Disclosures in the Balance Sheet: Every ARC shall make the following disclosures in the balance sheet:

Ø  The names and addresses of the banks / FIs from whom financial assets were acquired and the value at which such assets were acquired from each such bank / FIs.

Ø  Dispersion of various financial assets industry-wise and sponsor-wise. (dispersion is to be indicated as a percentage to the total assets);

Ø  Details of related parties as per Accounting Standard and guidance notes issued by the ICAI and the amounts due to and from them;

Ø  A statement clearly charting therein the migration of financial assets from standard to non-performing.

Ø  Value of financial assets acquired during the financial year either on its own books or in the books of the trust;

Ø  Value of financial assets realized during the financial year

Ø  Value of financial assets outstanding for realization as at the end of the financial year;

Ø  Value of SRs redeemed partially and the SRs redeemed fully during the financial year;

Ø  Value of SRs pending for redemption as at the end of the financial year;

Ø  Value of SRs which could not be redeemed as a result of non-realization of the financial asset as per the policy formulated by the ARC.

Ø  Value of land and / or building acquired in ordinary course of business of reconstruction of assets (year wise).

Ø  The basis of valuation of assets if the acquisition value of the assets is more than the Book Value.

Ø  The details of the assets disposed of (either by write off or by realization) during the year at a discount of more than 20% of valuation as on the previous year end and the reasons therefor.

Ø  The details of the assets where the value of the SRs has declined more than 20% below the acquisition value.

Ø  Where any of the accounting policies adopted in preparation and presentation of financial statements is not in conformity with RBI guidelines regarding prudential norms, the particulars of departures shall be disclosed together with the reasons therefor and the financial impact on account thereof. Where such an effect is not ascertainable, the fact shall be so disclosed citing the reasons therefor.

Ø  An inappropriate treatment of an item in Balance Sheet or Profit and Loss Account cannot be deemed to have been rectified either by disclosure of accounting policies used or by disclosure in notes to balance sheet and profit and loss account.

Internal Audit: Every ARC shall put in place an effective Internal Control System providing for periodical checks and review of the asset acquisition procedures and asset reconstruction measures followed by the company and matters related thereto.

Submission of Quarterly Statements to RBI: Every ARC shall submit quarterly statements in NBS-7 (relating to calculation of Net Owned Fund) and SCRC-2 (Quarterly Statement on Assets acquired, securitized and reconstructed – Bank/FI wise (Total)). The time limit for the quarterly returns is 15 days from the close of the quarter.

Submission of Audited balance sheet:

All the ARCs have to furnish a copy of audited balance sheet along with the Directors' Report / Auditors' Report every year within one month from the date of Annual General Body Meeting, in which the audited accounts are adopted.

Submission of Data relating to wilful defaulters:

Ø  Every ARC shall become member of at least one credit information company (CIC) which has obtained certificate of registration from RBI in terms of section 5 of the Credit Information Companies (Regulation) Act, 2005.

Ø  ARC shall provide periodically to the CIC of which it is a member, accurate data / history of the borrowers.

Ø  ARCs should submit the list of wilful defaulters as at end of March, June, September and December every year to the CIC of which it is a member.

Ø  Every ARC shall place on its website the list of suit filed accounts of willful defaulters.