Neyveli Lignite Corporation Directors Report, Neyveli Lignite Reports by Directors

Directors Report	Year End : Mar '12 � Mar 11

To The Members of Neyveli Lignite Corporation Limited The Directors are pleased to present the 56th Annual Report of your Company together with the audited accounts for the year ended 31st March, 2012. Your Directors are happy to inform that your Company has once again achieved a record performance in lignite production, generation and export of power during the financial year 2011-12. Snapshot of Physical Performance Particulars 2011-12 2010-11 Growth (%) Overburden removal (in LM3) 1651.47 1633.45 1.10 Lignite Production (in LT) 245.90 231.44 6.25 Power Generation - Gross (in MU) 18789.44 17881.08 5.08 Power Export (in MU) 15810.67 14971.26 5.61 LM3-Lakh Cubic Metre LT-Lakh Tonnes MU-Million Units Highlights - Highest removal of Overburden in any year since inception. - Highest production of lignite in any year since inception. - Highest generation (gross) and export of power in any year since inception. - Overburden removal at 828.05 LM3from Mine-ll - highest in any year since inception. - Lignite production of 130.96 LT from Mine-ll - highest in any year since inception. - Power generation (gross) at 11087.65 MU and the export of power at 9278.76 MU from TPS-II - highest in any year since inception. Segment-wise Performance Mines The aggregate installed capacity of lignite mines stands at 30.6 MTPA as on 31st March, 2012. Overall, the physical performance of Mines during the year 2011 -12 was excellent as compared to the previous year 2010-11. The detailed Mine-wise performance are as under: Mine-1 (including expansion) -10.5 MTPA The overburden removal from this Mine during the year 2011-12 was 528.17 LM3 as against 523.08 LM3 in 2010-11, registering a growth of 0.97%. Lignite production during the year under review was 77.34 LT as compared to 83.05 LT registered during the year 2010-11. Lignite production was affected due to lignite seam washout conditions for about 300 x 200 metre area. As informed in the Directors'' Report of the previous year, the restructuring of Mine-1 & IA by adding contiguous lignite blocks to raise the aggregate mining capacity to 15.0 MTPA is in process. The restructuring of the mines is necessitated so as to meet the fuel requirement of the new thermal power project of 1000 MW capacity which is the replacement of the existing 600 MW capacity TPS-I. Mine-IA-3.0 MTPA The overburden removal from this Mine during the year 2011-12 was 215.10 LM3 as against 211.91 LM3 in 2010-11, registering a growth of 1.51%. Lignite production during the year 2011-12 was 28.77 LT compared to 27.19 LT during 2010-11, registering a growth of 5.81 %. Mine-ll (including expansion)-15.0 MTPA The performance of Mine-ll during the year 2011-12 in terms of overburden removal and lignite production was excellent, achieving the highest ever since the inception. The overburden removal from this Mine was 828.05 LM3 as against 802.55 LM3 during the year 2010-11, registering a growth of 3.18%, while the lignite production during the year under review was 130.96 LT compared to 117.11 LT during 2010-11, registering a growth of 11.83%. Approval has been accorded by your Board of Directors in April 2012 for the Revised Cost Estimate ofRs. 2125.83 crore for the Mine-ll Expansion Project. Barsingsar Mine -2.1 MTPA During the year 2011 -12, overburden removal and lignite production were 80.15 LM3 and 8.83 LT respectively, as against 95.91 LM3 and 4.09 LT, respectively, during the previous year 2010-11. As Members may be aware, because of sufficient exposure of lignite, the overburden removal was restricted during the year under review. As regards lignite production, the units of linked Thermal Power Plants were declared for commercial operation only during Dec. 2011/Jan. 2012 and hence the lignite production during the year 2011-12 was restricted to match with the fuel requirement of the power plant. Approval has been accorded by your Board of Directors in March 2012 for the Revised Cost Estimate of Rs. 218.05 crore for this project. Power With the declaration of commercial operation of both the thermal units of Barsingsar project during the year 2011-12, the installed capacity of thermal power generation of your Company stands increased to 2740 MW as on 31st March, 2012. Your Company has set a new record in generation and export of power during the year 2011 -12. Plant-wise performance details are as under: Thermal Power Station-I (600 MW) During the year 2011-12, power generation and export from this plant were 3987.85 MU and 3171.82 MU, respectively, compared to 3878.65 MU and 3088.83 MU, respectively, during the year 2010-11, registering a growth of 2.82% and 2.69% respectively. This plant is one of the oldest power plants in the Country, serving for more than 40 years, with Unit-I of this plant performing for the last five decades. Considering its age, achieving a Plant Load Factor (PLF) of75.67% by this plant is a remarkable achievement. Thermal Power Station-I Expansion (420 MW) The power generation from TPS-I Expansion was 3042.68 MU during the year 2011 -12 as against 2997.04 MU in 2010-11, registering a growth of 1.52% and the power exported during the year under review was 2809.97 MU as against 2743.44 MU during the year 2010-11, registering a growth of 2.42%. This Station achieved a PLF of82.47%. Thermal Power Station-ll (1470 MW) The performance of TPS-II during the year 2011-12 was excellent as the generation and the export of power from this plant were the highest since inception. Power generation during the year 2011-12 was 11087.65 MU as against 10739.78 MU, registering a growth of 3.24% and the export to the Southern Grid during the year under review was 9278.76 MU compared to 8945.55 MU in the year 2010-11, registering a growth of 3.73%. This plant achieved a PLF of 85.87% during the year under \| review. Barsingsar Thermal Power Station (250 MW) Unit-I of Barsingsar Thermal Power Plant was declared for commercial operation during Jan. 2012, while Unit-I I was declared during Dec.2011. The total power generation upto 31st March, 2012 was 617.68 MU and 510.79 MU were exported to Rajasthan DISCOMS. Approval has been accorded by your Board of Directors for the second Revised Cost Estimate of Rs.1868.71 crore in March 2012forthis project. Productivity The output per man shift during the year 2011 -12 as compared with the previous year is given below: Product Unit 2011-12 2010-11 Growth Lignite Tonne 11.18 11.00 1.64% Power Kw./hr 20130 17780 13.22% Financial Performance During the year ended 31st March, 2012 the Company registered a total sales of Rs.4866.85 crore against Rs.4295.95 crore recorded for the year 2010-11, registering a growth of 13.29%. The sales registered for the year 2011-12 was the highest ever since inception. The Profit Before Tax (PBT) and the Profit After Tax (PAT) for the year 2011-12 were Rs.1983.89 crore and Rs.1411.33 crore, respectively, as against Rs.1684.55 crore and Rs.1298.33 crore, respectively, for the year 2010-11. As compared to the previous year 2010-11, the PBT and the PAT for the year 2011-12 recorded a growth of around 18% and 9%, respectively. The PBT and the PAT for the year ended 31st March, 2012 were the highest for anyyear since inception. The main reason for increase in the profit for the year 2011-12 was on account of higher lignite production, higher generation and export of power which had resulted in increased sales. The operation of Barsingsar Power Plant in the last quarter of the financial year 2011 -12 had also contributed for registering higher sales. The details of profit earned for the financial year ended 31st March, 2012 and appropriation of the same in comparison with the previous year ended 31st March, 2011 are asunder: (Rs. in crore) 2011-12 2010-11 Profit before tax 1983.89 1684.55 Tax provision 572.56 386.22 Profit after tax 1411.33 1298.33 Appropriation: Transfer to Bond Redemption Reserve 15.00 15.00 Interest Differential Fund Reserve 18.08 15.25 General Reserve 145.00 130.00 Proposed Dividend 469.76 385.87 Tax on proposed Dividend 76.21 62.60 Dividend The Board of Directors of your Company has recommended a dividend of 28% (Rs.2.80 per share) for the year 2011-12 (previous year 23%). The total outgo on account of dividend including distribution tax will be Rs.545.97 crore (previous year Rs.448.47 crore), which works out to 38.68% on Profit After Tax (PAT) for the year2011-12. Projects under construction/implementation Thermal Power Station-ll Expansion (2x250 MW) Thermal Power Station-ll Expansion project linked to Mine-ll Expansion is under implementation for expanding the capacity of TPS-II from 1470 MW to 1970 MW. Unit-I was synchronised with the designated fuel in June 2011 and is in the process of stabilisation. This unit generated in-firm power of53.58 MU (Gross) during the year under review. As regards Unit-ll, construction activities are in progress. Declaration of commercial operation of Unit-I is expected in October 2012 and the Unit-ll in March 2013. Execution of works by M/s. BHEL, the Main Plant Package contractor, is being closely monitored and periodically reviewed for early commissioning of the units. Approval has been accorded by your Board of Directors in April 2012 for the second Revised Cost Estimate of Rs.3027.59 crore for this project. The cumulative expenditure incurred upto 31st March, 2012 was Rs.2394.54 crore. Neyveli New Thermal Power Project (2x500 MW) Government of India (GOI) has sanctioned the Neyveli New Thermal Power Project (1000 MW) at a capital cost of Rs.5907.11 crore in June 2011 with a commissioning schedule of 48 months and 54 months for Unit-I & II respectively, from the date of sanction. Tendering activities for Main Plant Packages and Balance of Plant Package are in progress. The cumulative expenditure incurred upto 31st March, 2012 was Rs.14.47 crore. Wind Power Project (50 MW) Your Company has proposed to enter into generation of green power by setting up a wind power project of capacity of 50 MW at an estimated cost of Rs.364.75 crore. Tender has been floated for setting up of the above wind farm. Solar Power Project Your Company has also proposed to set up a 25 MW Solar Power Project to be located in Neyveli and in the first phase 10 MW capacity solar power plant is to be set up at an estimated cost of Rs.133.19 crore. Tender has been floated for design, engineering, manufacture, supply, transport, storage, erection, testing and commissioning of the above 10 MW Solar PV power plant. Joint Venture Projects Thermal Power Plant at Tuticorin (2x500 MW) Coal based thermal power project at Tuticorin (1000 MW) is being implemented by your Company as a joint venture with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), at a sanctioned cost of Rs.4909.54 crore through NLC Tamilnadu Power Limited, the Subsidiary Company. Drum lifting for both the units has been completed in September 2011. Construction of dedicated coal jetty for transportation of coal to the power plant is in advanced stage of completion. Erection of boilers, coal and ash handling plants, switchyard, chimney and cooling towers are in progress. Contract for shore un-loader has been awarded and in respect of coal washery and logistics and other peripheral works tenders have been floated and are in process. Fuel linkage for this project is being tied up with Mahanadi Coalfields Limited, a subsidiary Company of Coal India Limited. The Unit-I is expected to be commissioned in Dec. 2013 and Unit-ll in March 2014. The project activities are closely monitored for early commissioning. The cumulative expenditure incurred upto 31st March, 2012 was 12768.27 crore. MNH Shakti MNH Shakti Limited is the Joint Venture Company (JVC) promoted by Mahanadi Coalfields Limited (MCL) holding 70% stake, Hindalco and your Company, each holding 15% stake. The JVC is implementing a 20.0 MTPA coal mining project at Talabira, Odisha and MCL being the majority stakeholder is piloting the above project. Project Funding To meet part of the debt requirement for the Neyveli New Thermal Power Project, your Company has tied up with State Bank of India for availing rupee term loan of Rs.2,500 crore and the balance debt requirement will be met through various other options such as External Commercial Borrowing (ECB), issue of Bonds etc. Your Company has also availed long term loan of Rs.3,495 crore for the expansion project from a consortium of domestic banks with Canara Bank as the consortium leader and so far a sum of Rs.937.50 crore has been repaid. In addition to this, Euro 50 million in the form of foreign currency loan under ECB and issue of secured redeemable taxable non-convertible bonds aggregating to Rs.600 crore were also availed for the expansion projects. The above ECB was repaid during the year 2011-12. New Projects under formulation As stated in the Directors'' Report of the previous year 2010-11, your Company is pursuing the following projects for which Power Purchase Agreements have been entered into with the respective beneficiaries: Bithnok Thermal Power Project (250 MW) with linked Mine (2.25 MTPA) Your Company has proposed to set up a Thermal Power Plant of 250 MW capacity with linked Mine of 2.25 MTPA at Bithnok in Bikaner District, in the State of Rajasthan at an estimated cost of Rs.2,298.83 crore. The total land required for the Bithnok TPS and Mine is 2883 hectares and the acquisition of the same through Government of Rajasthan is in process. Government of Rajasthan has been approached for issue of Mining lease for the proposed Mine project. With regard to environmental clearance for the Mine Project, the proposal is under consideration of Expert Appraisal Committee. Being a ''Navratna'' Company, the project will be considered for implementation by your Board of Directors on receipt of environmental clearance. Barsingsar Extension Power Project (250 MW) and Hadla & Palana Lignite Mine (2.5 MTPA) Your Company, by exploiting the lignite deposits in Hadla and Palana lignite blocks, proposes to set up a 250 MW Power Plant with a linked Mine of 2.5 MTPA capacity, in Bikaner District of Rajasthan, as an extension of the existing Barsingsar Power Plant. The aggregate estimated cost of the project is Rs.2,041.78 crore. Land required for the said project will be acquired through Government of Rajasthan and a proposal has been submitted for grant of mining lease. As far as the power project is concerned, proposal has been placed before MOE&F for issue of environmental clearance and on receipt of the same your Board of Directors will consider the project for implementation. NLC-UPRVUNL Ghatampur Power Project (1980 MW) Your Company has entered into an Moll with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for formation of a Joint Venture Company with equity participation in the ratio of 51:49 to set up a1980 MW (3x660 MW) coal based thermal power project in Ghatampur Tehsil, Kanpur Nagar District in the State of Uttar Pradesh at an estimated cost of Rs.11,128 crore. The Cabinet Committee on Infrastructure (CCI) has approved the above joint venture proposal and the Joint Venture Agreement will be entered into with UPRVUNL shortly. Government of Uttar Pradesh has issued necessary notification for acquisition of about 763 hectares of land and has also allocated 80 cu.secs of water for the project. Ministry of Coal has been approached to allocate coal blocks with an extractable reserve of 600 million tonnes for the above project. Preparation of Feasibility Report and EIA/EMP reports are under progress. Sirkali Thermal Power Project (4000 MW) Your Company has also proposed to set up a 4000 MW coal based power plant at Sirkali in the coastal district of Nagapattinam, Tamilnadu in two phases at an estimated cost of Rs.10,395 crore for phase-l of 1980 MW. Site for locating the power plant has been identified at Thirumullaivasal and action has been initiated for acquisition of land through Government of Tamilnadu and for obtaining clearances from various statutory authorities. Ministry of Coal has been approached for allotment of coal blocks for the above project. Devangudi Mine Project Your Company proposes to develop the Devangudi lignite block, which has a mining area of about 8.2 Sq.Km and a mineable lignite reserve of 42.5 million tonnes, at an estimated cost of Rs.358 crore. The capacity of this Mine will be 2.0 MTPA and the lignite mined out will cater to the needs of cement, paper, brick and other small industries in the neighbourhood area. Restructuring of Mines The TPS-I with a capacity of 600 MW is linked to Mine-I. As stated earlier, since TPS-I is proposed to be replaced with a higher capacity plant of 1000 MW (NNTPS) it has been proposed to take up re-structuring of existing Mine-1 and Mine-IA by adding contiguous lignite blocks for enhancing the aggregate capacity from 13.5 MTPA to 15.0 MTPA to meet the enhanced requirement of lignite of the proposed new plant. Detailed working is in process. Coal Assets As Members may be aware, India is experiencing severe shortage of coal as the domestic demand exceeds the supply. In order to overcome the situation, the Government of India has given guidelines to acquire coal assets abroad so as to have assured long term energy security. The MoU Task-force of GOI has also included ''floating of EOI for acquiring/acquisition/formation of JV for assets abroad'' as one of the MoU parameters for your Company for the year 2012-13. In line with the above, your Board of Directors has accorded approval to initiate action within the guidelines of DPE for acquisition of raw material assets abroad to meet the partial/full coal requirement of projects of your Company in various places which are under implementation/formulation. Your Company is also exploring the possibility to tie up with State Governments who are in possession of coal blocks. Other Projects As discussed in the last year''s report, consequent to the change in the policy of power procurement by States through competitive based tariff route, excepting power projects for which PPA has been signed prior to 6th January, 2011, all other projects could be implemented only when the concerned beneficiaries formally issue a notification for purchase of power through competitive bidding process. In this regard your Company has addressed to Ministry of Coal seeking exemption from the above requirement for lignite based Power projects and the same is awaited. Under these circumstances, it has been decided by the Board of Directors of your Company to keep in abeyance the other envisaged lignite based projects viz., 1000 MW TPS-III linked to 8.0 MTPA (Mine-Ill) in Neyveli and 1000 MW Power Project linked to 8.0 MTPA lignite mine in South Gujarat and not to pursue the 1600 MW Thermal Power project linked to 13.5 MTPA capacity lignite Mine at Jayamkondam and the coal based power project in Odisha. However, on the invitation by the Government of Odisha, your Company has taken initiative to explore the possibility of setting up a power plant as a Joint Venture project with an entity of Government of Odisha. Power Tariff The Central Electricity Regulatory Commission (CERC) initially constituted under the Electricity Regulatory Commission Act, 1998 is a statutory body functioning under the Electricity Act, 2003 and has the responsibility to regulate the tariff of generating Companies owned or controlled by the Central Government and Generators having sale of electricity in more than one State. The terms and conditions of tariff regulations for the period 2009-14 were notified by CERC and tariff orders in respect of TPS-I, TPS-I Expn. and TPS-II have been issued by CERC for the above period. Tariff petition has been filed before CERC for the Barsingsar Power Plant for finalising the tariff for the period from the date of declaration of commercial operation till 31.03.2014. Petitions have been filed separately before CERC for each power station TPS-I, TPS-I Expn. and TPS-II for the revision of O&M norms for the period 2007-08 and 2008-09 on account of wage revision with effect from 01.01.2007 and other pay hikes and revision of annual fixed charges accordingly. Research and Development (R&D) An in-house R&D centre CARD recognised by Department of Science and Technology is functioning since 1975. This Centre takes up various R&D projects on its own and also in association with premier academic institutions in the area of lignite utilisation, waste land reclamation, solid waste utilisation, utilisation of bottom ash generated from thermal plants, corrosion management in SMEs & storm water control pumps etc., besides Coal Science & Technology (Coal S&T) projects funded by Ministry of Coal. Your Company has already patented the process for the production of Potassium Humate from lignite through its R&D efforts. Commercialisation of the above patented process for the production of Potassium Humate is being carried out through M/s. National Research Development Corporation. Further, based on the study conducted in association with IIT/Kharagpur, a bench scale production facility has been erected at CARD to establish the production of Zeolite from fly ash. Process for the preparation of Zeolite from Neyveli fly ash has been optimised and patenting the process is in progress. Your Company is on the look out for any viable project which could offer new avenues for growth in lignite. In this regard, as part of R&D initiative, it is contemplated to undertake a study to produce high strength and high heat value pellets from lignite by reducing the inherent high moisture content which is in the range of 50-55%. This process would increase the calorific value of the lignite from the level of 2600 to 5300 Kcal/kg and would also transform the lignite into a stable and transportable block in the form of pellets for use by various industries. In this regard, it has been decided by the Board of Directors to take up the above process initially at laboratory scale by the in-house R&D Centre in collaboration with other institutions and if the results are found to be techno-economically viable, the process could be enlarged to a larger scale. Human Resource Your Company recognises the potential of human resource in providing competitive advantage and considers its employees as the most valuable resource. The Company has achieved its present level of excellence Navratna Status through investing and nurturing in its human resource. Your Company continues to work for developing capabilities and realisation of best potential of its people. The thrust on achieving higher growth coupled with optimal utilisation of manpower continued. The focus on improving productivity and adoption of best practices in every area was relentlessly pursued. Efforts for active participation by employees, has been at the core of HR initiatives and interventions. Strategic alignment of HRM to business priorities and objectives facilitated steps for ensuring a smooth transition for upcoming new facilities. The total manpower of your Company as on 31.03.2012 was 17,733. Employee Development In pursuit of creating a learning organisation, your Company is carrying out training/learning initiatives for skill, competency building and overall development of employees and surrounding society. Your Company has organised 331 in-house programmes in various categories like general management, technical training, safety, quality training etc., covering 13,034 employees. Industrial Relations Thrust on participative culture continued during the year and the industrial relations in various Units and Service Divisions of your Company remained harmonious and cordial. The executives and employees were committed towards the growth of your Company. Implementation of Official Language Policy During the year 2011-12, your Company continued its thrust on official language implementation in line with Government of India''s policy on Official Languages Act, 1963 and Official Languages Rules, 1976. The employees are encouraged to learn Hindi and also to enroll for courses like Prabodh, Praveen and Pragya through correspondence courses and so far a total of 278 employees have enrolled for the same. Hindi Fortnight was organised from 14.09.2011 to 28.09.2011 and the Hindi Day was celebrated on 14th September, 2011. Various Hindi competitions were conducted among employees and cash awards and merit certificates were distributed. Your Company also organised workshops with a focus on working in Unicode fonts on Computers and about 193 employees participated and benefited. Reservation of posts Your Company has been following the rules of the Government with regard to reservation for SC and ST and the details of Group-wise Men-in-Position as on 31.03.2012 are as under: Strength of SC/ST Total Group Strength SC ST Total SC/ST A 4,022 829 164 993 B 116 30 14 44 C 11,908 2,488 118 2,606 D 1.687 363 10 373 Total 17,733 3,710 306 4,016 Group % of SC/ST Total SC ST SC/ST A 20.61 4.08 24.69 B 25.86 12.07 37.93 C 20.89 0.99 21.88 D 21.52 0.59 22.11 Total 20.92 1.73 22.65 Sustainability Development Projects The Department of Public Enterprises has issued the Sustainable Development (SD) guidelines making it mandatory for the CPSE to include SD as a compulsory element in their Moll, under the non financial parameters with mandatory weightage of 5%. In terms of the above guidelines your Company has proposed to take up SD projects in the area of ecology, reclamation and re-use of land in Mines, development of eco-tourism park in Neyveli township, completion of Residual Life Assessment (RLA) studies of Turbine and replacement of final loop of Re-heater 2 coil in one Unit (210MW) of TPS-II, mandatory training programme on SD for students, sequestration of C02 and production of Bio-fuel from flue gas from Thermal Power Plant, Pollution Source Apportion Study for Neyveli industrial area, Water Management-Recharging of Ground Water, utilisation of fly ash in making Brick/Window and renewable energy project (Solar PV Power Project). The Board of Directors has allocated a budget provision of Rs.1.28 crore to take up the above projects which will be implemented from the year 2012-13. Environmental Measures Reclamation and afforestation Reclamation of mine spoil with sterile soil and bringing the mined out land suitable for agricultural, horticulture crops and development of forestry, pasture land etc., is continued. So far, an area of about 2118 hectares of land has been reclaimed besides carrying out afforestation activities in an area of about 1869 hectares of land in all the three mines. As part of massive afforestation programme around 18 million trees have been planted so far in and around Neyveli Township. The recent ''Thane'' cyclone had a devastating impact on Neyveli eco system. About 2.5 lakh trees were lost in the plantation area besides loss of avenue trees on the road side and residential area. Steps have been taken to make up the loss of trees by planting more tree sapling in the industrial area and distribution of about 2.0 lakh fruit bearing tree species like cashew, mango, jack, gooseberry etc., to residents in and around Neyveli to balance the eco system. A continuous Ambient Air Quality Monitoring Station is in operation in CARD with real-time data display at various places. Safety Your Company is taking pioneering efforts in the industrial safety area by conducting risk assessment and safety audit for Mines and Thermal Power Stations in regular periodicity. Since the year 2004-05, your Company has been achieving ''Excellent'' level in terms of accident rate per million mandays in the MoU entered into with the Ministry of Coal, indicating low accident rates. In addition to this overall achievement, zero accident potential has been achieved for the year 2011-12 at TPS-1 & TPS-I I at Neyveli and Mine at Barsingsar. Safety related training like basic, refresher, on-the job, job related briefing etc., are being imparted to all sections of employees in well designed training centres like Group Vocational Training Centre in Mines and Employees Development Centre. Through this exercise, there is a considerable increase in the level of safety awareness among the employees. Vigilance Based on the suggestion of the Vigilance Branch, various circulars/guidelines have been issued for streamlining the rules/procedures etc. Vigilance Awareness Period-2011 was observed in NLC from 31st October, 2011 to 5th November, 2011 and the updated ''Compendium of CVC Circulars'' was released during the function. As greater transparency facilitates in improving the system & procedure and minimising the scope for corruption, all efforts are taken to improve the transparency through leveraging of technology of e-governance initiatives. MoU with Transparency International Members may be aware that your Company has signed a Memorandum of Understanding with Transparency International India, part of Asia Pacific forum comprising 20 nations. Transparency International India is the Indian chapter of Transparency International, an international civil society organisation based at Berlin that has turned the fight against corruption into a worldwide movement. Township Neyveli Township established in February 1959 has grown into a self-contained unit with all infrastructural facilities. This Township spread over 50 Sq.kms. with about 21,000 residential quarters has a total population of about 1,50,000 and has all facilities which includes schools, college, sophisticated general hospital, library, swimming pools, air-conditioned auditorium, stadium, community welfare centres, recreation clubs, reading rooms, parks, banks, shopping complexes etc. Township with all facilities have been established for the Barsingsar project also. Medical Services The General Hospital in Neyveli with 355 beds remains the major provider of service in various base specialties like emergency care, general medicine, surgery, paediatrics, obstetrics & gynaecology, eye, ortho, ENT, skin, psychiatry and chest medicine. The General Hospital undertakes programmes that address health issues at the five major levels of preventive, promotive, curative, rehabilitative and disability limitation strategies. The hospital contributes to the goal of various National Health Programme like Family Welfare Programme, Tuberculosis Control Programme, Leprosy Control Programme, Immunisation Programme, Aids Control Programme, Blindness Prevention Control Programme and Breast Feeding Promotion etc. This hospital fulfills the statutory requirement of meeting the occupational health and safety needs of miners as per the guidelines of Director General of Mines Safety (DGMS) and thermal employees under requirement of OHSAS18001. NLC''s Occupational Health Services (OHS) has been acclaimed as the centre of excellence. OHS-NLC is also the recognised centre for conducting medical examination to assess fitness of miners as per the directive of DGMS. Corporate Social Responsibility Your Company, as a socially responsible corporate citizen, has been carrying out development works in the surrounding villages, right from its inception. - An Annual CSR budget of not less than 1% of the profit after tax has been created by your Company and the CSR projects are monitored periodically by a Sub-committee of Board of Directors. Your Board of Directors have sanctioned Rs.13 crore as budget for CSR projects for the year2012-13. - Base line survey is conducted by your Company before commencement of any CSR Projects. - Time frames and various milestones are fixed before commencement of any Project. - Initiatives of State Governments/Central Government Departments/Agencies are dovetailed/synergised with the CSR activities of your Company. The CSR expenditure of your Company for the year 2011-12 is Rs.11.53 crore. The major CSR initiatives undertaken during the year 2011 -12 are given below: CSR - Peripheral From the year 1998, the system of executing capital works for the development of social infrastructure in the surrounding villages has been streamlined and a structured Peripheral Development Scheme is in operation for the benefit of the villages surrounding Neyveli. Under this scheme, infrastructure and development works like drinking water provision by sinking/ maintaining bore wells, constructing roads, school buildings, libraries, bridges, developing medical facilities, de-silting of lakes etc., are carried out. An independent and progressing annual fund allocation has been made, which grew from Rs.50 lakh in 1998-99 to the present allocation of Rs.200 lakh per year. Works numbering 37 for a value of Rs.363.59 lakh have been completed during the year 2011-12 for the benefit of population in the peripheral villages, while 22 nos. of development works for an agreement value of Rs.461.42 lakh are in progress. Your Company provides continuous water supply to nearby viIlages for irrigating over23,000 acres of land. CSR-Community As part of CSR for the community at large, your Company has proposed to provide social infrastructure facilities to the Igloo village in Leh-Ladakh area which was devastated by cloud burst and consequent landslide during August 2010, at an approximate value of Rs.3 crore and this provision is in addition to the CSR budget provided. Since 1987 your Company has been extending all assistance including grant and infrastructure to Sneha Opportunity Services to run a day-care education and training centre forspecial children of the region. Moreover, Neyveli Health Promotion and Social Welfare Society patronised by your Company has been serving the society by supplying artificial limbs/calipers to the differently abled, apart from running a school for the hearing impaired and a Computer Centre, imparting training for physically challenged, widows and destitute and gainfully employing them. Your Company has been conducting various CSR focused training programmes for the benefit of the students, teachers and others of Neyveli region and 8,653 persons have been benefitted during the year 2011 -12. CSR-Education Your Company recognises the importance of education in human development of the region and offers best education facilities to the students through its 13 Schools - 3 Higher Secondary Schools, 2 High Schools, 5 Middle Schools and 3 Elementary Schools under its management. These schools have been providing education to the students from the peripheral villages also along with the wards of your Company''s employees. Your Company provides infrastructural support and also periodical financial grants to Jawahar Education Society which provides quality education not only to the wards of employees but also to the children of villages around Neyveli Township. An Industrial Training Institute in Barsingsar village was recently inaugurated to impart technical skills in various trades to the population around the project site. CSR-Health Your Company also provides quality medical treatment and occupational health service through its General Hospital to all the inhabitants of the Neyveli Township and its surrounding villages, during the year 2011 -12: - free medical consultation with minimum anti-biotic therapy and vitamins extended to 76,086 out-patients from the rural public. Another 21,324 patients have been given emergency treatment for various causes. - Medical treatment identity books issued to around 10,200 eligible contract workmen for availing medical treatment for self and theirfamily members including inpatient treatment, free of cost. - Community Health Screening for diabetes, hypertension and HIV covering persons from rural population during Annual Book Fair and Safety Week Celebration and counseled for behavioural change. - 14 medical camps were conducted in peripheral villages viz. Iruppu, Kuravankuppam, Matrukkudiyiruppu, Perperiyankuppam, Periyakappankulam, Mettukuppam, C-Keeranur, Iruppukurichi, A-Block, Mudanai, Vadalur, Kattukoodalore, Mudapalli and Kathazhai which are located within about 15 kilometre radius of Neyveli Township and 4,479 persons of these 14 villages have been health-screened and given medical advice and medicines. Contribution to the cause of Women NLC Chapter of''''Forum of Women in Public Sector (WIPS) under the aegis of SCOPE is being patronised by your Company. Your Company provides all the requisite support to this forum in organising various programmes for the growth and development of women. Visit of Parliamentary Committees - Parliamentary Standing Committee on Coal & Steel visited on 2nd June, 2011 and reviewed the performance of your Company. - Parliamentary Committee on Official Language Implementation visited on 14th February, 2012 and reviewed the status of implementation of official language in your Company. Awards & Recognition Awards received by your Company during this year are given below: - Safety and Quality Award from the Institution of Engineers -India (IEI) at Chennai. - State Level First Prize for the Pay Roll Saving Scheme Group Leader for the year 2010-11, instituted by Government of Tamilnadu at Chennai. - Silver Shield at the National Level Environment Award among coal/lignite based Thermal Power Stations instituted by Ministry of Power, Government of India at New Delhi by Thermal Power Station-I Expansion for the year 2010-11. - Organisation with Best HR Strategy in line with Business Award given by Institute of Public Enterprises in HR Leadership Awards 2012. Compliance under Persons with Disabilities Act, 1995 Your Company ensures compliance of provisions under the Persons with Disabilities Act, 1995. Suitable arrangements/modifications are made in the working place to meet the requirements of persons with disability. Compliance under the Right to Information Act, 2005 Your Company ensures compliance under the Right to Information Act, 2005. A Central Public Information Officer, one Appellate Officer, one Additional Appellate Officer and Seventeen Central Assistant Public Information Officers representing different functional areas have been nominated to attend to the queries and appeals received under the RTI Act in a time bound manner. During the year 2011 -12,402 numbers of requests containing more than 2000 queries were received and all the requests have been complied with. Citizen''s Charter Your Company maintains Citizen''s Charter, indicating details of clients, customers under different heads, system of redressal of grievance etc., and the same is regularly updated. Particulars of Employees Particulars of Employees as required under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 - Nil. Energy Conservation and Research & Development The particulars required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 regarding energy conservation measures, technology absorption and expenditure on R&D are furnished in Annexure-1. Management Discussion & Analysis Report and Report on Corporate Governance The Management Discussion & Analysis Report is furnished in Annexure-2. The report on Corporate Governance and with the Auditors'' Certificate on the compliance of Corporate Governance conditions stipulated by Clause-49 of the Listing Agreement and DPE guidelines are furnished in Annexure-3 and 4 respectively. Auditors Cost Audit M/s. S. Mahadevan & Co., CostAccountants, have been appointed as the Cost Auditors for the year 2011-12, to carry out the cost audit for the three Power Stations of the Company. The Cost Audit Report for the year 2010-11 was filed with the Ministry of Corporate Affairs on 23.09.2011 against the due date of27.09.2011. Branch Audit M/s. Prakash K. Prakash, Chartered Accountants has been appointed as the Branch Auditors by Comptroller and Auditor General of India (C&AG) for conducting the audit of Mine and Thermal Units at Barsingsar. Statutory Audit M/s. L.U.Krishnan & Co., Chartered Accountants and M/s. Sreedhar, Suresh & Rajagopalan, Chartered Accountants, were appointed by the C&AG, as Joint Statutory Auditors for the year 2011-12 under Section 619 (2) of the Companies Act, 1956. The Board of Directors of the Company has fixed Rs.12 lakh plus applicable service tax as the Statutory Audit fees, to be shared equally by the Joint Statutory Auditors in addition to reimbursement of out of pocket expenses at actual. C&AG''s Comments C&AG''s comments on the accounts for the year ended 31st March, 2012 is furnished in Annexure-5. Directors'' Responsibility Statement as per Section 217(2AA) of the Companies Act, 1956 The Board of Directors declares:- a. that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b. that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; c. that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. that the Directors had prepared the annual accounts on a going concern basis. Board of Directors On attaining the age of superannuation Shri A.R. Ansari laid down the office of Chairman-cum-Managing Director on 30.06.2012. The Board places on record its appreciation for the valuable services rendered by Shri A. R. Ansari as Chairman-cum-Managing Director of the Company. Shri B. Surender Mohan, who was earlier functioning as Director (Mines) has been appointed as Chairman-cum- Managing Director by the Ministry of Coal w.e.f. 01.07.2012. Shri N. Sundaradevan, Principal Secretary to Government of Tamilnadu, Industries Department, Shri R.K. Mahajan, former Joint Secretary, Ministry of Coal, Smt. Zohra Chatterji, Additional Secretary, Ministry of Coal and Shri Rakesh Kumar were inducted into the Board as Directors w.e.f. 19.07.2011, 12.09.2011, 29.09.2011 and 23.05.2012 respectively.. Sarvashri Rajeev Ranjan, Alok Perti, R.K.Mahajan and K.Sekar relinquished their position as Director w.e.f. 26.05.2011.12.09.2011.23.09.2011 and 31.03.2012 respectively. The Board places on record its appreciation for the valuable contribution made by them during their tenure as Directors on the Board of the Company. Sarvashri R. Kandasamy, Sanjay Govind Dhande, J. Mahilselvan, L.N. Vijayaraghavan, and V. Murali, Directors, retire by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for the re-election. Acknowledgement The Board of Directors of your Company places on record its sincere appreciation for the continued support and guidance extended by Ministry of Coal, Ministry of Power, Ministry of Finance, Ministry of Environment & Forest, Ministry of Industry, Ministry of Labour, Planning Commission, Central Electricity Authority, Central Electricity Regulatory Commission, State Electricity Boards and beneficiaries of Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Puducherry and Rajasthan. The Board of Directors of your Company is pleased to acknowledge with gratitude the co-operation and continued support extended by the Government of Tamil Nadu and the Cuddalore District Administration. The support and co-operation by the Comptroller and Auditor General of India, the Statutory Auditors, Director General of Mines Safety, the Factory & Boiler Inspectorates, the Chief Inspector of Factories, the Director of Boilers, Central Pollution Control Board, State Pollution Control Board, Chief Controller of Explosives, Regional Labour Commissioner, Regional Provident Fund Commissioner, the Company''s Bankers and KfW of Germany need special mention and the Directors acknowledge the same. Your Directors also wish to place on record their appreciation for the dedicated work put forth by the employees at all levels. The positive role played by the recognised Trade Unions and Associations of the Engineers and Officers in maintaining cordial industrial relations deserves special mention. for and on behalf of the Board of Directors PLACE : Chennai B. SURENDER MOHAN DATE : 01.08.2012 CHAIRMAN-CUM-MANAGING DIRECTORTo The Members of Neyveli Lignite Corporation Limited The Directors are pleased to present the 56th Annual Report of your Company together with the audited accounts for the year ended 31st March, 2012. Your Directors are happy to inform that your Company has once again achieved a record performance in lignite production, generation and export of power during the financial year 2011-12. Snapshot of Physical Performance Particulars 2011-12 2010-11 Growth (%) Overburden removal (in LM3) 1651.47 1633.45 1.10 Lignite Production (in LT) 245.90 231.44 6.25 Power Generation - Gross (in MU) 18789.44 17881.08 5.08 Power Export (in MU) 15810.67 14971.26 5.61 LM3-Lakh Cubic Metre LT-Lakh Tonnes MU-Million Units Highlights - Highest removal of Overburden in any year since inception. - Highest production of lignite in any year since inception. - Highest generation (gross) and export of power in any year since inception. - Overburden removal at 828.05 LM3from Mine-ll - highest in any year since inception. - Lignite production of 130.96 LT from Mine-ll - highest in any year since inception. - Power generation (gross) at 11087.65 MU and the export of power at 9278.76 MU from TPS-II - highest in any year since inception. Segment-wise Performance Mines The aggregate installed capacity of lignite mines stands at 30.6 MTPA as on 31st March, 2012. Overall, the physical performance of Mines during the year 2011 -12 was excellent as compared to the previous year 2010-11. The detailed Mine-wise performance are as under: Mine-1 (including expansion) -10.5 MTPA The overburden removal from this Mine during the year 2011-12 was 528.17 LM3 as against 523.08 LM3 in 2010-11, registering a growth of 0.97%. Lignite production during the year under review was 77.34 LT as compared to 83.05 LT registered during the year 2010-11. Lignite production was affected due to lignite seam washout conditions for about 300 x 200 metre area. As informed in the Directors'' Report of the previous year, the restructuring of Mine-1 & IA by adding contiguous lignite blocks to raise the aggregate mining capacity to 15.0 MTPA is in process. The restructuring of the mines is necessitated so as to meet the fuel requirement of the new thermal power project of 1000 MW capacity which is the replacement of the existing 600 MW capacity TPS-I. Mine-IA-3.0 MTPA The overburden removal from this Mine during the year 2011-12 was 215.10 LM3 as against 211.91 LM3 in 2010-11, registering a growth of 1.51%. Lignite production during the year 2011-12 was 28.77 LT compared to 27.19 LT during 2010-11, registering a growth of 5.81 %. Mine-ll (including expansion)-15.0 MTPA The performance of Mine-ll during the year 2011-12 in terms of overburden removal and lignite production was excellent, achieving the highest ever since the inception. The overburden removal from this Mine was 828.05 LM3 as against 802.55 LM3 during the year 2010-11, registering a growth of 3.18%, while the lignite production during the year under review was 130.96 LT compared to 117.11 LT during 2010-11, registering a growth of 11.83%. Approval has been accorded by your Board of Directors in April 2012 for the Revised Cost Estimate ofRs. 2125.83 crore for the Mine-ll Expansion Project. Barsingsar Mine -2.1 MTPA During the year 2011 -12, overburden removal and lignite production were 80.15 LM3 and 8.83 LT respectively, as against 95.91 LM3 and 4.09 LT, respectively, during the previous year 2010-11. As Members may be aware, because of sufficient exposure of lignite, the overburden removal was restricted during the year under review. As regards lignite production, the units of linked Thermal Power Plants were declared for commercial operation only during Dec. 2011/Jan. 2012 and hence the lignite production during the year 2011-12 was restricted to match with the fuel requirement of the power plant. Approval has been accorded by your Board of Directors in March 2012 for the Revised Cost Estimate of Rs. 218.05 crore for this project. Power With the declaration of commercial operation of both the thermal units of Barsingsar project during the year 2011-12, the installed capacity of thermal power generation of your Company stands increased to 2740 MW as on 31st March, 2012. Your Company has set a new record in generation and export of power during the year 2011 -12. Plant-wise performance details are as under: Thermal Power Station-I (600 MW) During the year 2011-12, power generation and export from this plant were 3987.85 MU and 3171.82 MU, respectively, compared to 3878.65 MU and 3088.83 MU, respectively, during the year 2010-11, registering a growth of 2.82% and 2.69% respectively. This plant is one of the oldest power plants in the Country, serving for more than 40 years, with Unit-I of this plant performing for the last five decades. Considering its age, achieving a Plant Load Factor (PLF) of75.67% by this plant is a remarkable achievement. Thermal Power Station-I Expansion (420 MW) The power generation from TPS-I Expansion was 3042.68 MU during the year 2011 -12 as against 2997.04 MU in 2010-11, registering a growth of 1.52% and the power exported during the year under review was 2809.97 MU as against 2743.44 MU during the year 2010-11, registering a growth of 2.42%. This Station achieved a PLF of82.47%. Thermal Power Station-ll (1470 MW) The performance of TPS-II during the year 2011-12 was excellent as the generation and the export of power from this plant were the highest since inception. Power generation during the year 2011-12 was 11087.65 MU as against 10739.78 MU, registering a growth of 3.24% and the export to the Southern Grid during the year under review was 9278.76 MU compared to 8945.55 MU in the year 2010-11, registering a growth of 3.73%. This plant achieved a PLF of 85.87% during the year under \| review. Barsingsar Thermal Power Station (250 MW) Unit-I of Barsingsar Thermal Power Plant was declared for commercial operation during Jan. 2012, while Unit-I I was declared during Dec.2011. The total power generation upto 31st March, 2012 was 617.68 MU and 510.79 MU were exported to Rajasthan DISCOMS. Approval has been accorded by your Board of Directors for the second Revised Cost Estimate of Rs.1868.71 crore in March 2012forthis project. Productivity The output per man shift during the year 2011 -12 as compared with the previous year is given below: Product Unit 2011-12 2010-11 Growth Lignite Tonne 11.18 11.00 1.64% Power Kw./hr 20130 17780 13.22% Financial Performance During the year ended 31st March, 2012 the Company registered a total sales of Rs.4866.85 crore against Rs.4295.95 crore recorded for the year 2010-11, registering a growth of 13.29%. The sales registered for the year 2011-12 was the highest ever since inception. The Profit Before Tax (PBT) and the Profit After Tax (PAT) for the year 2011-12 were Rs.1983.89 crore and Rs.1411.33 crore, respectively, as against Rs.1684.55 crore and Rs.1298.33 crore, respectively, for the year 2010-11. As compared to the previous year 2010-11, the PBT and the PAT for the year 2011-12 recorded a growth of around 18% and 9%, respectively. The PBT and the PAT for the year ended 31st March, 2012 were the highest for anyyear since inception. The main reason for increase in the profit for the year 2011-12 was on account of higher lignite production, higher generation and export of power which had resulted in increased sales. The operation of Barsingsar Power Plant in the last quarter of the financial year 2011 -12 had also contributed for registering higher sales. The details of profit earned for the financial year ended 31st March, 2012 and appropriation of the same in comparison with the previous year ended 31st March, 2011 are asunder: (Rs. in crore) 2011-12 2010-11 Profit before tax 1983.89 1684.55 Tax provision 572.56 386.22 Profit after tax 1411.33 1298.33 Appropriation: Transfer to Bond Redemption Reserve 15.00 15.00 Interest Differential Fund Reserve 18.08 15.25 General Reserve 145.00 130.00 Proposed Dividend 469.76 385.87 Tax on proposed Dividend 76.21 62.60 Dividend The Board of Directors of your Company has recommended a dividend of 28% (Rs.2.80 per share) for the year 2011-12 (previous year 23%). The total outgo on account of dividend including distribution tax will be Rs.545.97 crore (previous year Rs.448.47 crore), which works out to 38.68% on Profit After Tax (PAT) for the year2011-12. Projects under construction/implementation Thermal Power Station-ll Expansion (2x250 MW) Thermal Power Station-ll Expansion project linked to Mine-ll Expansion is under implementation for expanding the capacity of TPS-II from 1470 MW to 1970 MW. Unit-I was synchronised with the designated fuel in June 2011 and is in the process of stabilisation. This unit generated in-firm power of53.58 MU (Gross) during the year under review. As regards Unit-ll, construction activities are in progress. Declaration of commercial operation of Unit-I is expected in October 2012 and the Unit-ll in March 2013. Execution of works by M/s. BHEL, the Main Plant Package contractor, is being closely monitored and periodically reviewed for early commissioning of the units. Approval has been accorded by your Board of Directors in April 2012 for the second Revised Cost Estimate of Rs.3027.59 crore for this project. The cumulative expenditure incurred upto 31st March, 2012 was Rs.2394.54 crore. Neyveli New Thermal Power Project (2x500 MW) Government of India (GOI) has sanctioned the Neyveli New Thermal Power Project (1000 MW) at a capital cost of Rs.5907.11 crore in June 2011 with a commissioning schedule of 48 months and 54 months for Unit-I & II respectively, from the date of sanction. Tendering activities for Main Plant Packages and Balance of Plant Package are in progress. The cumulative expenditure incurred upto 31st March, 2012 was Rs.14.47 crore. Wind Power Project (50 MW) Your Company has proposed to enter into generation of green power by setting up a wind power project of capacity of 50 MW at an estimated cost of Rs.364.75 crore. Tender has been floated for setting up of the above wind farm. Solar Power Project Your Company has also proposed to set up a 25 MW Solar Power Project to be located in Neyveli and in the first phase 10 MW capacity solar power plant is to be set up at an estimated cost of Rs.133.19 crore. Tender has been floated for design, engineering, manufacture, supply, transport, storage, erection, testing and commissioning of the above 10 MW Solar PV power plant. Joint Venture Projects Thermal Power Plant at Tuticorin (2x500 MW) Coal based thermal power project at Tuticorin (1000 MW) is being implemented by your Company as a joint venture with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), at a sanctioned cost of Rs.4909.54 crore through NLC Tamilnadu Power Limited, the Subsidiary Company. Drum lifting for both the units has been completed in September 2011. Construction of dedicated coal jetty for transportation of coal to the power plant is in advanced stage of completion. Erection of boilers, coal and ash handling plants, switchyard, chimney and cooling towers are in progress. Contract for shore un-loader has been awarded and in respect of coal washery and logistics and other peripheral works tenders have been floated and are in process. Fuel linkage for this project is being tied up with Mahanadi Coalfields Limited, a subsidiary Company of Coal India Limited. The Unit-I is expected to be commissioned in Dec. 2013 and Unit-ll in March 2014. The project activities are closely monitored for early commissioning. The cumulative expenditure incurred upto 31st March, 2012 was 12768.27 crore. MNH Shakti MNH Shakti Limited is the Joint Venture Company (JVC) promoted by Mahanadi Coalfields Limited (MCL) holding 70% stake, Hindalco and your Company, each holding 15% stake. The JVC is implementing a 20.0 MTPA coal mining project at Talabira, Odisha and MCL being the majority stakeholder is piloting the above project. Project Funding To meet part of the debt requirement for the Neyveli New Thermal Power Project, your Company has tied up with State Bank of India for availing rupee term loan of Rs.2,500 crore and the balance debt requirement will be met through various other options such as External Commercial Borrowing (ECB), issue of Bonds etc. Your Company has also availed long term loan of Rs.3,495 crore for the expansion project from a consortium of domestic banks with Canara Bank as the consortium leader and so far a sum of Rs.937.50 crore has been repaid. In addition to this, Euro 50 million in the form of foreign currency loan under ECB and issue of secured redeemable taxable non-convertible bonds aggregating to Rs.600 crore were also availed for the expansion projects. The above ECB was repaid during the year 2011-12. New Projects under formulation As stated in the Directors'' Report of the previous year 2010-11, your Company is pursuing the following projects for which Power Purchase Agreements have been entered into with the respective beneficiaries: Bithnok Thermal Power Project (250 MW) with linked Mine (2.25 MTPA) Your Company has proposed to set up a Thermal Power Plant of 250 MW capacity with linked Mine of 2.25 MTPA at Bithnok in Bikaner District, in the State of Rajasthan at an estimated cost of Rs.2,298.83 crore. The total land required for the Bithnok TPS and Mine is 2883 hectares and the acquisition of the same through Government of Rajasthan is in process. Government of Rajasthan has been approached for issue of Mining lease for the proposed Mine project. With regard to environmental clearance for the Mine Project, the proposal is under consideration of Expert Appraisal Committee. Being a ''Navratna'' Company, the project will be considered for implementation by your Board of Directors on receipt of environmental clearance. Barsingsar Extension Power Project (250 MW) and Hadla & Palana Lignite Mine (2.5 MTPA) Your Company, by exploiting the lignite deposits in Hadla and Palana lignite blocks, proposes to set up a 250 MW Power Plant with a linked Mine of 2.5 MTPA capacity, in Bikaner District of Rajasthan, as an extension of the existing Barsingsar Power Plant. The aggregate estimated cost of the project is Rs.2,041.78 crore. Land required for the said project will be acquired through Government of Rajasthan and a proposal has been submitted for grant of mining lease. As far as the power project is concerned, proposal has been placed before MOE&F for issue of environmental clearance and on receipt of the same your Board of Directors will consider the project for implementation. NLC-UPRVUNL Ghatampur Power Project (1980 MW) Your Company has entered into an Moll with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for formation of a Joint Venture Company with equity participation in the ratio of 51:49 to set up a1980 MW (3x660 MW) coal based thermal power project in Ghatampur Tehsil, Kanpur Nagar District in the State of Uttar Pradesh at an estimated cost of Rs.11,128 crore. The Cabinet Committee on Infrastructure (CCI) has approved the above joint venture proposal and the Joint Venture Agreement will be entered into with UPRVUNL shortly. Government of Uttar Pradesh has issued necessary notification for acquisition of about 763 hectares of land and has also allocated 80 cu.secs of water for the project. Ministry of Coal has been approached to allocate coal blocks with an extractable reserve of 600 million tonnes for the above project. Preparation of Feasibility Report and EIA/EMP reports are under progress. Sirkali Thermal Power Project (4000 MW) Your Company has also proposed to set up a 4000 MW coal based power plant at Sirkali in the coastal district of Nagapattinam, Tamilnadu in two phases at an estimated cost of Rs.10,395 crore for phase-l of 1980 MW. Site for locating the power plant has been identified at Thirumullaivasal and action has been initiated for acquisition of land through Government of Tamilnadu and for obtaining clearances from various statutory authorities. Ministry of Coal has been approached for allotment of coal blocks for the above project. Devangudi Mine Project Your Company proposes to develop the Devangudi lignite block, which has a mining area of about 8.2 Sq.Km and a mineable lignite reserve of 42.5 million tonnes, at an estimated cost of Rs.358 crore. The capacity of this Mine will be 2.0 MTPA and the lignite mined out will cater to the needs of cement, paper, brick and other small industries in the neighbourhood area. Restructuring of Mines The TPS-I with a capacity of 600 MW is linked to Mine-I. As stated earlier, since TPS-I is proposed to be replaced with a higher capacity plant of 1000 MW (NNTPS) it has been proposed to take up re-structuring of existing Mine-1 and Mine-IA by adding contiguous lignite blocks for enhancing the aggregate capacity from 13.5 MTPA to 15.0 MTPA to meet the enhanced requirement of lignite of the proposed new plant. Detailed working is in process. Coal Assets As Members may be aware, India is experiencing severe shortage of coal as the domestic demand exceeds the supply. In order to overcome the situation, the Government of India has given guidelines to acquire coal assets abroad so as to have assured long term energy security. The MoU Task-force of GOI has also included ''floating of EOI for acquiring/acquisition/formation of JV for assets abroad'' as one of the MoU parameters for your Company for the year 2012-13. In line with the above, your Board of Directors has accorded approval to initiate action within the guidelines of DPE for acquisition of raw material assets abroad to meet the partial/full coal requirement of projects of your Company in various places which are under implementation/formulation. Your Company is also exploring the possibility to tie up with State Governments who are in possession of coal blocks. Other Projects As discussed in the last year''s report, consequent to the change in the policy of power procurement by States through competitive based tariff route, excepting power projects for which PPA has been signed prior to 6th January, 2011, all other projects could be implemented only when the concerned beneficiaries formally issue a notification for purchase of power through competitive bidding process. In this regard your Company has addressed to Ministry of Coal seeking exemption from the above requirement for lignite based Power projects and the same is awaited. Under these circumstances, it has been decided by the Board of Directors of your Company to keep in abeyance the other envisaged lignite based projects viz., 1000 MW TPS-III linked to 8.0 MTPA (Mine-Ill) in Neyveli and 1000 MW Power Project linked to 8.0 MTPA lignite mine in South Gujarat and not to pursue the 1600 MW Thermal Power project linked to 13.5 MTPA capacity lignite Mine at Jayamkondam and the coal based power project in Odisha. However, on the invitation by the Government of Odisha, your Company has taken initiative to explore the possibility of setting up a power plant as a Joint Venture project with an entity of Government of Odisha. Power Tariff The Central Electricity Regulatory Commission (CERC) initially constituted under the Electricity Regulatory Commission Act, 1998 is a statutory body functioning under the Electricity Act, 2003 and has the responsibility to regulate the tariff of generating Companies owned or controlled by the Central Government and Generators having sale of electricity in more than one State. The terms and conditions of tariff regulations for the period 2009-14 were notified by CERC and tariff orders in respect of TPS-I, TPS-I Expn. and TPS-II have been issued by CERC for the above period. Tariff petition has been filed before CERC for the Barsingsar Power Plant for finalising the tariff for the period from the date of declaration of commercial operation till 31.03.2014. Petitions have been filed separately before CERC for each power station TPS-I, TPS-I Expn. and TPS-II for the revision of O&M norms for the period 2007-08 and 2008-09 on account of wage revision with effect from 01.01.2007 and other pay hikes and revision of annual fixed charges accordingly. Research and Development (R&D) An in-house R&D centre CARD recognised by Department of Science and Technology is functioning since 1975. This Centre takes up various R&D projects on its own and also in association with premier academic institutions in the area of lignite utilisation, waste land reclamation, solid waste utilisation, utilisation of bottom ash generated from thermal plants, corrosion management in SMEs & storm water control pumps etc., besides Coal Science & Technology (Coal S&T) projects funded by Ministry of Coal. Your Company has already patented the process for the production of Potassium Humate from lignite through its R&D efforts. Commercialisation of the above patented process for the production of Potassium Humate is being carried out through M/s. National Research Development Corporation. Further, based on the study conducted in association with IIT/Kharagpur, a bench scale production facility has been erected at CARD to establish the production of Zeolite from fly ash. Process for the preparation of Zeolite from Neyveli fly ash has been optimised and patenting the process is in progress. Your Company is on the look out for any viable project which could offer new avenues for growth in lignite. In this regard, as part of R&D initiative, it is contemplated to undertake a study to produce high strength and high heat value pellets from lignite by reducing the inherent high moisture content which is in the range of 50-55%. This process would increase the calorific value of the lignite from the level of 2600 to 5300 Kcal/kg and would also transform the lignite into a stable and transportable block in the form of pellets for use by various industries. In this regard, it has been decided by the Board of Directors to take up the above process initially at laboratory scale by the in-house R&D Centre in collaboration with other institutions and if the results are found to be techno-economically viable, the process could be enlarged to a larger scale. Human Resource Your Company recognises the potential of human resource in providing competitive advantage and considers its employees as the most valuable resource. The Company has achieved its present level of excellence Navratna Status through investing and nurturing in its human resource. Your Company continues to work for developing capabilities and realisation of best potential of its people. The thrust on achieving higher growth coupled with optimal utilisation of manpower continued. The focus on improving productivity and adoption of best practices in every area was relentlessly pursued. Efforts for active participation by employees, has been at the core of HR initiatives and interventions. Strategic alignment of HRM to business priorities and objectives facilitated steps for ensuring a smooth transition for upcoming new facilities. The total manpower of your Company as on 31.03.2012 was 17,733. Employee Development In pursuit of creating a learning organisation, your Company is carrying out training/learning initiatives for skill, competency building and overall development of employees and surrounding society. Your Company has organised 331 in-house programmes in various categories like general management, technical training, safety, quality training etc., covering 13,034 employees. Industrial Relations Thrust on participative culture continued during the year and the industrial relations in various Units and Service Divisions of your Company remained harmonious and cordial. The executives and employees were committed towards the growth of your Company. Implementation of Official Language Policy During the year 2011-12, your Company continued its thrust on official language implementation in line with Government of India''s policy on Official Languages Act, 1963 and Official Languages Rules, 1976. The employees are encouraged to learn Hindi and also to enroll for courses like Prabodh, Praveen and Pragya through correspondence courses and so far a total of 278 employees have enrolled for the same. Hindi Fortnight was organised from 14.09.2011 to 28.09.2011 and the Hindi Day was celebrated on 14th September, 2011. Various Hindi competitions were conducted among employees and cash awards and merit certificates were distributed. Your Company also organised workshops with a focus on working in Unicode fonts on Computers and about 193 employees participated and benefited. Reservation of posts Your Company has been following the rules of the Government with regard to reservation for SC and ST and the details of Group-wise Men-in-Position as on 31.03.2012 are as under: Strength of SC/ST Total Group Strength SC ST Total SC/ST A 4,022 829 164 993 B 116 30 14 44 C 11,908 2,488 118 2,606 D 1.687 363 10 373 Total 17,733 3,710 306 4,016 Group % of SC/ST Total SC ST SC/ST A 20.61 4.08 24.69 B 25.86 12.07 37.93 C 20.89 0.99 21.88 D 21.52 0.59 22.11 Total 20.92 1.73 22.65 Sustainability Development Projects The Department of Public Enterprises has issued the Sustainable Development (SD) guidelines making it mandatory for the CPSE to include SD as a compulsory element in their Moll, under the non financial parameters with mandatory weightage of 5%. In terms of the above guidelines your Company has proposed to take up SD projects in the area of ecology, reclamation and re-use of land in Mines, development of eco-tourism park in Neyveli township, completion of Residual Life Assessment (RLA) studies of Turbine and replacement of final loop of Re-heater 2 coil in one Unit (210MW) of TPS-II, mandatory training programme on SD for students, sequestration of C02 and production of Bio-fuel from flue gas from Thermal Power Plant, Pollution Source Apportion Study for Neyveli industrial area, Water Management-Recharging of Ground Water, utilisation of fly ash in making Brick/Window and renewable energy project (Solar PV Power Project). The Board of Directors has allocated a budget provision of Rs.1.28 crore to take up the above projects which will be implemented from the year 2012-13. Environmental Measures Reclamation and afforestation Reclamation of mine spoil with sterile soil and bringing the mined out land suitable for agricultural, horticulture crops and development of forestry, pasture land etc., is continued. So far, an area of about 2118 hectares of land has been reclaimed besides carrying out afforestation activities in an area of about 1869 hectares of land in all the three mines. As part of massive afforestation programme around 18 million trees have been planted so far in and around Neyveli Township. The recent ''Thane'' cyclone had a devastating impact on Neyveli eco system. About 2.5 lakh trees were lost in the plantation area besides loss of avenue trees on the road side and residential area. Steps have been taken to make up the loss of trees by planting more tree sapling in the industrial area and distribution of about 2.0 lakh fruit bearing tree species like cashew, mango, jack, gooseberry etc., to residents in and around Neyveli to balance the eco system. A continuous Ambient Air Quality Monitoring Station is in operation in CARD with real-time data display at various places. Safety Your Company is taking pioneering efforts in the industrial safety area by conducting risk assessment and safety audit for Mines and Thermal Power Stations in regular periodicity. Since the year 2004-05, your Company has been achieving ''Excellent'' level in terms of accident rate per million mandays in the MoU entered into with the Ministry of Coal, indicating low accident rates. In addition to this overall achievement, zero accident potential has been achieved for the year 2011-12 at TPS-1 & TPS-I I at Neyveli and Mine at Barsingsar. Safety related training like basic, refresher, on-the job, job related briefing etc., are being imparted to all sections of employees in well designed training centres like Group Vocational Training Centre in Mines and Employees Development Centre. Through this exercise, there is a considerable increase in the level of safety awareness among the employees. Vigilance Based on the suggestion of the Vigilance Branch, various circulars/guidelines have been issued for streamlining the rules/procedures etc. Vigilance Awareness Period-2011 was observed in NLC from 31st October, 2011 to 5th November, 2011 and the updated ''Compendium of CVC Circulars'' was released during the function. As greater transparency facilitates in improving the system & procedure and minimising the scope for corruption, all efforts are taken to improve the transparency through leveraging of technology of e-governance initiatives. MoU with Transparency International Members may be aware that your Company has signed a Memorandum of Understanding with Transparency International India, part of Asia Pacific forum comprising 20 nations. Transparency International India is the Indian chapter of Transparency International, an international civil society organisation based at Berlin that has turned the fight against corruption into a worldwide movement. Township Neyveli Township established in February 1959 has grown into a self-contained unit with all infrastructural facilities. This Township spread over 50 Sq.kms. with about 21,000 residential quarters has a total population of about 1,50,000 and has all facilities which includes schools, college, sophisticated general hospital, library, swimming pools, air-conditioned auditorium, stadium, community welfare centres, recreation clubs, reading rooms, parks, banks, shopping complexes etc. Township with all facilities have been established for the Barsingsar project also. Medical Services The General Hospital in Neyveli with 355 beds remains the major provider of service in various base specialties like emergency care, general medicine, surgery, paediatrics, obstetrics & gynaecology, eye, ortho, ENT, skin, psychiatry and chest medicine. The General Hospital undertakes programmes that address health issues at the five major levels of preventive, promotive, curative, rehabilitative and disability limitation strategies. The hospital contributes to the goal of various National Health Programme like Family Welfare Programme, Tuberculosis Control Programme, Leprosy Control Programme, Immunisation Programme, Aids Control Programme, Blindness Prevention Control Programme and Breast Feeding Promotion etc. This hospital fulfills the statutory requirement of meeting the occupational health and safety needs of miners as per the guidelines of Director General of Mines Safety (DGMS) and thermal employees under requirement of OHSAS18001. NLC''s Occupational Health Services (OHS) has been acclaimed as the centre of excellence. OHS-NLC is also the recognised centre for conducting medical examination to assess fitness of miners as per the directive of DGMS. Corporate Social Responsibility Your Company, as a socially responsible corporate citizen, has been carrying out development works in the surrounding villages, right from its inception. - An Annual CSR budget of not less than 1% of the profit after tax has been created by your Company and the CSR projects are monitored periodically by a Sub-committee of Board of Directors. Your Board of Directors have sanctioned Rs.13 crore as budget for CSR projects for the year2012-13. - Base line survey is conducted by your Company before commencement of any CSR Projects. - Time frames and various milestones are fixed before commencement of any Project. - Initiatives of State Governments/Central Government Departments/Agencies are dovetailed/synergised with the CSR activities of your Company. The CSR expenditure of your Company for the year 2011-12 is Rs.11.53 crore. The major CSR initiatives undertaken during the year 2011 -12 are given below: CSR - Peripheral From the year 1998, the system of executing capital works for the development of social infrastructure in the surrounding villages has been streamlined and a structured Peripheral Development Scheme is in operation for the benefit of the villages surrounding Neyveli. Under this scheme, infrastructure and development works like drinking water provision by sinking/ maintaining bore wells, constructing roads, school buildings, libraries, bridges, developing medical facilities, de-silting of lakes etc., are carried out. An independent and progressing annual fund allocation has been made, which grew from Rs.50 lakh in 1998-99 to the present allocation of Rs.200 lakh per year. Works numbering 37 for a value of Rs.363.59 lakh have been completed during the year 2011-12 for the benefit of population in the peripheral villages, while 22 nos. of development works for an agreement value of Rs.461.42 lakh are in progress. Your Company provides continuous water supply to nearby viIlages for irrigating over23,000 acres of land. CSR-Community As part of CSR for the community at large, your Company has proposed to provide social infrastructure facilities to the Igloo village in Leh-Ladakh area which was devastated by cloud burst and consequent landslide during August 2010, at an approximate value of Rs.3 crore and this provision is in addition to the CSR budget provided. Since 1987 your Company has been extending all assistance including grant and infrastructure to Sneha Opportunity Services to run a day-care education and training centre forspecial children of the region. Moreover, Neyveli Health Promotion and Social Welfare Society patronised by your Company has been serving the society by supplying artificial limbs/calipers to the differently abled, apart from running a school for the hearing impaired and a Computer Centre, imparting training for physically challenged, widows and destitute and gainfully employing them. Your Company has been conducting various CSR focused training programmes for the benefit of the students, teachers and others of Neyveli region and 8,653 persons have been benefitted during the year 2011 -12. CSR-Education Your Company recognises the importance of education in human development of the region and offers best education facilities to the students through its 13 Schools - 3 Higher Secondary Schools, 2 High Schools, 5 Middle Schools and 3 Elementary Schools under its management. These schools have been providing education to the students from the peripheral villages also along with the wards of your Company''s employees. Your Company provides infrastructural support and also periodical financial grants to Jawahar Education Society which provides quality education not only to the wards of employees but also to the children of villages around Neyveli Township. An Industrial Training Institute in Barsingsar village was recently inaugurated to impart technical skills in various trades to the population around the project site. CSR-Health Your Company also provides quality medical treatment and occupational health service through its General Hospital to all the inhabitants of the Neyveli Township and its surrounding villages, during the year 2011 -12: - free medical consultation with minimum anti-biotic therapy and vitamins extended to 76,086 out-patients from the rural public. Another 21,324 patients have been given emergency treatment for various causes. - Medical treatment identity books issued to around 10,200 eligible contract workmen for availing medical treatment for self and theirfamily members including inpatient treatment, free of cost. - Community Health Screening for diabetes, hypertension and HIV covering persons from rural population during Annual Book Fair and Safety Week Celebration and counseled for behavioural change. - 14 medical camps were conducted in peripheral villages viz. Iruppu, Kuravankuppam, Matrukkudiyiruppu, Perperiyankuppam, Periyakappankulam, Mettukuppam, C-Keeranur, Iruppukurichi, A-Block, Mudanai, Vadalur, Kattukoodalore, Mudapalli and Kathazhai which are located within about 15 kilometre radius of Neyveli Township and 4,479 persons of these 14 villages have been health-screened and given medical advice and medicines. Contribution to the cause of Women NLC Chapter of''''Forum of Women in Public Sector (WIPS) under the aegis of SCOPE is being patronised by your Company. Your Company provides all the requisite support to this forum in organising various programmes for the growth and development of women. Visit of Parliamentary Committees - Parliamentary Standing Committee on Coal & Steel visited on 2nd June, 2011 and reviewed the performance of your Company. - Parliamentary Committee on Official Language Implementation visited on 14th February, 2012 and reviewed the status of implementation of official language in your Company. Awards & Recognition Awards received by your Company during this year are given below: - Safety and Quality Award from the Institution of Engineers -India (IEI) at Chennai. - State Level First Prize for the Pay Roll Saving Scheme Group Leader for the year 2010-11, instituted by Government of Tamilnadu at Chennai. - Silver Shield at the National Level Environment Award among coal/lignite based Thermal Power Stations instituted by Ministry of Power, Government of India at New Delhi by Thermal Power Station-I Expansion for the year 2010-11. - Organisation with Best HR Strategy in line with Business Award given by Institute of Public Enterprises in HR Leadership Awards 2012. Compliance under Persons with Disabilities Act, 1995 Your Company ensures compliance of provisions under the Persons with Disabilities Act, 1995. Suitable arrangements/modifications are made in the working place to meet the requirements of persons with disability. Compliance under the Right to Information Act, 2005 Your Company ensures compliance under the Right to Information Act, 2005. A Central Public Information Officer, one Appellate Officer, one Additional Appellate Officer and Seventeen Central Assistant Public Information Officers representing different functional areas have been nominated to attend to the queries and appeals received under the RTI Act in a time bound manner. During the year 2011 -12,402 numbers of requests containing more than 2000 queries were received and all the requests have been complied with. Citizen''s Charter Your Company maintains Citizen''s Charter, indicating details of clients, customers under different heads, system of redressal of grievance etc., and the same is regularly updated. Particulars of Employees Particulars of Employees as required under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 - Nil. Energy Conservation and Research & Development The particulars required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 regarding energy conservation measures, technology absorption and expenditure on R&D are furnished in Annexure-1. Management Discussion & Analysis Report and Report on Corporate Governance The Management Discussion & Analysis Report is furnished in Annexure-2. The report on Corporate Governance and with the Auditors'' Certificate on the compliance of Corporate Governance conditions stipulated by Clause-49 of the Listing Agreement and DPE guidelines are furnished in Annexure-3 and 4 respectively. Auditors Cost Audit M/s. S. Mahadevan & Co., CostAccountants, have been appointed as the Cost Auditors for the year 2011-12, to carry out the cost audit for the three Power Stations of the Company. The Cost Audit Report for the year 2010-11 was filed with the Ministry of Corporate Affairs on 23.09.2011 against the due date of27.09.2011. Branch Audit M/s. Prakash K. Prakash, Chartered Accountants has been appointed as the Branch Auditors by Comptroller and Auditor General of India (C&AG) for conducting the audit of Mine and Thermal Units at Barsingsar. Statutory Audit M/s. L.U.Krishnan & Co., Chartered Accountants and M/s. Sreedhar, Suresh & Rajagopalan, Chartered Accountants, were appointed by the C&AG, as Joint Statutory Auditors for the year 2011-12 under Section 619 (2) of the Companies Act, 1956. The Board of Directors of the Company has fixed Rs.12 lakh plus applicable service tax as the Statutory Audit fees, to be shared equally by the Joint Statutory Auditors in addition to reimbursement of out of pocket expenses at actual. C&AG''s Comments C&AG''s comments on the accounts for the year ended 31st March, 2012 is furnished in Annexure-5. Directors'' Responsibility Statement as per Section 217(2AA) of the Companies Act, 1956 The Board of Directors declares:- a. that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b. that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; c. that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. that the Directors had prepared the annual accounts on a going concern basis. Board of Directors On attaining the age of superannuation Shri A.R. Ansari laid down the office of Chairman-cum-Managing Director on 30.06.2012. The Board places on record its appreciation for the valuable services rendered by Shri A. R. Ansari as Chairman-cum-Managing Director of the Company. Shri B. Surender Mohan, who was earlier functioning as Director (Mines) has been appointed as Chairman-cum- Managing Director by the Ministry of Coal w.e.f. 01.07.2012. Shri N. Sundaradevan, Principal Secretary to Government of Tamilnadu, Industries Department, Shri R.K. Mahajan, former Joint Secretary, Ministry of Coal, Smt. Zohra Chatterji, Additional Secretary, Ministry of Coal and Shri Rakesh Kumar were inducted into the Board as Directors w.e.f. 19.07.2011, 12.09.2011, 29.09.2011 and 23.05.2012 respectively.. Sarvashri Rajeev Ranjan, Alok Perti, R.K.Mahajan and K.Sekar relinquished their position as Director w.e.f. 26.05.2011.12.09.2011.23.09.2011 and 31.03.2012 respectively. The Board places on record its appreciation for the valuable contribution made by them during their tenure as Directors on the Board of the Company. Sarvashri R. Kandasamy, Sanjay Govind Dhande, J. Mahilselvan, L.N. Vijayaraghavan, and V. Murali, Directors, retire by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for the re-election. Acknowledgement The Board of Directors of your Company places on record its sincere appreciation for the continued support and guidance extended by Ministry of Coal, Ministry of Power, Ministry of Finance, Ministry of Environment & Forest, Ministry of Industry, Ministry of Labour, Planning Commission, Central Electricity Authority, Central Electricity Regulatory Commission, State Electricity Boards and beneficiaries of Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Puducherry and Rajasthan. The Board of Directors of your Company is pleased to acknowledge with gratitude the co-operation and continued support extended by the Government of Tamil Nadu and the Cuddalore District Administration. The support and co-operation by the Comptroller and Auditor General of India, the Statutory Auditors, Director General of Mines Safety, the Factory & Boiler Inspectorates, the Chief Inspector of Factories, the Director of Boilers, Central Pollution Control Board, State Pollution Control Board, Chief Controller of Explosives, Regional Labour Commissioner, Regional Provident Fund Commissioner, the Company''s Bankers and KfW of Germany need special mention and the Directors acknowledge the same. Your Directors also wish to place on record their appreciation for the dedicated work put forth by the employees at all levels. The positive role played by the recognised Trade Unions and Associations of the Engineers and Officers in maintaining cordial industrial relations deserves special mention. for and on behalf of the Board of Directors PLACE : Chennai B. SURENDER MOHAN DATE : 01.08.2012 CHAIRMAN-CUM-MANAGING DIRECTOR

Source : Dion Global Solutions Limited

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