Directors' report



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DIRECTORS' REPORT
The Board of Directors take immense pleasure in presenting the 42nd Annual Report on the business and operations of the Corporation with the audited statement of accounts for the year ended March 31, 2012.

I. Financial Performance



Financial Results

For the year ended

March 31, 2012

(`in crores)

For the year ended

March 31, 2011

(`in crores)

Gross income from

Sale of energy

Less: Advance against depreciation

Net income from sale of energy



5242
41
5201

4218
68
4150

Other Income

542

473

Total Income

5743

4623

Operating Expenditure

4411

3188

Operating Profit

1332

1435

Finance Charges, Depn.,& prior period adjustments

1169

749

Profit before tax

163

686

Provision for Tax

Deferred tax



48

161

Profit after tax

115

525



Profit

  • Profit after tax during the year was at `115 crores as against `525 crores during the previous year.


Turnover

  • Turnover during the year was `5242crores as against `4218 crores during the previous year, due to decrease in energy sales in Thermal and Hydro Stations.


Generation

  • Generation during the year was 28239mus as against 22685 mus during the previous year.



Dividend

  • A dividend of `10 per share as in previous years has been proposed. The total dividend outgo will be `22.85crores

Special Reserve

  • An amount of `2.87 crores, equivalent to 2.5% of the profit after tax is transferred to a separate reserve to meet the contingencies in operation and maintenance of the plants


Equity infusion

  • GoK has contributed an amount of `625 crores during the year towards Equity for setting up power generation plants by KPCL.


II Financial Management

Financial Initiatives

With the regulatory environment prevailing in the State, the company has been pursuing with various initiatives to reduce the cost of borrowings. The total savings during the year 2011-12 is `55.60 crores. The details are:




    • On account of availment of Short Term Loan at lower rate of interest, an amount of `53..57 crores is saved in comparison with the rate of interest of Working Capital loan;

    • On account of availment of Short Term Loan at lower rate of interest, an amount of `2.03 crores is saved in comparison with the rate of interest of Rupee Term loan

III Realisation of dues from KPTCL/ESCOMs

As part of the reforms in the power sector, GoK vide GO No. EN 131 PSR 2003 Bangalore dated 10.05.2005 ordered for assignment of PPAs to all the ESCOMs for purchase of power from KPCL with effect from 10.06.2005. Accordingly, KPCL has been selling power directly to ESCOMs w.e.f. 10.06.2005. Total realization from ESCOMs during the year was at `4180.20 crores. The outstanding dues from ESCOMs/KPTCL as on 31.03.2012 is `7940.96 crores.


KPCL has requested GOK to liquidate the old outstanding dues by KPTCL/ESCOMs as per the Implementable Action Plan submitted to GOK under “Financial Restructuring Plan for realisation of KPCL dues from KPTCL/ESCOMs”.
IV Power Purchase Agreements

The Power Purchase Agreements for the existing hydel stations, ADPH, RTPS Units 1 to 7 & DG Plant were approved by KERC on 03.08.2009, which were executed on 24.05.2010. Power Purchase Agreements for the BTPS Unit -1 has been executed on 18.12.2010.


The Power Purchase Agreement for the ongoing and new projects have been initialed on 18.12.2010 for capacity addition.


V Corporate Governance



  1. Best Practices




    • To meet the challenges of a competitive scenario in the power sector

    • Adaptations to reduce time and cost element in project execution

    • Benchmarking with the best in India and abroad

    • Proper budgetary control system

    • Financial and commercial systems to ensure fair play for stakeholders like vendors, contractors and lenders.

    • Importance for obtaining lawful consents, permits and clearances in the activities. Contractors, suppliers and other business associates are expected to comply with all relevant legal requirements.

    • To reflect faithful compliance to the tenets of public governance.

    • Savings to be obtained through a professional approach in design, execution and operation & maintenance of projects.

    • Enhancement of knowledge and skills of employees through training

b) Social contributions


    • Maintaining aesthetic gardens at the Kidwai Oncology Hospital, project locations, Corporate Office and park with an attractive water fountain in front of Vidhana Soudha.

    • Passing on the benefit of cost cutting in construction, finance and operations to the consumers.

    • High performance levels to reduce cost and ensure reliable power supply.

    • Making available corporation-run schools, hospitals and community centers for the general public in the project areas.

    • Maintaining interior roads near project locations.

    • Strict compliance to environmental laws, regulations and norms.

    • CSR works at Bellary Thermal Power Project: Improvements to water supply arrangements for the village and providing toilet blocks with necessary facilitates for the Govt. schools and development of electrical works have already been carried out during the year 2011-12 for Thimmalapur village. During 2012-13, works such as construction of compound wall around the remaining religious places (cost `8.95 lakhs) and construction of cement concrete roads for about a length of 3 kms (cost `140.70) have been done for Thimmalapur village.

For Kudatini village construction of compound wall around religious places & Govt. schools is in progress and the cost of work is `87.56 lakhs.


Action plan is being prepared for CSR Activities based on the preliminary survey report covering both villages which includes providing roads, drains & culverts, improvement to electrical supply works, and other basic infrastructure facilities. Estimates are under preparation. For electrical works it is proposed to get this work done on deposit contribution basis with GESCOM.


  • CSR works at Raichur/Yermarus Thermal Power Project: During the year 2011-12, works like improvement to Govt. school at Edlapur viz., construction of Laboratory & Store room, Rangamandir, providing desks, construction of store for Kitchen and Toilet for Girls, compound wall around religious places and other miscellaneous works have been carried out at a cost of `125 lakhs. Improvement to electrical works, water supply etc. have been completed.

For the year 2012-13, it is proposed to take up the developmental works in a remaining villages viz. Deosugur, Chiksugur, Yegnur & Vadlur. Action plan for improvements to the basic infrastructure facilities in these villages is being prepared based on the preliminary survey report. For electrical works in these 4 villages, it is proposed to get this work done on deposit contribution basis with GESCOM. In case of Vadlur, two works viz., construction of culvert across main road to Vadloor leading to Raichur, which was in unserviceable condition has been taken up at the cost of `13.80lakhs. In the Government school compound wall around the water tank & main sump is also taken up at cost of `2.93 lakhs which was necessary considering the safety of the students.


c) Board of Directors



Sl.

No

Name of Directors

Shriyuths/Smt/Kumari

Post held

Period

From

Upto

1

BS Yeddyurappa

Chairman

-

26.08.2011

2

DV Sadananda Gowda

Chairman

26.08.2011

24.07.2012

3

Yogendra Tripathi, IAS

Managing Director

-

06.02.2012

4

NC Muniyappa, IAS

Director

17.06.2011

03.02.2012

5

Shamim Banu, IAS

Director

-

03.02.2012

6

Dr. H Basker, IAS

Director

-

17.06.2011

7

G Latha Krishna Rao, IAS

Director

-

19.05.2011

8

ISN Prasad, IAS

Director

24.12.2009

25.07.2012

9

Jagadish Shettar

Chairman

24.07.2012

-

10

Shobha Karandlaje

Vice Chairperson

23.09.2010

-

11

MR Kamble, IAS

Managing Director

06.02.2012

-

12

HN Narayan Prasad

Technical Director

19.02.2011

-

13

R Nagaraja

Finance Director a/c

03.03.2010

-

14

LV Nagarajan, IAS

Director

24.03.2010

-

15

DN Narasimha Raju, IAS

Director

03.02.2012

-

16

Pradeep Singh Kharola, IAS

Director

25.07.2012

-

17

D Satya Murty, IAS

Director

23.10.2010

-

18

K Shivram, IAS

Director

03.02.2012

-

19

P Ravi Kumar, IAS

Director

19.05.2011

-

20

SV Nesargi

Director

02.01.2009

-

21

S Shankar Rao

Director

02.02.2009

-

22

Lahar Singh Siroya

Director

02.03.2009

-

The Board places on record its appreciation of the services rendered by the outgoing/ceased Directors during their tenure.


d) Constitution of Committees
i) Technical Committee
The Technical Committee has been constituted by the Board to assist and advise the MD in respect of all technical and commercial issues referred by the MD. Presently the Technical Committee comprises of Shriyuths D Satya Murty, MR Kamble, MD, HN Narayan Prasad, TD and R Nagaraja, FD (Addl. charge).
ii) Audit Committee
Pursuant to Sec. 292 A of the Companies Act, Audit Committee was constituted in the Corporation in the year 2001 with the following terms of reference:
i) Members of the Audit Committee shall elect a Chairman from amongst themselves.
ii) (a) The Audit Committee shall have discussions with the auditors periodically about the working of existing internal control systems for improving the same. The recommendations of such review shall be placed before the management for implementation.


  1. The Audit Committee shall review half yearly and annual financial statement. Recommendations arising out of such review shall be carried out before placing the same to the Board.




  1. The review and recommendations of Audit Committee on internal control systems shall be placed before the Board for implementation.




  1. The Audit Committee shall have powers to investigate into any matter in relation to specified circumstances in the Section 292A of Companies Act or referred to it by the Board and shall have access to information and records. If necessary, engage external professional auditors for the purpose.




  1. The recommendations of the Audit Committee on any matter relating to financial management shall be binding on the Board of Directors. If Board does not accept the recommendations, it shall record the reasons and it should be communicated to shareholders.




  1. The Chairman of the Audit Committee shall attend the annual general meeting to provide any clarification on matters relating to audit.




  1. The Audit Committee shall meet at least thrice in a year.



  1. One meeting must be held before finalisation of Annual Accounts and one necessarily every six months.

iii) The statutory auditor, the internal auditor and the director in charge of finance shall attend and participate in meetings of the Audit Committee.
Consequent to transfer / retirement of members of the Audit Committee, the Committee has been re-constituted with the following members to review and advice on the Annual Accounts 2011-12:
Shri LV Nagarajan, IAS

Shri DN Narasimha Raju, IAS

Shri D Satya Murty, IAS

Shri HN Narayan Prasad, Technical Director


In the meeting held on 26.03.2012 the Finance Director briefed the Committee about the proposed revenue budget proposals for the year 2012-13 along with the actual/budgeted/revised estimates for the years 2010-11 and 2011-12. In its meeting on 07.08.2012, the Audit Committee reviewed in detail the annual accounts for the year 2011-12 and recommended the same for consideration by the Board.
e) Meetings of the Board, sub-committees & management committees pertaining to the financial year

i) Board level

Board : Four

Technical Committee : Nine

Audit Committee : Three

Sub Committees – Board : Five

ii) Management

Contract Management : Thirty five



iii) Annual General Meetings



Meeting No.& Date

Held at

Special

Resolutions

EGM–22.04.09

Regd. Office, No. 82, Shakti Bhavan, Race Course Road, Bangalore-560 001

Amendment to the Capital Clause in the Memorandum of Association

39 - 26.09.2009

Hotel Lalit Ashok,

Kumara Krupa Road, Bangalore




Approval for 26% equity investment in RPCL


40 - 25.09.2010

Regd. Office, No. 82, Shakti Bhavan, Race Course Road, Bangalore-560 001

Ordinary Resolutions for: Authorising the Board of Directors - for borrowing of funds; Approval to mortgage/ hypothecate/ charge assets of Solar PV project in favour of Lenders & Approval to mortgage/ hypothecate/charge assets of BTPS Unit 3 in favour of Lenders

EGM–19.05.2011

Regd. Office, No. 82, Shakti Bhavan, Race Course Road, Bangalore-560 001

Amendment to the Capital Clause in the Memorandum of Association

41 AGM -29.09.2011

Regd. Office, No. 82, Shakti Bhavan, Race Course Road, Bangalore-560 001

_

EGM – 10.01.2012

Regd. Office, No. 82, Shakti Bhavan, Race Course Road, Bangalore-560 001

Dematerialisation of securities –issued in the name of Govt. of Karnataka




f) Right to Information Act

The Corporation, as a public authority, has taken steps towards the compliance of the Right to Information Act 2005. Public Information Officers and First Appellate Authority have been nominated as contemplated under the Act. Suo-moto disclosure of information on the activities of the Corporation under various heads in addition to the mandatory requirement under the RTI Act 2005 is made available on website: www.karnatakapower.com. During the year, 367 applications were received and processed. Information was furnished for 337 applications and 30 applications were under process. In respect of 3 applications, information was denied as per the provisions of the Act.


VI Capital Expenditure

Capital Expenditure incurred by the Corporation amounts to ` 1106.37 crores.



VII Operational Performance

The Corporation operates many hydel stations, and two thermal power plants, one wind energy farm and one diesel generating plant and three solar PV plants with a total installed capacity of 5993.905 MWs as on 31.03.2012 (Hydel: 3652.35 MWs : Thermal : 2220 MW: Wind : 4.555 MWs, Diesel Generator: 108 MWs and Solar PV Plants: 9 MW) : Energy generated during the year from Hydel, Thermal, Wind, Diesel Generating Plant and Solar PV Plants was 14192.30 MU, 13621.31 MU, 13.65 MU, 403.99 MU and 8.23MU respectively totaling to 28239.48 MU. The inflows to the three major reservoirs viz., Linganamakki, Supa and Mani is about 357.12 TMC and the maximum levels reached during 2011-12 is 1817.70 ft, 559.15 M and 593.57 M respectively.



Thermal Stations:

  1. BTPS U-I generated 3087.13 MU with PLF of 70.29% during 2011-12

  2. RTPS Units 1-7 generated 9580.204 MU with PLF of 74.2% during 2011-12

  3. RTPS Unit -8 generated 951.308 MU with plant availability factor of 58.31%

Operational performance in terms of plant availability factor, plant load factor, forced outages, specific coal and oil consumption per KWH and auxiliary consumption was maintained at optimum level. The performance parameters of thermal and major hydel projects for the year are indicated below:

A. Generation performance

Generation

2011-12

2010 – 11

Thermal

13621.31

11438.79

Hydro

14192.30

10714.76

DG

403.99

511.43

Wind

13.65

13.10

Solar

8.23

7.26

Total

28239.48

22685.34


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