-

Appendix - 2

Pro-forma accounts for

FY 2008-09 duly audited byM/s.Batliboy & Purohit

,

"

B'ATLIBOI & PUROHITChartered Accountants

National Insurance Building,204, Uadabhoy Naoroji Road,Fort, Murnbai.- 400001.

TelephoneFax

91-022-22077941/4291-022-22074260

Reoort on review & ."estatemcnt of financial statcmcnt rOl' thc veal'

ended 31st March. 2009 of BEST Undertaldn

1. We have reviewed the financial statements of BEST UNDERTAKING (Electric

Supply Division)for the year ended 31sl March,2009. The Fim1l1cialstatements

have been prepared by the Undertaking pursuant to the MMC Acl1888.

2. We have certifieo the res/a/eo financial statements as per the Companies Act,

1956 (Balance Sheet, Profit & Loss Account and Cash Flow) along with

schedules to be adhering to the generally accepted accounting standards.

3. Basedon the above, nothinghascome to our notice tbat causes us to bdi~v~ that

the accompanying restated financial statement (of the division), are not in

conformity with Schedule VI of the COlll,paniesact, 1956, Accounting Standards

issued by the Institute of Chartered AccoWltantof India (ICAI). Guidelines issued

by ICAI and other recognized accounting policies in ail material respect except

for the following

. Provision for expenses, in respect of Advancegiv~ll to BMC has not been

provided in the fmancial statements.

. Depr-eciationon Fixed Assets has not been provided as per Schedule XIV of the

Company Act, 1956. Fixed assets are depreciated ou "Straight line method" at

the rates and in the manner prescribed in Regulation 63.4 of MERC (Terms and

Condition of Tarift) Regulation 2005.

. Depreciation on Fixed Assets has not been calculated 011Pro-rata basis where an

asset is purchased or sold during the year.

"

BATLIBOI & PUROHITChartered Accountants

Continuation Sheet

. Provision for Gratuity and Leave.encashment has Iwl becn lIIade in the financial

statements as per Accounting Standard -15 "Employee Benefits".

. The basis of allocation of various General Administratioll Expenditure &

Income to Efectricity Supply Division and Transport Division is changed during

the year compared to the earlieryears.Aitocationof above is done on the basis

of decisiontakenby managementofthe Undertaking.

. No provision is made in accounts for overdue deposit of Rs.l.49 crores with

Chetna Co-operative bank, which is under 1iquidatioll.

. In spite of losses during the year the Undel:taking has made appropriation from

the Income & Expenditure account towanls statutory & non statutory reserves

as per past practice. As these l'eSelVesare -conmliUed reserves, loss is not

adjusted against it.

. Interest expenditure incurred on loans taken for acquisition of fixed assets for

thepcriod up to the date when the asset is put to use, has not been capitaised.

The impact of aU the above on the restated .financialstate111ents has not been

a:;C~rtuiIl~U.

PlaceDated

Mumbai

For DATLIBOI & PUROIDT

.Chartered Accountanlf .-t- 1~' MJ,~,J.. ~

K2ft1~Partner

Membership No.111749

.-

NOTES FORMING I)ART OF TilE ACCOUNTS

FOR THE YEAR ENOEI} 31s' MARCEl, 2009

As per the MMC Act 1888 (Amendment upto date), BEST Undertaking has tomaintain the Books of Accounts as per the 'Section 460 rVI'M.As BEST Undertakingdo not have any share capital and being a local authority, MERC has directed tocontinue to maintain the Books of Account'Sas per the MMC Ad, in addition to theCompanies Act 1956 with ProCormaAccounts.

The BEST Undertaking is preparing a Budget Estimate of next ensuing year forIncome and Expenditure which is a statutory requirement as per Section 126A of theMMC Act, 1"888.After the approval of the BEST Committee and the Corporation,the said estimates become grants for that year. Taking into account this statutoryprovision, the accounting policies and notes to accounts are as under:

A) SIGNIFICANT ACCOUNTING POLICIES

1. Revenue Receipts

a) 'General Administration receipts include Interest on deposit and otherinvestments, apprentice premium and other receipts. The -same are dividedequally between Electric Supply and Transport Division except Rent of landand building which are allocated in the ratio of 25:75 to Electric Supply andTransport Division and Interest on deposit and other investment includingaccrued interest are allocated in 90:10 ratio. Due to this, there is increase inthe income of R1ectric Supply Division amounting to Rs. 11.78 LaY.hs.

b) DUring the .current year total profit on sale of assets of General Administrationis allocated in the ratio of 61:39 to Electric Supply and Transport division. Inthe financial year 2007-08, it was allocated in the ratio of 36:64 to Electric-Supply and Transport Division. Due to this, additional Revenue of Rs.176.61La1rhsis booked under the Electric Supply Division in the cun'ent year .

Contd...

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:: 2 ..

2. GratuUv Payments:

Gratuity payments to the starr members is made as and when due and noseparateprovision is made in the accollnts.

3. Voluntary Retirement:

I

I

IIII

I

Voluntary Retirement Scheme is amortized in the same year in which it isincurred.

4. Encasbment of Leave:

Leave ellcashrnentexpenses are charged on payment basis, no provision ismade in accounts for the same.

5. Allocation of General Administration Expenses :

The allocation of General Administration Expenses has been done on the basisof number of staff deployed in both divisions i:e. Electric Supply & TransportDivision.

On the basis of above policy, in the year 2007-08 the said expenses wereallocated in the ratio of 61:39 to Electricity Supply & Transport Divisionrespectively -ex-cept in respect of Time Keeping, P-crsonnel and Welfareexpenses which were allocated in the -ratio of 19:81 & Security NigilanceDepartment .expenses which were allocated in the ratio of 31:69.

However, in the current year, ratio in respect of Time Keeping, Personnel andWelfare expenses has been changed to 20:80 and in -caseof Security NigilanceDepartment .expenses it is 'changed to 38:62.

Total expenses of General Administrationhas reduced in the current year tothe extent of Rs. 66.29crores however due to above mentionedchanges in theratios, the share of Electricity Division in said expenses has increased byRs.l.04Iakhs (Net) as comparedto previousyear.

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::3::

6. Alloc~ltiollof Ellcn!Y Chal"ges & Cost or Bus tokcl.1-.:.

The energy utilized in the various bus depots or MlIIllbai city limit is chargedas expenses to the Transport Division and corresponding income is shownunder Electric Supply Division. Similarly, cost of bus token I()rstalf memberor Electric Supply Division is charged to Electric Supply Division andcorresponding income is shown in Transport Division.

7" Oep."eciation Provision on Fixed Assets:

The depreciation is provided as per the Straight Linc Method. The iife of theassets is considered as per the MERC's Regulation.The depreciation is provided for the fuB financial year in which 1he asset is

acquired irrespective of the date or month in which asset is ctcquired. However,Depreciation is restricted up to 90% of book value 0f asset. Due to change inlife of assets, Impact on loss of the financial year is not ascertained.Assets, -covered under Furniture and other office equipments, Tools andequipmcnts. costing less than or equal to Rs.loo00 are cun:::idered as deadstock and charged to the revenue in the year of purchase.Depreciation rate used for various classes of assets other than the principlel'ate~~pecifted in the schedule XIV to the companies act, 1956, are as under:

_.- -0.--S.No. Name of Fixd Asset Rate of Depreciation1. Land Nil2. Building 1.80%-4.50%..- --

3. Plant and :Machinery 2.57%-18.00%4. Furniture and other Office 4.57%-18.00%

Equipment___u -.----.-.. - --...--

5. Tools and Equipment 4.50%-7.50%6. Motor Vehicles 11.25%7. Cables and Mains 1.05%-4:5%8. Meters and Installation 5.81%-6.00%9. Street Lightin,gLamps 6.00%10. D.E.A. on Hire Nil11. SecurityEquipment 0.09%

,-

.. 4 ..

8. Genc.-aI Resc.ove:

Every Year I% above the bank rate on the toh" assetsor the Undertakingis transferred to general reserve; this policy is discontinued Ih)111F.Y. 2008-09 vide BCR No.256 dated 1.9.2008 and C.R. No. 614 dated 18.9.2009,dueto introduction of Return on Equity concept.

9. Property lnsu.oanceFund :

Instead of taking any Insurance Policy from outside Insurance agency tosafeguard its assets from various risks, the undertaking has ,created aninternal fund where 0.5% of the total assets of the undertaking aretransferred from income and expenditure account.

10. Elect.'ic Su ..o.

Every year 0.5% of the total assets of the Electrit: ::>upplyDivision inclusiveof 50% of opening assets of General Administration is transfeITed to theabove mentioned reserve to protect the a::;selsof Electric Supply Division asthe said assets are constantly under the threat of tire.

11. Motor Vehic~Partv Insurance Fund) (Statutorv Fund):

This fund is maintained as it is it is a statutory requirement as per the motorvehicle Act. The limit of this fund is Rs. 20 lacs in order to settle the claims

arising out of motor accident. It is a dedicated fund and required to be keptseparately every year and 'same is required to be charged at a ratio as perMotor Vehicle used by General Administration. Electric Supply andTransport Division.

12. Amenities Fund (Non Statuto

This fund is specifically utilized for paying of Intel'Cst Subsidy for Housingto -staff members, subsidy to the canteen contractors, medical reimbursementto the "staffand their family members, Payment of scholarship etc. Since it isa welfare activity, provision to this fund is made by debiting the expenditureaccount to the extent of actual expenditure incurred on above referredactivities.

Contd...

,"

.. 5 ..

13. Fidelitv Insunmce Fund (Non-Statuto..y Fund) :

Every year certain provision is made towards Fidcfity Insurance Fund tosafeguard the interest orthe employees/officer who arc h:lIldling cash.

14. Gene..atioll of Electricity Fund (Non-Statutory Fund) :

The provision to this fund is made after keeping a cash balance of Rs. 50thousand ({DrElectric Supply Division) as per ~~eetiol1460 KK (I) in theBEST Undertaking. The provision to this fuud is made fi.om theAppropriation Account.

IS. Spccial DeJ)l"eciation Fund (Non-Statutorv Fund) :

. .

Provision towards the Special Depreciation is discontinueu [rom FY 2006-2007 vide BCR No.214 dated 17.08.2006 and C.R..No.624 dated06.tO.2006

16. VRS Compensation:

The undertaking has introduced VRS -schemes for the staff member of theUndertaking and compensation paid to the 'staff members is charged as andwhen it is paid to the said member.

17. Fixed Assets:

A) Fixed Assets are .stated at .cost 'of acquisition after adjusting(,oVCm1.11elltgrants and Consumer .capital Conne.c.tionFee for fixedassets. -Fixed assets of General Administration Dept. which are,'available for both Electric Supply & Transport Division are segregatedon the basis of50:50.

B) Capital work-in-progress includes Capital Stock-in-hand.

C) Fixed Assets i-etired from active use and heid fur disposal have notbeen identified

Contd...

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23

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:: 6 ::18. Invcnto.'v :

Stores and Materials except scrap are valued at cost and scrap is valued ataverage sale rate.

19. Investments:

Long -.. term investments are stated at cost. In ca~H~or long term investments,provision is made it)r diminution in value other than tcmporary in nature.

20. Bank Balance:

Upto financial year 2007-08 no designated bank accouuts were prescribedfor Supply Division. From the financial year 2008-09, separate bankaccounts have been designated for the supply division.

21. P.'ovisiolls :

Provisions are recognized when the Undertaking has present legal orconstructive obligation, as a result of pastevenls, for whkh it is probablethat an outflow of economic benefits will be requil:ed to settle the obligationand a reliable estimate can be made for the amoUJltof tile obligation.Introduction of Interest Durin!?:Construction:-

IvIERC's Order dated 6thJune'{)8 in Case No.7 3 of 2007 in the mattcr ofBEST Petition for Annual Performance Review for financial year 2007-08& Tariff Determination of F.Y~ 2008-09, has granted Rs.1.55 crores asInterest During Construction {IDC) for the F.Y. 2006--D7. As per theCommission Regulation No. 72.2, 72.4, 72.7, the lntcrcst cxpcndituretowards capitalized scheme after the date of capitalization will have to betreated as Interest expenditure chargeable to Revenue Accounts inaccordance with the Regulation No. 76.3 and Interest on CapitalExpenditure will have -to be treated as Interest During Construction andsame should be capitaHzed in accordance with the above referredRegulation. Accordingly, asset account is debited under the respectivelocation code of Capital activity by Rs. 1:55crores and credit is -giventoPrior Period Adjustment Account being IDC approved by MERC for theyear 2006-07.Introduction of Return on Equitv:-

A$ per BCR No. 256 dated 1.9.0g and CR No. 614 dated 18.9.08, it wasdecided to introduce Return on Equity instead of Interest on Internal Fundfrom the financial year 2008-09 for the Supply Division. The methodologyadopted for the calculation of Return on Equity is as approved by theCommission. Accordingly Return -on Equity amounting to Rs. 113.72crores is booked under the Supply Division.

22

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:: 7 ::

B) The Balance Sheet or the Undertaking is separated, 011the basis of ratioalTived aileI' certain assumptions. into Electric Supply division and TransportDivision and which has beenearlier submitted (0 "ower Finance corporationand accepted by them. However, during the year, certain assumptions arechanged basedon the prevailing condition.The income, expenses,assetsand iiabilities have beenbifurcated between theElectric Supply and Transport division in different mtios, as a result of whichthe balancing figure in the Balance sheet is shown separfltcly under the head"Other Current Assets / liabilities".

C) Contiueellt Liabilities:j) An"ears of Statutory Contribution of Undertaking to M.unicipal Fund u/s460kk (2)(e) is Rs 4,00,00,000/- (Previous Year: 2007-08 Rs. 3,60,00,000/-)

ii) Estimated amount of cuntrad remaining to be executed and not providedfor

Rs. 6,60,62,07,092/- (previous year: 2007-08 Rs. 4,82,99,78,670/-)

D) Related Party Disclosure .

As per the Accounting Standard (AS-I8) on Related Party disclosure issuedby The Inslilll(e of Chartered Accountants uf India, the disclosure oftransaction with related party as defined in the ACcow1tingStandard is asfollows :-

(i). List of Related Parties and Relationships

Name ofParties

Related Relationship

Mumbai MunicipalCorporation

BEST Undertaking is an Undertaking of MumbaiMunicipalCorporation

BEST Committee Competent Authority

Mr. Uttam Khobragade General Manager (Key management personnel)

The General Manager manages the affairs of BEST Undertaking, under thesupervision and control of BEST Committee and Mumbai MunicipalCorporation.

Contd...

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:: 8 '.

(ii). Ta'ansaction / Balance with MMC :

Particular.s / Natua-es Amounts inHs. in Lacs.

Sale of Energy (Street lighting) Income

Repairs of street 1ighting Income

2500. t 5(2229.1-6)

1637.32(I 63 1.09)

Permanent reinstatement ofCable Trenches

Expenditure 536.4'8{816.28)

Receivable Assets 94.30(240.56)

Deposit & Alivances Assets 42:)5.14

(3284.22)

Note: Figures in brackets are of previous year.

Salary and perquisites of key mana2ement personnel:

The key management personnel has been appointed for the BEST aswhole. The remuneration cannot be segregated between the supply andelectricity division. Hence the infoffilation is not provided.

E) Cash Flow Statement:The cash flow statementfor the year ended 31st March,2009 has beenprepared in accordance with the accounting standard 3 "Cash FlowStatements".

F) Previous year's figures have seen regrouped / restated / reclassified wherenecessary.

Contd...

,"

9 --

As pe." ou." aUached repOI"tof even date

For"Batliboi & Pm"ohit

Cha.-t~..ed Accountants

Place : Mumbai

Dated :

-

For Br-ihan Mumbai 1~lectricSupply& Transpu.-( Undc."taldng

u>L- _ AUttam Kholn"agadc, LA.S.

GencraIM.3Imgc."

-"

BRIHAN MUMBAI ELECTRIC SUPPLY & rRANSPOIU UNDEHlAI<ING" .

B.LANCE SI-IEEr OF ELECTRIC .UPPL Y AS Af MARC'" 31, 2009

(As at 31st (As at J"lst March,Man:h,2009) 2008)

Schodulo Rupocs RupeesNo. ill lacs in lacs

SOURCES OF FUNDS

Shareholders' Funds

Reserves and Surplus -1 U8.60?.06 75.999.01

Loan FundsSecured loan 9,7.00.0{) 9,200.00(Secured againsllirst charge on Planl &Machinery)Unsecured loans " 37,821.57 34.550.54

.... -TOTAL =__!.3.63 _ 119,749.55

APPLICATION OF FUNDS

Fixed Assets ;lGross Blocl( 130.2"16.05 119.532.62less: Depreciation 53.247.33 47,471.05Net Block 76.968.72 72,061.57Capital wort<in Progress "_. 3.112.48 - 3,540.80

80,081.20 76,602.37Investments 1 615.6-1 617.'16

Current Assets, Loans and AdvancesA. Current AssetsInventories 901.98 926.07Sundry Deblors j'O,499.20 49,565.71Cash and Bank Balances 6 21.684.92 8,687.98OtherCuITentAssets I 1,283.14 21,949.29B. Loans and Advances .!! 9,402.28 4,951.24

103.771.52-

86,080.29Less : Current Liabilities and Provisionsliabilities !! 88,349.13 82,814.34

88,349.13 82,814.34Net.Current Assets 15,422.39 3,265.95

Miscellaneous Expenditure 10 5.68 5.86(to the extent not written off or adjusted)

Profit and Loss Account 39,498.72 40 257.91TOTAL u'135,623:63- 119,749.65

0.00Significant Accounting Policies and Notes onAccounts 16

As per our attached report of even date

For Brihan Mumbai Electric Supply &For SATUBOI & PUROHIT Transport UndertakingChartered ACC -..

l:PL-.- L..l. . tV -5.--ol 01;-.-&

KA.Y§WU=-MEATA ,.'" ,0 UTTAMKHOBRAGADE,IAS

( ')Partnerj ( MuMDAI) ij

General ManagerMembership No. 111749 . )

'- /1; ,"

Place: Mumbai . "i'c '-' -.-/ '\). "". (t AcCO\)..Daled:

I

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BRiHAN MUMBAI ELECTRIC SUPPLY & TRANSPOn I UNOERII\'~ING. .. _". ._n ". . h_."_ _.. _h. . _"._ ...__

PROFIT AND LOSS ACCOUNT OF ELE~T~IC S~~PL Y FO~ TUE YFI\f! E~I)ED 3'IST MARCH. 2009

Schedule

YnLlr ended31n1 March. 2009

Rupcesin lacs

REVENUEGross SalesOther Income

11

.1?21\1.4H!dJ9

_._~I,'!~?:lf!291.183.75

EXPENDITURE

Purchase of ElectricilyAdminislrative Expenses

Inlerest & Finance ChllrgesOeprecialion

1.:}/-1:\,(1(;2A7

27,9113.IJ2f.,632.H2

_.__Q,!~~.86282,865.27

Profit I (Lossl before TaxesBalance Brought Forward from Previous yearLess: Prior Period AdjustmenlsApproprialion of FundLoss transferred to General ReserveBalance carried to Balance Sheet

141!i

8.318.48(40.257.91)

5,043.76(12,603.051

--'-(39,498.721

Significant Accounting Policiesand Notes on Accounts

16

As per our attached report of even date

Yearcnded31st March, 2008

Rupeesin Lacs

2:16,222A9

_ 2,733.16238,955.65

222,188.4926,507.65

2,756.745.743.33

257,196.21

(13.240.56)(20,849.16)

2,748.64(3,916.83)

for Brihanl\1umbai Electric Supply &Transport UndertakingFor BATLI~OI & PUR HIT,

Chartered Accounta Is

~ .~. M ::.-'KAUSH~

PartnerMembership No. 111749

~L~)VITAM KHOBP.A.GADE,I.A.SGeneral Manager

MumbaiDated:

".'

...-- -

(As 01131st (As on 31stSCHEDULE 1 March, :'.0(9) March,200B)

Rupees RupeesRESERVES AND SURPLUS in lacs in lacs

STATUTORYRESERVE(As per BMCAct, 1888)

A B. E. S. T Start Amenities Reserve 0.00 0.00Provided durin!:)the year 3a3. 77 889.45

- 383.77_.. --. 889.45Less: Deduction Dmin9 the Year 383.7l 889.45

0.00--.

0.00--

B Best Belterment -ReselVe 0.00 0.00Additiondurin!:!the year 0.00 0.00

0.00-----.

0.00Less: Deduction DUlingthe Year 0.00 --- 0.00

"OOO 0.00.. -. _..- . .

C Welfare ReselVe 0.00 0.00Additionduring the year 0.00 0.00

0.00----.

0.00Less: Deduction Duringthe Year 0.00 0.00

0.00_.

0.00

D Sinkingrund for Public Loan 291.00 36U.9Additionduring the year 32.25 44.96

323.25 405.55Less: Deduction Duringthe Year 75.03 114.55

248.22 291.00

-E Best Staff Benefit Fund 225.92 199.03Additionduring the year 17.77 49.86

2/13.69 248.89Less: Deduction Duringthe Year 0.09 22.97

243,60 225.92

F MotorVehicles(ThirdParty Ins ReselVe) 0.00 0.-00AdditiondUringthe year 0.98 0.99

0.98 0.99Less: Deduction Duringthe Year 0.98 0.99

0.00_.

0.00

G -ElectricSupply Contingencies ReselVe 5,486.03 4,955.78Additionduring the year 645.43 575.66

6,131.46 '5,531.4-1Less: Deduction During the Year 29;68 45.41

6,101.78 5486.03

-.--------

(As at 3'lst (As at 31stMarch,2009) March,2008)

Rupces RupeesOmER RESERVES ill I;)(:s in lacs

H Property Insurance Heserve :>,616.62 :>,182.83Additionduring the year 585.69 -. _._438.

. '--'3,'202.51' 2,621.50less: Deduction Duringthe Year 2.17 4.88------

3,2(J.34 2 616.62-

f FidelilyInsurance Reserve Gl? 6.68

Additionduring the year 0.44 -,- 0.04716 6.72

less: Deduction DUlingthe Year 0.00 0.001..L 6.72--

J Special Depreciation Reserve 23,093.90 23,093.90Additionduring Ihe year 0.00 -- 0.00

23,093.90 23,093.90lest:: Deduction Duringthe Year O.UU U.OO

n,09::\'90 ?3,093.90

K Generation Of ElectricityFund 19,214.89 19,031.25Additionduring the year 56.24 183.64

19,271.13 19,214.89Less: Deduction Duling the.Year 0.00 - .--- 0.00

19,271.13 19,214.89

L MinimumCash -Balanceas per Section 460KK1 0.50 0.50

M -General Reserve 25,063.43 22.556.25Additionduring Ihe year '13.29 2,525.92

25,076.72 25,082.17Less: Deduction I Adjuslments Duringthe Year 13.29 16.74

25,063.43 25 063.43

N Return on Equity 0.00 0.00Additionduring the year 11,3'7? 00 0.00

11,372.00 0.00Less: Deduction during the year 0.00 0.00

11,3./2.00 ._--0.00

-0 Iotal Closing'Balance- ------

88,602:06 75 999.01

"

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SCUEDULF:SFORMING PART or lBE BALAHCl:SIIEEI'---

SCIILDUII: 2

UNSECURED LOAN

From Others (Unsecured Loan)Meg<l City "mjeelL0311110111Dis!' !'(anlling & I)(~v. Coum;il (~ov!.Public t ollnsAPDHP I.oi'lllShort rcr III nnllllce

Interest Accrued & Due on Above

(1\5 at 3'1at

Mrll"ch,2009'Hllpcos

in lacs

TOTAL

40.GG207.46274.110

:1,198.!;O3:\,500.00

O.!J!i---~'--'-'- ~._--_.

,.~~.~__ ~~~~1_5~=,

Unquoted BondGeneral Secur-ities11.50% MA"IARASHTHASTATE DEV. BONO

15% M.I-'.I-II-:\';IHICIIY BOAfm nONns ?0056.50%THE SARASWATCO-OP BANKLTD.

(I\s at 31str.1arch,2009)

Rupeesin lacs

167.42

167.42Sinking Fund Investment in Securities:

11.5% BOMBAY MUNICIPAL CORPORATION LOAN OF 200911.5% BOMBAY MUNICIPAL CORPORATION LOAN OF 2010

13.25% KERAI A STATE ELECTRICITY IJOARD BONOS 200813.50% MKVOC BONOS 2006

13.50% KERALA INDUSTRIAL REVITIlISA TION FUND 200.76.50% THE SARASWAT CO-OP BANK LTD.

11.50% Maharashtra Development Loan 2009

62.16

64.74

121.31248.21

Genemtion of Elecb-icity Fund Invesb-nentRenewal Power Purchase InvestmentUnquoted SharesShares in Saraswat Co-op Blink

200.00

0.01

Total--..-

615.64

(As at 31s1March,2008',

RUI)eeain lacs

178.80223,42349.00

3.798.5030,000.00

0.8234,550.54

(As at 31sMarch,2008)j

Rupeesin lacs

126.46

126.46

20.0362.16

64.74

144.06290.99

200.00

0.01

617.46

- . --

SCIUIIIJI' !i

(As at 31st (As at 31s'Ma,'ch.2009) March,200S)

SUNnRY DEBTORSRUI)CC5 Rupoes

ill '11(;5 ill lacs

EleclriG Supply Dehlols f11.119.09 16.8110.75Miscellulleous I)nhf.ufS H£i.91 120.25Bills Heccivahles :i.6!11.<i7 1.562.21Dishol1uured Chnques 5511.53 1.002.50

._--...... --_.._--_. ------Total

....==..!P.:49. 49,565.71-..- -- .

Debls oulslamlin!J for 11period cxcecdin!J six lIIonlhsConsidered good 64149.09 46,880.75Considomd doublful - .._.._-,._.-.-- --_._-- -.

64,149.09 46,880.75Debls oulslandil1g for <Iperiod IE$SIhan six monlhsConsidered good 6.350.'1 2.684.96Considered doubtful - -.--.._.__0____- -

6,350.11 2,684.96. ...n_________= 70,499.20 - 49,565.71

SCHEUULl;-'

(As at 31st (As at 31sMarch,2009) March,2008

Rupees Rupees RupeesCASH AND BANK BALANCES in lacs in lacs in lacs

Cash on hand 4,125.22 1.092.25Bank Balances

Wilh Schedule BankIn Current Accounts 17,152.22 7,235.70In DopoGitI\ccount3 :Staff Benefit IUnd Investment 258.95 211.50Call Deposits - -Fixed Deposit wilh rohp.tnRroo - Qperative Bank 118.53 148.53(Maximum amount outstanding during the year Rs. 149.69 lacs)

17,559.70 7,595.73TOTAL 21,84.92 8,687.98

(As at 31st (As at 31stSCHEDULE 7 l\,ar(;h,2009) March,2008)OTHER CURRENT ASSETS Rupees Rupees

in lacs in lacsInterest Accrued but not received :

Interest Accrued On Fixed And Call Oeposit 22.47 16.96Accrued Interest On Sinking Fund 10.68 10.68Accrued Interest On Generation Of Etect Fund 1,249.99 1,193.75Accrued Interest On Staff Benefit Fund - 12.18Ratio Balancing Account 0.00 20,715.72

TOTAL 1,283.14 21,949.29

(As at 31st (As at 31stNOTES: March,2009) 1I.1arch,2008)

Rupees Rupeesin lacs in lacs

Considered good 1,283.14 21,949.29Considered doubtful - -

1,283.14 21,949.29

-

---.-_._.-

(I\ al 3'lst (As al31s1SP'II:J)VU: 3 Milrch.2009) March.2008)LOANS AND ADVANCES

RUI)Ces Rupeesill lacs in lacs

Duo I rom Sial!l.mm.1'i 1.758."0

nllo From HIII>pli()rs 19.26 299.:12

Duo ...rom Othors ,1.228.211 2.865.GO

Prepaid I',xponses 2:.11 25.10

Doposit a.'i02....9 2.52

TOTAL.-- .--...---- ------ .. ...----..-..

4,951.249,402.28.". -..- ..... - --- -. ..-

Rupees RupeesNOTES: inlacs inlacs

Consideredgood -- 9.402.28 - 4.951.249,.O2.28 4,951.24.. .. - ..

SCHEDULE 9_n

(:URRENT LIABILITIES

-(As at 31st (As at 31sMarch,2009) March,200B)

Rupees RupeesIn lacs in lacs

Sundry Creditors( For Good Supplied) 2,768.26 2.793.94

For Expenses 24,428.89 28.579.37..

I-or Lmployee liabilities 1.045.85 ?60.46

Deposits from Cuslomer, Fmployee &Others 35.479.10 33.462.95

For Accrued Interest But Not Due 1.88 2.34

Due to Balik 19.130.80 11,601.68

Other liabilities 5.186.14 6.113.60

Ralio Ralancing Nc 308.21 ..

TOTAL 88,349.13 82,814.34

SCHEDULE 10

(As at 31st (As at31sf.liarch,2009) March,2008)

Miscellaneous Expenditure(to the extent not written off or adjusted)

Op. Balance 5.86 6.10less: Written off during U1eyear .(0.18) 10.241

5.68 5.86

..

SCHEDULES FOHMING PART Or- TIlE PROFIT ANIJ i.()SSACCUUNf

..Ycar elldcd Year elided

31st Mrch, 2009 31st March, 2008Rupees Rllpees Rupeesill Lacs ill Lacs ill lacs

HI n.IIl' 1"1GROSS SALEDishihulion of ()IICIUYhy IIInter 280,l?l.97 7.:10,665.28Dislrihulion of energy through shecllighling 2.500.15 2.229.16Repairs &Mainlcllancc of SIHC' ligh1in!l I.637.33 1,631.09Scrvicns provided 10consumer 7.,630.54 1.696.96

TOTAL_.. -.--- -.-.-.- -.------.

..=.., .!'.4.95..? 236,222.49-...-

SCHEOlJ.1,,1; 1?"OTHER INCOME

Renl of Building &land 26.97 29.22Advertisemenl 620.12 365.72Discounl, Sundry Balances wrillcn back and sundry receipl 2.407.15 1.870.26Profit on Sale of Assels 23.51 116.66Hire & Repairs 1.54 1.62

General Administration Incomes '608.47 349.68Inlerest on Del}Osit&generallnvestmenl

-'......_. -26.49 15.63

Interesl from employees - -Apprentices Premium (Trainer) e.t.c 0.57 0.47Rent of Building &Lands 73.33 71.83Sale of Stores &Scrap Material e.t.c 430.94 224.88

Discount. Sundry l:ialances wriltenback and sundry receipt 75.97 36.72Advertisement Receipt 1.17 -.. 0.15

TOTAL '3,687.76 2,733.16..--.--. --. .. . .

Year ended Year ended31st 1\1arch,2009 31st March, 2008

Rupees Rupeesin lacs in lacs

SCHFnIJIF1ADMINISTRATIVEEXPENSES

Repair &M3intcnancc 7,484.47 7,510.68Sale of -Stores & Scrap Material,c.t.e - -

- Cost of BusToken&Passes 163.05 219.44 .I.oss on Sale of Assets - -

Payment to & provision for EmployeesSalaries, Wages &Allowances 3.937.80 3.281.86Exgratia Payment in lieu of Bonus 684.24 372.18Interim Relief 40.48 286.31VRS Compensation to Staff 20.22 115.83Payment of Variable DA 3.171.88 3.084.33Other Operating Expenses 7.814.73 6.875.24Special Benefit to .Employee 479.21 166.75

, Gratuity 584.84 -General Administration Expenses 3.602.10 4,595.03

TOTAL 27,983.02 26,507.65

-

....-.--.--

SC!i~[)!J!~1;14PRIOR PERIOD AOJlJSTMFN1 S

Yc;lr ended:Hst Mal c:h, 2009

Rupeesilllac:s

Rupeesill La<:s

PRIOR PERIOD INCOME

Profit on Sale or AsselSupply DivisionGeneral Admillislralion Incomc

A.PRIOR PERIOD EXPENSE

'1.948.37_.' 15.5~L5,063.93

Supply DivisionGeneral Administration

9.5810.59-.---20.17B.

TOTAL (A-B)

SCHEDUL!;. J~

Appropriation of Fund

Statutory Fundontributionto motorvehicle thirdparty insurance fund

Contingencies Reserve FundBEST Staff Amenities Reserve

Others

Property Insurance ReserveFidelity Insurance ReserveGeneral ReserveRFRT !')taff Benefit Fund

Generation of Electricity FundReturn on Fquily

TOTAL

Year elided31st March, 20011

Rupecsill Lacs

3.022.19101.50

3.,23.691363.79

11.26.-- 375.05'

2,748.64

0.99572.97 575.66

375.55572.97 952.20

583.72 438.670.44 0.04

2.525.9217.6856.24

11,372.0012,030.08 2,964.6312,603.05 3,916.83

- - - - --- --

SCHED~FIXEDASSETS

Particulars

Upto

01.04.2008

D.EPRECIAT.lONFor the I C'eductlonot

Period ,Acct.m.Dep.

. ,

..

AmountIn Rs.i,,~. :.~.N,E.TvB.t..QC K'

UPTO As at As a!

31-3-2009 31.03.2009 3~.C3.2CG801.04.2008 : Additions Deductions/AdjI31.03.2009

LandBuildingsPlant & MachineryCablesAnd MainsMetersAnd InstallationsStreet LightingLampsD. E. A. On Hire

i MotorVehicles. Tools And Equlpments

Furniture&Office EquipSecurityEqulpments

I

j TOTAL

.:13.518.26.:1

609.94<1.:)25

3.507.977.8::4..988.590.383669.029.474~76. .98.86 ~

3£12&::z :';.:. =~:87.3':'9.55559~85.835:

.. ~78.952:

-) --I -)

104,88~1 618,659,370! 41,O~5,324,,33,323i 7,696,872,361' 7,206. ~56.646

._, 311,248.335 354.079.932-.)-., ---I -,

-- -

Cash Flow Statement (Electric Supply Division) For The Year' r-;-jled 3'lst March, 2009-.--.-- . - - -<

For Yeii;: Eiidnd ForYearEnded -

PARTICULARS 31st March, 7H!19 31st Mar'ch, 2008

-_. __. "-".----- S.: (i!! L.as) :!.1 L;:rcs) - -_..- ----._--_._---,_. _.- "'.'__0". _.__________ ____u .- -_.-_..-.-

A) Cash Flow from!!ig ac!!Y!t! .. ..--.__..... .---- ---_..-._. - ----. .'- .___ __. n __ -----Nel Profit ICLoss) .()J'e r ax for thYl)r. .- ...------- .-- -_. .. 8,3JH 18 .. O40:§<?}

Adjustments for: n. --- -.. "'-0. .. U_..R -'_ (i1§]@CProfit) I Loss'oili. Qij:iedsi' - ..".__ _'"'R'_ --- -- .. G!J - _._--

Depreciation 6 166 86 ._. _u.__.. _5,743.;!MiscelianeOl.i_p-ndiille W!iite!!.ff ..=_u_______

--.----- __1.____0.18 0.24--".--- -. -.-.--- --.-----.-.

Interest ExooJ1s!l. -, ------.--.--.----------- ------... .;P 9. .. - .- ...2,756.11-Interest Income -- -------.- .-.-..--...---.. ..- -- ..-.---.. _..---.._---- _ i§ 1.} .--- -------. (15.63\Prior Period J!.ITI.. . ..._______._........ ". _.i>J04.J ... 2,748.64

OperatinQ ProfiUiLos-sj" before working .capital chan.g:es-- ----- -.-

-------.---r-». _25,132?:!,_ 7,123.90Adiustments for chanQes in WorkinQCapital: -.-.--- --- .-.- ---- .------. ..Decrease I (Increasel in Stores & SDares ..,_:Og 171.51Decrease I (Increasl in Sundry Debtors {20,933:.1) (2,659.96)Decrease iTlncrease) in other Current Assets ...._Q,666.!_ ... (15495.16Decrease I (Increase) in Loans and Advances .' __(4,451.04)_ 66.87Increase I (Decrease) in Current Liabilities and Provisions _n. 5,534.79. 9.371.14

sf.tow from Operations (I) 25,972.70 .. (15,669.50)

B) Cash tlow from investing activities--- - --' -.--.

Net cash flow from Purchase I sale of Fixed Assests .(12.521,§Q) .- .. O.131.73)Net (Increase)/Decrease in Investments 1.82- 894.43Interest Income -- 26.49 15.63Net Clncse)/J;?ase in .Capital work in prQ9ess 428.32Net cash now from investing activities :(iir -':"fi2,064:07) , (11,221.67

C) Cash now from financinQ activities - .Government Grant I Consumer Contribution received __ 1,45'1.00 890.83Net increaselWecrease) in LonQTerm Loans 3271.03 29,49R R9Interest Exoenses .._.- (5,32.92) . ..---- C2156.74

Net cash now from financing activities (III) (910.119 27,1;31 8

Net Cash Inflow/(Outflow) (1)+(11)+(11I) 12,996.94 741.81Cash and Cash equivalents as at March 31, 2008 8,687.98 7,946.17Cash and Cash equivalents as at March 31, 2009 21,684.92 8,687.98

As per our attached report of even dale

Tor Brihan Mumbai Electric Supply & TransportFor BATLIBOI & PUROHIT UndertakingChartered Accountants

U. .1&"11 u.L-Jz ,-.-KAUSHAlMEHTA ("" '\ UTIAM KHOBP.A.GADE,IASPal1ner «il( "') '=l General Manager. MUMBAI

Membership No. 111749 \""\. ):'. '- ....I .J.... . '-' :e,.

Place: Mumbai CdACCODated: -