NHPC Directors Report, NHPC Reports by Directors

Directors Report	Year End : Mar '11

To the Members, NHPC Limited, The directors'' have immense pleasure in presenting the 35th Annual Report on the performance of your Company, along with the Audited Statement of Accounts, Auditors'' Report and the Review of Accounts by the Comptroller and Auditor General of India for the financial year ended 31st March 2011. 1. financial RESULTS The financial results for the year ended 31st March 2011 are summarized in Table 1 Table-1 financial HIGHLIGHTS (Rs. in Crore) PARTICULARS 2010-11 2009-10 Sales 3999.63 4261.18 Profit before Depreciation, Interest and Tax 4208.73 3878.03 Depreciation 916.74 1018.87 Profit after Depreciation but before Interest and Tax 3291.99 2859.16 Interest & Finance Charges 413.56 457.08 Profit after Depreciation and Interest but before Tax 2878.43 2402.08 Tax 711.76 311.58 Profit after Depreciation, Interest and Tax 2166.67 2090.50 Surplus of Profit and Loss Account of earlier years 3150.50 1963.66 Amount written back from Bond Redemption Reserve 14.25 14.25 Amount written back from Self Insurance Reserve 0.04 - Tax on Dividend-written back 1.80 3.98 Balance available for appropriation 5333.26 4072.39 Appropriations Transfer to Bond Redemption Reserve 100 100 Transfer to Self Insurance Fund 39.31 32.99 Interim Dividend Proposed Final Dividend 738.04 676.54 Tax on Proposed Dividend 119.73 112.36 Balance carried over to Reserves and Surplus 4336.18 3150.50 2. POWER GENERATION The 12 operating NHPC power stations, located in different parts of the country, generated 18606 MUs of power during 2010-11. This exceeded the Memorandum of Understanding (MoU) target of 18000 MUs for ''''Excellent'''' rating by 606 MU. The generation in 2010-11 was higher by 9.70 per cent as compared to the generation during the previous year. During the year, the 120 MW SEWA-II Power Station (3x40) 120 MW was dedicated to the nation in September, 2010. The overall power generation by your Company includes 363 MUs from this project. 3. PROPOSED DIVIDEND Your Directors have recommended a dividend of Re. 0.60 per share (excluding dividend tax) for the year 2010-11. The final dividend shall be paid after your approval at the Annual General Meeting. The total dividend pay out for the year amounting to Rs. 738.04 crore represents 34.06 per cent profits after tax. 4. CAPITAL STRUCTURE Your Company''s paid up capital remained at Rs. 12300.74 crore during the year. 5. STATUS OF ONGOING PROJECTS During the year, your Company had to face many challenges including geological obstacles, natural calamities and local problems, but construction activities continued at a good pace and the projects are in various stages of completion. Presently your Company is engaged in the construction of hydroelectric projects with an installed capacity of 4502 MW as per the details given in Table 2. Six projects - Teesta Low Dam III, Uri II, Chamera III, Nimoo Bazgo, Chutak and Parbati-III are in advanced stages of completion. Table 2: Details of hydroelectric projects under construction Hydroelectric Projects State Proposed Installed Capacity (MW) Teesta Low Dam III West Bengal 132 Uri II Jammu and Kashmir 240 Chamera III Himachal Pradesh 231 Teesta Low Dam IV West Bengal 160 Nimmo Bazgo Jammu and Kashmir 45 Parbati III Himachal Pradesh 520 Parbati II Himachal Pradesh 800 Chutak Jammu and Kashmir 44 Subansiri Lower Assam/ Arunachal Pradesh 2,000 Kishanganga Jammu and Kashmir 330 Total 4,502 6. COMMERCIAL PERFORMANCE Your Company''s commercial performance has been highly satisfactory. It achieved 100 percent sales realization of tariff charges as compared to 97 per cent last year. The Central Electricity Regulatory Commission (CERC) under the Regulations has notified the terms and conditions for determining tariff, which is effective from 1st April, 2009 for a period of five years. The petitions for all 12 power stations have since been filed and tariff for three power stations has already been approved. 7. PROJECT MANAGEMENT An online Project Monitoring Centre has been set up at the corporate office to support video conferencing and provide live video feeds from cameras installed at strategic locations in projects under construction to facilitate the analysis of data on physica progress. 8. NEW SCHEMES Projects in the Clearance/Approval Stages: Details of the projects which are under clearance/approval stages are given in Table-3. As a part of its future expansion programme seven projects of your Company are under various stages of approval. In addition to these four projects with a capacity of 3620 MW are to be executed through JVCs with State/Government PSUs. Table 3: Projects under clearance/approval UNDER NHPC STAND ALONE Sr. No Name of the project Capacity 1 Kotli Bhel I-A, Uttarakhand 195 MW 2 Kotli Bhel I-B, Uttarakhand 320 MW 3 Kotli Bhel II, Uttarakhand 530 MW 4 Teesta-IV, Sikkim 520 MW 5 Dibang, Arunachal Pradesh 3,000 MW 6 Tawang-I, Arunachal Pradesh 600 MW 7 Tawang-II, Arunachal Pradesh 800 MW Total 5965 MW JOINT VENTURE COMPANIES 8 Pakal Dul and others , Jammu & Kashmir 2120 MW 9 Tipaimukh, Manipur 1500 MW Total 3620 MW Grand Total 9585 MW NHPC has incorporated a new joint venture (JV) company i.e Chenab Valley Power Projects (P) ltd in June,2011 to execute Paku Dul and other hydroelectric projects, with an aggregate installed capacity of about 2100 MW in the Chenab basin in the state of Jammu & Kashmir. The equity share capital in the Chenab Valley Power Projects shall be contributed by NHPC, Jammu and Kashmir State Power Development Corporation and PTC India in the ratio of 49:49:2 respectively. 9. PROJECTS UNDER DPR/FR PREPARATION Your Company has undertaken preparation of Detailed Project Reports (DPRs), Feasibility Reports (FRs) and Surveys and Investigations for five projects of the 2155 MW capacity which are under various stages of clearances. The details are given in Table 4. Table 4: DPRs, FRs and Surveys and Investigations Sl. No Projects Capacity 1 Bursar, J&K 1,020 MW 2 Chungar Chal, Uttarakhand 240 MW 3 Garba Tawaghat, Uttarakhand 630 MW 4 Karmoli Lumti Tulli, Uttarakhand 55 MW 5 Lachen, Sikkim 210 MW Total 2155 MW 10. GLOBAL INITIATIVES Under the ''Action Plan'' on India-Bhutan cooperation for developing 10000 MW of hydro power by 2020, the following developments took place during the year: NHPC was entrusted with the work of preparing DPRs of Chamkharchhu-I H.E. Project (670 MW) and the Kuri Gongri H.E. Project (1800 MW) in Bhutan by the Ministry of Power. In March 2010 an agreement was signed between NHPC and the Department of Energy, Royal Government of Bhutan for providing engineering consultancy services for pre-construction activities at the Mangdechhu H.E. Project (720MW) in Bhutan. Further, your Company undertook the following consultancy services:- - Additional investigations and preparation of updated DPRs for the 1200 MW Tamanthi and the 642 MW Shwezaye hydro power and multipurpose projects in Myanmar, as a consultancy assignment with the Ministry of External Affairs (MEA), Government of India. - Varzob-I H.E. project in Tajikistan. The work of RMU of the project is assigned to NHPC under a tripartite agreement signed between MEA, BHEL and NHPC. 11. CONSULTANCY & BUSINESS DEVELOPMENT SERVICES NHPC is providing consultancy services in the following fields of hydro power � river basin studies, survey work, design and engineering, geological and geotechnical studies, hydraulic transient studies, hydrological studies, contract management, construction management, equipment planning, underground construction, testing, commissioning and operation and maintenance. The major consultancy assignments undertaken by your Company include assignments from Central and State Government agencies like State Electricity Boards and Public Sector Undertakings. NHPC is registered with international financial agencies and the Central Water Commission, as a Consultant in the area of hydro power. 12. RGGVY-RURAL ELECTRIFICATION (RE) PROJECTS Your Company is implementing rural electrification projects under the Rajiv Gandhi Gramin Vidyutikaran Yojana (RGGVY) in 27 districts spread over the five States of West Bengal, Bihar, Jammu and Kashmir, Chhatisgarh and Orissa at an estimated cost of approximatelyRs. 2900 crore. The scope of work includes electrification of 29709 villages (9504 unelectrified/de-electrified (UE/DE) and 20205 PE villages) and providing service connections to 20.49 lakh BPL households. During 2010-11, NHPC completed 2667 UE/DE villages and provided 7.48 lakh BPL connections. As on 31.03.2011, the cumulative achievements for UE/DE villages, PE villages and BPL connections was 8632, 14419 and 16.28 lakhs respectively. NHPC is also executing 66 KV transmission lines in the Leh and Kargil districts of Jammu and Kashmir under RGGVY 13. RURAL ROADS PROJECT NHPC has signed a MoU with the Ministry of Rural Development, Government of India and the Government of Bihar for constructing rural roads under the Pradhan Mantri Gram Sadak Yojna (PMGSY). These roads in six districts of Bihar will also be maintained by your Company. Under this scheme, 832 roads totaling 3517 km with a cost ofRs. 1921 crore have been cleared by the Ministry of Rural Development, Government of India. Your Company has so far completed 333 roads with a length of 1627 km (full length) at a cost of Rs. 818.93 crore. 14. INFORMATION TECHNOLOGY & COMMUNICATION After implementing all modules of ERP in the last three years, the key functions of the organization have now been totally IT enabled with a major focus on the management of projects under construction and also the operations and maintenance of power stations. The IT and Communication infrastructure has been upgraded in over 50 locations to support the increased dependence on IT. Necessary IT security measures have been put in place to ensure security of all information assets of the organization. NHPC has created a policy framework for managing the IT systems and assets that it owns so that these are optimally used in a secure manner. 15. TRAINING & HUMAN RESOURCE DEVELOPMENT As a part of its commitment to training, your Company has set up training centres in various power stations. It has also developed learning ventures with leading educational institutions in the country for skill and knowledge enrichment of all sections of its employees. The training programmes are designed and conducted on both existing and upcoming technologies in the power sector. Special training programmes were organized for creating awareness about the features of the reservation policy and other essential provisions for employees in the SC/ST/OBC category. 16. EMPLOYEE RELATIONS During the year, industrial relations were cordial and harmonious at all NHPC projects/stations/units. There was no report of any strike or lockout during the period. Representatives of workmen were allowed to participate in the decision making process, wherever feasible. Scales and Salaries of NHPC Executives were revised during the year, in accordance with the guidelines issued by the Department of Public Enterprises (DPE) based on the recommendations of the 2nd Pay Revision Committee. A wage settlement with workers were signed for the pay revision of the wages. The revision in wages and pay scales of unionized category (workmen) and non-unionized supervisory category have been implemented from 1.1.2007. Details about industrial relations, women employees, staff welfare and Persons with Disabilities (PwD) are given in the Management and Discussion Analysis Report. 17. RESEARCH & DEVELOPMENT (R&D) NHPC''s research and development wing is carrying out several activities in various fields . It is making sustained efforts towards improving self reliance, import substitution, trouble free operations, faster construction, efficiency gains, innovations and cost reductions as well as residual life predictions. Some specific areas in which R&D activities were carried out during the year include: - Computational Fluid Dynamics (CFD) analysis of penstock at the Salal Power Station. - National R&D project development of silt resistant material for hydro generator turbines. - National Perspective Plan (NPP) projects for R&D - tunneling in water charged zones under high hydrostatic pressure. 18. REHABILITATION & RESETTLEMENT (R&R) Your Company is sensitive towards the problems, concerns and aspirations of Project Affected Families (PAFs). Hence, NHPC formulated its own Resettlement & Rehabilitation (R&R) Policy in 2007 which is in line with the National Rehabilitation and Resettlement Policy (NRRP), 2007. Your Company, in its policy has modified the definition of vulnerable persons as to include persons who are disabled, destitute orphans, widows, unmarried girls, abandoned women or persons above 50 years of age who are not provided or cannot immediately be provided with alternative livelihood and who are not covered as part of a family. The main aim behind this redefining of vulnerable persons was to extend the policy to the maximum number of those who are affected. Your Company''s policy provides certain extra benefits over and above those proposed in NRRP 2007. The policy assesses issues related to loss of land, houses, other resources and means of livelihood, etc. of PAFs. It provides an insight into resolving the issues of income generation and concerns of both PAFs and the local people. A major emphasis for your Company is on the economic sustenance of PAFs. Further, to implement NHPC''s R&R policy in its true spirit, an operational manual for effective implementation of various R&R activities has been formulated. 19. VIGILANCE ACTIVITIES The vigilance division issued a number of preventive/proactive circular in the areas of administrative functioning, works and procurement to ensure good governance by promoting values of ethics and integrity. In addition, circulars and guidelines issued by the CVC from time to time were re-circulated in the corporation for awareness and implementation. Your company has signed the MoU with the Transparencies International India. An integrity pact is being implemented for works and procurement for Rs. 15 crore and Rs. 25 lakhs respectively, this has been implemented as per the guidelines of the CVC. Your Company has signed a MoU with Transparencies International India. 20. IMPLEMENTATION OF FRAUD PREVENTION POLICY The fraud prevention policy has been formulated and implemented in your company. 21. IMPLEMENTATION OF OFFICIAL LANGUAGE The provisions of the Official Language Act and rules were followed in the Company. Efforts were made to increase the progressive use of the official language in accordance with the policy of the Government of India. Inspections were conducted in the corporate office and at power stations/projects/regional offices to monitor progress. Rajbhasha inspection of our regional office Uttarakhand (Dehradun) was conducted by 2nd Sub- Committee of Parliament on official language. During inspection committee appreciated the official language progress of our company. A Hindi fortnight was observed from 1-15 September, 2010. Rajbhasha magazine ''Rajbhasha Jyoti'' was released during the event Hindi competitions were organized. The All India Hindi Kavi sameelan was organized to promote and propogate the official language Rajbhasha. During the year workshops and training classes in Hindi were also conducted. A Hindi ''Kavya Path'' and ''Bhashan Pratiyogita'' were organized for the children of employees at the NHPC residential complex at Faridabad. NHPC was also conferred with the first prize under the Indira Gandhi Rajbhasha Shield Yojna'''' by the Government of India for the year 2008-09, which is the highest award of the Government of India in the field of implementation of Rajbhasha. NHPC also received the Rajbhasha Shield and citation, as first prize for 2008-09 and second prize for 2009-10 under the NTPC Rajbhasha Shield Yojna for outstanding work in implementing Rajbhasha. Apart from this your Company''s three regional offices and one power station were also awarded Rajbhasha shields in appreciation of their work by the Ministry of Home Affairs, Government of India. Your Company also played an important role in the publishing of the ''Power Glossary'' by the Ministry of Power. 22. CORPORATE COMMUNICATIONS The organization''s initiatives and achievements were appropriately highlighted through print and electronic media throughout the country, creating awareness among the public about the strengths and capabilities of NHPC in the development of hydro power. Your Company participated in various exhibitions in India and abroad , in sports related activities under the aegis of the Power Sports Control Board, Ministry of Power and conveyed the message of ''Clean Power Hydro Power''. Corporate films on NHPC and a film on the environment were screened at a number of platforms. The bi-monthly NHPC NEWS and the monthly Communiqu� continued to be effective tools of internal communication. As a part of its attempts at propagating Energy Conservation Day 2010, NHPC coordinated a painting competition for school children organized by the Bureau of Energy Efficiency (BEE), Ministry of Power at the national and state levels. 23. AWARDS AND ACHIEVEMENTS During 2010-11, NHPC received various prestigious awards. Some of these are: - NHPC was adjudged the top Indian company under the power sector at the Dun & Bradstreet�Rolta Corporate Awards for its contribution to the Indian economy. - NHPC was conferred with the Best PSU award for creating Alternative Energy Resources. - The Gentle Giants Award under the Non-Manufacturing-Mini Ratna category by the Dalal Street Investment Journal was given to NHPC. - India Power award 2010 by the Council of Power Utilities for ''Social and Community Impact'' in recognition of NHPCs outstanding work under Corporate Social Responsibility. - CIDC Vishwakarma Award 2011 under the category Social Responsibility. 24. CORPORATE SOCIAL RESPONSIBILITY NHPC''s commitment to Corporate Social Responsibility (CSR) finds echoes in its Corporate Mission Statement: ''To execute and operate projects in a cost effective, environment friendly and socio-economically responsive manner.'' In line with DPE guidelines on CSR, your Company has formulated a policy on CSR and has undertaken a number of CSR initiatives in the areas of health, education, peripheral development, sports & culture, employment opportunities and the environment for communities living in and around power stations and construction projects. Various other initiatives like developing herbal parks with medicinal values, afforestation, catchment area treatment (CAT), fisheries management, vocational training programmes, medical camps and infrastructural development were also undertaken during the year. 25. CORPORATE GOVERNANCE A separate statement on Corporate Governance is enclosed as a part of the Directors'' Report along with the Certificate for Compliance as Annexure-I and the Management Discussion and Analysis Report as Annexure-II to this Report. 26. RIGHT TO INFORMATION ACT, 2005 In compliance with the provisions of the Right to Information Act 2005, your Company provided various documents/records on its website during the year. To enable nationwide access to information, Assistant Public Information Officers were appointed at each of the power stations/ projects/regional offices/units. All the applications received under the Right to Information Act were attended to and the information furnished to the applicants. Shri S.K. Dubey, Chief Engineer, is designated as the Central Public Information Officer. 27. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The information pertaining to conservation of energy and technology absorption and foreign exchange earnings and outgo as required under Section 217 (1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Repository, the Board of Directors) Rules, 1986 is given in Annexure III and forms part of the Directors'' Report. See Annexure-III to the report for details. 28. PARTICULARS OF EMPLOYEES This information is required under Section 217(2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) Rules 1975 is given in Annexure-IV to the report. 29. AUDITORS M/s. SBG & Co., Delhi were appointed as statutory auditors for conducting the audit for 2010-11. Baweja & Kaul, Tiwari & Associates, Singhi & Co. and A. Kayes & Co. were appointed as branch auditors for 2010-11. 30. AUDITOR''S REPORT The Auditor''s Report refers to various notes incorporated by the Company in Schedule 24, which are self-explanatory. The report of the Statutory Auditors and with comments of the Comptroller and Auditor General of India are enclosed as Annexures-V and VI respectively. The consolidated financial statement of the Company along with the Auditor''s Report is given in Annexure-VII. 31. COST AUDITORS As prescribed under the Cost Accounting Records (Electricity Industry) Rules 2001, cost accounts are being maintained by all stations of the Company since 2002-03. The cost audit for 2010-11 is under progress. The following firms of cost auditors were appointed to conduct an audit of cost accounting records of power stations indicated against each firm for the financial year 2010-11 under Section 233-B of the Companies Act 1956: Name of the Firm Name of Power Station M/s K. L. Jaisingh & Co., Noida Uri-Power Station & Dulhasti Power Station M/s K. G. Goyal & Associates, New Delhi Sewa-II H.E Project & Chamera-I Power Station M/s. S.K. Adya & Co., Faridabad Dhauliganga Power Station & Tanakpur Power Station M/s Jugal K Puri & Associates, New Delhi Bairasiul Power Station & Chamera- II Power Station M/s. D. Dutt & Associates, Kolkata Loktak Power Station & Rangit Power Station M/s R.M Bansal & Co., Kanpur Salal Power Station & Teesta-V Power Station The details of the cost audit report filed for the financial year-2009-10 are given below: Sl. Power Name of Cost Auditor Member No. Station ship No. 1 Uri I K L JAISINGH AND CO., 1222 COST ACCOUNTANTS 2 Dulhasti K L JAISINGH AND CO., 1222 COST ACCOUNTANTS 3 Salal K G GOYAL AND 10884 ASSOCIATES, COST ACCOUNTANTS 4 Chamera I K G GOYAL AND 10884 ASSOCIATES, COST ACCOUNTANTS 5 Bairasiul JUGAL K PURI AND 3703 ASSOCIATES, COST ACCOUNTANTS 6 Chamera II JUGAL K PURI AND 3703 ASSOCIATES, COST ACCOUNTANTS 7 Loktak D DUTT AND 11633 ASSOCIATES, COST ACCOUNTANTS 8 Rangit DGM AND ASSOCIATES, 10223 COST ACCOUNTANTS 9 Teesta V DGM AND ASSOCIATES, 10223 COST ACCOUNTANTS 10 Dhauliganga S K ADYA AND CO., 765 COST ACCOUNTANTS 11 Tanakpur S K ADYA AND CO., 765 COST ACCOUNTANTS Sl. Address Due Date Actual Date of filing of of filing of Cost Audit Cost Audit Report Report No. 1 J-7, SECTOR- XI, JAISINGH 9/27/2010 9/1/2010 HOUSE, NOIDA - 201301 2 J-7, SECTOR- XI, JAISINGH 9/27/2010 9/1/2010 HOUSE, NOIDA - 201301 3 4-A, POCKET 2, MIX 9/27/2010 9/2/2010 HOUSING, NEW KONDLI, MAYUR VIHAR III NEW DELHI- 110096 4 4-A, POCKET 2, MIX 9/27/2010 9/2/2010 HOUSING, NEW KONDLI, MAYUR VIHAR III NEW DELHI- 110096 5 K 19 (GF), SOUTH 9/27/2010 9/8/2010 EXTENSION PART - II, NEW DELHI-110049 6 K 19 (GF), SOUTH 9/27/2010 9/8/2010 EXTENSION PART - II, NEW DELHI-110049 7 58, CREEK ROW, 9/27/2010 9/13/2010 KOLKATA - 700014 8 64 BB GANGULY STREET, 9/27/2010 9/2/2010 2ND FLOOR, KOLKATA. 700012 9 64 BB GANGULY STREET, 9/27/2010 9/2/2010 2ND FLOOR, KOLKATA. 700012 10 1158/SECTOR -14, 9/27/2010 9/7/2010 FARIDABAD - 121007, Haryana 11 1158/SECTOR -14, 9/27/2010 9/7/2010 FARIDABAD - 121007, Haryana 32. CONSOLIDATED financial STATEMENTS: In accordance with the Accounting Standard AS-21 on Consolidated financial Statements read with Accounting Standard AS-23 on Accounting for Investments in Associates and AS-27 on financial Reporting of Interest in Joint Ventures, the Audited Consolidated financial Statements are provided in the Annual Report. A statement of the holding company''s interest in the Subsidiary Company is annexed to the report. 33. SUBSIDIARY COMPANIES Your company has two subsidiary companies - NHDC Limited and Loktak Downstream Hydroelectric Corporation Limited. Detailed information about these companies is given in the Management Discussion Report. The Annual Accounts along with Report of the Auditors, Directors'' Report of the shareholders NHDC Ltd and Loktak Downstream Hydroelectric Corporation Limited are not being attached with the Balance sheet of the company. In accordance to the general circular issued by the Ministry of Corporate Affairs, Government of India any shareholder interested in obtaining a copy of these reports related to the Subsidiary Companies may write to the Company Secretary at the Company''s registered office. The information is also available on the NHPC website www.nhpcindia.com. The annual accounts of the subsidiary will also be kept open for inspection at the Registered Office of the Company and that of the respective of subsidiary companies. The consolidated financial statements presented by the Company include the financial results of its subsidiaries. The statement under Section 212 of the companies Act, 1956 is annexed to this Report. 34. DIRECTORS RESPONSIBILITY STATEMENT As required under Section 217 (2AA) of the Companies Act, 1956, the Directors hereby confirm the following: i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; ii. The Directors have 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; iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities to the best of their knowledge and ability; and iv The Directors have prepared the annual accounts on a going concern basis. 35. BOARD OF DIRECTORS Since the last report the Chairman and Managing Director of NHPC Limited Shri S.K.Garg superannuated on 31.12.2010. The following independent directors have also completed their tenures: Smt. Komal Anand, Independent Director, ceased to be Director on the Board with effect from 02.04.2011 Shri A.K.Mago, Independent Director, ceased to be Director on the Board with effect from 03.04.2011 Shri Raman Sidhu, Independent Director, ceased to be Director on the Board with effect from 07.04.2011 Shri R. Jeyaseelan, Independent Director, ceased to be Director on the Board with effect from 23.04.2011 Dr. Kuriakose Mamkottam, Independent Director, ceased to be Director on the Board with effect from 17.06.2011 The present composition of the Board is given in the Report on Corporate Governance. ACKNOWLEDGEMENTS The Board of Directors acknowledges with deep appreciation, the cooperation and guidance received from the Government of India, especially the Ministry of Power, Ministry of Finance, Planning Commission, State Governments, Bankers, SEBI, Stock Exchanges, financial nstitutions, Lenders and Investors. The Board also acknowledges and appreciates the contributions made by contractors, vendors, consultants and others for achieving the desired goals of the Company. The Board places on record its special appreciation for the beneficiaries drawing power, State Electricity Boards and other valuable clients for consultancy assignments. The Board also places on record its deep admiration for the cooperation extended by Statutory Auditors, Cost Auditors and the Office of the Comptroller and Auditor General of India. Further, the Board wishes to convey its gratitude to all the employees of NHPC for their untiring efforts, valuable services, dedication and commitment. The co-operation of these stakeholders have been vital for the success and achievements of the Company. For and On behalf of the Board of Directors (A.B.l. Srivastava) Chairman and Managing Director DIN No.: 01601682 Date : Faridabad Place: 12.08.2011

Source : Dion Global Solutions Limited

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