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TRANSCRIPT
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
• 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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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-
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
31.03.2016 was as follows:
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:
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
31.03.2016 was as follows:
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
• 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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
TO,
THE MEMBERS
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
COMPANY CLAUSE NOT APPLICABLE)
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
COMPANY CLAUSE NOT APPLICABLE)
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
To,
The Members,
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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.
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(Amount in `)
Particulars CURRENT YEAR PREVIOUS YEAR
2015-2016 2014-2015
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
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
Code 31.03.2016 31.03.2015
38
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 50.986 - 1,50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 50.986 - 42,32,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 50.986 - 1,32,60,00,000
(Loan repaid under UDAY scheme
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
(Loan repaid during the year)
Sub Total (i) - 9,19,72,00,000
(ii) Corporation Bank
Term Loan I 53.503 - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 53.503 - 1,00,00,00,000
(Loan repaid under UDAY scheme
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan III 50.995 - 16,67,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 50.995 - 33,33,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 50.995 - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI 50.995 - 28,18,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VII 50.995 - 88,01,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VIII 50.995 - 1,68,46,00,000
(Loan repaid during the year)
Term Loan IX 50.995 - 75,88,00,000
(Loan repaid during the year)
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
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 50.996 - 1,50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
43
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan IV 50.996 - 28,40,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 50.996 - 90,36,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI 50.996 - 1,72,92,00,000
(Loan repaid during the year)
Term Loan VII 50.996 - 77,88,00,000
(Loan repaid during the year)
Sub Total (iii) - 6,26,22,00,000
(iv) Union Bank of India
Term Loan I 53.505 - 2,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 53.505 - 4,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 50.987 - 16,66,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 50.987 - 1,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 50.987 - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI 50.987 - 69,29,00,000
(Loan repaid under UDAY scheme
by GoR)
44
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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
(Loan repaid during the year)
Term Loan IX 50.987 - 2,02,39,00,000
(Loan repaid during the year)
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
(Loan repaid under UDAY schemeby GoR)
Term Loan III 50.997 - 52,44,00,000
(Loan repaid under UDAY schemeby GoR)
Term Loan IV 50.997 - 82,14,00,000
(Loan repaid under UDAY schemeby GoR)
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
(Loan repaid under UDAY schemeby GoR)
Sub Total (v) 36,49,50,000 5,95,95,00,000
45
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(vi) Canara Bank
Term Loan I 53.515 - 1,80,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 53.515 - 74,52,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 53.515 - 1,40,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 53.515 - 4,57,49,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 53.515 - 4,00,00,00,000
(Loan repaid under UDAY scheme
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
(Loan repaid under UDAY scheme by GoR)
Term Loan VIII 50.85 - 5,94,05,00,000
(Loan repaid during the year)
Term Loan IX 50.85 - 2,67,52,00,000
(Loan repaid under UDAY scheme by GoR)
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan II 50.830 - 1,00,00,00,000
(Loan repaid under UDAY schemeby GoR)
Term Loan III 50.830 - 13,76,00,000
(Loan repaid under UDAY schemeby GoR)
Term Loan IV 50.830 - 43,13,00,000
(Loan repaid under UDAY schemeby GoR)
Term Loan V 50.830 - 82,55,00,000
(Loan repaid during the year)
Term Loan VI 50.830 - 37,18,00,000
(Loan repaid during the year)
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
(Loan repaid under UDAY schemeby GoR)
Term Loan IV 53.580 - 2,00,00,00,000
(Loan repaid under UDAY schemeby GoR)
Term Loan V 53.580 - 2,55,64,00,000
(Loan repaid under UDAY schemeby GoR)
47
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan VI 53.580 - 91,14,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VII 53.580 - 83,14,00,000
(Loan repaid during the year)
Term Loan VIII 50.860 - 1,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IX 50.860 - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan X 50.860 - 71,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan XI 50.860 - 3,79,52,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan XII 50.860 - 7,37,60,00,000
(Loan repaid during the year)
Term Loan XIII 50.860 - 3,32,21,00,000
(Loan repaid during the year)
Sub Total (viii) - 31,34,71,00,000
(ix) Punjab & Sind Bank
Term Loan I 53.595 - 45,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 50.990 - 1,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
48
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan III 50.990 - 1,00,00,00,000
(Loan repaid under UDAY
scheme by GoR)
Term Loan IV 50.990 - 47,57,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 50.990 - 74,51,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI 50.990 - 1,65,09,00,000
(Loan repaid during the year)
Term Loan VII 50.990 - 74,36,00,000
(Loan repaid during the year)
Sub Total (ix) - 6,06,53,00,000
(x) Oriental Bank of Commerce
Term Loan I 53.596 - 60,28,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 53.596 - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 53.596 - 1,40,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 53.596 - 1,96,42,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 50.970 - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
49
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan VI 50.970 - 40,83,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VII 50.970 - 1,27,92,00,000
(Loan repaid under UDAY scheme
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
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 53.597 - 1,11,75,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 53.597 - 62,44,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 50.870 - 30,05,00,000
(Loan repaid under UDAY scheme
50
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan V 50.870 - 31,46,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI 50.870 - 54,65,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VII 50.870 - 1,10,71,00,000
(Loan repaid during the year)
Term Loan VIII 50.870 - 47,15,00,000
(Loan repaid during the year)
Sub Total (xi) - 5,23,86,60,000
(xii) Dena Bank
Term Loan I 50.840 - 16,67,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 50.840 - 1,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 50.840 - 13,11,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 50.840 - 41,07,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 50.840 - 78,62,00,000
(Loan repaid during the year)
Term Loan VI 50.840 - 30,48,00,000
(Loan repaid during the year)
Sub Total (xii) - 2,79,95,00,000
51
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(xiii) Catholic Bank
Term Loan I 50.861 - 25,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II 50.861 - 2,62,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III 50.861 - 8,80,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV 50.861 - 16,85,00,000
(Loan repaid during the year)
Term Loan V 50.861 - 7,59,00,000
(Loan repaid under UDAY scheme
by GoR)
Sub Total (xiii) - 60,86,00,000
(xiv) United Bank of India 50.862
Term Loan I - 25,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 5,62,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 8,80,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 16,85,00,000
(Loan repaid under UDAY scheme
by GoR)
52
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 15,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 25,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 9,93,00,000
(Loan repaid under UDAY
scheme by GoR)
Term Loan V - 15,55,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI - 30,22,00,000
(Loan repaid during the year)
Term Loan VII - 13,61,00,000
(Loan repaid during the year)
Sub Total (xv) - 1,13,48,00,000
(xvi) Syndicate Bank 50.981
Term Loan I - 50,00,00,000
(Loan repaid under UDAY
scheme by GoR)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan II - 1,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 52,81,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 33,71,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V 11.70% 1,01,08,00,000 1,01,08,00,000
(Repayable in 7 Yearly installments
of ` 144400000 starting from
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
of ` 65042857 starting from
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
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 50,00,00,000
(Loan repaid under UDAY
scheme by GoR)
Term Loan III - 7,34,00,000
(Loan repaid under UDAY
scheme by GoR)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan IV - 23,47,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V - 44,92,00,000
(Loan repaid during the year)
Term Loan VI - 20,23,00,000
(Loan repaid during the year)
Sub Total (xvii) - 1,62,63,00,000
(xviii) Punjab National Bank 50.983
Term Loan I - 33,27,00,000
(Loan repaid under UDAY
scheme by GoR)
Term Loan II - 3,60,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 11,28,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 22,35,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V - 10,12,00,000
(Loan repaid during the year)
Sub Total (xviii) - 80,62,00,000
(xix) Karnataka Bank 50.984
Term Loan I - 33,33,00,000
(Loan repaid under UDAY
scheme by GoR)
Term Loan II - 3,74,00,000
(Loan repaid under UDAY
scheme by GoR)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan III - 11,73,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 22,46,00,000
(Loan repaid during the year)
Term Loan V - 10,12,00,000
(Loan repaid during the year)
Sub Total (xix) - 81,38,00,000
(xx) Bank of Baroda 50.985
Term Loan I - 1,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 62,50,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 75,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 26,50,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V - 83,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI - 1,59,98,00,000
(Loan repaid during the year)
Term Loan VII - 72,08,00,000
(Loan repaid during the year)
Sub Total (xx) - 5,79,06,00,000
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(xxi) Bank of India 50.989
Term Loan I - 1,11,23,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 35,20,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 67,44,00,000
(Loan repaid during the year)
Term Loan IV - 30,38,00,000
(Loan repaid during the year)
Sub Total (xxi) - 2,44,25,00,000
(xxii) Bank of Maharashtra 50.991
Term Loan I - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 5,24,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 17,60,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 33,69,00,000
(Loan repaid during the year)
Term Loan V - 15,18,00,000
(Loan repaid during the year)
Sub Total (xxii) - 1,21,71,00,000
(xxiii) Indian Overseas Bank 50.993
Term Loan I - 49,23,00,000
(Loan repaid under UDAY scheme
by GoR)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan II - 37,84,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 1,00,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 21,07,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan V - 66,01,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan VI - 1,26,35,00,000
(Loan repaid during the year)
Term Loan VII - 56,91,00,000
(Loan repaid during the year)
Sub Total (xxiii) - 4,57,41,00,000
(xxiv) Federal Bank 50.994
Term Loan I - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 5,62,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 17,60,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 33,69,00,000
(Loan repaid during the year)
Term Loan V - 15,18,00,000
(Loan repaid during the year)
Sub Total (xxiv) - 1,22,09,00,000
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(xxv) South Indian Bank 50.998
Term Loan I - 50,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan II - 5,00,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan III - 17,60,00,000
(Loan repaid under UDAY scheme
by GoR)
Term Loan IV - 33,69,00,000
(Loan repaid during the year)
Term Loan V - 15,18,00,000
(Loan repaid under UDAY scheme
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
S. Particulars Rate of Account As at As at
No. Interest Code 31.03.2016 31.03.2015
as at
31.03.2016
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
(Repayable in remaining 6 yearly
installments of ` 1,14,28,286 upto
15.01.2022)
Term Loan III 8.50% 9,14,26,285 10,66,64,000
(Repayable in remaining 6 yearly
installments of ` 1,52,37,714 upto
15.07.2021)
Term Loan IV 8.50% 15,42,85,715 18,00,00,000
(Repayable in remaining 6 yearly
installments of ` 2,57,14,286
upto15.07.2021)
Term Loan V 8.50% 17,14,28,570 20,00,00,000
(Repayable in remaining 6 yearly
installments of ` 2,85,71,429 upto
15.07.2021)
Term Loan VI 8.50% 19,99,97,140 23,33,30,000
(Repayable in remaining 6 yearly
installments of ̀ 3,33,32,857 upto
15.01.2022)
Term Loan VII 9.60% 28,44,37,330 31,99,92,000
(Repayable in remaining 8 yearly
installments of ` 3,55,54,667
upto15.07.2023)
(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
62
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan VIII 10.00% 62,39,96,100 69,33,29,000
(Repayable in remaining 9 yearly
installments of ` 6,93,32,900
upto15.07.2024)
Term Loan IX 10.00% 55,10,90,905 60,62,00,000
(Repayable in remaining 10 yearly
installments of ` 5,51,09,091
upto15.07.2025)
Term Loan X 10.00% 59,58,33,330 65,00,00,000
(Repayable in remaining 11 yearly
installments of ` 5,41,66,667
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
(Repayable in remaining 22
quarterly installments of
` 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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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
(Repayable in remaining 12
quarterly installments of
` 23,14,665 upto 15.01.2020)
Term Loan V 12.50% 53.550 5,24,97,565 6,86,50,661
(Repayable in remaining 13
quarterly installments of
` 40,38,274 upto 15.04.2019)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan VI 12.75% 53.550 1,51,75,57,834 1,63,65,81,977
(Repayable in remaining 51
quarterly installments of
` 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
(Repayable in remaining 18
quarterly installments of
` 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
(Repayable in remaining 27
quarterly installments of
` 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
(Repayable in remaining 58
quarterly installments of
` 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 -
(Repayable in 60 quarterly
installments starts from April, 17)
Term Loan XIV 11.00% - 12.00% 53.550 21,95,57,192 -
(Repayable in 60 quarterly
installments starts from Oct.,17)
Term Loan XIV 11.00% - 12.00% 53.550 1,48,14,46,198 -
(Repayable in 60 quarterly
installments starts from April,17)
Sub Total (ii) 37,44,47,68,931 30,84,54,22,725
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(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
(Repayable in remaining 27
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
(Repayable in remaining 28
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)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 51-71 1,25,50,689 2,51,01,363
(Balance of these 21 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. 72-73 32,09,165 48,13,748
(Balance of these 2 loans as per
respective schemes are to be paid
in 2 equal annual Installments for
each loan on 15th May upto
15-5-2017)
Scheme No. 74-78 - 75,75,600
(This loan has been paid during the
year 2015-16)
Scheme No. 79-86 1,28,28,860 2,56,57,720
(Balance of these 8 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. 87-89 1,13,09,060 1,69,63,590
(Balance of these 3 loans as per
respective schemes are to be paid
in 2 equal annual Installments for
each loan on 15th May upto
15-5-2017)
Scheme No. 90-95 - 19,36,970
(This loan has been paid during the
year 2015-16)
Scheme No. 96-105 54,13,310 1,08,26,620
(Balance of these 10 loans as per
respective schemes are to be paid
in 1 equal annual Installments for
each loan on 15th March upto
15-3-2017)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 106-114 2,70,82,918 3,00,92,124
(Balance of these 9 loans as per
respective schemes are to be paid
in 9 equal annual Installments for
each loan on 15th March upto
15-3-2025)
Scheme No. 115-118 1,28,53,365 1,41,38,700
(Balance of these 4 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th March upto
15-3-2026)
Scheme No. 119-124 4,47,43,650 4,88,11,252
(Balance of these 6 loans as per
respective schemes are to be paid
in 11 equal annual Installments for
each loan on 15th March upto
15-3-2027)
Scheme No. 125-130 2,67,96,870 2,90,29,940
(Balance of these 6 loans as per
respective schemes are to be paid
in 12 equal annual Installments for
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
(Balance of these 9 loans as per
respective schemes are to be paid
in 12 equal annual Installments for
each loan on 15th March upto
15-03-2028)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 141-155 8,12,61,700 8,75,12,600
(Balance of these 15 loans as per
respective schemes are to be paid
in 13 equal annual Installments for
each loan on 15th March upto
15-3-2029)
Scheme No. 156-157 42,22,518 45,24,124
(Balance of these 2 loans as per
respective schemes are to be paid
in 14 equal annual Installments for
each loan on 15th March upto
15-3-2030)
Scheme No. 158-159 1,05,27,036 1,13,36,808
(Balance of these 2 loans as per
respective schemes are to be paid
in 13 equal annual Installments for
each loan on 15th March upto
15-3-2029)
Scheme No. 160-161 24,16,560 36,24,840
(Balance of these 2 loans as per
respective schemes are to be paid
in 2 equal annual Installments for
each loan on 15th March upto
15-3-2018)
Scheme No. 162-167 1,17,56,190 1,56,74,920
(Balance of these 6 loans as per
respective schemes are to be paid
in 3 equal annual Installments for
each loan on 15th Feb upto
15-2-2019)
Scheme No. 168-169 33,72,420 44,96,560
(Balance of these 2 loans as per
respective schemes are to be paid
in 3 equal annual Installments for
each loan on 15th March upto
15-03-2019)
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 170-187 4,99,99,080 7,49,98,620
(Balance of these 18 loans as per
respective schemes are to be paid
in 2 equal annual Installments for
each loan on 15th March upto
15-3-2018)
Scheme No. 188-193 1,29,22,740 1,72,30,320
(Balance of these 6 loans as per
respective schemes are to be paid
in 3 equal annual Installments for
each loan on 15th July upto
15-7-2018)
Scheme No. 194-200 45,24,75,300 60,33,00,400
(Balance of these 7 loans as per
respective schemes are to be paid
in 3 equal annual Installments for
each loan on 15th Oct upto
15-10-2018)
Scheme No. 201-210 6,02,13,990 8,02,85,320
(Balance of these 10 loans as per
respective schemes are to be paid
in 3 equal annual Installments for
each loan on 15th Feb upto
15-2-2019)
Scheme No. 211-247 10,16,35,358 13,55,13,802
(Balance of these 37 loans as per
respective schemes are to be paid
in 3 equal annual Installments for
each loan on 15th March upto
15-3-2019)
Scheme No. 248-249 86,30,800 1,07,88,500
(Balance of these 2 loans as per
respective schemes are to be paid
in 4 equal annual Installments for
each loan on 15th April upto
15-4-2019 )
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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
(Balance of these 4 loans as per
respective schemes are to be paid
in 4 equal annual Installments for
each loan on 15th Oct upto
15-10-2019)
Scheme No. 262-280 2,02,69,43,402 2,53,36,79,251
(Balance of these 19 loans as per
respective schemes are to be paid
in 4 equal annual Installments for
each loan on 15th Dec upto
15-12-2019)
Scheme No. 281-283 6,95,52,080 8,69,40,100
(Balance of these 3 loans as per
respective schemes are to be paid
in 4 equal annual Installments for
each loan on 15th March upto
15-3-2019)
Scheme No. 284-290 89,86,62,434 1,07,83,94,915
(Balance of these 7 loans as per
respective schemes are to be paid
in 5 equal annual Installments for
each loan on 15th Nov upto
15-11-2020)
Scheme No. 293-299 69,17,41,028 80,70,31,199
(Balance of these 7 loans as per
respective schemes are to be paid
in 6 equal annual Installments for
each loan on 15th Sep upto
15-9-2021)
71
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 300-302 72,26,34,660 84,30,73,770
(Balance of these 3 loans as per
respective schemes are to be paid
in 6 equal annual Installments for
each loan on 15th Feb upto
15-2-2022)
Scheme No. 303-307 1,54,81,08,678 1,72,01,20,753
(Balance of these 5 loans as per
respective schemes are to be paid
in 9 equal annual Installments for
each loan on 15th March upto
15-3-2025)
Scheme No. 308-334 2,83,53,73,806 2,41,96,04,220
(Balance of these 17 loans as per
respective schemes are to be paid
in 15 equal annual Installments for
each loan on 15th June upto
15-06-2030)
Scheme No. 335 47,89,07,487 39,87,41,726
(Balance of this loan is to be paid
in 15 equal annual Installments on
15th Nov. upto 15-11-2030)
Scheme No. 336-340 1,44,78,13,001 1,44,43,85,081
(Balance of these 5 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th March. upto
15-03-2026)
Scheme No. 341 98,38,79,010 98,38,79,010
(Balance of this loan is to be paid
in 10 equal annual Installments on
15th May. upto 15-05-2026)
Scheme No. 342 60,70,60,475 60,70,60,475
(Balance of this loan is to be paid
in 10 equal annual Installments on
15th June. upto 15-06-2026)
72
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 343-346 14,23,57,437 14,23,57,437
(Balance of these 4 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th Oct. upto
15-10-2026)
Scheme No. 347-349 1,32,93,11,491 1,25,20,82,574
(Balance of these 3 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th Dec. upto
15-12-2026)
Scheme No. 350-51 1,03,81,07,229 1,02,98,83,070
(Balance of these 2 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th Jan. upto
15-01-2027)
Scheme No. 342 6,02,12,800 6,02,12,800
(Balance of this loan is to be paid
in 10 equal annual Installments on
15th March. upto 15-03-2027)
Scheme No. 343-45 1,90,90,40,590 1,81,26,21,899
(Balance of these 3 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th May. upto
15-05-2027)
Scheme No. 346-47 1,35,82,04,115 1,01,93,49,603
(Balance of these 2 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th June. upto
15-06-2027)
73
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 348 40,17,75,027 27,19,40,231
(Balance of this loan as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th July upto
15-07-2027)
Scheme No. 349-356 96,48,95,025 70,25,98,014
(Balance of these 8 loans as per
respective schemes are to be paid
in 15 equal annual Installments for
each loan on 15th Oct. upto
15-10-2032)
Scheme No. 357-359 1,55,31,40,940 84,84,73,728
(Balance of these 3 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
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
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th Dec. upto
15-12-2027)
Scheme No. 360-361 23,82,86,970 12,08,63,506
(Balance of these 2 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th Jan. upto
15-01-2028)
Scheme No. 362-365 1,48,83,62,932 -
(Balance of these 4 loans as per
respective schemes are to be paid
in 10 equal annual Installments for
each loan on 15th April. upto
15-04-2028)
74
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 366 65,71,95,288
(Balance of this loan is to be paid
in 10 equal annual Installments on
15th Oct. upto 15-10-2028)
REC Rationalization 10,94,61,900 12,66,58,380
(Balance of this loan is to be paid
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
(Balance of these 2 loans as per
respective schemes are to be paid
in 4 equal annual Installments for
each loan on 15th March upto
15.03.2020)
Scheme No. 3-4 2,06,12,124 2,40,47,478
(Balance of these 2 loans as per
respective schemes are to be paid
in 6 equal annual Installments for
each loan on 15th April upto
15.04.2021)
Scheme No. 5-6 4,43,27,595 5,31,93,114
(Balance of these 2 loans as per
respective schemes are to be paid
in 5 equal annual Installments for
each loan on 15th March upto
15.03.2021)
Scheme No. 7 2,15,94,453 2,51,93,529
(Balance of this loan is to be paid
in 6 equal annual Installments for
each loan on 15th Oct upto
15.10.2021)
75
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Scheme No. 8-13 14,19,92,896 15,97,42,008
(Balance of these 6 loans as per
respective schemes are to be paid
in 8 equal annual Installments for
each loan on 15th June upto
15.06.2023)
Scheme No. 14 2,89,32,930 3,25,49,546
(Balance of this loan is to be paid
in 8 equal annual Installments for
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 -
(Balance of these 5 loans as per
respective schemes are to be paid
in 15 equal annual Installments for
each loan on 15th Nov. upto
15.11.2035)
Scheme No. 6-8 3,19,77,558 -
(Balance of these 3 loans as per
respective schemes are to be paid
in 15 equal annual Installments for
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
(Repayable in remaining 20
monthly installments of ` 10,319
upto 15.03.2018)
76
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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
(Repayable in remaining 50
monthly installments of ` 33,220
upto 15.03.2021)
Term Loan IV 12.00% 16,95,675 19,78,287
(Repayable in remaining 60
monthly installments of ` 28,261
upto 15.03.2022)
Term Loan V 13.00% 43,734 87,459
(Repayable in remaining 10
monthly installments of ` 4,372
upto 15.03.2017)
Term Loan VI 12.50% 6,12,54,375 7,35,05,250
(Repayable in remaining 50
monthly installments of
` 12,25,087 upto 15.03.2021)
Term Loan VII 12.00% 1,11,72,000 1,27,68,000
(Repayable in remaining 70
monthly installments of ` 1,59,600
upto 15.03.2023)
Term Loan VIII 11.50% 11,81,22,260 13,49,96,868
(Repayable in remaining 70
monthly installments of
` 16,87,460 upto 15.03.2023)
Term Loan IX 10.50% 29,44,08,331 33,12,09,373
(Repayable in remaining 80
monthly installments of
` 36,80,104 upto 15.03.2024)
77
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
Term Loan II 12.00% 1,14,33,334 1,30,66,668
(Repayable in remaining 70
monthly installments of ̀ 1,63,333
upto 15.03.2023)
Term Loan III 11.50% 5,08,29,334 5,80,90,668
(Repayable in remaining 70
monthly installments of ̀ 7,26,133
upto 15.03.2023)
Term Loan IV 11.50% 2,74,80,825 3,14,06,669
(Repayable in remaining 70
monthly installments of ̀ 3,92,583
upto 15.03.2023)
Term Loan V 10.50% 9,92,60,000 11,16,67,500
(Repayable in remaining 80
monthly installments of
` 12,40,750 upto 15.03.2024)
Term Loan VI 10.50% 13,87,40,000 15,60,82,500
(Repayable in remaining 80
monthly installments of
` 17,34,250 upto 15.03.2024)
Term Loan VII 10.50% 5,83,33,338 6,56,24,993
(Repayable in remaining 80
monthly installments of ` 7,29,166
upto 15.03.2024)
Term Loan VIII 9.00% 1,68,99,750 1,87,77,500
(Repayable in remaining 90
monthly installments of ` 1,87,775
upto 15.03.2025)
Sub Total (x) 41,18,72,411 46,53,91,495
79
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
(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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
Code 31.03.2016 31.03.2015
7 :- LONG TERM PROVISIONS
82
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
Code 31.03.2016 31.03.2015
10 :- OTHER CURRENT LIABILITIES
84
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
Code 31.03.2016 31.03.2015
11 :- SHORT TERM PROVISIONS
85
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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5,14
,59,
842
7,6
7,74
,435
- 6
2,82
,34,
277
3,6
7,95
,083
2,2
7,04
,131
- 5
,94,
99,2
14 5
6,87
,35,
063
51,
46,6
4,75
9
Free
hol
d 2
,63,
86,2
72 -
- 2
,63,
86,2
72 -
- -
- 2
,63,
86,2
72 2
,63,
86,2
72
Build
ings
4,0
0,45
,38,
092
68,
50,0
4,95
7 -
4,6
8,95
,43,
049
64,
27,1
4,86
8 1
5,38
,98,
757
- 7
9,66
,13,
625
3,8
9,29
,29,
424
3,3
6,18
,23,
224
10.2
01-1
0.24
1
Oth
er C
ivil
Wor
ks 4
,86,
25,2
41 9
2,66
,806
- 5
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92,0
47 5
0,12
,970
18,
70,0
45 -
68,
83,0
15 5
,10,
09,0
32 4
,36,
12,2
71
10.4
01-1
0.41
2
Plan
t & M
achi
nery
54,
97,3
3,77
,613
6,7
7,30
,10,
121
1,3
2,66
,94,
743
60,
41,9
6,92
,991
10,
51,2
6,21
,339
2,9
8,89
,11,
304
52,
35,1
3,51
2 1
2,97
,80,
19,1
31 4
7,44
,16,
73,8
60 4
4,46
,07,
56,2
74
10.5
01-1
0.59
9
Line
s &
Cab
le 7
1,67
,43,
15,4
12 7
,03,
43,0
4,91
9 5
8,67
,90,
944
78,
12,1
8,29
,387
18,
16,7
4,97
,706
3,6
0,45
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961
52,
81,1
1,85
6 2
1,24
,39,
84,8
11 5
6,87
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44,5
76 5
3,50
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17,7
06
Net
wor
k
10.6
01-1
0.68
5
Vehi
cles
15,
31,2
6,18
9 1
2,96
,694
91,
76,9
50 1
4,52
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933
13,
09,3
6,69
2 1
5,49
,390
82,
59,2
55 1
2,42
,26,
827
2,1
0,19
,106
2,2
1,89
,497
10.7
0X-1
0.74
0
Furn
iture
& F
ixtu
res
3,2
0,62
,206
18,
01,9
82 -
3,3
8,64
,188
1,5
7,86
,587
12,
95,8
11 -
1,7
0,82
,398
1,6
7,81
,790
1,6
2,75
,619
10.8
0X-1
0.82
0
Offi
ce E
quip
men
ts 4
9,23
,89,
397
32,
56,0
44 -
49,
56,4
5,44
1 1
6,27
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127
6,0
8,62
,788
- 2
2,36
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915
27,
20,1
7,52
6 3
2,96
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270
10.9
0X-1
0.99
0
TOTA
L (i)
1,3
1,95
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80,2
64 1
4,58
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15,9
58 1
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26,6
2,63
7 1
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61,8
3,33
,585
29,
67,4
1,30
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6,8
3,56
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187
1,0
5,98
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623
35,
44,9
9,36
,936
1,0
9,16
,83,
96,6
491,0
2,28,2
1,49,8
92
(ii)
Asse
ts n
ot in
use
-
- -
- -
- -
- 1
5,05
,47,
280
13,
37,4
3,04
3
16.1
00-1
6.19
0
(Ref
er N
ote
No.
12.
1)
Tota
l (ii)
- -
- -
- -
- -
15,
05,4
7,28
0 1
3,37
,43,
043
GRAN
D TO
TAL
(i+ii)
1,3
1,95
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80,2
64 1
4,58
,47,
15,9
58 1
,92,
26,6
2,63
7 1
,44,
61,8
3,33
,585
29,
67,4
1,30
,372
6,8
3,56
,91,
187
1,0
5,98
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623
35,
44,9
9,36
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1,0
9,31
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43,9
291,0
2,41,5
8,92,9
35
Prev
ious
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r 1
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54,8
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16,7
5,31
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75,
92,5
5,25
2 1
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95,6
2,80
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24,
31,8
5,10
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5,7
8,92
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023
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7 2
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72 1
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41,5
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NO
N C
UR
RE
NT A
SS
ETS
12 :
- FIX
ED
AS
SE
TS
(Am
ount
in `
)
86
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
CURRENT ASSETS
18 :- INVENTORIES
Stores and Spares (Refer Note No.14.1) - -
TOTAL - -
(Amount in ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
20 :- TRADE RECEIVABLES(Amount in ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
Code 31.03.2016 31.03.2015
93
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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 ` )
Particulars Account As at As at
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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 :
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
S. Particulars Account For the Year ended For the Year ended
No. Code 31.03.2016 31.03.2015
98
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
S. Particulars Account For the Year ended For the Year ended
No. Code 31.03.2016 31.03.2015
99
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
S. Particulars Account For the Year ended For the Year ended
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 ` )
Particulars Account For the Year ended For the Year ended
Code 31.03.2016 31.03.2015
100
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
S. Particulars Account For the Year ended For the Year ended
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 ` )
S. Particulars Account For the Year ended For the Year ended
No. Code 31.03.2016 31.03.2015
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
S. Particulars Account For the Year ended For the Year ended
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 ` )
Particulars Account For the Year ended For the Year ended
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account For the Year ended For the Year ended
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 ` )
Particulars Account For the Year ended For the Year ended
Code 31.03.2016 31.03.2015
103
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account For the Year ended For the Year ended
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 ` )
Particulars Account For the Year ended For the Year ended
Code 31.03.2016 31.03.2015
104
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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 ` )
Particulars Account For the Year ended For the Year ended
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)
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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 ` )
Particulars Account For the Year ended For the Year ended
Code 31.03.2016 31.03.2015
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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 ` )
Particulars Account For the Year ended For the Year ended
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 ` )
Particulars Account For the Year ended For the Year ended
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.
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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 ` )
Particulars Account For the Year ended For the Year ended
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 ` )
Particulars Account For the Year ended For the Year ended
Code 31.03.2016 31.03.2015
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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 ` )
Particulars Account For the Year ended For the Year ended
Code 31.03.2016 31.03.2015
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
(Amount in ` )
Particulars Account For the Year ended For the Year ended
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
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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 ` )
Particulars Account For the Year ended For the Year ended
Code 31.03.2016 31.03.2015
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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.
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(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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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:
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
Companies Act, 2013.
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.
Chartered Accountants
F R No. : 000205C
Sd/-
(VIJAY K. JAIN)
Partner
Membership Number : 70758
Place: Jaipur
Date : 23.08.2016
125
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
Chartered Accountants
F R No. : 000205C
Sd/-
(VIJAY K. JAIN)
Partner
Membership Number : 70758
Place: Jaipur
Date : 23.08.2016
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
Chartered Accountants
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 )
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
For & on behalf of the Board
Sd/-
(Shreemat Pandey)
Chairman
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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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JAIPUR VIDYUT VITRAN NIGAM LIMITED
AuditPara
Statutory Auditors’ Observation Management Reply
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.
For & on behalf of the Board
Sd/-
(Shreemat Pandey)
Chairman
For B. Khosla & Co.
Chartered Accountants
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
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.
Chartered Accountants
F R No. : 000205C
Sd/-
(VIJAY K. JAIN)
Partner
Membership Number: 70758
Place : Jaipur
Date : 23.08.2016
143
JAIPUR VIDYUT VITRAN NIGAM LIMITED
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
JAIPUR VIDYUT VITRAN NIGAM LIMITED
S.No.
C&AG Comments Management Response
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
S.No.
C&AG Comments Management Response
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.
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JAIPUR VIDYUT VITRAN NIGAM LIMITED
S.No.
C&AG Comments Management Response
(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