kfc annual report 2012 · kfc annual report - 2011 -12 3 kerala financial corporation (kfc) has...

KFC Annual Report - 2011 -12

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Annual Report 2011-12


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Kerala Financial Corporation (KFC) has been responsible for providing a new sense of direction and purpose in the area of industrial fi nance. Being the case, KFC continues its contribution to the development of the State.

As the nodal agency of the newly declared dream project in the State - Kerala State Self Entrepreneur Development Mission - KFC’s commitment to the society, especially to the youth of Kerala has become all the more signifi cant and remarkable.

I hope that KFC would scale new heights in its endeavor to provide timely assistance to entrepreneurs, who are keen to have their dreams realized in the business and industrial domain of Kerala.

My best wishes to KFC and its customers.

OOMMEN CHANDY

OOMMEN CHANDYCHIEF MINISTER

GOVERNMENT OF KERALA

MESSAGE


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K. M. MANIMINISTER FOR FINANCE, LAW & HOUSING

GOVERNMENT OF KERALA

MESSAGEKerala Financial Corporation, the Best Performing State Financial Corporation in India, has been extending fi nance to different projects at most competitive rates. It also extends all round support to them. The Corporation is also signifi cantly contributing to the Government exchequer, by way of taxes, dividend etc. The Corporation’s social commitment and contribution towards economic and social development of the State is notable. The Corporation’s performance as the nodal agency of the dream project of the State Government, ‘Kerala State Self Entrepreneur Development Mission’, adds another feather to its achievements.

I wish all the employees, customers and stake holders of KFC all success and progress .

K.M. Mani


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BOARD OF DIRECTORS

Sri. Yogesh Gupta, IPSChairman & Managing Director(FCA, FCMA, Masters in Management)

Sri Sanjay Garg, IASDirector

(Secretary, (Finance & Expenditure)Govt. of Kerala)

Sri. K.S. Sreenivas, IASDirector

(Special Secretary Industries (IP)Dept.Govt. of Kerala)

Sri. S. V.G. Nanda GopalDirector

(Chief General Manager, SIDBI)

Sri. Ravi JhaDirector

(General Manager (Treasury) SBT)

Smt. Indumathi SridharDirector

(Deputy General Manager, SIDBI)

Smt. Premilla .V. Nair, FCA Director

(Chartered Accountant)

Smt. Lekshmi KylasDirector

(Senior Divisional Manager, LIC of India)


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PRINCIPAL OFFICERSPRINCIPAL OFFICERS

GENERAL MANAGERS

Premnath RavindranathAsok Kumar. NDinesh. A.G

FINANCIAL CONTROLLER

Sabu Thomas

CORPORATE SECRETARY

Rengaswamy. C.R

DEPUTY GENERAL MANAGERS

Jayasankar. RMushtaq Ahamed. MJanardhanan. C

ASSISTANT GENERAL MANAGERS

Abdul Kadar. A.NAdarsh. RAjith Kumar. KAjith Kumar. K.G Anil John AbrahamAnnamma. MBabu.P.KGirish ChandranHaridas. M.RHariharan. NHiran Das. K.MManisankar. MMohanan. K.KRajagopal. SRajeev. K.S Shaheeda. AShaji Sukumar. SSivadasan. A.KSreekumar. P.BSreelatha SukumarVarghese JosephVenkitaraman. P.S

STATUTORY AUDITORS

Jose & Hemachandran, Chartered Accountants, Thiruvananthapuram


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NOTICE TO SHARE HOLDERS

Notice is hereby given that the 59th Annual General Meeting of the shareholders of Kerala Financial Corporation will be held at the Head Offi ce of the Corporation, Vellayambalam, Thiruvananthapuram on Wednesday, 11th of July, 2012 at 11.00 A.M. to transact the following business:1. To consider and adopt the Balance Sheet as at 31st March, 2012 and the Profi t & Loss account for

the year ended 31st March, 2012 of the Corporation, the Report of the Board of Directors on the working of the Corporation for the Financial Year 2011-2012 and the Auditor’s Report on the said Balance Sheet and Accounts.

2. To appoint Statutory Auditors of the Corporation for the Financial Year 2012-2013 under Section 37 (1) of the SFCs Act.

3. To declare dividend.Copy of fi nancial statements and Directors’ Report are enclosed.

By Order of the Board

Premnath Ravindranath

General Manager Place : Thiruvananthapuram,Date : 14.06.2012.

NOTES: 1. The Share Register of the Corporation shall remain closed and transfer of shares will be suspended

from 01.07.2012 to 11.07.2012 (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 offi cer 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 certifi ed by a notary public or a magistrate, is deposited at the Head Offi ce of the Corporation not less than 48 hours before the time fi xed 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 offi cials or any other person (not being an offi cer 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 certifi ed to be true copy by the Chairman of the meeting at which it was passed shall have been deposited at the Head Offi ce of the Corporation not less than 48 hours before the time fi xed for the meeting.

6. The State Government may, by order in writing, authorise any of its offi cers, 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 Offi ce of the Corporation before the time fi xed 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.

KERALA FINANCIAL CORPORATION(Incorporated under the State Financial Corporations Act No. LXIII Of 1951

H.O: Vellayambalam, Thiruvananthapuram - 695 033.Phone: 0471-2737500 (30 lines) Fax: 2311750,2318541, 2313813, 2722090

Email: [email protected] Website: www.kfc.org



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Board of Directors of the Kerala Financial Corporation has great pleasure in presenting

the 59th Annual Report on the performance of the Corporation for the Financial Year

ended March 31, 2012. The f inancial statements for the year ended on that date are

attached.

Performance of the Corporation

When compared to the previous years, Kerala Financial Corporation has achieved

substantial growth in terms of sanction, disbursement and recovery of f inancial

assistance and made a turnaround as far as operational profit is concerned. An analysis

of the operational performance of the Corporation during the last three years is given

below:

DIRECTORS’ REPORT

The Corporation boasts of top PSU of Kerala now, and No. 1 State Financial Corporation

in the country in terms of profitabi l i ty and low level of NPA. Corporation has earned

the highest ever profit of ` . 45.65 crores during the FY 2011-12. The Non-performing

Assets are at the lowest level. The increase in profit is achieved despite KFC charging

very low rates of interest on Term Loans. This ref lects reduction in establ ishment cost

and eff ic iency in Funds Management. KFC is also having a favourable Asset Liabi l i ty

Management (ALM), which ref lects stabi l i ty

Financial Year 2011-12 2010-11 2009-10

Portfol io Size 123984 112481 88869

Sanctions 53901 50706 61593

Disbursements 46457 44344 41953

Recovery 46717 35473 29957

Total Income 21425 16598 16236

Total Expenditure 15162 10428 11571

Operating Profit 6263 6170 4665

Net Profit 4565 3640 3372

Capital Adequacy Ratio % 20.51 22.20 27.88

Net NPA % 1.30 1.88 2.41

(` In lacs)


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Operating Results: The chart below shows the net profit trend for the last ten years

Sanctions:Corporation sanctioned f inancial assistance of ` .539.01 Crores during the FY 2011-12

a growth of 6.30% when compared with the previous FY.

2011-12Segment

2010-11

No. Amount No. Amount

417 32595 Micro 683 43818

45 8934 Small 87 5285

Nil Ni l Medium Nil Ni l

103 12372 Others 96 1603

565 53901 Total 796 50706

(` . in Lacs)

(` In crores)

(` In crores)


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Disbursements

An amount of ` .464.57 crores was disbursed during FY 2011-12, recording a growth of

4.77% over previous year. The growth in sanction and disbursement when compared to

the previous f inancial year indicates the healthy contribution of the Corporation to the

development of the industr ial activ ity in the State.

Recovery

Total recovery during the year was ` .467.17 crores, out of this, principal recovery

was ` .293.17 crores and interest recovery amounted to ` .174.00 crores. Out of the

total recovery, an amount of ` . 30.57 crores was by way of compromise sett lement.

On the recovery front, the total amount col lected has gone up by 31.70%. The interest

income, which is an indicator of profitabi l i ty and net eff ic iencies, has gone up by 32%.

The high level of growth in these areas throw l ight on the effective functioning of the

organization in terms of qual ity lending and highly eff ic ient col lection of current dues.

(` In crores)

(` In crores)


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Asset Quality:

Scientif ic & practical compromise sett lement pol ic ies are in place for real ization of

amounts blocked in old and non-performing advances. These are also ref lected in the

fal l in the level of non-performing assets to 1.30% in terms of Net NPA, and to around

3.60% at the Gross Level which is maintained only by a few financial/banking institutions

with high standards. The reduced gap between sanction and disbursement indicates

the eff ic iency in processing and sanction of loan applications and disbursements. Apart

from policies for Compromise Sett lement, guidel ines have been prepared for monitoring

of loan accounts which help in avoiding sl ippage of loan accounts and thus to prevent

qual ity of loan portfol io from deteriorating.

Asset Classif ication & Provisioning:

Break up of principal outstanding as on 31.03.2011 and 31.03.2012 as well as provis ion

requirement thereon are given in the table below:

Capital Adequacy Ratio:

Capital to Risk - weighted Assets Ratio (CRAR) was at 20.51% during the year under report, as against the

minimum of 9% prescribed.

Category Principal Outstanding Provis ion

2011-12 2010-11 2011-12 2010-11

Standard 119519 103257 495 413

Substandard 4465 5642 2902 3667

Doubtful – I - 3582 - 3580

Total 123984 112481 3397 7660

(` . in Lacs)


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Dividend:

During this year the corporation has proposed a dividend of 7.5% on paid up share capital, amounting

to ` . 15.90 crores. This is the highest dividend declared by any PSU in Kerala.

ISO Certif ication:

The Quality Management Certifi cate was validated and changed over to new version IS/ISO 9001-2008 by

Bureau of Indian Standards after conducting surveillance/ renewal audit. The license has been renewed

and is valid till 21st June,2013. All offi ces of the Corporation continue to hold the Quality Management

System Certifi cate.

Share Capital:

The paid up share capital of the Corporation as on March 31st 2012 is at ` .211.97 crores.

(` In Crores)


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Refinance from SIDBI & LOC from Commercial Banks

The Corporation availed refi nance of `.79 crores from SIDBI by way of Line of Credit during the FY

2011-12 against `. 160.00 crores availed in the previous fi nancial year. Repayment during the year was

`.113.90 crores. Payment towards interest and service charges to SIDBI was `. 39.96 crores.

Aggregate of borrowing from SIDBI, outstanding at the year-end was `.438.71 crores. Corporation also

availed `. 115 crores LOC from various commercial banks during the FY 2011-12. Aggregate outstanding

LOC at the year end was `. 283.12 crores.

SLR Bonds:

The Corporation redeemed SLR Bonds of `. 36.55 crores during the FY and balance outstanding as on

31.03.2012 was `. 224.53 crores. An amount of `. 49.41 lakhs was paid to the State Government as

commission for guarantees extended for SLR Bonds.

Non-SLR Bonds:

During the year, the corporation issued Non-SLR Bonds for the fi rst time. A total of `..200 crore was

raised through this issue, including the green shoe option of `.100 crore. The bonds were issued with

unconditional and irrevocable guarantee by the Government of Kerala @ 9.99% p.a. payable half yearly.

The Bond issue which comes from Kerala after a gap of 6 years evoked unprecedented response from

Individuals / PF trusts / Societies/ Corporations / Institutions across India. The major investments have

come in from outside states like Gujarat, Maharashtra, Karnataka, Orissa, Jharkhand and Tamil Nadu. The

response to the bond issue at a rate of interest of less than 10% at a time, when market conditions were

adverse in terms of liquidity and interest rates, show increased confi dence of public in the management of

the Corporation. It also puts an onerous responsibility on KFC to maintain this trust.

Human Resources

Twenty employees retired from the service on attaining superannuation. Total staff strength as on

31.03.2012 was 228. Corporation recognizes that key resources for achieving high levels of excellence are

its people who need to be motivated and developed. During FY 2011-12, training was imparted to 130

offi cers through 10 training programmes and promotion given to 80 offi cers creating immense goodwill

and motivation among employees.

Corporate Governance:

The Corporation has been ensuring fairness, responsibility, accountability and transparency in all its

dealings. Loan Policy, Compromise Settlement Policy, Valuation Policy etc. were all reviewed and updated.

ISO procedures are scrupulously complied with. Information is provided under the RTI Act for information

seekers.


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Name of the director Designation Tenure

Prof. Sushil Khanna Professor, Indian Institute of Management, Kolkatta 20.03.07 - 16.05.11

Dr.A.K.Dubey IAS Principal Secretary (Finance) Govt. of Kerala 08.08.11 - 07.09.11

Shri Yogesh Gupta IPS Chairman & MD 07.09.11 -

Shri Sanjay Garg IAS Secretary (Finance & Expenditure) 15.12.10 -

Shri K.S.Srinivas IAS Special Secretary (Industries (IP)) 09.09.10 -

Dr. M.P.Sukumaran Nair Special Secretary to Chief Minister, Govt. of Kerala 22.07.10 - 26.09.11

Smt Premilla V Nair Chartered Accountant 26.09.11 -

Shri Saswata Chaudhuri General Manager (Treasury)State Bank of Travancore 03.12.09 - 18.05.11

Shri Ravi Jha General Manager (Treasury)State Bank of Travancore 18.05.11 -

Shri Saji Paul Senior Divisional Manager, LIC 01.10.09 - 07.06.11

Smt. Lekshmy Kylas Senior Divisional Manager, LIC 07.06.11 -

Shri K.Sathianandan General Manager, SIDBI, Mumbai 18.06.10 - 20.06.11

Shri Namgial Chief General Manager, SIDBI, Mumbai 20.06.11 - 20-01-12

Shri S.V.G.Nanda Gopal Chief General Manager, SIDBI, Chennai 20-01-12 -

Smt. Indumathi Sridhar Dy. General Manager, SIDBI, Ernakulam 18.06.10 -

Shri K.M.Nair Chief General Manager, SIDBI (on deputation as Managing Direrctor) 01.12.10 - 25.07.11

Resource Mobil isation Committee

The Corporation has put in place Resource Mobilisation Committee (RMC) with a view to manage liquidity,

asset liability mismatch and resource mobilisation. The Committee met 9 times during the year and

reviewed the maturity pattern, interest rate sensitivity, issue of Non-SLR bonds, LOC from banks/FIs etc.

Participative Management:

The Corporation believes in participative management. The rich experience of its offi cers can be fully

utilized by their participation in the decision making process. Realising this, wide delegation has been

given to different level of offi cers across the state at branch and zonal level. At head offi ce also, the

committee concept is used and the decision making has been very transparent. However in order to

ensure objectivity and fairness, checks and balances, through various internal control and audit procedure

have been introduced.

Board of Directors:

During the year the Board consisted of the following directors as per the table shown below.


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Annual General Meeting:

Last Annual General Meeting was held on 15.06.2011. M/s. Jose & Hemachandran, Chartered Accountants,

were appointed as Statutory Auditors of the Corporation for the fi nancial year 2011-12. The fi nancial

statements for the year 2010-11 were approved and a dividend @ 5% was also declared in the Annual

General Meeting.

Directors’ Responsibil ity Statement:

The Board of directors confi rm that in the preparation of Profi t and Loss Account for the year ended March

31, 2012 and the Balance Sheet as at that date-

i) the applicable guidelines prescribed for SFCs have been followed and there has been no material

departure. Accrual method of accounting is followed for standard assets and cash basis for non-

performing 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 fi nancial year and of profi t of the Corporation for

the year under review;

iii) the Directors have taken suffi cient care for maintenance of accounting records;

iv) the accounts for the year ended March 31, 2012 have been prepared on a going concern basis.

Right to Information

The Corporation has designated State Public information Offi cers, Assistant State Public Information

Offi cers and Appellate Offi cers for the Head Offi ce as well as all the Branch Offi ces. Prompt action is taken

for replying the petitions received under RTI.

Auditing

The accounts of the Corporation are audited on a quarterly basis by the Statutory Auditors. Concurrent

Audit of branch operations is also now in place through reputed Chartered Accountants on a monthly

basis. Further, post-sanction scrutiny of all loan sanction above `. 100 lakhs and compromise settlement

sanction of above `.25 lakhs are also carried out as a prudent control mechanism and risk mitigation

measure. A pre-disbursement audit for disbursements above `. 50 lakhs has also been introduced. The

internal control and auditing procedure in KFC are at par with prescribed industry standards.

The Comptroller & Auditor General of India conducted audit of the accounts of the Corporation up to the

F.Y 2010-11.


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Shareholder information:

The composition of shareholders as on March 31, 2012 is furnished below:

New Initiatives:

KSSEDM (Kerala State Self Entrepreneur Development Mission)

The KSSEDM scheme was announced in the Kerala state budget by Shri K.M.Mani, Hon’ble Minister

for Finance, Law and Housing to bring about a paradigm shift in the attitude of people towards

entrepreneurship and to reduce the unemployment of the educated youth of the state. The scheme was

inaugurated on 02-02-2012 with the joint participation of Public and Private sectors and Panchayats

(PPP Model) and KFC as the nodal agency. The scheme aims to create 10,000 enterprises, 50,000

entrepreneurs and 1,00,000 direct jobs and around 5 lakh indirect job opportunities. Each of the micro

enterprise, set up under the Mission will be given an interest free fi nancial assistance upto ̀ .20 lakhs. The

fi rst batch of training for the selected entrepreneurs has already been completed in all districts through

RSETIs created with the assistance of Central and State Government and operated by sponsoring banks.

The one month training provided includes fi eld visits of one week to the existing enterprises. Through

different institutions engaged in the process of funding for such projects, the enterprises will be provided

with Financial Assistance up to the level of 90% of the project cost. The SLBC subcommittee adopted the

scheme on 26-03-2012 and funding the units are under progress. Besides huge employment generation

KSSEDM will have a multiplier effect on development and growth in the state. It will enable improved

quality of local product and services, lower cost to customers with more convenience in purchasing it

locally, additional contribution to sales tax, service tax and state exchequer in general and make the youth

self-reliant, confi dent and attain dignity in their living standards.

E-Tender & Sale

Earlier sale of properties taken over under section 29 of SFCs Act were conducted by the corporation

through a system of closed tender and post tender negotiation. This procedure had limitations and

important one being a discretionary role for the offi cers to fi nalise the sale negotiation and the possibility

of the formation of a cartel by the bidders. By resorting to online public auction, these limitations can be

addressed. The Corporation has now implemented e-tender & sale for taken over assets u/s 29 of SFC’s

Act. The e-sale of assets will bring transparency, fairness & complete openness in the sale of assets of

defaulting borrowers. It will ensure wider participation and better price for the assets. A person sitting

Shareholders ` . in Lacs % of Shareholding

Government of Kerala 20573.81 97.06

SIDBI 613.33 2.89

LIC 7.10 0.03

SBT 2.10 0.01

Others 0.96 0.01

Total 21197.30 100.00


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anywhere in the world can participate in the e-tender /e-auction and make e-payment for EMD as well

as fi nal sale price , obviating any need for personal interaction with Corporation’s staff eliminating any

unhealthy practices. The e-portal was inaugurated by the Hon’ble Minister for Finance, Law & Housing

Sri. K.M. Mani on 30-11-2011.

Core Financial Solution & Integrated Administrative System (CFS&IAS)

Kerala Financial Corporation has implemented a core software solution (CFS & IAS) developed by TATA

Consultancy Services (TCS) which seamlessly integrates its multidisciplinary activities and caters to the ever

changing needs of the organization and it’s customers. The scope of the application encompasses all the

business functionality of the organization such as Loan Management, Financial & Loan Accounting, HR

Management, Payroll Processing, Fund Management, Asset Management, RTI & Grievance, Dashboard

and Reports. It also facilitates in the smooth internal administration and automated Messaging/SMS and

e-mail facility among others. The software solution brings in advanced features such as a Unifi ed Loans

Appraisal system, optimized fund management, centralized shared pool of data providing real time access

to critical information and accurate reporting capabilities. A parallel run is going on in all branch offi ces

and head offi ce along with the existing system and bugs, if any, will be removed to make the new system

perfect.

Website

KFC has updated its website (www.kfc.org) with dynamic contents. The website provide information

on all the activities and services of KFC including details of its loan schemes and KSSEDM. The site also

contains the contact details of all the branch locations with the support of maps. The site hits have

exceeded 13 lakhs so far. For the employees of the Corporation the site contains the latest information on

KFC’s activities, internal circular and e-Learning system. In the employee portal system the employees can

view their Pay slip, their personal information, details of other employees etc.

The KFC site now linked with the Finance Minister’s website http://fm.kerala.gov.in/ which was inaugurated

on 30-12-2011. The grievances registered by the public in the Finance Minister’s site will be replied within

5 days by the nodal offi cer of the Corporation.

M-Governance

KFC is now a part of m-governance implemented by Govt. of Kerala through IT mission. KFC customers

can send SMS to 53725 to know the information on branches, loans etc. Automated SMS are sent to

customers on loan schemes, account details etc.

Objective Rating Scale

KFC has implemented an objective rating scale continuum for credit rating of proposals during appraisal

of projects.

Future Plans:

The Corporation has been contemplating to achieve a portfolio size of over `.1500 crore in a couple of

years. During the FY 2012-13 corporation plans to disburse around ̀ . 500 crores to manufacturing sector,

hospitality sector, entertainment sector, housing and other real estate projects like shopping complex,

shopping malls etc. The concessional lending to energy saving sector, SC/ST and women entrepreneurs is


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continued in order to encourage these sectors. The other proposed initiatives are:

(a) Non SLR Bond issue

It is proposed to issue non-SLR bonds in the coming year also after obtaining credit rating and government

guarantee so as to meet the resource gap on increased disbursement commitments.

(b) Loans to the entertainment sector

Corporation has entered the entertainment sector by introducing new schemes for fi nancial assistance

for producing feature fi lms and TV serials and scheme for modernization of existing cinema theaters

and establishment of new multiplexes. This will open a new window for eligible entrepreneurs in the

entertainment sector

(c) After Sale Service – e-tender and sale

Web portal for e-tender has been launched during the year. This will facilitate sale of properties taken over

under section 29 of the SFCs Act, 1951 and sale through Revenue Recovery action in a transparent manner.

In a paradigm shift of its policy for sale of assets, KFC intends to introduce a two year after Sale Service

for e-sold assets. Till now the practice in all Financial Institutions is to sell assets on ‘as is where’ basis and

the FIs/SFCs wash their hand off any problems, once the asset has been auctioned. This causes very low

bidding and sale price for the assets resulting in large under recoveries and losses. Under the scheme the

Corporation would provide legal and logistic support to the buyers for two years after sale on account

of dispute of ownership, possession problems, statutory compliance etc. This will result in realization of

higher value for the assets.

(d) Techno- Financial Training academy

KFC intends to utilise its vast wealth of professional and human resources to start in-house training courses

on various aspects of techno-fi nancial studies of project and even to train managers of other business

houses, Financial Institutions, etc. KFC will also strengthen its project consultancy division.

Beginning of a new era for KFC:

Our efforts to update and streamline the procedures are a continuing process. The corporation has

taken steps to continually revise the policies and procedures as per the changing requirements. The

internal control systems have been strengthened. More fl exible and positive approach towards timely and

adequate support to the industrial sector is 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.

Acknowledgements

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, other SFCs, Federal Bank, Indian Bank, South

Indian Bank, Canara Bank, State Bank of India, IDBI Bank, Axis Bank, Punjab National Bank, New India

Assurance Company Ltd., M/s. Brickwork ratings, M/s. Tipsons Consultancy Services Pvt. Ltd., M/s. IDBI

Trusteeship Services Ltd., M/s. Cameo Corporate Services Ltd., Bombay Stock Exchange, Tata Consultancy

Services, HCL Info systems, Kerala State IT Mission, Department of Income Tax, CAG, Concurrent Auditors,


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Statutory auditors, consultants and customers for their continued support, guidance and assistance. The

Board appreciates the entrepreneurs and the business community of the State for reposing confi dence 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 for the intensive efforts put in by all the employees

of the Corporation.

For and on behalf of the Board,

12.06.2012 Chairman & Managing Director

Thiruvananthapuram,


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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,2012 and the Profi t and Loss Account annexed there to for the year ended on that date in accordance with the provisions contained in Section 37 of the State Financial Corporations Act,1951. These fi nancial statements are the responsibility of the Corporation’s Management. Our responsibility is to express an opinion on these fi nancial 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 fi nancial statements are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by the Management, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

a) The Balance Sheet read with signifi cant 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 2012.

b) The Profi t and Loss account read with signifi cant accounting policies and notes thereon shows a true balance of Profi t for the year ended 31st March 2012.

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.

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 classifi cation 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.

For Jose & Hemachandran

Chartered Accountants

Firm Reg. No.001360S

Krishna kumar S

Partner, M. No.229106


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SCHEDULE

` In Lacs

As at

31.03.2012

` In Lacs

As at

31.03.2011

SOURCES OF FUNDS

Shareholders’ Fund

Share Capital 1 21,197.30 20,406.00

Share Capital Advance 2 0.00 791.30

Reserves and Surplus 3 11,388.12 8,538.93

Loan Funds

Secured Loans 4 72,183.99 70,861.97

Bonds (Guaranteed by Government of Kerala) 5 22,453.00 6,108.00

Deferred Tax Liability (Net) 368.83 500.63

Other Liabilities 6 3,848.20 2,065.16

Provisions 7 5,966.86 10,256.56

TOTAL 137,406.30 119,528.55

APPLICATION OF FUNDS

Cash & Bank Balances 8 3,366.83 664.91

Loans & Advances 9 123,983.89 112,481.40

Investments . 10 4,635.00 288.56

Fixed Assets 11 274.81 275.98

Other Assets 12 5,145.77 5,817.70

TOTAL 137,406.30 119,528.55

Signifi cant Accounting Policies 18

Notes forming part of accounts 19

BALANCE SHEET AS AT 31.03.2012

Krishna Kumar S

Partner M No: 229106

Thiruvananthapuram

12.06.2012

As per our report of even date



Firm Reg No: 001360S

Sabu Thomas

Financial Controller


General Manager

Yogesh Gupta IPS

Chairman & Managing Director

Indumathi Sridhar

Director

Premnath RavindranathSabu Thomas


23

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31st March 2012

SCHEDULE ` In Lacs

As at 31.03.2012

` In Lacs

As at 31.03.2011INCOME Income from Operations 13 19,809.12 16,459.39Other Income 14 1,615.85 138.64

TOTAL A 21,424.97 16,598.03EXPENDITUREOperating Expenses 15 8452.59 6044.49Employee Cost 16 1792.40 2464.08Administrative Cost 17 401.86 409.52Interest rebate on Loans 1378.06 951.38Depreciation 58.41 64.17

Bad Debts Written Off 3078.23 494.62 TOTAL B 15161.55 10428.26

Operating Profi t C 6263.42 6169.77Less: Provision for Income Tax 1216.67 1110.56Provision for Bad & Doubtful Debts 481.56 1419.19

TOTAL D 1698.23 2529.75Net Profi t for the year (C-D) 4565.19 3640.02Add: Provision for deferred tax liability 131.80 3.61 Provision for FBT written back 0.02 0.00Less:Appropriations Proposed Dividend 1589.80 1020.30 Provision for Dividend tax 258.02 169.46 Transfer to Reserve u/s 36 (1) (viii) 1252.68 1233.95Balance Profi t after appropriations 1596.51 1219.92Add: Balance in Profi t & Loss A/C B/f 3333.63 2113.71Balance Profi t carried to Balance sheet 4930.14 3333.63

Krishna Kumar S


Thiruvananthapuram

12.06.2012





Sabu Thomas



General Manager

Yogesh Gupta IPS


Indumathi Sridhar

Director



24

` In Lacs

As at

31.03.2012

` In Lacs

As at

31.03.2011SCHEDULE : 1 SHARE CAPITALAUTHORISED CAPITAL3,50,00,000 shares of Rs.100 each 35000.00 35000.00Issued, Subscribed and Fully Paid up CapitalOrdinary Shares1,99,66,253 shares of Rs.100/- each 19966.25 19966.25791300 Shares of Rs.100/- each allotted during the year

791.30 0.00

20757553 shares of Rs.100/- each 20757.55 19966.25Special Shares4,39,750 shares of Rs.100/- each as per last B/S 439.75 439.75

TOTAL 21197.30 20406.00SCHEDULE : 2 SHARE CAPITAL ADVANCEAs per last Balance Sheet 791.30 0.00Add: Receipts during the year 0.00 791.30Less: Allotted during the year 791.30 0.00

TOTAL 0.00 791.30SCHEDULE : 3 RESERVES AND SURPLUS(a) Reserve u/s 36(1) (viia) of IT Act, 1961As per last Balance Sheet 0.00 504.20Less: Bad Debts Written Off adjusted to the extent of balance available under this head

0.00 504.20

Total of (a) 0.00 0.00(c) Spl. Reserve u/s 36(1)(viii) of IT Act, 1961As per last Balance Sheet 4955.30 3721.35Added during the year 1252.68 1233.95Total of (b) 6207.98 4955.30(c) Spl. Reserve u/s 35(A) of SFCs Act, 1951 250.00 250.00(d) Profi t & Loss Account 4930.14 3333.63

TOTAL {(a)+(b)+(c)+(d)} 11388.12 8538.93SCHEDULE : 4BORROWINGSFrom SIDBI 43871.49 47361.96LOC from Federal Bank 4062.50 10000.00LOC from South Indian Bank 9687.50 3500.00LOC from Indian Bank 9562.50 10000.00LOC from Canara Bank 5000.00 0.00

TOTAL 72183.99 70861.96

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS


25

SCHEDULE : 5

BONDS

2011(IV) @ 9.90% Redeemable on 28.06.11 0.00 263.40

2011(II) @ 11.50% Redeemable on 02.09.11 0.00 392.50

2011(V) @ 8.35% Redeemable on 20.12.11 0.00 265.00

2012(I) @ 12.00% Redeemable on 08.01.12 0.00 315.00

2012(II) @ 12.00% Redeemable on 12.02.12 0.00 147.50

2012(III) @ 8.30% Redeemable on 20.02.12 0.00 2,271.60

2012(IV) @ 7.92% Redeemable on 25.07.12 1,100.00 1,100.00

2013(I) @ 6.75% Redeemable on 26.03.13 1,353.00 1,353.00

2011(I) @ 9.99% Redeemable on 28.12.21 20,000.00 0.00

TOTAL 22,453.00 6,108.00SCHEDULE : 6

OTHER LIABILITIES

State Subsidy 13.42 25.95

Margin Money 4.53 4.69

Other Advance from Govt of Kerala. 989.13 0.00

KSSEDM Advance from Govt. of Kerala 1,000.00 0.00

Interest subsidy 1.35 0.15

Earnest Money Deposit 13.21 25.50

Advance Received for sale of units 8.19 25.25

Self Employment Venture fund 26.48 26.48

Suspense Account 42.02 0.00

Tax Deducted at Source 0.00 0.10

Other Salary Deductions 0.24 0.00

Other Sundry Deposits 21.87 21.77

Service tax 0.80 0.66

Compromise Settlement Pending Appropriation 0.00 346.97

Outstanding Expenses 20.78 163.90

Revenue Recovery Pending Appropriation 0.00 230.65

Accrued Interest on Refi nance from SIDBI 275.42 310.82

Accrued Interest on SLR Bonds & Non SLR Bonds 536.05 65.45

Accrued Interest on LOC from banks 326.63 152.96

Audit Fee Payable 1.07 0.85

Concurrent Audit Fee payable 1.50 2.09

Contingent Provision against Standard. Assets 494.57 410.21

Staff Dues Retained 69.88 69.10

Sundry Creditors 0.00 44.00

Leave Encashment Payable 0.00 1.78

Unclaim dividend 0.02 0.01

Group Leave encashment payable 0.00 135.83

CGTMSE Fees Collection 1.04 0.00

TOTAL 3848.20 2065.17


26

SCHEDULE : 7

PROVISIONS

(a) Provision for Taxation:

As per last Balance Sheet 1810.26 699.69

Less: Adjd against the Advance IT during the year 1810.26 0.00

Add: Provision made during the year 1216.67 1110.56

Total of (a) 1216.67 1810.26

(b) Provision for Fringe Benefi t Tax


Less:Adjd aganst the Advance FBT during the year 6.66 0.00

Total of (b) 0.00 6.66

(c ) Provision for bad and doubtful debts


Add: Provision made during the year 397.20 1211.20

Less:Provision Written Back 4744.72 0.00

Total of (c ) 2902.37 7249.88

(d ) Proposed Dividend for the year 1589.80 1020.30

(e) Provision for Dividend Tax 258.02 169.46

TOTAL 5966.86 10256.56

SCHEDULE : 8

CASH & BANK BALANCES

Cash in hand 49.59 18.80

Banks Accounts 3317.24 646.11

TOTAL 3366.83 664.91

SCHEDULE : 9

LOANS & ADVANCES

Loans and Advances 123983.89 112481.40

TOTAL 123983.89 112481.40

SCHEDULE : 10

INVESTMENTS

Keltron Counters Ltd. 1.47 1.47

Kerala Spinners Ltd. 2.00 2.00

Vanjinad Leathers Ltd. 4.91 4.91

KITCO 0.29 0.29

India SME Asset Reconstrution Co. 35.00 35.00

Kerala Venture Capital Fund 150.00 150.00

Sub Total 193.67 193.67

Less : Provision for diminution in value of invest-ments

8.67 8.67

Investment in Mutual Funds 700.00 0.00

Fixed Deposit with Banks 3750.00 103.56

TOTAL 4635.00 288.56


27

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28

SCHEDULE : 12 OTHER ASSETSAdvance Income Tax 1494.39 2086.51Income Tax Deducted at source 45.93 39.03Advance Fringe Benefi t Tax 0.00 6.64Property Acquired in Satisfaction of Claims 400.34 400.34House Loans to Employees 426.24 470.37Conveyance Loan to Employees 79.32 86.75Computer Loan to Employees 2.18 3.28Advance to Employees 11.20 7.89Advance for Fixed Assets 109.49 20.20Deposit with P&T 0.09 0.09Other Deposits 13.30 14.53Stock of Stationery 0.00 0.00Library 0.00 0.00Deposit with KSEB 10.45 10.15Suspense Account 0.02 72.61Interest Accrued on Loans & Advances 1915.42 1992.25Interest Accrued on STD with Banks 1.76 0.29Interest Accrued on Staff Loans 531.90 537.22Deposit against Staff Dues Retained 69.88 69.10Other Advances 26.29 0.45Prepaid Guarantee Commission 7.57 0.00

TOTAL 5145.77 5817.70

SCHEDULE 13 :

INCOME FROM OPERATIONS

Interest Received On Loans & Advances 15729.82 12064.92Interest on Staff Loans 45.26 55.73Application Fees 0.80 0.85Loan Processing Fees 239.83 213.32Recovery from written off loans 3700.35 4047.95Premium on pre-closure 93.06 76.62

TOTAL 19809.12 16459.39

SCHEDULE 14 OTHER INCOMEInterest on Bank Deposits 98.33 18.13Dividend From Shares 0.07 0.06Miscellaneous Income 2.82 4.39Other Income 1223.68 0.22Rent Received 66.46 59.42Income from Insurance Agency 4.84 3.52RTI Application Fee Received 0.02 0.02Income from Mutual Fund 216.51 45.50Consultancy Service Division Receipts 2.81 0.96Profi t on sale of shares 0.00 5.25Profi t on sale of Fixed Assets 0.31 0.00CGTMSE Guarantee Receipt 0.00 0.64Rebate on Refi nance 0.00 0.53TOTAL 1615.85 138.64SCHEDULE 15 : OPERATING EXPENSESInterest on Bonds 1042.84 758.63Interest on Refi nance from SIDBI 3995.53 4217.31Interest on Line Of Credit from Banks 3170.38 853.89Guarantee Commission 49.41 79.32Bond Issue Expenses 101.65 11.13LOC Administrative Expenses 92.77 124.21TOTAL 8452.58 6044.49


29

SCHEDULE 16:EMPLOYEE COSTPay & Allowances 1552.58 1551.77Group Gratuity Insurance 51.22 571.63Contribution to Employees’ P.F 153.39 150.53Group E/L Encashment Insurance 0.00 135.83Other Staff Expenses 35.21 54.32TOTAL 1792.40 2464.08

SCHEDULE 17

ADMINISTRATIVE EXPENSESRent, Rates, Taxes & Insurance 85.01 57.94Postage, Telegram and Telephone 23.09 21.38Printing & Stationery 19.58 11.51Vehicle Running & Maintenance 12.30 11.91Repairs & Maintenance of Buildings & Equipments 10.29 17.22Revenue Recovery expenses 79.84 88.88Bank Charges and Commission 0.17 0.21Audit Fees 1.32 1.10Consultancy Charges 3.70 14.17Legal Expenses 5.64 6.23Books & Periodicals 1.36 1.09Other Expenses 72.22 76.73Travelling Expenses 12.58 14.82Board / E.C. Meeting Expenses 1.27 3.22Concurrent Audit Fee 7.59 6.56Servicetax paid 0.00 1.52Business Development Expenses 65.91 75.03TOTAL 401.87 409.52

Krishna Kumar S


Thiruvananthapuram

12.06.2012





Sabu Thomas



General Manager

Yogesh Gupta IPS


Indumathi Sridhar

Director



30

SCHEDULE 18

SIGNIFICANT ACCOUNTING POLICIES:

Method of Accounting:

The fi nancial 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 classifi cation and provisioning’

prescribed by RBI/SIDBI. Recovery of loans and advances is appropriated fi rst towards recovery of expenses,

then towards interest and the balance, if any, 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 fi rst towards recovery of expenses and then towards principal amount and lastly

towards interest on satisfaction of the stipulated conditions.

Retirement Benefi ts:

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 classifi ed as Standard, Sub-standard and doubtful 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 have been written off as Bad Debts and recoveries from written off

accounts are shown as Other Income.

Fixed Assets:

Fixed Assets are carried at cost of acquisition less depreciation. Depreciation on fi xed assets has been

provided for on written down value method and at the rates prescribed under the Income Tax Act, 1961.

Investments

Long term investments are carried at cost. However provision for diminution is made to a 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 profi t and loss statement.

On disposal of an investment, the difference between carrying amount and net disposal proceeds are

charged or credited to the profi t and loss statement.


31

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 refl ects the effect of temporary timing differences between assets and

liabilities recognised for fi nancial reporting purposes and the amount that are recognised for current tax

purposes

Krishna Kumar S


Thiruvananthapuram

12.06.2012





Sabu Thomas



General Manager

Yogesh Gupta IPS


Indumathi Sridhar

Director



32

SCHEDULE 19

NOTES FORMING PART OF ACCOUNTS:

1. Asset Classifi cation and Provisioning

In accordance with the guidelines of RBI / SIDBI on asset classifi cation, all loans and advances have been classifi ed into Standard, Sub Standard and Doubtful Assets and the provisioning is made as under.

Category of assets 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.

Loans & Advances under the Doubtful I & II category have been fully written off as bad debts.

Gross NPA as on 31-03-2012 is 3.60% (8.20% as on 31-03-2011) and Net NPA as on 31-03-2012 is 1.30% (1.88% as on 31-03-2011)

2. Other Advance

During the year the Corporation received a sum of Rs.989.13 lac from Government of Kerala towards advance for Revenue purpose. The Corporation has also received a sum of Rs.1000 lacs from Government of Kerala towards KSSEDM advance.

3. Investments

The investment with Kerala Venture Capital Fund amounting to Rs. 150 lac is in the nature of long term equity subscription.

4. Income Tax

Income tax returns have been fi led up to Assessment year 2011-12 and assessments have been completed up to Assessment year 2009-10. Appeals fi led by the Corporation is pending before the High Court for the Asst/Yr 1992-93 and 1995-96 and before Commissioner(appeals) for the Asst/Yrs 2004-05 and 2006-07 are pending before Income Tax Appellate Tribunal and for the Asst/Yr 1999-00 and 2002-03, it has been remanded to Commissioner (Appeals).

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 31.03.2011 For 2011-12 As on 31.03.2012

On Depreciation (48.52) (5.87) (48.69)

On Income not received 840.32 (45.72) 794.6

On Outstanding expenses (291.17) (85.92) (377.09)

Total 500.63 (137.51) 368.82


33

6. Impairment of Assets

The management is of the opinion that there is no material impairment of the fi xed assets. Hence the fi xed assets have been carried at WDV in the books.

7. Segment Reporting

The Corporation operates as a single unit with a single profi t centre and has concentrated its activity on term lending only on a single product.

8. Contingent Liabilities

Contingent liability is estimated as under:

(a) on account of suits fi led against the Corporation: Rs. 104.01 lac

(b) on account of Income tax: Rs. 2974.03 lac.

9. Assets acquired in satisfaction of claims

Assets acquired in satisfaction of claims amounting to Rs. 400.34 lakhs 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. Self Employment Venture Fund

Amount shown in Self Employment Venture Fund under the head Other Liabilities is unchanged from that of previous year.

11. Bad debts Written Off

During the year the corporation has written off Bad Debts for a sum of Rs.4744.72 lakhs against Provision for Bad & Doubtful debts.

12. Previous Year’s Figures

Previous year’s fi gures have been regrouped and reclassifi ed wherever found necessary.

Krishna Kumar S


Thiruvananthapuram

12.06.2012





Sabu Thomas



General Manager

Yogesh Gupta IPS


Indumathi Sridhar

Director



34

(`. in lacs)

A. Capital 2011-12 2010-11

a) CRAR (%) 20.51 22.20

b) Risk Weighted Assets

1) On Balance Sheet items 123983.89 112481.40

c) Share holding pattern as Balance Sheet date

Amount % %

1. Government of Kerala (including advance) 20573.80 97.06 97.06

2. SIDBI 613.33 2.89 2.89

3. Commercial Banks, Insurance Cos. Pvt. Shareholders etc. 10.17 0.05 0.05

TOTAL 21197.30 100 100.00

d) Net worth 32585.42 29736.23

B. Asset Quality and Credit Concentration: Amount % %

a) Net NPAs to Net Loans and Advances. 1562.81 1.30 1.88

b) Net NPAs under the prescribed asset classifi cation categories

Sub Standard Assets & Doubtful Assets 1562.81 1.30 1974.73

c) Provisions:

2011-12 2010-11

1. Provision for Standard Assets 494.57 410.21

2. Provision for NPA 2902.37 7249.88

3. Provision for Investments 8.67 8.67

4. Provision for Income Tax 1216.67 1110.56

5. Provision for Deferred Tax Liability 368.82 500.63

6. Proposed Dividend 1589.80 1020.30

d) Movement in Net NPA (%)

2011-12 2010-11 Variance

Sub Standard and Doubtful Assets 1.30 1.88 -0.58

TOTAL 1.30 1.88 -0.58

SCHEDULE 20

DISCLOSURE REQUIREMENTS


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 10 years

Total

Total assets 24753.37 46360.99 32282.75 15685.09 4901.68 0.00 123983.88

Total Liabilities 20646.49 34292.10 16319.32 7527.57 15851.49 0.00 94636.97

D. Operating Results: 2011-12 2010-11` in lacs

a) Interest income as a percentage to average working funds - 15.44 12.69 Interest Income 15,873.41 12,138.78 Average Working Funds 102,808.06 95,676.61

b) Non-interest income as a percentage to Average Working Funds - 5.40 4.66 Non-interest income 5,551.56 4,459.25 Average Working Funds 102,808.06 95,676.61 c) Operating Profi t as a % to Average Working Funds - 6.09 6.45 Operating Profi t 6,263.42 6,169.77 Average Working Funds 102,808.06 95,676.61 d) Return on Average Assets - 4.92 5.83 Returns (operating profi t + depreciation) 6,321.83 6,233.94 Average Assets 128,467.43 106,857.60

e) Net profi t per employee 20.02 14.62 No. of employees 228 249 Net profi t 4,565.19 3,640.02

Krishna Kumar S


Thiruvananthapuram

12.06.2012





Sabu Thomas



General Manager

Yogesh Gupta IPS


Indumathi Sridhar

Director



36

` In Lacs

FOR THE PERIOD 2011-12 2010-11 a Cash fl ows from operating activities

Interest and other Revenue receipts (A) 17,341.08 15,577.77 Interest and other Financial Charges (B) (8,452.58) (6,044.49)Payment to employees and Administrative expenses ( C) (5,272.49) (3,872.44)Operating profi t before changes in operating assets (A+B+C) 3,616.01 5,660.84 Increase in operating assets (Loans and advances) (16,247.21) (23,612.29)Net cash from operating activities before Income Tax (12,631.20) (17,951.45)Income Tax paid (1,218.00) (1,568.28)

Net cash from operating activities after tax (X) (13,849.20) (19,519.73)b Cash fl ows from investing activities

Interest received on deposits / Investments in Mutual Funds 314.84 63.63 Purchase of fi xed assets (59.84) (93.72)Sale of fi xed assets 2.59 Investment in shares and debentures (4,450.00) 19.50 Decrease in other current assets 671.92 (419.19)Increase in Other Liabilites 1,501.66 521.80 Net cash from investing activities (Y) (2,018.83) 92.02

c Cash fl ows from fi nancing activitiesShare Capital from State Government/Other Advance from Govt 989.13 791.30 KSSEDM Advance 1,000.00 Long term borrowings (Refi nance from SIDBI) 7,900.00 16,000.00 Repayment SIDBI Finance (11,390.48) - Non - SLR Bond issued 20,000.00 Repayment of Long term borrowings (Bonds) (3,655.00) (20,181.79)LOC from Banks 11,500.00 26,100.00 Repayment of LOC from Banks (6,687.50) (2,600.00)Dividend and Dividend Tax Paid (1,189.76) (954.96)Net cash from fi nancing activities (Z) 18,466.39 19,154.55 Net increase in cash and cash equivalents 2,598.36 (273.16)Cash and cash equivalent at the beginning of the Financial year 768.47 1,041.63 Cash and cash equivalent at the end of the Financial year 3,366.83 768.47

CASH FLOW STATEMENT

Krishna Kumar S


Thiruvananthapuram

12.06.2012





Sabu Thomas



General Manager

Yogesh Gupta IPS


Indumathi Sridhar

Director



37

SUM

MA

RY O

F LO

AN

OPE

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0.85

KOLL

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5332

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0837

4125

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81

PATH

AN

AM

THIT

TA16

4422

681.

5515

6116

928.

88

ALA

PPU

ZHA

2484

2699

8.92

2508

2264

2.44

KOTT

AYA

M25

1026

258.

1124

5322

495.

83

IDU

KKI

2567

2660

6.95

2607

1980

5.03

ERN

AKU

LAM

5726

1154

44.5

752

6089

599.

96

TRIS

SUR

3314

4882

4.58

4083

4123

1.45

PALA

KKA

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190.

7721

2424

528.

18

MA

LAPP

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M18

1031

585.

4615

6225

010.

85

KOZH

IKO

DE

5147

4715

1.51

4627

3609

5.69

WAY

AN

AD

1605

1437

4.57

1589

1047

7.09

KAN

NU

R30

1321

348.

3328

4617

927.

71

KASA

RGO

DE

1347

1489

1.45

1281

1283

8.15

GRA

ND

TO

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4196

052

3184

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4070

341

6931

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SUM

MA

RY O

F LO

AN

OPE

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ON

S A

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1.03

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2 PR

OFO

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- V

I

(`.

In la

cs)


43

SUM

MA

RY O

F LO

AN

OPE

RATI

ON

S A

S 0

N 3

1.03

.201

2 PR

OFO

RMA

- V

II(`

. In

lacs

)

IND

UST

RY-W

ISE

CLA

SSIF

ICA

TIO

N O

F LO

AN

SA

NC

TIO

NED

AS

ON

31-

03-2

012(

EFFE

CTI

VE)

Sl N

o.Ty

pe o

f In

dust

ryS.

S.I

OTH

ERS

TOTA

L

AM

OU

NT

AM

OU

NT

AM

OU

NT

1M

inin

g24

264.

5831

29.5

227

394.

10

2Cr

ude

Petr

oleu

m22

9.73

34.6

626

4.39

3Pe

trol

eum

Refi

nin

g13

.37

0.00

13.3

7

4Su

gar

0.00

0.00

0.00

5O

ther

Foo

d Pr

oduc

ts27

444.

2441

54.6

531

598.

89

6Te

xtile

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733.

81

7Pa

per

and

Pape

r Pr

oduc

ts79

75.5

983

5.30

8810

.89

8Le

athe

r &

Lea

ther

Pro

duct

s11

16.3

729

1.00

1407

.37

9Ru

bber

Pro

duct

s22

430.

2114

39.7

323

869.

94

10Ch

emic

al a

nd C

hem

ical

Pro

duct

s72

31.2

014

91.4

487

22.6

4

12Ce

men

t11

0.20

0.00

110.

20

13Ba

sic

Met

als:

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on &

Ste

el36

29.3

120

80.8

557

10.1

6

b) N

on-F

erro

us75

1.71

21.4

077

3.11

14M

etal

Pro

duct

s57

30.7

037

9.93

6110

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15Ca

pita

l Goo

ds

a) N

on-E

lect

rical

Mac

hine

ry15

99.7

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3.14

2332

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b) E

lect

rical

Mac

hine

ry24

85.0

315

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639

95.3

9

d)Tr

ansp

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Equi

pmen

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44.6

296

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1641

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16El

ectr

icity

Gen

erat

ion

109.

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2911

4.04

17Se

rvic

es

a) M

otel

s &

Sho

ppin

g co

mpl

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693.

9819

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39.4

2

b) H

ospi

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2080

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2287

0.76

2495

1.70

c) O

ther

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919.

1744

197.

7755

116.

94

18O

ther

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510.

2947

763.

1510

5273

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TOTA

L19

4803

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3283

80.9

952

3184

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44

SUM

MA

RY O

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AN

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III

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S.I

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419.

1120

97.0

120

516.

12

2Cr

ude

Petr

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m10

0.71

19.0

211

9.73

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ther

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ts26

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98.6

330

135.

67

6Te

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13.8

639

81.5

284

95.3

8

7Pa

per

and

Pape

r Pr

oduc

ts63

04.1

858

2.21

6886

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8Le

athe

r &

Lea

ther

Pro

duct

s28

4.95

266.

4555

1.40

9Ru

bber

Pro

duct

s20

110.

9664

6.11

2075

7.07

10Ch

emic

al a

nd C

hem

ical

Pro

duct

s61

55.0

399

4.05

7149

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12Ce

men

t84

.07

0.00

84.0

7

13Ba

sic

Met

als:

a) Ir

on &

Ste

el25

78.0

146

3.17

3041

.18

b) N

on-F

erro

us59

0.08

13.5

060

3.58

14M

etal

Pro

duct

s39

27.4

319

8.40

4125

.83

15Ca

pita

l Goo

ds

a) N

on-E

lect

rical

Mac

hine

ry13

34.2

467

4.65

2008

.89

b) E

lect

rical

Mac

hine

ry19

30.8

913

81.6

533

12.5

4

d)Tr

ansp

ort

Equi

pmen

t10

73.5

831

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1104

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16El

ectr

icity

Gen

erat

ion

34.9

50.

2935

.24

17Se

rvic

es

a) M

otel

s &

Sho

ppin

g co

mpl

ex10

154.

4315

4616

.29

1647

70.7

2

b) H

ospi

tals

891.

6516

531.

0817

422.

73

c) O

ther

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007.

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24

18O

ther

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163.

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385.

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83

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2571

23.5

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(`. I

n la

cs)


45

HIG

HLI

GH

TS O

F PE

RFO

RMA

NC

E (`

. In

lacs

)

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

12

34

56

78

910

App

licat

ions

Rec

eive

d N

o.79

359

846

840

654

156

761

985

570

269

4

App

licat

ions

Rec

eive

d A

mou

nt20

865

1978

918

820

1651

822

406

2824

643

658

7994

759

699

6429

4

App

licat

ions

San

ctio

ned

No

696

581

387

368

461

526

580

759

742

634

App

licat

ions

San

ctio

ned

Am

ount

1557

316

958

1098

112

113

1358

324

557

3491

061

593

5070

653

901

Disb

urse

men

t Am

ount

1123

111

902

8548

7852

9725

1864

329

394

4195

344

344

4645

7

Reco

very

Am

ount

2528

527

284

2446

821

413

1990

821

844

2692

529

954

3547

346

717

Arr

ears

Am

ount

5361

458

385

5963

869

561

7525

076

244

7741

4751

4352

2788

Num

ber o

f loa

n ac

coun

ts13

948

1519

711

896

1158

610

345

7797

6309

5949

6049

5985

Bala

nce

Out

stan

ding

Am

ount

1137

3611

3071

**10

6769

1062

7910

4489

9712

870

353

8883

911

2481

1239

84

Aut

horis

ed C

apita

l20

000

2000

020

000

2000

020

000

2000

035

000

3500

035

000

3500

0

PAID

-UP

CAPI

TAL

Stat

e G

over

nem

ent

1299

913

999

1419

914

399

1439

914

399

1978

319

783

2057

420

574

SID

BI14

8314

8314

8314

8314

8314

8361

361

361

361

3

Oth

ers

2424

2424

2424

1010

1010

Tota

l14

506

1550

615

706

1590

615

906

1590

620

406

2040

621

197

2119

7

INCO

ME

Inte

rest

on

Loan

s11

591

1179

087

6280

0383

9082

9310

192

9196

1206

415

730

Oth

er In

com

e21

225

074

211

7957

054

073

465

9945

3456

95

Tot

al11

803

1204

095

0491

8289

6088

3310

926

1579

516

598

2142

5

EXPE

ND

ITU

RE

Inte

rest

on

Bond

s43

4042

9540

8226

8416

8213

7111

2496

075

910

43

Inte

rest

on

Refi n

ance

4609

3338

2930

3237

2690

2409

2913

3776

4217

3996

Inte

ret o

n O

ther

Bor

row

ings

4949

3791

33

103

854

3170

Fund

Rai

sing

Fina

ncia

l Exp

ense

327

343

299

178

134

118

9817

411

6624

4

Pay

& A

llow

ance

s et

c85

010

0495

510

5012

3123

6224

0819

7824

6317

92

Esta

blish

men

t Exp

ense

s11

913

622

322

724

324

421

113

841

040

2

TOTA

L10

294

9165

8526

7467

5953

6507

6764

7029

9869

1064

7


46

HIG

HLI

GH

TS O

F PE

RFO

RMA

NC

E

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

Profi

t b

efor

e D

epre

ciat

ion

/Writ

e of

f /P

rovi

sion

s11

7927

7497

841

830

0423

0141

6287

6667

2910

778

Dep

reci

atio

n84

5647

3838

3833

3664

58Ba

d D

ebts

Writ

ten

Off

1095

1765

878

1713

3291

1175

737

7349

530

78Pr

ovis

ion

for

Bad

& D

oubt

ful d

ebts

675

192

270

715

600

1310

-879

888

1419

482

Net

Pro

fi t /

Loss

(-) 6

3718

1

(-

)249

177

440

-281

511

7021

1436

4045

65A

ccum

ulat

ed L

oss

(-) 7

021

(-) 6

834

(-

)708

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7-7

685

-105

000

00

0N

et W

orth

9635

1118

611

156

1113

311

577

8762

2493

226

996

2973

632

585

Gro

ss N

PA (%

)64

.37

60.8

260

.37

65.1

859

.33

44.4

921

.00

9.04

8.20

3.60

Net

NPA

(%

)50

.04

54.0

652

.36

56.8

948

.52

28.6

813

.22

2.41

1.88

1.30

SOU

RCES

OF

FUN

DS

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e Ca

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0020

020

00

015

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00

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ance

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6333

7500

1600

020

989

160

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Fixe

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its11

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…..

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00

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ough

Bac

k19

972

0910

077

40-2

380

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510

162

6192

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5A

dvan

ce f

rom

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t of

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ala

1989

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orro

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gs10

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0…

....

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LOC

--

--

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..55

00

00

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USE

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paym

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of B

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1100

2250

1351

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1143

3120

4415

9297

736

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55Re

paym

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of R

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ance

7920

8913

1926

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Repa

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---

178

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319

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00

Repa

ymen

t of

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orro

win

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OC

950

700

…10

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00

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GPr

inci

pal

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*

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468

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04In

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328

2683

928

222

3632

044

822

5156

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976

6215

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Curr

ent

Dem

and

- P

rinci

pal

1654

816

029

1414

812

182

1039

410

213

1098

115

571

1532

119

370

Inte

rest

1904

114

519

1633

4 16

416

1520

312

962

8043

4323

1306

614

548

Tota

l Dem

and

- Pr

inci

pal

3982

739

248

**39

550

3823

835

133

3389

718

647

1639

718

946

2127

4In

tere

st49

369

4135

8**

4455

652

736

6002

564

528

1601

910

538

1419

216

996

Reco

very

- P

rinci

pal

1369

315

034

**15

594

1349

911

449

1371

517

821

#16

386

#19

645

#27

210

Inte

rest

1159

212

150

**88

7479

1484

5984

6691

0494

12

1174

415

806

Arr

ears

at

the

end

of t

he y

ear

- Pr

l.26

134

2421

4**

2395

624

739

2368

420

182

826

3625

1904

1598

Inte

rest

3777

729

208

**35

682

4482

251

566

5606

269

1511

2624

4811

90SU

B TO

TAL

6391

153

422

5963

869

561

7525

076

244

7741

4751

4352

2788

(`. I

n la

cs)

*The

arr

ears

at

the

begi

nnin

g of

the

yea

r an

d th

e de

man

d ha

s be

en r

e-w

orke

d fo

r gi

ving

eff

ect

of t

echn

ical

writ

e-of

f**

mis

take

s re

ctifi

ed#

Incl

udin

g pr

epay

men

t


47

KERALA FINANCIAL CORPORATION(INCORPORATED UNDER THE STATE FINANCIAL CORPORATIONS ACT No. LXIII OF 1951

H.O: ASWATHY, VELLAYAMBALAM, THIRUVANANTHAPURAM - 695 033.Phone: 0471-2737500 (30 lines) Fax: 2311750,2318541, 2313813, 2722090

Email: [email protected] Website: www.kfc.org

P R O X Y

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 .................................

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 offi ce at least 48 hours before the meeting.

Signature of

share holder on

Re.1 /-

Revenue Stamp


48

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