Company Information

Company Information

Corporate Office

Functional Directors Chief Vigilance Officer Executive Directors

Shri H. D. Khunteta Chairman & Managing Director

Shri H. D. Khunteta Director (Finance)

Shri Prakash Thakkar Director (Technical)

Shri B. P. Pandey Shri Rajesh Verma

(From 10.01.2011)

(Upto 10.01.2011)

Shri Vinod Behari Shri B.P. Yadav Shri Puneet Kumar Goel Shri Kamal Dayani Shri V. K. Arora

Executive Director Executive Director Executive Director

Executive Director Executive Director

(CC/Training/CSR) (IT/Estate)

(RGGVY/CP/GEN.)

(Finance)

General Managers Zonal Managers

Shri D. S. Ahluwalia Shri Ajeet Kumar Agarwal

General Manager General Manager

(Finance)

(Finance)

Shri Sunil Kumar General Manager (RGGVY)

Shri S. N. Gaikwad General Manager (Generation)

Shri Rakesh Kumar Arora General Manager (F&A) & Company Secretary

Shri Ashok Awasthi General Manager (IC & D/Admn./RE)

Shri R. K. Mittal General Manager (Law)

Shri T. S. C. Bosh General Manager (RGGVY/STD/QC)

Shri Sanjiv Garg General Manager (Generation)

Shri S. K. Gupta General Manager (T&D)

Western Zone, Mumbai Shri M. K. Mittal Zonal Manager

Eastern Zone, Kolkata Shri S. Ghosh Dastidar Zonal Manager

Northern Zone, Panchkula Shri G. S. Bhati Zonal Manager

Southern Zone, Hyderabad Shri P. S. Hariharan Zonal Manager

East Central Zone, Patna Shri N. K. Maurya Zonal Manager (In-charge)

Registered Office

Core-4 SCOPE Complex, 7, Lodhi Road, New Delhi-110003 Tel: 91 11 24365161, Fax: 91 11 24360644, E-mail: reccorp@recl.nic.in, Website: recindia.nic.in

Company Secretary RegistRAR & SHARE TRANSFER AGENT

shares listed at

Shri Rakesh Kumar Arora

Karvy Computershare Private Limited Plot 17 to 24, Vittalrao Nagar, Madhapur, Hyderabad - 500081, India, Tel: 91 40 23420815-824 Fax: 91 40 23420814, E-mail: einward.ris@, Website:

National Stock Exchange of India Limited

Bombay Stock Exchange Limited

DepositorIES jOINT sTATUTORY aUDITORS SECRETARIAL AUDITOR Bankers

National Securities Depository Limited

Central Depository Services (India) Limited

K. G. Somani & Co. Chartered Accountants

Bansal & Co. Chartered Accountants

Chandrasekhran Associates, Company Secretaries

Reserve Bank of India State Bank of India State Bank of Hyderabad Vijaya Bank

Dena Bank Corporation Bank HDFC Bank ICICI Bank

IDBI Bank IndusInd Bank Bank of India Axis Bank

Yes Bank Union Bank of India

Subsidiary Companies of REC

REC Transmission Projects Company Limited REC Power Distribution Company Limited Vemagiri Transmission Systems Limited (A wholly owned subsidiary of REC Transmission Projects Company Limited)

Contents

1. Chairman's Letter to Shareholders.....................................................................................................................................................................5 2. Notice of AGM.........................................................................................................................................................................................................10 3. Directors' Profile......................................................................................................................................................................................................26 4. Directors' Report.....................................................................................................................................................................................................29 5. Management Discussion and Analysis Report............................................................................................................................................51 6. Report on Corporate Governance....................................................................................................................................................................57 7. Auditors' Certificate on Corporate Governance..........................................................................................................................................68 8. Balance Sheet..........................................................................................................................................................................................................70 9. Profit & Loss Account............................................................................................................................................................................................71 10. Schedules..................................................................................................................................................................................................................72 11. Cash Flow Statement............................................................................................................................................................................................93 12. Auditors' Report......................................................................................................................................................................................................95 13. Non-Banking Financial Companies Auditors' Report................................................................................................................................98 14. Comment of C & AG of India..............................................................................................................................................................................99 15. Secretarial Audit Report.................................................................................................................................................................................... 100 16. Statement Pursuant to Section 212 (1) (e) of Companies Act, 1956................................................................................................. 101 17. Consolidated Financial Statements.............................................................................................................................................................. 102 18. Statement Pursuant to Section 212 (8) of Companies Act, 1956....................................................................................................... 125 19. Addresses of REC Offices.................................................................................................................................................................................. 126

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42ND ANNUAL REPORT 2010-11

Performance Highlights

CONSISTENT GROWTH OVER 10 YEARS

Particulars RESOURCES (at the end of the year) Equity Capital (` Lacs) BORROWINGS (` Lacs) From Govt. of India By issue of bonds From LIC Foreign currency borrowings Commercial Papers Other Banks Reserves & Surplus (Net) From IIFCL FINANCING OPERATIONS (During the year) (` Lacs) Number of projects approved Financial assistance sanctioned Disbursements Repayments by borrowers Outstanding at the end of the year ACHIEVEMENTS Villages electrified During the year Upto the end of the year Pumpsets energised During the year Upto the end of the year Working Results (For the year) (` Lacs) Total income Personnel & Admn. Expenses Interest on borrowings Depreciation Profit Before Tax Provision for Tax Profit After Tax Dividend on Equity Net Worth

2010-11 2009-10 2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02

98746

98746

85866

85866

78060

78060

78060

78060

78060

78060

3613 5119525

285000 758332

Nil 646914 1180116 187000

4942 4086101

320000 207637 245000 644143 1009288

87000

6474 3263148

335000 149368 129500 610105 533142

----

8192 2408962

350000 104845

---556280 450904

----

10048 2248372

350000 87209 ----

332471 323211

----

11997 1675724

350000 -------

366200 341773

----

14017 1360591

350000 -------

213200 299830

----

118336 1197511

150000 -------

44000 248377

----

220341 1049404

---------20000 208105 ----

480947 671927

---------21000 168570 ----

658 *6641998 2851711

877258

492 *4535736 2712714

580654

506 *4074584 2227786

511936

881 *4676976 1630370

560024

748 *2862985 1373299

403444

661 *1659689

800658 350646

8172545 6597875 5065281 3861483 3126218 2456368

1523 1631636

788509 468324

2106218

1322 1597791

601704 358732

1830470

1060 1212534

660664 471594

1593565

979 676394 472193 266998

1418534

**95293 581701

^53370 ^^48533 486408 433038

#38262 40233 384505 346243

181 306010

765 305829

122 305064

---304942

207 304942

318176 240020 188743 181244 174750 182239 175772 132914 134583 139917 9668426 9350250 9110230 8921487 8740243 8565493 8383254 8207482 8074568 7939985

849527 16436

478092 304

347663 90670

256993 74059

1278862

670760 14467

389120 216

264919 64778

200142 60321

1108033

493128 10924

288735 136

192011 64803

127208 38640

619008

353766 11110

206365 139

131242 45228 86014 25760

536771

285399 6416

174089 113

100619 34593 66026 17700

401271

224506 5770

133913 110

82983 19232 63751 19126 419833

230209 4434

120475 115

103665 23590 80075 23450

377890

199671 4659

114220 103

80154 18915 61239 18300 326437

205389 5866

120274 104

76663 18811 57852 17400 286165

166466 4972

109879 151

50120 11355 38765 12000 246630

* Excluding subsidy under RGGVY. ** The number of villages where electrification works completed during the year 2010-11 under RGGVY. This includes intensive electrification of 76987 villages. ^ The number of villages where electrification works completed during the year 2009-10 under RGGVY. This includes intensive electrification of 34996 villages. ^^ The number of villages where electrification works completed during the year 2008-09 under RGGVY. This includes intensive electrification of 36477 villages. # The number of villages where electrification works completed during the year 2007-08 under RGGVY. This includes intensive electrification of 28961 villages. The no. of villages where electrification works completed during the year 2006-07 under RGGVY. This includes intensive electrification of 11,527 villages. During 2005-06, works in 10,169 villages (including intensive electrification in 350 electrified villages) completed under RGGVY, are also included.

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