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NTPC
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Download Annual Report PDF Format 2012 | 2011 | 2010
Directors Report Year End : Mar '12    « Mar 11
The Directors are pleased to present the 36th Annual Report and MW
 during 2010-11. With this addition, the Company surpassed the audited
 financial statements for the year ended March 31, the 11th plan target
 of 9,220 MW by achieving a total capacity 2012.  addition of 9,610 MW.
 
 Your Company has added capacity of 2,820 MW during the year After
 commissioning of 2,160 MW capacity since April 2012, 2011-12 surpassing
 its earlier best capacity addition of 2,490 NTPC has now become a
 39,174 MW Company.
 
 1.  FINANCIAL RESULTS
 
 Revenue                       2011-12                      2010-11
 
                        Rs. Crore     US $ Mn*      Rs. Crore    US $ Mn*
 
 Net Revenue from 
 Operations (including 
 Energy Sales,          62,052.23     12,018.64     55,062.65   10,664.86
 Consultancy, Energy 
 consumed internally)
 
 Other Income            2,778.42        538.14      2,344.65      454.12
 
 Total Revenue          64,830.65     12,556.78     57,407.30   11,118.98
 
 Expenses
 
 Fuel                   41,635.46      8,064.20     35,373.78    6,851.40
 
 Employee Benefits
 Expense                 3,090.48        598.58      2,789.71      540.33
 
 Finance Costs           1,711.64        331.52      1,420.96      275.22
 
 Depreciation and 
 amortization 
 expense                 2,791.70        540.71       2,48569      481.44
 
 Generation,
 administration & 
 other expenses          3,588.79        695.10      4,926.28      954.15
 
 Prior Period 
 items (net)              (313.58)       (60.74)    (1,638.72)    (317.40)
 
 Total Expenses         52,504.49     10,169.37     45,357.70    8,785.14
 
 Profit before Tax      12,326.16      2,387.41     12,049.60    2,333.84
 
 Tax Expense             3,102.43        600.90      2,947.01      570.79
 
 Profit for the year     9,223.73      1,786.51      9,102.59    1,763.05
 
 Appropriations:
 
 Transfer to bond 
 redemption reserve        482.38         93.43        494.94       95.86
 
 Transfer to general 
 reserve                 5,200.00      1,007.17      5,200.00    1,007.17
 
 Transfer to 
 capital reserve             0.44          0.09          6.87        1.33
 
 Interim dividend        2,885.92        558.96      2,473.63      479.11
 
 Proposed dividend         412.27         79.85        659.63      127.76
 
 Tax on dividend           527.92        102.25        514.77       99.70
 
 *1US $= Rs. 51.63 as on March 31, 2012
 
 2.  FINANCIAL PERFORMANCE
 
 2.1 Revenue
 
 The total revenue of your Company for the year increased by 12.93% to Rs.
 64,830.65 crore from Rs. 57,407.30 crore during the previous year.
 
 2.2 Profit Before and After Tax
 
 The profit before tax was Rs. 12,326.16 crore for the financial year
 2011-12 as against Rs. 12,049.60 crore last year. The profit after tax
 increased by 1.33% to Rs. 9,223.73 crore from Rs. 9,102.59 crore.
 
 3.  DIVIDEND
 
 3.1 Interim and Final Dividend
 
 In addition to interim dividend of Rs. 3.50 per equity share paid in
 February 2012, your Directors have recommended a final dividend of Rs.
 0.50 per equity share for the year 2011-12. The total dividend for the
 year is Rs. 4.00 per equity share of Rs. 10/- each against Rs. 3.80 per 
 share paid during last year. The total dividend payout is 35.76% and the
 total dividend payout including dividend tax is 41.48% of profit after
 tax. The final dividend shall be paid after your approval at the
 Annual General Meeting. The dividend has been recommended in accordance
 with your Companys policy of balancing dividend pay-out with the
 requirement of deployment of internal accruals for its growth plans.
 Your Directors believe that growth of the Company through capacity
 addition, backward and forward integration and strategic diversifi
 cation of its operations would lead to increase in shareholders value.
 
 4.  OPERATIONAL PERFORMANCE
 
 4.1 Generation
 
 During the year, the power stations of your Company generated 222.07
 BUs of electricity which was 25.48% of the total power generated in
 India (without Bhutan import).  The total power generated by the
 Company including its JVs and subsidiary was 240.31 BUs which was
 27.57% of the total power generated in India (without Bhutan import).
 The power generated by the Company has registered an increase of 0.69%
 over the previous years generation of 220.54 BUs. The total generation
 contributed by coal stations is 199.054 BUs during the year against
 generation of 195.282 BUs last year registering a growth of 1.93%.
 Generation could have been still higher but due to less grid demand,
 there was generation loss of 5.93 BUs. The coal based stations of your
 Company operated at average Plant Load Factor (PLF) of 85.00% (All
 India PLF 73.32%) and average Availability Factor of 89.73% on bar
 during the year.  During the year, 6 coal based stations out of 15
 achieved more than 90% PLF.
 
 The gas stations having a capacity of 3,955 MW achieved annual
 generation of 23.014 BUs at a PLF of 65.22% as against 25.255 BUs last
 year mainly due to less grid demand which accounted for a generation
 loss of 10.176 BUs. The average declared capacity of gas based stations
 of the year was 93.81% as compared to 92.60% during previous year.
 
 Management Discussion and Analysis Report
 
 Management Discussion and Analysis Report for the year under review, as
 stipulated under Clause 49 of the Listing Agreement with the Stock
 Exchanges in India, is presented in Annex-I to this Report.  5.
 COMMERCIAL PERFORMANCE
 
 Your Company has realized 100% payment of current bills raised for sale
 of power for the ninth consecutive year.
 
 5.1 Rebate Scheme/ One Time Settlement Scheme for realization of dues
 
 In order to achieve early realization of dues, provision of rebate,
 even for customers making payment after 30 days and upto 55th day, has
 been introduced in the Rebate Scheme for 2012-13. All the benefi
 ciaries have established Letters of Credit (LC) and are maintaining it.
 As on 31.05.2012, your Company has monthly LCs of Rs. 4,888.74 crore.
 RBI, on behalf of State Governments, redeemed the bonds and serviced
 half-yearly interest installments on bonds in time as per One Time
 Settlement Scheme. The matter of securitization of outstanding dues
 amounting to Rs. 1,310.83 crore pertaining to DESU period payable by
 Government of NCT of Delhi is under active consideration by the
 Ministry of Power.
 
 5.2 Power Purchase Agreements for renewable energy Your Company had
 signed Power Purchase Agreements (PPAs) for Solar PV projects at
 Andaman & Nicobar Islands, Dadri, Faridabad, Raigarh, Ramagundam,
 Unchahar & Talcher and for Solar Thermal Project at Anta. The
 cumulative renewable energy capacity for which PPAs have been signed is
 118 MW, consisting of 110 MW of solar capacity and 8 MW of small hydro
 capacity at Singrauli. PPA has been signed with West Bengal for sale of
 75 MW allocated to the Company from Farakka-III.
 
 5.3 Commercial Capacity
 
 The following units were declared commercial during the year 2011-12,
 adding 1,160 MW to commercial capacity of your Company:
 
 Project/ Unit          Capacity (MW)           COD*
 
 Sipat-I, Unit#1            660               01.10.2011
 
 Simhadri-II, Unit#1        500               16.09.2011
 
 Total                    1,160
 
 * COD- Commercial Operation Date
 
 Further, after the financial year 2011-12, Unit#6 of 500 MW of
 Farakka, Unit#2 of 660 MW of Sipat, Unit#2 of 500 MW of Jhajjar (JV
 i.e. Aravali Power Company Private Limited) have been declared
 commercial.
 
 5.4 Determination of Tariff
 
 Your Company had filed tariff petitions for the five-year period
 starting 1.4.2009 before CERC for all the stations in accordance with
 the CERC (Terms and Conditions of Tariff) Regulations, 2009. The final
 tariff orders have been received for 19 stations till 30.06.2012.
 
 5.5 Strengthening Customer Relationship
 
 Customer Relationship Management (CRM) initiative has been taken by
 your Company towards strengthening relationship with our customers.
 Under this, regular structured interaction with customers takes place
 on an ongoing basis for sharing of feedbacks /experiences
 /expectations. These meetings provide a platform for better interaction
 and sharing of experiences for mutual benefits. Based on the feedback
 received from the customers, the Company provides various support
 services to them, identifi es potential areas of cooperation and shares
 each others best practices.  Besides, your Company also organized
 Regional Customer Meets, State specific Business Partner Meets and
 GENCOs Meets for better interaction and sharing of experience.
 
 Starting from 2008-09, NTPC has rolled out a Customer Satisfaction
 Index (CSI) for gathering customers feedback and responding to their
 requirements. This initiative serves as a useful tool for further
 strengthening Customer Relationship and better appreciation of our
 business imperatives.
 
 5.6 Supply of Electricity in 5 Kms area around plant
 
 Under the scheme of Government of India for provision of supply of
 electricity in 5 Kms area around Central Power Plants, your Company is
 implementing the electrification work around 29 projects. Award for
 implementation of the scheme has been placed at 8 stations.
 
 6.  INSTALLED CAPACITY
 
 During the year 2011-12, your Company added 2,820 MW detailed as under:
 
 Project/ Unit installed during                           Capacity
 FY 2011-12                                               (MW)
 
 NTPC owned         
 
 Sipat-I                                                    1,320
 
 Simhadri-II                                                  500
 
 Under JVs
 
 Jhajjar (JV with HPGCL & IPGCL)                              500
 
 Vallur (JV with TANGEDCO)                                    500
 
 Addition during FY 11-12                                   2,820
 
 Project/ Unit installed in the first                   Capacity
 quarter of FY 2012-13                                   (MW)
 
                          NTPC owned       
 
 Sipat -I, Unit#3                                           660
 
 Vindhyachal, Unit#11                                       500
 
 Rihand, Unit#5                                             500
 
 Mouda, Unit#1                                              500
 
 Addition after FY 11-12                                  2,160
 
 The capacity added by NTPC Group has registered a growth
 of 13.25% over the preceding year.
 
 6.1    Installed Capacity of NTPC Group
 
 The total installed capacity of the NTPC Group has increased
 to 37,014 MW as on 31.03.2012 as tabulated below:
 
 Owned by NTPC                                           MW
 
 Coal based projects                                   28,695
 
 Gas based projects                                     3,955
 
 Sub-total                                             32,650
 
 Joint Ventures & Subsidiaries
 
 Coal based projects                                    2,424
 
 Gas based projects                                     1,940
 
 Sub-total                                              4,364
 
 Total                                                 37,014
 
 Now, with the commissioning of 2,160 MW after the
 financial year 2011-12, the installed capacity of NTPCs
 Group has become 39,174 MW.
 
 7.      CAPACITY ADDITION PROGRAM
 
 Your Company has adopted a multi-pronged growth strategy which includes
 capacity addition through green field projects, brown field
 expansions, joint ventures and acquisitions towards its journey to
 become the worlds largest power producer. In addition to furthering
 capacity addition through Coal / Gas based thermal power projects, your
 Company has been pursuing enhancement of its power generation portfolio
 through Hydro, Renewable Energy and Nuclear energy projects.
 
 7.1 Projects under Implementation
 
 Your Companys various projects having aggregate capacity of 14,818 MW
 including 2,890 MW, being undertaken by Joint Venture Companies were
 under construction as on 31.03.2012 excluding 2,160 MW commissioned
 during first quarter of financial year 2012-13, as detailed below:
 
 List of Ongoing Projects as on 31.03.2012 excluding 2,160 MW
 commissioned during first quarter of FY 2012-13
 
 Name of the Project                                 Capacity
                                                     (MW)
 
 I.     Projects under NTPC Ltd
 
 A.     Coal Based Projects
 
 1.     Barh-I                                        1,980
 
 2.     Bongaigaon-I                                    750
 
 3.     Mouda-I                                         500
 
 4.     Barh-II                                       1,320
 
 5.     Rihand-III                                      500
 
 6.     Vindhyachal-IV                                  500
 
 7.     Kudgi                                         2,400
 
 8.     Solapur                                       1,320
 
 9.     Mouda-II                                      1,320
 
        Sub Total (A)                                10,590
 
 
 
 Name of the Project                                   Capacity
                                                        (MW)
 
 B.    Hydro Electric Power Projects (HEPP)
 
 10.   Koldam                                           800
 
 11. Tapovan Vishnugad                                  520
 
 Sub Total(B)                                         1,320
 
 C.    Renewable Projects
 
 12.   Singrauli CW HEPP                                  8
 
 13.   Dadri Solar PV                                     5
 
 14.   Andaman Solar PV                                   5
 
 Sub Total (C)                                           18
 
 Total I (A)+(B)+(C)                                 11,928
 
 II     Projects under JVs
 
 Coal Based Projects
 
 15.   Jhajjar- JV with HPGCL & IPGCL                   500
 
 16.   Vallur - JV with TNEB                          1,000
 
 17.   Nabinagar- JV with Railways                    1,000
 
 18.   Muzaffarpur Expansion (MTPS)-                    390
 
 JV with BSEB
 
 Total II                                             2,890
 
 III    Total On-Going Projects as on                14,818
 31.03.2012 (I)+(II)
 
 List of Projects added in first quarter of
 FY 2012-13
 
 IV.   Project under NTPC Ltd. (Coal Based)
 
 19. Vindhyachal-V|                                     500
 
 V     Project under JVs
 
 20.   Meja (JV with UPRVUNL)                         1,320
 
 VI    Total Ongoing Projects added within            1,820
 first quarter after FY 2011-12
 
 VII   Total Projects under Construction by          12,428
 NTPC till first Quarter after FY 2011-12
 
 (I+IV)
 
 VIII  Total Projects under Construction by           4,210
 JVs till first Quarter after FY 2011-12
 
 (II+V)
 
 IX    Total Projects under Construction by          16,638
 NTPC Group till first Quarter after FY
 2011-12 (VII+VIII)
 
 Now, with the placement of main plant package award for Vindhyachal-V
 (500 MW) and for Meja (1,320 MW) projects, NTPC Groups aggregate
 capacity under construction has become 16,638 MW (including 4,210 MW by
 JVs).
 
 7.2 New Projects
 
 Your Company has a capacity addition program for 14,038 MW capacity
 under 12th Plan Period (2012-2017) which includes 2,890 MW capacity
 through Joint Ventures and Subsidiaries. Proposals for 12,941 MW
 capacity addition are under various stages of bidding. Feasibility
 Reports have been approved for additional capacity of 12,111 MW
 (including 2,100 MW through JV and Subsidiaries).  Your Company has
 also taken up studies/ preparation of
 
 Feasibility Reports of about 13,000 MW capacity and is pursuing
 statutory clearances for various other projects to be taken up in
 future.
 
 7.3 New Technology
 
 To meet the future challenges of meeting Indias electricity needs at
 affordable cost with minimum environmental impact, your Company has
 drawn a long term Technology Roadmap up to year 2032 which involves
 development, adoption and promotion of safe, Efficient and clean
 technologies for entire value chain of power generation business.
 
 Your Company has adopted several new technologies including combined
 cycle gas-fired power stations, Merry-go-round, Distributed Digital
 Control & Management Information System, High Voltage Direct Current
 transmission, Sliding Pressure Operation of SG, Dry Ash Extraction and
 Disposal, 765 KV Switchyard, Ash Water Recirculation System, Liquid
 Waste Management System, Performance Analysis and Diagnostic
 Optimization, Tunnel Boring Machines and Super Critical Technologies.
 In order to improve efficiency further your Company has adopted higher
 steam parameters for Barh Expansion project and all of its 660 MW and
 800 MW projects resulting in 5% gain in efficiency over the effi
 ciency of conventional sub-critical 500 MW unit considering similar
 coal. For the sub-critical 500 MW units also, reheat temperature has
 been increased to 565 deg C for all the new units resulting in about
 0.7% gain in efficiency.
 
 Your Company has taken initiatives for development of advance ultra
 super critical technology for which it has entered into MOU with BHEL
 and IGCAR. It will enhance thermal efficiency to around 45% and result
 in about 15- 17% less CO2 emission as compared to conventional sub-
 critical thermal power plants. Detailed project report is being
 prepared for hybrid solar thermal plant of about 3.6 MW by integration
 of solar heat with 210 MW coal based unit at Dadri. Solar heat is being
 integrated along with feed heaters in the turbine cycle for conversion
 of solar heat to electrical power with the help of existing steam cycle
 of 210 MW. Once integrated, this will reduce coal consumption thereby
 reducing CO2 emissions.
 
 7.4 Project Management – A New Approach
 
 Your Company believes that in order to achieve its ambitious capacity
 addition targets, it has to build on its capabilities and leverage its
 expertise in power project execution.  Accordingly, it has revised its
 delegation of powers and has empowered its regions and projects to
 enable faster decision making. Your Company has already established a
 state-of-the-art IT enabled Project Monitoring Centre (PMC) for
 facilitating fast track project implementation. PMC is extensively
 utilized for tracking and resolving project issues and helps in
 providing effective coordination between the agencies. It ensures
 better and fast monitoring of the projects.
 
 7.5 Capacity addition through Subsidiaries and Joint Ventures (JVs)
 
 Besides adding capacities on its own, your Company plans to add
 capacities through some of its subsidiaries and joint ventures. The
 detail of JV Companies/Subsidiaries along with details of Joint Venture
 partners for capacity addition are as under:
 
 7.6 Hydro Power
 
 At present 1,320 MW Hydro capacity is under implementation apart from
 291 MW under bidding.
 
 7.6.1 Your Company is setting up the following hydro projects for
 increasing its footprints in renewable energy development:
 
 Project                  Location                Capacity
 
 Koldam HEPP             Himachal Pradesh         800 MW
 
 Tapovan-Vishungad HEPP  Uttarakhand              520 MW
 
 Lata Tapovan HEPP*      Uttarakhand              171 MW
 
 Rammam-III HEPP*        West Bengal              120 MW
 
 *Lata Tapovan HEPP and Rammam-III are being developed as Regional
 projects, which were earlier to be implemented by NTPC Hydro Limited, a
 wholly-owned subsidiary of NTPC. NTPC Hydro Limited is now being merged
 with NTPC Limited.
 
 Your Company is also considering Rupsiabagar-Khasiabara HEPP (261 MW)
 located at Uttarakhand for which the Company has submitted to Ministry
 of Environment and Forests for reconsideration of case of rejection of
 forest clearance.
 
 Loharinag Pala HEPP had been discontinued on the advice of Ministry of
 Power. Ministry of Power has constituted Empowered Committee to
 facilitate settlement of claims, project-site safety measures and for
 transfer of project to Government of Uttarakhand.
 
 7.6.2 Hydro Engineering
 
 7.6.2.1 In pursuance of Memorandum of Agreement signed with Govt. of
 Mizoram, Detailed Project Report of Kolodyne HEPP (4X115MW) prepared by
 Central Water Commission for Govt. of Mizoram and updated by NTPC was
 submitted to CEA for according Techno-Economic Clearance (TEC).  CEA
 has considered the proposal and accorded Techno- Economic Clearance on
 14.09.2011. The environment clearance for the project is being pursued
 with the Government of Mizoram.
 
 7.6.2.2 Your Company carried out the assignment of preparation of
 Detailed Project Report (DPR) for Amochu Reservoir Hydro-electric
 Project (4X135 MW) in Bhutan and the DPR has been submitted to CEA and
 Royal Government of Bhutan in October 2011. Additional geological
 investigations based on CEA comments are being carried out.
 
 7.7 Capacity Addition through other Renewable energy Sources - Solar
 and Wind
 
 Your Company is having ambitious plan for capacity addition of 1,000 MW
 through renewable energy sources, out of which for 300 MW road map has
 already been prepared for implementation by 2017.  Your Company is
 implementing 5 MW Solar PV based project in Uttar Pradesh (Dadri), 5 MW
 Solar PV based Project in Andaman & Nicobar (Port Blair) and 8 MW HEPP
 at Uttar Pradesh (Singrauli). In addition, 15 MW Solar Thermal based
 power in Rajasthan (Anta), 5 MW Solar PV based project in Haryana
 (Faridabad), 10 MW each Solar PV based Projects in Uttar Pradesh
 (Unchahar) and Odisha (Talcher), 50 MW Solar PV based project in Andhra
 Pradesh (Ramagundam), 50 MW Solar PV based project in Madhya
 
 Pradesh (Rajgarh), 100 MW wind energy based project in Karnataka and 20
 MW wind energy based project in Kerala are also being planned.
 
 8. STRATEGIC DIVERSIFICATION- INCREASING SELF- RELIANCE
 
 8.1 In order to strengthen its competitive advantage in power
 generation business, your Company also plans to diversify its portfolio
 to emerge as an integrated power major, with presence across entire
 energy value chain through backward and forward integration into areas
 such as coal mining, power equipment manufacturing, power trading,
 distribution, etc.
 
 Business opportunities are being continuously explored through market
 scanning and new business plans are adopted accordingly.
 
 8.1.1 The details of joint venture Companies taking up activities in
 other businesses is as under:
 
 Name of             JV Partner            Activities 
 Company                                   undertaken
 
 UPL                 Reliance              Takes up assignments of
 (Utility            Infrastructure        construction, erection
 Powertech           Limited               and supervision of
 Ltd.)                                     power sector and
                                           other sectors like O&M
                                           services, RLA studies, 
                                           power distribution, non-
                                           conventional projects.
 
 NASL                ALSTOM                Takes up renovation and
 (NTPC               Power                 modernization assignments
 ALSTOM              Generation AG         of power plants both
 Power                                     in India and in SAARC
 Services                                  Countries.
 Pvt. Ltd.)
 
 EESL                PFC, PGCIL and        The Company was formed
 (Energy             REC                   on December 10, 2009
 Efficiency                                for implementation of
 Services                                  Energy Efficiency projects
 Ltd.)                                     and to promote energy
                                           conservation and climate
                                           change.
                                           The Company is working
                                           on Energy Audit of
                                           Buildings and Agricultural
                                           Pump replacement under
                                           Perform Achieve Trade
                                           scheme and implementing
                                           Bachat Lamp Yojna for
                                           various State Govts.
 
 NHPTL               NHPC, PGCIL           The Company was
 (National           and DVC               incorporated on
 High                                      22.05.2009 for setting up
 Power Test                                facility for short circuit
 Laboratory                                testing of transformers and
 Pvt. Ltd.)                                other electrical equipment.
                                           The site for setting up
                                           the laboratory is located
                                           at Bina, MP. Construction
                                           activities and award
                                           activities are in progress.
 
 NPEX                NHPC, PFC,            The Company was formed
 (National           TCS, BSE, IFCI,       to facilitate, promote,
 Power               Meenakshi,            assist, regulate and manage
 Exchange            DPSC                  nation wide trading of
 Ltd.)                                     all forms of Electrical
                                           energies and also to settle
                                           Trades in a transparent
                                           fair and open manner.
                                           By-laws of Exchange
                                           submitted by NPEX to
                                           CERC on 30.03.2011 and
                                           the approval has been
                                           accorded by CERC on
                                           24.04.2012.
 
 8.2 The details of subsidiary Companies in other businesses are as
 under:
 
 8.2.1 NTPC Electric Supply Company Limited, a wholly owned subsidiary
 of NTPC was incorporated to foray into the business of distribution and
 supply of electrical energy as a sequel to reforms initiated in the
 power sector.  The Company is undertaking implementation of turnkey
 Rajiv Gandhi Gramin Vidyutikaran Yojna Projects (details given under
 Rural Electrification in the Report), turnkey execution of
 sub-stations for utilities, project management consultancy for
 provision of supply of electricity in 5 km area around NTPC power
 projects.
 
 This subsidiary has commenced business of retai distribution of power
 in various industrial parks developed by Kerala Industrial
 Infrastructure Development Corporation (KINFRA), through its Joint
 Venture Company namely KINESCO Power and Utilities Private Limited,
 formed with KINFRA.
 
 8.2.2 NTPC Vidyut Vyapar Nigam Limited, a wholly owned subsidiary of
 NTPC was incorporated to undertake sale and purchase of electric power
 and to effectively utilize installed capacity and thus enable reduction
 in the cost of power. The Company is involved in power trading, sale of
 fl y ash and cenosphere. It has been appointed as the nodal agency for
 Jawahar Lal Nehru National Solar Mission.
 
 8.3 In order to strengthen its competitive advantage in power
 generation business, the Company has diversified into the area of
 manufacturing through the following joint ventures:
 
 8.3.1 NTPC-BHEL Power Projects Pvt. Limited (NBPPL), a joint venture of
 your Company with BHEL was incorporated on April 28, 2008 for taking up
 activities of Engineering, procurement and construction of power plants
 and manufacturing of equipments. Manufacturing plant of NBPPL is being
 constructed at Mannavaram, Tirupati in Andhra Pradesh. The Company is
 executing EPC contracts for balance of plants packages of Palatana
 Combined Cycle Power plant in Tripura, Namrup Combined Cycle Power
 Plant in Assam for BHEL and BOP including Erection & Commissioning
 works of entire plant for Monarchak, Tripura for NEEPCO.
 
 8.3.2 Another joint venture Company, BF-NTPC Energy Systems Limited was
 incorporated with Bharat Forge Limited on June 19, 2008 to manufacture
 castings, forgings, fittings and high pressure piping required for
 power projects and other industries. Land acquisition for establishing
 manufacturing plant at Sholapur, Maharashtra is in progress. Business/
 Technical alliances for key product lines and technology tie-up are
 being actively pursued.
 
 8.3.3 Your Company has acquired 44.6% stake in Transformers and
 Electricals Kerala Limited from Government of Kerala on June 19, 2009.
 The Company deals in manufacturing and repair of Power Transformers.
 The Company produced 5,789 MVA transformers which was highest
 production ever achieved till date, registering a plant capacity
 utilization factor of 130% as against the industry utilization factor
 of 75% in 2011-12.
 
 Please refer to Management Discussion and Analysis, Annexure-I
 included as a separate section to this report for further details.
 
 9.  GLOBALISATION INITIATIVES
 
 9.1 Trincomalee Power Company Limited, a 50:50 joint venture Company
 between NTPC and Ceylon Electricity Board was incorporated on
 26.09.2011 to undertake the development, construction, establishment,
 operation and maintenance of coal based electricity generating station
 of 2X250 MW capacity at Trincomalee at Srilanka. Finalisation of
 various agreements between JV Company and CEB is in progress.
 
 9.2 Pan-Asian Renewables Private Limited, a joint venture Company has
 been incorporated amongst NTPC Limited, Asian Development Bank and
 Kyushu to develop projects for portfolio of about 500 MW of renewable
 power generation resources in India. In future, the Company may develop
 projects outside India in Developing Member Countries.
 
 9.3 Joint Venture Agreement has been executed between NTPC and
 Bangladesh Power Development Board (BPDB) on 29.01.2012 for developing
 a 1,320 MW Coal based power project at Khulna, Bangladesh through a
 joint venture Company to be incorporated between NTPC and BPDB.
 
 9.4 Your Company has prepared and submitted the DPR for Amochu
 Hydro-electric project in Bhutan. NTPC has requested Government of
 India for allocation of Amochu Reservoir Hydro Electric Project to NTPC
 for execution in Bhutan.
 
 9.5 NTPC Consultancy Wing has bagged an order for O&M services for
 2X120 MW Siddhirganj Peaking Power Plant for an amount of Rs. 43.05 crore
 from Electricity Generation Company of Bangladesh, which is the largest
 international order bagged by Consultancy Wing so far.
 
 10.  FINANCING OF NEW PROJECTS
 
 The capacity addition programs shall be financed with a debt to equity
 ratio of 70:30. Your directors believe that internal accruals of the
 Company would be sufficient to finance the equity component for the
 new projects. Given its low geared capital structure and strong credit
 ratings, your Company is well positioned to raise the required
 borrowings.
 
 Your Company is exploring domestic as well as international borrowing
 options including overseas development assistance provided by bilateral
 agencies to mobilize the debt required for the planned capacity
 expansion program.
 
 During the year 2011-12, term loan agreements of Rs. 13,500 crore were
 entered into with banks and domestic financial institutions which
 included loan of Rs. 10,000 crore executed with State Bank of India. The
 cumulative amount of domestic loans tied up till March 31, 2012 was Rs.
 59,799.35 crore.
 
 Bonds amounting to Rs. 830 crore were raised from domestic market for fi
 nancing the capital expenditure and refinancing of the loans.
 
 Your Company tied-up about USD 700 million from international debt
 markets through bilateral loan, export credit agency guaranteed loan
 and bonds. The bond offering of the Company received strong investor
 response despite the prevalent uncertainty in the global markets.
 
 11.  FIXED DEPOSITS
 
 The cumulative deposits received by your Company from 158 depositors as
 at March 31, 2012 stood at Rs. 12.26 crore. Further, an amount of 
 Rs. 0.17 crore has not been claimed on maturity by 19 depositors as on 
 that date.
 
 12.  FUEL SECURITY
 
 12.1 Diversified Fuel Mix
 
 In line with the capacity addition plan of the Government of India,
 your Company will take up more coal-based capacity addition in the
 coming years owing to large reserves of coal in the Country. However,
 with a view to promote sustainable energy development and further
 reduce CO2 intensity of power generation, your Company is progressively
 diversifying its fuel mix to increase the share of non-fossil fuels.
 
 12.1.1 Coal Supplies
 
 During the year, your Company has signed a 20 years Fuel Supply
 Agreement with ECL for supply of 15 MMT coal to Farakka (1,600 MW) and
 Kahalgaon (1,840 MW) and with MCL & SECL for supply of 1 MMT of coal
 for Ramagundam (500 MW). The Company has tied up coal through MOU route
 from Coal India Limited for seven units commissioned after 31.03.2009.
 It has tied-up bilaterally 0.3 MMT coal for Farakka with NEC and 5.0
 MMT with SCCL for Ramgundam, Simhadri, Dadri and Sipat at a mutually
 negotiated price.
 
 Government of India has issued Presidential Directive to Coal India
 Limited (CIL) for supply of minimum assured quantity of coal to power
 producers and to sign Fuel Supply Agreements with power producers.
 Discussions are being held with CIL for signing Fuel Supply Agreement.
 
 12.1.2 Import of Coal
 
 Your Company resorted to direct procurement of 4 MMT of imported coal
 at competitive prices for the first time.  Earlier, the Company had an
 agreement with STC for supply of imported coal.
 
 During 2011-12, your Company received 140.99 MMT of coal as against
 137.32 MMT in the previous year. Total domestic coal supply during
 2011-12 was 128.98 MMT as against 126.717 MMT during 2010-11 and import
 during 2011-12 was 12.00 MMT as against 10.60 MMT in 2010-11.
 
 12.1.3 Sourcing of coal through E-auction
 
 For supplementing the coal supply chain for Farakka and Kahalgaon, your
 Company also procured coal (0.38 MMT) through E-auction.
 
 12.1.4 A New Initiative – Coal Transportation through Inland Waterways
 
 Your Company has signed a Tripartite Agreement with Inland Waterways
 Authority of India and Jindal ITF on 11.08.2011 for transportation of 3
 MMT of imported coal through inland waterways to NTPC Farakka to
 supplement coal supplies. Activities for implementation of the project
 are in progress. This will pave a new era in the development of Inland
 Waterways system in India.
 
 12.2 Gas supplies
 
 During 2011-12, your Company received 13.09 MMSCMD of gas/RLNG as
 against 13.77 MMSCMD received during 2010-11. The gas off-take in
 2011-12 includes 10.74 MMSCMD of domestic gas and 2.35 MMSCMD of RLNG.
 
 Your Company has APM gas agreements up to the year 2021 and PMT gas
 agreements up to the year 2019 for its gas stations. The long-term RLNG
 supply agreement with GAIL is valid till 2019. Further, out of 4.46
 MMSCMD of KG-D6 gas allocated by Government of India for NCR gas
 stations, viz. Anta, Auraiya, Dadri & Faridabad, 2.30 MMSCMD has
 already been tied up. For the balance 2.16 MMSCMD KG D6 gas, Empowered
 Group of Minister on Pricing & Commercial Utilisation of gas has
 directed Reliance Industries Limited to enter into GSPA for supply of
 gas to NTPC immediately. As per the directive, the terms and condition
 of GSPA for 2.16 MMSCMD KG-D6 gas is in advance stage of finalisation.
 
 Your Company has been making arrangements for tie- up/ supply of spot
 RLNG/ Fallback RLNG from domestic suppliers on reasonable endeavour
 basis based on requirement/ availability from time to time.
 
 12.3 Development of Coal Mining projects
 
 Your Company was allocated six coal blocks by the Government of India.
 Further, Brahmini coal block (including Chichro-Patsimal) was allocated
 for joint operation by CIL NTPC Urja Private Limited, a joint venture
 Company of Coal India Limited and NTPC. All these mining blocks
 together have a production potential of more than 73 million tonnes per
 annum.
 
 However, in case of Chatti-Bariatu, Kerendari and Chatti- Bariatu
 (South), the timeline stipulated by Ministry of Coal for development of
 these blocks could not be met for reasons beyond the control of the
 Company. Accordingly, Ministry of Coal had de-allocated these coal
 blocks on 14.06.2011. NTPC made representation to Ministry of Coal.
 Ministry of Coal through letter dated 27.01.2012 had conveyed
 in-principle approval for withdrawal of de- allocation, but the formal
 communication is still awaited.
 
 Block development activities are in advance stage in all coal blocks.
 Mining Plans have been approved by Ministry of Coal for all of these
 coal blocks except for Chatti-Bariatu (South), for which it was
 submitted to Ministry of Coal but returned due to de-allocation.  All
 Notifications for mining area land & Socio-Economic Survey have been
 completed for all of these coal blocks. Payment of land compensation to
 project-affected families has started in Pakri-Barwadih,
 Chatti-Bariatu, Kerandari & Talaipalli coal blocks.  MOEF, Govt. of
 India accorded environment clearance for Pakri-Barwadih, Chatti-Bariatu
 & Kerandari Coal blocks.  In-principle environment clearance received
 from MOEF for Talaipalli & Dulanga coal blocks and final environment
 clearance will be issued after Stage-I forest clearance.  MOEF accorded
 Stage-I & Stage-II forest clearances for Pakri-Barwadih &
 Chatti-Bariatu coal blocks and Stage-I forest clearance for Kerandari
 coal block. Forest proposal for Talaipalli and Dulanga coal blocks are
 under process with MOEF and State Govt. of Odisha, respectively.
 Construction of R&R Colony, CHP, Sub-Station, Railway Siding, etc.
 commenced for Pakri-Barwadih coal block.  Mine Developer-cum-Operator
 [MDO] has commenced work in Pakri-Barwadih coal block.
 
 In addition to the above coal blocks, Ministry of Coal has conveyed
 in-principle approval for allotment of more coal blocks to NTPC in lieu
 of coal linkages for the following new projects: (i) Kudgi, (2,400MW)
 (ii) Gajamara, (1,600MW) (iii) Barethi, (3,960 MW) (iv) Unchahar,
 Stage-IV, (500 MW) 12.4 Other initiatives for securing coal supply
 
 To leverage the strength of established players in mining and related
 areas, your Company has formed the following Joint Venture Companies:
 
 Name of          JV Partners            Purpose 
 Company
 
 CIL NTPC         Coal India          For undertaking the
 Urja Pvt.        Ltd.                Development, O&M of
 Ltd.*                                Brahmini and Chichro
                                      Patsimal coal blocks
                                      and Integrated Power
                                      Projects). CMPDIL has
                                      been entrusted with
                                      the job of detailed
                                      exploration.
 
 NTPC SCCL        Singareni           For undertaking
 Global           Collieries          development and O&M
 Ventures         Company             of coal blocks in India and
 Pvt. Ltd.        Ltd.                abroad.
 
 *In case of Brahmini and Chichro-Patsimal coal blocks, allocated to CIL
 NTPC Urja Private Limited, though there was no schedule stipulated with
 the allotment letter, Ministry of Coal had de-allocated these blocks
 for delay in their development. Your Company has taken up the matter
 with the Ministry of Coal for withdrawal of de- allocation. The Board
 of NTPC has accorded approval to exit International Coal Ventures
 Private Limited.
 
 12.5 Exploration Activities
 
 Under New Exploration Licensing Policy (NELP-VIII), your Company has
 signed Production Sharing Contracts (PSCs) on 30.06.2010 with
 Government of India for four Oil/ Gas Exploration blocks.
 
 One of the blocks allotted under NELP-VIII is held by NTPC with 100%
 participating interest and as operator. 3D Seismic Data Acquisition has
 been started subsequent to grant of Petroleum Exploration Licence and
 the work has been completed. Minimum Work Programme Commitment (MWP)
 for this block is Rs. 177.53 crore.
 
 The other three blocks with 10% participating interest in each block
 are held by your Company in consortium with ONGC as operator. Various
 activities in these blocks are under progress. NTPCs share of MWP for
 these blocks is Rs. 87.83 crore.
 
 13.  BUSINESS EXCELLENCE: GLOBAL BENCHMARKING
 
 NTPC has developed its own excellence framework for assessing
 generating stations. This framework is based on globally reputed
 excellence frameworks like Malcolm Balddridge, USA and European
 Foundation for Quality Management. This initiative is known as NTPC
 Business Excellence Model. The outcomes of this model are
 organizational strength, opportunity for improvement, issues of concern
 and best practices. A jury of eminent persons from within and outside
 organization judges outcome of the assessment process and suggests
 improvements. In the financial year 2011-12, 2nd cycle of assessment
 was completed and stations ranking high on excellence level like
 Ramagundam and Dadri were awarded by Honourable Minister of Power in
 O&M conference during Feb12. External jury members for assessment
 cycle have praised the initiative as holistic approach towards
 excellence.
 
 At strategic level apart from adopting NTPC Business Excellence Model,
 proposal has also been initiated for Balanced Score Card implementation
 using ERP enabled software across the organization.
 
 14.  RENOVATION & MODERNISATION
 
 14.1 Need for Renovation and Modernization
 
 Renovation and Modernization (R&M) of power plants in the present
 scenario of severe resource constraint is considered to be the best
 option for bridging the gap between the demand and supply of power as
 R&M schemes are cost effective. To this end, renovations are being
 carried out for the purpose of life extension of units, performance
 improvements, capacity enhancement, availability improvement and
 improved environment compliance. It increases the capacity, ensures
 safe, reliable and economic electricity production by replacement of
 worn-out, deteriorated or obsolete electrical, mechanical,
 instrumentation, controls and protection system by state-of-the-art
 equipment. Y o u r Company completed 724 schemes of R&M out of 930
 schemes, which cost around Rs. 2,185 crore.
 
 With a view to comply with increasingly stringent environment norms of
 reduced emission level prescribed by State Pollution Control Boards,
 planning, tendering and approval is on for Renovation and Retrofitting
 of Electrostatic Precipitator (ESP) in stations like Singrauli, Korba,
 Rihand, Vindhyachal, Farakka, Unchahar, Talcher Kaniha, Talcher STPS
 etc. With the same objective, implementation of renovation of ESP is
 already in progress at Badarpur TPS (2X210 MW).
 
 15.  VIGILANCE
 
 15.1 Viligance Mechanism
 
 Your Company ensures transparency, objectivity and quality in its
 operations and to monitor the same, the Company has a Vigilance
 Department headed by Chief Vigilance Officer, a nominee of Central
 Vigilance Commission. The four units of Vigilance Department namely
 Corporate Vigilance Cell, Departmental Proceeding Cell (DIPC), MIS Cell
 and Technical Cell (TC) deal with various facets of Vigilance
 Mechanism. The Vigilance Department submits its report to the Competent
 Authority and also to the Board of Directors. The CVO reports to the
 Central Vigilance Commission.
 
 As per the directive of DOPT/ MOP, the property returns of all the
 executives have been published on NTPC Website.
 
 15.2 Workshops and Vigilance Awareness Week
 
 Preventive Vigilance Workshops are being conducted every year to
 sensitize employees about DOs and DONTs in work areas and their role in
 preventing corruption.
 
 Vigilance Awareness Week is being organized every year in first week
 of November to emphasize upon leveraging IT, creating awareness for
 transparency, accountability, fair play and objectivity. The issues
 relating to contractors are also addressed to their satisfaction during
 Customer Meet organized during Vigilance Awareness Week.
 
 15.3 Implementation of Integrity Pact
 
 Your Company is committed to bring total transparency to its business
 processes and as a step in this direction, has signed a Memorandum of
 Understanding with Transparency International India in December, 2008.
 The Integrity Pact is being implemented for all contracts having value
 exceeding Rs. 10 crore. Two Independent External Monitors have been
 nominated by the Central Vigilance Commission for all contracts with
 value exceeding Rs. 100 crore.
 
 15.4 Implementation of Fraud Prevention Policy
 
 The Fraud Prevention Policy has been formulated and implemented in your
 Company since 2006. The cases referred by the nodal officers are being
 investigated immediately to avoid fraudulent behaviors as defi ned in
 the Fraud Prevention Policy.
 
 16.  HUMAN RESOURCE MANAGEMENT
 
 16.1 Your Company takes pride in its highly motivated and competent
 human resource that has contributed its best to bring the Company to
 its present heights. The productivity of employees is demonstrated by
 increase in generation per employee and consistent reduction of Man-MW
 ratio year after year. The over-all Man-MW ratio for the year 2011-12
 excluding JV/subsidiary capacity
 
 is 0.74 and 0.69 including capacity of JV/ Subsidiary.  Generation per
 employee was 9.25 MUs during the year based on generation of NTPC
 stations.
 
 The total employee strength of the company stood at 25,511 as on
 31.3.2012 against 25,144 as on 31.3.2011.
 
                             FY 2011-12         FY 2010-11 
 
 NTPC
 
 Number of employees            24,011             23,797
 
 Subsidiaries & Joint Ventures
 
 Employees of NTPC               1,500              1,347
 in Subsidiaries & Joint
 
 Ventures
 
 Total employees                25,511             25,144
 
 The attrition rate of the NTPC executives (including ETs and those
 posted in Subsidiaries and JVs) during the year was 1.17%.
 
 16.2 Employee Relations
 
 During the year employees relations climate was peaceful and
 conducive. The scheme for employees participation in management
 continues to function successfully all over NTPC. There have been
 continuous interactions between the management and the apex fora of
 workmen and executives - National Bipartite Committee (NBC) and NTPC
 Executives Federation of India (NEFI) respectively.  The unions and
 associations and also the individual employees complemented the efforts
 of the management in developing and sustaining an enabling performance
 culture in the organization. Meetings and workshops for workmen and
 executives association were held during the year wherein issues
 relating to performance and productivity were discussed. The overall
 employee relations scenario in NTPC continued to be cordial marked by
 industrial harmony and mutual trust.
 
 16.3 Safety & Security
 
 Occupational safety and health at workplace is one of the concerns of
 NTPC Management and utmost importance is given to provide safe working
 environment and inculcate safety awareness among the employees. The
 Company has 3-tier monitoring system of safety measurement i.e.  at
 site level, at Regional Head Quarters and at Corporate Centre.
 
 Regular plant inspection, internal and external safety audits are
 carried out at each Project/Station. Safe methods are practised in all
 areas of Operation & Maintenance (O&M) and Construction & Erection
 (C&E) activities. Safety task force for O&M and Construction
 activities, height permit and height check list are implemented.
 Qualifi ed safety officers are posted at all units as per statutory
 rules/ provisions. Safety control rooms are established at all
 construction projects to monitor unsafe conditions and unsafe acts
 through cameras installed at valuable locations of sites. All our
 plants are certifi ed by OHSAS-18001.
 
 Through our continuous efforts in safeguarding the employees, accidents
 have come down considerably as compared to last year. Many of our
 plants have been awarded with prestigious safety awards by various
 Insitutions/ Bodies like Ministry of Labour & Employment, Govt. of
 India and National Safety Council, Institution of Engineers in
 recognition of implementing innovative safety procedures and practices.
 
 Concrete steps are being taken for upgrading surveillance systems at
 all of our projects/ stations by installing State of the Art security
 systems as security of the plant is an area of prime concern for our
 power plants. A group under the name Security and Coordination has been
 formed which is responsible for direct liaison with MHA, IB and CISF as
 well as the State/ District level authorities to augment the security
 preparedness in our establishment/ power installations. This group also
 plays a crucial role in strategic intervention in land acquisition
 related issues prevailing at our green/ brown field projects.
 
 16.4 Training and Development
 
 In line with its long-term objective of being a learning organization,
 your Company has continuously promoted training and development of not
 only its own employees but also other professionals of the power
 sector. In this effort, your Company has endeavored to continuously
 upgrade the training infrastructure of both Power Management Institute
 (PMI) at the corporate level as well as the Employee Development
 Centres at the sites. Training imparted is always in tune with new
 emerging needs in diverse areas like nuclear power, coal-mining, hydro-
 power, super-critical technology, renewable energy etc.  and for this
 purpose every year some new programmes are included in the annual
 calendar. Apart from this, the usual programmes include managerial
 topics, power station operation & maintenance and project construction,
 erection and commissioning and information technology.
 
 Under the on-going scheme of strengthening the Industrial Training
 Institutes (ITIs) across the Country, your Company has taken the
 initiative of adopting ITIs near its power generating stations and a
 total of 17 ITIs have been adopted under this scheme till 31.03.2012.
 This activity is being coordinated through PMI which is also
 facilitating the construction of nine new ITIs where new projects are
 coming up. Through this initiative, PMI has created 1398 seats in it
 till 31.03.2012.
 
 During 2011-12, your Company organized a number of training programmes
 in power and energy sectors which, inter-alia, included National
 Conference on Cases & Research in Power Sector to provide a platform
 for practising managers, academicians and research scholars, a two day
 training programme for Directors on Corporate Governance, Hands-on
 training in 660 MW supercritical simulator at PMI to 234 participants,
 National Seminar on Challenges and Issues in Renewable Energy covering
 the uncertainties in fossil fuel supply and the need for distributed
 generation using renewable sources.
 
 PMI conducted 405 training programmes with a participant base of
 10,326. The training mandays clocked were 45,509.
 
 PMI, for the first time, conducted a training programme through video
 conferencing, primarily to reach out to more number of people at one go
 and provide quality training programme to remote sites.
 
 17.  SUSTAINABLE DEVELOPMENT
 
 Vision Statement on Sustainable Energy envelopment
 
 Going Higher on Generation, lowering GHG intensity
 
 Sustainable Development is the development that meets the needs of the
 present without compromising the ability of future generations to meet
 their own needs.  Sustainable Development involves an enduring and
 balanced approach to economic activity, social progress and
 environmental responsibility.
 
 Department of Public Enterprises, Government of India has issued
 Guidelines on Sustainable Development for CPSEs. These guidelines
 provide for policy and projects for sustainable development.
 
 Your Company is committed for development of renewable energy in view
 of global warming and fast depletion of fossil fuel.
 
 Initiatives by the Company
 
 Your Company is aligning its organisational structure to achieve the
 goal of sustainable development. Sustainable Development Projects have
 been identified by your Company for implementation next year which
 includes waste management, bio-diversity conservation, reduction in air
 emission, life cycle environmental impact assessment and electrification 
 of un-electrified and de-electrified villages (under Rajiv
 Gandhi Grameen Vidyutikaran Yojna – RGGVY) through its wholly owned
 subsidiary Company NTPC Electric Supply Company Limited.
 
 Your Company has been a member of TERI – Business Council for
 Sustainable Development – India (TERI-BCSD) since August 2001, which is
 the Indian partner of the World Business Council for Sustainable
 Development, Geneva. Your Company is also a member of Global Compact
 since 2001, a voluntary initiative of the United Nations for Corporate
 Social Responsibility. These forums provide an independent and credible
 platform to address issues related to sustainable development and
 promote leadership in environmental management, social responsibility
 and economic performance.
 
 In its endeavour to achieve the goals of Sustainable Development, your
 Company is addressing the issues through multi-stakeholder approach
 covering environment and social aspects by implementing Corporate
 Social Responsibility –Community Development Policy, Distributed
 Generation Projects, Rehabilitation & Resettlement Schemes and Rural
 Electrification. Your Company has formed a trust named NTPC Foundation
 for serving physically challenged and economic weaker sections of the
 society. For preserving the environment, your Company is implementing
 renewable energy projects thereby reducing carbon footprints. It is
 seeking continuous improvements in Environment Management through Clean
 Development Mechanism, Ash Utilisation and has established Center for
 Power Efficiency and Environmental Protection (CenPEEP) to address
 climate change issues. Details of each of these are as follows:
 
 17.1 Inclusive Growth – An initiative for Social Growth
 
 17.1.1 Corporate Social Responsibility
 
 Your Company has always discharged its social responsibility as a part
 of its Corporate Governance philosophy. It follows the global practice
 of addressing CSR issues in an integrated multi stake-holder approach
 covering the environmental and social aspects.
 
 With a view to address the domains of socio-economic issues at national
 level and in line with its Corporate Social Responsibility – Community
 Development Policy (CD), your Company has created basket of activities
 and taken up various initiatives at its stations, regional and national
 level.
 
 Your Company confirms its involvement in various CSR activities in
 line with 10 Global Compact principles and shares its experience with
 the representatives of the world through Communication on Progress.
 
 Your Company, being a core member of Global Compact Network, India,
 actively participated in the Annual Convention of the Global Compact
 Network.
 
 A report on progress made in this area is enclosed at Annex- VIII to
 this Report.
 
 Expenditure incurred towards CSR Activities
 
 A total expenditure of Rs. 49.44 crore was incurred towards Corporate
 Social Responsibility expenses during the Financial Year 2011-12, which
 was 0.54% of the net profit of the previous year.
 
 Awards:
 
 Your Company received SCOPE Meritorious Award for CSR and
 Responsiveness for 2010-11, Golden Peacock Award for CSR for the year
 2011 and Greentech Award for the year 2011.
 
 17.1.2 NTPC Foundation
 
 NTPC Foundation, registered in December 2004, is engaged in serving and
 empowering the physically challenged and economically weaker sections
 of the society.
 
 Initiatives undertaken by the Company are covered under Annex-VII to
 this Report.
 
 17.1.3 Distributed Generation Power Projects
 
 Your Company is setting up off-grid Distributed Generation Power
 projects in villages around its generating stations through a self
 sustained model.
 
 It has already commissioned 16 Decentralised Distributed
 
 Generation (DDG) power projects, out of which five projects each are
 in Uttar Pradesh, Madhya Pradesh, Chhattisgarh and one in Rajasthan.
 This includes commissioning of first Micro Hydel Project (2 X 20 kw)
 on 27.03.2012 at tribal village Nakkiya located at a place 75 Km from
 NTPC Korba in Chattisgarh. This is the first DG project based on hydro
 energy (run-off stream) commissioned with the grant from Deptt. of
 Science and Technology (DST), Govt. of India and NTPC Foundation.
 Electricity generated through this micro hydel project is provided
 round the clock to 82 households with a population of 410 residents.
 
 Total installed capacity of these DG projects is around 340 KW, benefi
 ting approximately 2,280 households and population of 12,500.
 
 17.1.4 Rehabilitation & Resettlement (R&R)
 
 Your Company is committed to help the populace displaced for execution
 of its projects and has been making efforts to improve the
 Socio-economic status of Project Affected Persons (PAPs). In order to
 meet its social objectives, your Company is focusing on effective R&R
 of PAPs and undertaking community development activities in and around
 the projects.
 
 R&R Plan for Barh ash dyke, Korba Stage-III ash dyke, Vindhyachal
 Stage-IV and Talaipalli Coal Mining projects were approved during the
 year. Other R&R and CD Plans in process for the projects/ plants
 continued to be implemented.
 
 Socio-economic Survey was completed for Tanda- II, Khargone and Dhruvan
 projects and is in progress at Muzaffarpur, Darlipalli, Gajamara,
 Barethi, Lara, Gadarwara and Khargone Projects.
 
 In the area of health, your Company is providing financial assistance
 for setting up a Medical College at Raigarh in Chhattisgarh and for
 renovation and refurbishment of Sundargarh District Hospital in
 Odisha. In the area of education, Your Company is providing financial
 assistance for setting up a Hydro Engineerng College at Bilaspur in
 Himachal Pradesh and is setting up an Industrial Training Institute
 (ITI) at Korba.
 
 17.2 Environment Management – An Initiative for preserving Environment
 
 Your Company is pursuing the objective of sustainable power
 development. It has taken a number of initiatives towards protection of
 the environment by providing advanced environment protection control
 systems, regular environment monitoring and judicious use of natural
 resources, adoption of high efficiency technologies such as super
 critical boilers for the up-coming green field projects etc and
 existing brown field projects.
 
 17.2.1 Control of Air Emissions and Automation of Environment
 measurement systems: High efficiency Electro-static Precipitators
 (ESPs) with efficiency of the order of 99.9% or higher have been
 provided to control particulate matter from stacks. Renovation &
 modernization of old ESPs at various plants is underway by addition of
 collection area, installation of the state-of-the-art controller to
 keep Particulate Matter emission below statutory limits.
 
 Flue Gas Conditioning using ammonia is also used as an additional
 measure to reduce PM emission. Sulphur content in coal is controlled
 through high stacks and NOx emission in coal based stations is
 controlled by providing tall stacks and over fire dampers.
 
 In order to monitor key environmental parameters of stack emissions of
 SO2, NOx and CO2, ambient air and effluents continuously on real time
 basis, 61 continuous Ambient Air Quality Monitoring System (AAQMS)
 along with Meteorological Sensors have been installed at 20 stations
 located all over India.
 
 Water Conservation: To treat the waste water and reduce consumption of
 fresh water requirements for the plants, your Company has installed
 Liquid Waste Treatment Systems, Ash Water Recirculation System and
 closed cycle condenser cooling water systems with higher Cycle of
 Concentration (COC) (using more than 4.0 COC) in its stations. The
 Company is using 3Rs (Reduce, Recycle & Reuse) as guiding principle for
 reduction in consumption of water. The Company is conducting Water
 Balance studies at most of its stations. It is using techniques like
 water harvesting and reuse and recycling of STP & CW Blow Down to
 achieve maximum water conservation.
 
 Ash Pond Management: Ash dykes in your Company have been engineered to
 ensure that all safety and environment issues are addressed at design
 stage itself. Multi-lagoon ash ponds with provision of over-fl ow
 Lagoons and ash pipe garlanding arrangement for change over of ash
 slurry feed points have been provided for effective settlement of ash
 particles. Water sprinklers have been provided in the Ash Pond areas
 for spraying water in dried up portion of lagoons for control of
 fugitive dust. Efforts are made to maximize utilization of ash through
 use of Dry Ash Extraction System (DAES). Balance unutilized ash is sent
 to ash pond by making ash slurry. The decanted water in Ash Pond is
 recycled back with the help of Ash Water Recirculation System (AWRS)
 for making ash slurry again.
 
 Environmental Studies: Your Company has taken a number of steps for
 establishing scientific database to provide room for betterment of
 environment around the power plant through various studies by reputed
 Institutes and Consultants. To understand impact of power plants on fl
 ora & fauna and human beings, your Company has taken up a number of
 Environment Studies such as Human Health Risk Assessment, Source
 Apportionment studies, Fly Ash Leachate Study, Post Operational
 Environment Impact Assessment Study, Green Cover assessment study and
 Impact of operation on Mango orchard.
 
 Tree Plantation: Your Company has planted more than 19 million trees
 till date in and around its projects as a measure to take massive
 afforestation. The afforestation has not only contributed to the
 aesthetics but also helped in carbon sequestration by serving as a
 sink for CO2 released from the stations and thereby protecting the
 quality of ecology and environment in and around the projects.
 
 ISO 14001 & OHSAS 18001 Certification: NTPCs stations have been
 certifi ed with ISO 14001 and OHSAS 18001 by reputed National and
 International certifying agencies as a result of sound environment
 management systems and practices.
 
 17.2.2 Clean Development Mechanism (CDM)
 
 Your Company is committed to undertake climate change issues
 proactively. The Company has taken several initiatives in CDM Projects
 in Power Sector. Tapovan Vishnughad HEPP & energy efficiency projects
 at Singrauli STPP, Dadri, small hydro project at Singrauli and 5 MW
 Solar PV at Dadri have got Host Country Approval from National CDM
 Authority. The methodology for super critical technology prepared by
 NTPC viz. consolidated base line and monitoring methodology for new
 grid connected fossil fuel fired power plants using less GHG intensive
 technology has been approved by United Nations Frame Work Convention
 on Climate Change (UNFCCC). All super critical power projects are
 using the same methodology. More green field energy efficiency CDM
 projects are in pipeline.
 
 17.2.3 Ash Utilisation
 
 During the year 2011-12, 27.53 million tonne of ash had been utilized
 for various productive purposes which is 55% of the total ash
 generation.
 
 Important areas of ash utilization are – cement & asbestos industry,
 ready mix concrete plants (RMC), Road Embankment, Mine filling, Ash
 Dyke Raising & Land Development, Issue of fl y ash to cement, RMC and
 other industries has been 9.06 Million Tonnes.
 
 Pond ash from all stations of NTPC is being issued free of cost to NTPC
 Vidyut Vyapar Nigam Limited (NVVN), a wholly owned subsidiary of the
 Company, which in turn sells it to the users. Fund collected from sale
 of ash is being maintained in a separate account by NVVN and the same
 is being utilized for development of infrastructure facilities,
 promotion and facilitation activities to enhance ash utilization.
 
 The quantity of ash produced, ash utilized and percentage of such
 utilization during 2011-12 from NTPC Stations is at Annex-IX.
 
 17.2.4 CenPEEP – towards enhancing efficiency
 
 Center for Power Efficiency and Environmental Protection (CenPEEP),
 was set up to take initiatives to address climate change issues. It is
 a symbol of NTPCs voluntary proactive approach towards Greenhouse Gas
 (GHG) reduction and commitment towards environmental protection. The
 centre has been entrusted with some of the Strategic Initiatives such
 as improvement in efficiency and reliability.  Various
 state-of-the-art technologies and practices for improvement in efficiency 
 and reliability have been demonstrated in local conditions and
 disseminated to power stations through hands-on training, guidelines
 and workshops. The activities include new technologies and practices
 such as use of thermal cycle modeling and audit, CFD, cooling tower
 performance optimization, gas turbine capability assessment, LP turbine
 performance assessments, technology application development for
 strengthening Predictive Maintenance Program and Failure mode
 analysis through Reliability Centered Maintenance (RCM) and risk
 evaluation.
 
 CenPEEP has also shared its knowledge and expertise, demonstrated best
 practices and provided training at SEBs under GHG Pollution Prevention
 Project (GEP) and Asia Pacific Partnership (APP) programs in order to
 improve their efficiency and reduce carbon footprint. A large degree
 of GEPs success in sustainability is attributed to the creation,
 evolution, and institutionalization of CenPEEP.
 
 CenPEEP has estimated cumulative CO2 emission avoided in NTPC since the
 year 1996 as 30 million tones.
 
 A study on Efficient and clean use of coal in Asia Region was also
 initiated under the Asia region work programme of World Energy Council
 with involvement of Japanese experts.
 
 17.2.5 RURAL ELECTRIFICATION
 
 NTPC through its wholly owned subsidiary NESCL is carrying out the
 implementation of rural electrification in 5 States namely Madhya
 Pradesh, Chhatisgarh, Odisha, Jharkhand and West Bengal under Rajiv
 Gandhi Grameen Vidyutikaran Yojna (RGGVY). 273 un-electrified/ de-
 electrified (UE/DE) villages were made ready and 2,61,115 Below
 Poverty Line (BPL) Rural household connections were provided during the
 Financial Year 2011-12.
 
 Besides the above, 3,582 partially electrified villages were also made
 ready during the financial year 2011-12. The cumulative achievement of
 PE is 14,861 till 31.03.2012.
 
 The cumulative achievement till 31.03.2012 includes 29,567 UE/DE
 villages which have been electrified and 25,84,377 BPL connections
 have been provided.
 
 18.  IMPLEMENTATION OF OFFICIAL LANGUAGE
 
 Your Company has made vigorous efforts for the propagation and
 successful implementation of the Official Language Policy of the
 Government of India.  Several Hindi workshops, meetings, conferences
 and competitions were conducted at projects, regional offices and
 corporate centre during the year, in which renowned Hindi Scholars
 inspired the participants to use Hindi in day-to-day Official works.
 
 The progress and usage of Rajbhasha Hindi was inspected in the stations
 and proper suggestions for compliance were given to the Heads of the
 Offices. The Sub-committee of Parliament on Official Language
 appreciated the efforts for Rajbhasha implementation in our projects.
 
 All office orders, formats and circulars were issued in Hindi as well.
 Important advertisements and house journals were released in bilingual
 form- in Hindi and in English. Your Companys website also has a
 facility of operating in bilingual form- in Hindi as well as in
 English.
 
 19.  NETRA – R&D Mission in Power Sector
 
 Your Company is fully aligned to the needs of adapting emerging
 technologies and upgrading the technologies through R&D. NTPC Energy
 Technology Research Alliance (NETRA) as a research and development wing
 of the Company focuses on areas of efficiency improvement, cost
 reduction, renewable and alternate energy, Climate Change, scientific
 support to utilities.
 
 In order to provide utmost benefits to the stations, projects like
 Artifi cial Intelligence based plant performance advisory system,
 real-time advisory system, development and trails of Robotic inspection
 devices at stations, development of PDC-RDM based expert system
 (analyzer) for online monitoring and advisory system for transformer
 conditioning, maintaining boiler water chemistry, monitoring CO2
 utilization through mineralization of fl y ash, etc have been
 successfully completed and deployed/ tested at stations.
 
 Research Advisory Council (RAC), comprising eminent scientists and
 experts from India and abroad, is in place to steer high-end research.
 Scientific Advisory Council (SAC), with Regional Executive Directors &
 Station Heads as its members, provides directions for improving plant
 performance & reducing cost of generation. Meetings of both the
 Advisory Councils were held periodically where members deliberated on
 various project activities and gave guidelines for implementation of
 suggestions.  16 patent applications filed are in advanced stage of
 processing. NETRA provides scientific support to all NTPC stations as
 well as other Utilities to improve their performance.
 
 As a part of establishing state-of-the art facilities for condition
 monitoring and diagnostic techniques, equipments like ultra-sound
 phased array, total organic carbon (solid sample module), NDT
 Simulation CIVA software etc have been procured and installed at NETRA.
 To further expand the infrastructure creating laboratories and
 facilities, etc, Phase II building activities are in advanced stage.
 
 NETRA is actively involved in developing DPE guidelines on R&D, R&D
 inputs for 12th plan as well as contribution to Sectoral Innovation
 council for power.
 
 NETRA has entered into MOU with National Metallurgical Laboratory,
 Jamshedpur for collaborative research in the area of Metallurgy, NDE,
 Corrosion and materials developments.
 
 NETRA laboratories have been accredited as per ISO 17025:2005. NETRA is
 also certifi ed by Central Boiler Board for RLA studies.
 
 The Company organized a National Workshop on Carbon Capture and Storage
 on 27th September 2011 for formulating a policy for carbon capture and
 storage.
 
 20.  RIGHT TO INFORMATION
 
 Your Company has implemented Right to Information Act, 2005 in order to
 provide information to citizens and to maintain accountability and
 transparency. The Act is being implemented in its true spirit since its
 inception.  The Company has put RTI manual on website for access to all
 citizens of India and has designated a Central Public Information Offi
 cer (CPIO), an Appellate Authority and APIOs at all projects/ stations/
 offices of NTPC.
 
 During 2011-12, 1,270 applications were received under the RTI Act, out
 of which 1,241 applications were replied to. Seven workshops on RTI Act
 have been conducted at regional headquarters/ stations to share and
 deliberate on latest Notifications, amendments and other issues for
 smooth implementation. For better understanding of the employees, your
 Company has created RTI portal on its Intranet. An interactive session
 with the delegates from Commonwealth countries was also organized on
 01.02.2012 to share and interact on implementation of RTI Act in Public
 Sector Undertakings.
 
 21.  USING INFORMATION AND COMMUNICATION TECHNOLOGY FOR PRODUCTIVITY
 ENHANCEMENT
 
 Your Company has implemented an Enterprise Resource Planning (ERP)
 package covering maximum possible processes across the organization
 including subsidiaries.  In addition to core business processes and
 Employee Self Service functionality, the ERP solution also includes
 E-procurement, Knowledge Management, Business Intelligence, Document
 Management and workflow etc.  To take care of the need for process
 data at desktop for analysis and monitoring, Process Integration (PI)
 system has been implemented at all plants in operation. PI based
 applications for real time performance monitoring analysis have been
 implemented at all the locations. To take care of the employee self
 service needs of remotely located personnel, connectivity through web
 has been provided through secured access.
 
 The ERP system is fully managed through in-house experts from process
 groups and technical groups. In-house solutions have been developed to
 take care of the non-ERP areas and business needs of the joint venture
 Companies where such vast set up is not available.
 
 Network connectivity has been strengthened using Multi- Protocol Label
 Switching- Virtual Private Network (MPLS- VPN). Bandwidth of
 communication network has now been doubled to make ERP operation
 faster. Further, a parallel communication network from alternate
 service provider is being arranged to ensure maximum reliability and
 availability of communication network.
 
 A state-of-the-art Data Centre and centralized server facility to cater
 the entire NTPC is in operation at NOIDA.  A disaster recovery centre
 is also functional at Hyderabad.
 
 Your Company has already implemented Videoconferencing at all NTPC
 Plant locations and subsidiaries which is being extensively used for
 Management Committee Meetings and Project Monitoring on regular basis.
 This facility at PMI (Super 30) is also now being used for conducting
 virtual class room coaching for students located at NTPC sites.
 
 22.  NTPC GROUP: SUBSIDIARIES AND JOINT VENTURES
 
 Your Company has formed 5 subsidiary companies and 20 joint venture
 companies for undertaking specific business activities.
 
 The names of Subsidiaries and Joint Venture Companies and the
 percentage of your Companys shareholding in these Companies as on
 30.06.2012 is as follows:
 
 The performance of these Companies as well as the consolidated financial 
 statements are briefly discussed in the Management Discussion
 & Analysis section. The financial statements of subsidiary companies
 along with the respective Directors Report are placed elsewhere in
 this Annual Report.
 
 23.  INFORMATION PURSUANT TO STATUTORY AND OTHER REQUIREMENTS
 
 Information required to be furnished as per the Companies Act, 1956,
 Listing Agreement with Stock Exchanges, Government guidelines etc. is
 annexed to this report as below:
 
 Particulars                                                 Annexure
 
 Management Discussion & Analysis                               I
 
 Report on Corporate Governance                                II
 
 Information on conservation of energy,                       III
 technology absorption and foreign
 exchange earnings and outgo
 
 Statement pursuant to Section 212 of                          IV
 the Companies Act, 1956 relating to
 Subsidiary Companies
 
 Statistical data of the grievances                             V        
 
 Statistical information on persons                            VI
 belonging to Scheduled Caste / Tribe
 categories
 
 Information on Physically Challenged                         VII
 persons
 
 UNGC - Communications on progress                           VIII
 2011-12
 
 Project Wise Ash Utilisation                                  IX
 
 INFORMATION AS PER COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975
 
 Ministry of Corporate Affairs, through Notification G.S.R.  289(E)
 dated 31st March 2011 has amended the Companies (Particulars of
 Employees) Rules, 1975 by providing that the information required under
 Section 217(2A) of the Companies Act, 1956 read with the Companies
 (Particulars of Employees) Rules, 1975 shall be required to be provided
 for those employees whose remuneration is more than Rs. 60 lac per  
 financial year, if employed for whole of the year or more than Rs. 5 lac
 per month, if employed for part of the year. The said Notification
 further provides that in case of Government Companies such particulars
 are not required to be included in the Boards Report.
 
 Also, any member interested in obtaining such particulars may write to
 the Company Secretary at the Registered Office of the Company.
 However, such particulars shal be made available to the shareholders on
 a specific request made by them during the course of Annual General
 Meeting to be held on 18.09.2012.
 
 24.  STATUTORY AUDITORS
 
 The Statutory Auditors of your Company are appointed by the Comptroller
 & Auditor General of India. M/s O.P. Bagla & Co., K.K. Soni & Co., PKF
 Sridhar & Santhanam, V. Sankar Aiyar & Co., Ramesh C. Agrawal & Co. and
 A.R. & Co. were appointed as Joint Statutory Auditors for the financial 
 year 2011-12.
 
 25.  MANAGEMENT COMMENTS ON STATUTORY AUDITORS REPORT
 
 The Statutory Auditors of the Company have given an unqualifi ed report
 on the financial statements of the Company for the Financial Year
 2011-12.
 
 26.  REVIEW OF ACCOUNTS BY COMPTROLLER & AUDITOR GENERAL OF INDIA
 
 The Comptroller & Auditor General of India, through letter dated
 21.05.2012, has given NIL Comments on the Financial Statements of
 your Company for the year ended 31st March 2012 under section 619(4) of
 the Companies Act,1956. As advised by the Office of the Comptroller &
 Auditor General of India (C&AG), the comments of C&AG for the year
 2011-12 are being placed with the report of Statutory Auditors of your
 Company elsewhere in this Annual Report.
 
 27.  COST AUDIT
 
 As prescribed under the Cost Accounting Records (Electricity Industry)
 Rules, 2001 applicable for financial years 2010-11 and 2011-12, the
 Cost Accounting records are being maintained by all stations of the
 Company. The particulars of Cost Auditors as required under Section
 233(B) of the Companies Act, 1956 read with General Circular No.
 15/2011 dated 11.04.2011 issued by Ministry of Corporate Affairs are
 given below:
 
 The firms of Cost Accountants appointed for the financial year
 2010-11 are (i) M/s Dhananjay V. Joshi & Associates, Pune, Maharashtra,
 (ii) M/s Jugal K. Puri & Associates, Gurgaon, Haryana, (iii) M/s Mandal
 Mukherjee Datta & Associates, Kolkata, West Bengal, (iv) M/s S.C.
 Mohanty & Associates, Bhubhaneshwer, Orissa, (v) M/s V.P. Gupta & Co.,
 Noida, Uttar Pradesh, (vi) M/s Chandra Wadhwa & Co., Daryaganj, Delhi
 and (vii) M/s Sanjay Gupta & Associates, Janak Puri, New Delhi.
 
 The firms of Cost Accountants appointed for the financial year
 2011-12 are (i) M/s Dhananjay V. Joshi & Associates, Pune, Maharashtra,
 (ii) M/s Jugal K. Puri & Associates, Gurgaon, Haryana, (iii) M/s Mandal
 Mukherjee Datta & Associates, Kolkata, West Bengal, (iv) M/s S.C.
 Mohanty & Associates, Bhubhaneshwer, Odisha, (v) M/s V.P. Gupta & Co.,
 Noida, Uttar Pradesh and (vi) M/s Chandra Wadhwa & Co., Daryaganj,
 Delhi.
 
 The due date for fi ling Cost Audit Reports for the financial year
 ended March 31, 2011 was September 27, 2011 and the Cost Audit Reports
 were filed with the Central Government between 29.07.2011 and
 09.09.2011. The due date for fi ling Cost Audit Reports for the fi
 nancial year ended March 31, 2012 is September 27, 2012 and the
 consolidated Cost Audit Report as prescribed for the financial year
 2011-12 shall be filed within the prescribed time period.
 
 28.  BOARD OF DIRECTORS
 
 Shri M.N. Buch, Shri Shanti Narain, Shri P.K. Sengupta and Shri K.
 Dharmarajan have ceased to be the Non- Official Part-time Directors on
 August 25, 2011. Shri A.K.  Sanwalka, Shri Kanwal Nath, Shri Adesh C.
 Jain and Shri Santosh Nautiyal have ceased to be the Non-Official
 Part- time Directors on January 29, 2012.
 
 Dr. M. Govinda Rao was re-appointed as Non-Official Part-time Director
 with effect from August 26, 2011 after his tenure of three years was
 completed on August 25, 2011.
 
 Shri S.B. Ghosh Dastidar and Shri R.S. Sahoo have joined as Non-Offi
 cial Part-time Directors of the Company with effect from August 26,
 2011. Shri Ajit M. Nimbalkar and
 
 Shri S.R. Upadhyay have joined as Non-Official Part-time Directors of
 the Company with effect from January 20, 2012. Ms. Homai A. Daruwalla,
 Shri A.N. Chatterji and Prof. Sushil Khanna have joined as the Non-Offi
 cial Part- time Directors with effect from February 28, 2012.
 
 Shri A.K. Jha, Executive Director has taken over as Director
 (Technical) with effect from July 1, 2012 as Shri D.K.  Jain has ceased
 to be the Director (Technical) of your Company with effect from June
 30, 2012 on attaining the age of superannuation.
 
 The Board wishes to place on record its deep appreciation for the
 valuable services rendered by Shri M.N. Buch, Shri Shanti Narain, Shri
 P.K. Sengupta, Shri K. Dharmarajan, Shri A.K. Sanwalka, Shri Kanwal
 Nath, Shri Adesh C. Jain, Shri Santosh Nautiyal and Shri D.K. Jain
 during their association with the Company.
 
 In accordance with the provisions of Article 41(iii) of the Articles of
 Association of the Company four directors - Shri B.P. Singh and, Shri
 S.P. Singh shall retire by rotation at the Annual General Meeting of
 your Company and, being eligible, offer themselves for re-appointment.
 
 29.  DIRECTORS RESPONSIBILITY STATEMENT
 
 As required under Section 217(2AA) of the Companies Act, 1956, your
 Directors confirm that:
 
 1.  in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 2.  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 2011-12 and of the
 profit of the Company for that period;
 
 3.  the Directors had 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; and
 
 4.  the Directors had prepared the Annual Accounts on a going concern
 basis.
 
 30.  ACKNOWLEDGEMENT
 
 Your Directors acknowledge with deep sense of appreciation for the
 co-operation received from the Government of India, particularly the
 Prime Ministers Office, Ministry of Power, Ministry of Finance,
 Ministry of Environment & Forests, Ministry of Coal, Ministry of
 Petroleum & Natural Gas, Ministry of Railways, Planning Commission,
 Department of Public Enterprises, Central Electricity Authority,
 Central Electricity Regulatory Commission, Appellate Tribunal for
 Electricity, State Governments, Regional Power Committees, State
 Electricity Boards and Office of Solicitor General of India.
 
 Your Directors also convey their gratitude to the shareholders, various
 International and Indian Banks and Financial Institutions for the confi
 dence reposed by them in the Company. The Board also appreciates the
 contribution of contractors, vendors and consultants in the
 implementation of various projects of the Company. We also acknowledge
 the constructive suggestions received from Government and the Statutory
 Auditors.
 
 We wish to place on record our appreciation for the untiring efforts
 and contributions made by the employees at all levels to ensure that
 the Company continues to grow and excel.
 
                          For and on behalf of the Board of Directors
 
 Place : New Delhi                                (Arup Roy Choudhury)
 
 Date : 3rd August 2012                  Chairman & Managing Director
Source : Dion Global Solutions Limited
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