ANNUAL REPORT - Chhyangdi Hydropower Limitedchpl.com.np/assets/nav_file/ANNUALREPORT2072-2073toWEB.pdf · chhyangdi hydropower ltd. annual report 2072/73 1 board of directors rameshwor

CHHYANGDI HYDROPOWER LTD

ANNUAL REPORT

2072/2073

Chhyangdi Hydropower Ltd. ANNUAL REPORT 2072/73

1

BOARD OF DIRECTORS

RAMESHWOR THAPA

CHAIRMAN

AMAR NATH SHRESTHA

DIRECTOR

RAJENDRA BAHADUR SINGH

DIRECTOR

UDAY KUMAR PIYA

DIRECTOR

ASHOK BUDHATHOKI

DIRECTOR

MANDIL PRADHAN

DIRECTOR

LAL BAHADUR THAPA

EXECUTIVE DIRECTOR


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8

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11

CHHYANGDI HYDROPOWER LTD.

GAIRIDHARA, KATHMANDU, NEPAL

BALANCE SHEET

AS ON 31 ASHAD, 2073 (15 JULY, 2016)

Amount in Rs.

Sources of Fund Schedule

As at As at

Ashad 31, 2073 Ashad 32, 2072

(July 15, 2016) (July 16, 2015)

Shareholders Fund

Equity Share Capital 1 189,000,000.00 80,325,500.00

Reserve & Surplus 2 (3,548,110.25) -

Advance for Share Capital - 49,022,600.00

Medium and Long Term Loan 3

Secured loan 259,499,999.30 195,063,561.99

Unecured loan - 7,122,271.00

Current Liabilities

Sundry Creditors 4 6,003,683.83 31,279,436.32

Trade & Other Payables 5 2,501,532.30 1,491,511.68

Short Tem Loan (Bridge Gap/Demand Loan) 21,600,000.00 30,972,158.69

Retention Money 6 9,869,994.11 8,744,718.66

Total Sources of Fund 484,927,099.29 404,021,758.34

Application of Fund Schedule

As at As at

Ashad 31, 2073 Ashad 32, 2072

(July 15, 2016) (July 16, 2015)

Non Current Assets

Fixed Assets 7 444,741,613.89 -

Gross Cost 447,392,342.09 -

Less : Accumulated Depreciation/ Amortization 2,650,728.20 -

Capital Work In Progress 8

Chhnadi Khola Small Hydropower Project - 363,605,447.46

Upper Chhnadi Khola Small Hydropower Project 23,206,684.95 11,300.00

Current Assets

Debtors & Receivables 9 10,120,323.91 207,930.00

Cash and Bank Balance 10 606,731.24 3,150,269.68

Advance, Loan and Deposits 11 6,251,745.30 37,046,811.20

Total Application of Fund 484,927,099.29 404,021,758.34

Contingent Liabilities 12 - 83,278.00

Accounting Policies & Notes to the Annual Accounts 15

Schedule 1 to 15 are integral part of this Financial Statement

-

As per our report of even date

Rameshwor Thapa Amar Nath Shrestha Rajendra Bahadur Singh CA. Yuba Raj Pandeya

Chairman Director Director Y. R. P. Associates,

Chartered Accountants

Uday Kumar Piya Ashok Budhathoki Mandil Pradhan Lal Bahadur Thapa Sushil Paudel

Director Director Director Executive Director Accounts Officer

Date: 2073/07/09

Place: Kathmandu, Nepal


12



INCOME STATEMENT

FOR THE YEAR ENDED ON 31 ASHAD, 2073 (15 JULY, 2016)

Amount in Rs.

Particulars Schedule

Current Year Previous Year

2072-73 (2015-16) 2071-72 (2014-15)

Revenue -

Electricty Sale to NEA 10,431,761.82

Other Income 2,472.43 -

Expenses

Operating Expenses 13 1,322,797.43 -

Adminstrative Expenses 14 2,763,007.00 -

Operating Profit 6,348,429.82 -

Interest Expenses 7,245,811.87 -

Depreciation 7 2,650,728.20

Profit Before Tax (3,548,110.25) -

Tax - -

Profit After Tax (Transferred to Reserve & Surplus) (3,548,110.25) -

Accounting Policies & Notes to the Annual Accounts 15

Schedule 1 to 15 are integral part of this Financial Statement



Chairman Director Director Y. R. P. Associates,




Date: 2073/07/09



13



STATEMENT OF CASH FLOW


Amount in Rs.

Particulars Current Year Previous Year

2072-73 (2015-16) 2071-72 (2014-15)

A Cash Flows from operating activities

Net Profit Before Tax (3,548,110.25) -

Adjustment for:

Depreciation 2,650,728.20 -

Cash Flow Before Working Capital Changes (897,382.05) -

Increase / Decrease in Working Capital

(Increase) / decrease in Debtors (9,912,393.91) 500,443.04

(Increase) / decrease in Advances, Loan & Deposits 30,795,065.90 (12,107,572.94)

Increase/ (decrease) in Sundry Creditors (25,275,752.49) 28,294,887.04

Increase/ (decrease) in Trade & Other Payables 1,010,020.62 1,230,307.30

Increase/ (decrease) in Short Term Loan (9,372,158.69) 30,972,158.69

Increase/ (decrease) in Retention Payables 1,125,275.45 8,744,718.66

Net Cash Flow From Working Capital Changes (12,527,325.17) 57,634,941.79

Payment of Income Tax -

Net Cash from Operating Activities (A) (12,527,325.17) 57,634,941.79

B

. Cash flows from investing activities

Additions to Fixed Assets (104,368,135.54) -

Increase in Capital Work in progress (2,614,144.04) (293,789,718.06)

Net Cash from in investing activities (B) (106,982,279.58) (293,789,718.06)

C

. Cash flows from financing activities

Proceeds from issue of Share Capital 59,651,900.00 -

Advance for Share Capital - 49,022,600.00

Proceeds/ (Payment) of Long Term Borrowing 57,314,166.31 179,945,561.99

Net Cash from financing activities (C) 116,966,066.31 228,968,161.99

D

.

Net increase/ (decrease) in Cash and Cash Equivalents (D=A + B

+ C) (2,543,538.44) (7,186,614.28)

E

. Cash and Cash Equivalents at the beginning of the year (E) 3,150,269.68 10,336,883.96

F.

Cash and Cash Equivalents at the end of the year

(F=D+E) 606,731.24 3,150,269.68



Chairman Director Director

Y. R. P. Associates,




Date: 2073/07/09


14




STATEMENT OF CHANGES IN EQUITY


Amount in Rs.

Particulars Share Capital Share Advance Accumulated

Profit/(Loss) Total

Balance as on 01 Shrawan 2072 80,325,500.00

49,022,600.00 - 129,348,100.00

Proceeds from issue of share capital 108,674,500.00 108,674,500.00

Adjustment to Share Capital

(49,022,600.00) (49,022,600.00)

Profit/ (Loss) of this year

(3,548,110.25) (3,548,110.25)

Share Advance - -

Balance as on Ashad 31, 2073 189,000,000.00 -

(3,548,110.25) 185,451,889.75

As per our report of even

date

Rameshwor Thapa Amar Nath Shrestha Rajendra Bahadur Singh

CA. Yuba Raj Pandeya

Chairman Director Director

Y. R. P. Associates,




Date: 2073/07/09



15



SCHEDULE 7 : FIXED ASSETS FOR THE FINANCIAL YEAR

2072-73

Amount in Rs.

Particular

Dep

Rat

e

(%)

At Cost Depreciation Written Down Value

Opening

(as on

01.04.20

72)

Transferred

from Capital

Work in

Progress

Addi

tion

Closing (As

on

31.03.2073)

Open

ing

(as on

01.04.

2072)

For the

Year

Closing

(As on

31.03.207

3)

Closing (As

on

31.03.2073)

Opening

(as on

01.04.207

2)

Group B

Office Assets -

Computer &

Accessories

25%

360,326

360,326 -

30,027

30,027

330,299

-

LED TV 25%

35,000 35,000 -

2,917 2,917

32,083

-

Adsl Router -Office

Equipments A/c

25%

3,760

3,760 -

313

313

3,447

-

CC Cemera-Office Equipment

25% 7,700

7,700 - 642

642

7,058

-

Furniture & Fixtures

25%

145,952

145,952 -

12,163

12,163

133,789

-

Office Equipment 25%

44,481 44,481 -

3,707 3,707

40,774

-

Printer

25%

30,000

30,000 -

2,500

2,500

27,500

-

Group C -

Vehicle

20%

3,000,000

3,000,000 -

200,000

200,000

2,800,000

-

Group D

Others -

Topcon GTS 255

15%

481,380

481,380 -

24,069

24,069

457,311

-

Vaccum Cleaner

15%

7,116

7,116 -

356

356

6,760

-

Gas Cylinder

15%

11,800

11,800 -

590

590

11,210

-

Gas Heater

15%

10,000

10,000 -

500

500

9,500

-

Invertor & Battery

15%

68,844

68,844 -

3,442

3,442

65,402

-

UPS

15%

6,554

6,554 -

328

328

6,226

-

Hallogen Light

15%

13,108

13,108 -

655

655

12,453

-

Drill Machine

15%

36,616

36,616 -

1,831

1,831

34,785

-

Water Pump

15%

5,000

5,000 -

250

250

4,750

-

Motorcycle 15%

261,900 -

261,900 - 39,285

39,285

222,615

-

Group E -

Software (Tally)

20%

34,578

-

34,578 -

2,305

2,305

32,273

-

Property & Power

Plant (Chhandi Khola

Small Hydropower

Project 2Mw)

442,828,228

-

442,828,228 -

2,324,848

2,324,848

440,503,380 -

Total

-

447,392,342

-

447,392,342

-

2,650,728

2,650,728

444,741,614

-


16

CHHYANGDI HYROPOWER LIMITED

GAIRIDHARA, KATHMANDU

SCHEDULE 15

SIGNIFICANT ACCOUNTING POLICIES AND NOTE TO THE ACCOUNTS

Company Background

Chhyangdi Hydropower Ltd. (“Company”), was incorporated in Nepal with limited liability under the

Company Act as private limited company. It is registered with Company Registrars Office with Registration

Number 47832 on 2064/05/16 and with tax office with PAN 303760113. Its status is changed to Public

Limited Company on 2071.03.30 with Registration Number 124272. The company is constructing

hydropower project of 1.7 Megawatt, the capacity of same is increased to 2 Megawatt as per first amendment

on Electricity Generation License on 2072/03/09.

The company had entered Power Purchase Agreement (PPA) with Nepal Electricity Authority (NEA) for

1700 Kilowatt on 2068/12/23, the same is amended for 2000 Kilowatt on 2072/01/02.

Responsibility of Financial Statements

The financial statements were adopted by the Board of Directors on 2073/07/07. The Board of Directors of

the company acknowledges the responsibility of preparation of financial statements of the company.

A. SIGNIFICANT ACCOUNTING POLICIES

1. Accounting Convention

The Balance Sheet, Income Statement and Cash Flow Statement, together with the Accounting Policies and

Notes (Financial Statements) are prepared under the historical cost convention on an accrual basis and are in

accordance with Nepal Accounting Standards and relevant practices in Nepal and the requirement of the

Companies Act 2063, except otherwise stated

2. Expenses

Expenses encompass losses as well as the expenses that arise in the course of the ordinary activities of the

entity. Expenses that arise in the course of the ordinary activities of the entity include, for example, cost of

sales, wages and depreciation. They usually take the form of an outflow or depreciation of assets such as cash

and cash equivalents, inventory, property, plant and equipment.

3. Current Assets

An asset is classified as current assets when it satisfies any of the following criteria:

a) it is expected to be realized in, or is held for sale or consumption in, the normal course of the entity’s

operating cycle; or

b) it is held primarily for the trading purposes or for the short – term and expected to be realized within

twelve months of the balance sheet date; or

c) is cash or a cash equivalent asset which is not restricted in its use for at least twelve months after the

balance sheet date.

4. Current Liabilities

A liability shall be classified as a current liability when it satisfies any of the following criteria:

a) it is expected to be settled in the normal course of entity’s operating cycle; or

b) it is held primarily for the purpose of being trade;

c) is due to be settled within twelve months of the balance sheet date; or


17

d) the entity does not have an unconditional right to defer settlement of the liability for at least twelve

months after the balance sheet date.

5. Cash and Cash Equivalents

Cash and cash equivalents are defined as cash in hand, demand deposits and short term highly liquid

investments, readily convertible to known amounts of cash and subject to insignificant risk of changes in

value.

For the purpose of cash flow statements, cash and cash equivalents consists of cash in hand and deposits in

banks.

6. Inventory

Inventories are stated at the lower of cost and net realizable value. The cost of inventories shall comprise all

costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present

location and condition. `Cost' is arrived at using FIFO/weighted average methods and includes appropriate

overheads in case of work in progress and finished goods. Finished goods are stated inclusive of excise

duty.

7. Property, Plant and Equipment

The cost of an item of property, plant and equipment are recognized as an asset, if and only if:

a) it is probable that future economic benefits associated with the item will flow to the entity; and

b) the cost of the item can be measured reliably.

Property, plant and equipments are stated at cost of acquisition less accumulated depreciation. Acquisition

cost includes taxes, duties, freight, insurance and other incidental expenses related to acquisition and

installation. Revenue expenses incidental and related to projects are capitalized along with the related fixed

assets, where appropriate.

8. Depreciation.

Depreciation on fixed assets is provided using the diminishing balance method as adopted by the

management.

9. Impairment

Impairment is recognized whenever carrying value of an asset is less than the recoverable amount of asset.

10. Revenue Recognition.

Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary

activities of an entity when those inflows result in increases in equity, other than increases relating to

contributions from equity participants. Revenue is recognized to the extent that is probable that economic

benefits will flow to the company and the revenue and associated costs incurred or to be incurred can be

reliably measured. Revenue is measured at the fair value of the consideration received or receivable.

11. Borrowing Costs

Borrowing costs are interest and other costs incurred by an entity in connection with the borrowing of funds.

Borrowing costs are recognized as an expense in the period in which they are incurred, except to the extent

that they are capitalized as stated below.

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying

asset are capitalized as part of the cost of that asset. The amount of borrowing costs eligible for capitalization

are determined as the borrowing costs incurred that borrowing during the period less any investment income

on the temporary investment of those borrowings.


18

12. Government Grants

Government grants are assistance by government in the form of transfers of resources to an entity in return for

past or future compliance with certain conditions relating to the operating activities of the entity. They

exclude those forms of government assistance which cannot reasonably have a value placed upon them and

transactions with government which cannot be distinguished from the normal trading transactions of the

entity.

Government grants are recognized as income over the periods necessary to match them with the related costs

which they are intended to compensate on a systematic basis.

13. Foreign Currency Transaction

Transactions in foreign currency are accounted for at the exchange rates prevailing on the date of

transactions.

Exchange differences arising on foreign currency transactions settled during the year are recognized in the

Profit and Loss Account for the year, Other than exchange differences related to the liabilities for acquisition

of fixed assets that are adjusted to the cost of the related fixed assets. All monetary items denominated

in foreign currency are translated at exchange rates prevailing on the balance sheet date. The resultant

exchange differences are recognized in the Profit and Loss Account for the year, other than exchange

differences related to the liabilities for acquisition of fixed assets that are adjusted to the cost of fixed assets.

In the case of forward contracts, the difference between the forward rate and the exchange rate on the

date of the transaction is recognized in the Profit and Loss Account over the life of the contract,

except in case of liabilities relating to acquisition of fixed assets, which is adjusted to the carrying cost of

the fixed asset.

14. Contingent Liability

A contingent liability is:

a) a possible obligation that arises from past events and whose existence will be confirmed only by the

occurrence or non-occurrence of one or more uncertain future events not wholly within the control of

the entity; or

b) a present obligation that arises from past events but is not recognized because:

i. it is not probable that an outflow of resources embodying economic benefits will be required to

settle the obligation; or

ii. the amount of the obligation cannot be measured with sufficient reliability.

Any liability of contingent nature, if material, is disclosed in separate schedule, forming the part of Balance

Sheet.

15. Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only

by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of

the entity.

Any asset of contingent nature, if material, is disclosed in separate schedule, forming the part of Balance

Sheet.

16. Provision

Provision is an obligation of uncertain timing or amount.

Provisions are recognized when the following three conditions are met:

a) an entity has a present obligation (legal or constructive) as a result of a past event;

b) it is probable that on outflow of resources embodying economic benefits will be required to settle the

obligation; and


19

c) a reliable estimate can be made of the amount of the obligation.

17. Construction Contracts

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs

associated with the construction contract is recognized as revenue and expenses respectively by reference to

the stage of completion of the contract activity at the balance sheet date. An expected loss on the construction

contract is immediately recognized as an expense.

18. Income Tax

Provision for Income Tax is made on the total income at the rate applicable for that year in accordance with

the Income Tax Act. Any excess or shortfall in tax provision is adjusted to the profit and loss account in the

year, when tax assessment is completed. Further, deferred tax liability has been calculated in accordance with

the provisions of Nepal Accounting Standard.

19. Leases

A lease has been classified as a finance lease if it transfers substantially all the risks and rewards incidental to

ownership. A lease has been classified as an operating lease if it does not transfer substantially all the risks

and rewards incidental to ownership.

20. Related Party

Any related party transaction is disclosed in separate schedule, forming the part of financial statements.

21. Amortization

Amortization of intangible asset is provided using the straight-line method based on useful lives of assets as

estimated by the management.

22. Investment Property

Investment property is property (land or a building-or part of a building-or both) held (by the owner or by the

lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for:

a) use in the production or supply of goods or services or for administrative purposes; or

b) sale in the ordinary course of business.

Investment property is measured at initially at cost at recognition. Transaction costs are included in initial

measurement. After recognition either the fair value model or cost model is applied and the same policy is

applied to all the investments.

23. Non-current Assets Held for Sale and Discontinued Operations

A non-current asset (or disposal group) are classified as held for sale if its carrying amount will be recovered

principally through a sale transaction rather than through continuing use.

A non-current asset (or disposal group) classified as held for sale are measured at the lower of its carrying

amount and fair value less costs to sell.

24. Intangible Assets

An intangible asset is if and only if it is probable that the expected future economic benefits that are

attributable to the asset will flow to the entity and the cost of the asset can be measured reliably.


20

25. Employee Benefits

Employee benefits are forms of consideration given by an entity in exchange for service rendered by

employee.

26. Research and Development Expenditure

All revenue expenses pertaining to research and development are charged to the Profit and Loss Account

in the year in which these are incurred and expenditure of capital nature is capitalized as fixed assets.

27. Use of estimates

The preparation of the financial statements in conformity with Nepal Accounting Standard requires

management to make estimates and assumptions that affect the reported amounts of assets and liabilities at

the date of Balance Sheet. Actual amount could differ from those estimates. Any differences from those

estimates are recorded in the period in which they are identified.

B. NOTE TO THE ACCOUNTS

1. Share Capital

At the year end the company had authorized share capital of Rs. 500,000,000.00, Issued share capital of Rs.

270,000,000.00, paid up share capital of Rs. 189,000,000.00.

2. Borrowing

The Company has entered consortium loan facility agreement with Bank of Kathmandu Ltd (The lead bank)

and Kumari Bank Ltd (the consortium partner) on 21 June 2013 for financing for construction of Chhandi

Khola Small Hydropower Project at Phalayne VDC 1, Daremboat of Lamjung District. The outstanding

balance of loan as on Ashad end 2073 is:

Term Loan - Bank of Kathmandu

Opening Balance Rs. 146,009,303.26

Disbursement during the year Rs. 43,625,346.04

Closing Balance Rs. 189,634,649.30

Term Loan - Kumari Bank Ltd


Disbursement during the year Rs. 20,811,091.27


The bridge gap loan from the bank is classified as Short Term Loan as shown under current liabilities.

Short Term Loan (Bridge Gap/Demand Loan - BOK)


Disbursement during the year Rs. (9,372,158.69)


The loans from banks are secured against hypothecation of entire fixed and current assets of the company on

behalf of the bank.

3. Borrowing Cost


21

The cost of borrowing of fund that are directly related with construction of qualifying assets are capitalized to

the extent of deduction for interest income from temporary investment of those funds, the details of same is :

Amount in Rs.

Particulars Upto Previous Year For this Year Balance This Year

Cost for Secured Loan

(Loan from Bank)

11,422,575.01 16,242,897.02 27,665,472.03

Cost for unsecured Loan

(Loan from Promoter

Shareholders)

185,260.28 - 185,260.28

Less : Interest Income (38,721.36) (3,067.77) (41,789.13)

Interest During

Construction

11,569,113.93 16,239,829.25 27,808,943.18

Loan Documentation

(Bank Charge/ Bank

Commission Expenses)

2,386,923.40 1,250,033.79 3,636,957.19

Total Capitalized Cost

on Borrowings

13,956,037.33 17,489,863.04 31,445,900.37

The total borrowing cost capitalized is transferred to Project cost on the Commercial Operation Date (COD)

and charged to revenue as amortization expense.

4. Capital Work in Progress (CWIP)

The cost of project expenditure on Chhandi Khola Small Hydropower Limited is stated at CWIP, and from

Commercial Operation Date, the entire cost is booked as Project Cost under Fixed Asset except for the Head

Office Related Assets, and charged to revenue as amortization. The capitalized cost related to Chhandi Khola

Small Hydropwer Project upto COD 2072.12.13 Rs. 442,828,228 is transferred to Fixed Assets and Cost of

other fixed assets at head office Rs. 4,564,114.09 is transferred to respective fixed assets during this year. The

cost related to Upper Chhnadi Khola Small Hydropwer Project under being initial state of construction is

stated as Capital Work in Progress which is Rs. 23,206,684.95 as on Ashad end 2073.

5. Cost Allocation

The Chhandi Khola Small Hydropower Project with capacity of 2 MW and Upper Chhandi Khola Small

Hydropower Project with capacity of 4 MW are the projects on hand of Company on Balance Sheet Date. The

first project is completed and COD is 2072.12.13, and next project is under initial state of construction. The

second project is cascade project to first project; some of infrastructures of first project shall be used for the

second project also. So the cost of common infrastructure namely Access Road and Transmission Line are

allocated to the projects on the basis of capacity (2:4 for the first and second project respectively), the details

of same is:

Amount in Rs.

Common Cost

Infrastructure

Total Common Cost Chhandi Khola Small

Hydropower Project 2

MW (2/6)

Upper Chhandi Khola

Small Hydropower

Project 4 MW (4/6)

Access Road 11,211,050.64 3,737,016.88 7,474,033.76

Transmission Line 19,660,810.73 6,553,603.58 13,107,207.15

Total 30,871,861.37 10,290,620.46 20,581,240.91


22

6. Going Concern

The company had obtained license for the Chhandi Khola Small Hydropower Project 2 MW from Department

of Electricity Development, Ministry of Energy for 35 years from 2072/05/25 (i.e. upto 2105/05/23), after the

date the project shall be transferred to Government of Nepal.

7. Income & Expenditure Account

The Commercial Operation of the Chhandi Khola Small Hydropower Project is 2072.12.13, so the revenue is

generated from the date, and expenses from that date are charged to revenue.

8. Depreciation and Amortization

The depreciation on fixed assets other than project cost is calculated as Income Tax Act 2058, Schedule 2.

The project cost is amortized over the life of project from COD by the following rates of amortization

annually:

Years Rate of Amortization per annum (%)

1-11 Years 1.8%

12-22 Years 3.1%

23-32.45 Years 4.4%

The license of Chhandi Khola Small Hydropower Project is obtained on 2070.05.24 for the period of 35 years

(i.e. upto 2105/05/23), the COD for Chhandi Khola Small Hydropower Project is 2072.12.13, so from COD

to end of license period is 32.45 years, by the above method the remaining project is divided into nearly equal

three slabs from 1 to 11 years, 11-22 years and 22 years to end of license date, and the project cost is charged

to revenue to reflect the use/wear/tear of power plant, starting by 1.8% p.a amortization on first slab and

increasing the next slab by 1.3% respectively. According to this method, the cost of project shall be charged

to revenue by 19.8% during the 1-11 years, 34.1% during 12-22 years and remaining 46.10% during 23-32.45

years.

9. Income Tax

The revenue from the Chhandi Khola Small Hydropower Project is 100% discounted for tax from Income

Tax for upto 10th

year of Commercial Operation as per facility provided by Income Tax Act 2058, so no

provision for Income Tax is made. No deferred tax is recognized due to 100% discount on tax for the project.

10. Related Party Disclosure

The name and relationship of the parties of the Chhyangdi Hydropower Limited are as follows:

Key Management Personnel

Mr. Rameshwor Thapa Chairman

Mr. Amarnath Shrestha Director

Mr. Rajendra Bahadur Singh Director

Mr. Uday Kumar Piya Director

Mr. Ashok Budhathoki Director

Mr. Mandil Pradhan Director

Mr. Lal Bahadur Thapa Executive Director

The short term employee benefits paid to Executive Director Rs. 1,270,000.00 (Previous Year Rs.

930,000.00).

11. Previous year figures are regrouped and reclassified wherever necessary to facilitate comparison, and the

figures are expressed in nearest rupees.


23

Cannel

Penstock Pipe Alignment


24

Desander

River Crossing With Bridge


25

Weir

Power House


26

Turbines

Control Panels


27

Switchyard

Site Office Building


28

Udipur Substations

An Overview of Upper Chhandi Khola


29

Note

Documents

ANNUAL REPORT - Chhyangdi Hydropower Limitedchpl.com.np/assets/nav_file/ANNUALREPORT2072-2073toWEB.pdf · chhyangdi hydropower ltd. annual report 2072/73 1 board of directors rameshwor