments 19 - -Trade Receivables 20 13,80,01,72,572 12,86,85,53,112Cash and Bank Balances 21 2,53,20,09,212 2,12,63,81,365Short-Term Loans and Advances 22 18,70,75,944 16,14,55,703Other Current Assets 23 25,42,11,65,135 22,32,80,32,430

1,85,80,88,06,746 1,74,48,35,94,117

SIGNIFICANT ACCOUNTING POLICIES ANDNOTES ON FINANCIAL STATEMENT I & II

As per our report of even date : For & on behalf of the Board

For B. KHOSLA & CO.

Chartered Accountants Sd/- Sd/- Sd/-FRN No. 000205C (M. S. Palawat) (Anil Kumar Bohra) (Shreemat Pandey)

Sd/- Director (Finance) & CFO Managing Director & CEO Chairman(CA Vijay K. Jain) DIN 07550943 DIN 03630347 DIN 00411662

Partner

M. No. 70758 Sd/- Sd/-(CA K. C. Gupta) (Girish Goyal)

Chief Accounts Officer (Rev-Cont.) Company Secretary

Place : Jaipur

Dated : 23.08.2016

29


Revenue:

Revenue From Operations 24 1,15,02,11,75,789 1,00,70,08,87,805

Other Income 25 9,52,84,47,498 8,84,30,59,992

Total Revenue 1,24,54,96,23,287 1,09,54,39,47,797

Expenses:

Purchase of Power 26 1,12,29,60,74,769 1,07,66,84,97,960

Repairs & Maintenance 27 85,30,12,968 1,00,10,24,220

Employee Benefit Expenses 28 11,23,66,53,905 11,94,28,22,312

Finance Cost 29 33,19,93,08,369 27,70,90,34,055

Depreciation and Amortization Expenses 30 6,83,51,14,098 6,16,86,20,634

Administrative and Other Expenses 31 3,33,77,16,944 1,95,77,35,006

Total Expenses 1,67,75,78,81,053 1,56,44,77,34,187

Profit before exceptional Items and tax (43,20,82,57,766) (46,90,37,86,390)

Exceptional Items 32 - -

Profit before Prior period items and tax (43,20,82,57,766) (46,90,37,86,390)

Prior Period Income / (Expense) 33 (1,42,08,18,886) (44,19,54,578)

Profit before Tax (44,62,90,76,652) (47,34,57,40,968)

Tax expense:

Current tax - -

Income Tax (Earlier year tax) - -

Deferred tax - -

PROFIT FOR THE YEAR (44,62,90,76,652) (47,34,57,40,968)

Earnings Per Equity Share of Par Value `10/- Each

Basic and Diluted 34 (8.97) (12.65)

SIGNIFICANT ACCOUNTING POLICIES ANDNOTES ON FINANCIAL STATEMENT I & II


For B. KHOSLA & CO.



Partner



Place : Jaipur

Dated : 23.08.2016

(Amount in ` )

Particulars Note For the Year Ended For the Year Ended

No. 31.03.2016 31.03.2015

STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31st MARCH, 2016

30


CASH FLOW STATEMENT

For the year ended 31st March, 2016

(Amount in `)

Particulars CURRENT YEAR PREVIOUS YEAR

2015-2016 2014-2015

A. Cash Flow from Operating Activity

Net profit before tax as per Statement of Profit & Loss (44,62,90,76,652) (47,34,57,40,968)

Adjusted for:

Depreciation 6,83,56,91,187 5,78,92,53,023

Interest Expenditure 33,19,93,08,369 27,70,90,34,055

Gains / loss on sale of Fixed Assets (net) 45,22,51,823 12,24,16,531

Shortage on phy. verification of stock and obsolete 2,18,859 28,171

Income from Trading- Stores & Scrap (12,72,16,449) (15,78,06,196)

Interest on staff Loan & Advances (39,96,577) (43,85,021)

Interest on FDR (20,14,368) (20,09,146)

Provision for Employees Benefits 4,06,13,56,489 5,49,27,26,950

Provision for Doubtful Debts & Others 1,06,01,84,339 22,24,88,616

Provision for others 10,99,89,592 17,19,63,841

Deferred Revenue (CC&SL, RGGVY & other) (1,42,95,92,508) (1,22,51,49,400)

Deferred Expenses 45,29,430 49,95,111

Reserve Transferred to Income - 44,16,07,10,186 - 38,12,35,56,535

Operating Profit before Working Capital Changes (46,83,66,466) (9,22,21,84,433)

Adjusted for:

(Increase)/Decrease in Long term Loans and Advances (8,50,873) 11,17,36,781

(Increase)/Decrease Other non current assets 2,39,98,14,233 1,37,91,04,658

(Increase)/Decrease Short term Trade receivable (1,99,18,03,799) (2,19,85,50,000)

(Increase)/Decrease Short term Loans and Advances (2,56,20,241) 1,88,46,057

(Increase)/Decrease in Other Current Assets (3,20,76,51,727) (6,60,07,21,879)

(Increase)/Decrease in Other Bank Balances 24,74,76,342 (71,14,46,443)

Increase/(Decrease) in Other Long term Liabilities 82,13,23,457 71,31,31,849

Increase/(Decrease) in Trade Payables 24,41,58,95,412 10,43,97,40,894

Increase/(Decrease) in Other Current Liabilities (2,30,11,08,655) 20,35,74,74,149 (1,20,40,73,499) 1,94,77,68,418

Cash Generated from Operations 19,88,91,07,683 (7,27,44,16,015)

Taxes paid - -

Net Cash from Operating Activity (A) 19,88,91,07,683 (7,27,44,16,015)

B. Cash Flow from Investing Activity

Purchase of fixed assets including CWIP and (17,03,15,91,975) (15,59,90,84,302)

Capital Inventory

31


(Amount in `)

Particulars CURRENT YEAR PREVIOUS YEAR

2015-2016 2014-2015


For B. KHOSLA & CO.



Partner



Place : Jaipur

Dated : 23.08.2016

Income from Trading- Stores & Scrap 12,72,16,449 15,78,06,196

Sale of Fixed Assets 39,37,21,954 17,69,88,347

Interest on staff Loan & Advances 39,96,577 43,85,021

Interest on FDR 20,14,368 20,09,146

(Increase)/Decrease in Capital Advances 8,15,32,416

Net Cash Flow from Investing Activity(B) (16,42,31,10,211) (15,25,78,95,592)

C. Cash Flow from Financing Activity

Issue of Equity Share Capital and Appl. Money 27,26,78,27,000 10,41,09,80,000

Proceeds from Borrowing 2,24,08,49,47,701 52,29,72,00,562

Repayment of Borrowings (2,26,07,74,37,263) (16,06,91,86,541)

Interest Paid (33,19,93,08,369) (27,70,90,34,055)

Consumer Contribution ,Grants & Subsidies towards

Capital Assets 5,11,10,77,648 3,56,01,95,168

Net cash used in Financing Activity (C) (2,81,28,93,283) 22,49,01,55,134

Net increase/decrease in cash and cash 65,31,04,189 (4,21,56,473)

equivalents (A+B+C)

Cash and cash equivalents at the beginning of the year 1,29,37,07,514 1,33,58,63,987

Cash and cash equivalents at the close of the year 1,94,68,11,703 1,29,37,07,514

Cash and Cash Equivalent includes:-

Cash and Cash Equivalents as per Note No. 21

1. Cash in hand including Cheques & DD 57,80,94,937 46,25,50,853

2. Balance With Scheduled Bank 1,36,87,16,766 83,11,56,661

CASH AND CASH EQUIVALENTS 1,94,68,11,703 1,29,37,07,514

32


Company Overview

JAIPUR VIDYUT VITRAN NIGAM LIMITED (JVVNL/Jaipur

Discom) a company under the Companies Act, 1956 and

registered with Registrar of Companies established on 19

June, 2000 by Govt. of Rajasthan under the provisions of

the Rajasthan Power Sector Reforms Act, 1999 as the

successor company of RSEB. JVVNL is engaged in

distribution and supply of electricity in 12 districts of

Rajasthan, namely Jaipur, Dausa, Alwar, Bharatpur,

Dholpur, Kota, Bundi, Baran, Jhalawar, Sawaimadhopur,

Tonk and Karauli.

1 General :

(a) The Financial Statements are prepared in

accordance with Indian Generally Accepted

Accounting Principles (GAAP) and applicable

provisions of Electricity Act, 2003 under the

historical cost convention on the accrual basis

except those with significant uncertainty.

GAAP comprises mandatory Accounting

Standards as prescribed by the Companies

(Accounting Standards) Rules, 2006 and the

provisions of the Companies Act, 2013.

Accounting policies have been consistently

followed except where accounting standard

is initially adopted or a revision to an existing

accounting standard requires a change in the

accounting policy hitherto in use or

management decides otherwise on the basis

of merits of facts.

2 Use of Estimates :

The preparation of the financial statements in

conformity with GAAP requires management to

make estimates and assumptions that affect the

reported balances of assets and liabilities and

disclosures relating to contingent liabilities as at the

date of the financial statements and reported

amounts of income and expenses during the period.

Accounting estimates could change from period to

period. Actual results could differ from those

estimates. Appropriate changes in estimates are

made as soon as the Management becomes aware

of changes in circumstances affecting the estimates.

Changes in estimates are reflected in the financial

statements in the period in which changes have taken

place.

3 Fixed Assets and Capital work in progress:

(a) Fixed assets are stated at cost including all

attributable charges properly incurred in

erecting and bringing the assets into beneficial

use.

The Fixed Assets have been taken at the

transfer price in respect of the assets

transferred by the State Govt. vide Gazette

Notification dated 17.01.2002 and

18.01.2002 and those created subsequently

by the company till March, 2004 at standard

cost and thereafter, at weighted average cost

including appropriate expenses Capitalized.

(b) A Block Assets register showing the categories

of Fixed Assets as on 19.07.2000 (i.e. the

transfer date), their lives and the amount of

depreciation charged / withdrawn year wise

in respect of erstwhile RSEB has been

maintained by RRVPNL till F.Y. 2004-05, and

there after it is transferred to concerned

Discoms, hence depreciation charged

accordingly.

(c) Consumer contribution, grants and subsidies

(including BPL subsidy under RGGVY &

DDUGJY ) towards cost of capital assets,

which are accounted for on Cash basis are

transferred to deferred income and the same

is being amortized equally in 25 years.

(d) (i) Capital expenditure incurred under

RGGVY/DDUGJY scheme, during the

year has been transferred to fixed

assets fully and for the purpose of

calculation of depreciation, amount to

the extent of month wise is considered.

(ii) Other than works under RGGVY/

DDUGJY scheme, the works

completed at different dates have been

transferred to fixed assets monthly on

average basis of total value of

completed works duly certified by the

circle SEs.

I. SIGNIFICANT ACCOUNTING POLICIES

33


(iii The details/inventory of closing CWIP

(incomplete work order wise with

value) are prepared (Sub-division &

Circle wise) based on actual value as

per SINs of material issued for capital

works plus erection charges paid with

reference to CLRC work orders, value

of incomplete TW, Civil works and

Materials lying at site for capital works.

(e) Fixed assets retired from active use and held

for disposal is shown as ‘Assets not in use’

and same is valued at lower of net Book value

and Net realizable value.

(f) In absence of specific detailed records for

bifurcation of Employees Cost and Office &

administration expenditure attributable to

capital works or O&M works, capitalization

of Employees cost and Office &

administration expenditure is made in the

following manner to keep uniformity in

adherence by the accounting units :

Name of the Capitalization of Employees Cost

accounting units (Excldg. Terminal benefits)

and Office & administration exp.

M.M. 90%

RE & TW 100%

Other accounting

units 30%

(g) Expenditure on renovation and

modernization of fixed assets resulting in

increased life and/or efficiency of an existing

asset is added to the capital cost of the related

assets.

(h) Cost of the land is capitalized after allotment

and possession taken over by the Company.

4. Depreciation and amortization:

(a) Depreciation on fixed assets is charged on

Straight Line Method at the rates prescribed

in RERC Tariff Regulations. The fixed assets

are depreciated up to 90% of the original cost.

(b) Depreciation on addition/deductions from

fixed assets during the year is charged on pro

rata basis from next/up to the month in which

the asset is available for use/disposal.

(c) From FY 2014-15, the provisions and

methodology of depreciation / amortization

prescribed in RERC Tariff Regulations - 2014

have been adopted. Consequently, useful life

of the assets / depreciation rates in respect of

fixed assets acquired up to 31st March, 2014

have been recalculated so that balance

depreciable amount is charged over the

revised remaining useful life of the assets.

The rates/usefull life as applied for depreciation are different

from the rates prescribed under Schedule II to the

Companies Act, 2013. The rates applied for depreciation/

amortization of land are as under:-

S.No. Particulars Rate of

Depreciation

1 Lease hold Land 3.34%

2 Building 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%

In case of asset of distribution system, remaining depreciable

value as on 31st March of the year closing after a period of

12 years from date of commercial operation is spread over

the balance useful life of the assets.

(d) No depreciation is charged by the company

on the assets which had been sold and taken

back on lease keeping in view the terms of

agreement entered into by erstwhile RSEB

with lessors.

(e) Depreciation on the assets transferred through

Financial Restructuring Plan (FRP) by the

34


State Government i.e. as on 19.07.2000 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.

5 Investments :

Long-term investments are carried individually at

cost. Provision for diminution in value is made to

recognize a decline other than temporary in the value

of investments. Current investments are carried

individually, at lower of cost and fair value.

6 Borrowing Costs:

Funds borrowed specifically for the purpose of

obtaining a qualifying asset, amount of related

borrowing cost is capitalized as part of the cost of

the specific qualifying asset. Whereas, funds which

are borrowed generally and difficult to be related or

rather cannot be related to any specific asset,

borrowing cost of such funds has been capitalized

by applying a capitalization rate (weighted average

of the borrowing cost applicable to the borrowings

of the enterprises that are outstanding during the

period) to the expenditure on that asset. Presently,

funds received under the RGGVY/DDUGJY scheme

and RAPDRP scheme only are specific to creation

of particular asset and not others.

7 Stores and Spares :

The Inventories are being held for use in Capital

works,partly for O&M works and not for sale.

Therefore, in view of the paragraph 24 of the AS 2-

(Revised), requirement of valuation of Inventories

at the lower of Cost and net realizable value is not

applicable.

All issues from stores are valued by using weighted

average cost method. Inventories of Misc. Scrap &

Empties are not valued being insignificant.

8 Revenue Recognition :

(a) Revenue from sale of power has been

accounted for on accrual basis.

(b) Sale of energy to the consumers is accountedfor on the basis of tariff rates as notified bythe RERC from time to time.

(c) The Surcharge for delayed / non-payment ofdues by sundry debtors for sale of energy isrecognized when it becomes due on accountof non- payment.

(d) Provision for unbilled Revenue from sale ofpower is made for the period of 31 days incase of HT, MIP, SIP (U) consumers and on aproportionate basis of 56.5 days in case ofother consumers, as per the decision takenin the 48th Co-ordination Committeemeeting.

(e) Sale of Energy through IEX/PXIL has beenaccounted for on accrual basis and shownseparately in the Sub Note 24.1 of Statementof Profit & loss.

9 Deferred Revenue Expenses :

Deferred revenue expenses pertaining torestructuring of high cost loans are being written offin the ratio of saving accrued on such loans equallyover the currency of the loans except loan from PFC,which is being amortized in the ratio of outstandingbalances.

10 Employee Benefits :

The employee benefits are accounted for as per theprovisions of AS 15 on the basis of categories inwhich the employees are covered namely definedcontribution plan & defined benefits plan. In respectof benefits covered under the defined contributionplan namely the provident fund, the employercontribution paid with the PF commissioner isrecognized as the expenditure of the year. In respectof the benefits covered under the defined benefit plannamely pension, gratuity and leave encashment, theexpenditure is recognized on the basis of presentvalue of obligations as on the date of balance sheetas per the actuarial valuation.

Expected cost of short term employee benefit in formof compensated absences i.e. half-pay leaves(medical leave) is recognized and provided on theestimated basis as per past experience of themanagement.

35


11 Government Grants, Subsidies and Subventions

(a) Subvention against ED is accounted for onthe basis of sanctions received from GOR tothe extent of overall E.D payable in the booksof accounts. Cash support and otherSubsidies etc. are accounted for on basis ofsanction received from GOR except subsidyagainst interest on Bonds which is accountedfor on accrual basis.

(b) Differential Interest Subvention on WorldBank loan are generally received in the sameyear and accounted for on receipt of the same.In case of non receipt of such subvention inthe same year, it is being accounted for onaccrual basis.

(c) Keeping in view the commitment of GoR inFinancial Restructuring Plan (FRP), 2005 andreiterated vide MoU executed on dated26.10.2009, Revenue Gap upto 2008-09`4410.43 crore had been depicted assubvention receivable from the StateGovernment. However, considering thesubvention disbursement schedule decided inthe State Cabinet meeting dated 19.10.2011and also recognized in FRP-2013 ̀ 1543 crorewhich would remain unfunded till 2022 hadbeen reversed and shown as loss in FY2011-12. Thus, net `2867.43 crore has beenconsidered as subvention receivable from theState Government against which committedamount is being disbursed by the GoRregularly and balance amount has beenshown as receivable from the StateGovernment as per AS-12.

12 Impairment of Assets :

The Management has periodically assessed usinginternal sources, whether there is an indication thatan asset may be impaired. An impairment loss isrecognized wherever the carrying value of an assetexceeds its recoverable amount. The recoverableamount is higher of the asset’s net selling price andvalue in use, which means the present value of futurecash flows expected to arise from the continuing useof the asset and its eventual disposal. An impairmentloss for an asset is reversed if, and only if, the reversalcan be related objectively to an event occurring afterthe impairment loss was recognized. The carrying

amount of an asset is increased to its revisedrecoverable amount, provided that this amount doesnot exceed the carrying amount that would havebeen determined (net of any accumulatedamortization or depreciation) had no impairmentloss been recognized for the asset in prior years.

13 Provision, Contingent Liabilities andContingent Assets :

A provision is recognised when the Company has apresent obligation as a result of past events and it isprobable that an outflow of resources will be requiredto settle the obligation in respect of which a reliableestimate can be made. Contingent liabilities are notprovided for in the accounts and are separatelyshown in the Notes on Accounts to the extentascertained. Contingent assets are neither recognizednor disclosed in the financial statements.

14 Foreign Exchange Transactions:

In respect of suppliers whose bills are raised in foreigncurrency, advances / liabilities involving foreigncurrency are accounted for at lower of the exchangerate as given by RBI and Union Bank of India as onthe date of payment / credit which was furtheradjusted by lower of these rates as at year end. Allexchange rate difference in respect of suchtransactions is recognized in the Statement of Profit& Loss.

15 Cash Flow Statement :

Cash Flow Statement is prepared in accordance withthe indirect method prescribed under the provisionsof Accounting Standard 3-Cash Flow Statement.

16 Taxes on Income :

Current tax is determined as the amount of taxpayable in respect of taxable income for the year.Deferred tax is recognized on timing difference; beingthe difference between taxable income andaccounting income that originate in one period andare capable of reversal in one or more subsequentperiods. Where there is unabsorbed depreciation orcarry forward losses, deferred tax asset arerecognized only if there is virtual certainty ofrealization of such assets. Other deferred tax assetsare recognized only to the extent there is reasonablecertainty of realization in future.

36


17 Earning per share:

Basic earning per share is computed by dividing theprofit/(loss) after tax (including the post tax effect ofextra ordinary items, if any) by the weighted averagenumber of equity shares outstanding during the year.

18 Leases:

Leases are classified as operating leases where thelessor effectively retains substantially all the risk andbenefits of the ownership of the leased assets.Operating Lease payments are recognized asexpenses in the Profit & Loss Statement as and whenbecomes due.

19 Miscellaneous

(a) Expenses on training and recruitment,research and development are charged toStatement of Profit & loss.

(b) Expenses relating to obtaining finance arecharged to Statement of Profit & loss in theyear in which these are incurred.

(c) Interest on loans and advances to staff arerecovered on completion of recovery of

principal amount and credited at the time ofcomputation of interest amount /clearance ofdues.

(d) Amount received from other distributioncompanies on account of exchange of poweris netted off from the cost of power purchase.

(e) Amount deducted from the suppliers/contractors bills on account of penalties isbeing treated as Misc. Revenue.

(f) Fixed assets (except vehicles) and Cashincluding Cash in transit are not insured.

(g) The provision for bad and doubtful debts hasbeen considered adequate to the extent of50% of amount of sundry debtors for Nigam’sdues (PDC) by the management.

(h) The provision for loss due to theft of fixedassets/ stocks has been maintained equivalentto the WDV/ value of stolen fixed assets/ stocks(code-28.512).

(i) Power Purchase/Sale (net) through bankingtransaction remaining unsettled at the year-end are accounted for at average rate ofenergy.

Authorised Share Capital

10,00,00,00,000 (P.Y. 6,00,00,00,000)

Equity shares of ` 10 each 1,00,00,00,00,000 60,00,00,00,000

Issued,Subscribed & Paid Up Share Capital

6,22,40,38,000 (P.Y 4,62,74,58,000)

Equity shares of ` 10 each fully paid up 54.600 62,24,03,80,000 46,27,45,80,000

TOTAL 62,24,03,80,000 46,27,45,80,000

(Amount in ` )

Particulars Account As at As at

Code 31.03.2016 31.03.2015

1 :- SHARE CAPITAL

II. Notes forming part of the Financial Statements for the year ended 31st March 2016

SHAREHOLDERS' FUNDS

1.1 The Company has only one class of shares referred to as equity shares having a par value of ` 10. Each holder of

equity shares 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

remaining assets of the company, after the distribution of all preferential amounts.

37


1.3 Reconciliation of the number of Equity shares

Particulars Number of Shares

Year 2015-16 Year 2014-15

At the beginning of the year 4,62,74,58,000 3,58,64,20,000

Add: Issued during the year 1,59,65,80,000 1,04,10,38,000

At the end of the year 6,22,40,38,000 4,62,74,58,000

1.4 The company is a Government Company with 100% share holding by the Government of Rajasthan and it's

nominee. All shares are issued at par of value `10/-each and are general equity share having equal rights for

dividend and vote.

1.5 Out of Shares issued during the year 2015-16, 85,56,00,000 nos. Equity Shares of ` 10/- each have been issued to

the Govt. of Rajasthan against liabilities taken over by the Government under UDAY scheme and 39,13,40,000

nos Equity Shares of ̀ 10/- each have been issued to Govt. against conversion of Interest free loans. (P.Y. 57,23,00,000

no. Equity Shares of ` 10/- each were issued to GoR against liability taken over by the GoR as per FRP-2013)

(a) Other Reserve 56.610-630

Opening Balance - -

Less: Transfers - -

Closing Balance - -

(b) Surplus/(Deficit)

Opening balance (2,78,31,08,81,167) (2,30,96,51,40,199)

Add: Profit transferred from Statement of

Profit & Loss (44,62,90,76,652) (47,34,57,40,968)

Closing Balance (3,22,93,99,57,819) (2,78,31,08,81,167)

TOTAL (a+b) (3,22,93,99,57,819) (2,78,31,08,81,167)

2 :- RESERVES & SURPLUS(Amount in ` )

S. Particulars Account As at As at

No. Code 31.03.2016 31.03.2015

Opening Balance 54.700 6,00,000 -

Add: Received during the year from Govt. of Raj. 27,26,78,27,000 10,41,09,80,000

Less: Share Capital issued during the year 15,96,58,00,000 10,41,03,80,000

Closing Balance 11,30,26,27,000 6,00,000

3 :- SHARE APPLICATION MONEY PENDING ALLOTMENT(Amount in ` )


Code 31.03.2016 31.03.2015

38


Consumer's Contribution for Service

Connection & Lines (Refer Note 4.2) 55.500

Opening Balance 20,00,85,88,290 17,49,20,76,261

Add: Received during the year 3,14,82,49,803 3,56,01,95,168

Less:Transferred to Statement of Profit and Loss (1,16,96,13,133) (1,04,36,83,139)

Closing Balance 21,98,72,24,960 20,00,85,88,290

Deferred Revenue on A/c of Subsidies

Cost of Capital Assets 55.600

Opening Balance 3,15,39,006 3,39,12,664

Add: Received during the year - -

Less:Transferred to Statement of Profit and Loss (23,73,658) (23,73,658)

Closing Balance 2,91,65,348 3,15,39,006

Deferred Revenue on A/c of RGGY Subsidy 55.700

Opening Balance 2,43,93,42,030 2,57,09,89,048

Add: Received during the year - -

Less:Transferred to Statement of Profit and Loss (13,16,47,018) (13,16,47,018)

Closing Balance 2,30,76,95,012 2,43,93,42,030

Deferred Revenue on A/c of DDUGJY Subsidy 55.710

Opening Balance - -

Add: Received during the year 47,24,27,845 -

Less:Transferred to Statement of Profit and Loss (1,88,97,114) -

Closing Balance 45,35,30,731 -

Deferred Revenue on A/c of Grant towards

Cost of Capital Assets 55.800

Opening Balance 63,51,01,926 68,25,47,511

Add: Received during the year 1,49,04,00,000 -

Less: Transferred to Statement of Profit and Loss (10,70,61,585) (4,74,45,585)

Closing Balance 2,01,84,40,341 63,51,01,926

TOTAL 26,79,60,56,392 23,11,45,71,252

4 :- DEFERRED CC&SL/ SUBSIDY / GRANTS

(Amount in ` )


Code 31.03.2016 31.03.2015

4.1 In terms of Accounting Policy no. 3(c), consumer contribution, grants and subsidies (including BPL subsidy under

RGGVY/DDUGJY) towards cost of capital assets, which are accounted for on Cash basis are transferred to deferred

income and the same is being amortized in 25 years.

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 of work.

3.1 The Company is to issue 1,13,02,62,700 nos. (P.Y. 60,000) equity shares to Government of Rajasthan at par value

of `10 each in next year upto 31 March and no interest is payable on application money. The company has

sufficient authorised share capital to cover the share capital amount resulting from allotment of shares out of such

share application money.

39


A Unsecured Bonds

4,77,644 Nos. 9.80% Taxable, Redeemable, 47,76,44,00,000 -

GoR Guaranteed, Non-convertible bonds in nature

of debenture of `1,00,000/- each.

(Issuance of Govt. Guarantee is under process)

37,070 Nos. (P.Y. 4,06,124 Nos.) 9.95% Taxable, 3,70,70,00,000 40,61,24,00,000

Redeemable, GoR Guaranteed, Non-convertible

bonds in nature of debenture of `1,00,000/- each.

See Description Note 5(i)

B Term Loans

i) From Banks

- Secured See Description Note 5(ii) - 1,40,69,31,60,000

ii) From Others

- Secured See Descriptive Note 5(iii) 1,16,58,62,860 1,32,69,12,684

- Unsecured See Description Note 5(iv) 1,52,46,34,42,857 79,68,81,16,364

TOTAL 2,05,10,07,05,717 2,62,32,05,89,048

(Amount in ` )

S. Particulars As at As at

No. 31.03.2016 31.03.2015

NON-CURRENT LIABILITIES

5 :- LONG TERM BORROWINGS

5.1 Principal amount of Loans from the Commercial Banks have been verified/confirmed by the Banks. However,

there is a difference of ` 10,49,23,011 (excess demand as per banks) between balances appearing in books of

accounts and bank statements, mainly on account of interest which is under reconciliation (P.Y. ` 5,29,20,406

excess payable in books of the company).

40


(i) 9.80% JVVNL Bonds 2031 under 52.130 1,00,000 47,76,44,00,000 -

UDAY scheme

(477644 Nos. of Bonds of ̀ 1,00,000/- each.

The maturity period of the bond shall be

maximum of 15 years. The Redemption will

start from the end of 6th year from the

deemed date of allotment i.e. 30.03.2016.

10% of the bond issue size will be redeemed

each year till 15th year. During the year

761692 Nos. bonds issued on 30.03.2016

out of which 284043 Nos. of bonds taken

over by GoR and 5 Nos. of bonds redeemed

by JVVNL due to fraction.)

(ii) 9.95% Jaipur Vidyut Vitran Nigam Ltd. 52.110 1,00,000 3,70,70,00,000 40,61,24,00,000

as per GOI Scheme

(37,070 Nos. of Bonds of ̀ 1,00,000/- each.

The maturity period of the bond shall be

maximum of 5 years. These bond will be

redeemed and replaced by issue of special

securities by Government of Rajasthan

within a period of 5 years from the deemed

date of allotment i.e 1st July, 2013 as per

GOI circular dated 5th Oct.2012 at the

discretion of Rajasthan Government, as per

their guidelines and instructions. During the

year 2,83,494 nos. bonds were redeemed

and 85,560 nos. (P.Y. 57,230 nos.) bonds

were taken over by the State Govt.)

TOTAL 51,47,14,00,000 40,61,24,00,000

(Amount in ` )

S. Bonds Account Face As at As at

No. Code Value 31.03.2016 31.03.2015

5 (i) :- DESCRIPTIVE DETAILS FOR UNSECURED BONDS

41


(i) UCO Bank

Term Loan I 53.502 - 1,60,00,00,000

(Loan repaid under UDAY scheme

by GoR)

Term Loan II 50.986 - 66,66,00,000


by GoR)

Term Loan III 50.986 - 1,50,00,00,000


by GoR)

Term Loan IV 50.986 - 42,32,00,000


by GoR)

Term Loan V 50.986 - 1,32,60,00,000


by GoR)

Term Loan VI 50.986 - 2,53,82,00,000

(Loan repaid during the year)

Term Loan VII 50.986 - 1,14,32,00,000


Sub Total (i) - 9,19,72,00,000

(ii) Corporation Bank

Term Loan I 53.503 - 50,00,00,000


by GoR)

Term Loan II 53.503 - 1,00,00,00,000


by GoR)

(Amount in ` )

S. Particulars Rate of Account As at As at

No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

5 (ii) :- DESCRIPTIVE DETAILS OF TERM LOAN FROM BANKS - SECURED

42


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan III 50.995 - 16,67,00,000


by GoR)

Term Loan IV 50.995 - 33,33,00,000


by GoR)

Term Loan V 50.995 - 50,00,00,000


by GoR)

Term Loan VI 50.995 - 28,18,00,000


by GoR)

Term Loan VII 50.995 - 88,01,00,000


by GoR)

Term Loan VIII 50.995 - 1,68,46,00,000


Term Loan IX 50.995 - 75,88,00,000


Sub Total (ii) - 6,10,53,00,000

(iii) Andhara Bank

Term Loan I 53.504 - 90,00,00,000

(Loan repaid under UDAY

scheme by GoR)

Term Loan II 50.996 - 16,66,00,000


by GoR)

Term Loan III 50.996 - 1,50,00,00,000


by GoR)

43


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan IV 50.996 - 28,40,00,000


by GoR)

Term Loan V 50.996 - 90,36,00,000


by GoR)

Term Loan VI 50.996 - 1,72,92,00,000


Term Loan VII 50.996 - 77,88,00,000


Sub Total (iii) - 6,26,22,00,000

(iv) Union Bank of India

Term Loan I 53.505 - 2,00,00,00,000


by GoR)

Term Loan II 53.505 - 4,00,00,00,000


by GoR)

Term Loan III 50.987 - 16,66,00,000


by GoR)

Term Loan IV 50.987 - 1,00,00,00,000


by GoR)

Term Loan V 50.987 - 50,00,00,000


by GoR)

Term Loan VI 50.987 - 69,29,00,000


by GoR)

44


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan VII 50.987 - 2,17,09,00,000

(Loan repaid under UDAY schemeby GoR)

Term Loan VIII 50.987 - 4,49,35,00,000


Term Loan IX 50.987 - 2,02,39,00,000


Sub Total (iv) - 17,04,78,00,000

(v) Indian Bank

Term Loan I 53.511 - 2,00,00,00,000

(Loan repaid under UDAYscheme by GoR)

Term Loan II 50.997 - 33,33,00,000


Term Loan III 50.997 - 52,44,00,000


Term Loan IV 50.997 - 82,14,00,000


Term Loan V 11.70% 50.997 36,49,50,000 1,57,23,00,000

(Repayable in 7 yearly installmentsof ` 224614286 starting from27.09.16 Secured against Escrow& Hypothecation of receivables.Loan amount ̀ 1207350000 repaidunder UDAY scheme by GoR ondated 31.03.2016 and balance willbe repaid in 2016-17)

Term Loan VI 50.997 - 70,81,00,000


Sub Total (v) 36,49,50,000 5,95,95,00,000

45


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

(vi) Canara Bank

Term Loan I 53.515 - 1,80,00,00,000


by GoR)

Term Loan II 53.515 - 74,52,00,000


by GoR)

Term Loan III 53.515 - 1,40,00,00,000


by GoR)

Term Loan IV 53.515 - 4,57,49,00,000


by GoR)

Term Loan V 53.515 - 4,00,00,00,000


by GoR)

Term Loan VI 50.85 - 1,95,00,00,000

(Loan repaid under UDAY scheme by GoR)

Term Loan VII 50.85 - 3,10,30,00,000


Term Loan VIII 50.85 - 5,94,05,00,000


Term Loan IX 50.85 - 2,67,52,00,000


Sub Total (vi) - 26,18,88,00,000

(vii) Allahabad Bank

Term Loan I 53.571 - 15,00,00,000

(Loan amounting to ` 150000000

repaid during the year.).

46


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan II 50.830 - 1,00,00,00,000


Term Loan III 50.830 - 13,76,00,000


Term Loan IV 50.830 - 43,13,00,000


Term Loan V 50.830 - 82,55,00,000


Term Loan VI 50.830 - 37,18,00,000


Sub Total (vii) - 2,91,62,00,000

(viii) Central Bank of India

Term Loan I 53.580 - 4,03,46,00,000

(Loan amounting ` 2680600000repaid under UDAY scheme byGoR and Balance repaid during theyear)

Term Loan II 53.580 - 1,37,16,00,000

(Loan repaid under UDAYscheme by GoR)

Term Loan III 53.580 - 2,93,84,00,000


Term Loan IV 53.580 - 2,00,00,00,000


Term Loan V 53.580 - 2,55,64,00,000


47


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan VI 53.580 - 91,14,00,000


by GoR)

Term Loan VII 53.580 - 83,14,00,000


Term Loan VIII 50.860 - 1,00,00,00,000


by GoR)

Term Loan IX 50.860 - 50,00,00,000


by GoR)

Term Loan X 50.860 - 71,00,00,000


by GoR)

Term Loan XI 50.860 - 3,79,52,00,000


by GoR)

Term Loan XII 50.860 - 7,37,60,00,000


Term Loan XIII 50.860 - 3,32,21,00,000


Sub Total (viii) - 31,34,71,00,000

(ix) Punjab & Sind Bank

Term Loan I 53.595 - 45,00,00,000


by GoR)

Term Loan II 50.990 - 1,00,00,00,000


by GoR)

48


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan III 50.990 - 1,00,00,00,000


scheme by GoR)

Term Loan IV 50.990 - 47,57,00,000


by GoR)

Term Loan V 50.990 - 74,51,00,000


by GoR)

Term Loan VI 50.990 - 1,65,09,00,000


Term Loan VII 50.990 - 74,36,00,000


Sub Total (ix) - 6,06,53,00,000

(x) Oriental Bank of Commerce

Term Loan I 53.596 - 60,28,00,000


by GoR)

Term Loan II 53.596 - 50,00,00,000


by GoR)

Term Loan III 53.596 - 1,40,00,00,000


by GoR)

Term Loan IV 53.596 - 1,96,42,00,000


by GoR)

Term Loan V 50.970 - 50,00,00,000


by GoR)

49


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan VI 50.970 - 40,83,00,000


by GoR)

Term Loan VII 50.970 - 1,27,92,00,000


by GoR)

Term Loan VIII 11.70% 50.970 1,19,59,00,000 2,44,85,00,000

(Repayable in 7 yearly installments

of ` 349785714 starting from

29.09.17 Secured against Escrow

& Hypothecation of receivables

and fixed assets. During the year

Loan amount ` 1252600000

repaid under UDAY scheme by

GoR on dated 31.03.2016 and

balance will be repaid in 2016-17)

Term Loan IX 50.970 - 1,10,28,00,000

(Loan amount ` 1102800000

repaid under UDAY scheme by

GoR)

Sub Total (x) 1,19,59,00,000 10,20,58,00,000

(xi) Vijaya Bank

Term Loan I 53.597 - 75,65,60,000


by GoR)

Term Loan II 53.597 - 1,11,75,00,000


by GoR)

Term Loan III 53.597 - 62,44,00,000


by GoR)

Term Loan IV 50.870 - 30,05,00,000


50


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan V 50.870 - 31,46,00,000


by GoR)

Term Loan VI 50.870 - 54,65,00,000


by GoR)

Term Loan VII 50.870 - 1,10,71,00,000


Term Loan VIII 50.870 - 47,15,00,000


Sub Total (xi) - 5,23,86,60,000

(xii) Dena Bank

Term Loan I 50.840 - 16,67,00,000


by GoR)

Term Loan II 50.840 - 1,00,00,00,000


by GoR)

Term Loan III 50.840 - 13,11,00,000


by GoR)

Term Loan IV 50.840 - 41,07,00,000


by GoR)

Term Loan V 50.840 - 78,62,00,000


Term Loan VI 50.840 - 30,48,00,000


Sub Total (xii) - 2,79,95,00,000

51


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

(xiii) Catholic Bank

Term Loan I 50.861 - 25,00,00,000


by GoR)

Term Loan II 50.861 - 2,62,00,000


by GoR)

Term Loan III 50.861 - 8,80,00,000


by GoR)

Term Loan IV 50.861 - 16,85,00,000


Term Loan V 50.861 - 7,59,00,000


by GoR)

Sub Total (xiii) - 60,86,00,000

(xiv) United Bank of India 50.862

Term Loan I - 25,00,00,000


by GoR)

Term Loan II - 5,62,00,000


by GoR)

Term Loan III - 8,80,00,000


by GoR)

Term Loan IV - 16,85,00,000


by GoR)

52


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan IV - -

(Loan of `75900000 taken during

the year and repaid under UDAY

scheme by GoR)

Sub Total (xiv) - 56,27,00,000

(xv) Bank of Rajasthan (ICICI Bank) 50.980

Term Loan I - 4,17,00,000


by GoR)

Term Loan II - 15,00,00,000


by GoR)

Term Loan III - 25,00,00,000


by GoR)

Term Loan IV - 9,93,00,000


scheme by GoR)

Term Loan V - 15,55,00,000


by GoR)

Term Loan VI - 30,22,00,000


Term Loan VII - 13,61,00,000


Sub Total (xv) - 1,13,48,00,000

(xvi) Syndicate Bank 50.981

Term Loan I - 50,00,00,000


scheme by GoR)

53


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan II - 1,00,00,00,000


by GoR)

Term Loan III - 52,81,00,000


by GoR)

Term Loan IV - 33,71,00,000


by GoR)

Term Loan V 11.70% 1,01,08,00,000 1,01,08,00,000

(Repayable in 7 Yearly installments


25.09.2016, Secured against

Escrow & Hypothecation of

receivables and fixed assets.)

Term Loan VI 11.70% 45,53,00,000 45,53,00,000

(Repayable in 7 Yearly installments


11.11.2018, Secured against

Escrow & Hypothecation of

receivables and fixed assets.)

Sub Total (xvi) 1,46,61,00,000 3,83,13,00,000

(xvii) State Bank of Bikaner & Jaipur 50.982

Term Loan I - 16,67,00,000


by GoR)

Term Loan II - 50,00,00,000


scheme by GoR)

Term Loan III - 7,34,00,000


scheme by GoR)

54


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan IV - 23,47,00,000


by GoR)

Term Loan V - 44,92,00,000


Term Loan VI - 20,23,00,000


Sub Total (xvii) - 1,62,63,00,000

(xviii) Punjab National Bank 50.983

Term Loan I - 33,27,00,000


scheme by GoR)

Term Loan II - 3,60,00,000


by GoR)

Term Loan III - 11,28,00,000


by GoR)

Term Loan IV - 22,35,00,000


by GoR)

Term Loan V - 10,12,00,000


Sub Total (xviii) - 80,62,00,000

(xix) Karnataka Bank 50.984

Term Loan I - 33,33,00,000


scheme by GoR)

Term Loan II - 3,74,00,000


scheme by GoR)

55


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan III - 11,73,00,000


by GoR)

Term Loan IV - 22,46,00,000


Term Loan V - 10,12,00,000


Sub Total (xix) - 81,38,00,000

(xx) Bank of Baroda 50.985

Term Loan I - 1,00,00,00,000


by GoR)

Term Loan II - 62,50,00,000


by GoR)

Term Loan III - 75,00,00,000


by GoR)

Term Loan IV - 26,50,00,000


by GoR)

Term Loan V - 83,00,00,000


by GoR)

Term Loan VI - 1,59,98,00,000


Term Loan VII - 72,08,00,000


Sub Total (xx) - 5,79,06,00,000

56


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

(xxi) Bank of India 50.989

Term Loan I - 1,11,23,00,000


by GoR)

Term Loan II - 35,20,00,000


by GoR)

Term Loan III - 67,44,00,000


Term Loan IV - 30,38,00,000


Sub Total (xxi) - 2,44,25,00,000

(xxii) Bank of Maharashtra 50.991

Term Loan I - 50,00,00,000


by GoR)

Term Loan II - 5,24,00,000


by GoR)

Term Loan III - 17,60,00,000


by GoR)

Term Loan IV - 33,69,00,000


Term Loan V - 15,18,00,000


Sub Total (xxii) - 1,21,71,00,000

(xxiii) Indian Overseas Bank 50.993

Term Loan I - 49,23,00,000


by GoR)

57


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan II - 37,84,00,000


by GoR)

Term Loan III - 1,00,00,00,000


by GoR)

Term Loan IV - 21,07,00,000


by GoR)

Term Loan V - 66,01,00,000


by GoR)

Term Loan VI - 1,26,35,00,000


Term Loan VII - 56,91,00,000


Sub Total (xxiii) - 4,57,41,00,000

(xxiv) Federal Bank 50.994

Term Loan I - 50,00,00,000


by GoR)

Term Loan II - 5,62,00,000


by GoR)

Term Loan III - 17,60,00,000


by GoR)

Term Loan IV - 33,69,00,000


Term Loan V - 15,18,00,000


Sub Total (xxiv) - 1,22,09,00,000

58


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

(xxv) South Indian Bank 50.998

Term Loan I - 50,00,00,000


by GoR)

Term Loan II - 5,00,00,000


by GoR)

Term Loan III - 17,60,00,000


by GoR)

Term Loan IV - 33,69,00,000


Term Loan V - 15,18,00,000


by GoR)

Sub Total (xxv) - 1,21,47,00,000

Total (A) (i to xxv) 3,02,69,50,000 1,55,17,69,60,000

Less: Current Maturities (Carried to Note No.10)

UCO Bank - 78,82,00,000

Corporation Bank - 2,39,00,000

Andhara Bank - 53,64,00,000

Union Bank of India - 1,50,47,00,000

Indian Bank 36,49,50,000 52,59,00,000

Canara Bank - 2,52,20,00,000

Allahabad Bank - 37,42,00,000

Central Bank of India - 3,38,27,00,000

Punjab & Sind Bank - 52,46,00,000

Oriental Bank of Commerce 1,19,59,00,000 1,25,10,00,000

Vijaya Bank - 52,31,00,000

59


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Dena Bank - 24,43,00,000

Catholic Bank - 5,22,00,000

United Bank of India - 5,65,00,000

Bank of Rajasthan (ICICI Bank) - 9,98,00,000

Syndicate Bank 1,46,61,00,000 33,81,00,000

Sate Bank of Bikaner & Jaipur - 13,95,00,000

Punjab National Bank - 6,89,00,000

Karnataka Bank - 6,99,00,000

Bank of Baroda - 49,59,00,000

Bank of India - 20,92,00,000

Maharashtra Bank - 15,24,00,000

Indian Overseas Bank - 39,18,00,000

Federal Bank - 10,48,00,000

South Indian Bank - 10,38,00,000

Total (B) 3,02,69,50,000 14,48,38,00,000

GRAND TOTAL (A-B) - 1,40,69,31,60,000

5(ii)(a) The aggregate amount of loans guaranteed by Government of Rajasthan is ` 3,02,69,50,000

(P.Y. `1,55,17,69,60,000).

5(ii)(b) Loan amounts to be paid in FY 2016-17 (upto June 16) under UDAY scheme have also been considered as

current maturities.

60


5 (iii) :- DESCRIPTIVE DETAILS OF TERM LOAN FROM OTHERS - SECURED

(i) National Capital RegionPlanning Board (NCRPB)

Term Loan I 9.25% 53.506 11,43,85,100 15,25,13,600

(Repayable in remaining 4 Yearlyinstallments of ` 3,81,28,500 upto20.04.2019, Secured againstEscrow & Hypothecation ofreceivables and movableassets(save & except book debts.)

Term Loan II 9.25% 53.506 11,21,10,400 14,94,80,700

(Repayable in remaining 4 Yearlyinstallments of ` 3,73,70,300 upto20.04.2019, Secured againstEscrow & Hypothecation ofreceivables and movable assets(save & except book debts.).

(ii) Power Finance Corporation(PFC)

Term Loan XI 12.65% 53.550 3,89,13,47,216 1,10,04,17,184

(Repayable in 60 quarterlyinstallments starting from15.04.2016. Secured againstEscrow and Hypothecation of fixedassets)

Total (A) 4,11,78,42,716 1,40,24,11,484

Less: Current Maturities(Carried to Note No.10)

NCRPB 7,54,98,800 7,54,98,800

PFC 2,87,64,81,056 -

Total (B) 2,95,19,79,856 7,54,98,800

GRAND TOTAL (A-B) 1,16,58,62,860 1,32,69,12,684

5(iii)(a) The aggregate amount of loans guaranteed by Government of Rajasthan is ` 22,64,95,500 (P.Y. ` 30,19,94,300).

5(iii)(b) Loan amounts to be paid in FY 2016-17 (upto June 16) under UDAY scheme have also been considered ascurrent maturities.

(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

61


5 (iv) :- DESCRIPTIVE DETAILS OF TERM LOAN FROM OTHERS - UNSECURED

(i) *Life Insurance Corporation 52.501

Loan (LIC)

Term Loan I 8.50% 5,14,28,570 6,00,00,000

(Repayable in remaining 6 yearly

installments of ` 85,71,429 upto

15.07.2021)

Term Loan II 8.50% 6,85,69,715 7,99,98,000


installments of ` 1,14,28,286 upto

15.01.2022)

Term Loan III 8.50% 9,14,26,285 10,66,64,000



15.07.2021)

Term Loan IV 8.50% 15,42,85,715 18,00,00,000


installments of ` 2,57,14,286

upto15.07.2021)

Term Loan V 8.50% 17,14,28,570 20,00,00,000



15.07.2021)

Term Loan VI 8.50% 19,99,97,140 23,33,30,000


installments of ̀ 3,33,32,857 upto

15.01.2022)

Term Loan VII 9.60% 28,44,37,330 31,99,92,000



upto15.07.2023)

(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

62


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan VIII 10.00% 62,39,96,100 69,33,29,000



upto15.07.2024)

Term Loan IX 10.00% 55,10,90,905 60,62,00,000



upto15.07.2025)

Term Loan X 10.00% 59,58,33,330 65,00,00,000



upto15.07.2026)

*Life Insurance Corporation has

restructured the outstanding loan

amounts vide sanction No.Invma/

Review-SOS dated 24.02.2015

Sub Total (i) 2,79,24,93,660 3,12,95,13,000

(ii) Power Finance Corporation (PFC)

Term Loan I 12.50% 53.550 5,40,56,214 7,80,81,199

(Repayable in remaining 9

quarterly installments of

` 60,06,245 upto 15.04.2018)

Term Loan II 12.75% 53.550 44,00,00,000 52,00,00,000



` 2,00,00,000 upto 15.07.2021)

Term Loan III (Part- A) 9.00% 53.550 1,06,84,20,000 1,06,84,20,000

(Repayment of loan taken on 27th

Feb 2009 will become due on 15th

day of each month except April and

May upto 10 years falling

immediately after moratorium

period of maximum 3 years.

63


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Further such loan alongwith interest

thereon shall be converted into

grant once the projects of Part A

under R-APDRP are implemented

and verified by an independent

agency appointed by Ministry of

Power. Due to slow progress of the

work, the monitoring Committee

has decided to provide extension

upto 30th June 2017 alongwith

matching deferment of repayment

of GoI loan (Principal & Interest).

Term Loan III (Part- B) 9.00% 53.550 72,61,10,000 69,78,10,000

(Repayment of loan taken on

31.03.2010 will become due on

15th day of each month except

April and May upto 15 years falling

immediately after moratorium

period of maximum 5 years.

Further such loan alongwith interest

thereon shall be converted into

grant once the projects of Part B

under R-APDRP are implemented

and verified by an independent

agency appointed by Ministry of

Power. The monitoring Committee

has decided to provide extension

upto June 16 in 5 Projects and June

17 in remaining projects.

Term Loan IV 12.50% 53.550 2,77,75,974 3,70,34,632



` 23,14,665 upto 15.01.2020)

Term Loan V 12.50% 53.550 5,24,97,565 6,86,50,661



` 40,38,274 upto 15.04.2019)

64


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan VI 12.75% 53.550 1,51,75,57,834 1,63,65,81,977



` 2,97,56,036 upto 15.10.2028)

Term Loan VII 11.50% - 13.00% 53.550 2,02,05,96,707 2,47,89,47,883



` 11,45,87,794 upto 15.04.2020)

Term Loan IX 12.15% - 12.50% 50.600 14,53,57,14,285 15,00,00,00,000



` 53,57,14,286 upto 26.09.2022)

Term Loan X 11.50% - 12.75% 53.550 3,85,04,08,165 3,75,98,96,373



` 6,63,86,348 upto 15.10.2029)

Term Loan XII 12.04% - 12.40% 53.550 11,00,00,00,000 5,50,00,00,000

(Repayable in 28 quarterly

installments of ̀ 39,28,57,143 start

from 15.04.2020)

Term Loan XIII 12.00% 53.550 45,06,28,797 -


installments starts from April, 17)

Term Loan XIV 11.00% - 12.00% 53.550 21,95,57,192 -


installments starts from Oct.,17)

Term Loan XIV 11.00% - 12.00% 53.550 1,48,14,46,198 -


installments starts from April,17)

Sub Total (ii) 37,44,47,68,931 30,84,54,22,725

65


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

(iii) Rajasthan State Power 11.00% 50.863 25,00,000 50,00,000

Finance Corporation

(Repayable in 2 equal installments

of ̀ 25,00,000 start from 29.03.16)

Sub Total (iii) 25,00,000 50,00,000

(iv) Rural Electrification Corporation

(REC) (Budget) 50.700

Term Loan V 11.90%-12.50% 14,73,21,42,858 13,75,00,00,000


quarterly installment of

` 53,57,14,286 upto 05.11.2022)

Term Loan VI 11.90%-12.25% 11,00,00,00,000 4,12,50,00,000


quarterly installment of

` 39,28,57,143 start from

30.03.2020)

Sub Total (iv) 25,73,21,42,858 17,87,50,00,000

(v) Rural Electrification Corporation

(REC) (RE-TW) 8% to 12.5% 53.300

Scheme No. 2 - 4,25,474

(This loan has been paid during the

year 2015-16)

Scheme No. 3-4 9,12,569 18,25,137

(Balance of these 2 loans as per

respective schemes are to be paid

in 1 equal annual Installments for

each loan on 15th March upto

15-3-2017)

Scheme No. 26-50 - 1,38,91,684

(This loan has been paid during

the year 2015-16)

66


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 51-71 1,25,50,689 2,51,01,363





15-3-2017)

Scheme No. 72-73 32,09,165 48,13,748




each loan on 15th May upto

15-5-2017)

Scheme No. 74-78 - 75,75,600


year 2015-16)

Scheme No. 79-86 1,28,28,860 2,56,57,720





15-3-2017)

Scheme No. 87-89 1,13,09,060 1,69,63,590




each loan on 15th May upto

15-5-2017)

Scheme No. 90-95 - 19,36,970


year 2015-16)

Scheme No. 96-105 54,13,310 1,08,26,620





15-3-2017)

67


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 106-114 2,70,82,918 3,00,92,124





15-3-2025)

Scheme No. 115-118 1,28,53,365 1,41,38,700





15-3-2026)

Scheme No. 119-124 4,47,43,650 4,88,11,252





15-3-2027)

Scheme No. 125-130 2,67,96,870 2,90,29,940




each loan on 15th Jan upto

15-01-2028)

Scheme No. 131 19,63,824 21,27,476

(Balance of this loan is to be paid

in 12 equal annual Installments on

15th Feb upto 15-2-2028 )

Scheme No. 132-140 3,91,74,814 4,24,39,382





15-03-2028)

68


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 141-155 8,12,61,700 8,75,12,600





15-3-2029)

Scheme No. 156-157 42,22,518 45,24,124





15-3-2030)

Scheme No. 158-159 1,05,27,036 1,13,36,808





15-3-2029)

Scheme No. 160-161 24,16,560 36,24,840





15-3-2018)

Scheme No. 162-167 1,17,56,190 1,56,74,920




each loan on 15th Feb upto

15-2-2019)

Scheme No. 168-169 33,72,420 44,96,560





15-03-2019)

69


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 170-187 4,99,99,080 7,49,98,620





15-3-2018)

Scheme No. 188-193 1,29,22,740 1,72,30,320




each loan on 15th July upto

15-7-2018)

Scheme No. 194-200 45,24,75,300 60,33,00,400




each loan on 15th Oct upto

15-10-2018)

Scheme No. 201-210 6,02,13,990 8,02,85,320





15-2-2019)

Scheme No. 211-247 10,16,35,358 13,55,13,802





15-3-2019)

Scheme No. 248-249 86,30,800 1,07,88,500




each loan on 15th April upto

15-4-2019 )

70


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 250-251 - -

(This loan has been repaid during

the year 2012-13)

Scheme No. 258-261 14,74,09,800 18,42,62,250





15-10-2019)

Scheme No. 262-280 2,02,69,43,402 2,53,36,79,251




each loan on 15th Dec upto

15-12-2019)

Scheme No. 281-283 6,95,52,080 8,69,40,100





15-3-2019)

Scheme No. 284-290 89,86,62,434 1,07,83,94,915




each loan on 15th Nov upto

15-11-2020)

Scheme No. 293-299 69,17,41,028 80,70,31,199




each loan on 15th Sep upto

15-9-2021)

71


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 300-302 72,26,34,660 84,30,73,770





15-2-2022)

Scheme No. 303-307 1,54,81,08,678 1,72,01,20,753





15-3-2025)

Scheme No. 308-334 2,83,53,73,806 2,41,96,04,220




each loan on 15th June upto

15-06-2030)

Scheme No. 335 47,89,07,487 39,87,41,726



15th Nov. upto 15-11-2030)

Scheme No. 336-340 1,44,78,13,001 1,44,43,85,081




each loan on 15th March. upto

15-03-2026)

Scheme No. 341 98,38,79,010 98,38,79,010



15th May. upto 15-05-2026)

Scheme No. 342 60,70,60,475 60,70,60,475



15th June. upto 15-06-2026)

72


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 343-346 14,23,57,437 14,23,57,437




each loan on 15th Oct. upto

15-10-2026)

Scheme No. 347-349 1,32,93,11,491 1,25,20,82,574




each loan on 15th Dec. upto

15-12-2026)

Scheme No. 350-51 1,03,81,07,229 1,02,98,83,070




each loan on 15th Jan. upto

15-01-2027)

Scheme No. 342 6,02,12,800 6,02,12,800



15th March. upto 15-03-2027)

Scheme No. 343-45 1,90,90,40,590 1,81,26,21,899




each loan on 15th May. upto

15-05-2027)

Scheme No. 346-47 1,35,82,04,115 1,01,93,49,603




each loan on 15th June. upto

15-06-2027)

73


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 348 40,17,75,027 27,19,40,231

(Balance of this loan as per



each loan on 15th July upto

15-07-2027)

Scheme No. 349-356 96,48,95,025 70,25,98,014




each loan on 15th Oct. upto

15-10-2032)

Scheme No. 357-359 1,55,31,40,940 84,84,73,728




each loan on 15th Nov. upto

15-11-2027)

Scheme No. 360 14,83,13,533 9,47,74,797

(Balance of this loan as per



each loan on 15th Dec. upto

15-12-2027)

Scheme No. 360-361 23,82,86,970 12,08,63,506




each loan on 15th Jan. upto

15-01-2028)

Scheme No. 362-365 1,48,83,62,932 -




each loan on 15th April. upto

15-04-2028)

74


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 366 65,71,95,288



15th Oct. upto 15-10-2028)

REC Rationalization 10,94,61,900 12,66,58,380


in 96 equal monthly Installments

on 31st of every month upto

31.03.2024)

Sub Total (v) 24,85,50,23,924 21,91,39,32,382

(vi) Rural Electrification 11.00%to 12.00% 53.310

Corporation under Rajiiv

Gandhi Grameen Vidyutikaran

Yojana (RGGVY) scheme

Scheme No. 1-2 59,40,892 74,26,115





15.03.2020)

Scheme No. 3-4 2,06,12,124 2,40,47,478




each loan on 15th April upto

15.04.2021)

Scheme No. 5-6 4,43,27,595 5,31,93,114





15.03.2021)

Scheme No. 7 2,15,94,453 2,51,93,529




15.10.2021)

75


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Scheme No. 8-13 14,19,92,896 15,97,42,008




each loan on 15th June upto

15.06.2023)

Scheme No. 14 2,89,32,930 3,25,49,546



each loan on 15th Nov upto

15.11.2023)

Sub Total (vi) 26,34,00,890 30,21,51,790

(vii) Rural Electrification 11% 53.310

Corporation under DDUGJY

(Erstwhile RGGVY XII Plan)

scheme

Scheme No. 1-5 2,05,14,425 -




each loan on 15th Nov. upto

15.11.2035)

Scheme No. 6-8 3,19,77,558 -




each loan on 15th Dec upto

15.12.2035)

Sub Total (vii) 5,24,91,983 -

(viii) World Bank 53.598

Term Loan I 13.00% 2,06,382 3,09,573


monthly installments of ` 10,319

upto 15.03.2018)

76


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan II 12.50% 3,11,292 3,89,114

(Repayable in remaining

40monthly installments of ̀ 7,782

upto 15.03.2020)

Term Loan III 12.50% 16,61,001 19,93,203



upto 15.03.2021)

Term Loan IV 12.00% 16,95,675 19,78,287



upto 15.03.2022)

Term Loan V 13.00% 43,734 87,459



upto 15.03.2017)

Term Loan VI 12.50% 6,12,54,375 7,35,05,250


monthly installments of

` 12,25,087 upto 15.03.2021)

Term Loan VII 12.00% 1,11,72,000 1,27,68,000


monthly installments of ` 1,59,600

upto 15.03.2023)

Term Loan VIII 11.50% 11,81,22,260 13,49,96,868



` 16,87,460 upto 15.03.2023)

Term Loan IX 10.50% 29,44,08,331 33,12,09,373



` 36,80,104 upto 15.03.2024)

77


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan X 10.50% 5,66,48,552 6,29,42,835

(Repayable in remaining 90monthly installments of ` 6,29,428upto 15.03.2025)

Term Loan XI 9.00% 9,50,15,025 10,55,72,250

(Repayable in remaining90monthly installments of` 10,55,722 upto 15.03.2025)

Term Loan XII 9.00% 22,26,34,420 24,48,97,861

(Repayable in remaining 100monthly installments of` 22,26,344 upto 15.03.2026)

Term Loan XIII 9.00% 31,00,31,518 33,82,16,201

(Repayable in remaining 110monthly installments of` 28,18,468 upto 15.03.2027)

Term Loan XIV 9.00% 16,19,797 17,54,781

(Repayable in remaining 120monthly installments of ` 13,498upto 15.03.2028)

Sub Total (viii) 1,17,48,24,362 1,31,06,21,055

(ix) State Govt. Loan against 8.09% 50.821 5,74,85,86,000 -World Bank

(Principal payment due on 15february & 15 august start from 15august 2023 installment share3.23% upto 15.02.2038 and on15.08.2038 installment share3.10%)

Sub Total (ix) 5,74,85,86,000 -

(x) Accelerated Power Development 53.599and Reform Programme (APDRP):-

Term Loan I 12.50% 88,95,830 1,06,74,997

(Repayable in remaining 50monthly installments of ̀ 1,77,916upto 15.03.2021)

78


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

Term Loan II 12.00% 1,14,33,334 1,30,66,668


monthly installments of ̀ 1,63,333

upto 15.03.2023)

Term Loan III 11.50% 5,08,29,334 5,80,90,668



upto 15.03.2023)

Term Loan IV 11.50% 2,74,80,825 3,14,06,669



upto 15.03.2023)

Term Loan V 10.50% 9,92,60,000 11,16,67,500



` 12,40,750 upto 15.03.2024)

Term Loan VI 10.50% 13,87,40,000 15,60,82,500



` 17,34,250 upto 15.03.2024)

Term Loan VII 10.50% 5,83,33,338 6,56,24,993



upto 15.03.2024)

Term Loan VIII 9.00% 1,68,99,750 1,87,77,500



upto 15.03.2025)

Sub Total (x) 41,18,72,411 46,53,91,495

79


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

(xi) Interest free loan from 54.500

State Govt.

Loan I 1,89,01,32,000 5,63,96,50,000

(Terms of repayment of such loan

shall be decided by the

Government of Rajasthan when

company generates surplus on its

equity, accordingly treated as Long

Term Borrowing)

Loan from State Govt. under 54.510 1,17,84,60,30,400 -

UDAY

(Loan under UDAY Scheme)

Sub Total (xi) 1,19,73,61,62,400 5,63,96,50,000

(xii) Small Industrial Development 11.95% 50.810 2,57,00,00,000 2,57,00,00,000

Bank of India (SIDBI)

(Terms of loan have been

restructured / rescheduled and now

repayable in 7 yearly installments

of ` 43,00,00,000 commencing

from 10.03.2015. The payment of

installment due on 10.03.2016

amounting to ` 43,00,00,000 has

been paid on 26.05.2016)

Sub Total (xii) 2,57,00,00,000 2,57,00,00,000

TOTAL (A) (i to xii) 2,20,78,42,67,419 84,05,66,82,447

Less: Current Maturities (Carried to Note No.10)

(i) Life Insurance Corporation Loan 33,70,19,345 33,70,19,345

(ii) Power Finance Corporation Loan 30,53,13,90,216 1,34,29,48,360

(iii) Rajasthan State Power Finance Corporation) 25,00,000 25,00,000

(iv) Rural Electrification Corporation (Budget) 22,98,21,42,858 53,57,14,290

(v) Rural Electrification Corporation (RE-TW) 11,66,97,05,533 1,49,23,17,478

80


(Amount in ` )


No. Interest Code 31.03.2016 31.03.2015

as at

31.03.2016

(vi) Rural Electrification Corporation

(REC) under RGGVY Scheme 3,87,50,900.00 3,87,50,900

(vii) World Bank Loan 13,57,96,650 13,57,96,650

(viii) Accelerated Power Development

and Reform Programme 5,35,19,060 5,35,19,060

(ix) Small Industries Development

Bank of India 2,57,00,00,000 43,00,00,000

TOTAL (B) (i to ix) 68,32,08,24,562 4,36,85,66,083

GRAND TOTAL (A-B) 1,52,46,34,42,857 79,68,81,16,364

5(iv)(a) The aggregate amount of loans guaranteed by Government of Rajasthan is ` 91,62,81,99,300

(P.Y ` 64,94,26,38,107)

5(iv)(b) RRVPNL had obtained few loans from Financial Institutions/ the World Banks on behalf of the company and has

also managed debt servicing of loans pertaining to the company which has been adjusted in the accounts on the

basis of details/claims received from RRVPNL.

5(iv)(c) Loan amounts to be paid in FY 2016-17 (upto June 16) under UDAY scheme have also been considered as

current maturities.

81


A) Trade Payables - -

B) Others

Security Deposits from Contractors 46.101-46.121 17,69,26,224 16,43,55,127

Consumers and Meter Security Deposit 48.100-48.500 9,01,44,03,400 8,07,79,86,077

Retention Money 46.124 1,12,52,237 28,42,46,678

Other Miscellaneous Deposits 46.968 14,53,29,478 -

TOTAL 9,34,79,11,339 8,52,65,87,882

(Amount in ` )


Code 31.03.2016 31.03.2015

6 :- OTHER LONG TERM LIABILITIES

Provision for Employee Benefits

Leave Encashment 44.126 2,56,15,23,940 2,37,15,58,000

TOTAL 2,56,15,23,940 2,37,15,58,000

(Amount in ` )


Code 31.03.2016 31.03.2015

7 :- LONG TERM PROVISIONS

82


CURRENT LIABILITIES

8 :- SHORT-TERM BORROWINGS

Loans Repayable on Demand

From Banks:

- Secured

SBBJ (Rate of Intt. @11.95% as at 50.100 6,57,05,954 21,32,64,341

31.03.16 and Secured against

Hypothecation of Stores)

- Unsecured

Bank of India (Rate of Int. @ 11.30% 50.120 29,99,71,219 29,69,08,598

as at 31.03.16 and Govt Guarantee)

From Others: - -

TOTAL 36,56,77,173 51,01,72,939

(Amount in ` )


Code 31.03.2016 31.03.2015

Trade Payables

Due to Micro & Small Enterprises - -

(Refer note 9.1)

Others

- For purchase of power (Refer note 9.2) 41.101-41.200 22,16,81,69,510 10,95,39,58,082

- Amt. Payable To RRVUNL 46.980 21,43,73,18,655 7,51,37,61,693

- Amt. Payable To RRVPNL 46.981 4,62,00,51,737 2,99,55,97,942

Liability against power purchase

through Banking 41.179 14,07,43,627 2,48,70,70,400

TOTAL 48,36,62,83,529 23,95,03,88,117

(Amount in ` )


Code 31.03.2016 31.03.2015

9 :- TRADE PAYABLES

9.1 In view of difficulty in identification of accounts relating to Micro, Small & Medium Enterprises, information with

regard to amount unpaid at the year end together with the interest paid / payable under the MSMED Act, 2006 is

neither provided nor disclosed for determining the particulars relating to current indebtness to such undertakings.

9.2 Liability for expenditure on account of Power Purchase pertaining to the period upto 31.03.16 has been accounted

for generally to the extent of amount of bills received upto 30.05.2016 (P.Y. 30.05.2015) except transactions

relating to sister companies for which, such liability has been created for the claims received upto 31.07.2016

(PY 31.07.2015). However, due care has been taken to account for the significant amount of liabilities which have

been come into notice upto preparation of Annual Accounts.

83


Current maturities of long-term debt (Refer note 10.1) 74,29,97,54,418 18,92,78,64,883

Interest accrued but not due on borrowings 46.710 2,40,14,44,340 5,00,23,53,289

Income received in advance 46.917 33,27,98,476 33,56,49,696

Advance Received For Sale Store Scrap 46.922 1,39,45,068 10,62,280

Tariff Subsidy received in Advance (Refer note 23(1)(a)) 46.968 - 2,91,31,31,082

Other Deposits (Received from customers) 47.10X-47.984 91,07,57,515 99,47,65,803

Other Payables:

Liabilities for capital works / supplies 42.100-42.700 1,85,79,73,536 1,71,54,68,711

Liabilities for O&M Supplies / works 43.1XX-43.800 3,48,82,35,365 3,63,59,17,671

Security Deposits from Contractors 46.100-46.979 57,92,97,757 53,32,88,728

Consumers and Meter Security Deposit 48.100-48.500 61,87,78,715 36,57,11,368

Interest payable on Consumer and 48.400 & 48.401 1,99,20,43,999 1,70,76,71,907

Meter Security Deposit

Earnest Money Deposits 46.103&46.123 28,46,72,056 31,79,03,785

Retention Money 46.124 2,62,19,52,941 2,04,97,18,753

Payable against Intt. earned on DDUGJY Fund 46.602 88,20,546 -

Other Miscellaneous Deposit 46.968 61,83,09,860 75,78,52,230

Security Deposit From Employee 46.920 37,38,492 37,39,571

Statutory Liabilities 46.100-46.979 53,93,45,775 85,10,45,427

G.P.F/C.P.F Miscellaneous Deposit 46.921 56,17,637 39,55,769

Miscellaneous Deposit Contribution -C.P.F. 46.975 41,460 27,788

Staff related liabilities 44.100-44.449 54,01,88,191 45,92,14,026

Bonus/Ex-gratia 44.140 6,25,00,000 5,00,00,000

Dearness allowance 44.150 3,75,22,117 4,03,86,485

Due for Expenses 46.410-46.430 5,12,80,40,309 1,70,66,87,251

Stale Cheques (Refer note 10.3) 46.910 2,24,54,569 2,57,89,021

Inter Company Payables (Refer note 10.2) 46.980-46.983 5,08,87,19,724 5,87,13,66,456

Electricity Duty Payable 46.310 1,49,53,15,488 1,61,09,15,494

Payable To Kotputali Rural Electrical 46.601 80,38,984 80,38,984

Co-operative Society(KREC)

TOTAL 1,02,96,03,07,338 49,88,95,26,458

(Amount in ` )


Code 31.03.2016 31.03.2015

10 :- OTHER CURRENT LIABILITIES

84


Term Loan from Banks - Secured 5(ii) 3,02,69,50,000 14,48,38,00,000

Term Loan from others - Secured 5(iii) 2,95,19,79,856 7,54,98,800

Term Loan from others - Unsecured 5(iv) 68,32,08,24,562 4,36,85,66,083

Total 74,29,97,54,418 18,92,78,64,883

(Amount in ` )

Particulars As at As at

31.03.2016 31.03.2015

10.1:- DESCRIPTIVE DETAILS FOR CURRENT MATURITY OF LONG TERM

DEBTS (CARRIED FROM NOTE NO.5)

Amt Payable To AVVNL 46.983 5,08,87,19,724 5,87,13,66,456

Amt Payable To JDVVNL 46.984 - -

TOTAL 5,08,87,19,724 5,87,13,66,456

(Amount in ` )


Code 31.03.2016 31.03.2015

10.2 :- INTER COMPANY PAYABLES

10.3 Amount pertaining to stale cheques for more than three years has been written back as the liability is no longer consideredpayable. In case any claim in this regard is received in future, it will be paid after approval of the competent authority asper delegation of power.

Provision for Employee Benefits

Gratuity Actuarial Valuation (Refer note 28.3) 44.110 & 44.115 4,24,29,19,571 4,03,38,63,026

Pension Actuarial Valuation (Refer note 28.3) 44.120 & 44.125 35,15,47,57,974 31,51,00,59,078

Leave Encashment (Refer note 28.3) 44.126 29,32,76,592 27,56,41,484

Provision for Compensatory Absences (HPL)

{Refer note 28.3 (vi)} 44.127 1,63,38,000 1,63,38,000

TOTAL 39,70,72,92,137 35,83,59,01,588

(Amount in ` )


Code 31.03.2016 31.03.2015

11 :- SHORT TERM PROVISIONS

85


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86


12.2 Pursuant to Power Sector Reform Scheme, Land Rights and other assets have been acquired. Value of these assets

has been incorporated in the books as allocated under the said scheme and the title deeds pertaining to these assets

are still in the name of erstwhile RSEB.

12.3 Due to non-feasibility of segregation of assets allocated in the transfer scheme to successor entities, the depreciation

on assets of the company as on 19.7.2000 has been calculated and incorporated in the books of accounts on the

basis of information provided by the RVPNL.

12.4 Work relating to preparation of Fixed Assets Register and other allied work for the year 2000-01 to 2012-13 has

been outsourced to M/s Ankit Maheshwari & Associates, CAs, Jaipur which is under progress.

12.5 "After periodical assessment, field officers have certified that no impairment of fixed assets has been identified

which required to be impaired in accordance with the requirement of the AS-28.

12.6 During the year adjustments / transfers under the same assets group have been made to rectified the misclassifications

of earlier years.

12.7 (a) Capital expenditure incurred under RGGVY/DDUGJY scheme has been fully transferred to Fixed Assets

during 2015-16 and for the purpose of calculation of depreciation, amount to the extent of month wise

booking has been considered.

(b) Other than works under RGGVY/DDUGJY Scheme, the works completed at different dates have been

transferred to Fixed Assets monthly on average basis of total value of completed works certified by Circle

S.Es for the financial year 2015-16.

12.8 Plant & Machinery shown in fixed assets includes value of transformers given on rent (amount not ascertainable).

12.9 The Govt. of Rajasthan has allotted land in exchange of Nigam’s land situated at Sodala, Jaipur and no payment

on this account has been received or paid. Necessary accounting entry, if required, shall be carried out in subsequent

years after getting it examined legally.

12.1 :- ASSETS NOT IN USE (VALUED AT LOWER OF WDV AND NRV)

(Amount in ` )

Account Code Year Opening Addition Deduction Closing

Balance Balance

16.100-16.190 2015-16 13,37,43,043 64,83,43,765 63,15,39,528 15,05,47,280

2014-15 10,75,26,016 14,87,83,949 12,25,66,922 13,37,43,043

87


13 :- FIXED ASSETS - CAPITAL WORK IN PROGRESS

Capital Work in Progress 14.XXX 8,68,68,64,858 7,26,39,57,085

Capitalization of Employee Cost / Adm. Cost / IDC 15.XXX 2,67,17,87,283 2,07,72,79,731

Total 11,35,86,52,141 9,34,12,36,816

(Amount in ` )


Code 31.03.2016 31.03.2015

14 :- INVENTORY FOR CAPITAL WORKS

Capital inventory and stores: (Refer Note No.14.1) 22.XXX

Material Stock account 22.100-22.699 3,77,31,84,446 3,33,53,71,421

Material Stock related account 22.700-22.900 2,32,57,301 3,16,09,634

3,79,64,41,747 3,36,69,81,055

Less:Provision for obsolescence of O&M and

Capital stores 22.910 2,61,54,212 2,59,35,353

Total 3,77,02,87,535 3,34,10,45,702

(Amount in ` )


Code 31.03.2016 31.03.2015

14.1 Based on the consumption pattern of inventory comprising of stores and spares in the past, company is of the view

that substantial portion of such inventory shall be consumed in future for construction / erection of the capital

assets. Since the identification / determination of inventory to be consumed for other than capital purpose is not

possible at this stage, the whole inventory of stores and spares has been classified as “Inventory for Capital Works”.

14.2 Final adjustment of Material Stock Shortage & Excess Pending Investigation amounting to `41,69,653 &

` 1,15,77,270 (P.Y ̀ 37,04,886 & ̀ 86,19,991) respectively shall be made in the books of accounts after investigation

of reasons and consequent decision.

14.3 Provision with equivalent amount has been made for obsolescence of identified stores items.

13.1 The details/ inventory of closing CWIP as on 31.3.2016 (work orderwise) have been prepared (Sub Division &

Circlewise) based on actual value as per SINs of material issued for Capital Works plus erection charges paid with

reference to CLRC work orders, value of incomplete TW, Civil works and Materials lying at site for capital works.

13.2 Capital Work in progress includes ` 1,62,91,14,430 (P.Y. ` 1,52,62,47,696) being material issued for capital work

and lying at site in terms of Accounting Policy adopted by the company.

88


16 :- LONG TERM LOANS & ADVANCES

Unsecured & Considered Good

Capital Advances 26.XXX-27.XXX 1,07,52,91,723 1,15,68,24,139

Project Advance 27.500 & 27.809 56,55,00,950 56,55,00,950

Advances to Other Parties 27.808 33,50,873 25,00,000

TOTAL 1,64,41,43,546 1,72,48,25,089

(Amount in ` )


Code 31.03.2016 31.03.2015

15 :- DEFERRED TAX ASSETS

Items arising Deferred Tax Liability

Due to difference in WDV as per Books and Tax 9,44,37,44,167 8,74,85,74,579

Misc. Exp. To the extent not written off 31,21,355 45,20,949

Total Deferred Tax Liability 9,44,68,65,522 8,75,30,95,528

Items arising Deferred Tax Assets

Provisions & Disallowance u/s 43B 13,54,24,29,154 11,80,87,05,415

Unabsorbed Loss & Depreciation 71,83,79,74,144 59,06,21,66,024

Provisions for doubtful dues and others 1,18,23,65,103 82,21,11,075

Total Deferred Tax Assets 86,56,27,68,401 71,69,29,82,514

Net Deferred Tax Assets 77,11,59,02,879 62,93,98,86,986

(Amount in ` )

Particulars As at As at

31.03.2016 31.03.2015

Net Deferred Tax Assets after setting off Deferred Tax Liability has not been considered in accounts on prudent basis as

there is no virtual certainty about the income available in future to realize such deferred tax assets.

89


CURRENT ASSETS

18 :- INVENTORIES

Stores and Spares (Refer Note No.14.1) - -

TOTAL - -

(Amount in ` )


Code 31.03.2016 31.03.2015

19 :- CURRENT INVESTMENTS

Other Investment - Unquoted

(At lower of Cost and fair value)

Investments in Co-operative Societies 20.21X-20.330 45,22,150 45,22,150

Less:- Provision against Investment 46.959 (45,22,150) (45,22,150)

TOTAL - -

(Amount in ` )


Code 31.03.2016 31.03.2015

17 :- OTHER NON- CURRENT ASSETS

OthersRevenue Subsidy/Grant Receivable from Govt. forRevenue Gap (Refer Note 17.2) 28.624 18,89,25,57,605 21,17,75,57,605

Less:- Shown under Current Assets (Refer Note 23.1) (2,39,92,50,000) (2,28,50,00,000)

Subsidy Receivable Against Minimum Charges(Refer Note 17.1) 28.627 1,25,05,36,357 1,25,05,36,357

Miscellaneous Expenditure to the extent not written off 18.400 60,37,730 1,01,01,473

Interest accrued but not due 28.390 2,64,75,040 2,29,33,380

Prepaid Expenses 28.820 - 42,150

TOTAL 17,77,63,56,732 20,17,61,70,965

(Amount in ` )


Code 31.03.2016 31.03.2015

17.1 The Govt. of Rajasthan has reimbursed the difference of minimum charges related to period upto 31.03.2009 asper agreement signed on dated 26th Oct, 2009 between GOR and Discoms. Matter is being pursued with the stategovt. for reimbursement of minimum charges related to period 2009-10 to 2011-12 amounting to `1,25,05,36,357and a favourable decision is under consideration.

17.2 Keeping in view the commitment of GoR in Financial Restructuring Plan (FRP), 2005 and reiterated vide MoUexecuted on dated 26.10.2009, Revenue Gap upto 2008-09 `4410.43 crore had been depicted as subventionreceivable from the State Government. However, considering the subvention disbursement schedule decided in theState Cabinet meeting dated 19.10.2011 and also recognized in FRP-2013 `1543 crore which would remainunfunded till 2022 had been reversed and shown as loss in FY 2011-12. Thus, net `2867.43 crore has beenconsidered as subvention receivable from the State Government against which committed amount is being dis-bursed by the GoR regularly. After implementation of UDAY scheme, considering the provision for Grant in theState Budget for the year 2016-17 and letter no. F7(06)/Energy/2016 dated 08.07.2016 of Energy Department,GoR, the management is of the view that till any further decision by the State Government regarding adjustment/release of Grant is taken, the same has been considered as receivable and accounted for as per the earlier decisionof the State Cabinet which is also in consonance with AS-12.

90


20 :- TRADE RECEIVABLES(Amount in ` )


Code 31.03.2016 31.03.2015

Trade Receivables

Unsecured unless otherwise stated (Refer note 20.3) 23.xxx

Considered good 13,80,01,72,572 12,86,85,53,112

Considered doubtful 3,00,73,37,461 1,94,71,53,122

Total 16,80,75,10,033 14,81,57,06,234

Less: Provision for doubtful debts (Refer note 20.2 & 20.4) 23.901 3,00,73,37,461 1,94,71,53,122

TOTAL 13,80,01,72,572 12,86,85,53,112

20.1 :- LIST OF TRADE RECEIVABLES

For Sale of Power (Nigam Dues) 23.101 9,74,91,64,843 8,77,32,49,148

For Electricity Duty 23.2xx 1,34,69,88,971 1,39,24,65,746

For Urban Cess 23.23x 52,62,83,453 38,57,19,516

State Levy WCC 23.252 7,87,07,116 9,94,77,512

State Levy - User Charges 23.281 - 2,49,53,553

Sundry Debtors Collection Account 23.301, 23.351 (2,61,51,538) (90,72,133)

Dues from PDC Consumers (Nigam Dues) 23.500-23.520 4,80,63,49,231 3,89,43,06,244

Dues from PDC Consumers (ED) 23.521-23.538 30,40,88,440 24,13,94,158

Dues from PDC Consumers (WCC) 23.561-23.576 88,33,728 50,43,018

Dues from PDC Consumers (Urban Cess) 23.541-23.555 1,32,45,789 81,69,472

Total 16,80,75,10,033 14,81,57,06,234

(Amount in ` )


Code 31.03.2016 31.03.2015

20.2 The Company has identified 50% of Nigam dues in respect of PDC consumers as doubtful and provision to that

extent for bad and doubtful debts has been made.

20.3 Company holds security deposit (including interest accrued thereon) of ` 11,62,52,26,114 (P.Y. `10,15,13,69,353)

in respect of trade receivables. In absence of complete details, the security deposits can not be correlated with the

comsumer wise outstanding under 'Trade Receivables'.

20.4 During the year diffences between accounts and MIS for Sundry Debtros/Payables of ED/WCC/UC pertaining to

earlier years have been adjusted with Sundry Debtors for Sale of Power (Nigam Dues). After these adjustments,

19.1 Investments represent amount invested in two defunct Electric Co-Operative Societies namely; Todabheem &

Mahuwa. The same are under liquidation with the official liquidators. However, no liquidation award has so far

been issued as such, net realizable value is not ascertainable and accordingly provision for equivalent amount has

been made.

91


21 :- CASH AND BANK BALANCE

Cash and Cash Equivalent

Balances with banks

Current Account (Refer note 21.4) 24.300-24.491 1,49,30,251 2,01,05,755

Balance with Central Collection Account 24.301 & 24.450 1,36,94,31,777 82,64,86,605(Refer note 21.4)

Remittances in Transit/Unlinked items 24.501-24.601 (1,56,45,262) (1,54,35,699)(Refer Note 21.3)

Cheques/DD on hand 24.111 17,46,00,436 16,98,63,630

Cash on hand 24.110 39,95,89,573 28,99,78,211

Postage Stamps in hand 24.120-24.130 6,17,526 5,24,764

Cash Imprest with Staff 24.210 & 24.220 2,10,227 6,15,425

Transfer Within Circle 24.651 30,77,175 15,68,823

Total - A 1,94,68,11,703 1,29,37,07,514

Other Balances

Balance with Deposit Account PD-I 24.451 24,31,00,000 81,01,00,000

Bank Deposits 24.150 34,20,97,509 2,25,73,851

Total - B 58,51,97,509 83,26,73,851

TOTAL (A+B) 2,53,20,09,212 2,12,63,81,365

(Amount in ` )


Code 31.03.2016 31.03.2015

21.1 Balance with Govt. Treasury-PD A/c No.-1 denotes amount received from GoR against Equity which has been

restricted temporarily for further use.

21.2 Bank Deposits amounting to ` 34,20,97,509(P.Y.` 2,25,73,851) are pledged against Court Cases and Letter of

Credit. Out of these, bank deposit having more than 12 months maturity is 5,70,975 (P.Y.` 5,70,975).

21.3 Remittance in Transit/ Unlinked items denotes excess amount credited by bank included in current account balance.

21.4 As per latest available position of the bank reconciliation (upto finalization of accounts), amount of ` 7,25,81,686

(P.Y.` 7,46,72,530 ) pertain to amount deposited in bank but not reflected in bank accounts (missing entries) and

`6,99,89,445 (P.Y. ` 6,58,72,197) pertain to amount received in bank but not accounted for in books (unlink

entries). The same is under reconciliation and shall be adjusted accordingly by respective units.

Sundry Debtors for Sale of Power (ND) are in excess as compared to MIS by ` 60,41,62,845 (P.Y.`44,66,57,935)

against which provision for equivalent amount has been made in current financial year.

20.5 Difference between Debit & Credit figures under the head ‘Sundry Debtors Collection Accounts’ (Code- 23.301 &

23.351) amounting to ` 2,61,51,538 Credit (P.Y.` 90,72,133 Credit) is under reconciliation

20.6 In absence of complete age wise analysis of Trade Receivables, the classification of Receivable outstanding for the

period exceeding six months from the date of becoming due for payment could not be disclosed.

92


22 :- SHORT TERM LOANS & ADVANCES

Unsecured and considered good

Loans & Advances to related parties 27.900 - -

Others

Empolyees 27.100-27.210, 2,81,05,588 2,94,90,645

27.801

Income Tax Authorities(TDS) 27.41X-27.425 1,02,74,616 1,32,15,912

Advances for O&M Supplies 26.XXX & 27.803 12,48,63,964 9,46,24,918

Other Advances 27.401-27.809 2,38,31,776 2,41,24,228

TOTAL 18,70,75,944 16,14,55,703

(Amount in ` )


Code 31.03.2016 31.03.2015

22.1 Advances to suppliers as well as Loans & advances to staff are being shown after netting off the credit balances, if

any.

23 :- OTHER CURRENT ASSETS

Income accrued and due 28.2XX - 28.290 7,36,60,123 1,47,87,561

Income accrued but not due 28.310 - 28.390 58,06,861 43,10,147

Unbilled Revenue accrued but not due 23.401 12,48,26,14,552 13,95,12,06,942

(Refer Note No. 24.4 & 24.5)

Others:

Miscellaneous Expenditure to the extent 18.400 40,63,743 45,29,430

not written off

Amount recoverable from employees 28.401-28.490 27,308 27,308

Loss due to theft of Fixed Assets/Inventory 28.512 74,30,86,372 63,30,96,780

Other Claims 28.721-28.790 3,44,655 3,44,655

Inter Unit Accounts 30.XXX-38.105 - -

Prepaid Expenses 28.820 2,44,84,668 2,30,34,502

Subsidies/Grants Receivables (Refer Note No. 23.1) 28.624-28.631 7,04,08,43,880 4,22,93,88,718

GBI Receivable from IREDA (Refer Note No. 23 (a)) 28.632 3,73,77,470 12,62,24,820

Sundry Receivables 28.101-28.190 2,24,61,226 2,24,61,226

(Amount in ` )


Code 31.03.2016 31.03.2015

93


23.1 :- SUBSIDIES/GRANTS RECEIVABLES

Revenue Subsidy/Grant Receivable from

Govt. for Revenue Gap 28.624 2,39,92,50,000 2,28,50,00,000

Amount Receivable From Government -Hailstorm 28.629 11,81,71,967 5,61,10,189

Tariff Subsidy Receivable from Govt. 28.628-28.635 4,52,34,21,913 -

(Refer note 23(1)(a)

Amount receivable from State Govt. against 28.636 - 1,88,82,78,529

interest on Bonds

TOTAL 7,04,08,43,880 4,22,93,88,718

(Amount in ` )


Code 31.03.2016 31.03.2015

Other Receivables (Refer Note No. 23.2) 28.8XX 60,77,11,694 1,37,19,45,517

Deposits (Refer Note No. 23.3) 28.911-28.919 1,97,15,000 88,32,935

Inter company receivables (Refer Note No. 23.4) 5,15,19,00,189 2,62,07,84,903

TOTAL - A 26,21,40,97,741 23,01,09,75,444

Less:Prov.against receivable-Societies 46.960 4,95,25,643 4,95,25,643

Less:Prov.For Loss against Other Receivable 46.964 3,20,591 3,20,591

Less: Provision for Loss due to theft 46.965 74,30,86,372 63,30,96,780

TOTAL - B 79,29,32,606 68,29,43,014

TOTAL (A-B) 25,42,11,65,135 22,32,80,32,430

(Amount in ` )


Code 31.03.2016 31.03.2015

23(1)(a) Details of Tariff Subsidy received from the State Government:

Opening Balance (`) Due during Received during Closing Balance (`)

(Payable) / Receivable the year (`) the year (`)

(2,91,31,31,082) 24,49,83,88,995 17,06,18,36,000 4,52,34,21,913

94


23.2 :- OTHER RECEIVABLES

Amount Recoverable from New India Assurance Co. 28.812 22,00,000 22,00,000

Amount From Govt. For Unemplyment Engg. 28.830 20,98,619 18,37,388

Amount receivable from IEX/PXIL 28.841 & 28.842 3,49,34,074 -

Other Receivables 28.889 - 28.890 56,84,79,001 1,36,79,08,129

TOTAL 60,77,11,694 1,37,19,45,517

(Amount in ` )


Code 31.03.2016 31.03.2015

23.3 :- DEPOSITS

Deposit With Court 28.918 1,97,02,546 61,28,635

Other Deposits 28.919 12,454 27,04,300

TOTAL 1,97,15,000 88,32,935

(Amount in ` )


Code 31.03.2016 31.03.2015

23.4 : INTER COMPANY RECEIVABLES

Amount Receivable from JDVVNL 28.944 4,93,08,95,638 2,40,00,99,599

Amount Receivable from RUVNL 28.948 2,93,479 -

Amount Receivable from RRVVVNL 28.949 25,768 -

Amount Receivable from Gratuity Trust 28.850 16,29,65,217 16,29,65,217

Amount Receivable from RRVK Pension Trust 28.851 5,77,20,087 5,77,20,087

TOTAL 5,15,19,00,189 2,62,07,84,903

(Amount in ` )


Code 31.03.2016 31.03.2015

23.5 An amount of ` 22,00,000 (P.Y. ` 22,00,000) is recoverable from New India Assurance Company on account of

accidents occurred in various circles. This matter is still pending in the Court - Other Receivables.

95


(Amount in ` )

Particulars RVUNL RVPNL AVVNL JDVVNL Total

Payable/(Receivable) 7,51,37,61,693 2,99,55,97,942 5,87,13,66,456 (2,40,00,99,599) 13,98,06,26,492

as per books of JVVNL

Receivable/(Payable) as 7,54,15,14,043 1,64,08,85,047 5,88,36,25,964 (2,39,85,14,661) 12,66,75,10,393

per books of Sister

Company

Difference (2,77,52,350) 1,35,47,12,895 (1,22,59,508) (15,84,938) 1,31,31,16,099

23.7 Amount receivable / payable to RRVK CPF Trust / RRVK Pension Trust / RRVK Gratuity Trust (Inter Co. Receivables)

is subject to reconciliation / confirmation.

23.8 The provision for loss due to theft of fixed assets/ stocks has been maintained equivalent to the WDV/ value of

stolen fixed assets/ stocks (code-28.512).

23.9 Other receivables include ` 25,00,259 & `4,97,25,200 receivable from M/s Calculas Ltd. & M/s Indo Nissan Oxo

Chemical Industries Ltd. against sale consideration respectively. No credit has been taken in the accounts for

interest receivable on defaulted installments of sale consideration by lease finance companies, since as per specific

provision in the agreements, consequential action has been taken by the company by way of withholding payment

of lease rentals on occurrence of default. The company has been acting as per the conditions of the agreement.

Further, adjustment of security deposit, sale back of assets etc. has not been considered advisable in respect of

lease transactions due to litigation/dispute pending with court.

23.10 Other receivables include sum of `3,20,87,818 & `1,74,37,825 receivable from defunct Todabheem & Mahuwa

Elecric Co-Operative Societies respectively which are under liquidation with the official liquidators. However, no

liquidation award has so far been issued as such, net realizable value is not ascertainable and accordingly provision

for equivalent amount has been provided.

24 :- REVENUE FROM OPERATIONS

Sale of Power (Refer Note No.24.1&24.2) 61.xxx,62.xxx 1,10,97,78,72,872 95,84,55,35,945

& 78.823

Other Operating Revenue (Refer Note No.24.3) 62.xxx ,63.xxx, 4,04,33,02,917 4,85,53,51,860

64.xxx

TOTAL 1,15,02,11,75,789 1,00,70,08,87,805

(Amount in ` )

Particulars Account For the Year ended For the Year ended

Code 31.03.2016 31.03.2015

23.6 The Reconciliation of Inter Company transaction with other sister companies has been made up to 31.03.2015.

Follow up action is being taken to square up difference noticed. The Reconciliation for the current year is under

progress. As per the jointly signed reconciliation with sister companies upto 31.03.2015, the balances as per companies

and Jaipur Discom is disclosed as under :

96


24.1 :- DETAILS OF REVENUE FROM SALE OF POWER

1 Domestic 61.200-209 20,45,92,92,730 17,22,15,71,616

2 Non Domestic 61.210-219 13,41,27,77,577 10,94,15,19,013

3 Public Street Lighting 61.220-229 99,94,86,432 84,33,18,265

4 Agriculture-Metered 61.230-239 24,18,52,37,031 19,27,27,98,546

5 Agriculture-Flat rate 61.240-249 2,54,52,81,749 2,24,70,52,331

6 Agriculture-Nursery 61.360-369 1,04,44,947 1,10,08,683

7 Agriculture-Poultry Farm 61.370-379 27,95,888 23,99,740

8 Small Industrial Power 61.250-259 1,46,22,84,458 1,24,04,99,155

9 Medium Industrial Power 61.260-269 4,52,26,36,998 3,64,07,76,374

10 Large Industrial Power 61.270-279 24,90,33,10,572 24,22,92,13,709

11 P.W.W. & S. Pumping-Small 61.280-289 1,09,58,34,283 94,27,99,251

12 P.W.W. & S. Pumping-Medium 61.290-299 25,14,92,212 20,04,95,239

13 P.W.W. & S. Pumping-Large 61.300-309 1,15,57,16,651 1,28,93,64,104

14 Bulk supply to Others Consumers(Mixed Load) 61.320-339 94,25,77,065 1,00,33,85,184

15 Traction Railways 61.340-359 29,20,88,416 68,65,09,698

16 Bulk supply to controlled station 61.310-61.319 21,18,719 90,14,293

Sub Total(1-16) 96,24,33,75,728 83,78,17,25,201

17 Electricity Duty Recoverable 61.501-518 5,35,79,54,045 4,91,57,67,907

18 Other State Levies - Urban Cess 61.401-415 1,23,83,84,602 1,09,59,21,363

19 Other State Levies - WCC 61.521-538 92,49,09,844 86,59,87,559

20 Other State Levies - User Charges 61.581 - -

21 Meter Rent / Service line rental (CT/PT Rent) 61.601-603 11,92,51,626 11,62,73,347

22 Recovery for Theft of Power / Malpractice 61.710-720 83,93,98,041 55,69,49,641

Sub Total(17-22) 8,47,98,98,158 7,55,08,99,817

23 Misc. Charges from Consumers 61.901-919,950 13,35,75,94,218 10,83,89,52,399

24 Diff. due to Round off 78.823 (5,46,351) (3,54,732)

Sub Total (23-24) 13,35,70,47,867 10,83,85,97,667

Gross Revenue From Sale of Power 1,18,08,03,21,753 1,02,17,12,22,685

(Amount in ` )

S. Particulars Account For the Year ended For the Year ended

No. Code 31.03.2016 31.03.2015

97


LESS:

25 Electricity Duty Payable (Contra) 61.541-556 5,35,79,54,045 4,91,57,67,907

26 Other State Levies - Urban Cess (Contra) 61.451-495 1,23,83,84,602 1,09,59,21,363

27 Other State Levies - WCC (Contra) 61.561-578 92,49,09,844 86,59,87,559

28 Other State Levies - User Charges (Contra) 61.591 - -

Sub Total (25-28) 7,52,12,48,491 6,87,76,76,829

Net Revenue From Sale Of Power 1,10,55,90,73,262 95,29,35,45,856

ADD: Receipt from sale of power through trading

29 Indian Energy Exchange(IEX) 62.450 41,54,89,435 53,95,61,339

30 Power Exchange India Ltd(PXIL) 62.455 33,10,175 1,24,28,750

Sub Total (29-30) 41,87,99,610 55,19,90,089

Grand Total 1,10,97,78,72,872 95,84,55,35,945

(Amount in ` )


No. Code 31.03.2016 31.03.2015

98


24.2 :- ELEMENT WISE ANALYSIS OF REVENUE & OTHERS

Revenue from sale of power

1 Demand Charges 61.200-370 1,54,22,139 78,07,247

2 Energy Charges 61.201-371 98,63,41,24,214 89,54,13,96,172

3 Power Factor Surcharge 61.202-372 (62,44,28,901) (64,31,88,724)

4 Fuel Surcharge 61.203-373 (34,51,34,227) 2,81,33,76,870

5 Shunt Capacitor Surcharge 61.204-374 34,47,37,438 33,52,61,757

6 Load Surcharge 61.205-375 19,21,37,948 9,28,29,301

7 Adjustment of Past Billing 61.208-378 (2,44,95,23,265) (8,39,01,78,658)

8 Other Charges 61.209-379 47,60,40,382 2,44,21,236

Sub Total (1 to 8) 96,24,33,75,728 83,78,17,25,201

9 Electricity Duty Recoverable 61.501-518 5,35,79,54,045 4,91,57,67,907

10 Other State Levies - Urban Cess 61.401-415 1,23,83,84,602 1,09,59,21,363

11 Other State Levies - WCC 61.521-538 92,49,09,844 86,59,87,559

12 Other State Levies - User Charges 61.581 - -

13 Meter Rent / Service line rental ( CT / PT Rent ) 61.601-603 11,92,51,626 11,62,73,347

14 Recovery for Theft of Power / Malpractice 61.710-720 83,93,98,041 55,69,49,641

15 Misc. Charges from Consumers 61.901-919,950 13,35,75,94,218 10,83,89,52,399

16 Difference due to Round off 78.823 (5,46,351) (3,54,732)

Sub Total (9 to 16) 21,83,69,46,025 18,38,94,97,484

GROSS REVENUE FROM SALE OF 1,18,08,03,21,753 1,02,17,12,22,685

POWER (1 to16)

LESS:

17 Electricity Duty Payable (Contra) 61.541-556 5,35,79,54,045 4,91,57,67,907

18 Other State Levies - Urban Cess (Contra) 61.451-495 1,23,83,84,602 1,09,59,21,363

19 Other State Levies - WCC (Contra) 61.561-578 92,49,09,844 86,59,87,559

20 Other State Levies - User Charges (Contral 61.591 - -

Sub Total (17 to 20) 7,52,12,48,491 6,87,76,76,829

Net Revenue From Sale of Power 1,10,55,90,73,262 95,29,35,45,856

Add : Receipt from sale of power through trading

21 Indian Energy Exchange(IEX) 62.450 41,54,89,435 53,95,61,339

22 Power Exchange India Ltd(PXIL) 62.455 33,10,175 1,24,28,750

Sub Total (21-22) 41,87,99,610 55,19,90,089

GRAND TOTAL 1,10,97,78,72,872 95,84,55,35,945

(Amount in ` )


No. Code 31.03.2016 31.03.2015

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24.3 : DETAILS OF OTHER OPERATING INCOME

1 Rebate for Prompt Payment 62.9xx 3,45,25,348 10,68,02,253

2 Delayed Payment Charges from Consumers 62.250 2,25,80,48,302 2,06,45,42,607

3 Other Income - True up/credit of RVPNL 62.950 1,60,88,26,121 1,71,22,07,000

4 Other Income - True up credit of RVUNL 62.950 14,19,03,146 97,18,00,000

TOTAL 4,04,33,02,917 4,85,53,51,860

(Amount in ` )


No. Code 31.03.2016 31.03.2015

24.4 Revenue from sale of power includes unbilled revenue of ` 12,48,26,14,552 (P.Y. `12,20,32,40,942 ) in terms of

accounting policy no. 8 (d). Due to change in policy, unbilled revenue has been worked out to ` 12,48,26,14,552

instead of ` 12,98,95,28,851.

24.5 Fuel surcharge recoverable from the consumers are accounted for on accrual basis subject to its determination and

issue of order upto finalization of Annual Accounts. During the year company has accrued ̀ NIL (P.Y.`174,79,66,000)

against fuel surchage.

24.6 Sale of energy through Power exchange to outside / Rajasthan agencies has been accounted for as ‘Income from

Trading’ and shown separately in Note No. 24.1 & 24.2.

24.7 Credits of `1,10,56,32,026 against Revenue Surplus of FY 2014-15 and ` 50,31,94,095 against recovery of Yearly

Transmission Charges of 6 nos. interstate transmission lines from PGCIL has been passed on to Discom by the

RRVPNL and the same have been considered as Other Operation Revenue for the year. Further, True up credit by

RVUNL for the year 2009-10 amounting to `14,19,03,146 has also been considered as Other Operation Revenue

for the year.

25 :- OTHER INCOME

Interest Income (Refer Note No.25.1) 62.210-62.270 70,74,050 69,27,183

Net Gain on Sale of Fixed Assets 62.400 3,37,03,720 7,92,62,217

Govt. Grants, subsidies, subvention &

Deferred Revenue (Refer note 25.2) 8,97,97,14,547 8,16,30,25,719

Other non-operating income (net of expenses 62.901-62.950 50,79,55,181 59,38,44,873

directly attributable to such income)

(Refer Note No.25.2(a))

TOTAL 9,52,84,47,498 8,84,30,59,992

(Amount in ` )


Code 31.03.2016 31.03.2015

100


25.1 :- INTEREST INCOME

1 Interest on Loans and Advances to Staff 62.210-62.219 61,400 1,51,126

2 Interest on Loans & Advances to Licensee 62.240 39,35,177 42,33,895

3 Interest Income from FDR 62.220-62.231 20,14,368 20,09,146

4 Interest income other than FD 62.232 10,63,105 5,33,016

TOTAL 70,74,050 69,27,183

(Amount in ` )


No. Code 31.03.2016 31.03.2015

25.2 :- GOVT. GRANTS, SUBSIDIES, SUBVENTION & DEFERRED REVENUE

A Revenue from Grants, Subsidies

and Subventions:

1 Cash Support from State Govt. 63.300 1,85,21,00,000 1,76,40,00,000

2 Subvention from State Govt.Against ED 63.301 5,55,57,00,000 5,00,55,40,000

3 Subsidy aganist compounding charges 63.302 10,32,15,000 6,56,83,000

4 Differential Interest Subvention on WB Loan 63.310 3,91,07,039 4,34,53,319

5 Subsidy from State Govt. against Stamp Duty 63.306 - 5,92,00,000

TOTAL (A) 7,55,01,22,039 6,93,78,76,319

B Deferred Revenue

1 Subsidies towards cost of Capital assets 64.100 23,73,658 23,73,658

2 RGGVY Subsidy 64.200 13,16,47,018 13,16,47,018

3 DDUGJY Subsidy 64.210 1,88,97,114 -

4 Grants towards cost of Capital assets 64.300 10,70,61,585 4,74,45,585

5 Deferred Revenue -CC&SL 64.500 1,16,96,13,133 1,04,36,83,139

TOTAL (B) 1,42,95,92,508 1,22,51,49,400

TOTAL (A+B) 8,97,97,14,547 8,16,30,25,719

(Amount in ` )


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25.2 (a) OTHER NON-OPERATING INCOME

1 Rental from staff quarters 62.901 11,73,313 10,45,151

2 Sale of tender forms 62.917 41,61,940 31,50,589

3 Registration fees 62.918 4,51,550 14,98,750

4 Income from Trading- Stores & Scrap etc.:

Sale of Scrap 62.340 10,64,03,830 14,10,44,298

Testing Charges 62.370 2,08,12,619 1,67,61,898

5 Other Misc. Receipts. 62.650,62.950 37,49,51,929 43,03,44,187

TOTAL 50,79,55,181 59,38,44,873

(Amount in ` )


No. Code 31.03.2016 31.03.2015

25.3 Interest on Outstanding dues from permanently disconnected consumers pertaining up to the year 2015-16 realized

upto 30th April, 2016 (P.Y. 30th April, 2015) has been considered as accrued income for the year.

26 :- PURCHASE OF POWER

Purchases of Power 70.101-70.800 95,98,08,93,106 93,71,10,02,825

Transmission Charges 70.401-70.402 13,94,01,20,071 11,31,62,20,342

State Load & Despatch Charges 70.421 6,83,09,856 11,15,09,520

Unscheduled Interchanges 70.451 2,30,67,51,736 2,52,97,65,273

TOTAL 1,12,29,60,74,769 1,07,66,84,97,960

(Amount in ` )


Code 31.03.2016 31.03.2015

26.1 Pursuant to the provisions of the Electricity Act, 2003, w.e.f. 1.4.2004, the company has started purchasing powerat its own. For this purpose, a separate cell namely “Rajasthan Discoms Power Procurement Centre (RDPPC)” hasbeen created which is looking after power purchase activity on behalf of the company. Bills raised by differentGenerators / Energy Suppliers for purchase of energy as well as by RRVPNL / PGCIL for Transmission Charges /SLDC /shared projects are verified by the SE (RDPPC) on the basis of Global accounts of NREB as well as energyaccount prepared by SE(EA), RRVPNL on tentative basis and sent to the Sr.AO(RDPPC) for payment and accountingthereof. Power purchase cost is booked on the basis of bills verified by SE (RDPPC) and reconciliation by Sr. AO(RDPPC).

26.2 The power purchase from RVUNL and certain other suppliers has been arrived at by apportioning the total units ofenergy availability in the approved predetermined ratio of 40:28:32 for the period 1st April, 2015 to 31st March2016 as per Energy Deptt. GOR Order No. F.15(4) Energy 2003/ pt. II dated 18.06.2014. The adjustment for underdrawl / over drawl from the predetermined ratio as above, has been carried out at the end of the financial year.( i) In respect of power being supplied by RVPNL through their shared project, the energy & cost is being

accounted for as per bills raised by them.(ii) The adjustment of unscheduled interchange (UI) charges has been made on the basis of advice received

from SLDC wing of RVPN. The unscheduled interchange (UI) charges payable have been netted off with theunscheduled interchange (UI) charges receivable.

102


iii) Bills towards sale of infirm power from the thermal generating station are raised by the RVUNL towardsrecovery of actual fuel cost in accordance with para 44 of the RERC Tariff Regulations, 2014. SE (RDPPC)verifies such bills on the basis of statement furnished by the RVUN duly signed by the concerning officer.

26.3 Power Purchase/Transmission Cost etc. receivable / payable due to truing- up of accounts of power suppliers byCERC/RERC or surplus/deficit passed on by suppliers, is accounted for as and when such bills/credit notes arereceived.

26.4 In term of accounting policy for power Purchase/Sale (net) through banking transactions adopted, the companyduring the year has accounted for liability of ` 14,07,43,627 (P.Y. ` 2,48,70,70,400) against the power purchasedthrough banking which remained unsettled as on 31.03.2016 at the average rate of ` 4/- per Unit.

27 :- REPAIRS & MAINTENANCE

Plant & Machinery 74.101-74.143 35,58,60,712 47,31,93,420

Buildings 74.201-74.235 8,53,27,691 6,98,87,465

Lines, Cables & Networks 74.501-74.525 39,97,01,672 44,92,15,526

Vehicles 74.600-74.670 77,94,319 55,65,201

Furniture & Fixtures 74.701-74.800 2,29,137 2,86,712

Office & Other Equipments 74.801-74.810 40,99,437 28,75,896

TOTAL 85,30,12,968 1,00,10,24,220

(Amount in ` )


Code 31.03.2016 31.03.2015

28 :- EMPLOYEE BENEFIT EXPENSES

Salaries and incentives (Refer Note No. 28.1) 75.100-75.632 6,12,83,66,398 5,62,19,74,479

Contributions to -

Terminal Benefits (Including Provident Fund) 75.810-75.820 37,32,30,623 30,78,68,211

Superannuation Board's Contrbution 75.830 5,24,97,12,895 6,13,96,40,134

Leave Encashment on Retirement 75.845-75.851 45,28,30,398 53,69,16,862

Compensatory Absence (Half Pay Leave Prov.) 75.852 - 1,63,38,000

Gratuity fund 75.840 87,40,28,182 99,67,59,817

Nigam Contribution to New Pension Scheme 75.860 63,507 42,544

Payment under workmen Compensation Act 75.629 1,96,97,050 3,51,22,940

Staff welfare expenses (Refer Note No. 28.2) 75.610-75.770 7,45,23,511 7,87,49,579

TOTAL 13,17,24,52,564 13,73,34,12,566

Less: Employee Cost Capitalized 75.900 1,93,57,98,659 1,79,05,90,254

TOTAL 11,23,66,53,905 11,94,28,22,312

(Amount in ` )


Code 31.03.2016 31.03.2015

103


28.1 :- SALARY & INCENTIVES

Salaries 75.1XX 2,63,71,04,801 2,58,29,66,912

Overtime 75.2XX 1,31,64,467 1,31,15,999

Dearness allowance 75.3XX 2,85,13,98,147 2,45,21,79,736

Other Allowances 75.400 35,81,90,234 34,63,92,375

Dearness Pay 75.001-75.099 (5,87,406) 7,35,235

Ex-Gratia Payments/ Bonus 75.615 6,25,00,000 5,00,00,000

Honorarium 75.616 1,600 7,200

Earned Leave Encashment 75.617 18,00,70,754 15,29,49,735

Tution fee Reimbursement 75.618 40,800 2,400

Incentives 75.619 12,045 69,715

D.L.I.Board's Contribution 75.620 1,50,01,442 1,18,37,681

E.S.I. Board's Contribution 75.622-75.623 22,41,084 26,73,313

Incentives on R.C. 75.624 13,28,285 8,71,517

Interim Relief 75.630 3,504 2,33,330

Payment under Group Insurance Plan Policy 75.631 71,12,899 72,48,896

Conveyance Expenses 75.632 7,83,742 6,90,435

TOTAL 6,12,83,66,398 5,62,19,74,479

(Amount in ` )


Code 31.03.2016 31.03.2015

28.2 :- STAFF WALFARE EXPENSES

Medical Expenses Reimbursement (Private Hospital) 75.610 1,07,21,437 1,31,11,811

Medical Expenses Reimbursement (Govt. Hospital) 75.611 1,74,29,311 1,80,15,132

Training Expenses 75.614 5,81,049 25,08,255

Uniform & Liveries Expenses 75.740 2,36,40,330 2,27,79,724

Soap & Duster 75.741 27,48,251 24,56,744

Safety Devices 75.742 53,21,022 77,72,957

Other Welfare Exp. 75.760 48,04,139 41,11,315

Annuity Benefits 75.770 1,24,500 96,355

D.L.I. Admn. Charges 75.621 32,46,091 22,91,172

Expenses on Mediclaim 75.625 59,07,381 56,06,114

TOTAL 7,45,23,511 7,87,49,579

(Amount in ` )


Code 31.03.2016 31.03.2015

104


28.3 EMPLOYEES BENEFIT : AS-15

(i) At the time of RSEB, a separate fund was available in the books of RSEB for payment of pension to retired/to be

retired employees. After unbundling, a separate Trust was created in 2001 and fund available in the books of RSEB

was transferred to Trust through Transfer Scheme and is now being funded regularly from the contribution by the

successor entities.

(ii) As per the provisions of AS- 15, the defined benefit obligation (post retirement benefits) existing as on balance sheet

date with the break-up in current year service cost and past year service cost is required to be charged to Statement

of Profit & Loss of the year concerned. Similarly, the assets created out of the corpus of the fund are also required to

be valued at its fair value as on the date of the balance sheet. As per AS-15, the value of the aforesaid defined benefit

obligations and the fair value of the aforesaid assets should be accounted for in the accounts on the basis of actuarial

valuation on the date of balance sheet. The company has adopted AS-15 Employee Benefits (Revised) from 1st April,

2008. On behalf of all the five successor entities of erstwhile RSEB, RRVPNL has engaged M/s Darashaw & Co. Pvt.

Ltd., Mumbai as Actuarial Valuer and on the basis of their Actuarial Valuation Report dated 28.12.2009, transitional

obligation in respect of Pension and gratuity liability `1243.11 crores (after reducing the liability of `289 Crore as on

19.7.2000 taken over by the RRVPNL till 31.03.2008) is recognized as expense on a straight line basis in five years

from the date of adoption i.e. 1.04.2008. Consequently, `248,62,00,000 being 1/5th of transitional liability has been

charged to Statement of Profit & Loss of each year w.e.f. 2008-09 to 2012-13. Incremental liability for the year

2015-16 has been recognized in the Statement of P&L amounting to ` 6,12,37,41,077 (P.Y.` 7,13,63,99,951).

(iii) The guidance of implementing AS-15 (Employees’ benefits) states benefits involving employer established provident

funds which require interest shortfall to be provided, are to be considered as defined benefit plans. The Chief Accounts

Officer (P&F) has intimated that as per the latest Balance sheets of RRVK GPF & CPF Trusts, there is no any interest

shortfall in the Trusts and having sufficient funds to meet out the liabilities. On the basis of said information, no

provision has been made there against.

(iv) The obligations of the Pension and Gratuity Trusts towards retirement benefits as on 19.07.2000 of the employees of

successor companies of RSEB and existing pensioners as notified in the Transfer scheme dated 18.01.2002 issued by

GOR was `1769 Crore (as per actuarial valuation) out of which, liability of active employees of all companies was

` 1444 Crore. Proportionate liability in respect of the employees of the Jaipur Discom was ` 288.75 crore as on

19.07.2000 and the same has been contributed to Trust by RRVPNL during the year 2013-14.

(v) Actuarial Valuation in respect of Liability towards Unutilized Privilege Leave covered under defined benefit plan as at

31.03.2016 has been got done and the same has been recognized as expenses in the current year amounting to

` 45,28,30,398 (P.Y. ` 53,29,55,561)

(vi) As per past experience of the company, provision for accumulated compensated absences - Half Pay Leave (Medical

Leaves) has been considered adequate hence no increamental provision has been made for the FY 2015-16.

(vii) Details required to be disclosed in pursuant to AS-15 are as under (subject to disclosure at point no. 28.3 (i to v)):

Actuarial Assumptions :

Particulars Gratuity Pension Leave encashment

Discount Rate 8.00% 8.00% 8.00%

Mortality (Active Indian Assured Lives Indian Assured Lives Indian Assured Lives

Employees) Mortality (2006-08) Mortality (2006-08) Mortality (2006-08)

Ultimate Ultimate Ultimate

Methodology Projected Unit Projected Unit Projected Unit

Credit Method Credit Method Credit Method

105


(A) Changes in present value of defined benefit obligations as on 31.03.2016:

(` in lakhs)

Particulars Pension Gratuity

31.03.16 31.03.15 31.03.16 31.03.15

Present value of obligation at the beginning 3,57,477.59 3,07,888.43 47,804.59 43,458.63

Interest Cost 28,598.21 24,028.00 3,943.88 3,213.00

Service Cost 7,089.58 7,601.00 2,080.55 1,767.00

Benefit Paid (16,714.00) (15,073.00) (5,950.00) (6,580.00)

Actuarial (Gain)/Loss Obligation 21,879.20 33,033.16 3,105.17 5,946.00

Present value of obligation 3,98,330.58 3,57,477.59 50,984.20 47,805.00

(As on 31st March)

(B) Changes in fair value of Plan Assets as on 31.03.2016 :

(` in lakhs)

Particulars Pension Gratuity

31.03.16 31.03.15 31.03.16 31.03.15

Fair Value of Plan Assets as on 1st April 42,377.00 40,467.00 7,466.00 7,512.00

Expected return on Plan Assets 3,390.16 3,194.68 597.28 568.00

Actuarial Gain/(Loss) on 99.84 (217.68) (24.28) 215.00

Contribution 16,053.00 14,006.00 6,644.00 5,751.00

Adjustment 1,577.00 - (178.00)

Benefit Paid (16,714.00) (15,073.00) (5,950.00) (6,580.00)

Fair Value of Plan Asset as on 31st March 46,783.00 42,377.00 8,555.00 7,466.00

(C) Liability Recognized in the Balance Sheet

(` in lakhs)

Particulars Pension Gratuity Leave Encashment

(Unfunded)

Present value of obligation 3,98,330.58 50,984.20 28,548.01

Present value of assets 46,783.00 8,555.00 -

Liability/(Assets) Recognized in 3,51,547.58 42,429.20 28,548.01

Balance Sheet

106


(D) Expenses recognized in the Statement of Profit and Loss

(` in lakhs)

Particulars Pension 15-16 Gratuity 15-16 Leave Encashment

(Unfunded) 15-16

Current Service Cost 7,089.58 2,080.55 2,300.10

Interest Cost 28,598.21 3,943.88 2,075.40

Expected Return on Plan Assets (3,390.16) (597.28)

Net Actuarial (Gains) / Loss 21,779.36 3,129.45 152.80

Expenses recognised in the 54,076.99 8,556.61 4,528.31

Statement of Profit and Loss

(viii) Provision for Pension and Gratuity has been considered as Short Term Provisions as the same is payable to the

Trusts.

(ix) Five years data related to Employee Benefits as per requirement of AS-15

(` in lakhs)

PENSION

Particulars 2011-12 2012-13 2013-14 2014-15 2015-16

Present Value of Obligation at the 2,42,685.76 2,70,953.83 3,07,888.43 3,57,477.59 3,98,330.58

end of period

Fair Value of Plan Assets at the - - 40,467.00 42,377.00 46,783.00

end of period

Balance sheet Liability/(Assets) 2,42,685.76 2,70,953.83 2,67,421.43 3,15,100.59 3,51,547.58

Actuarial (Gain)/Loss on Obligation (1,688.81) (1,337.96) 18,234.58 33,033.16 21,879.20

Actuarial Gain/(Loss) on Plan Assets 1,368.12 (813.00) (5,340.68) (217.68) 99.84

107


GRATUITY

Particulars 2011-12 2012-13 2013-14 2014-15 2015-16

Present Value of Obligation at 40,494.30 43,051.93 43,458.63 47,804.59 50,984.20

the end of period

Fair Value of Plan Assets at the - - 7,512.00 7,466.00 8,555.00

end of period

Balance sheet Liability/(Assets) 40,494.30 43,051.93 35,946.63 40,338.59 42,429.20

Actuarial (Gain)/Loss on Obligation 8,444.15 1,572.36 74.50 5,946.00 3,105.17

Actuarial Gain/(Loss) on Plan Assets 2,804.00 1,619.00 (4,373.48) 215.00 (24.28)

LEAVE (UNFUNDED)

Particulars 2011-12 2012-13 2013-14 2014-15 2015-16

Present Value of Obligation at 13,381.50 19,640.01 23,326.40 26,471.99 28,548.01

the end of period

Fair Value of Plan Assets at the - - - - -

end of period

Balance sheet Liability/(Assets) 13,381.50 19,640.01 23,326.40 26,471.99 28,548.01

Actuarial (Gain)/Loss on Obligation (5.69) 5,145.40 2,184.52 1,286.56 152.80

Actuarial Gain/(Loss) on Plan Assets - - - - -

29 :- FINANCE COSTS

Interest expense (Refer Note No. 29.1) 78.200-78.842 33,12,17,27,828 26,85,22,69,701

Other Borrowing Cost (Refer Note No. 29.2) 78.848-78.884 93,10,45,913 1,54,71,18,843

34,05,27,73,741 28,39,93,88,544

Less: Finance Cost Capitalised 78.900 85,34,65,372 69,03,54,489

TOTAL 33,19,93,08,369 27,70,90,34,055

(Amount in ` )


Code 31.03.2016 31.03.2015

28.4 No commission has been paid / is payable to the Directors (including Managing Director) by way of percentage of

profits. Hence, the computation of net profit in accordance with Section 198 of the Companies Act, 2013 is not

required to be shown.

(` in lakhs)

(` in lakhs)

108


29.1 :- INTEREST EXPENSES

Interest on Bonds & Debentures 78.200 3,32,59,02,801 4,41,41,01,328

Less : Subsidy received from the State Govt. 63.303 1,86,88,37,471 4,36,16,78,529

(Refer note 29.1(a)

Sub-Total 1,45,70,65,330 5,24,22,799

Interest on Loans from Financial Institutions:

LIC 78.501 27,89,42,957 29,87,71,452

REC 78.504 2,90,75,91,577 2,46,49,66,757

APDRP 78.512 4,70,07,272 5,27,70,566

PFC 78.517 1,66,78,24,635 1,23,99,66,353

Sub-Total 4,90,13,66,441 4,05,64,75,128

Interest on Loans from Commercial Banks:

Central Bank of India 78.525 1,67,99,39,843 2,00,91,66,091

Punjab & Sind Bank 78.526 5,40,85,802 5,83,79,815

Oriental Bank of Commerce 78.527 55,04,95,069 69,78,40,394

Vijaya Bank 78.529 29,80,08,876 33,11,35,615

Allahabad Bank 78.530 1,61,33,830 3,71,83,763

UCO Bank 78.531 19,77,02,604 22,00,02,064

Corporative Bank 78.532 18,15,98,225 19,60,30,109

Andhra Bank 78.533 12,18,42,990 12,31,96,669

Canara Bank 78.534 1,30,89,34,899 1,69,96,96,541

Union Bank 78.535 61,83,33,987 72,36,06,918

NCRPB 78.536 2,55,12,280 3,25,89,856

Indian Bank 78.537 19,43,98,756 23,07,38,616

Sub-Total 5,24,69,87,161 6,35,95,66,451

Others:

Interest on Borrowing for Working Capital 78.700 18,88,65,79,016 15,45,19,89,150

Interest on application of Bonds 78.720 - 4,55,246

Interest on Loan from World Bank 78.516 12,34,59,753 13,72,55,117

Interest on Security Deposits to Consumers 78.620 70,75,44,368 67,46,89,623

(Amount in ` )


Code 31.03.2016 31.03.2015

109


Interest on Suppliers / Contractors Deposit 78.842 14,70,207 14,73,500

Interest on Meter Security 78.621 7,37,13,269 6,79,95,624

Delay payment charges on power purchase 78.840 1,72,35,18,513 3,44,25,908

Interest & Penalty of Service Tax 78.592 23,770 -

Interest on Loan-others 78.590 - 1,55,21,155

Sub-Total 21,51,63,08,896 16,38,38,05,323

Total 33,12,17,27,828 26,85,22,69,701

(Amount in ` )


Code 31.03.2016 31.03.2015

29.1(a) As per Financial Restructuring Plan 2013, the State Govt. has released subsidy against interest on bonds for the

period 01.04.2015 to 18.10.2015 and thereafter, UDAY scheme has been implementated in Rajasthan Discoms.

29.2 :- OTHER BORROWING COST

Finance Charges:

Interest on Cont. to CPF Trust/Cont. to EPF 78.848-78.851 2,41,423 82,608

Stamp duty / Registration fees 78.861 - 76,836

Legal Charges 78.862 2,85,769 4,831

Cost of raising finance 78.863-78.865 - 2,32,558

Services fees 78.864-78.867 456 37,405

Bank Charges 78.881-78.883 3,62,72,796 2,08,67,600

Guarantee Charges 78.884 89,42,45,469 1,52,58,17,005

TOTAL 93,10,45,913 1,54,71,18,843

(Amount in ` )


Code 31.03.2016 31.03.2015

29.3 As per Clause 18 of the Terms & Conditions for Supply of Electricity, 2004, Interest on Consumer Security deposit

and Meter Security @8.50% p.a. (P.Y.@ 9.00%) on product basis has been provided in the accounts.

29.4 Although the company is pursuaing with power suppliers to waive off / reduce the delay payment surcharge and

upto 2014-15, delay payment surcharges on power purchase were accounted for on final settlement but from this

year, a provision of ` 3,58,57,87,352 (including prior period `1,86,22,68,839) has been made on adhoc/tentative

basis which is subject to finalization.

29.5 Borrowing cost has not been capitalized in respect of capital expenditure (CWIP) made under RAPDRP-part A

project considering the same as interrupted project.

110


30 :- DEPRECIATION AND AMORTISATION EXPENSES

Amortisation of lease hold Assets 77.110 2,21,27,042 1,95,30,603

Depreciation on Building 77.120 15,38,98,757 13,11,24,922

Depreciation on Civil Works 77.140 18,70,045 15,82,582

Depreciation on Plant & Machinery 77.150 2,98,89,11,304 2,69,17,57,887

Depreciation on Line & Cable Network 77.160 3,60,45,98,961 3,26,13,95,000

Depreciation on Vehicles 77.170 15,49,390 14,50,521

Depreciation on Furniture & Fixtures 77.180 12,95,811 11,97,185

Depreciation on Office Equipments 77.190 6,08,62,788 6,05,81,934

TOTAL 6,83,51,14,098 6,16,86,20,634

(Amount in ` )


Code 31.03.2016 31.03.2015

30.1 Till 2006-07, 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 2007-08, the

depreciation on the assets has been charged at the rates notified by the Forum of Regulators on dated 23-06-2006

in pursuance to Para 5.3(c) of the Tariff Policy issued by the Ministry Of Power, GOI on dated 06-01-2006 and duly

accepted by the RERC. From FY 2014-15, the provisions and methodology of depreciation / amortization prescribed

in RERC Tariff Regulations - 2014 have been adopted. Consequently, useful life of the assets / depreciation rates in

respect of fixed assets acquired up to 31st March, 2014 have been recalculated so that balance depreciable amount

is charged over the revised remaining useful life of the assets.

31 :- ADMINISTRATIVE AND OTHER EXPENSES

Administrative and Other Expenses:

Rent 76.101 2,53,21,316 4,22,41,340

Rates & Taxes 76.102 18,50,717 17,27,255

Insurance 76.104,76.107, 47,75,638 55,35,395

76.109,76.110

Security Service Charges 76.108 16,35,07,432 15,96,33,677

Telephone,Telex & EPABX Expenses 76.111-76.114 5,83,72,550 1,75,83,739

Postage & Telegrame 76.112 69,28,216 58,59,469

Legal Charges, Technical Fees 76.121 3,64,26,488 1,55,14,277

(Amount in ` )


Code 31.03.2016 31.03.2015

111


Payment to Auditors 76.122-76.128

Statutory Auditors 76.122 5,17,500 4,27,500

Retainership Expenses of ex-employees 76.126 3,56,29,285 2,00,68,843

Consultancy Charges 76.123 1,40,77,988 60,98,976

Professional Charges 76.125 1,62,92,085 45,55,733

Hiring of Vehicle 76.131 3,66,80,746 2,81,05,096

Travelling expenses 76.132-76.133 3,64,90,110 3,96,49,172

Vehicle Running expenses 76.136-76.138 16,79,15,423 14,87,64,800

Consumer Awareness Expenses 76.320 18,34,33,240 10,31,74,289

Power Expenses for Administration 76.158 5,26,30,208 3,59,96,063

Other miscellaneous expenses 76.139-76.193 7,48,74,113 6,28,60,828

Printing & Stationary 76.153 2,38,46,894 1,91,41,498

Dectretal Charges 76.169 3,08,14,805 2,67,25,844

Hiring of Computerisation Service 76.170 2,24,80,870 1,17,52,139

Bill Collection Charges 76.176 2,84,95,195 2,68,20,400

Expenses on HT Reading O/S.Agency 76.184 2,40,18,177 2,54,49,511

Spot Billing Expenses 76.193 26,95,18,783 26,07,60,151

Bill Distribution Charges 76.177 1,98,49,510 1,45,15,419

Freight & Material related expenses 76.210-76.300 7,71,20,551 5,66,03,897

Sub Total 1,41,18,67,840 1,13,95,65,311

Less:Administration and other expenses capitalised 76.900 47,07,92,161 37,56,34,171

SUB TOTAL (A) 94,10,75,679 76,39,31,140

Other Debits:

Shortage on Physical verification of stocks 79.510 - 28,171

Loss of cash written off 79.520 - 12,673

Compensation for Injured/Death of Employees 79.530 58,12,234 21,00,000

(Amount in ` )


Code 31.03.2016 31.03.2015

112


(Amount in ` )


Code 31.03.2016 31.03.2015

31.1 One time Road Tax paid for vehicles in subsequent years of its purchase is treated as revenue expenditure and

accordingly transferred to Revenue Accounts.

31.2 No rent of buildings belonging to the company occupied by the successor companies of erstwhile RSEB and vice-

versa is accounted for i.e. neither income nor expenditure has been booked during the year. Also, no provision has

been made for share of expenditure on common facilities, to the extent not distributed.

31.3 Net exchange rate difference of `13,41,273 (P.Y ` 11,17,076) has been recognized in the Statement of Profit &

Loss as Loss.

31.4 Expenditure on account of awards/incentives paid upto 30.04.2016 pertaining to the period upto 31.03.16 has

been considered as accrued and outstanding liability accounted for accordingly.

32:- Exceptional items

NIL

Compensation for Injured/Death of Outsider 79.531 10,13,65,390 4,36,89,950

Loss on obsolete store 79.561 2,18,859 -

Loss on valuation of Inventory 79.563 14,36,59,713 2,97,14,907

Loss on Exchange Rate variation 79.570 13,41,273 11,17,076

Loss on sale of scrap/fixed assets 79.572 & 79.740 23,23,06,238 -

Loss due to theft of Fixed Asset 79.565 10,99,89,592 17,19,63,841

Deferred Expenses Written off 79.700 45,29,430 49,95,111

Bad & Doubtfull Debts Prov. 79.410 1,06,41,70,614 23,72,09,282

SUB TOTAL (B) 1,66,33,93,343 49,08,31,011

Rebate Allowed To consumers:

Rebate on Tariff to New Industries 78.821 - 14,71,13,674

Rebate for supply on specific voltage/block supply/ 78.819,78.822- 70,17,97,897 51,89,52,902

Flat Rate/Defective Meter/Prompt Payment etc. 78.826, 78.833,

78.837

Rebate to PSL for providing Timers 78.824 1,51,49,544 3,66,23,017

DPS/LPS Waived off 78.827,828 1,63,00,481 2,83,262

SUB TOTAL (C) 73,32,47,922 70,29,72,855

GRAND TOTAL (A+B+C) 3,33,77,16,944 1,95,77,35,006

113


33 :- PRIOR PERIOD INCOME/(EXPENSES)

Income relating to previous year:

Receipt from Consumers related to prior period 65.200 (99,71,144) (1,57,92,650)

Excess provision in prior period 65.500 - 4,69,094

Other excess provision in prior period 65.800 63,74,040 13,17,37,928

Other Income relating to Prior period 65.900 12,26,08,731 (25,12,613)

Sub Total 11,90,11,627 11,39,01,759

Less: Prior period expenses/loss

Prior Period Adjusment of Power Purchase 83.100 (39,55,90,218) 81,53,87,305

Operating Expenses 83.300 (4,07,742) 1,02,67,675

Employee cost 83.500 4,88,09,432 (1,01,762)

Depreciation 83.600 5,77,089 (37,93,67,611)

Interest & Other Financial Charges 83.700 1,84,76,18,620 2,25,881

Adminstration & General Expense 83.820 3,88,23,332 9,68,96,330

Material Related Expense 83.840 - 6,25,391

Excess Income 83.850 - 1,19,23,128

Sub Total 1,53,98,30,513 55,58,56,337

TOTAL (1,42,08,18,886) (44,19,54,578)

(Amount in ` )


Code 31.03.2016 31.03.2015

114


34 :- EARNINGS PER EQUITY SHARE - BASIC & DILUTED EPS

Net Profit after tax as per Statement of Profit and Loss

attributable to Equity Shareholders (a) ` (44,62,90,76,652) (47,34,57,40,968)

Weighted Average number of equity shares used as

denominator for calculating EPS - (b) No. 4,97,50,70,514 3,74,28,51,788

Earning Per Share (EPS)- (a/b) ` (8.97) (12.65)

Face Value per equity share ` 10.00 10.00

(Amount in ` )

Particulars Unit For the Year ended For the Year ended

31.03.2016 31.03.2015

35. Other Disclosures

35.1 In respect of Inter Company Transactions between successor companies of erstwhile RSEB, no interest / surcharge

has been charged or paid by the Company during the year.

35.2 Contingent liabilities and Commitments :

Contingent liabilities not provided for in respect of :-

(a) Government of Rajasthan passed on the Electricity Duty recovered from Captive Power Plants worth `31.17 Crore

during the year 2004-05 & 2005-06 on the condition that if afterwards Hon’ble High Court decides the case in

favour of captive plant holders, the amount along with interest will be refundable to the Government. The decision

of the High Court is awaited.

(b) Counter guarantee given by the Company – during the year ` 3,429.63 Crore (P.Y. ` 3,875.97 Crore) Total as on

31.03.2016 is ` 40,816.92 cr.

(c) Letter of credit of `182.00 Crore (P.Y. ` 182.00 Crore).

(d) Liability on account of 3592 nos. (P.Y 2758 nos.) of cases against the Company pending at various levels of Courts

amounting to ` 1,25,50,05,951 (P.Y. ` 86,36,63,455).

(e) Other receivables include ` 25,00,259 & ` 4,97,25,200 receivable from M/s Calculas Ltd. & M/s Indo Nissan Oxo

Chemical Industries Ltd. against sale consideration respectively. No credit has been taken in the accounts for

interest receivable on defaulted installments of sale consideration by lease finance companies, since as per

specific provision in the agreements, consequential action has been taken by the company by way of withholding

payment of lease rentals on occurrence of default. The company has been acting as per the conditions of the

agreement. Further, adjustment of security deposit, sale back of assets etc. has not been considered advisable

in respect of lease transactions due to litigation/dispute pending with court.

(f) Jodhpur Discom has filed SB civil writ petition no. 10259/2009 before the Hon’ble High Court, Jodhpur against the

CERC order dated 27.08.2008 in the matter of M/S Gujarat Fluorochemicals Ltd., Noida (Wind Power Generator).

The decision is pending. The firm has demanded `48,230,843/- towards principal amount of energy supplied in

view of CERC order against which, Jaipur Discom share is `21.66 lacs.

(g) Due to mismatch of quarterly TDS returns, demand has been received from the concerned ITO (TDS) for which

necessary corrective action has been taken by revising the quarterly TDS statements. In most of the cases, demand

has been got rectified.

115


(h) Payment of `1.83 Crore on account of road cutting charges, connected work with underground cabling in the area

of Bari (Dholpur) to the Executive Officer, Municipality, Bari on behalf of M/s Dee Control & Electric (P) Ltd.

(Contractor) was capitalized in 2010-11. Later on, it was decided that this amount was to be borne by the contractor,

therefore, out of total payment, `1.13 Crore have been recovered and capitalized amount `1.83 Crore withdrawn

by debiting balance amount recoverable from the contractor. Now the matter is under sub judice and necessary

action shall be taken according to the decision of the Hon’ble court.

(i) No provision has been made in respect of the following liabilities which are not certain or the amount is not

precisely known:-

(i) Land and Building Tax claims on Company’s properties under dispute.

(ii) House Tax on Company’s properties to the extent not acknowledged as payable.

(j) Estimated liability in respect of contracts on capital account yet to be executed is ` 10,38,98,74,609

(P.Y. ` 11,12,41,04,788).

(k) As per clause 7 of Rajasthan Electricity Regulatory commission (Renewable Energy Certificate and Renewable

Purchase Obligation Compliance Framwork) Regulation, 2010, obligation for FY 2015-16 for purchase of Renewable

Energy (RE) / Renewable certificate (REC) was 2837.19 MU (Wind - 7.30%, Biomass - 0.90% and Solar - 2.00%

total - 10.20% of Purchase) against which 1968.69 MU (7.08%) has been purchased by the Discom and balance

obligation of 868.50 MU amounting to ` 295.18 crore (considering pooled rate @ ` 3.3987 per unit) remained as

unfulfilled commitment.

(l) Claims amounting to ` 44.13 cr. against MVARH charges raised by the RVUNL during the FY 2010-11 to 2015-16

have not been considered due to non scheduling of MVARH generation as per instructions of SLDC.

(m) Claims of following generators / power suppliers have not been considered due to reasons mentioned against each:-

Name of Power Supplier Amount (` in lacs) Reasons

1. Adani Power Ltd. 34750.00 As matter is subjudice under Regulatory

Commission/APTEL

2. Coastal Gujarat 8902.00 Stay from the Hon'ble Supreme court

3. Rajwest Power Ltd. 1259.00 As matter is subjudice under Regulatory

Commission/APTEL

4. Sasan Power Ltd. 2531.25 Appeal before Hon'ble Supreme Court.

5. PTC (GOHP 3.32 Under observation

6. DCM Shree ram 1.28 Not Scheduled by SLDC

7. Ultra Tech Cement 0.53 Not Scheduled by SLDC

Total 47447.38

(n) A demand of ` 9,03,89,322/- has been received from the Revenue Department against arrear of cost of land &

lease rent. Out of this, liability against verified amount of ` 4,23,61,111/- has been paid/provided and unverified

balance has not been considered.

(o) Looking to the precarious financial position of the Discoms the management is pursuing with the state government

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to get exemption for contribution in State Renewal Fund and therefore, liability for ` 55.00 lac against contribution

in this Fund has not been considered.

(p) Considering the stay by the Hon'ble High court, liability against arrear of Bonus payable for the year 2014-15 as

per retrospective amendment in Bonus Act, 2015 has not been provided.

35.2(A) Fraud/Embezzlement cases which have been come into notice of the Nigam during FY 2015-16

(i) Theft/Embezzlement of 32 nos. GP/BGP failed transformers have been noticed under AEN (O&M), Bansur sub-

division againt which draft charge sheet has been submitted to DDP (Enquiry) for further action.

(ii) False payment of ` 53,040 against transportation & Loading/Unloading of GP/BGP failed Transformers under

AEN (O&M) Mandan against which recovery has been made.

(iii) Theft/Embezzlement of 5 Drums of ACSR DOG Conductor amounting to ` 7,83,930 have been noticed under

AEN (O&M), Bagru sub-division againt which enquiry is under progress.

(iv) Mis-utilization of indent book for selling of Discom's material by the Nigam employyes under AEN (O&M), Radawas,

Kanota, Phagi & Kaladera has been noticed against which enquiry is under progress.

(v) 19 nos. single phase Transformers caought in godown of M/s Vikas Engineering in the village of Khojwala, Mohanpura

under AEN (O&M), Shahpura against which enquiry is under progress.

(vi) Embezzlement of ` 1.00 crore (appx.) by Cashier under AEN (O&M), Anta has been noticed who were affixing

false stamp on stubs for payment received against energy bills and amount directly posted in respective consumers'

account. FIR has been lodged and cashier has been suspended. Special audit is under progress.

35.3 Assessment Position in respect of Income Tax/ FBT/Sales Tax/VAT:

I. Income Tax Assessments from the Assessment Year 2000-01 to 2004-05, 2007-08, 2009-10 to 2013-14 have been

made by the Income Tax Authority and no demand has been raised.

II. Returned income and finally assessed income remains same in AY 2005-06, AY 2006-07 and AY 2008-09, after

decision of appellate authority. Thus no demand remains outstanding.

III. Income Tax demand was raised for `91.75 Crore for the regular Assessment Year 2006-07 by the Assessing Officer,

Jaipur due to non deduction of TDS on transmission/wheeling /SLDC Charges paid to RRVPNL and delay in

deposition of employees’ contribution of CPF,GPF & ESI. An appeal was filed before CIT (Appeal), Jaipur against

the Assessment Order and the same was confirmed. An appeal was filed before ITAT, Jaipur Bench, Jaipur against

the order of CIT (Appeal) and the same was allowed in favour of the company but a further appeal has been filed

before the High Court, Jaipur Bench, Jaipur by the Income tax department against the decision of the ITAT.

Decision is still pending.

IV. Income tax demand was raised for `23.34 Crore for the assessment year 2005-06 to 2009-10 by the ITO (TDS),

Jaipur due to non deduction of TDS on transmission/wheeling/SLDC charges paid to RRVPNL. An appeal was

filed before CIT (Appeal), Jaipur and the same was confirmed. An appeal was filed before ITAT, Jaipur Bench,

Jaipur against the order of CIT(A) and the same was allowed in favour of the company but a further appeal has

been filed before ITAT, Jaipur Bench, Jaipur by the Income Tax Department against the decision of ITAT. Decision

is still pending at High Court.

V. Income Tax demand has been raised by the ITO(TDS-2), Income Tax Deptt., Jaipur for amounting to `12.08 crore

due to non-deduction of TDS on transmission/wheeling/SLDC charges paid to RVPN for the financial year 2009-

10 and 2010-11and to avoid corrosive action of the department, management has decided and deposited amounting

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to ` 2.20 crore and an appeal has been filed before CIT(Appeal), which has been allowed in favour of assessee vide

order dated 15.09.2014 but a further appeal has been filed before ITAT, Jaipur Bench, Jaipur by the Income Tax

Department against the decision of CIT (Appeal). Hon'ble ITAT dismissed the department appeal vide order dt.

05.01.2016 for A.Y. 2010-11 & order dt. 03.03.2016 for A.Y. 2011-12.

VI. Income Tax demand was raised for `53.99 Crore for the regular Assessment Year 2008-09 by the Assessing

Officer, Jaipur due to non deduction of TDS on transmission/wheeling /SLDC Charges paid to RRVPNL and delay

in deposition of employees’ contribution of CPF,GPF & ESI. An appeal was filed before CIT (Appeal), Jaipur

against the Assessment Order and the same was allowed in favour of the company. Income tax Department has

filled an appeal before ITAT Jaipur Bench, Jaipur which was dismissed by the Hon'ble ITAT. The Income Tax

Department has now filed an appeal before the Hon'ble Rajasthan High Court against the decision of the ITAT.

Decision is still pending at High Court.

VII. The following further appeals have been filed by the Income Tax Department before Hon’ble High Court Jaipur

bench, Jaipur, regarding delay deposition in ESIC & contribution towards GPF/CPF/EPF for the Assessment Year

2001-02 to 2005-06. The appeals have been dismissed by the Hon'ble High Court on dated 06.01.2014. The

Income Tax Department has filed appeals before the Hon'ble Supreme Court which is still pending.

S. Assessment Disallowed ITA No. DBIT No.

No. Year amount (` in crore)

1 2001-02 13.66 824/JP/2008 281/2011

2 2002-03 16.44 825/JP/2008 189/2011

3 2003-04 15.93 826/JP/2008 280/2011

4 2004-05 17.20 827/JP/2008 301/2011

5 2005-06 18.37 828/JP/2008 278/2011

Total 81.60

VIII. VAT / RST and CST assessment has been made upto the Financial Year 2012-13 by the Assessing Authority and

there was no unpaid demand except the following matters under verification with assessing authority:-

Year Order date Demand Amount (`)

VAT CST

2006-07 19.06.2009 5,06,872.00 NIL

Total 5,06,872.00 NIL

Such demand is raised due to non verification of challans deposited by the company. All such challans have been

produced before assessing authority and deletion of demand is under process. There is no unpaid demand as on

date for the above years.

IX. FBT demand was raised for `6,83,98,410/- including interest of `1,71,55,595/- for the Assessment Year 2006-07

by the Assessing Officer,Jaipur due to non deposition of the FBT on contribution to superannuation fund for

`15,35,75,757/- An appeal was filed before CIT (Appeal), Jaipur and the same was confirmed. An appeal was also

filed before ITAT, Jaipur Bench, Jaipur against the order of CIT (Appeal), Jaipur and the same was allowed by the

ITAT in favour of the Company. Income Tax Deptt. has filed a further appeal before Hon’ble High Court and

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decision of the same is still pending. FBT assessment has been made for the AY 2008-09 & 2009-10 and no

demand has been raised.

35.4 During the financial year, no bill has been raised by suppliers in foreign currency.

35.5 Cost Records under section 148 (1) of the Companies Act,2013 for the activities carried out by the company have

been prepared for the FY 2015-16 keeping in view the Cost Accounting Manual of the company.

35.6 During the year, some of the accounting policies have been added / reworded / redrafted / modified for better

presentation and to bring them in line with accounting standards.

35.7 Related Parties Disclosures : -

Information regarding related parties as required by AS-18 issued by the ICAI are given below :

(a) List of related parties over which control exists - NIL.

(b) Names of related parties with whom transactions were carried out during the year and description of

relationship :

Key Management Personnel :

Name Designation Period

(i) Shri Sanjay Malhotra Chairman 01.04.2015 to 28.06.2015

(ii) Shri Anurag Bhardwaj MD 01.04.2015 to 28.06.2015

(iii) Shri Bhaskar A. Sawant CMD 28.06.2015 to 31.03.2016

(iv) Shri G. R. Choudhary Director (Technical) 01.04.2015 to 31.08.2015

(v) Shri Sunil Mehta Director (Technical) 01.10.2015 to 31.03.2016

(vi) Shri Deepak Srivastava Director (Finance) and CFO 01.04.2015 to 30.09.2015

(vii) Shri T.P.S. Dhillon Director (PT) 18.08.2015 to 31.03.2016

(viii) Girish Goyal Company Secretary 01.04.2015 to 31.03.2016

(c) Details regarding parties referred to in item 35.7(b) above:-

Salary & Allowances: (`) 52,98,427

Contribution towards Pension/ CPF/ Gratuity Fund (`) 1,71,419

Total 54,69,846

35.8 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 is not required to be disclosed.

35.9 There is no non-cancellable Lease as such, disclosure as per AS-19 is not required.

35.10 Amounts receivable as shown under the head trade receivables, loans & advances and other assets and amounts

payable as shown under the head current liabilities are subject to reconciliation/confirmation.

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35.11 The internal audit of various accounting units is being conducted by the company’s own internal audit wing.

35.12 In the opinion of the company, the current assets and loans & advances are of the value as stated in the accounts,

if realized in the ordinary course of business.

35.13 Liability pertaining to period upto 31.03.2016 against works, supply & PV of poles and R&M claims etc. has been

considered as outstanding liability to the extent claims received upto 30.04.2016 and PV against ACOS supply has

been considered as outstanding liability to the extent claims paid upto 30.04.2016.

35.14 Penalty finalized against delay in supply of material etc. pertaining to period upto 31.03.2016 has been considered

as accrued income to the extent of claims received & adjusted upto 30.04.2016.

35.15 UJWAL DISCOM ASSURANCE YOJANA (UDAY)

UDAY Scheme notified by MoP, GoI on 20.11.2015 with an objective of operational and financial turnaround of

the Discoms, be measured by reduction in AT&C losses & elimination of gap between ACS and ARR;

Tripartite MoUs amongst Government of India, State Government and each Rajasthan Discom signed on 27.1.2016

with stipulating the responsibilities of all three stakeholder;

The State Government is to take over 75% Discom debt o/s as on 30.9.2015 over two years i.e. 50% in FY16 and

25% in FY17;

According to the said scheme, the GoR has taken over JVVNL’s debt amounting to ` 9647.35 crore on 17.03.2016,

` 3267.52 crore on dated 31.03.2016. Further, the Government of Rajasthan has also taken over 9.95% bonds

(issued under FRP-2013) of ` 855.60 crore by converting special securities in May 2015 and this has also been

considered as taken over under UDAY Scheme. Thus the State Govt. has taken over debt of ` 13770.47 crore

under UDAY Scheme in FY 2015-16 by way of Equity & Share application money of `1985.87 crore and Loan

under UDAY scheme of `11784.60 crore.

The GoR is to take 25% outstanding debt in FY 2016-17. Accordingly the Government of Rajasthan has taken over

` 7227.94 crore on dated 23.06.2016.

Now, balance of ` 685.56 crore is to be taken over by the GoR under UDAY scheme (as on 30.06.2016).

Further, as per clause 7.2 of OM (UDAY) dated 20.11.2015, JVVNL issued 9.80% JVVNL 2031 bonds amounting

to ` 7616.92 crore on 30.03.2016. Out of which ` 2840.43 crore (included in `3267.52 crore stated above) taken

over by GoR on 31.03.2016 and balance of ` 4776.44 crore remained with Discom as on 31.03.2016.

After implementation of UDAY scheme in Rajasthan Discoms, the Financial Restructuring Plan-2013 (FRP) has

been discontinued.

35.15 (a) Considering continuing support of Government, implementation of UDAY scheme as well as various measures

taken by the company toward improving its operating and financial position, it is expected that the financial

conditions would continue to improve in the future. The accounts are therefore being prepared on "Going

Concern" basis.

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35.16 Additional Information :

Particulars For the Year ended 31.03.16 For the Year ended 31.03.15

(Units in MU) (`) (Units in MU) (`)

Purchase of Energy 27,815.61 1,12,29,60,74,769 26,879.18 1,07,66,84,97,960

Less: Sale of energy through 164.72 41,87,99,610 182.55 55,19,90,089

Power exchange

Net availability before Tr. loss 27,650.89 1,11,87,72,75,159 26,696.63 1,07,11,65,07,871

Transmission Loss (MU) 1,438.01 1,540.38 -

Transmission Loss (%) 5.20% 5.77%

Net availability after Tr. Loss (MU) 26,212.88 25,156.25

Energy Sold 17,852.20 1,10,55,90,73,262 17,493.84 95,29,35,45,856

Distribution Loss (MU) 8,360.68 7,662.41

Distribution Loss (%) 31.90% 30.46%

T & D Losses (MU) 9,798.69 9,202.79

T & D Losses (%) 35.44% 34.47%

35.17 All assets and liabilities are presented as current or non-current as per the criteria set out in Schedule III of the

Companies Act, 2013. Based on 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.

35.18 Figures of the current & previous year have been rounded off to the nearest Rupees.


For B. KHOSLA & CO.



Partner



Place : Jaipur

Dated : 23.08.2016

121


Report on the Financial Statements

We have audited the accompanying financial statementsof Jaipur Vidyut Vitran Nigam Limited ("the Company"),which comprise the Balance Sheet as at March 31, 2016,and the Statement of Profit and Loss and Cash FlowStatement for the year then ended, and a summary ofsignificant accounting policies and other explanatoryinformation.

Management's Responsibility for the FinancialStatements

The Company's Board of Directors is responsible for thematters stated in Section 134(5) of the Companies Act,2013 ("the Act") with respect to the preparation of thesefinancial statements to give a true and fair view of thefinancial position, financial performance and cash flows ofthe Company in accordance with the accounting principlesgenerally accepted in India, including the AccountingStandards specified under Section 133 of the Act, read withRule 7 of Companies (Accounts) Rules, 2014. Thisresponsibility also includes maintenance of adequateaccounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies;making judgments and estimates that are reasonable andprudent; design, implementation and maintenance ofadequate internal financial controls, that were operatingeffectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation andpresentation of the financial statements that give a true andfair view and are free from material misstatement, whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financialstatements based on our audit. We have taken into accountthe provisions of the Act, the accounting and auditingstandards and matters which are required to be includedin the audit report under the provisions of the Act and theRules made there under. We conducted our audit inaccordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require thatwe comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due tofraud or error. In making those risk assessments, the auditorconsiders internal financial control relevant to theCompany's preparation of the financial statements that givea true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accountingestimates made by management, as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our qualifiedaudit opinion.

Basis for Qualified Opinion

We draw attention to the matters described in AnnexureD, the affects/ possible affects of which and matters wherewe are unable to obtain appropriate audit evidences,individually or in aggregate, are material to the financialstatements. The effects of the matters described inAnnexure D, which could be reasonably determined/quantified, on the elements of accompanying financialstatement is tabulated as under :

` in Crore

S. Head of Account Overstated Understated

No.

1 Expenses

a. Balances written off 125.05

b. Transmission Charges 3.28

2 Non-Current Assets 125.05

3 Trade Payables 3.28

4 Trade Receivables 90.11

5 Current liabilities 90.11

Accordingly, the loss for the year is understated by` 121.77 Crore and Accumulated Loss as at March 31,2016 is understated by ̀ 121.77 Crore. The effects/possibleeffects of the others qualifications described in AnnexureD to the Report on financial statements are notascertainable.

Qualified Opinion

In our opinion and to the best of our information andaccording to the explanations given to us, except for the

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF


122


effects of the matter described in the Basis for Qualifiedopinion paragraph, the financial statements give theinformation required by the Act in the manner so requiredand give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairsof the Company as at March 31, 2016;

(b) in the case of the Statement of Profit and Loss, of theloss for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cashflows for the year ended on that date.

Emphasis of Matter

We draw attention to Annexure E of our report regardingmatters referred in financial statements, which requires user'sattention. Our opinion is not modified in respect of thesematters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report)Order, 2016 issued by the Central Government of Indiain terms of sub-section (11) of section 143 of theCompanies Act, 2013 (hereinafter referred to the"Order"), and on the basis of such checks of the booksand records of the Company as we consideredappropriate and according to the information andexplanations given to us, we give in the Annexure A,a statement on the matters specified in paragraphs 3and 4 of the Order.

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

3. As required by section 143(3) of the Act, we reportthat, except for the matters described in Basis ofQualified Opinion Paragraph above:

a. we have sought and obtained all the informationand explanations which to the best of ourknowledge and belief were necessary for thepurpose of our audit;

b. in our opinion proper books of account asrequired by law have been kept by the Companyso far as appears from our examination of thosebooks and proper returns adequate for thepurposes of our audit have been received frombranches not visited by us;

c the Balance Sheet, Statement of Profit and Loss,and Cash Flow Statement dealt with by thisReport are in agreement with the books ofaccount and with the returns received frombranches not visited by us;

d. except for the matters described in Basis ofQualified Opinion paragraph, in our opinion, theaforesaid financial statements comply with theAccounting Standards specified under section133 of the Companies Act, 2013, read with Rule7 of the Companies (Accounts ) Rule 2014;

e. As explained to us, being a GovernmentCompany, sub-section (2) of section 164 of theCompanies Act, 2013 is not applicable as perNotification No. G.S.R. 463 (E) dated05-06-2015 of Ministry of Corporate Affairs.

f. With respect to the adequacy of the internalfinancial controls over financial reporting of theCompany and the operating effectiveness of suchcontrols, refer to our separate report in"Annexure B"; and

g. With respect to other matters to be included inthe Auditor's Report in accordance with Rule 11of the Companies (Audit and Auditors) Rules,2014, In our opinion and to the best of ourinformation and according to the explanationsgiven to us;

(i) The Company has disclosed the impact ofpending litigations on its financial position in itsfinancial statements. Refer Note 35.2 to thefinancial statements.

(ii) The Company has made provision, as requiredunder law or accounting standards, for materialforeseeable losses on long term contractsincluding derivative contracts;

(iii) There are no amounts which are required to betransferred to the Investor Education andProtection Fund by the Company.

4. In terms of the Directions issued by the Comptroller &Auditor General of India under sub-section (5) ofsection 143 of the Act, and on the basis of such checksof the books and records of the Company as weconsidered appropriate and according to theinformation and explanations given to us, we give inthe Annexure C, a statement on the matters specifiedin the said Directions.

For B. KHOSLA & Co.Chartered Accountants

F R No. : 000205CSd/-

(VIJAY K. JAIN)Partner

Membership Number : 70758

Place: JaipurDate : 23.08.2016

123


1. (a) The Company has not maintained proper records

of Fixed Assets showing full particulars including

quantitative details and situation of fixed assets.

(b) As explained to us fixed assets of the company

have not been physically verified by the

Company during the year. In absence of Physical

verification, we are unable to comment on the

discrepancies, if any, in relation to physical

existence of the assets and their book value. The

company does not have the proper system of

physical verification of assets at regular intervals.

(c) As explained to us, the title deeds of immovable

properties acquired after 19.06.2000 are held in

the name of the Company but properties which

are acquired prior to said date are still in name

of erstwhile RSEB. However, no title deeds have

been produced before us and in absence of such

title deed vis-à-vis complete details of immovable

properties; we are unable to comment under this

clause.

2. As informed to us inventories of 4 O&M Circles out of

13 O&M Circles have been physical verified during

the year by the Company. In our opinion, the

frequency of verification is not reasonable. As informed

to us the discrepancies noticed on verification of 4

O&M Circles between physical stock and the book

records were not material.

3. As informed to us, the company has not granted any

loans, secured or unsecured, to any Companies, firms,

limited liability partnerships or other parties listed in

the register maintained under Section 189 of the

Companies Act, 2013. Therefore, the provisions of

clause 3 (a), (b) & (c) are not applicable to the

company.

4. In our opinion and according to the information and

explanations given to us, the Company has not given

any loan, investment, guarantees and securities to

Annexure - A

(Referred to in paragraph 1 under "Report on Other Legal and Regulatory Requirements" in the

Independent Auditors' Report of even date to the members of Jaipur Vidyut Vitran Nigam Limited on the

financial statements for the year ended March 31, 2016)

ANNEXURE TO THE AUDITORS’ REPORT

which the provisions of section 185 and 186 of the

Act are applicable and therefore we have no comment

under this clause.

5. According to the information and explanation given

to us, during the year the company has not accepted

any deposits and therefore provisions of Section 73

to 76 and any other relevant provisions of the

Companies Act, 2013 is not applicable.

6. As per information given to us, Cost Records under

section 148 (1) of the Companies Act, 2013 for the

activities carried out by the company have been

prepared for the financial year 2015-16. We have,

however, not made a detailed examination of such

records with a view to determine whether those are

accurate and complete.

7. (a) As explained to us, the company has been

generally regular in depositing undisputed

statutory dues with appropriate authorities,

including Provident Fund, Employee State

Insurance, Income Tax, Sales Tax, Service Tax,

duty of customs, duty of excise, Value added Tax,

cess and other statutory dues applicable to it.

Further, according to the information &

explanations given to us, no undisputed amounts

payable in respect of aforesaid dues, which were

in arrear as at 31.03.2016 for a period of more

than six month from the date they become

payable except stamp duty of ` 21.49 Crores

which is outstanding for a period of more than

six months.

(b) According to the information and explanation

given to us, there are no dues of Income Tax,

Sales Tax, Service Tax, duty of customs, duty of

excise or Value added Tax which have not been

deposited on account of any dispute except the

following demands:

124


Name of Nature of Amount Period to Forum where

the Statute the Dues Rs. In which it dispute is

Crore relates pending

Income Tax Income Tax 91.75 2006-07 Rajasthan

Act, 1961 High Court

23.34 2005-06 to Rajasthan

2009-10 High Court

81.60 2001-02 to Supreme

2005-06 Court

53.99 2008-09 Rajasthan

High Court

Fringe Benefit 6.84 2006-07 Rajasthan

Tax High Court

8. In our opinion and according to the information and

explanation given to us, the company has not defaulted

in repayment of loans or borrowings to financial

Institutions, banks, government or due to bond holders

except installment of ̀ 43 crores payable to a financial

institution, which was due on March 10, 2016 was

paid on May 26, 2016.

9. The Company has not raised any money by way of

initial public offer or further public offer (including debt

instruments). In respect of term loans raised during

the year, the company has not maintained any records

/details to verify the end-use of term loans and therefore

we are unable to report whether the same have been

applied for the purpose for which they were raised.

10. According to information and explanations given to

us, except as stated in Note No. 35.2 (A) no fraud by

the company or any fraud on the company by its

officers or employees have been noticed or reported

during the year.

11. As per notification no. GSR 463(E) dated 5th June

2015 issued by the Ministry of Corporate Affairs,

Government of India, Section 197 is not applicable to

the Government Companies. Accordingly, provisions

of clause 3 (xi) of the Order are not applicable to the

Company.

12. The provisions of clause 3 (xii) of the Order, for Nidhi

Company, is not applicable to the Company.

13. According to information and explanations provided

to us, the company has not complied with the

requirement of section 177 in respect of Composition

of Audit Committee, since independent directors are

yet to be appointed by the State Government.

All transactions of the Company with related parties

are in compliance to Section 188 of the Companies

Act, 2013, wherever applicable and the details have

been disclosed in Note No 35.7 to the financial

statements.

14. As per information and explanations provided to us,

being the government company, the State Government

releases the equity capital and accordingly equity

shares are issued.

15. The Company has not entered into any non-cash

transactions with the directors or persons connected

with them as covered under Section 192 of the


16. According to information and explanation given to us,

the Company is not required to be registered u/s

45-IA of Reserve Bank of India Act, 1934. Accordingly,

provision of clause 3(xvi) of the Order is not applicable

to the Company.

For B. KHOSLA & Co.


F R No. : 000205C

Sd/-

(VIJAY K. JAIN)

Partner


Place: Jaipur

Date : 23.08.2016

125


Report on the Internal Financial Controls over

Financial Reporting under Clause (i) of Sub-section

3 of Section 143 of the Companies Act, 2013 ("the

Act")

We have audited the internal financial controls over financial

reporting of Jaipur Vidyut Vitran Nigam Limited ("the

Company") as of March 31, 2016 in conjunction with our

audit of the standalone financial statements of the Company

for the year ended on that date.

Management's Responsibility for Internal Financial

Controls

The Company's management is responsible for establishing

and maintaining internal financial controls based on the

internal control over financial reporting criteria established

by the Company considering the essential components of

internal control stated in the Guidance Note on Audit of

Internal Financial Controls over Financial Reporting issued

by the Institute of Chartered Accountants of India ("ICAI").

These responsibilities include the design, implementation

and maintenance of adequate internal financial controls

that were operating effectively for ensuring the orderly and

efficient conduct of its business, including adherence to

company's policies, the safeguarding of its assets, the

prevention and detection of frauds and errors, the accuracy

and completeness of the accounting records, and the timely

preparation of reliable financial information, as required

under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's

internal financial controls over financial reporting based

on our audit. We conducted our audit in accordance with

the Guidance Note on Audit of Internal Financial Controls

Over Financial Reporting (the "Guidance Note") and the

Standards on Auditing specified under section 143(10) of

the Act to the extent applicable to an audit of internal

financial controls, both issued by the ICAI. Those Standards

and the Guidance Note require that we comply with ethical

requirements and plan and perform the audit to obtain

Annexure - B

[Referred to in paragraph 3(f) under 'Report on Other Legal and Regulatory Requirements' in the

Independent Auditor's Report of even date to the members of Jaipur Vidyut Vitran Nigam Limited on the

financial statements for the year ended March 31, 2016]

ANNEXURE B TO THE INDEPENDENT AUDITORS’ REPORT

reasonable assurance about whether adequate internal

financial controls over financial reporting was established

and maintained and if such controls operated effectively in

all material respects.

Our audit involves performing procedures to obtain audit

evidence about the adequacy of the internal financial

controls system over financial reporting and their operating

effectiveness. Our audit of internal financial controls over

financial reporting included obtaining an understanding of

internal financial controls over financial reporting, assessing

the risk that a material weakness exists, and testing and

evaluating the design and operating effectiveness of internal

control based on the assessed risk. The procedures selected

depend on the auditor's judgement, including the

assessment of the risks of material misstatement of the

financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our qualified

audit opinion on the Company's internal financial controls

system over financial reporting.

Meaning of Internal Financial Controls over

Financial Reporting

A company's internal financial control over financial

reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and

the preparation of financial statements for external purposes

in accordance with generally accepted accounting principles.

A company's internal financial control over financial

reporting includes those policies and procedures that (1)

pertain to the maintenance of records that, in reasonable

detail, accurately and fairly reflect the transactions and

dispositions of the assets of the company; (2) provide

reasonable assurance that transactions are recorded as

necessary to permit preparation of financial statements in

accordance with generally accepted accounting principles,

and that receipts and expenditures of the company are being

made only in accordance with authorisations of

management and directors of the company; and (3) provide

126


reasonable assurance regarding prevention or timely

detection of un-authorised acquisition, use, or disposition

of the company's assets that could have a material effect

on the financial statements.

Inherent Limitations of Internal Financial Controls

over Financial Reporting

Because of the inherent limitations of internal financial

controls over financial reporting, including the possibility

of collusion or improper management override of controls,

material misstatements due to error or fraud may occur

and not be detected. Also, projections of any evaluation of

the internal financial controls over financial reporting to

future periods are subject to the risk that the internal financial

control over financial reporting may become inadequate

because of changes in conditions, or that the degree of

compliance with the policies or procedures may deteriorate.

Basis of Qualified Opinion

According to the information and explanations given to us

and based on our audit, the following material weakness

has been identified as at March 31, 2016:

a. The Company did not have an appropriate internal

financial control system regarding correlation of capital

expenditure incurred against the grants/ subsidy

received, which could potentially result in incorrect

recognition of deferred revenue income.

b. The Company's internal financial control over

accounting of power procured is not operating

effectively as the power purchase cost is booked on

the basis of bills received and not on actual power

purchased. This could potentially result in

misstatement in Company's Trade payables and power

purchase cost.

c. The Company did not have appropriate internal

financial control over accounting for late payment

surcharge to power suppliers. Further, internal control

system for identification of delay in payments to

suppliers and details of late payment surcharge payable

thereon is not operating and during the year, late

payment surcharge (including previous periods) has

been provided on ad-hoc or tentative basis. This could

potentially result in material misstatement in

Company's liabilities and expenses.

d. The Company did not have an appropriate internal

control over identification of differences and

reconciliation of subscriber deposits between MIS and

books of accounts, which has resulted in misstatement

in liability and expenses.

e. The Company's internal financial control over

existence, completeness, valuation and allocation of

fixed assets and capital work-in progress (including

material lying at site) in not operating effectively. The

Company's did not have an appropriate internal

control system over maintenance of fixed assets &

Capital work-in progress (CWIP) records, impairment

of fixed assets & CWIP and physical verification of

fixed assets & CWIP. Further, internal control system

over capitalization of value, manner of capitalization

and allocation of administrative cost and finance cost

is not adequate. These material weakness could

potentially result is material misstatement in

Company's fixed assets, CWIP, depreciation and

expenses.

f. The Company's internal financial control over

reconciliation of differences between Trade

Receivables as per books of accounts and MIS,

identification of old outstanding trade receivables and

assumption for provision for doubtful debts, matching

of Sundry Debtors Collection accounts and

maintenance of details/ adjustment of Advance

consumption charges against temporary connections

are not operating effectively. These material weakness

could potentially result is material misstatement in

trade receivables, liability and income of the Company.

g. The Company's internal financial control over

maintenance of subsidiary records, timely adjustments

of advances to suppliers and provision for liabilities

are not operating effectively. Certain subsidiary records

are either not properly maintained or are updated at

year-end and advances are adjusted and liabilities are

accounted on the basis of bill received/cut-off date and

not at the time when services and/or goods are

received. These material weakness could potentially

result is misstatement in expenses, assets and liabilities.

h. The Company's internal controls over reduction in

distribution losses are not operating effectively. There

is significant difference between the units of energy

purchased and sold which indicate that internal control

over billing and theft is not operating effectively. This

material weakness has impacted the revenue and

overall financial position of the Company.

127


A 'material weakness' is a deficiency, or a combination of

deficiencies, in internal financial control over financial

reporting, such that there is a reasonable possibility that a

material misstatement of the company's annual or interim

financial statements will not be prevented or detected on a

timely basis.

Qualified Opinion

Being the Government undertaking, the Company's internal

control process over financial reporting is designed by way

of various Manuals, Rules, Circulars and instructions issued

from time to time and our opinion is based on the internal

control process over financial reporting as defined therein.

During the course of our audit of financial statements, we

have on test-checking basis and on review of adequacy of

internal control process over financial reporting, have

identified some gaps both in adequacy of design of control

process and its effectiveness which have been reported in

"Basis of Qualified Opinion" above. However, the Company

has no comprehensive model for internal control over

financial reporting incorporating risk assessment, control

process and gap tracking along with the description of

objective, process and risk associated thereof, as per the

Guidance Note on Audit of Internal Financial Controls over

Financial Reporting issued by the Institute of Chartered

Accountants of India,

In our opinion, with a exception of the matters described in

para above and except for the effects/possible effects of the

material weaknesses described in "Basis of Qualified

Opinion" above, the Company has maintained, in all

material respects, adequate internal financial controls over

financial reporting and such internal financial controls over

financial reporting were operating effectively as at March

31, 2016. The Company is yet to established its internal

financial control over financial reporting on criteria based

on or considering the essential components of internal

control stated in the Guidance Note on Audit of Internal

Financial Controls over Financial Reporting issued by the

Institute of Chartered Accountants of India.

We also have audited, in accordance with the Standards

on Auditing issued by the Institute of Chartered Accountants

of India, as specified under Section 143(10) of the Act, the

financial statements of Jaipur Vidyut Vitran Nigam Limited,

which comprise the Balance Sheet as at March 31, 2016,

and the related Statement of Profit and Loss and Cash Flow

Statement for the year then ended, and a summary of

significant accounting policies and other explanatory

information. These material weaknesses was considered in

determining the nature, timing, and extent of audit tests

applied in our audit of the March 31, 2016 financial

statements of the Company and this report affect our report

on financial statements, which expressed a qualified opinion

on those financial statements.

For B. KHOSLA & Co.


F R No. : 000205C

Sd/-

(VIJAY K. JAIN)

Partner


Place: Jaipur

Date : 23.08.2016

128


Annexure - C

ANNEXURE C TO THE AUDITORS’ REPORT

1. The Company has not maintained any fixed asset

register and in absence of the same no details of

leasehold/ freehold land is available. We have not

been provided with the title deeds of the lands and

details thereof and therefore we are unable to

comment on the same.

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 from time to

time. As informed by the management during the

year company has waived ` 1.63 Crore (Amnesty

& other than amnesty scheme), including delayed

payment charge/ late payment surcharge. This

waiver was to ensure recovery of outstanding amount

from debtors. Further, the company has also written

off/ made provision of ` 106.42 Crore as bad debts

(including provision against bad debts ̀ 106.02 crore)

as per the policy and directions of the management.

3. As explained to us, proper records at respective units

are being maintained for inventories lying with third

parties and there are no such assets which have been

received as gift from Govt. or other authorities.

4. As explained to us, the company during the year

has not entered into agreement with franchise for

distribution of electricity and revenue sharing

agreement; hence the clause is not applicable.

5. 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 and using online

collection system also. The subscribers connection

is disconnected as and when the bills are not paid

within 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.

6. As explained, the company is regularly recovering

fuel surcharge and FPPCA as approved under the

RERC orders to recover the fuel surcharge.

7. As informed to us, the State Govt. is regularly

reimbursing the tariff subsidy. During the financial

year 2015-16, tariff subsidy amounting to ̀ 2449.84

Crore was accrued against which the company has

received ` 1997.50 (including excess subsidy

`291.31 Crore received in financial year 2014-15)

from the State Government. As at 31.03.2016,

subsidy amounting to ` 452.34 Crore is yet to be

received.

For B. KHOSLA & Co.


F R No. : 000205C

Sd/-

(VIJAY K. JAIN)

Partner

Membership Number: 70758

Place : Jaipur

Date : 23.08.2016

(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 Jaipur Vidyut Vitran Nigam Limited on the

financial statements for the year ended March 31, 2016 )

129


Annexure - A

Para 1 (a),(b) & (c) Facts have adequately been disclosed at note no. 12.4 of Balance

Sheet and work of physical verification of Assets is covered

under R-APDRP Part-A which is under progress.

Para 2 Physical verification of inventory is being done on rotation basis.

Para 3 to 16 No comments.

Annexure - B

Para (a) Detailed explanation regarding accounting of Grant/Subsidy

against Capital expenditure is as per reply of point no. 3 of

Annexure-D of Auditors' Report.

Para (b) Accounting of Power Purchase cost is being done on accrual

basis which covers generally all the claims of suppliers pertaining

to accounting year. Cut-off dates have been taken only for the

claims which are of supplementary nature and having

insignificant amount as compared to overall power purchase

cost.

Para (c) Company has proper internal control system for identification

calculation of delay payment surcharge payable to power

suppliers. As company is pursuing with power suppliers to reduce

waive off the LPS, provision has been made at the year-end on

the basis of claims received from the power suppliers.

Para (d) Complete details of consumers/subscribers deposits are available

in respective consumers' files maintained at sub-division level.

Company has now implemented IT enabled/Computerized

system for Revenue work wherein all master data related of

consumers and billing are being maintained. Work for updation

of old data related to subscribers/consumers deposits is also in

progress.

MANAGEMENT REPLY TO THE OBSERVATIONS OF

STATUTORY AUDITORS’ AS GIVEN IN ANNEXURES OF

AUDIT REPORT ON THE ANNUAL ACCOUNTS 2015-16

130


Para (e) Detailed explanation regarding fixed assets/CWIP is as per replies

of point no. 5 to 10 & 16 of Annexure-D of Auditors' Report.

Further, the company has now decided / committed to

implement ERP system very soon for better and effective

inventory/assets management.

Para (f) Company has now implemented fully computerized system for

billing/collection work through which several kind of information

may be generated to have an effective internal control over

Revenue/outstanding. During the year MIS and Accounts are

fully reconciled and efforts are being made to reconcile SDC

differences of earlier years. Further, provision against PDC

outstanding is made as per policy.

Para (g) Subsidiary records of all major accounting heads are available

and maintained in respective accounting units/sub-divisions.

Advance to suppliers is regularly monitored by the concerned

accounting in-charge and necessary adjustments are being

carried out on time to time. However, the management has

now decided to implement ERP system in company to have

effective control over these issues.

Para (h) Efforts at each level are being made to reduce the distribution

losses. Various measures are being taken to curb the losses like

capital expenditure for strengthening the distribution system,

initiating vigilance & anti-theft activities in theft prone

areas,timely releasing of new connections, implementation of

IT enabled system to improve billing system, inviting private

participation through franchisee concept.

Annexure - C

Para 1 Facts have adequately been disclosed at note no. 12.4

Para 2 to 4, 6 & 7 No Comments

Para 5 IT system has been introduced in Companyfor strengthening

of Billing and collection system. Further, for recovery from PDC

consumers, regular efforts are being made at different level by

taking action under EUDR Act and LR Act etc.


Sd/-

(Shreemat Pandey)

Chairman

131


Government Grants, Subsidies and

Subventions

1. Refer Note No. 17.1 regarding Subsidy Receivable

against Minimum Charges amounting to `125.05

Crore related to periods 2009-10 to 2011-12 which

pertains to the amount of minimum charges short

recovered from agriculture consumers. In absence

of reasonable assurance from the State

Government, the recognition of Subsidy

Receivable in earlier years is not in accordance

with Accounting Standard-9 "Revenue

Recognition" and Accounting Standard-12

'Accounting for Government Grants". Thus, other

Non-Current Assets (Subsidy receivable against

minimum charges) have been overstated by

` 125.05 Crore and Loss has been understated to

that extent.

2. Refer Note No. 17.2 regarding the accumulated

losses of earlier years amounting to ` 1889.26

Crore is shown as revenue subsidy receivable from

the State Government (`1649.33 Crores under

Other Non-Current Assets and ` 239.93 Crores

under Other Current Assets) against revenue gap.

The Company has implemented UDAY Scheme

during the year which entails no loss subsidy or

cash support shall be given by State Government

from FY 2017 onwards. However, the

management is of the view that considering the

letter issued by the Energy Department of Govt.

THE OBSERVATIONS OF STATUTORY AUDITORS’ AS GIVEN IN

ANNEXURE-D OF AUDIT REPORT ON THE ANNUAL

ACCOUNTS 2015-16 AND MANAGEMENT REPLY THEREOF

AuditPara

Statutory Auditors’ Observation Management Reply

Government Grants, Subsidies and Subventions

1. Matter is being taken up with the state Government

and accordingly, necessary adjustment will be

carried out in next year.

2. No comments.

132


AuditPara


of Rajasthan stating that appropriate decision

regarding the loss subsidy shall be taken at the time

of releasing of grant/subsidy and also relying upon

the total outlay for grants/subsidy in State Budget

for the year 2016-17, the said subsidy is

recoverable. Considering the above scenario, we

are unable to make any opinion on the same and

till such time the matter is decided by the State

Government, we have relied upon the

management view.

3. Refer to Para No. 3 (c) of Note No.-I of "Significant

Accounting Policies" with regard to policy for

recognition of Consumer Contribution, Grants and

Subsidies towards cost of capital assets on cash

basis irrespective of date of completion of capital

assets, which is not in accordance with accrual

system of accounting as required by the Act.

Further, policy of amortization of Consumer

Contribution, Grants and Subsidies towards cost

of capital assets in 25 years without any correlation

with the life of assets created, is not in consonance

with the Accounting Standard-12 "Accounting for

Government Grants".

Borrowings

4. Refer Note No. 5.1 regarding cumulative difference

of ` 10.49 Crore between balances appearing of

Long Term Borrowing from banks in the books

and balances outstanding as per respective Bank

Statements, which is under reconciliation. In

absence of reconciliation, we are unable to

comment on the impact thereof on financial

statements.

3. Matter relating to accountal of Grants/Subsidies

towards cost of capital assets is done on cash basis.

As far as matching of receipt of CC&SL with

completion of capital works is concerned, audit

should appreciate that looking to the process of

work and utilization of funds in energy sector,

matching principle in respect of fund flow cannot

be precisely complied with in respect of creation

of assets. The amount received towards CC&SL

is utilized solely for creation/strengthening of new/

existing distribution network even prior to release

of connection as well as for releasing the

connection to the prospective consumers. Audit

should also appreciate the fact that CC&SL

contributes only a partial cost of the total capital

works undertaken by the company.

Borrowings

4. Final payments to Banks have been made after

due reconciliation and complete details have also

been provided to respective banks for

reconciliation on their part.

133


AuditPara


Fixed Assets and Capital Work-in-Progress

5. The company does not have details and records

for most of lease hold lands and free hold lands. In

absence of the relevant details and records the value

and existence of the same is not verifiable. Further,

effect of the same on the Statement of Profit and

Loss with respect to amortization of value of lease

hold land, lease rent and taxes are also not

ascertainable.

6. Refer Para No. 3 (d) (i) & (ii) of Note No.-I of

"Significant Accounting Policies" regarding

capitalization of assets. The company has

capitalized the fixed assets on the basis of value

certified by Circle SE. Since, these certificate given

by Circle SE does not contain any details of fixed

assets created during the year and method of

transfer of Capital Work-in-Progress (CWIP) to fixed

assets either on monthly or monthly on average

basis which is not in accordance with Accounting

Standard-10 "Accounting for Fixed Assets" and

GAAP and therefore in absence of proper relevant

records and details we are unable to ascertain the

impact of the same on Fixed Assets, CWIP,

Depreciation and Loss of the company.

7. Refer Para No. 3 (d) (iii) of Note No.-I of "Significant

Accounting Policies" regarding preparation of

Inventory of Closing Capital Work-in-Progress

(CWIP). The company has not maintained detailed

day to day scheme/work-order wise record in

respect of CWIP and therefore we are unable to

verify the opening CWIP, additions during the year,

amount transferred to the fixed assets and closing

CWIP. The impact of the same on the Financial

Fixed Assets and Capital Work-in-Progress

5. In some of the cases, details of Lease hold&Free

hold land are not available particularly in respect

of Lands acquired during erstwhile RSEB's period.

During Company's period, records / papers of land

acquired are, by and large, available. Efforts are

being made to obtain the details in such cases.

6. Accounting of CWIP has been done in detailed

code heads (itemwise / schemewise) and at the

year end, details / inventory of incomplete capital

works with value have been prepared and after

retaining closing CWIP to this extent, the remaining

amount of CWIP was bound to be transferred to

fixed assets in respective codes and based on such

records, Circle SEs issued the certificates of

completion for transfer to Fixed Assets. Thus, it is

not appropriate to say that certificates given by

Circle SEs do not contain any details of fixed assets

created during the year as all those records

maintained at the level of Sub Division or A.O

office are integral part of such certificates issued

by Circle SEs. Accordingly, it would not affect the

fixed assets, depreciation and profit/loss.

7. The company has maintained closing CWIP

registers at all O&M Sub Divisions wherein day to

day entries of store issues (work orderwise) are

made and the work orders indicate schemes also.

At the end of financial year, progressive amount

paid on account of erection charges in respect of

incomplete capital works is also entered in such

CWIP registers and grand total of amount of

material issued and erection charges reveals total

134


AuditPara


Statements is not ascertainable. In absence of

proper records of CWIP, the details of inventory of

closing CWIP as at March 31, 2016 as prepared

by the company have been relied upon by us.

8. Refer to Para No. 3 (f) of Note No.-I of "Significant

Accounting Policies" regarding capitalization of

Employees Cost and Office & Administration

Expenditure (other than that of RE & TW unit)

amounting to ` 228.76 Crore (including certain

non-eligible expenses) on ad-hoc percentage basis

without identifying such expenses specifically

attributable to construction of a project or to the

acquisition of fixed assets or bringing it to its

working condition, which is not in accordance with

Accounting Standard-10 "Accounting for Fixed

Assets". Consequential impact of the same on the

financial statements is not ascertainable.

9. The Borrowing Cost allocated to CWIP and

apportioned to Fixed Assets amounting to ` 85.35

Crore is not in accordance with AS-16 "Borrowing

cost of individual work order remained incomplete.

At some of the Circles, such closing CWIP registers

have also shown during the course of audit thus,

the cost of closing CWIP so arrived at, is having

required details. Likewise, such details of closing

CWIP as on 31.03.2015 were also prepared and

the same aretaken as opening balance of CWIP

as on 01.04.2015. So far as details of total

additions of CWIP during the year are concerned,

the company has full details of SINs thereby, the

material was issued for capital works and the

booking was also made according to accounting

codes of CWIP(schemewise). The payments made

on account of erection charges were also booked

under such Codes. The capitalization of

Employees'Cost, Admn.& General Expenses and

IDC were also booked under such Codes of CWIP

according to accounting policy.

8. It is impractical to work out apportionment of the

Establishment cost on the basis of such

identification that which person has done which

work. By & Large, all those Establishment and

Administrative costs of MM wing (90%) and RE/

TW wing (including IT wing) etc. which are

exclusively assigned for capital works are fully

capitalized. However, for other works being carried

out in the field, there is no barometer thus, it is

done on the basis of our experience of last several

years and has also been got approved by the BOD.

The facts have also adequately been disclosed at

para no.3 (f) of "Statement of Significant

Accounting Policies".

9. As stipulated at point no. 6 of Statement of

Significant Accounting Policies, presently, the funds

received under RGGVY/DDUGJY and RAPDRP

135


AuditPara


Costs" as the system of capitalization of fixed assets

is either on monthly or monthly on average basis

and there is no system of identification of qualifying

assets and interrupted projects. Consequential

impact of the same on the financial statements is

not ascertainable.

Depreciation

10. Refer Para No. 4 (b) of Note No.-I of "Significant

Accounting Policies" regarding charging of

depreciation on the assets completed during the

year from the next month in which the assets

completed. As the company has capitalized fixed

assets either on monthly or monthly on average

basis instead of date of the asset coming in use

and therefore the depreciation provided in the

financial statements is not in accordance with

Accounting Standard- 6 "Depreciation

Accounting". The impact of the same on the

financial statements is not ascertainable.

schemes are specific to create of particular assets

and accordingly, the borrowing cost of such funds

has been capitalized on actual basis. Borrowing

cost in respect of other funds has been capitalized

by applying weighted average rates which are in

consonance with AS-16 "Borrowing Cost". As far

as identification of qualifying assets and interrupted

project is concerned, there are no interrupted

projects/assets identified during the year except

RAPDRP Part A project which has been considered

as interrupted project and accordingly borrowing

cost has not been capitalized thereupon.

Depreciation

10. Enterprise/Company may group additions and

disposals in appropriate time period(s), e.g. 15 days

or a month, for the purpose of charging pro rata

depreciation in respect of additions and disposals

of its assets keeping in view the materiality of the

amount involved. This view point is also supported

by commentary at page-116 of Book on Indian

Accounting Standards and GAAP - Volume-I

written by Dolphy D' Souza. This has also been

adequately disclosed vide para no. 4(b) of

Statement of Accounting Policies.

As per policy of the company, the details/inventory

of incomplete works with value have been prepared

and after retaining the same as closing CWIP,

balance amount has beentransferred to Fixed

Assets for which, actual dates of completion are

not known. Therefore, to avoid substantial variation

(understatement/overstatement) of depreciation,

total assets have been capitalized equally on

average monthly basis with reference to total value

of completed capital works for the year duly

certified by Circle SEs.

136


AuditPara


Trade Receivable

11. Refer Note No. 20.5 regarding net credit balance

of ` 2.62 Crore being difference between Debit

and Credit balances of "Sundry Debtors Collection

Accounts" which is under reconciliation. This

includes net debit balance of ` 4.54 Crores &

` 0.52 Crore of JCC Unit and Dausa Unit

respectively, the reasons for which are not

explained. In absence of complete details, we are

unable to comment upon its impact on financial

statements.

12. The company has not furnished the details of

advance consumption charges received from

consumers against temporary connection

amounting to ` 39.56 Crore; hence the figures

appearing in the financial statements are not

verifiable. In absence of the details, quantification

of understatement / overstatement of current

liabilities, trade receivables and revenue are not

possible.

13. Outstanding amount of Trade Receivable (Nigam

Dues) shown at the end of year are net of credit

balances of ` 116.00 Crore of JCC Unit. Credit

balances of consumers under Trade Receivable

have not been shown as Advances from customers

under the head "Other Current Liabilities". The

company has neither identified the reasons for

credit balances in the books of accounts nor has

reconciled the same with details of consumer-wise

credit balances as per MIS. In absence of relevant

details, quantification of understatement /

overstatement of trade receivables, other current

liabilities and revenue are not ascertainable.

Trade Receivable

11. Reconciliation of Sundry Debtors Collection

Accounts is a regular process as there are several

reasons of differences. However, more persistence

efforts will be made in subsequent years for

reconciliation thereof.

12. There are large nos. of temporary connections in

Company. It is practically not possible to keep

inventory for the same at Head Office or Circle

level. As a matter of fact, amount against advance

consumption is received at Sub Divisional Offices

and details thereof, are also available and verifiable

there.

13. Advance consumption charges against fortnightly

billing are being shown under Current Liabilities

as on 31.03.2016. The negative balances in Sundry

Debtors A/c on account of other reasons are being

looked into to square-up the same after due

reconciliation.

137


AuditPara


14. Refer Note No. 20.4 regarding differences between

balances as appearing in the books for ED/WCC/

UC payable/ receivable and balances in MIS which

is adjusted during the year in Trade Receivables

(Nigam Dues). These adjustments have been

carried out without ascertaining the reasons and/

or reconciliation of differences. These adjustments

along with existing differences has resulted in

cumulative difference in Trade Receivables (Nigam

Dues) of ` 60.42 crore between balances as

appearing in MIS and books, against which

equivalent amount of provision has been made

during the year. Therefore in absence of complete

details and information, we are unable to comment

regarding correctness of the said adjustments and

consequential impact of the same on the financial

statements.

15. The company has deposited Urban Cess of ̀ 90.11

Crore without receiving credits from the various

units, due to which UC payable shows debit

balance of ` 36.15 Crore (shown under Other

Current liabilities). As explained to us, the units

have carried out adjustments in excess of

prescribed limit against the Trade receivable of

municipal bodies. Had the appropriate adjustment

been made from various units, the Urban Cess

payable would have been ` 53.96 Crore (credit).

Consequently, the Current liabilities are

understated by ` 90.11 Crore and Trade

Receivables are understated to that extent.

Impairment of Assets

16. The company has stated in Para No. 12 of Note

No.-I of "Significant Accounting Policies" that the

management has periodically assessed about

14. Facts have adequately been disclosed in note no.

20.4 that there were differences between MIS and

accounts pertains to previous years against which

provision has been made and Assessment/

Realization as per MIS of current year has been

fully accounted for after due reconciliation.

15. Instructions for necessary adjustment/rectification

in the bills of Municipal Bodies have been issued

which will be reflected in next year's MIS &

Accounts.

Impairment of Assets

16. To declare impairment of any asset, the field officers

are the best judge to ascertain the same. They have

categorically certified that impairment conditions

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AuditPara


impairment of assets as per Accounting Standard-

28. However, in absence of physical verification

of fixed assets, fixed assets register and techno-

economic assessment, we are unable to comment

whether any impairment loss, remained un-

assessed and un-provided in accordance with

Accounting Standard - 28 "Impairment of Assets".

Inter -Company Balance reconciliation

17. Refer Note No. 23.6 of "Notes forming part of

financial statements" where in the differences

between inter-company account balances as at

March 31, 2015 have been disclosed by the

company. The reconciliation for the year 2015-16

has not been made by the company. Because of

these differences and pending reconciliation, we

are unable to comment on the effect of the same

on the financial statement of the company.

Power Purchase

18. We have observed that the company has provided

Transmission/SLDC Charges excess by ` 3.28

Crore due to short drawl of energy than the

predetermined ratio. Thus, the power purchase,

trade payable and loss for the year are overstated

by ` 3.28 Crore.

19. Refer Note No. 9.2 regarding power purchase cost

is booked on the basis of bills received up-to cut

off date in case of the suppliers and up-to the date

of preparation of financial statements in case of

sister concerns and not on the basis of actual power

procured. Further, refer Note no. 29.4 regarding

do not exist. This fact has also been disclosed at

Para- 12 of the Statement of Significant Accounting

Policies. In view of this, provisions of AS-28 have

adequately been complied with.

Inter -Company Balance reconciliation

17. Complete details alongwith jointly signed

reconciliation statements with Sister Companies as

at 31.3.2015 are available. However, vigorous

efforts are being made to get proper adjustments

of the items appearing in the reconciliation

statement. Reconciliation for 2015-16 is under

progress as Accounts of sister companies are not

finalized so far.

Power Purchase

18. The Transmission Charges for the year 2015-16

and amount to be recovered from the Discoms

have been determined by RERC on the basis of

capacity handled by the RVPNL as such, it is billed

as per ratio of energy approved by the Energy

Department, GOR and not on the basis of drawl

of energy. Accordingly, bills raised by RRVPNL

have been accounted for by the Discom which is

subject to true-up.

19. Accounting of Power Purchase cost is being done

on accrual basis which covers generally all the

claims of suppliers pertaining to accounting year.

Cut-off dates have been taken only for the claims

which are of supplementary nature and having

insignificant amount as compared to overall power

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AuditPara


provision of ̀ 358.58 Crores for surcharge on delay

payment on ad-hoc/ tentative basis. In absence of

complete information and reconciliation with

power suppliers, we are unable to verify the

completeness and accuracy of the said provision

made.

General

20. Balances of Trade Receivables, Trade Payables,

Suppliers, Contractors, Loans and Advances, Staff

Related Liabilities and Advances and other debit

and other credit balances are subject to

confirmations and necessary adjustments upon

reconciliation and are net of debit/credit balances.

In absence of proper record/details we are unable

to comment about the impact thereof on the

financial statements.

21. At the year-end, an amount of ̀ 71.67 Crore shown

as Capital Advance and ` 84.93 Crore (including

overheads) shown under Capital Work-in-Progress

against contract for development and

implementation of integrated ERP System which

includes supply of hardware. In absence of

complete details regarding implementation status

and test run of integrated ERP system at certain

units, we are unable to comment on the

capitalization of such assets and depreciation there

upon.

22. No subsidiary ledgers have been maintained for

Consumer Security Deposit, Meter Security Deposit

and Advance consumption charges other than

FNB. In absence of which the correctness of the

figures appearing in the financial statements under

these head could not be verified.

purchase cost. Further, so far as the matter of delay

payment surcharge is concerned, company is

pursuing with power generators to reduce/waive

off the surcharge. However, a tentative provision

on the basis of claims received has been made

which is subject to final settlement.

General

20. Noted for compliance.

21. Details of booking under CWIP alongwith payment

vouchers are available in respective accounting

unit. Since the IT project is under progress, as

certified by the IT wing, complete details regarding

tangibles/intangibles assets and depreciation

thereon, would be possible only after completion

of the same.

22. The relevant records in respect of Consumer

Security Deposit, Meter Security Deposit, Advance

consumption charges and Retention Money

Deposits are maintained at Sub Divisions /

Accounting Units.

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AuditPara


23. Since assets of company are voluminous, scattered

in field and fixed assets register is also under

preparation thus, in such situation (loss due to theft

of assets etc.), reports offield officershave been

considered,which is only the best mode for

calculation of profit/loss for accounting purpose.

24. Expenditure and Revenue have been accounted

for on actual and also on accrual basis to the extent

of well-known and identifiable pertaining to

2015-16.


Sd/-

(Shreemat Pandey)

Chairman

For B. Khosla & Co.


FRN No. 000205C

Sd/-

(Vijay K. Jain)

Partner

M.No. 70758

Place : Jaipur

Dated : 23.08.2016

23. The company does not have Fixed Assets Register

therefore amount of loss on theft, profit/ (loss) on

sale of assets and fixed assets transferred to "Assets

not in use" is not verifiable. In absence of relevant

details and information, impact of the same on

the financial statements is not ascertainable.

24. Refer Note No. 9.2, 25.3, 26.3, 31.4, 35.13 &

35.14 wherein disclosure has been made for certain

items which have been accounted for on cash basis/

cut-off date basis in books of accounts. The

accounting on cash basis is not in consonance with

the accrual basis of accounting required by the

Act.the financial statements under these head could

not be verified.

141


Annexure E - of the Auditors’ report

Referred to in our report under "Emphasis of Matter" paragraph

1. Refer Note No. 35.15 (a) regarding the financial

statements of the Company having been prepared

on a going concern basis, notwithstanding the fact

that its net worth is completely eroded. The

appropriateness of the said basis is inter-alia

dependent on continuing support from the

Government, successful implementation of UDAY

scheme and improved operational/ financial

performance.

2. Refer Para No. 10 of Note No.-I of "Significant

Accounting Policies" and Note No. 28.3 (vi)

regarding provision of compensated absences i.e.

half pay leave provided on estimated basis as per

past experience of the management and relied upon

by us.

3. Refer Note no. 35.2 (m) in respect of claims of

generators/ power suppliers have not been

considered as the matter is pending before courts.

4. Refer Para No. 3 (d) (iii) of Note No.-I of "Significant

Accounting Policies" regarding material lying at site

for capital works are being shown as Capital Work-

in-Progress (CWIP) irrespective of its actual use.

Consequently, CWIP at the year-end includes

`162.91 Crore amount of inventory for Capital

Works issued but remaining unutilized at the sub-

divisions.

5. Refer Note No.21.4 regarding latest available

position of the bank reconciliation statements,

amounts deposited by company into bank but the

same were not reflected into Bank Accounts

amounting to ` 7.26 Crore and various receipts

directly deposited into Bank not accounted for in

books of accounts amounting to ` 7.00 Crore which

are under reconciliation.

6. The company has liability to contribute towards

shortfall, if any, in PF Trusts which in accordance

with AS-15 makes the plan as defined benefit plan

and any shortfall needs to be provided as per the

Actuary Valuation at the year-end. Refer Note No.

28.3(iii), wherein the PF trust has confirmed that

there is no interest shortfall and have sufficient fund

to meet out the liabilities of trust, which has been

relied upon by us.

7. Refer Note No. 26.3 regarding liability in respect of

truing up or surplus/deficit passed by the suppliers/

service providers is accounted for on receipt of bills/

credit note. Further, refer Note No. 24.7 regarding

` 160.88 Crore and ` 14.19 Crore being truing up

credit/ revenue surplus credit/ recovery of earlier

years of RVPNL and RVUNL respectively, shown as

"Other Operating Income".

8. Refer Note No. 26.4 regarding accounting of liability

of ` 14.07 Crore on account of power purchased

through banking remaining unsettled at year end at

average rate of energy, which has been relied upon

by us.

9. Refer Note No.24.4 read with Para No. 8 (d) of Note

No.-I of "Significant Accounting Policies" regarding

method of accounting of unbilled revenue of

` 1248.26 Crore which has been relied upon by us.

10. Refer Note No. 20.6 regarding non-classification of

Trade Receivables outstanding for a period exceeding

six months and Others Trade Receivables which is

not in accordance with Schedule III to the Companies

Act, 2013.

11. Attention is drawn to Para No. 19 (g) of Note No.-I

of "Significant Accounting Policies" regarding

142


provision for bad and doubtful debts to the extent of

50% of PDC Trade Receivable is considered

adequate by the management.

12. Refer Note No. 9.1, the company has not identified

the Enterprises qualifying under the definition of

Medium and Small Enterprises, as defined under

Micro, Small and Medium Enterprises Development

Act, 2006 (MSMED), as a result no disclosure is given

with regard to amounts unpaid as at the year-end

together with the interest paid/payable under the

MSMED Act.

13. Refer Note No. 35.2 regarding Contingent liabilities

amounts as disclosed in respect of claims/pending

court / arbitration /legal / tax cases and Commitments

in respect of estimated amounts of contract remaining

to be executed on capital account have not been

properly compiled and ascertained as per Accounting

Standard-29 "Provisions, Contingent Liabilities and

Contingent Assets". In absence of details, we are

unable to quantify the same.

For B. KHOSLA & Co.


F R No. : 000205C

Sd/-

(VIJAY K. JAIN)

Partner

Membership Number: 70758

Place : Jaipur

Date : 23.08.2016

143


MANAGEMENT RESPONSE TO THE COMMENTS OF THE COMPTROLLER

& AUDITOR GENERAL OF INDIA UNDER SECTION 143 (6) (B)

OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH, 2016

S.No.

C&AG Comments Management Response

The Preparation of financial statements of Jaipur

Vidyut Vitran Nigam Limited for the year ended

31 March 2016 in accordance with the financial

repor ting framework prescribed under the

Companies Act, 2013 (Act) 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 the

financial statements under Section 143 of the Act

based on independent audit in accordance with

the 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 23

August 2016.

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 Jaipur Vidyut Vitran Nigam Limited

for the year ended 31 March 2016. 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. Based on my

supplementary audit, I would like to highlight the

following significant matters under Section

143(6)(b) of the Act which have come to my

attention and which in my view are necessary for

enabling a better understanding of the financial

statements and the related Audit Report:

No Comments

144


S.No.


A Comments on Financial PositionBalance SheetAssetsNon-Current Assets

(i) Capital Work In Progress ( Note No. 13 ) :` 1135.87 crore

This includes ` 58.07 crore being the value offollowing works completed and put to use beforeMarch 2016 :-

(a) Works of kota circle amounting to ` 76.41 lakhcompleted in the year 2015-16 and lying in Capitalwork -in-progress.

(b) Work of 33 KV/ 11 KV substation amounting to` 14.67 crore which were commissioned andhanded over to the company during the year2014-15 and 2015-16.

(c) Hardware and software supplied by M/s HCLInfosystems Limited amounting to ` 79.54 crorewhich are being utilized by the company. Thecompany capitalized ` 19.20 crore in September2013 and remaining amount has been shown inCapital Work in Progress (CWIP) (` 42.64 core)and `Long Term Loans & Advances (capitaladvance) (`17.70 crore).

This has resulted in overstatement of Capital WorkIn Progress and Long Term Loans & Advances by` 58.07 crore and ` 17.70 crore respectively andunderstatement of Tangible Assets, Depreciationand Amortization Expenses and prior periodexpenses by ̀ 20.88 crore, ̀ 19.71 crore & ̀ 35.18crore respectively. Consequently loss for the yearis also understated by ` 54.89 crore.

(ii) Long Term Loans & Advances ( Note No. 16):` 164.41 crore

Capital Advances: ` 107.53 crore

This is overstated by ` 6.40 crore being the valueof land already in possession since May 2013.

The company paid ` 6.40 crore to JaipurDevelopment Authority for allotment of land inBada Padampura. The title of the land has already

Necessary adjustment will be carried out in next financialyear.

This was left out inadvertently. Necessary corrective actionwill be taken in next financial year.

145


S.No.


been transferred in the name of the company inMay 2013.

Consequently this has resulted in understatementof Fixed Assets, Depreciation & AmortizationExpenses and Prior Period Expenses by ` 5.89crore, ` 0.22 crore and ` 0.29 crore respectively.Loss for the year is also understated by ̀ 0.51 crore.

B Comments on ProfitabilityStatement of Profit & Loss

(I) RevenueOther Income (Note No. 25) ` 952.84 Cr.

As per Financial Reconstruction Programme forstreamlining the financial position (Oct, 2011) ofthe electricity distribution companies, theGovernment of Rajasthan provides the Grant/Subsidies as subvention of the Electricity Dutycollected by the electricity distribution companiesfrom the consumers.

The company collected ̀ 535.79 crore as electricityduty during the year 2015-16. Hence thesubvention of electricity duty was to be bookedonly to the extent which was collected from theconsumers i.e. ` 535.79 crore. However, thecompany has booked the entire amount ofsubvention i.e. ` 555.57 crore received from theGovernment of Rajasthan in the year 2015-16.This has resulted in overstatement of other incomeand understatement of current liabilities by ̀ 19.78crore. Consequently loss for the year alsounderstated to that extent.

(II) Expenses

(i) Purchase of Power (Note No. 26) ̀ 11229.61crore

This is understated by ` 19.20 crore due to non-provision of clean energy cess payable to M/sRajwest Power Ltd. (RWPL) as approved by RERCvide order dated 29 June 2016. Consequently,Trade Payables (Note No. 9) and loss for the yearhave been understated by ` 19.20 crore.

Accounting of subvention against ED has been done asper the policy adopted by the company and being followedconsistently from several years.

Further, it is also stated that the SPV (Rajasthan RajyaVidyut Vitran Vitta Nigam Ltd.) referred in letter dt.05.07.2016 of Finance Department GoR has not startedits operation till date and therefore, question of depositingthe amount of ED with SPV doesn't arise. A letter in thisreference has also been issued to the Director (Budget),GoR.

Accounting adjustment in respect of liability against "CleanEnergy Cess payable to Rajwest" was left out inadvertentlyas the decision from RERC came on 29.06.2016 i.e. afterclosing of the year. Necessary adjustment will be made innext financial year after due verification.

146


S.No.


(ii) Finance Costs (Note No. 29) ̀ 3319.93 crore

(a) The above is understated by ` 5.97 crore due tonon-provisioning of guarantee charges @ 0.5% perannum for the quarter ending 31 march 2016 onthe closing balance of bonds of ` 4776.44 crore.Consequently, ‘Other Current Liabilities' as wellas Loss for the year have been understated by` 5.97 crore.

(b) The above is overstated by ` 142.35 crore due tonon claiming of interest on bonds from theGovernment of Rajasthan for the period from19.10.2015 to 30.03.2016. This has resulted inunderstatement of Other Current Assets by` 142.35 crore. Consequently, Loss for the yearhas been overstated to the same extent.

The Guarantee commission is payable only if theGuarantee exists at the end of quarter. As no Guaranteein respect of Bond was existed as on 31st March 16,provision for Guarantee Commission was not made. It isfurther stated that Guarantee has not been issued by theGovt. till the date of finalization of accounts and this facthas also been disclosed in note 5 of Balance sheet.However, necessary provision, if required will be madein next financial year.

The JVVNL had submitted the proposal vide letter No.2574 dated 30.10.2015 to State Govt. in the BFC Non-Plan budget meeting held on dated 02.11.2015 forproviding the Interest subsidy on Bonds 9.95% as perFRP 2013 for the year 2015-16 ` 37,571.16 lacs and forthe year 2016-17 ` 31,896.12 lacs.

The matter was discussed in the BFC Non-plan meetingand it was agreed by the Finance department to providingthe interest subsidy on 9.95% Bonds as per FRP but dueto introduction of UDAY scheme notified by the MOP, theGoR has consider the proposal for the year 2015-16(interest due on 18.04.2015 & 18.10.2015) but noprovision regarding interest on bonds was made in thebudget estimates of State Govt. for the year 2016-17against interest on bonds payable and due on 18.04.2016& 18.10.2016.

Due to non-provision in the state budget for the year2016-17, the Energy Department has also not conveyedthe administrative approval for release the interest subsidyon 9.95% Bonds in the year 2016-17.In view of above,provision regarding interest on bonds receivable from GoRhas not been accounted for.

For and on behalf of the Board

Sd/-

(Shreemat Pandey)Chairman

For and on behalf of the Comptroller and

Auditor General of India

Sd/-

(S. Alok)

Accountant General

(Economic & Revenue Sector Audit)

Rajasthan, Jaipur

Place: Jaipur

Date: 10.10.2016

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