2010-11

Transcription

2010-11

Annual Report - 2010-11
CONTENTS
Message From Hon. Finance Minister 03 | Board of Directors 04 | Principal Officers 06 | Notice to
shareholders 07 | Directors’ Report 08 | Auditors’ Report 19 | Financial Statements 21 | Schedules forming
part of financial statements 24 | Accounting Policies 31 | Notes on Accounts 33 | Disclosure Requirements
35 | Cashflow Statement 37 | Summary of operations 38 | Highlights of performance 46 |
Proxy form
KFC Annual Report - 2010-11
K. M. MANI
MINISTER FOR FINANCE & LAW
GOVERNMENT OF KERALA
MESSAGE
Kerala Financial Corporation is one of the premier financial institution in
the State which plays a dominant role in the development of Kerala.
I am sure that Kerala Financial Corporation will become more and more
vibrant and a model for other State Financial Corporations. I wish Kerala
Financial Corporation and its stakeholders all success and prosperity.
K.M. Mani
3
BOARD OF DIRECTORS
Prof. Sushil Khanna
Chairman
Sri K. Sathianandan
Director
Smt Indumathi Sridhar
Director
Dr. M.P. Sukumaran Nair
Director
4
Sri Sanjay Garg, IAS
Director
Sri K.S. Sreenivas, IAS
Director
Sri Saswata Chaudhuri
Director
Sri V. Gopinathan, IFS
Managing Director
upto 30-11-2010
Sri Saji Paul
Director
Sri K.M.Nair
Managing Director
from 01-12-2010
BOARD OF DIRECTORS
1
Prof. Sushil Khanna, Chairman
Nominated by the Small Industries Development Bank
of India under Sub Section (1) of Section 15 and read
with Section 10(a) of the SFCs Act
2
Dr. M.P. Sukumaran Nair,
Special Secretary to Chief Minister,
Govt. Secretariat, Thiruvananthapuram.
Nominated by the Government of Kerala under Section
10(b) of the SFCs Act.
3
Sri K. Sathianandan,
General Manager,
SIDBI, Overseas Towers,
Door No. 756 L, Annasalai,
Chennai - 600002
of India under Section 10(c) of the SFCs Act.
4
Smt Indumathi Sridhar,
Deputy General Manager,
SIDBI, Finance Tower,
2nd Floor, Kaloor, Kochi - 682017.
of India under Section 10(c) of the SFCs Act.
5
Sri Saji paul,
Senior Divisional Manager,
LIC of India, Pattom,
Thiruvananthapuram
Nominated under section 10(d) of the SFCs Act.
6
Sri K.S. Sreenivas, IAS
Special Secretary,
Industries (IP) Department,
Government Secretariat,
Thiruvananthapuram
Co-opted under section 10(e)(iv) of SFC Act 1951
7
Sri Sanjay Garg IAS,
Secretary, Dept. of Finance,
Govt. Secretariat, Thiruvananthapuram
Co-opted under section 10(e)(iv) of SFC Act 1951
8
Sri Saswata Chaudhuri,
General Manager (Treasury),
SBT, HO, Poojappura,
Thiruvananthapuram-695012
Nominated under section 10(d) of the SFCs Act.
9
Sri K.M.Nair ,
Managing Director
Nominated by Government of Kerala under sub- section
(1) of section 17 of the SFCs Act.
5
PRINCIPAL OFFICERS
GENERAL MANAGERS
Premnath Ravindranath
Asok Kumar N.
FINANCIAL CONTROLLER
Sabu Thomas
CORPORATE SECRETARY
Rengaswamy C.R.
DEPUTY GENERAL MANAGERS
Dinesh A.G.
Jayasankar R.
Mushtaq Ahamed M.
Janardhanan C.
ASSISTANT GENERAL MANAGERS
Adarsh R.
Ajith Kumar K.G.
Ajithkumar K.
Annamma M.
Antony M.V.
Francis Gomez
Ganesan C.
Hariharan N.
Joseph P.K.
Mohan A.V.
Mohanan K.K.
Narayanan T.P.
Rajeev K.S.
Sasidharan C.
Shaji Sukumar S.
Sreekumar P.B.
Sreelatha Sukumar
Thomas John K.
Varghese Joseph
6
KERALA FINANCIAL CORPORATION
(Incorporated under the State Financial Corporations Act No. LXIII Of 1951
H.O: Vellayambalam, Thiruvananthapuram - 695 033.
Phone: 2318319 (7 lines) Fax: 2318541, 2311750, 2313813, 2313693
Email: [email protected] Website: www.kfc.org
NOTICE TO SHARE HOLDERS
Notice is hereby given that the 58th Annual General Meeting of the shareholders of Kerala Financial
Corporation will be held at the Head Office of the Corporation, Vellayambalam, Thiruvananthapuram on
Wednesday, 15th of June, 2011 at 3.30 P.M. to transact the following business:
1. To consider and adopt the Balance Sheet as at 31st March, 2011 and the Profit & Loss account for the
year ended 31st March, 2011 of the Corporation, the Report of the Board of Directors on the working
of the Corporation for the Financial Year 2010-2011 and the Auditor’s Report on the said Balance
Sheet and Accounts.
2. To appoint Statutory Auditors of the Corporation for the Financial Year 2011-2012 as approved and
on terms and remunerations as fixed by Reserve Bank of India, under Section 37 (1) of the SFCs Act.
3. To declare dividend.
Copy of financial statements and Director’s Report will be sent separately.
By Order of the Board
Sd/K.M. Nair
Managing Director
Thiruvananthapuram,
Dated: May 18, 2011
NOTES:
1. The Share Register of the Corporation shall remain closed and transfer of shares will be suspended from
June 5, 2011 to June 15, 2011 (both days inclusive).
2. The form of proxy is enclosed.
3. Voting rights of the shareholders shall be determined in terms of the provisions under Section 4F of the
State Financial Corporations Act, 1951.
4. Any shareholder entitled to attend and vote at the meeting shall be entitled to appoint another person
(whether a shareholder or not but not being an officer or employee of the Corporation) as his proxy
to attend and vote instead of himself. No proxy shall be valid unless it is duly stamped and unless it,
together with the power of attorney or other authority (if any) under which it is signed, or a copy
of that power or authority certified by a notary public or a magistrate, is deposited at the Head
Office of the Corporation not less than 48 hours before the time fixed for the meeting.
5. A shareholder being a Company including Small Industries Bank, Public Sector Banks, Co-operative
Banks, Co-operative Societies and LIC may, by a resolution of its Directors, authorise any of its
officials or any other person (not being an officer or employee of the Corporation) to act as its
representative at the meeting. The copy of the resolution appointing him as a duly authorised
representative certified to be true copy by the Chairman of the meeting at which it was passed
shall have been deposited at the Head Office of the Corporation not less than 48 hours before the
time fixed for the meeting.
6. The State Government may, by order in writing, authorise any of its officers, whether a Director of the
Corporation or not, to act as its representative at the meeting. The copy of the order shall be deposited
at the Head Office of the Corporation before the time fixed for the meeting.
7. The meeting shall be held, conducted, and the business thereat shall be transacted in adherence to
the provisions of the State Financial Corporations Act 1951 (As amended up to date) and in terms of
the provisions of the General Regulations of Kerala Financial Corporation.
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DIRECTORS’ REPORT
Board of Directors of the Kerala Financial Corporation have great pleasure in presenting the 58th
Annual Report on the performance of the Corporation for the Financial Year ended March 31, 2011.
The financial statements for the year ended on that date are attached.
An over view of the Financial Year 2010-11
Global Scenario
The world economy was relatively stable in 2010, but started deteriorating in 2011. Civil unrest in many
African nations and the Middle East and civil war in Libya have sent the price of oil sky rocketing. The
U.S. and most nations in Europe are also facing difficult time servicing their debts, desperately looking
for tax revenues to increase. The global economy is more interconnected than ever, and so a major crisis
in one area of the world can have a cascading effect on the rest of the globe.
Indian Economy
Indian economy, however, is on the upbeat. India is now rated one of the most attractive investment
destinations across the globe. Agriculture sector has recorded a growth of 5.4% while industry has
grown by 8.1% in 2010-11. Barring Europe and Japan, India’s other leading export partners are moving
towards robust recovery. Strong household demand has led to rising sales growth for companies. Profits,
however, have begun to come under pressure. Rising input costs - crude oil, raw materials including
metals and food as well as rising wage cost have increased the costs of operation and production.
Borrowing costs which remained favourable throughout the downturn have begun to rise and are
being reflected in lower growth of bank borrowing by small enterprises. Inflation which is more than
7% continues to remain a concern, but it is expected that the RBI’s monetary policy would lead to
moderation in inflation in the coming months. However, the borrowing costs for both businesses and
consumers may go up further if persistent inflationary pressures continue .Though the food inflation
has been in double digits for most of the current fiscal, emphasis on increasing agricultural productivity
and improvement of distribution and marketing systems to bridge the gap between wholesale and
retail prices is expected to curb food inflation. The economy is expected to grow at 9% in 2011-12.
The overall growth of GDP at factor cost at constant prices, was 8.6 per cent in 2010-11.
Kerala Economy
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Kerala’s relation with the outside world is reflected in every aspects of economy like producing export
oriented agricultural produce, relying on tourism and also providing IT/ITES services to the outside
world. Above all, the economic development of Kerala is often attributed to the flow of remittances
from abroad. Thus, the changes in the global economy , particularly the middle east have a direct effect
on Kerala economy. Kerala’s economy has been growing at a reasonably fast pace of eight to nine per
cent in recent years. It recorded a growth of 9.89% in 2009-10 as against 7.5% for the country as
a whole. At current prices, the growth rate of states income was 14.64% in FY 2009-10 compared
to 14.70% in FY 2008-09. The contribution from primary, secondary and tertiary sectors to the state
GDP was 12.01%, 21.71% and 66.28% respectively. State’s revenue grew by 18.49% in 2010-11 as
against 10.22% in 2009-10. Kerala is ranked fourth among frontline States in terms of per capital
own-revenue and the efficiency with which tax is collected. The total tax revenue collected during FY
2009-10 was `17625 crore and the budget estimate for 2010-11 is ` 20884 crore. The gross state
domestic product has recorded a 13 per cent growth during the last five years. A major issue that Kerala
economy is facing today, along with the rest of the country is the high prices of essential commodities.
While the price increase in the case of commercial crops like rubber, spices, coconut, coffee and tea
is beneficial to the producers, the high prices of essential commodities is having a major detrimental
effect on the consumers.
Performance of the Corporation
The Corporation could register improvement in all key areas of operation during the year. Highlights
of performance of the Corporation are given below:
(` In Crores)
Financial Year
2010-11
2009-10
2008-09
1124.81
888.69
650.01
Sanctions
507.06
615.93
373.14
Disbursements
443.44
419.53
293.39
Recovery
354.73
299.57
269.25
Total Income
165.98
162.36
109.26
Total Expenditure
104.28
115.71
96.12
Bad debts written off
9.99
37.72
117.58
Operating Profit /Loss
61.70
46.65
(76.30)
Net Profit(+)/ Loss (-) for the Year
36.40
33.72
11.70
Capital Adequacy Ratio %
22.20
27.88
36.35
1.88
2.41
13.22
Portfolio Size
Net NPA %
OPERATING RESULTS
Sanctions:
Corporation sanctioned financial assistance of ` 507.06 Crores during the current FY. A comparison of
sanctions during last 11 years is given below.
` in crores
9
Sanction to MSME Sector
The table below shows the comparison of sanction to MSME sector during the last two years.
(` in Crores)
2010-11
No.
Segment
Amount
2009-10
No.
Amount
599
305.20 Micro
537
331.39
87
52.85 Small
38
80.77
5
60.50
118
102.97
61
40.30
759
615.93
6
8.41 Medium
98
86.94 CRE
76
53.66 Others
866
507.06 Total
Disbursements
The Corporation could disburse an amount of ` 443.44 crores during 2010-11 recording a growth of
5.7% over previous year. Disbursement during last 11 years were as under.
` in crores
Recovery
The Corporation continued to offer Compromise Settlement facility to defaulting borrowers so that hard
and deserving cases can be settled without coercive steps. Totally 153 cases were sanctioned compromise
settlement facility for an amount of `14.68 crores, involving a sacrifice of ` 57.81 crores during the
financial year. Total recovery during the year was ` 354.73 crores; out of this, principal recovery was
`196.45 crores and interest recovery amounted to ` 117.44 crores. Out of the total recovery, an amount of
` 24.92 crores was by way of compromise settlement. Recovery in last 11 years are reflected in the chart.
10
` in crores
Asset Quality:
The Corporation continued its efforts on reducing NPA by adopting effective strategy during the year.
Utmost importance was given to avoid slippage of standard assets into NPAs, and other cases were closely
monitored to prevent further deterioration. Efforts made to upgrade NPAs to standard assets have yielded
results and the level of net NPAs have come down to 1.88% as against 2.41% last year. Gross NPAs have comedown
to 8.20% has against 9.04% of lasy year. Following chart shows Net & Gross NPA level during last 11 years.
in %
Asset Classification & Provisioning:
Break up of principal outstanding as on 31.03.2010 and 31.03.2011 as well as provision requirement
thereon are given in the table below:
(` in Crores)
Category
Principal Outstanding
2010-11
Standard
Provision
2009-10
2010-11
2009-10
1032.57
808.10
4.13
2.02
Substandard
56.42
49.77
36.67
29.87
Doubtful – I
35.82
30.82
35.80
30.52
1124.81
888.69
76.60
62.41
Total
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Branch Performance
The branch wise share for sanction, disbursement and recovery for FY 2010-11 is shown below.
Sanctions
Disbursements
Recovery
12
13%
6%
3%
7%
4%
4%
3%
9%
4%
9%
2%
5%
4%
4%
19%
2%
12%
7%
3%
7%
3%
6%
9%
9%
5%
9%
1%
3%
2%
4%
16%
3%
11%
7%
6%
12%
5%
5%
5%
6%
6%
8%
2%
2%
3%
3%
17%
2%
Capital Adequacy Ratio:
Capital to Risk - weighted Assets Ratio (CRAR) was at 22.20% during the year under report, as against
the minimum of 9% prescribed.
Dividend:
During the year the Corporation propose to declare a dividend of 5 % on paid up share capital.
ISO Certification:
The Quality Management Certificate was validated and changed over to new version of IS/ISO 90012008 by Bureau of Indian Standards after conducting surveillance/ renewal audit. The licence has been
renewed and is valid till 21st June,2013. All offices of the Corporation continue to hold the Quality
Management System Certificate.
Corporate Social Responsibility:
The “KFC-CARE” (Kerala Financial Corporation Centre for Assistance and Rehabilitation) established in
March 2008 with the objective to assist and empower marginalized members of the society, continued
its operations on a modest scale with the limited resources available to it. The Corporation propose to
take the CSR activity on a wider scale in due course recognizing the role in true spirit.
Resources
Share Capital:
The paid up share capital of the Corporation as on March 31, 2011 has increased to ` 211.97
crores from ` 204.06 Crores as on 31st March 2010. The Government of Kerala have contributed an
amount of ` 7.91 crores during the year by way of equity capital.
Plough Back
Total principal receipt during the year was at `196.45 crores and revenue surplus was ` 67.29 crores.
`165.41 crores was utilized for repayment of principal to SIDBI, and ` 36.41 crores towards redemption
of SLR Bonds. Plough back was ` 61.92 crores which constitutes 13.95 % of disbursement of ` 444
crores.
Refinance from SIDBI:
The Corporation availed refinance of `160 crores from SIDBI by way of Line of Credit during the current
financial year against ` 209.89 crores availed in the previous financial year; this includes an amount of
` 25 crores of short term loan. Repayment during the year was `165.41 crores. Payment towards
interest and service charges to SIDBI was ` 39.06 crores. Outstanding borrowing from SIDBI at the
year-end was ` 473.62 crores.
SLR Bonds:
The Corporation redeemed SLR Bonds of ` 36.41 crores during the FY and balance outstanding as
on 31.03.2011 was ` 61.08 crores. An amount of ` 0.79 crore was paid to the State Government as
commission for guarantees extended for SLR Bonds.
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Line of Credit
During the year KFC has availed lines of credit of `100 crores from Federal bank, `100 crores from
Indian Bank, ` 35 crores from South Indian Bank and ` 26 crores from Kerala State Co-operative Bank.
Sources and application of funds during FY 2011 were at ` 805.11 crores. The chart below shows the
sources and application of funds during the year.
Sources of Funds
44%
20%
13%
13%
4%
3%
1%
1%
1%
Application of Funds
55%
21%
9%
4%
3%
3%
2%
2%
1%
Human Resources
Employee Relationship:
Employee relationship remained cordial throughout the year. Twenty seven employees retired from the
service on attaining superannuation. Total staff strength as on 31.03.2011 was at 247.
Skill Upgradation
Three employees were promoted during the period. Training was imparted to 235 employees through
24 training programmes. Two officers attended overseas training programme in Malaysia and Thailand.
Officers were deputed to RBI’s College of Agri Banking, Pune, for skill updation.
14
Corporate Governance
Corporation has ensured fairness, responsibility, accountability and transparency in corporate governance
through the compliance of ISO procedures, publishing of various policies and loan schemes, furnishing of
information under the RTI Act etc. and through various grievance redressal mechanism. These policies and
procedures are reviewed regularly and necessary changes made to keep them robust and dynamic.
Board of Directors
As on March 31, 2011, the Board of Directors of the Corporation consisted of 9 members, all of whom
were Non- executive Directors except Managing Director with whom the day-to-day affairs are entrusted.
The Government of Kerala has appointed Shri.K.M.Nair as the Managing Director of the Corporation, in
place of Shri V. Gopinathan IFS who was relieved on November 30, 2010. Shri. K.M. Nair also officiated
as MD-in-charge during the period 28/06/2010 – 14/11/2010 when Shri. V. Gopinathan IFS was on
leave. The Board places on record its deep appreciation of the services and contributions rendered by
Shri V.Gopinathan IFS, during his tenure as the Managing Director of the Corporation.
Number of Meetings:
The Board of Directors of the Corporation met 8 times during the year. The details of attendance of
directors are given in the following table.
Position
No. of meetings of
the Board attended
Chairman
7
20.03.2007-
Dr. M.P.Sukumaran Nair
Director
8
06.07.2007-05.07.2010
22.07.2010-
Director
2
03.12.2009-
Sri Saji Paul
Director
5
01.10.2009-
Sri A.Vikraman
Director
2
25.05.2008-18.06.2010
Sri K.Sathianandan
Director
6
18.06.2010-
Sri Namgial
Director
1
06.02.2009-18.06.2010
Smt. Indumathi Sridhar
Director
2
18.06.2010-
Dr. Debashis Chatterjee
Director
-
06.02.2010-25.01.2011
Sri K.S.Srinivas, IAS
Director
2
09.09.2010-
Sri Sanjay Garg, IAS
Director
1
15.12.2010-
Sri V.Gopinathan IFS
Managing Director
3
06.08.2009 - 27.06.2010
15.11.2010 - 30.11.2010
Sri K.M.Nair
MD in charge
Managing Director
5
28.06.2010-14.11.2010
01.12.2010-
Name of the Director
Prof. Sushil Khanna
Tenure
15
The Executive Committee met nine times during the year as shown in the following table.
Sl.
No.
Position
No. of meetings of the EC
attended
1.
Prof. Sushil Khanna
Chairman
5
2.
Member
9
3.
Sri A.Vikraman
Member
3
4.
Smt. Indumathi Sridhar
Member
5
5.
Sri V.Gopinathan IFS
Member
4
6.
Sri K.M.Nair
Member
5
The Corporation has constituted an Audit Committee. The Committee met two times during the year.
It has reviewed the audit reports of the concurrent and internal auditors, inspection reports of the
Accountant General and SIDBI and given necessary guidance. The details of attendance of the Audit
Committee meetings are as follows.
Sl.
No.
Position
No. of meetings of the Audit
Committee attended
1
Chairman
2
2
Sri A.Vikraman
Member
1
3
Member
1
4
Sri K. Sathianandan
Member
1
ALCO
The Corporation has put in place an Asset Liability Management Committee (ALCO) with a view to
managing liquidity position, tracking maturity and cash flow mismatches, measuring funds requirement
and examining funding options. The Committee is headed by the Managing Director of the Corporation
and Senior officers are the members. The Committee met thrice during the year and reviewed maturity
pattern, interest rate sensitivity, monthly cash budgets, funding options etc .
Annual General Meeting:
Last Annual general Meeting was held on 22.07.2010. A special general meeting was also held on
06.10.2010 for appointment of the Statutory Auditors.
Directors’ Responsibility Statement:
The Board of directors confirm that in the preparation of Profit and Loss Account for the year ended
March 31, 2011 and the Balance Sheet as at that datei)
the applicable guidelines prescribed by SIDBI have been followed and there has been no material
departure. Accrual method of accounting is followed for standard assets and cash basis for nonperforming assets from 2005-06;
ii) the Directors selected such accounting policies which would give a true and fair view of the state
of affairs of the Corporation at the end of the financial year and of profit / loss of the Corporation
for the year under review;
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iii) the Directors have taken sufficient care for maintenance of accounting records;
iv) the accounts for the year ended March 31, 2011 have been prepared on a going concern basis.
Right to Information
The Corporation has designated State Public information Officers, Assistant State Public Information
Officers and Appellate Officers for the Head Office as well as all the Branch Offices. A total number of
249 petitions were received and disposed of under the RTI Act during the year.
Auditors:
M/s. Jose & Hemachandran, Chartered Accountants, were appointed as Statutory Auditors of the
Corporation for the financial year 2010-11, in the Special General Meeting held on 06-10-2010 on the
terms and remuneration as prescribed by RBI.
Auditing
The Corporation introduced quarterly auditing of its accounts by the Statutory Auditors from the financial
year 2010-11. Concurrent Audit of branch operations are undertaken through reputed Chartered
Accountants on a quarterly basis. Corporation continues to have regular quarterly auditing of branch
operations by its internal auditors. Further, post-sanction scuritiny of loan sanction and compromise
settlement sanction of above ` 25 lakhs are also carried out as a prudent control mechanism and risk
mitigation measure.
The Comptroller & Auditor General of India conducted audit of the accounts of the Corporation up to
the F.Y 2009-10.
Shareholder information:
The composition of shareholders as on March 31, 2011 is furnished below:
Shareholders
Government of Kerala
` in Crores
% of Shareholding
205.74
97.06
SIDBI
6.13
2.89
LIC
0.07
0.03
SBT
0.02
0.01
Others
0.01
0.01
211.97
100.00
Total
Way Ahead:
The Corporation has been contemplating to achieve a portfolio size of over ` 1500 crore in a couple of
years. The concessional lending to energy saving sector, women entrepreneurs, Non-resident Keralites
and manufacturing sectors is continued in order to encourage these sectors. The Core Financial Solutions
which is being implemented through TCS is in the final stages and will be fully operational in the coming
Financial year in all the branch offices, Zonal offices and Head Office. It is proposed to issue non-SLR
17
bonds in the coming year after obtaining credit rating and government guarantee so as to meet the
resource gap on increased disbursement commitments.
The Corporation has taken various steps to streamline procedures, introduced major policy improvements,
strengthen internal controls and systems, simplified schemes of assistance and speeded-up credit
dispensation. More flexible and positive approach towards timely and adequate support to the industrial
sector are being attempted. The Corporation has been able to orient its focus towards customer
satisfaction and bring about attitudinal changes in its dealings with the customers keeping in view the
over-all objective of improving the industrial activities and economic scenario of the State.
Acknowledgment:
The Directors wish to place on record their appreciation to the Government of Kerala, Small Industries
Development Bank of India, Reserve Bank of India,COSIDICI, Federal Bank, Indian Bank, South Indian
Bank, Kerala State Co-operative Bank, IDBI Bank, Axis Bank, State Bank of India, Accountant General,
Concurrent Auditors, Statutory auditors and customers for their continued support, guidance and
assistance. The Board appreciates the entrepreneurs and the business community of the State for
reposing confidence in the Corporation.
The Board would like to place on record its appreciation and gratitude to all the members of the Board
of Directors existing as well as retired, who have ably guided the management of the Corporation
during the period. The Board place on record its appreciation of the intensive efforts put in by all the
employees of the Corporation.
For and on behalf of the Board,
Thiruvananthapuram
Sd/Chairman
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AUDITORS’ REPORT
To The Shareholders of Kerala Financial Corporation
We have audited the attached Balance Sheet of Kerala Financial Corporation as at 31st March,2011
and the Profit and Loss Account annexed thereto for the year ended on that date in accordance with
the provisions contained in Section 37 of the State Financial Corporations Act,1951. These financial
statements are the responsibility of the Corporation’s Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards generally accepted in India. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement(s). An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by the Management,
as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
We report that:
a)
The Balance Sheet read with significant accounting policies and notes thereon is a true and fair
balance sheet containing the necessary particulars and is properly drawn up so as to exhibit a true
and fair view of the affairs of the Corporation as at 31st March 2011.
b)
The Profit and Loss account read with significant accounting policies and notes thereon shows a
true balance of Profit for the year ended 31st March 2011.
c)
We have obtained all the information and explanations, which to the best of our knowledge and
belief were necessary for the purposes of our audit and have found them to be satisfactory.
d)
The transactions of the Corporation that have come to our notice have been within the powers of
the Corporation.
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e)
The returns received from the branches of the Corporation have been found adequate for the
purposes of our audit.
f)
The operations of the Corporation have been conducted in accordance with the provisions of the
SFCs Act,1951.
g)
The income recognition, asset classification and provisioning have been done as per guidelines
issued by the RBI / SIDBI from time to time.
h)
The investment of surplus fund is made in accordance with the prudential norms laid down by
the Board of Directors.
Thiruvananthapuram
23.05.2011
For JOSE & HEMACHANDRAN
Chartered Accountants
Firm Reg. No.001360S
JOSE ZACHARIAH
Partner, M. No.80570
20
BALANCE SHEET AS AT 31st March 2011
Schedule
` In Lacs
As at
31.03.2011
` In Lacs
As at
31.03.2010
SOURCES OF FUNDS
Shareholders' Fund
Share Capital
1
20,406.00
20,406.00
Share Capital Advance
2
791.30
0.00
Reserves and Surplus
3
8,538.93
6,589.26
Secured Loans
4
70,861.96
47,902.66
Bonds (Guaranteed by Government of Kerala)
5
6,108.00
9,749.10
500.63
504.24
Loan Funds
Deferred Tax Liability
Other Liabilities
6
2,065.17
1,335.38
Provisions
7
10,256.56
7,700.00
119,528.55
94,186.64
TOTAL
APPLICATION OF FUNDS
Cash & Bank Balances
8
768.47
1,041.63
Loans & Advances
9
112,481.40
88,869.11
Investments
10
185.00
199.25
Fixed Assets
11
275.98
246.43
Other Assets
12
5,817.70
3,830.22
119,528.55
94,186.64
TOTAL
Significant Accounting Policies
18
Notes forming part of accounts
19
Sabu Thomas
Financial Controller
K M NAIR
Managing Director
Sanjay Garg IAS
Director
As per our report of even date
For Jose & Hemachandran
Firm Reg No.001360S
Thiruvananthapuram
23.05.2011
Jose Zachariah
Partner M.No.80570
21
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31st March 2011
Schedule
` In Lacs
As at
31.03.2011
` In Lacs
As at
31.03.2010
INCOME
Income from Operations
13
16,459.39
14,131.70
Other Income
14
138.64
2,104.42
A
16,598.03
16,236.12
Operating Expenses
15
6,044.49
4,912.94
Employee Cost
16
2,464.08
1,977.99
Administrative Cost
17
409.52
430.82
951.38
441.24
64.17
36.07
494.62
3,772.41
B
10,428.26
11,571.47
C
6,169.77
4,664.65
1,110.56
699.70
Provision for Deferred Tax Liability
0.00
504.24
Provision for Wealth Tax
0.00
0.05
1,419.19
88.41
2,529.75
1,292.40
TOTAL
EXPENDITURE
Interest rebate on Loans
Depreciation
Bad Debts Written Off
TOTAL
OPERATING PROFIT
Less :
Provision for Income Tax
Provision for Bad & Doubtful Debts
TOTAL
22
D
Net Profit for the year (C-D)
3,640.02
3,372.25
Less: Prior Period Expenses
0.00
26.55
Less:Dividend Deficit written off
0.00
327.58
Add: Prov for deferred tax liability written back
3.61
0.00
1,020.30
816.24
169.46
138.72
0.00
233.23
1,233.95
886.29
Balance Profit after appropriations
1,219.92
943.64
Add: Balance in Profit & Loss A/c b/f
2,113.71
1,170.07
Balance Profit carried to Balance sheet
3,333.63
2,113.71
Less:Appropriations
Proposed Dividend
Provision for Dividend tax
Transfer to Reserve u/s 36 (1) (viia)
Transfer to Reserve u/s 36 (1) (viii)
Sabu Thomas
K M NAIR
Managing Director
Sanjay Garg IAS
Director
Firm Reg No.001360S
Thiruvananthapuram
23.05.2011
Jose Zachariah
Partner M.No.80570
23
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
` In Lacs
As at
31.03.2011
` In Lacs
As at
31.03.2010
SCHEDULE : 1
SHARE CAPITAL
AUTHORISED CAPITAL
3,50,00,000 shares of Rs.100 each
35,000.00
35,000.00
19,966.25
6,966.25
0.00
13,000.00
19,966.25
19,966.25
439.75
439.75
20,406.00
20,406.00
0.00
13,000.00
791.30
0.00
791.30
13,000.00
Less: Allotted during the year
0.00
13,000.00
TOTAL
791.30
0.00
504.20
270.96
504.20
0.00
0.00
233.23
0.00
504.20
As per last Balance Sheet
3,721.35
2,835.06
Added during the year
1,233.95
886.29
4,955.30
3,721.35
250.00
250.00
3,333.63
2,113.71
8,538.93
6,589.26
Issued, Subscribed and Fully Paid up Capital
Ordinary Shares
1,99,66,253 shares of Rs.100/- each
Shares of Rs.100/- each allotted during the year
1,99,66,253 shares of Rs.100/- each
Special Shares
4,39,750 shares of Rs.100/- each as per last B/S
TOTAL
SCHEDULE : 2
SHARE CAPITAL ADVANCE
Add: Receipts during the year
SCHEDULE : 3
RESERVES AND SURPLUS
(a) Reserve u/s 36(1) (viia) of IT Act, 1961
Less: Bad Debts Written Off adjusted to the extent
of balance available under this head
Added during the year
Total of (a)
(b) Spl. Reserve u/s 36(1)(viii) of IT Act, 1961
Total of (b)
(c) Spl. Reserve u/s 35(A) of SFCs Act, 1951
(d) Profit & Loss Account
TOTAL {(a)+(b)+(c)+(d)}
24
SCHEDULE : 4
BORROWINGS
From SIDBI
47,361.96
47,902.66
LOC from BANKS
23,500.00
0.00
70,861.96
47,902.66
TOTAL
SCHEDULE 5 - BONDS (Guaranteed By Govt. Of Kerala U/S 7 Of The Sfc’s Act, 1951)
Sl.
No.
Date of
issue
Name of
the series
Amount
outstanding
on 31-03-11
(Rs in lakhs)
Amount outstanding on
31-03-10
(Rs in lakhs)
Interest
Rate %
Redemption
Date
1
2
3
4
5
6
7
1
07-06-00
2010(IV)
0.00
1137.00
10.52
07-06-10
2
26-06-90
2010(II)
0.00
270.00
11.50
26-06-10
3
27-06-00
2010(V)
0.00
90.00
11.33
27-06-10
4
13-11-90
2010(III)
0.00
342.50
11.50
13-11-10
5
13-02-91
2011(I)
0.00
165.00
11.50
13-02-11
6
28-03-01
2011(III)
0.00
1636.60
10.50
28-03-11
7
28-06-01
2011(IV)
263.40
263.40
9.90
28-06-11
8
02-09-91
2011(II)
392.50
392.50
11.50
02-09-11
9
20-12-01
2011(V)
265.00
265.00
8.35
20-12-11
10
08-01-92
2012(I)
315.00
315.00
12.00
08-01-12
11
12-02-92
2012(II)
147.50
147.50
12.00
12-02-12
12
20-02-02
2012(III)
2271.60
2271.60
8.30
20-02-12
13
25-07-02
2012(iv)
1100.00
1100.00
7.92
25-07-12
14
26-03-03
2013(i)
1353.00
1353.00
6.75
26-03-13
Total
6,108.00
9,749.10
25
SCHEDULE : 6
OTHER LIABILITIES
State Subsidy
25.95
22.21
Margin Money
4.69
0.75
Interest subsidy
0.15
0.00
Earnest Money Deposit
25.50
18.51
Advance Received for sale of units
25.25
25.57
Self Employment Venture fund
26.48
26.48
0.00
15.05
Suspense Account
Tax Deducted at Source
0.10
0.00
Other Sundry Deposits
21.77
20.23
Gratuity Payable
0.00
1.36
Service tax
0.66
0.00
Compromise Settlement Pending Appropriation
346.97
148.35
Outstanding Expenses
163.90
96.76
0.00
87.23
Revenue Recovery Pending Appropriation
230.65
201.63
Accrued Interest on Refinance from SIDBI
310.82
296.30
65.45
133.28
152.96
0.00
Audit Fee Payable
0.85
0.55
Concurrent Audit Fee payable
2.09
2.19
Pay Revision Arrears Payable
Accrued Interest on SLR Bonds
Accrued Interest on LOC from banks
Contingent Provision against Standard. Assets
410.21
202.22
Staff Dues Retained
69.10
33.37
Sundry Creditors
44.00
1.49
1.78
1.85
Leave Encashment Payable
Unpaid dividend
Group Leave encashment payable
TOTAL
26
SCHEDULE : 7
PROVISIONS
(a) Provision for Taxation:
Add: Provision made during the year
Total of (a)
(b) Provision for Fringe Benefit Tax
Total of (b)
(c ) Provision for bad and doubtful debts
Total of (c )
(d ) Proposed Dividend for the year
(e) Provision for Dividend Tax
TOTAL
0.01
0.00
135.83
0.00
2,065.17
1,335.38
699.69
1,110.56
1,810.25
0.00
699.70
699.70
6.66
0.00
6.66
6.66
0.00
6.66
6,038.68
1,211.20
7,249.89
1,020.30
169.46
10,256.56
6,020.09
18.59
6,038.68
816.24
138.72
7,700.00
SCHEDULE : 8
CASH & BANK BALANCES
Cash in hand
18.80
15.11
Banks
Current Accounts
646.11
672.96
Banks
Deposit Accounts
103.56
353.56
768.47
1,041.63
112,481.40
88,869.11
112,481.40
88,869.11
INVESTMENT
Keltron Counters Ltd.
1.47
1.47
Kerala Spinners Ltd.
2.00
2.00
Kerala Rubber & Reclaims Ltd.
0.00
1.50
Vanjinad Leathers Ltd.
4.91
4.91
KITCO
0.29
0.29
TOTAL
SCHEDULE : 9
LOANS & ADVANCES
Loans and Advances
TOTAL
SCHEDULE : 10
India SME Asset Reconstrution Co.
35.00
35.00
Kerala Venture Capital Fund
150.00
164.25
Sub Total
193.67
209.42
8.67
10.17
185.00
199.25
2,086.51
518.23
39.03
32.85
6.64
6.63
Property Acquired in Satisfaction of Claims
400.34
400.34
House Loans to Employees
470.37
523.74
Less : Provision for diminution in value of investments
TOTAL
SCHEDULE : 12
OTHER ASSETS
Advance Income Tax
Income Tax Deducted at source
Advance Fringe Benefit Tax
Conveyance Loan to Employees
86.75
78.10
Computer Loan to Employees
3.28
7.05
Advance to Employees
7.89
8.10
20.20
3.22
Advance for Fixed Assets
Deposit with P&T
0.09
0.09
14.53
11.07
Stock of Stationery
0.00
0.00
Library
0.00
0.00
Deposit with KSEB
10.15
9.94
Suspense Account
72.61
0.00
1,992.25
1,672.37
0.29
0.04
537.22
524.09
69.10
33.36
0.45
1.00
5,817.70
3830.22
Other Deposits
Interest Accrued on Loans & Advances
Interest Accrued on STD with Banks
Interest Accrued on Staff Loans
Deposit against Staff Dues Retained
Other Advances
TOTAL
27
28
15
15
15
15
15
60
15
15
15
10
Air Conditioner
Transformer
Photocopier
Duplicator
Franking Machine
Computer
Typewriters
Other office Equipments
Lift
Other Furniture
122.05
9.75
31.76
6.22
184.09
0.03
1.68
18.90
2.36
25.99
38.95
937.20
10
Electrical Fittings
0.24
Total (Previous Year)
15
Cycles
110.67
962.01
15
Motor Vehicle
397.71
11.62
Cost as on
31-03-2010
Total
10
Rate
%
Building
Land
Particulars
24.81
93.72
1.90
0.00
1.21
0.00
77.39
0.00
0.00
0.00
0.00
1.94
0.11
0.00
11.18
Additions
during the
year
In ` Lacs
0.00
0.00
962.01
1055.73
123.95
9.75
32.97
6.22
261.47
0.03
1.68
18.90
2.36
27.93
39.05
0.24
121.85
397.71
11.62
679.52
715.59
83.05
1.46
26.79
6.15
177.08
0.03
1.67
15.44
2.36
20.94
30.36
0.20
92.83
257.23
0.00
36.07
64.17
4.00
1.24
0.91
0.01
37.20
0.00
0.00
0.52
0.00
1.00
0.86
0.01
4.35
14.05
0.00
715.59
779.75
87.05
2.71
27.70
6.16
214.28
0.03
1.67
15.96
2.36
21.95
31.22
0.20
97.18
271.28
0.00
246.43
275.98
36.91
7.04
5.27
0.06
47.19
0.00
0.01
2.94
0.00
5.98
7.83
0.03
24.67
126.43
11.62
257.68
246.43
39.00
8.29
4.97
0.07
7.01
0.00
0.01
3.46
0.00
5.05
8.59
0.04
17.84
140.48
11.62
Deletions
DepreDepreCost as on
Depreciation
WDV as on WDV as on
during the
ciation upto
ciation upto
31-03-2011
for the year
31-03-2011 31-03-2010
year
31-03-2010
31-03-2011
SCHEDULE 11 - FIXED ASSETS
SCHEDULE 13 :
INCOME FROM OPERATIONS
Interest Received On Loans & Advances
12,064.92
9,637.18
55.73
32.83
0.85
1.19
213.32
253.83
4,047.95
4,152.25
76.62
54.42
16,459.39
14,131.70
18.13
9.83
Dividend From Shares
0.06
0.06
Miscellaneous Income
4.39
18.68
Other Income
0.22
1,976.35
Rent Received
59.42
55.16
Income from Insurance Agency
3.52
2.31
Service tax Income
0.00
0.02
RTI Application Fee Received
0.02
0.02
45.50
39.23
Consultancy Service Division Receipts
0.96
0.79
Lease Rental
0.00
1.97
Profit on sale of shares
5.25
0.00
CGTMSE Guarantee Receipt
0.64
0.00
Rebate on Refinance
0.53
0.00
138.64
2104.42
758.63
960.44
0.00
0.01
4,217.31
3,776.28
853.89
2.50
Guarantee Commission
79.32
172.65
Bond Issue Expenses
11.13
1.06
124.21
0.00
6,044.49
4,912.94
Interest on Staff Loans
Sale of Application Forms
Loan Processing Fees
Recovery from written off loans
Premium on pre-closure
TOTAL
SCHEDULE 14
OTHER INCOME
Interest on Bank Deposits
Income from Mutual Fund
TOTAL
SCHEDULE 15 :
OPERATING EXPENSES
Interest on Bonds
Interest on Fixed Deposits
Interest on Refinance from SIDBI
Interest on Line Of Credit from Banks
LOC Administrative Expenses
TOTAL
29
SCHEDULE 16:
EMPLOYEE COST
Pay & Allowances
1,551.77
1,480.60
Group Gratuity Insurance
571.63
10.46
Contribution to Employees' P.F
150.53
146.93
Group E/L Encashment Insurance
135.83
301.98
54.32
38.02
2,464.08
1,977.99
Rent, Rates, Taxes & Insurance
57.94
65.99
Postage, Telegram and Telephone
21.38
14.99
Printing & Stationery
11.51
13.78
Vehicle Running & Maintenance
11.91
11.30
Repairs & Maintenance of Buildings & Equipments
17.22
31.58
Revenue Recovery expenses
88.88
0.00
Bank Charges and Commission
0.21
0.31
Audit Fees
1.10
0.55
14.17
1.72
Legal Expenses
6.23
6.46
Books & Periodicals
1.09
1.18
Conference & Seminars
6.18
4.07
Publicity & Advertisement
68.44
173.07
Other Expenses
76.73
52.40
Travelling Expenses
14.82
14.24
Board / E.C. Meeting Expenses
3.22
2.91
Concurrent Audit Fee
6.56
4.82
Servicetax paid
1.52
16.23
Business Development Expenses
0.41
15.22
409.52
430.82
Other Staff Expenses
TOTAL
SCHEDULE 17
ADMINISTRATIVE EXPENSES
Consultancy Charges
TOTAL
Sabu Thomas
K M NAIR
Managing Director
Sanjay Garg IAS
Director
Firm Reg No.001360S
30
Thiruvananthapuram
23.05.2011
Jose Zachariah
Partner M.No.80570
SCHEDULE 18
SIGNIFICANT ACCOUNTING POLICIES:
Method of Accounting:
The financial statements have been prepared and presented under the historical cost convention and on
accrual basis of accounting unless otherwise stated and are in accordance with the generally accepted
accounting principles and circulars and guidelines issued by RBI/SIDBI and applicable accounting
standards.
Revenue Recognition:
Income is recognised on accrual basis on performing assets and on realisation basis in respect of
non-performing assets as per the ‘prudential norms on income recognition, asset classification and
provisioning’ prescribed by RBI/SIDBI. Recovery of loans and advances is appropriated first towards
expenses, then towards interest and then towards principal. However, in the case of Compromise
Settlement and sale of units taken over under the SFCs Act, 1951 and Revenue Recovery proceedings,
the proceeds are apportioned first towards recovery of expenses then towards principal amount and
last towards interest, on satisfaction of the stipulated conditions.
Retirement Benefits:
The Corporation contributes to the Provident Fund which is administered by duly constituted and
approved independent trust by name KFC Employees Provident Fund Trust and such contributions are
charged to revenue every year. Gratuity liability of employees is covered under the approved Group
Gratuity Scheme of LIC of India. Contributions paid under the scheme are charged to revenue. The liability
for terminal encashment of earned leave to the employees is covered under the Group Leave Encashment
Scheme of LIC of India and the contributions paid under the scheme are charged to revenue.
Advances:
Advances have been classified as Standard, Sub-standard Doubtful and Loss Assets and provisions for
possible losses on such advances are made at estimated rates which is equal to or more than the rates
prescribed in the prudential norms, circulars and directives issued by RBI/SIDBI.
All advances which have become Non-performing for more than 2 years are written off as Bad Debts
and recovery from written off accounts are shown as Operating Income.
Fixed Assets:
Fixed Assets are carried at cost of acquisition less depreciation. Depreciation on fixed assets has been
provided for on written down value method and at the rates prescribed under the Income Tax Act, 1961.
31
Investments
Long term investments are carried at cost. However provision for diminution is made to recognise a
decline, other than temporary, in the value of investments determined for each investment individually.
Reduction in the carrying amount and reversals of such reductions are charged or credited to the Profit
and Loss Account. On disposal of an investment, the difference between carrying amount and net
disposal proceeds are charged or credited to the Profit and Loss Account .
Income Tax
Tax expenses comprising of both current tax and deferred tax are considered in determining the net
working results for the year. Deferred tax reflects the effect of temporary timing differences between
assets and liabilities recognised for financial reporting purposes and the amount that are recognised
for current tax purposes.
Sabu Thomas
K M NAIR
Managing Director
Sanjay Garg IAS
Director
Firm Reg No.001360S
Thiruvananthapuram
23.05.2011
32
Jose Zachariah
Partner M.No.80570
SCHEDULE 19
NOTES FORMING PART OF ACCOUNTS:
1. Asset Classification and Provisioning
In accordance with the guidelines of RBI / SIDBI on asset classification, all loans and advances have been
classified into Standard, Sub Standard and Doubtful Assets and the provisioning is made as under.
Minimum Provision
required ( % )
Provision actually made
(%)
Standard Assets -SME
0.25
0.25
Standard Assets – CRE
1.00.
1.00.
Sub Standard Assets
10.00
65.00.
Doubtful Category I
20.00
100.00.
Category of assets
Loans & Advances under the Doubtful II / Loss category have been fully written off as bad debts.
Gross NPA as on 31-03-2011 is 8.20% (9.04% as on 31-03-2010) and Net NPA as on 31-03-2011 is
1.88% (2.41% as on 31-03-2010)
2. Share Capital Advance
During the year the Corporation received a sum of ` 791.30 lac from Government of Kerala towards
share capital against which shares have not been issued and hence shown as share capital advance.
3. Investments
The investment with Kerala Venture Capital Fund amounting to ` 150 lac is in the nature of long term
equity subscription.
4. Income Tax
Income tax returns have been filed up to Assessment year 2010-11 and assessments have been completed
up to Assessment year 2008-09. Appeals filed by the Corporation for the Assessment years 1993-94 and
1995-96 are pending before the High Court of Kerala and for the Assessment year 2003-04 is pending
before ITAT and for the Assessment years 2004-05 and 2006-07 are pending before CIT(Appeals). Appeals
filed by the Income Tax Department for the Assessment year 2001-02 is pending before ITAT. ITAT had
remitted the case to CIT (Appeals) for the Assessment years 1995-96, 1999-2000 and 2002-03 .
5. Deferred Tax Assets and Liabilities
The break up of deferred tax liabilities /(assets) into major components of the respective balances
is as given below.
Particulars
As on 31.03.2010
For 2010-11
As on 31.03.2011
On Depreciation
(31.27)
(17.25)
(48.52)
On Income not received
746.59
93.73
840.32
On Outstanding expenses
(211.08)
(80.09)
(291.17)
Total
504.24
(3.61)
500.63
33
6. Impairment of Assets
The management is of the opinion that there is no material impairment of the fixed assets. Hence the
fixed assets have been carried at WDV in the books.
7. Segment Reporting
The Corporation operates as a single unit with a single profit centre and has concentrated its activity
on term lending only as a single product.
8. Contingent Liabilities
Contingent liability is estimated as under:
(a) on account of suits filed against the Corporation: ` 118.01 lac.
(b) on account of Income tax: ` 2970.03 lac.
9. Assets acquired in satisfaction of claims
Assets acquired in satisfaction of claims amounting to ` 400.34 lac relates to M/s. Jayalakshmi Builders,
Trivandrum which is retained as such since the Hon. High Court of Kerala has ordered ‘Status Quo’
regarding possession.
10. Loans and advances
The aggregate amount of loans and advances as per subsidiary loan ledger is less by ` 95.05
lac as compared to control account in the General Ledger. The difference has been debited to suspense
account for the time being for subsequent rectification while implementing the proposed new accounting
software in 2011-12.
11. Suspense account comprises of a debit balance of ` 95.05 lac being difference as per Note-10
and a net credit balance of ` 24.48 lac being amount pending appropriations to loan accounts and other
items for which entries are to be passed in subsequent year after collecting the required information.
12. Profit on sale of investments
This represents the entire sale proceeds of shares which were carried at nil value due to 100% provision
for diminution in value made in earlier years and sold during the year
13. Previous Year’s Figures
Previous year’s figures have been regrouped and reclassified wherever found necessary.
Sabu Thomas
K M NAIR
Managing Director
Sanjay Garg IAS
Director
Firm Reg No.001360S
34
Thiruvananthapuram
23.05.2011
Jose Zachariah
Partner M.No.80570
SCHEDULE 20 - DISCLOSURE REQUIREMENTS:
(Amount `. in lacs)
A. Capital
2010-11
a) CRAR (%)
2009-10
22.20
27.88
112481.40
88275.00
Amount
%
%
20573.8
97.06
96.94
613.33
2.89
3.01
10.17
0.05
0.05
21197.30
100
100
b) Risk Weighted Assets
on Balance Sheet items
c) Share holding pattern as on Balance Sheet date
1. Government of Kerala (including advance)
2. SIDBI
3. Commercial Banks, Insurance Cos. private
shareholders etc.
TOTAL
d) Net worth
29736.23
26996.00
B. Asset Quality and Credit Concentration:
Amount
%
%
a) Net NPAs to Net Loans and Advances.
1974.73
1.88
2.41
1974.73
1.88
1990.84
b) Net NPAs under the prescribed asset
classification categories
Sub Standard Assets & Doubtful Assets
c) Provisions:
1. Provision for Standard Assets
2. Provision for NPA
3. Provision for Investments
4. Provision for Income Tax
5. Provision for Deferred Tax Liability
6. Proposed Dividend
2010-11
2009-10
410.21
202.22
7249.88
6038.68
8.67
10.17
1110.56
699.70
500.63
504.24
1020.30
954.96
d) Movement in Net NPA (%)
Sub Standard and Doubtful Assets
TOTAL
2010-11
2009-10
Variance
1.88
2.41
-0.53
1.88
2.41
-0.53
35
C. Liquidity:
` in lacs
a) Maturity pattern of Rupee assets.
Items
Less than
or equal
to 1 year
More than
1 year up
to 3 years
More than
3 years up
to 5 years
More than
5 years up
to 7 years
More than
7 years up
to 10 years
8469.03
7247.97
22306.90
34796.33
39398.19
16700.42
35251.10
18132.59
6885.86
0.00
Total assets
Total Liabilities
D. Operating Results:
More
than 10
years
Total
262.98 112481.40
0.00
2010-11
76969.97
2009-10
` in lacs
a) Interest income as a percentage to average working funds -
12.69
12.12
Interest Income
12,138.78
9,679.84
Average Working Funds
95,676.61
79,884.62
4.66
7.65
4,459.25
6,115.04
95,676.61
79,884.62
6.45
5.84
6,169.77
4,664.65
95,676.61
79,884.62
5.83
5.49
6,233.94
4,700.72
106,857.60
85,561.24
14.74
12.68
247
266
3,640.02
3,372.25
b) Non-interest income as a percentage to Average Working Funds Non-interest income
c) Operating Profit as a % to Average Working Funds Operating Profit
d) Return on Average Assets Returns (operating profit + depreciation)
Average Assets
e) Net profit per employee
No. of employees
Net profit
Sabu Thomas
K M NAIR
Managing Director
Sanjay Garg IAS
Director
Firm Reg No.001360S
36
Thiruvananthapuram
23.05.2011
Jose Zachariah
Partner M.No.80570
CASH FLOW STATEMENT
` in Lacs
FOR THE PERIOD
a
2010-2011
2009-10
Interest and other Revenue receipts (A)
15,577.77
15,523.90
Interest and other Financial Charges (B)
(6,044.49)
(4,929.98)
Payment to employees and Administrative expenses (C)
(3,872.44)
(2,237.38)
5,660.84
8,356.54
Increase in operating assets (Loans and advances)
(23,612.29)
(27,639.64)
Net cash from operating activities before Income Tax
(17,951.45)
(19,283.10)
(1,568.28)
(233.00)
(19,519.73)
(19,516.00)
63.63
54.19
(93.72)
(24.81)
19.50
-
(419.19)
(34.62)
521.80
140.76
92.02
135.52
791.30
-
16,000.00
20,988.52
Cash flows from operating activities
Operating profit before changes in operating assets (A+B+C)
Income Tax paid
Net cash from operating activities after tax (X)
b
Cash flows from investing activities
Interest received on deposits / Investments in Mutual Funds
Purchase of fixed assets
Investment in shares and debentures
Decrease in other current assets
Increase in Other Liabilites
Net cash from investing activities (Y)
c
Cash flows from financing activities
Share Capital from State Government
Long term borrowings (Refinance from SIDBI)
Repayment of Long term borrowings
(20,181.79)
(14,696.94)
LOC from Banks
26,100.00
-
Repayment of LOC from Banks
(2,600.00)
-
Dividend and Dividend Tax Paid
(954.96)
-
19,154.55
6,291.58
Net increase in cash and cash equivalents
(273.16)
(13,089.00)
Cash and cash equivalent at the beginning of the Financial year
1,041.63
14,130.62
768.47
1,041.63
Net cash from financing activities (Z)
Cash and cash equivalent at the end of the Financial year
Sabu Thomas
K M NAIR
Managing Director
Sanjay Garg IAS
Director
Firm Reg No.001360S
Thiruvananthapuram
23.05.2011
Jose Zachariah
Partner M.No.80570
37
279
3. Total Application for consideration
at the end of the period
10.Application pending sanction as on
number of newly assisted units
5
255
257
8 Net Sanctions(5-6c)
9. Amount Disbursed along with
264
10
7
3
267
7. Application sanctioned Effectively(5-6A)
C. Total cancellation/reduction (6A+B)
previous year sanction
B. Application cancelled/reduced out of
out of current year's sanction
6. A. Application cancelled or reduced
5. Application Sanctioned(GROSS)
otherwise disposed off
7
252
2. Application received during 2010-11
4. Application withdrawn/rejected or
27
No.
1. Application pending as on 1-4-2010
38
1213.92
10514.61
10944.64
11486.18
875.04
541.54
333.50
11819.68
1922.22
14955.82
12594.52
2361.30
Amount
SSI
7
438
457
478
23
21
2
480
3
490
450
40
No.
800
33384.05
32383.59
38816.58
6536.43
6432.99
103.44
38920.02
5022.86
44742.88
37752.66
6990.22
Amount
OTHERS
12
692
714
742
33
28
5
747
10
769
702
67
No.
DURING THE YEAR 2010-2011
2013.92
44363.52
43328.23
50302.76
7411.47
6974.53
436.94
50739.70
6945.08
59698.70
50347.18
9351.52
Amount
TOTAL
1985
0
0
24823
5092
29915
22827
22838
0
0
29915
No.
0
149491.47
176127.54
0.00
10183.38
0.00
0.00
186310.92
65721.81
252032.73
252032.73
Amount
SSI
720
0
0
19153
1148
20301
17346
18433
0
0
20301
No.
0
220518.18
282472.47
0.00
15153.24
0.00
0.00
297625.71
50489.99
348115.70
348115.70
Amount
OTHERS
SINCE INCEPTION UPTO 31-03-2011
SUMMARY OF LOAN OPERATIONS AS ON 31 MARCH 2011
st
0
40173
41271
0
2705
0
0
43976
6243
50219
50219
No.
370474.51
458600.01
0.00
25336.62
0.00
0.00
483936.63
116211.80
600148.43
600148.43
0.00
Amount
TOTAL
(` in Lacs)
PROFORMA-I
3
13
1
2
21
44
20
13
34
38
18
8
KOTTAYAM
ALAPPUZHA
KATTAPANA
THODUPUZHA
ERNAKULAM
PERUMBAVOOR
TRISSUR
PALAKKAD
MALAPPURAM
KOZHIKODE
WAYANAD
KANNUR
GRAND TOTAL
156.00
326.93
763.00
1630.70
1485.00
675.85
743.00
1720.94
2090.25
80.75
20.00
455.00
520.00
1087.00
528.00
312.10
28
19
35
50
33
23
32
27
70
19
12
14
15
10
16
47
NO
1155.80
1300.46
2177.75
4372.90
1832.00
2205.05
2790.55
1177.53
7991.25
3002.50
1266.60
1439.60
1765.00
976.50
966.20
3332.97
AMOUNT
OTHERS
APPLICATION RECEIVED
AMOUNT
S.S.I.
3083.25
1286.60
1894.60
2285.00
2063.50
1494.20
3645.07
AMOUNT
38
27
53
88
67
36
52
71
1311.80
1627.39
2940.75
6003.60
3317.00
2880.90
3533.55
2898.47
91 10081.50
21
13
27
18
19
24
57
NO
TOTAL
252 12594.52 450 37752.66 702 50347.18
10
9
PATHANAMTHITTA
KASARGODE
8
10
NO
KOLLAM
TRIVANDRUM
DISTRICT
138.50
751.00
668.00
727.99
967.45
659.37
837.15
1843.87
2040.25
81.00
20.00
297.85
516.95
1095.00
378.50
796.80
AMOUNT
267 11819.68
9
13
16
28
29
17
22
59
20
3
1
9
4
11
7
19
NO
S.S.I.
1077.10
1215.96
2036.40
3844.60
3707.28
1543.55
2894.65
1206.37
7641.25
2018.00
1240.30
1326.86
1702.45
970.50
925.00
5569.75
AMOUNT
37
30
51
86
65
41
55
87
87
23
13
30
20
20
24
78
NO
1215.60
1966.96
2704.40
4572.59
4674.73
2202.92
3731.80
3050.24
9681.50
2099.00
1260.30
1624.71
2219.40
2065.50
1303.50
6366.55
AMOUNT
TOTAL
480 38920.02 747 50739.70
28
17
35
58
36
24
33
28
67
20
12
21
16
9
17
59
NO
OTHERS
GROSS SANCTION
3
0
0
0
0
0
2
0
0
0
0
0
0
1
0
0
0
NO
(` in Lacs)
333.50
5
0
0
0
0
76.50
0
0
0
0
0
0
250.00
2
0
0
AMOUNT
S.S.I.
2
0
0
0
0
0
0
1
0
0
0
0
0
0
0
1
0
NO
103.44
3.00
0.00
4.40
12.23
4.57
0.00
0.05
0.00
0.00
0.00
30.00
0.00
29.19
0.00
20.00
0.00
AMOUNT
OTHERS
5
0
0
0
0
0
2
1
0
0
0
0
0
1
0
1
0
NO
436.94
8.00
0.00
4.40
12.23
4.57
76.50
0.05
0.00
0.00
0.00
30.00
0.00
279.19
2.00
20.00
0.00
AMOUNT
TOTAL
SANCTION CANCELLED-REDUCED
BRANCH WISE BREAK UP OF LOAN OPERATIONS DURING THE YEAR 2010-11
PROFORMA-II
39
28
478
1093.00
266.95
297.85
20.00
81.00
2040.25
1843.87
837.15
582.87
967.45
727.99
668.00
751.00
133.50
3
9
1
3
20
59
22
15
29
28
16
13
9
264 11486.18
KOTTAYAM
ALAPPUZHA
KATTAPPANA
THODUPUZHA
ERNAKULAM
PERUMBAVOOR
TRISSUR
PALAKKAD
MALAPPURAM
KOZHIKODE
WAYANAD
KANNUR
GRAND TOTAL
KASARGODE
17
35
58
36
24
32
28
67
20
12
21
16
9
16
11
PATHANAMTHITTA
KOLLAM
THIRUVANANTHAPURAM
59
No
378.50
Amount
7
No
S.S.I.
38816.58
1074.10
1215.96
2032.00
3832.37
3702.71
1543.55
2894.60
1206.37
7641.25
2018.00
1210.30
1326.86
1673.26
970.50
905.00
5569.75
Amount
Others
Effective Sanction
796.80
DISTRICT
19
40
742
37
30
51
86
65
39
54
87
87
23
13
30
19
20
23
78
No
50302.76
1207.60
1966.96
2700.00
4560.36
4670.16
2126.42
3731.75
3050.24
9681.50
2099.00
1230.30
1624.71
1940.21
2063.50
1283.50
6366.55
Amount
Total
255
9
12
13
30
34
14
21
54
17
5
1
10
6
2
10
17
No
10514.61
106.15
0.00
343.62
1071.99
792.74
685.07
568.52
1630.30
1355.85
104.46
20.00
2248.36
471.86
102.00
343.43
670.26
Amount
S.S.I.
438
26
17
30
52
29
23
30
33
69
14
10
20
13
8
14
50
No
33384.05
1387.42
1176.38
1205.25
2950.38
3360.32
1887.83
2590.71
1559.37
5800.10
899.14
532.30
1756.74
1590.29
1054.50
1141.62
4491.70
Amount
Others
Loan Disbursed
692
35
29
43
82
63
37
51
87
86
18
11
30
19
10
24
67
No
44363.52
1493.57
1641.24
1548.87
4022.37
4153.06
2572.90
3159.23
3189.67
7155.95
1003.60
552.30
4005.10
2062.15
1156.50
1485.05
5161.96
Amount
Total
(` in Lacs)
35473.06
884.37
1049.70
845.60
2781.59
2040.45
1867.51
4283.87
2392.88
6040.90
1124.88
627.78
1890.30
2113.70
1728.94
1974.59
3826.00
Recovery
BRANCH WISE BREAK UP OF LOAN OPERATIONS DURING THE YEAR 2010-11
PROFORMA-III
1810
3262
3027
2795
7059
4365
2815
2062
6042
1711
3605
1470
PATHANAMTHITTA
KOTTAYAM
ALAPPUZHA
IDUKKI
ERNAKULAM
TRISSUR
PALAKKAD
MALAPPURAM
KOZHIKODE
WAYANAD
KANNUR
KASARGODE
GRAND TOTAL
0.02
2.93
7.18
3.41
12.03
4.11
5.61
8.69
14.06
5.57
6.03
6.50
3.60
9.41
10.87
% of
tot
% of tot
5.01131695
6
1279
2983
1557
5085
1762
2340
3265
5581
2542
2466
2483
1634
3940
4403
No.
0.01
3.09
7.22
3.77
12.30
4.26
5.66
7.90
13.50
6.15
5.97
6.01
3.95
9.53
10.65
% of
tot
5.03
11852.45
19136.57
12248.07
39891.63
26104.16
28817.27
46314.12
106458.50
24095.70
25477.17
23676.11
20836.55
31285.78
53159.47
Amount
0.00
2.53
4.08
2.61
8.50
5.56
6.14
9.87
22.68
5.13
5.43
5.04
4.44
6.67
11.33
% of
tot
LOAN SANCTIONED EFFECTIVELY
6
1217
2811
1546
4621
1528
2092
4043
5129
2582
2488
2425
1548
3726
4410
No.
0.01
3.03
7.00
3.85
11.50
3.80
5.21
10.06
12.77
6.43
6.19
6.04
3.85
9.28
10.98
% of
tot
5.03
10209.76
15943.68
8798.04
30799.95
21393.40
22343.91
38057.37
80490.33
17793.22
20315.39
19389.05
14820.88
25008.10
45106.40
Amount
LOAN DISBURSED
0.00
2.76
4.30
2.37
8.31
5.77
6.03
10.27
21.73
4.80
5.48
5.23
4.00
6.75
12.18
% of
tot
(` in Lacs)
PROFORMA-IV
100.00 41326 100.00 469358.58 100.00 40172 100.00 370474.51 100.00
9.88 0.001646259
14489.39 2.414301075
23966.14 3.993368774
14674.46 2.445138447
52456.06 8.740514409
31645.70 5.272978886
37849.30 6.306656505
57055.70 9.506931477
134697.23 22.44398607
30667.05 5.109910893
34726.01 5.786236915
30075.34
23807.93 3.967006962
42986.64 7.162668075
71041.60 11.83733831
Amount
50219 100.00 600148.43
8
4727
KOLLAM
LAKSHADWEEP
5461
No.
APPLICATION RECEIVED
THIRUVANANTHAPURAM
DISTRICT
DISTRICT WISE BREAKUP OF LOAN APPLICATIONS RECEIVED,
SANCTIONED AND DISBURSED AS ON 31st MARCH 2011
41
to
to
to
to
to
to
to
Rs.5,00,001
Rs.10,00,001
Rs.20,00,001
Rs.30,00,001
Rs40,00,001
Rs.50,00,001
Rs.60,00,001
54.91
18301
45.09
40584
%
Others
%
TOTAL
40584
1045
450
233
781
642
1713
3027
5352
11338
22283
Rs.90,00,000
Rs.60,00,000
Rs.50,00,000
Rs.40,00,000
Rs.30,00,000
Rs.20,00,000
Rs.10,00,000
Rs.5,00,000
Small Scale
Size-wise
TOTAL
Above Rs.90,00,000
to
Rs.2,00,001
8109
to
Rs.1,00,001
Rs.2,00,000
4694
to
Rs.50,001
Rs.1,00,000
3200
No.
419055.82
57.72
252839.16
42.28
166216.66
419055.82
140167.30
24815.7
13506.82
30240.82
22093.03
38807.61
43497.95
41789.09
44282.54
14812.37
3907.96
1134.63
Amount
Sanction since inception Till
31-03-2010
Amount-wise upto Rs.50,000
42
2
0
742
64.42
478
35.58
264
742
125
56
17
60
44
166
109
76
51
12
No.
50302.76
77.17
38816.58
22.83
11486.18
50302.76
34274.55
4227.78
1063.50
2804.20
1477.63
3773.81
1626.58
577.52
197.13
21.50
1.56
0.00
Amount
Effective Sanction During
2010-2011
41326
45.44
18779
54.56
22547
41326
1170
506
250
841
686
1879
3136
5428
11389
8121
4696
3200
No.
469358.58
62.14
291655.74
37.86
177702.84
469358.58
174441.85
29043.48
14570.32
33045.02
23570.66
42581.42
45124.53
42366.61
44479.67
14833.87
3909.52
1134.63
Amount
Sanction since inception Till
31-3-2011
(` in Lacs)
AMOUNT WISE AND SIZE WISE CLASSIFICATION OF LOAN SANCTIONED AS ON 31st MARCH 2011
PROFORMA-V
2466
2542
5581
3265
2340
1762
5085
1557
2983
1279
ALAPPUZHA
IDUKKI
ERNAKULAM
TRISSUR
PALAKKAD
MALAPPURAM
KOZHIKODE
WAYANAD
KANNUR
KASARGODE
41326
2483
KOTTAYAM
GRAND TOTAL
1634
PATHANAMTHITTA
6
3940
KOLLAM
LAKSHADWEEP
4403
EFFECTIVE SANCTION
NO
THIRUVANANTHAPURAM
DISTRICT
469358.58
5.03
11852.45
19136.57
12248.07
39891.63
26104.16
28817.27
46314.12
106458.50
24095.70
25477.17
23676.11
20836.55
31285.78
53159.47
AMT
40172
6
1217
2811
1546
4621
1528
2092
4043
5129
2582
2488
2425
1548
3726
4410
DISBURESEMENT
NO
370474.51
5.03
10209.76
15943.68
8798.04
30799.95
21393.40
22343.91
38057.37
80490.33
17793.22
20315.39
19389.05
14820.88
25008.10
45106.40
AMT
(` in Lacs)
DISTRICT WISE CLASSIFICATION OF LOANS AND ADVANCES AS ON 31st MARCH 2011
PROFORMA-VI
43
44
PROFORMA-VII
18
16
17
14
15
1
2
3
4
5
6
7
8
9
10
11
12
13
Sl
No
Mining
Crude Petroleum
Petroleum Refining
Sugar
Other Food Products
Textiles
Paper and Paper Products
Leather & Leather Products
Rubber Products
Chemical and Chemical Products
Fertilizer
Cement
Basic Metals:
a) Iron & Steel
b) Non-Ferrous
Metal Products
Capital Goods
a) Non-Electrical Machinery
b) Electrical Machinery
c) Electronic Machinery
d)Transport Equipment
Electricity Generation
Services
a) Motels & Shopping complex
b) Hospitals
c) Others
Others
TOTAL
Type of Industry
S.S.I
AMOUNT
2181.02
34.66
0.00
0.00
3877.65
6776.00
830.30
291.00
1397.23
1481.44
0.00
0.00
2050.85
21.40
379.93
733.14
1338.11
0.00
96.60
4.29
162424.32
22075.56
43326.66
41014.71
290334.87
AMOUNT
19687.77
229.73
13.37
0.00
25847.03
5917.41
6748.83
1116.37
21792.71
6927.70
0.00
110.20
3279.31
751.71
5730.70
1497.46
2480.03
0.00
1544.62
109.75
8728.98
2017.29
10455.21
54037.53
179023.71
OTHERS
TOTAL
171153.30
24092.85
53781.87
95052.24
469358.58
2230.60
3818.14
0.00
1641.22
114.04
5330.16
773.11
6110.63
AMOUNT
21868.79
264.39
13.37
0.00
29724.68
12693.41
7579.13
1407.37
23189.94
8409.14
0.00
110.20
(` in Lacs)
INDUSTRY-WISE CLASSIFICATION OF LOAN SANCTIONED AS ON 31 MARCH 2011 (EFFECTIVE)
st
18
16
17
14
15
No
1
2
3
4
5
6
7
8
9
10
11
12
13
Sl
Mining
Crude Petroleum
Petroleum Refining
Sugar
Other Food Products
Textiles
Paper and Paper Products
Leather & Leather Products
Rubber Products
Chemical and Chemical Products
Fertilizer
Cement
Basic Metals:
a) Iron & Steel
b) Non-Ferrous
Metal Products
Capital Goods
a) Non-Electrical Machinery
b) Electrical Machinery
c) Electronic Machinery
d)Transport Equipment
Electricity Generation
Services
a) Motels & Shopping complex
b) Hospitals
c) Others
Others
TOTAL
Type of Industry
S.S.I
AMOUNT
1451.04
19.02
0.00
0.00
3733.98
3977.02
577.21
266.45
622.41
983.93
0.00
0.00
433.17
13.50
198.40
674.65
1359.40
0.00
31.34
0.29
129605.55
15408.40
42167.40
21506.51
223029.67
AMOUNT
15835.00
100.71
11.31
0.00
24752.27
4457.56
5984.88
284.95
19296.00
5892.65
0.00
84.07
2334.22
590.08
3927.43
1254.66
1913.17
0.00
1073.58
34.95
7202.03
796.00
10228.69
41390.63
147444.84
OTHERS
1929.31
3272.57
0.00
1104.92
35.24
2767.39
603.58
4125.83
AMOUNT
17286.04
119.73
11.31
0.00
28486.25
8434.58
6562.09
551.40
19918.41
6876.58
0.00
84.07
136807.58
16204.40
52396.09
62897.14
370474.51
TOTAL
(` in Lacs)
INDUSTRY-WISE CLASSIFICATION OF LOAN DISBURSED AS ON 31st MARCH 2011
PROFORMA-VIII
45
13948
15342
795
125
Pay & Allowances etc
Establishment Expenses
10416
215
Fund Raising Financial Expense
TOTAL
115
5017
Interet on Other Borrowings
4149
Interest on Refinance
11783
249
11534
13475
24
1483
11968
20000
Interest on Bonds
EXPENDITURE
Sub Total
Other Income
Interest on Loans
INCOME
Sub Total
Others
SIDBI
State Governement
PAID-UP CAPITAL
Authorised Capital
Balance Outstanding Amount
120306
53607
Arrears Amount
Number for loans
53614
23709
Recovery Amount
10294
119
850
327
49
4609
4340
11803
212
11591
14506
24
1483
12999
20000
113736
25285
11231
17594
Disbursement Amount
15573
696
16382
1130
20865
2
1
22766
2002-03
Applications Sanctioned Amount
Applications Sanctioned No
Applications Received Amount
46
2001-02
9165
136
1004
343
49
3338
4295
12040
250
11790
15506
24
1483
13999
20000
113071
15197
58385
27284
11902
16958
581
19789
3
2003-04
8526
223
955
299
37
2930
4082
9504
742
8762
15706
24
1483
14199
20000
**106769
11896
59638
24468
8548
10981
387
18820
4
2004-05
7467
227
1050
178
91
3237
2684
9182
1179
8003
15906
24
1483
14399
20000
106279
11586
69561
21413
7852
12113
368
16518
5
2005-06
5953
243
1231
134
3
2690
1682
8960
570
8390
15906
24
1483
14399
20000
104489
10345
75250
19908
9725
13583
461
22406
6
2006-07
HIGHLIGHTS OF PERFORMANCE
6507
244
2362
118
3
2409
1371
8833
540
8293
15906
24
1483
14399
20000
97128
7797
76244
21844
18643
24557
526
28246
7
2007-08
6764
211
2408
98
10
2913
1124
10926
734
10192
20406
10
613
19783
35000
70353
6309
7741
26925
29394
34910
580
43658
8
2008-09
7029
138
1978
174
3
3776
960
15795
6599
9196
20406
10
613
19783
35000
88839
4751
29954
41953
61593
759
79947
9
2009-10
9869
410
2463
1166
854
4217
759
16598
4534
12064
21197
10
613
20574
35000
112481
4352
31374
44353
50736
742
59699
10
2010-11
(` in Lacs)
1179
84
1095
675
(-) 637
(-) 7021
1031
2503
1728
118
199
1073
0
1100
7920
0
950
23279
30328
16548
19041
39827
49369
13693
11592
26134
37777
63911
146
1009
2925
(-)2883
(-)6385
700
3200
7493
0
251
950
0
660
5114
0
500
19015
21981
16276
19964
35291
41945
12012
11617
23279
30328
53607
2002-03
1260
2001-02
*23219
26839
16029
14519
39248
41358
15034
12150
24214
29208
53422
2250
8913
0
700
1000
0
4266
30
7209
700
0
56
1765
192
181
(-) 6834
2774
2003-04
**39550
**44556
**15594
**8874
**23956
**35682
59638
*25402
28222
14148
13510
1926
178
0
200
0
4582
0
100
0
1000
47
878
270
(-)249
(-)7082
978
2004-05
26056
36320
12182
16416
38238
52736
13499
7914
24739
44822
69561
3111
3824
124
1000
200
0
3400
0
7740
0
0
715
177
(-)7277
38
418
2005-06
24739
44822
10394
15203
35133
60025
11449
8459
23684
51566
75250
4331
10830
31
550
0
0
6333
0
-2380
0
550
38
1713
600
440
-7685
3004
2006-07
*The arrears at the beginning of the year and the demand has been re-worked for giving effect of technical write-off
** Corrected figures
# Including prepayment
Profit /Loss before Depreciation/
Write off /Provisions
Depreciation
Bad Debts Written Off
Provision for Bad & Doubtful debts
Net Profit / Loss
Accumulated Loss
SOURCES OF FUNDS
Share Capital
Bonds
Refinance
Fixed Deposits
Plough Back
RBI Borrowings
LOC
USES OF FUNDS
Repayment of Bonds
Repayment of Refinance
Repayment of FD
Repayment of Adhoc Borrowings/LOC
ARREARS AT THE BEGINNING
Principal
Interest
Current Demand - Principal
Interest
Total Demand - Principal
Interest
Recovery - Principal
Interest
Arrears at the end of the year - Prl.
Interest
SUB TOTAL
HIGHLIGHTS OF PERFORMANCE
23468
51566
10213
12962
33897
64528
13715
8466
20182
56062
76244
2044
4682
9
0
0
0
0
0
7500
0
38
3291
1310
-2815
-10500
2301
2007-08
*7666
*7976
10981
8043
18647
16019
17821
9104
826
6915
7741
1592
6257
12
0
15000
0
16000
0
14155
0
0
33
11757
-8798
1170
0
4162
2008-09
826
6215
15571
4323
16397
10538
#16386
9412
3625
1126
4751
977
16386
0
0
0
0
20989
0
10162
0
0
36
3773
88
2114
0
8766
2009-10
3625
1126
15321
13066
18946
14192
#19645
11744
1904
2448
4352
3641
16541
0
0
23500
791
0
160
0
64
495
1419
3640
0
6729
2010-11
(` in Lacs)
47
KERALA FINANCIAL CORPORATION
(INCORPORATED UNDER THE STATE FINANCIAL CORPORATIONS ACT No. LXIII OF 1951
H.O: ASWATHY, VELLAYAMBALAM, THIRUVANANTHAPURAM - 695 033.
Phone: 2318319 (7 lines) Fax: 2318541, 2311750, 2313813, 2313693
Email: [email protected] Website: www.kfc.org
PROXY
I/We ...........................................................................................................................................(folio No.)
of ..................................................................being a share holder of the Kerala Financial Corporation
holding shares Nos. ........................................................................................................... hereby appoint
Shri/Smt. ................................................................................. of ............................... (or failing him
Shri/Smt. ................................................................ of ..........................................................) as my/our
proxy to vote for me/us and on my/our behalf at the meeting of the shareholders of the Corporation to be
held at ........................................on the ...................................day of .......................................and at any
adjournment thereof.
Signed this the........................ day of .................................
Signature of
share holder on
Re.1 /Revenue Stamp
Notes
1. The proxy need not be a member of the Corporation.
2. The proxy form signed across Re.1/- Revenue Stamp should reach the Corporation’s
Registered office at least 48 hours before the meeting.
48

2010-11

Transcription

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