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11



cf=j= @)&#÷)&$ df @ s/f]8 &% nfv !# xhf/ clws ljB't o"lg6 ljqmL ug{ ;kmn ePsf] / ;f]jf6 ¿=!! s/f]8 @@ nfv %^ xhf/ cfo cfh{g ePsf]df o; cf=j= df ! s/f]8 &) nfv (# xhf/ dfq ljqmL ug{ ;lsPsf sf/0f ;f]jf6 ¿=^ s/f]8 (& nfv #( xhf/ dfq cfo cfh{g ug{ ;lsPsf] 5 . h;jf6 clws ljqmL o"lg6 jfkt ¿= $ s/f]8 @% nfv !& xhf/n] o; cf=j=df sdL cfPsf] 5 . ;du| ljB't ljqmL cfo cGtu{t ut cf=j= @)&#÷)&$ df !^ s/f]8 @ nfv &@ xhf/ o"lg6 g]=lj=k|f= nfO{ ljqmL u/L ¿=! cj{ !( s/f]8 ^* nfv *( xhf/ cfo cfh{g ePsf]df ;ldIff cjlw cf=j= @)&$÷)&% df hDdf !$ s/f]8 &( nfv o"lg6 ljqmL eO{ ¿=! cj{ !# s/f]8 *$ nfv #@ xhf/ dfq cfo cfh{g ePsf] 5 . cf=j= @)&#÷)&$ sf] t'ngfdf $=** k|ltztn] ljB't ljqmL cfodf Go"g x'g uPsf] 5 .

sDkgLn] nufgL ug{ k|ltj4tf hgfP cg';f/ ;xfos sDkgLx¿df z]o/ nufgL k'/f eO{ ;s]sf] x'Fbf sDkgLsf] a}+s df}Hbft a9\b} uPsf] / Jofh b/df klg ;'wf/ cfPsf sf/0f a}+s Jofh cfh{gdf

a[l4 x'Fbf cf=j= @)&#÷)&$ sf] t'ngfdf ljlQo cfDbfgL ¿= @ s/f]8 () nfv ($ xhf/ cyf{t &#=($ k|ltztn] j[l4 ePsf] 5 .

cf=j= @)&#÷)&$ sf] t'ngfdf cf=j= @)&$÷)&% df KnfG6 dd{t nufotsf vr{df jrt ug{ ;lsPsfn] ¿= ^$ nfv &# xhf/ cyf{t $=(! k|ltztn] vr{ sdL ePsf] 5 eg] k|zf;sLo vr{df klg !(=&! k|ltztn] vr{ s6f}lt ePsf] 5 .

sDkgLn] g]kfn ljlQo dfkb08 -Nepal Financial Reporting Standards-NFRS_ cg';f/ ljlQo ljj/0fx¿ tof/ u/]sf] / :yug s/ -Deferred Tax_ ;dfof]hg ;lxt s/ kl5sf] gfkmf ¿=() s/f]8 *& nfv &% xhf/ cfh{g ug{ ;kmn ePsf] 5, h'g ut cf=j= sf] t'ngfdf ¿= @ s/f]8 %@ nfv $( xhf/ cyf{t @=&) k|ltztn] dfq sdL xf] .

ldlt @)^) ef› * ut]af6 sDkgLn] Joj;foLs ljB't pTkfbg z'? u/]b]lv xfn;Ddsf] pTkfbg tyf ljqmLsf] ca:yf lgDgfg';f/ /x]sf] 5M

tflnsf @M ljB't pTkfbg tyf ljs|Lsf] cj:yf

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@)^!÷)^@ 132795 134309 2646 124487 690,902,201

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@)^%÷)^^ 137585 146220 11148 142127 883,446,000

@)^^÷)^& 140893 148132 9062 141565 886,564,900

@)^&÷)^* 132795 150110 10076 141856 885,046,000

@)^*÷)^( 142871 156083 13131 145781 900,638,647

@)^(÷)&) 148227 154019 5792 149649 968,553,507

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12



u_ sDkgLsf] k|lt z]o/ cfDbfgL cf=j= @)&#÷)&$ df ?=@&=)( /x]sf]df cf=j= @)&$÷)&% df ?=@@=(@ /x]sf] 5 . ljut cf=j= df !% k|ltzt af]g; z]o/ lbOPsf] sf/0f z]o/ ;+Vof a[l4 x'gfn] k|lt z]o/ cfDbfgL ;f]xL adf]lhd 36\g uPsf] 5 . cf=j=@)&#÷)&$ df k|ltz]o/ gub nfef+z ?= !)÷– / af]g; z]o/ !% k|ltzt lbOPsf]df o; cf=j= @)&$÷)&% sf] nflu r'Qmf k"FhL ?= # cj{ (^ s/f]8 %! nfv !# xhf/sf] % k|ltzt gub nfef+z / @) k|ltzt af]g; z]o/ k|:tfj ul/Psf] 5 . cf=j= @)&$÷)&% sf] nflu k|:tfj ul/Psf] af]g; z]o/ ¿=&( s/f]8 #) nfv @@ xhf/ k"FhLs[t u/]kl5 / gub nfef+z ?=!( s/f]8 *@ nfv %^ xhf/ ljt/0f kl5 sDkgLsf] g]6jy{ k|ltz]o/ ?=!*#=#& x'g]5 .

3_ sDkgLsf] ljut % jif{sf] z]o/ k"FhL, C0f / ;l~rtLsf] cj:yf lgDg u|fkm lrq g+= ! df k|:t't ul/Psf] 5M

cf=j= @)&#÷)&$ df z]o/ k"FhL ?=# cj{ $$ s/f]8 &( nfv @$ xhf/ / nfef+z tyf af]g; Aoj:yf kZrft\ ;+lrtL ?=$ cj{ $ s/f]8 $@ nfv ## xhf/ /x]sf]df cf=j= @)&$÷)&% ;Dddf z]o/ k"FhL ?=# cj{ (^ s/f]8 %! nfv !# xhf/ eO{ ;f] sf] cfwf/df o; aif{sf] nflu gub nfef+z

/ af]g; z]o/ Aoj:yf u/] kZrft ;+lrtL ?= # cj{ (^ s/f]8 &) nfv @* xhf/ /xg]5 eg] k|:tfljt jf]g; z]o/ k'Flhs[t u/]kZrft z]o/ k'FhL ¿= $ cj{ &% s/f]8 *! nfv #% xhf/ k'Ug] 5 .

ª_ sDkgLsf] cf=j= @)&#÷)&$ / @)&$÷)&% sf] z]o/ ahf/ d"Nosf] t'ngfTds l:ylt lrq g+= @ df k|:t't ul/Psf] 5 .

sDkgLsf] z]o/ ahf/sf] l:ylt x]bf{ sDkgLsf] z]o/ d"No @)&$ >fj0f dlxgfdf k|lt z]o/ ?=&*$÷– /x]sf]df @)&% c;f/ d;fGtdf k|lt z]o/ ?=&()÷– sfod /x]sf] b]lvPsf] 5 . o; cf=j= @)&$÷)&% df z]o/sf] jhf/ d"No sl/j l:y/ g} /x]sf] b]lvG5 . s]xL jif{b]lv sDkgLn] gub nfef+z / af]g; z]o/ ljt/0f ub}{ cfPsf], cfˆgf ;xfos sDkgLx¿ dfkm{t gofF cfof]hgfx? lgdf{0fsf] r/0fdf /x]sf] tyf sDkgLsf] ;fv / 5jL -Goodwill and Image_ klg pRr /x]sf] sf/0f z]o/ d"No / sf/f]jf/sf b[li6sf]0faf6 sDkgL pTs[i6 /xg ;kmn ePsf] 5 . cfufdL lbgdf cfˆgf ;xfos sDkgLx¿af6 k|ltkmn kfpg z'¿ u/]kl5 eg] z]o/wgLsf] k|ltkmn klg cem cfslif{t x'g] ljZjf; z]o/wgL dxfg'efjx¿nfO{ lbnfpg rfxG5' .

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13



tflnsfdf k|:t't ul/Psf] jfx| dlxgfsf] z]o/ d"Nosf] s'n c+snfO{ jfx|n] efu u/L cf}ift d"No lgsflnPsf] 5 h; cg';f/ cf=j= @)&#÷)&$ sf] cf}ift d"No ¿=(*)=&% sf] t'ngfdf cf=j= @)&$÷)&% df cf}ift d"No ¿=*@(=^& cyf{t !%=$) k|ltzt n] sld cfPsf] 5 .

@= af]g; z]o/ tyf gub nfef+z ;DjGwdfMsDkgLn] cf=j= @)^)÷)^! b]lv @)&#÷)&$ ;Dd hDdf ?=# cj{ &% s/f]8 *# nfv *( xhf/ gub nfef+z ljt/0f ul/;s]sf]df cf=j= @)&$÷)&% df k|:tfj ul/Psf] gub nfef+z ;d]t ubf{ ¿= # cj{ (% s/f]8 ^^ nfv $$ xhf/ k'Ug] b]lvG5 . To;} u/L cf=j= @)^&÷)^* b]lv cf=j= @)&#÷)&$ ;Dd hDdf /sd ¿=# cj{ %! nfv !# xhf/ a/fj/sf] af]g; z]o/ ljt/0f ul/;lsPsf] 5 eg] cf=j= @)&$÷)&% df k|:tfj ul/Psf] jf]gz z]o/ ;d]t ubf{ ¿= # cj{ &( s/f]8 *! nfv #% xhf/ ljt/0f ul/g] 5 h'g /sd z'¿sf] z]o/ ;+Vofsf] t'ngfdf #=(^ u'0ff yk x'g cfpF5 . cf=j= @)&$÷)&% df k|:tfj ul/Psf] k|ltkmn ljt/0f kZrft klg cf}ift k|lt z]o/ ;+lrt d'gfkmf ?=*#=#& /xg] s'/f caut u/fpg rfxG5' . nfef+z tyf af]g; z]o/ 3f]if0ffsf] jif{ut ljj/0f tyf k|lt z]o/ cfDbfgL, gub nfef+z tyf k|lt z]o/ ;+lrltsf] jif{ut t'ngf tflnsf # df k|:t't ul/Psf] 5 .

o; cf=j= @)&$÷)&% df sDkgLsf] k|lt z]o/ cfDbfgL ?=@@=(@ ePtf klg ;+lrt d'gfkmfaf6 k|lt z]o/ @=)* Aoj:yf x'g] u/L k|lt z]o/ ?=@% sf b/n] k|ltkmn ljt/0f ug{sf] nflu o; ul/dfdo ;efdf k|:tfj ul/Psf] 5 .

lrq @M sDkgLsf] cf=j= @)&$÷)&% sf] z]o/ ahf/ d"Nosf] l:ylt

o; sDkgLn] cf=j= @)^)÷)^! b]lv g} gub nfef+z ljt/0f ub}{ cfO/x]sf] tYo dflysf] tflnsfaf6 g} :ki6 x'G5 . o;/L 3f]if0ff ul/Psf] gub nfef+z dWo] z]o/ /lhi6«f/n] pknAw u/fPsf] cfFs8f cg';f/ ¿= !% s/f]8 @$ nfv (^ xhf/ ljt/0f ug{ cem} afFsL b]lvG5 .

lrq # df b]vfOP adf]lhd k|lt z]o/ cfDbfgL, ;+lrtL tyf jif{ut ;+lrlt x]bf{ cf=j= @)^)÷)^! sf] efb| dlxgfaf6 dfq ljB't pTkfbg z'? ePsf] / ljs|L b/ klg z'?df sd ePsf] ;fy} ;j{;fwf/0f afx]ssf] ;Dk"0f{ z]o/ hf/L ul/Psf] sf/0f k|ltz]o/ cfDbfgL ?= %% ePsf] b]lvG5 . cf=j= @)^!÷)^@ df aif}{ e/L pTkfbg ePsf] / ljqmLb/ klg a[l4 ePsf] t/ z]o/ ;+Vof eg] oyfjt ePsf sf/0f k|lt z]o/ cfDbfgL a9\g uPsf] b]lvG5 . cf=j= @)^#÷)^$ b]lv cf=j= @)^&÷)^* ;Dd ;j{;fwf/0fnfO{ 5'§fOPsf] z]o/ lgisf;g gePsf] t/ cfDbfgLdf lgoldt j[l4 e} /x]sf sf/0f k|ltz]o/ cfDbfgL a9\b} uPsf] b]lvG5 . t/ cf=j= @)^*÷)^( af6 eg] ;Dk"0f{ z]o/ lgZsf;g eO;s]sf] / sDkgLn] jf]gz z]o/ ;d]t lb+b} uPsf] x'Fbf z]o/ ;+Vofdf j[l4 ePsf]n] k|ltz]o/ cfDbfgL qmdz 36\b} uPsf] 5 .

#= sDkgLsf] efjL of]hgf Pj+ sfo{qmdM-s_ b]z leqs} cfly{s tyf k|fljlws nufotsf >f]t

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14



sDkgLx¿ dfkm{t !!! d]ufjf6 Ifdtfsf] /;'jfu9L hnljB't cfof]hgf, !)@ d]ufjf6 Ifdtfsf] dWo ef]6]sf]zL hnljB't cfof]hgf, !$=* d]ufjf6 Ifdtfsf] ;fGh]g -dflyNnf]_ / $@=% d]ufjf6 Ifdtfsf] ;fGh]g hnljB't cfof]hgf ;d]t u/L s"n @&)=#) d]ufjf6 hl8t Ifdtfsf hnljB't cfof]hgfx?sf] lgdf{0f sfo{ cufl8 a9fPsf] Joxf]/f oxfFx¿nfO{ cjut g} 5 . yk hnljB't

cfof]hgfx¿sf] klxrfg tyf ljsf;sf nflu gLlh If]qsf nufgLstf{x¿, g]kfn ljB't k|flws/0f tyf o;sf cGo ;Dj¢ sDkgLx¿;Fu ;xsfo{ tyf ;dGjo u/L xfdL cufl8 al9/x]sf] Joxf]/f cjut u/fpg rfxG5' .

o;/L sDkgLsf] k|ToIf ;xefuLtfdf hnljB't cfof]hgfx?sf] ljsf; x'Fbf sDkgL;Fu ePsf]

cf=j=k|ltz]o/ cfDbfgL

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15



cfly{s ;|f]t tyf k|fljlws bIftfsf] clwstd pkof]u eO{ sDkgLsf] nufgL ug]{ Ifdtf u'0ffTds ?kdf a[l4 x'g hfg] ljZjf; xfdLn] lnPsf 5f} . o;af6 z]o/wgL dxfg'efjx?nfO{ cfˆgf] nufgLdf plrt k|ltkmn k|fKt x'g]5 eg] gLlh If]qsf nufgLstf{x?;Fusf] ;xsfo{n] hnljB't If]qsf] ljsf;df yk 6]jf k'Ug] ;fy} g]kfnsf] hnljB't If]qsf] ljsf;sf nflu ;fj{hlgs–gLlh–;fem]bf/L -Public-Private-Partnership_ sf] cjwf/0ffdf cfwfl/t Pp6f ;'b[9 ;kmn gd'gf -Successful Model_ tof/ x'g] ljZjf;sf ;fy xfdL cufl8 al9/x]sf] tYo oxfFx¿nfO{ cjut g} 5 .

-v_ o; sDkgLsf] ztk|ltzt nufgLdf lrlnd] OlGhlgol/ª P08 ;le{;]h sDkgL :yfkgf u/L o;af6 k/fdz{ ;]jf tyf hnljB't s]G› -kfj/ xfp;_ ;~rfng ;DjGwL ;]jf k|bfg u/L k|fKt x'g] yk cfo cfh{gaf6 sDkgLsf] bLuf] ljsf;df 6]jf k'Ug] 7flgPsf] 5 . xfn lrlnd] O{lGhlgol/ª P08 ;le{;]h sDkgLn] ;fGh]g hnljB't sDkgL cGtu{t lgdf{0fflwg b'O{ hnljB't cfof]hgfx¿sf] l8hfOg tyf lgdf{0f ;'kl/j]If0f ;fy} o; sDkgLn] cWoogsf nflu cufl8 a9fPsf b'O{ hnljB't cfof]hgfx¿sf] lj:t[t kl/of]hgf k|ltj]bg ;lxtsf] ;+efJotf cWoog nufotsf sfdx¿sf] k/fdz{ ;]jfsf nflu 7]Ssf ;+emf}tf u/L ;f] ;DaGwL sfdx¿ ul//x]sf] 5 . ;fy} pQm sDkgLn] :jb]zL k|fljlwsx¿nfO{ kl/rfng u/L k/fdz{ ;]jf k|bfg ubf{ ;Ifd :jb]zL k|fljlws hgzlQm pTkfbg x'g] / csf]{tkm{ :jb]zL d'›fsf] ;l~rltdf ;sf/fTds of]ubfg k'Ug] ljZjf; lnOPsf] 5 . o;af6 sDkgLsf] Jofkf/ ljljlws/0f -Business Diversification_ x'g] s'/fdf ljZj:t x'g ;lsg]5 .

cj d oxfFx¿nfO{ o; sDkgL cGtu{tsf hnljB't sDkgLx¿ dfkm{t lgdf{0fflwg cfof]hgfx¿sf] jt{dfg l:yltsf] jf/]df hfgsf/L u/fpg rfxG5' .

s= ;fGh]g tyf ;fGh]g -dflyNnf]_ hnljB't cfof]hgfM /;'jf lhNnfdf /x]sf] lrlnd] hnljB't s]G›sf]

dflyNnf] hnfwf/ If]qsf] sl/j ̂ ls=ld= df cjl:yt ;fGh]g vf]nf If]qdf sl/j ^)) ld6/sf] x]8 k|of]u u/]/ !$=* d]ufjf6 Ifdtfsf] ;fGh]g -dflyNnf]_ /

$@=% d]ufjf6 Ifdtfsf] ;fGh]g hnljB't cfof]hgf >[+vnfa4 -Cascade_ ?kdf lgdf{0f sfo{ e} /x]sf] Joxf]/f oxfFx¿nfO{ cjut g} 5 .

;fGh]g hnljB't sDkgL lnld6]8sf] clws[t k"FhL ?=# cj{ &% s/f]8 / hf/L k"FhL ?=# cj{ ^% s/f]8 /x]sf] 5 . oL cfof]hgfx?df nufgL tyf lgdf{0f sfo{df :yfgLo lgsfox?sf] ;d]t ;xefuLtf u/fO{Psf] 5 . ;fGh]g hnljB't sDkgLsf] z]o/ ;+/rgfdf lrlnd] hnljB't sDkgLsf] #(=#^ k|ltzt, g]=lj=k|f= sf] !)=#^ k|ltzt / tTsfnLg /;'jf lh=lj=;= tyf lhNnfsf !* j6} uf=lj=;= x? af6 hDdf !=@* k|ltzt z]o/ nufgL /x]sf] 5 . afFsL $( k|ltzt z]o/ dWo] @$ k|ltzt z]o/ sd{rf/L ;~ro sf]ifdf /sd hDdf ug]{ ;~rostf{, ;+:yfks z]o/wgL ;+:yfsf sd{rf/L tyf ;~ro sf]ifsf sd{rf/Lx¿nfO{ z]o/ lgisfzg tyf afF8kmfF8 ;d]t ;DkGg u/L /sd ;+sng ul/;lsPsf] 5 . ;fy} ;j{;fwf/0fsf] nflu 5'§ofPsf] !% k|ltzt, tyf :yfgLojf;Lx¿sf] nflu 5'§ofO{Psf] !) k|ltzt ;d]t u/L hDdf @% k|ltzt z]o/ lgisfzg tyf ljqmL k|s[of clGtd r/0fdf /x]sf] 5 . o; sDkgLn] pNn]lvt b'O{ cfof]hgf ljsf;sf] nflu ?=! cj{ $# s/f]8 ^^ nfv $% xhf/ nufgL u/]sf] 5 .n ;fGh]g hnljB't sDkgL cGtu{t lgdf{0fflwg oL

cfof]hgfx? dWo] ;fGh]g -dflyNnf]_ hnljB't cfof]hgfsf] l;len lgdf{0f sfo{ sl/j &# k|ltzt ;DkGg eO{ ;s]sf] 5 . o; cGtu{t Intake Structure, Bypass Canal, Desander, Forebay ;DkGg eO{ ;s]sf] / Flushing Canal tyf Peaking Pond sf] sfo{ clGtd r/0fdf /x]sf] 5 . d'Vo ;'¿ª vGg] sfo{ ;DkGg eO{ Final Rock Support sf sfdx? klg ;DkGg eO{ ;s]sf] 5 . ;f]xL cGtu{tsf] Rock Trap sf] vGg] sfd ;DkGg eO{ Final Concrete Lining sf] sfd ;DkGg x'g] r/0fdf /x]sf], ljB'tu[x lgdf{0f sfo{ z'? eO{;s]sf] 5 . k]g:6s ;'¿ªsf] Excavation sfd ;DkGg eO{ Penstock kfOkx? h8fg ug]{ sfo{ / xfO8«f]d]sflgsn sfo{ cGtu{t u]6x?sf] sfo{x¿ eO/x]sf] 5 .

n $@=% d]ufjf6 Ifdtfsf] ;fGh]g hnljB't cfof]hgfsf] l;len lgdf{0f sfo{ cGtu{t sl/j ^% k|ltzt ef}lts sfo{ k|ult /x]sf] 5 . o; cGtu{t #^$) ld= d'Vo ;'¿ª dWo] sl/j @^)) dL= vGg] sfo{ ;DkGg eO{;s]sf] 5 . O{G6]s, Balancing Pond,

16



5'k5'ª vf]nfsf] jfFwsf] sfo{ em08} *) k|ltzt ;DkGg ePsf] tyf O{G6]s :nf]ksf] sfo{ ;DkGg u/L k|j]z ;'¿ª ljGb'af6 s/Lj !&) dL= leq ;Ddsf] sfo{ ;DkGg ePsf] 5 . ;h{6\ofªs vGg] sfo{ ;DkGg eO{ ;s]sf] tyf Inclined Penstock sf] dflyNnf] efudf Pilot hole vGg] sfo{ ;DkGg eO{ Enlargement sf nflu vGg] sfo{ klg eO{ /x]sf] / tNnf] k]g:6ssf] Pilot hole vGg] sfo{ xfn ;Dd s/Lj *) dL= ;DkGg eO{ ;s]sf] 5 . ;a} k/LIf0f ;'¿ª vGg] sfo{ ;DkGg eO{ ;s]sf] tyf ljB't–u[x sf] kmfp08];gsf sfo{ ;DkGg eO{ d]lzg kmfp08]zg / cGo ;+/rgfsf] sfo{ eO{ /x]sf] 5 . xfO8«f]d]sflgsn sfo{ cGtu{t ;fGh]g -dflyNnf]_ sf] ljB't–u[xaf6 tNnf]sf] Peaking Reservoir hf]8\g] kfOk tyf 5'k5'ª vf]nfsf] ;fOkmg kfOksf] sfd klg ;DkGg eO{ ;s]sf] 5 .

n O{n]S6«f]d]sflgsn sfo{ cGtu{t d'Vo d'Vo pks/0fx?sf] pTkfbg, ;'k/lehg tyf k/LIf0f nufotsf sfo{x¿ ;DkGg eO{ cfof]hgfdf cfk"lt{ ug]{ sfd eO{/x]sf] tyf xfn ljB't–u[xdf embedded part installation sf] sfo{ eO{/x]sf] 5 . ;du|df x]bf{ ;fGh]g -dflyNnf]_ sf] s/Lj &@ k|ltzt / ;fGh]gsf] s/Lj ^^ k|ltzt sfo{ k|ult /x]sf] 5 . b'a} cfof]hgfx? ;g\ @)!( sf] cGTo ;Dddf lgdf{0f ;DkGg ug]{ nIo /x]sf] 5 .

oL cfof]hgfx¿df :jb]zL hgzlQm kl/rfng u/L :jb]zL lgdf{0f Joj;foLx¿af6 lgdf{0fsf sfdx¿ eO/x]sf] Joxf]/f klg o; ul/dfdo ;efnfO{ cjut u/fpg rfxG5' . o;af6 :jb]zL sfdbf/nfO{ /f]huf/L ;[hgf ePsf] 5 . o; k|sf/sf 7"nf cfof]hgfx¿df sfd ug{ :j]bzL lgdf{0f Joj;foLx¿sf] xf};nf a9]sf] 5 eg] csf]{tkm{ ljb]zL d'›f ;l~rltdf of]ubfg k'u]sf] 5 .

v= dWo ef]6]sf]zL hnljB't cfof]hgfMdWo ef]6]sf]zL hnljB't sDkgL lnld6]8 cGtu{t l;Gw'kfNrf]s lhNnfdf ef]6]sf]zL gbLsf] kfgL k|of]u u/L !)@ d]=jf= Ifdtfsf] dWo ef]6]sf]zL hnljB't cfof]hgfsf] lgdf{0f e} /x]sf] 5 . o; sDkgLsf] clws[t k"FhL ?=^ cj{ @! s/f]8 / hf/L k"FhL ?= ̂ cj{ /x]sf] 5 . cfof]hgf nufgL tyf lgdf{0f sfo{df :yfgLo lgsfox?sf] ;d]t ;xefuLtf u/fO{Psf] 5 . dWo ef]6]sf]zL hnljB't sDkgLsf]

z]o/ ;+/rgf cg';f/ %! k|ltzt ;+:yfks z]o/ dWo] lrlnd] hnljB't sDkgLsf] #& k|ltzt, g]kfn ljB't k|flws/0fsf] !) k|ltzt / l;Gw'kfNrf]s lhNnfsf :yfgLo OGe]i6d]06 sDkgLx?sf] $ k|ltzt ;xefuLtf /x]sf] 5 . To;} u/L ;j{;fwf/0f ;d"xsf] $( k|ltzt z]o/ dWo] sd{rf/L ;~ro sf]ifdf /sd hDdf ug]{ ;~rostf{, ;+:yfks ;+:yf tyf C0fbftf ;+:yfsf sd{rf/Lx¿ ;d]tsf nflu 5'§ofO{Psf] @$ k|ltzt z]o/ lgisfzg e};s]sf] 5 . ;j{;fwf/0f ;d"xsf jfFsL @% k|ltzt z]o/ ljqmLsf nflu k|s[of cufl8 al9;s]sf] 5 . o; sDkgLn] pQm sDkgLdf ?=@ cj{ @@ s/f]8 nufgL u/]sf] 5 .

dWo ef]6]sf]zL hnljB't cfof]hgfsf d'Vo sfdx¿nfO{ tLg efudf ljefhg ul/Psf] 5 . l;len tyf xfO8«f]d]sflgsn sfo{ / O{n]S6«f]d]sflgsn sfo{ ljb]zL 7]s]bf/ sDkgLaf6 ;DkGg x'g] tyf 6«fG;ld;g nfOgsf] lgdf{0f sfo{ :jb]zL 7]s]bf/af6 cufl8 a9fOPsf] 5 . xfn cfof]hgfsf] x]8jS;{df vf]nf kmsf{pg] -River Diversion_, Slope Excavations tyf 8\ofdsf] hu vGg] nufotsf sfo{x¿ eO{/x]sf] 5 . To;} u/L &,!@$ dL= nfdf] d'Vo ;'¿ª dWo] xfn;Dd $,@)) dL= vlg;lsPsf] 5 . Horizontal Penstock tunnel excavation tyf Powerhouse slope and pit excavation ;DkGg eO{ kfj/xfp;df Concreting works z'¿ ePsf] 5 eg] O{n]S6«f]d]sflgsn pks/0fx¿ ;fO6df k'lu;s]sf] cj:yf 5 . o;} u/L 6«fG;ldzg nfOg lgdf{0fsf] nflu 7]Ssf ;+emf}tf eO{ sfo{ cufl8 a9L/x]sf] 5 . cfof]hgf lgdf{0f ;DkGg cjlw #) h'g @)!( /x]tfklg ljljw sf/0fj; s]xL ;dofjlw yk x'g] ;Defjgf /x]sf] 5 .

u= /;'jfu9L hnljB't cfof]hgfM/;'jfu9L xfO8«f]kfj/ sDkgL lnld6]8af6 g]kfn–lrgsf] l;dfgf /;'jfu9L gfsf glhs /x]sf] uf];fO{+ s'08 ufpFkflnsf j8f g+=@ / # ;fljssf] y'dg / l6d'/] uf=lj=;= sf] l;dfgfdf /x]sf] ef]6]sf]zL gbLsf] kfgL pkof]u u/L !!! d]=jf= Ifdtfsf] /;'jfu9L hnljB't cfof]hgfsf] lgdf{0f sfo{ e} /x]sf] 5 . o; sDkgLsf] clws[t k"FhL ?=& cj{ / hf/L k"FhL ?= ^ cj{ *$ s/f]8 @@ nfv /x]sf] 5 . o; sDkgLdf ;+:yfks z]o/ nufgL ;+/rgftkm{ lrlnd] hnljB't sDkgL lnld6]8sf] #@=&( k|ltzt, g]kfn ljB't k|flws/0fsf] !* k|ltzt / /;'jf lhNnfsf :yfgLo txsf] )=@! k|ltzt ;d]t u/L hDdf %! k|ltzt /x]sf] 5 . ;j{ ;fwf/0f ;d"xsf] nflu 5'§ofOPsf] $( k|ltzt z]o/

17



dWo] sd{rf/L ;~ro sf]ifdf /sd hDdf ug]{ ;~rostf{, ;+:yfks z]o/wgL ;+:yf tyf ;~ro sf]ifsf sd{rf/Lx¿, C0fbftf ;+:yfsf sd{rf/Lx¿ ;d]tnfO{ u/L hDdf @$ k|ltzt z]o/ lgisfzg tyf afF8kmfF8 ;d]t ;DkGg u/L /sd ;+sng ul/;lsPsf] 5 . ;fy} ;j{;fwf/0f ;d"xsf] afFsL @% k|ltzt z]o/ dWo] ;j{;fwf/0fsf] nflu !% k|ltzt / /;'jf lhNnfsf :yfgLojfl;x¿sf] nflu !) k|ltzt 5'§ofOPsf] / xfn pQm z]o/ lgisfzg tyf ljqmL k|s[of cufl8 a9fO{Psf] 5 .

o; cfof]hgfsf] lgdf{0f sfo{nfO{ d'VotM tLg n6df ljefhg u/L lgdf{0f sfo{ cufl8 a9fOPsf] 5 .

n6 !M l;len tyf xfO8«f]d]sflgsn lgdf{0f sfo{sf 7]s]bf/n] clwsf+z ;+/rgfx?sf] lj:t[t l8hfOg ;DkGg u/L ;f] sf] k/fdz{bftfaf6 :jLs[t eO{ sfo{ cufl8 a9fO{Psf] 5 . cfof]hgfsf] x]8jS;{sf] lgdf{0fsf nflu c:yfoL afFw agfP/ River diversion u/L Undersluice ;+/rgfsf] 9nfg -concreting_ ug{] sfo{ sl/a *% k|ltzt ;DkGg ePsf], Intake sf] 9nfg sfo{ sl/a ^! k|ltzt ;DkGg ePsf] / Intake slope excavation tyf support sf] sfo{ ;DkGg eO;s]sf] 5 . x]8jS;{ If]qdf kg]{ ;a} ;'?Ësf] excavation tyf rock support sfo{ ;DkGg eO;s]sf], tLgj6} e"ldut l8:ofG8/sf] crown portion sf] excavation tyf rock support sf] sfo{ ;DkGg eO{ xfn d'Vo j]l;g la:t[lts/0f -Enlargement_ ug{] sfo{ eO/x]sf] 5 . o; cfof]hgfsf] hDdf $!*% ld= nfdf] x]8/]; ;'?Ësf] Breakthrough @) cui6 @)!* df ;DkGg eO{ xfn Invert Concreting tyf Final rock support sf] sfo{ eO/x]sf] 5 . To;}u/L e"dLut ljB't u[x hfg] d'Vo ;'?Ë, transformer cavern, valve Chamber, surge tank aeration tunnel nufotsf k|j]; ;'?Ësf] Excavation tyf rock support sf] sfo{ ;DkGg ePsf] 5 . Surge Tank df !=$ dL= Aof;sf] Pilot hole vGg] sfo{ ;DkGg eO{ To;nfO{ !^ dL= Jof;df la:t[lts/0f -Enlargement_ ug]{ tof/L eO/x]sf], Penstock Vertical Shaft / Penstock Horizontal Tunnel sf] excavation tyf rock support sf] sfo{ ;DkGg eO{ xfn tLgj6} Penstock trifurcation tunnel df :6Ln kfO{k h8fgsf] sfo{ eO/x]sf] 5 . To;}u/L e"ldut ljB't u[xsf] Excavation tyf rock support sf] sfo{ ;DkGg eO{ Foundation tyf Super Structure x?sf] concreting ug]{ sfo{ clGtd r/0fdf /x]sf] 5 . ;fy}

kfj/ xfp;df EOT Crane h8fg u/L ;~rfng eO/x]sf] / Transformer Cavern, Bus-Bar Tunnels nufotsf ;+r/gfx?sf] excavation tyf rock support sf] sfo{ ;DkGg eO{ cGo sfo{ eO/x]sf] 5 . 6]n/]; 6g]nsf] sl/a %)% dL= nDafO{df Excavation tyf rock support sfo{ ;DkGg eO;s]sf] / afFsL sl/a !%) dL= sf] efudf Excavation sfo{ cufl8 a9fO{Psf] 5 .

cfof]hgfsf] n6 @M On]S6«f]d]sflgsn sfo{sf 7]s]bf/n] On]S6«f]d]sflgsn sfo{sf] l8hfOg ;DkGg u/L xfn qmlds ?kdf kfj/xfp;sf] d]l;g÷pks/0fx?sf]] pTkfbg tyf cfk"lt{ u/L h8fg sfo{ klg z'? u/L;s]]sf] 5 .

To;}u/L cfof]hgfsf] n6 #M !#@ s]=eL= 8an ;ls{6 ljB't k|;f/0f nfO{g lgdf{0fsf] nflu 7]s]bf/n] cfof]hgfsf] la:t[t ;e]{ tyf l8hfOg ;DkGg u/L xfn 6fj/ kmfp08];g tof/ kfg{] sfo{ ul//x]sf] 5 .

o; cfof]hgfaf6 ljB't pTkfbg x'g] cg'dflgt ldlt @)&^ ;fn kmfNu'g & ut] -tbfg';f/ !( km/j/L, @)@)_ /x]sf] / xfn;Ddsf] ;dli6ut sfo{ k|ult s/La ^& k|ltzt /x]sf] 5 .

3= lrlnd] OlGhlgol/Ë P08 ;le{;]h sDkgL lnld6]8lrlnd] OlGhlgol/Ë P08 ;le{;]h s+= ln= sf] :yfkgf @)&#÷)^÷!! ut] ePsf] xf] . o; sDkgLsf] clws[t k"FhL ?= ^ s/f]8 / hf/L k"FhL ?= # s/f]8 /x]sf]df oxL ldlt @)&%÷)&÷!^ ut] ;DkGg sDkgLsf] bf];|f] jflif{s ;fwf/0f ;efaf6 hf/L k"FhL a[l¢ u/L ?= % s/f]8 () nfv sfod ul/Psf] 5 . o; sDkgLdf lrlnd] hnljB't sDkgL ln= sf] ztk|ltzt nufgL /x]sf] 5 . o; sDkgLsf] d'Vo p2]Zo ;du| OlGhlgol/Ë ;]jf pknAw u/fpg' /x]sf] 5 . xfn o; sDkgLn] ;fGh]g hnljB't sDkgL ln= cGtu{t lgdf{0fflwg hnljB't cfof]hgfx?sf] l8hfOg tyf ;'kl/j]If0f ;DaGwL sfdx? ul//x]sf] / lrlnd] hnljB't sDkgL cGtu{tsf a'9Lu08sL k|f]s hnljB't cfof]hgf -$@) d]ufjf6_ tyf ;]tLgbL–# hnljB't cfof]hgf -!^% d]ufjf6_ sf] ;+efJotf cWoogsf] nflu ;+emf}tf ;DkGg u/L cWoogsf sfdx? ul//x]sf] ;fy} cGo ljleGg sfo{sf] nflu kxn eO/x]sf] 5 . sDkgLn] pNn]lvt sfo{x?sf nflu cfjZostf cg';f/ hgzlQm Joj:yfkg tyf kl/rfng ul//x]sf] / ljleGg lsl;dsf cWoogx?nfO{ ;kmntfk"j{s ;DkGg ug{ cfjZostf

18



cg';f/ pks/0fx?sf] vl/b k|s[of cufl8 a9fpg'sf ;fy} bIf hgzlQm dfk{mt u'0f:t/Lo O{lGhlgol/Ë ;]jf k|bfg ug]{ p2]Zosf ;fy cufl8 al9/x]sf] 5 .

$= rfn" cfly{s aif{sf] xfn;Ddsf] pknAwLMo; sDkgLn] rfn" cf=j= @)&%÷)&^ sf] sflt{s d;fGt;Ddsf] cjlwdf ^@ nfv &@ xhf/ clws o"lg6 ;lxt ^ s/f]8 #% nfv !@ xhf/ o"lg6 ljB't laqmL u/L ?= $& s/f]8 () nfv @^ xhf/ cfDbfgL x'g'sf] ;fy} Jofh cfDbfgL ¿= @ s/f]8 !$ nfv ;d]t u/L s'n hDdf ¿=%) s/f]8 $ nfv () xhf/ cfo cfh{g ug{ ;kmn ePsf] 5 . ;f] cjlwdf :jLs[t ah]6 tyf sfo{qmd cg';f/ ?=* s/f]8 @) nfv * xhf/ vr{ ePsf] Joxf]/f klg cjut u/fpg rfxG5' .

%= sDkgLsf] Joj;foLs ;DjGwMlrlnd] hnljB't sDkgLn] b]zdf hnljB'tsf] If]qdf Pp6f pbfx/0fLo klxrfg sfod /fVg ;kmn ePsf] ljZjf; lnOPsf] 5 . sDkgLsf] pRr ;kmntfn] o; sDkgL;+u k|ToIf jf ck|ToIf ?kdf ;+nUg /x]sf ;a}nfO{ uf}/jflGjt t'NofPsf] 5 . ljB't vl/b ug]{ g]kfn ljB't k|flws/0f / cfof]hgf lgdf{0fdf laQLo ;xof]u k|bfg ug]{ a}+s tyf ljQLo ;+:yfx? d'Vo ?kdf sd{rf/L ;~rosf]if, gful/s nufgL sf]if, lxdfnog a}+s lnld6]8 tyf nIdL a}+s lnld6]8 nufot cGo afl0fHo a}+sx¿ ;b}j wGojfbsf kfqx¿ /x]sf 5g\ . ;fy} sDkgL /lhi6«f/sf] sfof{no, g]kfn lwtf]kq af]8{, g]kfn :6s PS:r]~h ln=, gful/s nufgL sf]if, ljleGg Soflk6n dfs]{6\; tyf afl0fHo a}+sx? nufotsf ;a} ljlQo ;+:yfx¿;+u o; sDkgLsf] ;'dw'/ ;DaGw /x]sf] 5 . o; lsl;dsf ;+:yfx?;+usf] Aoj;foLs ;DjGwn] sDkgLn] yk ;kmntf xfl;n ug{ ;Sg] ljZjf; ;lxt eljiodf klg o; k|sf/sf] ;DjGwnfO{ cem} ;jn / ;Ifd agfpg sDkgL ;b}j k|of;/t /xg]5 .

^= ;xfos sDkgLx¿ dfkm{t lgdf{0fflwg hnljB't cfof]hgfx¿sf] ljQLo Aoj:yfkg ;DaGwdfMsDkgLsf] ljlQo tyf Joj:yfksLo cj:yf / Aoj;foLs ;DjGw ljZj;lgo /x]sf]n] g} sDkgLn] k|a4{wg u/]sf sDkgLx¿ dfkm{t @&)=# d]ufjf6 Ifdtfsf hnljB't cfof]hgfx¿ lgdf{0fsf nflu cfjZos C0f nufgL ug]{ ;DjGwdf @)^* ;fn d+l;/ @@ ut] sd{rf/L ;~ro

sf]if, lrlnd] hnljB't sDkgL ln= / ;DjlGwt sDkgLx? -/;'jfu9L xfO{8«f]kfj/ sDkgL, dWo ef]6]sf]zL hnljB't sDkgL / ;fGh]g hnljB't sDkgL_ aLr lqkIfLo C0f ;Demf}tf eO{ ljlQo Joj:yfkg x'Fb} cfPsf] 5 . :jMk"FhL / C0fsf] cg'kft %)M%) /xg] u/L /;'jfu9L hnljB't cfof]hgfsf] nflu ?=^ cj{ *$ s/f]8 @! nfv, dWo ef]6]sf]zL hnljB't cfof]hgfsf] nflu ?=^ cj{ !$ s/f]8 !^ nfv, ;fGh]g -dflyNnf]_ / ;fGh]g hnljB't cfof]hgfsf] nflu ?=# cj{ ^@ s/f]8 !^ nfv u/L hDdf !^ cj{ ^) s/f]8 %# nfv shf{ k|jfx ug] sf]if;Fu ;Demf}tf ePsf] Joxf]/f cjut g} 5 . o;sf nflu g]kfn ljB't k|flws/0f / lrlnd] hnljB't sDkgL lnld6]8af6 ;+:yfut hdfgt lbOg'sf ;fy} o; sDkgLsf] :jfldTjdf /x]sf] ;Dk"0f{ hfoh]yf sd{rf/L ;~ro sf]ifsf gfddf ;DalGwt dfnkf]t sfof{nodf b[li6 jGws /lhi6«]zg kf; ul/Psf] 5 .

&= ;~rfns ;ldltMo; sDkgLdf ;+:yfks z]o/wgL >L g]kfn ljB't k|flws/0fsf] tkm{af6 % hgf tyf ;j{;fwf/0f ;d"xaf6 $ hgf u/L hDdf ( hgf ;~rfnsx¿n] k|ltlglwTj ul//xg' ePsf] 5 . g]=lj=k|f= sf] tkm{af6 o; sDkgLsf] ;~rfns ;ldltdf k|ltlglwTj ug]{ ;~rfnsx¿ g]=lj=k|f= sf sd{rf/L x'g] ePsf]n] lghx¿ ;]jf lgj[t x'Fbf ;~rfns k|ltlglwsf] kl/jt{g x'g] u/]sf] 5 . xfn;Dd :jtGq ;~rfnssf] Joj:yf ul/Psf] 5}g . sDkgL P]gsf] Joj:Yff adf]lhd b'O{ hgf :jtGq ;~rfns lgo'QmL eP kZrft dfq ;~rfns ;ldltn] k"0f{tf kfpg] 5 . afFsL ;j{;fwf/0f ;d"xaf6 $( k|ltzt z]o/sf] k|ltlglwTj x'g] Joj:yf 5 . ;dLIff cjlwdf ;~rfns ;ldltsf] a}7s !) k6s a;]sf] lyof] . xfnsf] ;~rfns ;ldltsf] ljj/0f tflnsf $ df /x]sf] 5 .

*= n]vfk/LIf0f k|ltj]bg pk/ ;~rfns ;ldltsf] k|ltlqmofMcf=j= @)&$÷)&% df o; sDkgL cGtu{tsf ;xfos sDkgLx¿n] n]vfk/LIf0f u/fO{ pknAw u/fPsf ljlQo ljj/0fx¿nfO{ cfwf/ lnO{ o; sDkgLsf] n]vfk/LIf0f ePsf ljlQo ljj/0fx¿ ;d]t Plss[t -Consolidated_ u/L tof/ ul/Psf ;+o'Qm ljlQo ljj/0fx¿ -Consolidated Financial Statements_ oxfFx¿nfO{ pknAw ePsf] k|ltj]bgdf ;dfj]z ul/Psf] 5 . ;fy} sDkgLsf] dfq

19



ljlQo ljj/0fx¿ klg ;f]xL jflif{s k|ltj]bgdf ;dfj]z ul/Psf] 5 . o; sDkgLsf ;xfos sDkgLx¿sf] ljlQo ljj/0fx¿ Plss[t ubf{ g]kfn ljlQo k|ltj]bg dfkb08 -Nepal Financial Reporting Standards-NFRS_ tyf ;f] n] g;d]6]sf] xsdf cGt/fl{\i6«o ljlQo k|ltj]bg dfkb08 -International Financial Reporting Standards-IFRS_ n] lgb[i6 u/] cg'¿k ul/Psf] 5 .

(= sDkgLsf] s]Gb|Lo sfof{no ejg lgdf{0fMlrlnd] hnljB't sDkgL ln= n] sf7df8f}+ dxfgu/kflnsf j8f g+=–$, w'Daf/fxL, sf7df8f} l:yt cfˆg} gfddf /x]sf] @&#)=&^ ju{ ld6/sf] hUufdf lrlnd] 6fj/ lgdf{0f ug]{ of]hgf cg';f/ xfn cfjZos l8hfOg tyf gSzf ;DaGwL sfo{x¿ k'/f u/L cfjZos :jLs[ltsf nflu sf7df8f}+ dxfgu/kflnsfdf k]z ul/;s]sf] 5 . pQm k]z u/]sf] ;Dk"0f{ l8hfOg tyf gSzfx¿ sf7df8f}+ dxfgu/kfnLsfsf] cflwsfl/s lgsfoaf6 ;d]t :jLs[lt eO{ ;DalGwt j8f sfof{nodf a'emfOPsf] 5 . k|:tfljt ejg hDdf ()#&=#^ ju{ ld6/ Floor Area sf] sl/j *$%=!^ ju{ dL If]qkmndf lgdf{0f x'g]5 .

k|f/lDes jftfj/0f -IEE_ cWoog ;DaGwdf zx/L ljsf; tyf k'glg{df0f dGqfnoaf6 Term of Reference -ToR_ :jLs[t e};s]sf] 5 . ;fy} ToR cg';f/ jftfj/0fLo k|efj d"NofÍgsf] k|s[of clGtd r/0fdf /x]sf] 5 . lgdf{0f Aoj;foLx¿sf] 5gf}6sf] xsdf k'j{of]Uotf d"Nofªsgaf6 5gf}6 ePsf $ j6f lgdf{0f Joj;foL sDkgL dWo]af6 k]z x'g cfPsf jf]nkq ;DaGwL sfuhfx¿ d"Nofªsg

u/L of]Uo sDkgL 5gf}6sf] k|s[of clGtd r/0fdf k'u]sf] 5 . o; sfo{nfO{ rf8} ;DkGg u/L ejg lgdf{0f sfo{ cufl8 a9fOg] 5 .

!)= ;+:yfut ;fdflhs pQ/bfloTjMo; sDkgLn] ;fdflhs pQ/bfloTj cGtu{t ljz]if u/]/ ljB't–u[x jl/k/Lsf k|ToIf jf ck|ToIf ?kdf k|efljt If]qx?df ljB't, vfg]kfgL, lzIff, :jf:Yo, /f]huf/L, l;+rfO{, af6f]3f6f] h:tf sfo{x?df jflif{s ?kdf /sd 5'6\ofO{ pNn]Vo ;xof]u k'¥ofpFb} cfPsf] 5 . ;fy} ;/f]sf/ ;ldlt dfkm{t k|efljt If]qdf vr{ ug]{ u/L af:s]6 km08 :j?k jflif{s ?=@% nfv yk pknAw u/fpFb} klg cfPsf] 5 .

sDkgLsf] ;+:yfut ;fdflhs pQ/bfloTjsf] lg/Gt/tf :j?k k|To]s jif{h:t} rfn" cf=j= @)&%÷)&^ df klg ;fd'bflos ljsf; / af:s]6 km08 ;lxt ah]6 Aoj:yf ul/Psf] 5 . ;Dk"0f{ /sd sDkgLn] nufgL u/L /;'jf lhNnfsf hgtfsf] :jf:Yo pkrf/nfO{ k|efjsf/L jgfO{ plrt ;dodf g} c:ktfn k'uL pkrf/ u/fpg d2t k'Ug] u/L 6f]of]6f sDkgLsf] Ps yfg PDj'n]G; pknAw u/fOPsf] 5 . :yfgLo :t/df pknAw x'g ;Sg] hgzlQm klxrfg u/L ljleGg /f]huf/Lsf cj;/x¿ v'Nnf ul/b} cfOPsf] 5 . :yfgLo :t/df /x]sf lgdf{0f Joj;foLx¿n] klg ljleGg lsl;dsf sfdx¿ ub}{ cfO/x]sf] cj:yf 5 xfnsf] cfdf5f]lbªdf] ufpFkflnsf uf]Nh'ª lkm8/ /f]8sf] :t/f]Ggltsf nflu cf=j= @)&$÷)&% df ¿= $^ nfv &) xhf/ cfly{s ;xof]u ;d]t u/]sf] / o;af6 slDtdf #% 3/kl/jf/ k|ToIf nfeflGjt ePsf 5g\ .

tflnsf $M ;~rfns ;ldlt

;+rfnssf] gfd kb k|ltlglwTj ug]{;+:yf / ;d'x b]lv ;Dd

>L s'ndfg l3l;ª cWoIf k|ltlglw, ;+:yfks ;d"x -g]=lj=k|f=_ @)&#÷)^÷)$ xfn;Dd

>L n]vgfy sf]O/fnf ;~rfns k|ltlglw, ;+:yfks ;d"x -g]=lj=k|f=_ @)&!÷)$÷)% xfn;Dd

>L zflGt nIdL zfSo ;~rfns k|ltlglw, ;+:yfks ;d"x -g]=lj=k|f=_ @)&#÷)%÷!@ xfn;Dd

>L x//fh Gof}kfg] ;~rfns k|ltlglw, ;+:yfks ;d"x -g]=lj=k|f=_ @)&#÷)&÷!@ xfn;Dd

>L dgf]h l;njfn ;~rfns k|ltlglw, ;+:yfks ;d"x -g]=lj=k|f=_ @)&$÷)#÷#! xfn;Dd

>L t'n;L/fd 9sfn ;~rfns k|ltlglw, ;j{;fwf/0f ;d"x @)&@÷)@÷#) xfn;Dd

>L /fdk|;fb l/dfn ;~rfns k|ltlglw, ;j{;fwf/0f ;d"x @)&@÷)@÷#) xfn;Dd

>L led k|;fb ltdlN;gf ;~rfns k|ltlglw, ;j{;fwf/0f ;d"x @)&@÷!)÷!% xfn;Dd

>L k;f{bf] tdfª ;~rfns k|ltlglw, ;j{;fwf/0f ;d"x @)&@÷!)÷!% xfn;Dd

20



!!= laut jif{df z]o/wgL dxfg'efjx¿n] p7fPsf ljifox¿Mljut aif{df z]o/wgL dxfg'efjx?n] lbg' ePsf ;'emfjx? pk/ sDkgLsf] cjwf/0ff lgDg cg';f/ /x]sf 5g\!= aflif{s ;fwf/0f ;ef / k|ltkmnMz]o/wgLnfO{ plrt k|ltkmn lbg] ;DjGwdf o; sDkgLn] ljz]if Wofg lbPsf] / cfufdL lbgx¿df ;d]t z]o/wgLsf] rfxgfnfO{ Wofgdf /fv]/ sfo{ cufl8 a9fOg] 5 .

@= gofF cfof]hgf ;DjGwdfMo; sDkgLsf] cu'jfO{df :yfkgf ePsf hnljB't sDkgLx¿ dfkm{t lgdf{0fflwg hnljB't cfof]hgfx¿ tf]lsPsf] nfut, ;do / u'0f:t/df ;DkGg ug{ ;j} If]qaf6 k|of; eO/x]sf] 5 . ;fy} pQm cfof]hgfx¿sf] lgdf{0f sfo{sf] cj:yfnfO{ x]/L yk hnljB't cfof]hgfx¿sf] klxrfg u/L ljsf; ul/g] of]hgf cg'¿k xfn tLgj6f gofF hnljB't cfof]hgfx¿sf] cWoog cufl8 a9fOPsf] 5 . k/fdz{bftfaf6 k|ltj]bg k|fKt ePkl5 pko'Qm cfof]hgfx¿sf] lgdf{0fsf nflu k|s[of cufl8 a9fO{g] Joxf]/f cjut uf/fpg rfxG5' .

#= Aoj;fo ljljlws/0fMo; sDkgLsf] cfDbflgsf] d"Vo >f]t eg]sf] xfn ljB't ljqmL dfq /x]sf]df b]zleq ljleGg sfdsf cj;/x¿ b]lvPsf]n] lrlnd] Ol~hlgol/ª P08 ;le{;]h sDkgL :yfkgf ul/Psf] 5 . o; sDkgLsf] p2]Zo ljleGg lsl;dsf k|fljlws ;]jfx¿ lbO{ cfo cfh{g ug]{ /x]sf] 5 .

$= cGo ;DjGwdfMljutsf jif{x¿df jflif{s k|ltj]bg 5kfO{ nufotdf ;fdfGo dfgjLo q'l6x¿nfO{ ;se/ Go'gLs/0f ug]{ k|of; ul/Psf] 5 . ;fy} d~r Joj:yfkgnfO{ cfslif{t jgfpg ;'emfj eP cg';f/ ;'wf/sf nflu sf]lzz ul/Psf] 5 . sDkgLn] u/]sf sfo{x¿ tyf cGo z]o/wgLsf ;/f]sf/sf ljifox¿nfO{ g5f]l8sg o; jflif{s k|ltj]bgdf ;d]6\g] k|of; ul/Psf] 5 . jflif{s k|ltj]bg ;a} z]o/ wgLx?sf] ;lhn} kx'Fr xf];\ egL sDkgLsf] Website df /flvg'sf ;fy} z]o/ /lhi6«f/sf] sfof{noaf6 klg pknAw u/fpg] Joj:yf ldnfOPsf] 5 .

!@= d"Vo sDkgL / ;xfos sDkgL aLrsf] sf/f]jf/M o; sDkgLsf] d"Vo ;+:yfks g]kfn ljB't k|flws/0f;Fu ljB't vl/b–ljqmL ;Demf}tf cg';f/sf] sf/f]jf/, 3/hUuf ef8f, / sd{rf/L ;fk6L ;DjGwL sf/f]jf/ x'g] u/]sf] 5 . To;} u/L o; sDkgLsf] ;xfos sDkgL ;fGh]g hnljB't sDkgL ln= n] ;fGh]g hnljB't cfof]hgfsf] ljB'tu[x If]qdf o; sDkgLsf] :jfldTjdf /x]sf] !! /f]kgL hUuf #) aif{nfO{ lnhdf lnP jfkt pQm sDkgLn] lnh ef8f e'QmfgL ub}{ cfPsf] 5 eg] /;'ufu9L xfO{8«f]kfj/ sDkgL ln= n] klg o; sDkgL cGtu{tsf] lrlnd] kfj/ KnfG6df sfo{/t sd{rf/Lsf] cfjf; If]qdf /x]sf] lk|ˆofa ejg ef8fdf lnO{ ef8f e'QmfgL ub}{ cfPsf] 5 . lrlnd] Ol{Ghlgol/ª P08 ;le{;]h sDkgL ln= ;+u sDkgLn] cWoogsf nflu cufl8 a9fPsf $@) d]ufjf6 Ifdtfsf] a'9Lu08sL k|f]s hnljB't cfof]hgf / !^% d]ufjf6 Ifdtfsf] ;]tLgbL–# hnljB't cfof]hgfsf] DPR ;lxtsf] ;+efJotf cWoogsf nflu 7]Ssf ;+emf}tf eP adf]lhd k/fdz{ ;]jf jfktsf] /sd sfo{ k|ultsf cfwf/df e'QmfgL ub}{ cfPsf] 5 .

!#= lrlnd] hnljB't s]Gb|Mo; lrlnd] hnljB't sDkgL cGtu{t ;~rflnt lrlnd] hnljB't s]G›n] @)^) ef› * b]lv Joj;foLs ljB't pTkfbg z'¿ u/]sf] / xfn;Dd klg k"0f{ Ifdtfdf ;~rfng eO/x]sf] 5 . ef}uf]lns kl/j]z cg';f/sf] l8hfOg, cGt/f{li6«o :t/sf pks/0f tyf dha't l;len ;+/rgfsf sf/0f o; s]G›n] ;~rfngsf] !%cf}+ jif{ ;Dd klg lgoldt ?kdf ck]Iffs[t ¿kdf ljB't pTkfbg ub}{ cfO/x]sf] Joxf]/f cjut u/fpg rfxG5' . kf6k'hf{x¿sf] cefjdf x'g ;Sg] pTkfbg gf]S;fg -Generation Loss_ nfO{ dWogh/ u/L 7f]; of]hgfsf ;fy s]G›nfO{ cfjZos kg]{ k"hf{x? pks/0fsf pTkfbs sDkgL;Fu vl/b u/L hu]8fdf /fVg] ul/Psf] 5 . s]G›df hl8t Governing System, Excitation System, SCADA System Pj+ Protection System nufotsf k|0ffnLx¿df cfPsf] k|ljlw kl/jt{gnfO{ ;+jf]wg x'g] u/L cBfjlws /fVg pNn]lvt k|0fflnx¿sf] ;'b[l9s/0f -Rehabilitation_ ug{ cfjZos b]lvPsf]n] cGt/f{li6«o :t/df af]nkq cfJxfg ul/ xfn k|fKt jf]nkqbftfx¿sf] af]nkq d"NofÍg ug]{ sfo{ eO{ /x]sf] 5 .

21



!$= cfGtl/s lgoGq0f k|0ffnLMcfGtl/s lgoGq0f k|0ffnL k|efasf/L agfpg ;DjlGwt P]g, lgod tyf ljlgodfjnLx¿ kl/kfngf ul/Psf] 5 eg] sDkgL ;~rfns ;ldltsf] :jLs[ltdf ljleGg ljlgodfjnL tyf sfo{ljlw th{'df u/L nfu" ul/Psf] 5 . sDkgLn] cfˆg} cfly{s k|zf;g ljlgodfjnL tof/ u/L ljleGg cfly{s clwsf/ tyf l;dfx? tf]lsPsf] 5 . cfGtl/s n]vfk|0ffnL ;an agfO{ /fVg sDkgL P]g, @)^# sf] bkmf !^$ sf] clwgdf /xL ;~rfns ;ldltsf ;b:ox? /x]sf] n]vfk/LIf0f ;ldlt u7g u/L ;f]xL ;ldltsf] lgb]{zg Pj+ cg'udgdf sDkgLsf] n]vf ;~rfng x'Fb} cfPsf] / cfGtl/s n]vfk/LIf0fsf] ;d]t Aoj:yf /x]sf] Aoxf]/f cjut u/fpg rfxG5' . ;fy} sDkgLn] ISO 9001:2008 (QMS) / ISO14001:2004 (EMS) nfu" ul/ o;sf] lgoldt ¿kdf cfGtl/s tyf jfx\o k/LIf0f -cl86_ klg u/fpFb} cfPsf]5 .

!%= sd{rf/L Joj:yfkgMo; sDkgLsf] sd{rf/L Joj:yfkgnfO{ k|efjsf/L jgfpg] p2]Zo cg';f/ sd{rf/L ;]jf zt{ ljlgodfjnL, @)&! :jLs[t u/L nfu" ul/Psf] 5 . ;f]xL ljlgodfjnLsf] clwgdf /xL :jLs[t b/jGbL tyf ;+u7g tflnsf cg';f/ sd{rf/Lx?sf] egf{, 5gf}6, kb:yfkgf, j[lQ ljsf;, cjsf; nufotsf sfdx? ul/b} cfPsf] 5 . sd{rf/Lx?sf] j[lQ ljsf; tyf Ifdtf clea[l4sf nflu ljleGg tflndx?sf] cj;/ lbg] ul/Psf] 5 . sd{rf/Lx?df lhDd]jf/L / hjfkmb]xLtf clea[lå ug{ sfo{ ljj/0f pknAw u/fOPsf] 5 .

sDkgLsf] :jLs[t ljlgodfjnL tyf k|rlnt >d P]gsf] clwgdf /xL pkbfg, labf, cf}iflw pkrf/, aLdfsf] Joj:yf ul/Psf] 5 . sd{rf/Lx?sf] tna nufotsf ;]jf ;'ljwf tf]Sg] ;Dk"0f{ clwsf/ ;~rfns ;ldltdf lglxt /x]sf] 5 .

cf=j= @)&$÷)&% df clws[t :t/df k|fljlws tkm{ !^, k|zf;g tkm{ ^ ;d]t @@ hgf / ;xfos :t/df k|zf;g tkm{ $^ / k|fljlwstkm{ @& ;d]t &# hgf u/L s'n (% hgf sd{rf/L sfo{/t /x]sf lyP . h; cGtu{t sDkgLsf :yfoL sd{rf/L *(, g]kfn ljB't k|flws/0faf6 sfhdf vl6O{ cfPsf sfo{sf/L k|d'v ;lxt # / s/f/ ;]jfdf # hgf /x]sf lyP . sDkgLaf6 clws[t :t/df @# hgf / ;xfos :t/df % hgf sd{rf/L 5gf}6 tyf egf{sf] nflu lnOPsf] lnlvt k/LIffsf] glthf k|sfzg k|s[ofdf

/x]sf] 5 . sd{rf/Lx¿nfO{ cfjZostf cg';f/ sfo{sf/L k|d'vn] ljleGg sfo{If]qdf v6fpg] Joj:yf 5 .

!^= cfly{s jif{ @)&$÷)&% sf] s"n Aoj:yfkg vr{sf] laj/0fMsDkgLsf] s]G›Lo sfof{no ;~rfngdf x'g] x|f; vr{ jfx]ssf] vr{nfO{ Joj:yfkg vr{ dflgPsf] 5 . cf=j= @)&$÷)&% df sd{rf/L jf]g; ;d]t sDkgLsf] Joj:yfkg vr{ ?= & s/f]8 && nfv *& xhf/ /x]sf] 5 . Knf06 ;~rfngsf nflu k|zf;lgs Pj+ ;~rfng ;+ef/ vr{ cGtu{t ?=!@ s/f]8 %# nfv #$ xhf/ dfq vr{ ePsf] 5 .

!&= n]vfk/LIf0f ;ldltMsDkgL P]g, @)^# sf] bkmf !^$ df ePsf] Aoj:yf cg';f/ sDkgLsf] ;~rfns ;ldltn] lgDgfg';f/sf] Ps n]vfk/LIf0f ;ldlt u7g u/]sf] 5 M;~rfns, >L n]vgfy sf]O/fnf ;~of]hs ;~rfns, >L x//fh Gof}kfg] ;b:o;~rfns >L t'n;L/fd 9sfn ;b:o

cf=j= @)&$÷)&% df n]vfk/LIf0f k|ltj]bg, cfjlws cfly{s k|ltj]bg tyf cGo cfly{s Aoj:yfkgsf ljifox?df 5nkmn ug{sf nflu n]vfk/LIf0f ;ldltsf] !% k6s a}7s a;]sf] lyof] . n]vfk/LIf0f ;ldltsf] a}7sdf pkl:yt ;~rfnsx?nfO{ k|lt a}7s eQf afkt ?=#,)))÷– lbg] Joj:yf /x]sf] 5 .

!*= ;~rfns tyf pRr kb:y kbflwsf/Lx¿sf] kfl/>ldsMo; cf=j= @)&$÷)&% df sDkgLsf kbflwsf/Lx?sf] ;~rfns ;ldltsf] k|lt a}7s k|lt AolQm eQf ?= &,)))÷–, ;~rfns /x]sf] ;ldlt÷pk–;ldltsf] a}7s eQf k|lt AolQm k|lt a}7s ?=#,)))÷–, ;~rfnsx?nfO{ ;~rf/ tyf oftfoft ;'ljwf jfkt k|lt AolQm dfl;s ?=%,)))÷–, k|d'v sfo{sf/L clws[tsf] dfl;s tna, eQf tyf ;'ljwf ?= !,%*,&^@ / -cGo pk–;ldlt -;~rfns afx]s cGo kbflwsf/Lx? ;+nUg_ k|lt AolQm k|lt a}7s ?=@,)))÷– / sDkgLsf ;~rfnsx?nfO{ sDkgLsf k|d'v sfo{sf/L clws[t ;/x b}lgs tyf e|d0f eQf lbg] Aoj:yf /x]sf] 5 . pNn]lvt ;'ljwfx¿ ljut &÷* jif{b]lv ;dfg /x]sf] Joxf]/f klg cjut u/fpg rfxG5' .

22



s[t1tf 1fkg tyf wGojfbMo; cj;/df sDkgLn] ;~rfng u/]sf] hnljB't s]G› tyf o; sDkgLn] k|a4{g u/]sf sDkgLx? dfkm{t cufl8 a9fOPsf cfof]hgfx?sf] lgdf{0f tyf ljsf;sf] nflu k|ToIf jf ck|ToIf ?kn] ;xof]u k'¥ofpFb} cfpg' ePsf phf{, hn>f]t tyf l;+rfO{ dGqfno, lzIff, lj1fg tyf k|ljlw dGqfno, jg tyf jftfj/0f dGqfno, u[x dGqfno, /Iff dGqfno, ljB't ljsf; ljefu nufot g]kfn ;/sf/sf ljleGg lgsfox¿, :yfgLo ;/sf/sf k|ltlglwx¿, tyf kbflwsf/Lx? ;fy} lgdf{0f Joj;foLx¿nfO{ d wGojfb lbg rfxG5' .

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cfof]hgfsf] ;kmn sfof{Gjog tyf ;'rf??kn] ;~rfng ug{sf nflu k|f/Deb]lv ;xof]u k'¥ofpg] lrlnd] hnljB't sDkgL sd{rf/L o"lgog, g]kfn ljB't k|flws/0f sd{rf/L ;+3, ;+u7g, kl/ifb\ o"lgog nufot ;j} sd{rf/L k|ltlglwx?nfO{ xflb{s wGojfb lbg rfxG5' .

sDkgL tyf lgdf{0fflwg cfof]hgfx?nfO{ o; r/0f;Dd ;kmntfk"j{s k'¥ofpg lqmofzLn cfof]hgf tyf sDkgLsf ;j} sd{rf/Lx?nfO{ d wGojfb lbg rfxG5' . sDkgLsf] :yfkgfsfnb]lv cfof]hgf ;~rfng, Aoj:yfkg, lgdf{0f, ;~rfng tyf ;+ef/, gofF cfof]hgfsf] cWoog cflb sfdx?df k|ToIf jf k/f]If ?kdf ;+nUg eO{ ;xof]u ug]{ ;a}nfO{ o; cj;/df wGojfb lbg rfxG5' . ;fy} pxfFx?af6 ;bf em} lg/Gt/ ;xof]u / ;befjsf] ck]Iff /fVb5' .

g]kfn lwtf]kq af]8{, sDkgL /lhi6«f/sf] sfof{no, g]kfn :6s PS:r]Gh ln= nfO{ lg/Gt/ ;xof]u / ;befjsf] nflu wGojfb lbg rfxG5' . ;fy} >L l;4fy{ Soflk6n ln=nfO{ sDkgLsf] z]o/ /lhi6«f/ ;]jf k|bfg u/]sf] / o; ;fwf/0f ;efsf] k|jGw ;d]t u/]sf]df xflb{s wGojfb lbg rfxG5' . sDkgLsf] :yfkgf, lgdf{0f, ;~rfng / Aoj:yfkgdf cfˆgf cd"No of]ubfg k'¥ofpg' ePsf ;Dk"0f{ k"j{ ;~rfns, sfo{sf/L k|d'v tyf sd{rf/Lx?nfO{ klg wGojfb lbg rfxG5' .

sDkgLn] lgdf{0f tyf ljsf;sf nflu cufl8 ;f/]sf /;'jfu9L, dWo ef]6]sf]zL, ;fGh]g / ;fGh]g -dflyNnf]_ cfof]hgfx?sf] lgdf{0fsf] nflu cxf]/fq v6\g' ePsf pQm sDkgLsf ;~rfns, k"j{ ;~rfns sfo{sf/L k|d'v nufot ;Dk"0f{ sd{rf/Lx¿ tyf pQm cfof]hgfx¿df cfjZos C0f pknAw u/fpg] sd{rf/L ;~ro sf]ifnfO{ ljz]if wGojfb lbg rfxG5' . ;fy} sDkgLsf] ljQLo Aoj:yfkgdf ;b}j ;xof]u / ;b\efj /fVg] ljQLo ;+:yf Pj+ a}+sx?nfO{ klg wGojfb lbg rfxG5' .

cGTodf, ;Dk'0f{ z]o/wgL dxfg'efjx¿nfO{ sDkgL / ;~rfns ;ldlt k|lt b]vfpg' ePsf] ;xof]u, ;b\efj / ljZjf;sf] ;fy} o; ul/dfdo ;efdf pkl:yt eO{ Jo:t sfo{tflnsf jfjh'b klg cfˆgf] cd"No ;do 5'6\ofO{ o; ;efnfO{ ;kmntf k"j{s ;DkGg ul/lbg' ePsf]df k'gM Ps k6s xflb{s s[t1tf tyf wGojfb 1fkg ug{ rfxG5' .

s'ndfg l3l;ª,cWoIf, ;~rfns ;ldlt

lrlnd] hnljB't sDkgL lnld6]8 .ldltM @)&%÷)*÷@^

23



24



25

Chilime Jalavidhyut Company Limited

Annual Report FY 2074/075 (2017/2018)

Financial Statements as per

Nepal Financial Reporting Standards

(NFRS)for Fiscal Year 2074/2075 (2017/2018)

Chillime Jalavidhyut Co. Ltd. (Group)

26


Annual Report FY 2074/075 (2017/2018)

27


Annual Report FY 2074/075 (2017/2018)

28


Annual Report FY 2074/075 (2017/2018)

Consolidated Statement of Financial Position (Group)As at 32 Ashad 2075 (16 July 2018)

NRs.

PARTICULARS NOTES32.03.2075

(16.07.2018)

31.03.2074 (15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Assets

Non Current Assets

Property, Plant and Equipment

Property, Plant and Equipment 1.2 1,896,446,886 1,928,028,927 1,986,869,718

Construction Assets - Subsidiaries 1.2.1 691,991,211 553,904,666 562,833,576

Capital Work in Progress 1.1.5 14,186,870,904 9,492,578,585 5,288,486,527

16,775,309,001 11,974,512,178 7,838,189,821Current Assets

Inventory 3 166,793,953 178,488,076 182,322,671

Prepayments 4 3,271,216 4,401,980 4,052,862

Advances, Deposits and Other Receivables 5.1.1 2,700,286,091 3,235,949,356 3,390,232,700

Trade Receivables 5.1.2 136,108,204 122,548,900 138,622,649

Investment in Term Deposits 5.1.3 1,971,044,120 380,139,080 400,000,000

Cash and Cash Equivalents 5.1.4 1,047,597,521 781,819,587 931,520,215

6,025,101,105 4,703,346,979 5,046,751,097

Total Assets 22,800,410,107 16,677,859,157 12,884,940,918

Equity and LiabilitiesEquity

Share Capital 6 3,965,113,152 3,447,924,480 3,134,476,800

Retained Earnings 7 4,754,825,995 4,671,013,672 4,436,732,958

Total 8,719,939,147 8,118,938,152 7,571,209,758

Non Controlling Interest 7.1 4,867,391,504 2,344,630,857 2,221,195,938

Non Current Liabilities

Defined Benefit Obligation 8.2.3 56,614,285 53,955,670 49,837,590

Other Current Liabilities

Deferred Tax Liabilities 9.2.1 122,891,122 122,277,192 123,041,763

Long Term Loans 20.1.2 8,447,210,799 5,594,683,439 2,570,390,271

Total 8,626,716,206 5,770,916,301 2,743,269,624

Current Liabilities

Provisions 10 56,836,063 52,845,709 136,189,087

Trade and Other Payables 5.2.1 529,527,187 390,528,138 213,076,512

Total 586,363,250 443,373,847 349,265,599

Total Equity and Liabilities 22,800,410,107 16,677,859,157 12,884,940,918

Date: 2075/08/26 Place: Dhumbarahi-4, Kathmandu

___________________ Hara Raj Neupane

Member

________________ Manoj Silwal

Member

_______________________ Narayan Prasad Acharya

Chief Finance Officer

___________________ Shanti Laxmi Shakya

Member

___________________ Lekhanath Koirala

Member

___________________ Tulasi Ram Dhakal

Member

__________________ Ram Prasad Rimal

Member

_______________________ Madhav Prasad Koirala Chief Executive Officer

___________________ Kul Man Ghising

Chairman

______________________ Bhim Prasad Timalsina

Member

____________________ Parsado Tamang

Member

As per our report of even date Board of Directors

___________________ Pratap P. Pradhan

PrincipalPP Pradhan & Co.

Chartered Accountants

29


Annual Report FY 2074/075 (2017/2018)

Consolidated Statement of Profit or Loss and Other Comprehensive IncomeFor the year ended 32 Ashadh 2075 (16 July 2018)

NRs.

PARTICULARS NOTESFY2074/075

(2017/18)

2073/074 (2016/17)Restated

Income

Revenue from Sale of Electricity 11 1,138,432,864 1,196,889,744

Expenses

Hydel Plant Operating Expenses 12 (151,650,338) (134,080,795)

Administrative Expenses 13 (177,441,111) (172,202,204)

Depreciation 1 (76,301,165) (81,065,461)

Operating Profit/ (Loss) 733,040,249 809,541,284

Finance Income 14 141,503,724 61,555,153

Other Income 15 57,756,603 (4,955,145)

Assets written off - (1,858,312)

Profit / (Loss) before Tax and Bonus 932,300,576 864,282,980

Employee Bonus 8 (19,160,064) (18,889,842)

Profit/ (Loss) before Tax 913,140,512 845,393,138

Less: Tax 9

Current Tax (18,814,163) (10,898,992)

Prior Period Tax (FY 2060/61 and FY 2061/62) (12,950,121) -

Deferred Tax Income (Expense) 710,616 1,538,828

Net Profit/ (Loss) For the Year including Non-controlling Interest 882,086,844 836,032,974

Net Profit/ (Loss) For the Year attributable to Non-controlling Interest (13,574,809) (26,836,044)

Net Profit/ (Loss) For the Year attributable to CJCL 895,661,653 862,869,018

Earnings Per Share

Basic 16 22.25 27.09

Diluted 16 N/A 21.08

Other Comprehensive Income

Actuarial Gain (Loss) on re-measurements of defined benefit plans 8 6,622,726 3,871,280

Income tax relating to items that will not be reclassified 9 (1,324,545) (774,256)

Other Comprehensive Income for the Year 5,298,181 3,097,024

Total Profit / (Loss) & Other Comprehensive Income 887,385,025 839,129,998


___________________ Hara Raj Neupane

Member

________________ Manoj Silwal

Member




Member


Member


Member


Member


___________________ Kul Man Ghising

Chairman


Member

____________________ Parsado Tamang

Member


___________________ Pratap P. Pradhan



30


Annual Report FY 2074/075 (2017/2018)

Consolidated Statement of Cash FlowFor the year ended 32 Ashadh 2075 (16 July 2018)

NRs.

PARTICULARS FY2074/075

(2017/18)2073/074 (2016/17)

Cash Flow from Operating ActivitiesProfit before interest and tax 913,140,512 845,393,138AdjustmentsDepreciation 76,301,165 81,065,461Income from Investment and Bank Deposit (141,503,724) (61,555,153)Assets Written Off - 1,858,312Gain on Sale of Asset - (1,805,000)Stock Written Off - 1,335,933Employee Gratuity, Leave and Welfare Provisions 9,281,342 8,470,380Bad Debt - 19,933,200Employee Bonus in SoPL 19,160,064 18,889,842NFRS Adjustment (Subsidiary-Sanjen) (3,376,635) (544,197)Equity Transaction non-cash 48,210,245 (42,45,769)Interest Capitalization 1,782,930,799 703,603,439Movements in Working CapitalDecrease/(Increase) in Inventory 11,694,123 298,662(Increase)/Decrease in Prepayments 1,130,764 (349,118)(Increase)/Decrease in Advances, Deposits and Other Receivables 535,663,265 154,283,344(Increase)/Decrease in Trade Receivables (13,559,304) (3,859,452)(Increase)/Decrease in Term Investments (1,590,905,040) 19,860,920Increase/(Decrease) in Provisions (20,744,152) (89,868,365)Increase/(Decrease) in Current liabilities 138,999,048 177,451,626Employee Bonus Paid (18,889,842) (19,263,846)Gratuity and Leave paid - (481,020)Income Taxes Paid (7,300,000) (4,000,000)Total Adjustments 827,092,118 1,003,279,199Net Cash flow from Operating Activities (A) 1,740,232,630 1,848,672,337Cash Flow from Investing ActivitiesAcquisition of Property, Plant and Equipment (44,719,124) (24,082,982)Proceeds from sale of asset - 1,805,000Decrease/ (Increase) in Construction Assets - Subsidiaries (138,086,545) 8,928,910Decrease/ (Increase) in Capital Work in Progress (4,694,292,319) (4,204,092,058)Income from Investment and Bank Deposit 141,503,724 61,555,153 Net Cash Flow from Investing Activities (B) (4,735,594,264) (4,155,885,977)Cash Flow from Financing ActivitiesIncrease/ (Decrease) in Non Controlling Interest 2,536,335,456 150,270,963Increase/ (Decrease) in Long Term Borrowings 1,069,596,561 2,320,689,729Dividend Paid (344,792,448) (313,447,680) Net Cash Flow from Financing Activities ( C ) 3,261,139,569 2,157,513,012Net Increase in Cash (A+B+C) 265,777,934 (149,700,628)Cash at Beginning of the Year 781,819,587 931,520,215Cash at the End of the Year 1,047,597,521 781,819,587


___________________ Hara Raj Neupane

Member

________________ Manoj Silwal

Member




Member


Member


Member


Member


___________________ Kul Man Ghising

Chairman


Member

____________________ Parsado Tamang

Member


___________________ Pratap P. Pradhan



31


Annual Report FY 2074/075 (2017/2018)

Consolidated Statement of Changes in EquityFor the year ended 32 Ashadh 2075 (16 July 2018)

NRs.

PARTICULARS SHARE CAPITAL RETAINED

EARNING TOTAL

NON CONTROLLING INTEREST (NCI)

TOTAL EQUITY

Opening Balance as on 1 Shrawan 2074 (16 July 2017)

3,447,924,480 4,671,013,672 8,118,938,152 2,344,630,858 10,463,569,010

Opening NFRS Adjustment (Sanjen) - (2,288,733) (2,288,733) (2,072,405) (4,361,138)

Opening Balance (Restated) 3,447,924,480 4,668,724,939 8,116,649,419 2,342,558,453 10,459,207,872

Equity Shares paid up during the year - - - 2,587,603,181 2,587,603,181

Equity Transaction(difference in retained earning brought forward revalued at current year NCI%)

- 48,210,245 48,210,245 (48,210,245) -

Bonus Share for FY 2073/74 capitalized in FY 2074/75

517,188,672 (517,188,672) - - -

Dividend for FY 2073/74 paid in FY 2074/75

- (344,792,448) (344,792,448) (344,792,448)

Net Profit After Tax - 895,661,653 895,661,653 (13,574,809) 882,086,844

Other Comprehensive Income - 5,298,181 5,298,181 - 5,298,181

NFRS Adjustment of Subsidiary - (1,087,902) (1,087,902) (985,075) (2,072,978)

Closing Balance as on 32 Asadh 2075 (16 July 2018)

3,965,113,152 4,754,825,995 8,719,939,147 4,867,391,504 13,587,330,652

NRs.


EARNING TOTAL

NON CONTROLLING INTEREST (NCI)

TOTAL EQUITY


3,134,476,800 4,436,732,958 7,571,209,758 2,221,195,939 9,792,405,696

Opening NFRS Adjustment (Sanjen) (11,962,368) (11,962,368) (3,537,599) (15,499,967)


Equity Shares paid up during the year - - - 146,186,128 146,186,128

Equity Transaction (difference in retained earning brought forward revalued at current year NCI %)

- (4,245,769) (4,245,769) 4,245,769 -


313,447,680 (313,447,680) - - -


- (313,447,680) (313,447,680) - (313,447,680)

Net Profit After Tax - 862,869,018 862,869,018 (26,836,044) 836,032,974

Other Comprehensive Income - 3,097,024 3,097,024 - 3,097,024

NFRS Adjustment (Subsidiary-Sanjen) - 11,418,170 11,418,170 3,376,665 14,794,835


3,447,924,480 4,671,013,672 8,118,938,152 2,344,630,857 10,463,569,010

Consolidated Statement of Changes in EquityFor the year ended 31 Ashadh 2074 (15 July 2017) Restated

32


Annual Report FY 2074/075 (2017/2018)

NRs.


EARNING TOTAL

NON CONTROLLING

INTEREST (NCI)TOTAL EQUITY


2,725,632,000 4,901,563,422 7,627,195,422 1,815,740,423 9,442,935,845

Accumulated Assessment Tax - 505,184,366) (505,184,366) - (505,184,366)


Equity Shares paid up during the year - - - 479,169,368 479,169,368


408,844,800 (408,844,800) - - -


- (327,075,840) (327,075,840) - (327,075,840)

Net Profit After Tax - 935,529,594 935,529,594 - 935,529,594

Reserve and Surplus of Subsidiaries - 159,255,052) (159,255,052) (73,713,853) (232,968,905)


3,134,476,800 4,436,732,958 7,571,209,758 2,221,195,938 9,792,405,696

Consolidated Statement of Changes in EquityFor the year ended 31 Ashadh 2073 (15 July 2016) Restated

As per our report of even date


___________________ Hara Raj Neupane

Member

________________ Manoj Silwal

Member




Member


Member


Member


Member


___________________ Kul Man Ghising

Chairman


Member

____________________ Parsado Tamang

Member

___________________ Pratap P. Pradhan



33


Annual Report FY 2074/075 (2017/2018)

Explanatory Notes FY2016-17 (2073/074)

A. General Information of the CompanyChilime Jalavidhyut Company Limited (CJCL or the Company) was incorporated in 1995 with the objective of hydroelectricity generation through optimal utilization of resources available within the country. CJCL is registered with the Office of the Company Register as a Public Limited Company.

CJCL owns and operates a power plant with 22.1 MW installed capacity which was commissioned on August 25, 2003 and is located in Rasuwa District, 133 km north of Capital City Kathmandu. It sells bulk electricity to NEA at rates agreed

upon in the Power Purchase Agreement (PPA). The annual energy generation from the plant is approximately 150 GWh.

Nepal Electricity Authority (NEA) holds majority ownership with 51% shareholding. Remaining 49% shareholding is from general public including 10% equity ownership of project affected local people. The shares of the Company is listed and traded on the Nepal Stock Exchange Limited (NEPSE).

The detailed structure of Equity of CJCL is as below:

Nepal Electricity Authority

51%

Employees of NEA and Chillime

25%

Project- affected local people10%

General Public

14%

Promoter Share

51%Public Share

49%

With the objectives of further development of hydropower, CJCL has invested in other hydroelectricity projects through three hydropower companies and one engineering consulting company. The accompanying consolidated Financial Statements includes these invested companies as the Company has effective control over them. (Details of the investments is discussed in Note 2)

B. Statement of ComplianceThe financial statements have been prepared in accordance with Nepal Financial Reporting Standards (NFRS) to the extent applicable and as published by the Accounting Standards Board (ASB) – Nepal and is approved by the 351th Board of Directors on its meeting held on 12 December 2018 (26 Mangsir 2075) and have been recommended for approval by shareholders in the 22nd Annual General Meeting.

C. Basis of Preparation and Reporting PronouncementsThe Company has, for the preparation and presentation of financial statements, opted to adopt Nepal Financial Reporting Standards (NFRSs) from the erstwhile Nepal Accounting Standards (NASs) both pronounced by Accounting Standards Board (ASB) Nepal. NFRS was pronounced by ASB Nepal as effective on 13 September 2013. The regulatory requirement for the Company to adopt NFRS was from the financial year 2073/74 (2016-17), however the Company opted for early adoption of NFRS as the basis of financial statement and prepared its first NFRS compliant financial statements in FY 2072/73.

NFRS conform, in material respect, to International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

34


Annual Report FY 2074/075 (2017/2018)

NFRS 9 – Financial Instruments has been issued but is not effective until further notice. For the reporting of financial instruments, NAS 32 Financial Instruments, Presentation, NAS 39 Financial Instruments Recognition and Measurements and NFRS 7 Financial Instruments – Disclosures have been applied. A significant impact on classification and measurement including impairment of financial instruments, may arise as a result of application of NFRS 9.

A number of new standards and amendments to the existing standards and interpretations have been issued by IASB after the pronouncements of NFRS with varying effective dates. Those only become applicable when ASB Nepal incorporates them within NFRS.

D. Consolidation of Financial StatementsFinancial Statements of the parent Company, Chilime Jalavidhyut Company Limited (CJCL), and its subsidiaries Sanjen Jalavidhyut Co. Ltd (SJCL), Madhya Bhotekoshi Jalavidhyut Co. Ltd (MBJCL), Rasuwagadhi Hydropower Co. Ltd (RGHPCL) and Chilime Engineering and Services Co. Ltd.(CheSCO) have been consolidated in accordance with NFRS 3 and NFRS 10. The consolidated Financial Statements have been prepared on the following basis:

a) The Financial Statements of the parent and its subsidiary have been combined on a line-by-line basis by adding together the carrying values of like items of assets, liabilities, revenues and expenses after eliminating material intra-group balances / transactions and resulting profits in full, unrealized profit / losses resulting from intra-group transactions has also been eliminated except to the extent that recoverable value of related assets is lower than their cost to the Group.

b) The consolidated Financial Statements have been prepared using uniform accounting policies. Differences in accounting policies, if any, has been disclosed separately.

c) Non-Controlling Interest’s share in net assets of ‘the Group’ is identified and presented in the consolidated statement of financial position separate from liabilities and the equity of the Company’s shareholders as Non-Controlling Interest (NCI). (also refer Note 7.1)

d) The extent of the group’s control on the subsidiaries is reflected by the shareholding in the subsidiaries. The details of which is discussed in Note 2

e) The Financial Statements of the subsidiary used for consolidation are drawn for the same reporting period as that of the Parent Company i.e. year ended 32 Ashadh 2075 (16 July 2018). Due to first time adoption of NFRS by two subsidiaries SJCL and MBJCL, previous year information has been restated where applicable.

f ) The parent has acquired the shares in the subsidiaries in the form of promoter shares at par value.

E. Financial PeriodThe Company prepares Financial Statements in accordance with the Nepalese Financial Year (FY) using Nepalese Calendar. The corresponding dates for Gregorian Calendar are as follows:

PARTICULARSNEPALESECALENDAR

DATE / PERIOD

GREGORIAN CALENDAR

DATE / PERIOD

Comparative Reporting Period

1 Shrawan 2073– 31 Asadh 2074

16 July 2016 – 15 July 2017

Primary Reporting Period

1 Shrawan 2074– 32 Asadh 2075

16 July 2017 – 16 July 2018

F. Accounting ConventionThe Financial Statements have been prepared on historical cost conventions except for certain financial elements that have been measured at fair value, wherever standard requires or allows such measurement. The fair values, wherever used, are discussed in relevant notes.

The financial statements are prepared on accrual basis.

The financial statements have been prepared on a going concern basis. The Company has a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future.

G. PresentationsPRESENTATION CURRENCYThe Company and its associates/subsidiaries operate within the jurisdiction of Nepal. Nepalese Rupees (NRs.) is the presentation and functional currency of the Company. Accordingly, the Financial Statements are prepared and presented in Nepalese Rupees and rounded off to the nearest Rupee (rounding errors have been ignored).

REARRANGEMENT AND RECLASSIFICATIONThe figures for previous year are rearranged, reclassified and/or restated wherever necessary for the purpose of facilitating comparison. Appropriate disclosures are made wherever necessary.

35


Annual Report FY 2074/075 (2017/2018)

STATEMENT OF FINANCIAL POSITIONThe elements of Statement of Financial Position (SoFP) other than equity is presented in order of their liquidity by considering current and non-current nature which are further detailed in relevant sections.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHEN-SIVE INCOMEThe elements of Statement of Profit or Loss (SoPL) and Other Comprehensive Income (OCI) have been prepared using classification ‘by function’ method. The details of revenue, expenses, gains and/ or losses have been disclosed in the relevant section of this notes.

Earnings per share (EPS) has been disclosed in the face of ‘SoPL and OCI’ in accordance with NAS 33.

STATEMENT OF CASH FLOWSThe Statement of Cash Flows (SCF) has been prepared using indirect method and the activities have been grouped under three major categories (Cash flows from operating activities, Cash flows from investing activities and Cash flows from financing activities) in accordance with NAS 07.

STATEMENTS OF CHANGES IN EQUITYThe Statement of Changes in Equity (SCE) has been prepared disclosing changes in each elements of equity.

H. Accounting Policies and Accounting EstimatesACCOUNTING POLICES The Company, under NFRS, is required to apply accounting

policies to most appropriately suit its circumstances and operating environment. The preparation of Financial Statements in conformity with NFRS requires management to make judgments, estimates and assumptions in respect of the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

Specific accounting policies have been included in the relevant notes for each item of the Financial Statements. The effect and nature of changes, if any, have been disclosed.

ACCOUNTING ESTIMATESThe preparation of Financial Statements in line with NFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of Financial Statements and the reported amounts of revenue and expenses during the reporting period.

Management has applied estimation in preparing and presenting the Financial Statements. The estimates and the underlying assumptions are reviewed on an on-going basis. Revision to accounting estimates are recognized in the period in which the estimates are revised, if the revisions affect only that period; they are recognized in the period of revision and the future periods if the revisions affect both current and future periods.

Specific accounting estimates have been included in the relevant section of the notes wherever the estimates have been applied along with the nature and effect of changes of accounting estimates, if any.

36


Annual Report FY 2074/075 (2017/2018)

I. Elements of Financial Statement

1. Property, Plant and Equipment (PPE)Property, Plant and Equipment (PPE) are those tangible assets used for generation and supply of energy, for administrative purpose or for rentals to others. These are recognized as PPEs, if and only if it is probable that future (i.e. for more than one accounting period) economic benefits associated with the items will flow to the Company; and the cost of the item can be measured reliably.

PPEs are stated in the SFP at their cost less accumulated depreciation and accumulated impairment losses, if applicable.

CostThe initial cost of PPEs includes purchase price and directly attributable cost of bringing the asset to the location and conditions necessary for it to be capable of operating in the manner intended by management. Subsequent costs that do not qualify the recognition criteria under NAS 16 are expensed as and when incurred.

NAS 16 and IFRIC 1 require cost of PPE to include the estimated cost for dismantling and removal of the assets, and restoring the site on which they are located. Management perceives that such costs are difficult to estimate and considering the past practice the amount of such costs will not be material to affect the economic decision of the user as a result of such non-inclusion. Therefore asset retirement obligation has not been recognized.

DepreciationThe management has estimated that depreciable amount of the assets is equivalent to the initial cost and thus the cost is systematically allocated based on the expected useful life of an asset. Items of property, plant and equipment are depreciated in full in the year of acquisition.

If an item of PPE consists of several significant components with different estimated useful lives and if the cost of each

component can be measured reliably, those components are depreciated separately over their individual useful lives.

The residual values, useful lives and the depreciation methods of assets are reviewed at least annually, and if expectations differ from previous estimates, changes are made in the estimates and are accounted for as a change in accounting estimates in accordance with NAS 8.

Management has considered that the land used for the Hydropower Plant will have a definite useful life of 50 years (under Built Own Operate and Transfer (BOOT) arrangement, discussed separately under note 1.1.2) and accordingly the cost of the land has been systematically allocated as amortization/depreciation.

Whereas, if the management considers the assets have an indefinite useful life (like land except those land properties under BOOT arrangement), no amortization / depreciation is charged.

De-recognitionAssets that have been decommissioned or identified as damaged beyond economic repair or rendered useless due to obsolescence, are derecognized whenever identified. On disposal of an item of PPE or when no economic benefits are expected from its use or disposal, the carrying amount of an item is derecognized. The gain or loss arising from the disposal of an item of PPE is the difference between net disposal proceeds, if any, and the carrying amount of that item and is recognized in the SoPL.

1.1 CLASSIFICATION, USEFUL LIVES AND DEPRECIATION METHOD

1.1.1 Estimation of Useful Lives and Depreciation Method usedDepreciation methods have been selected considering the pattern of inflow of economic benefits to the organization and thereby some class of assets are depreciated using straight line method (SLM) and some are depreciated using diminishing balance method (DBM). The details of estimated useful lives and depreciation method applied are as below:

37


Annual Report FY 2074/075 (2017/2018)

ASSET Z CLASS - SUB CLASS DEPRECATION RATEUSEFUL LIFE

(IN YEARS)DEPRECIATION

METHOD APPLIED

Land – Plant 2 50 SLM

Land - Not related to plat - - None

Building – Powerhouse 2 50 SLM

Building - Office Building (Kathmandu) 14.29 7 SLM

Building - Other Buildings 4 25 SLM

Civil Structure - Plant Civil Structures 2 50 SLM

Civil Structure - Civil Partition and Other Civil Works 25 4 SLM

Distribution Line 4 25 SLM

Hydromechanical Works 2 50 SLM

Electromechanical Works Refer to Note 1.1.2 SLM

Tools and Equipment 15 6.67 DBM

Office Equipment 25 4 DBM

Furniture and Fixtures 25 4 DBM

Vehicles 20 5 DBM

Other Assets 15 6.67 DBM

* DBM = Diminishing Balance Method

* SLM = Straight Line Method

1.1.2 Useful life of Electromechanical WorksDepreciation methods have been selected considering the pattern of inflow of economic benefits to the organization and thereby some class of assets are depreciated using

straight line method (SLM) and some are depreciated using diminishing balance method (DBM). The details of estimated useful lives and depreciation method applied are as below:

SN COMPONENTS DEPRECATION RATE USEFUL LIFE (IN YEARS)

1 Turbine

2.00% 50

2.50% 40

3.33% 30

2 Generator 3.33% 30

3 Power Transformers 3.33% 30

4 Station/ Other Transformers 3.33% 30

5 66KV Switchgear Equipment 2.00% 50

6 Relay and Control switchboards3.33% 30

5.00% 20

7 Instrument Transformers 3.33% 30

8 12 KV Switchgear 2.50% 40

9 Low Voltage Distribution Panel 2.00% 50

10 Lightning Arrestor 2.86% 35

11 Storage Battery and Battery Charger 6.67% 15

12 Grounding Material 2.00% 50

38


Annual Report FY 2074/075 (2017/2018)

SN COMPONENTS DEPRECATION RATE USEFUL LIFE (IN YEARS)

13 Ancillary Equipment

2.00% 50

2.50% 40

2.86% 35

3.33% 30

4.00% 25

5.00% 20

6.67% 15

14 Cables

2.00% 50

2.86% 35

3.33% 30

15 Miscellaneous Materials2.50% 40

6.67% 15

16 Steel Structures 2.00% 50

17 Communication Equipment5.00% 20

6.67% 15

Other notes on PPE

1.1.3 LANDLand properties with ownership documents (i.e. in occupation and with valid documentation) have been considered to meet the asset recognition criteria and have been recognized as asset under appropriate heading.

Land under BOOT ArrangementCJCL obtained the license for generation of 22.1 MW Hydropower Plant from the then Ministry of Water Resource (Current: Ministry of Energy) for a period of 50 years (i.e. from 26 Shrawan 2054, 10 Aug 1997 to Asadh end 2104, Mid July 2047), therefore the useful life of plant assets (which need to be handed over at the end of the BOOT period) cannot exceed 50 years even if the economic life of the assets is more, as the entire generation unit needs to be transferred to the Government of Nepal at the end of this license term. Therefore, CJCL depreciates its land assets at the generation unit using a depreciation rate of 2%.

NRs.

LOCATIONAREA (ROPANI-

ANA-PAISA-DAM)COST

Syafrubesi and Goljung Rasuwa

556-2-0-3 9,257,081

1.1.4 BUILDINGS AND CIVIL STRUCTUREAll civil infrastructures have been classified on the basis of their built type (such as Reinforced Cement Concrete pillar structure, load bearing, stone masonry, shed and other structures etc.).

1.1.5 CAPITAL WORK IN PROGRESSCosts related to assets in the course of acquisition and construction are recognized as Capital Work in Progress (CWIP) and are carried at cost, less accumulated impairment losses, if any. The detail of CWIP is as follows:

NRs.

PARTICULARS 32.03.2075

(16.07.2018)

31.03.2074(15.07.2017)

Restated

01.04.2073(16.07.2016)

Restated

Relating to CJCL 61,236,954 5,593,702 -

Relating to Subsidiaries:

Sanjen Jalavidhyut Co. Ltd. 4,366,488,548 3,067,731,781 2,088,704,587

Madhya Bhotekoshi Jalavidhyut Co. Ltd. 4,609,321,517 2,954,105,901 1,142,433,286

Rasuwagadhi Hydropower Co. Ltd. 5,149,823,885 3,465,147,201 2,057,348,654

Total 14,186,870,904 9,492,578,585 5,288,486,527

39


Annual Report FY 2074/075 (2017/2018)

Depreciation on this asset commences when the asset is ready for its intended use. This item is shown at cost and disclosed as CWIP under PPE. The CWIP includes the license fee paid to Department of Electricity Development (DOED).

Three subsidiaries are in the process of developing their four hydroelectric projects. All the costs directly related to the development of the projects are charged to the CWIP and carried until the assets are ready to be used to be recognized under PPE. Construction and other assets recognized under PPE of the Subsidiaries/Associates are subject to annual depreciation charges and such charges are subsequently

transferred to CWIP as they directly and indirectly contribute toward creation of those assets.

1.1.6 RESTRICTION ON PPECJCL will have to transfer the entire generation unit to Government of Nepal under BOOT arrangement after the end of 50 years of operation. Please refer to Note 1.1.3 for more details.

Similar restrictions are also applicable to the assets of the subsidiaries at the expiration of generation license of a period of 35 year applicable to subsidiaries except Chilime Engineering and Services Company Ltd.

40


Annual Report FY 2074/075 (2017/2018)

NRs

PART

ICU

LARS

CO

ST

DEP

RECI

ATIO

NN

ET B

OO

K V

ALU

E (N

BV)

OPE

NIN

G

ADD

ITIO

NS

DU

RIN

G

THE

YEA

RCL

OSI

NG

USE

FUL

LIFE

IN

YEAR

SO

PEN

ING

FO

R TH

E YE

AR

ON

B/

F

FOR

THE

YEA

R O

N

AD

DIT

ION

CHA

RGE

FOR

THE

YEA

R TO

TAL

ACCU

MUL

ATED

DEPR

ECIA

TION O

N

DIS

POSA

L

CLO

SIN

GO

PEN

ING

DIS

POSA

LCL

OSI

NG

Land

Lan

d –

Plan

t9,

257,

081

-9,

257,

081

502,

591,

983

185,

142

-18

5,14

2-

2,77

7,12

46,

665,

098

-6,

479,

957

Land

– N

ot

rela

ted

to p

lant

183,

373,

609

-18

3,37

3,60

9-

--

--

--

183,

373,

609

-18

3,37

3,60

9

Build

ing

Offi

ce B

uild

ing

(Kat

hman

du)

9,98

1,72

2-

9,98

1,72

27

7,12

9,80

11,

425,

960

-1,

425,

960

-8,

555,

762

2,85

1,92

1-

1,42

5,96

0

Pow

erho

use

175,

639,

691

-17

5,63

9,69

150

55,7

25,2

643,

512,

794

-3,

512,

794

-59

,238

,058

119,

914,

427

-11

6,40

1,63

3

Build

ing

- Oth

ers

--

--

--

--

--

--

-

Offi

ce B

uild

ing

- Pr

ojec

t3,

895,

369

-3,

895,

369

252,

170,

774

155,

815

-15

5,81

5-

2,32

6,58

81,

724,

595

-1,

568,

781

Resi

dent

ial

Build

ing

112

,311

,087

-12

,311

,087

254,

855,

372

492,

443

-49

2,44

3-

5,34

7,81

57,

455,

715

-6,

963,

272

Resi

dent

ial

Build

ing

210

,033

,631

-10

,033

,631

255,

188,

570

401,

345

-40

1,34

5-

5,58

9,91

54,

845,

062

-4,

443,

717

Resi

dent

ial

Build

ing

311

,972

,821

-11

,972

,821

256,

417,

638

478,

913

-47

8,91

3-

6,89

6,55

15,

555,

183

-5,

076,

271

Clin

ic B

uild

ing

513,

798

-51

3,79

825

286,

324

20,5

52-

20,5

52-

306,

876

227,

474

-20

6,92

2

Lab

Build

ing

493,

425

-49

3,42

525

274,

971

19,7

37-

19,7

37-

294,

708

218,

454

-19

8,71

7

Stor

e Bu

ildin

g1,

682,

286

-1,

682,

286

2593

7,48

867

,291

-67

,291

-1,

004,

779

744,

798

-67

7,50

6

Gua

rd H

ouse

1,10

6,83

2-

1,10

6,83

225

616,

805

44,2

73-

44,2

73-

661,

078

490,

027

-44

5,75

4

Civi

l Str

uctu

res-

Pr

ojec

t

Hea

drac

e Tu

nnel

1,06

8,16

8,97

1-

1,06

8,16

8,97

150

299,

087,

312

21,3

63,3

79-

21,3

63,3

79-

320,

450,

691

769,

081,

659

-74

7,71

8,28

0

Hea

dwor

k24

5,08

5,62

7-

245,

085,

627

5077

,758

,400

4,90

1,71

3-

4,90

1,71

3-

82,6

60,1

1216

7,32

7,22

7-

162,

425,

515

Pow

er C

anal

79,9

23,6

64-

79,9

23,6

6450

25,3

57,4

081,

598,

473

-1,

598,

473

-26

,955

,881

54,5

66,2

56-

52,9

67,7

83

Rese

rvoi

r62

,223

,180

-62

,223

,180

5019

,741

,569

1,24

4,46

4-

1,24

4,46

4-

20,9

86,0

3342

,481

,611

-41

,237

,147

Siph

on S

truc

ture

13,5

86,3

55-

13,5

86,3

5550

4,31

0,54

727

1,72

7-

271,

727

-4,

582,

275

9,27

5,80

8-

9,00

4,08

0

Civi

l wor

ks- o

ther

s-

--

--

--

--

--

--

Oth

er C

ivil

Wor

ks15

,294

,653

-15

,294

,653

258,

523,

257

611,

786

-61

1,78

6-

9,13

5,04

36,

771,

397

-6,

159,

611

Civi

l Par

titio

n2,

013,

383

-2,

013,

383

42,

013,

383

503,

346

--

-2,

013,

383

--

-

Dis

trib

utio

n Li

ne

1.2

DET

AIL

S O

F PR

OPE

RTY,

PLA

NT

AN

D E

QU

IPM

ENT

OF

FY: 2

074/

75 (2

017-

18)

Expl

anat

ory

Not

es

41


Annual Report FY 2074/075 (2017/2018)

PART

ICU

LARS

CO

ST

DEP

RECI

ATIO

NN

ET B

OO

K V

ALU

E (N

BV)

OPE

NIN

G

ADD

ITIO

NS

DU

RIN

G

THE

YEA

RCL

OSI

NG

USE

FUL

LIFE

IN

YEAR

SO

PEN

ING

FO

R TH

E YE

AR

ON

B/

F

FOR

THE

YEA

R O

N

AD

DIT

ION

CHA

RGE

FOR

THE

YEA

R TO

TAL

ACCU

MUL

ATED

DEPR

ECIA

TION O

N

DIS

POSA

L

CLO

SIN

GO

PEN

ING

DIS

POSA

LCL

OSI

NG

Dis

trib

utio

n Li

ne12

,718

,433

-12

,718

,433

257,

087,

605

508,

737

-50

8,73

7-

7,59

6,34

35,

630,

827

-5,

122,

090

Hydr

o M

echa

nica

l W

orks

Hyd

ro M

echa

nica

l W

orks

34,3

09,9

788,

190,

916

42,5

00,8

9550

10,7

31,3

6068

6,20

016

3,81

885

0,01

8-

11,5

81,3

7823

,578

,619

-30

,919

,517

Elec

tro

Mec

hani

cal

Wor

ks

Elec

tro

Mec

hani

cal W

orks

807,

466,

804

226,

000

807,

692,

804

Refe

r to

Not

e 1.

1.2

325,

256,

331

23,8

63,0

187,

533

23,8

70,5

51-

349,

126,

882

482,

210,

473

-45

8,56

5,92

2

Tool

s

Tool

s an

d Eq

uipm

ent

30,7

24,8

4832

9,69

831

,054

,545

719

,529

,129

1,67

9,35

822

,539

1,70

1,89

6-

21,2

31,0

2611

,195

,718

-9,

823,

520

Acco

untin

g So

ftw

are

-59

7,77

059

7,77

05

--

119,

554

119,

554

-11

9,55

4-

-47

8,21

6

Offi

ce E

quip

men

tan

d Fu

rnitu

re

Offi

ce E

quip

men

t9,

702,

428

548,

334

10,2

50,7

624

6,31

6,99

884

6,35

740

,493

886,

850

-7,

203,

848

3,38

5,43

0-

3,04

6,91

4

Furn

iture

and

Fi

xtur

e5,

248,

921

545,

010

5,79

3,93

24

3,50

2,27

743

6,66

256

,597

493,

259

-3,

995,

536

1,74

6,64

5-

1,79

8,39

6

Vehi

cles

Vehi

cles

44,5

44,5

7316

,490

,085

61,0

34,6

585

31,7

88,5

612,

551,

202

1,40

1,28

13,

952,

483

-35

,741

,044

12,7

56,0

11-

25,2

93,6

14

Oth

er A

sset

s

Oth

er A

sset

s8,

447,

996

294,

780

8,74

2,77

67

5,56

8,11

344

2,00

629

,210

471,

216

-6,

039,

329

2,87

9,88

4-

2,70

3,44

7

Tota

l Ass

ets

2,85

9,72

1,16

727

,222

,594

2,88

6,94

3,76

193

2,76

7,23

968

,312

,693

1,84

1,02

669

,650

,373

-1,

002,

417,

613

1,92

6,95

3,92

8-

1,88

4,52

6,14

8

Chili

me

Engi

neer

ing

&

Serv

ices

Co.

Ltd

1,08

5,46

512

,215

,969

13,3

01,4

34-

10,4

66-

-1,

370,

231

--

1,07

4,99

911

,920

,738

Tota

l Ass

ets

2,86

0,80

6,63

239

,438

,563

2,90

0,24

5,19

593

2,77

7,70

568

,312

,693

1,84

1,02

671

,020

,604

-1,

002,

417,

613

1,92

8,02

8,92

7-

1,89

6,44

6,88

6

Dep

reci

atio

n of

sub

sidi

arie

s (1

.2.1

)-

--

--

--

5,28

0,56

1-

--

--

Tota

l2,

860,

806,

632

39,4

38,5

632,

900,

245,

195

932,

777,

705

68,3

12,6

931,

841,

026

76,3

01,1

65-

1,00

2,41

7,61

31,

928,

028,

927

-1,

896,

446,

886N

Rs.

42


Annual Report FY 2074/075 (2017/2018)

1.2.

1 CO

NST

RUC

TIO

N A

SSET

S –

SUB

SID

IARY

a. D

epre

ciat

ion

Sche

dule

of S

JCL

& M

BJCL

PART

ICU

LARS

CO

ST

NET

BO

OK

VA

LUE

(NBV

)

OPE

NIN

G

ADD

ITIO

NS

DU

RIN

G

THE

YEA

R

DIS

POSA

LS

DU

RIN

G T

HE

YEA

RCL

OSI

NG

OPE

NIN

G

CHA

RGE

FOR

THE

YEA

R TO

TAL

ACCU

MUL

ATED

DEPR

ECIA

TION O

N

DIS

POSA

L

CLO

SIN

G01

.04.

2073

(16.

07.2

016)

Rest

ated

31.0

3.20

74

(15.

07.2

017)

32.0

7.20

75

(16.

07.2

018)

Sanj

en

Jala

vidh

yut C

o.

Ltd.

13,0

68,1

691,

302,

081

- 14

,370

,250

8,37

8,06

81,

566,

693

- 9,

944,

761

5,02

2,31

54,

690,

101

4,42

5,48

9

Mad

hya

Bhot

ekos

hi

Jala

vidh

yut C

o.

Ltd.

485,

762,

222

84,9

30,7

5515

5,90

057

0,53

7,07

761

,619

,008

7,17

1,49

610

1,31

668

,689

,188

415,

566,

450

424,

143,

214

501,

848,

188

Tota

l49

8,83

0,39

186

,232

,836

155,

900

584,

907,

327

69,9

97,0

768,

738,

189

101,

316

78,6

33,9

4942

0,58

8,76

542

8,83

3,31

550

6,27

3,67

7

Dep

reci

atio

n Ch

arge

d in

CW

IP o

f MBJ

CL

5,82

9,25

5

Dep

reci

atio

n Ch

arge

d in

So

PL fo

r SJC

L an

d M

BJCL

(a)

2,

908,

934

b. D

epre

ciat

ion

Sche

dule

of R

GH

PCL

PART

ICU

LARS

CO

ST

NET

BO

OK

VA

LUE

(NBV

)

OPE

NIN

G

NBV

ADD

ITIO

NS

DU

RIN

G

THE

YEA

R

DIS

POSA

LS

DU

RIN

G T

HE

YEA

RCL

OSI

NG

OPE

NIN

G

CHA

RGE

FOR

THE

YEA

R TO

TAL

ACCU

MUL

ATED

DEPR

ECIA

TION O

N

DIS

POSA

L

CLO

SIN

G31

.03.

2073

(1

5.07

.201

6)31

.03.

2074

(1

5.07

.201

7)32

.07.

2075

(1

6.07

.201

8)

Rasu

wag

adhi

H

ydro

pow

er C

o.

Ltd.

125,

071,

350

80,2

07,0

98

- 20

5,27

8,44

8 82

,303

,734

19

,560

,914

-

101,

864,

648

142,

244,

811

125,

071,

351

185,

717,

534

Less

: D

epre

ciat

ion

Char

ged

in C

WIP

17

,189

,287

Dep

reci

atio

n Ch

arge

d to

So

PL (b

)

2,37

1,62

7

Tota

l (A

+B)

5,

280,

561

562,

833,

576

553,

904,

666

691,

991,

211

NRs

.

43


Annual Report FY 2074/075 (2017/2018)

1.3 IMPAIRMENT OF PPE1.3.1 Application of Impairment TestsImpairment of an item of PPE is identified by comparing the carrying amount with its recoverable amount. If individual asset do not generate future cash flows independently of other assets, recoverability is assessed on the basis of cash generating unit (CGU) to which the asset can be allocated.

At each reporting date the Company assesses whether there is any indication that an asset may have been impaired. If such indication exists, the recoverable amount is determined. The recoverable amount of a CGU is determined at the higher of fair value less cost to sell on disposal and value-in-use. Generally recoverable amount is determined by means of discounted cash flows unless it can be determined on the basis of a market price. Cash flow calculations are supported by past trend and external sources of information and discount rate is used to reflect the risk specific to the asset or CGU.

1.3.2 Impairment IndicationThere were no indications of impairment during the year.

2. Investment in Subsidiaries and AssociatesThe Company has made investments in equity shares of following companies. As the Company’s extent of investment in the invested companies allows it to have effective control over the governance and functions. The investment is treated as investment in subsidiaries under NAS 28. The invested companies are consolidated and reported as Subsidiaries under NFRS 3 and NFRS 10.

The Company recognizes investment in subsidiaries of at cost on initial recognition, where cost is assumed to be the fair value of investments.

Chilime Engineering and Services Co. Ltd. commenced operation in the FY 2073/74. The other three companies are in the process of constructing their respective hydropower projects and are yet to begin electricity generation.

Accounting policies and practices of the subsidiaries are aligned with the Company including the reporting period which is coterminous. Chilime Engineering and Services Co. Ltd. commenced operation in the FY 2073/74 (2016.2017). The other three companies are in the process of constructing their respective hydroelectric projects and are yet to begin electricity generation.

NRs.

SUBSIDIARYCAPACITY

IN MWHPARTICULARS

32.03.2075(16.07.2018)

31.03.2074(15.07.2017)

Sanjen Jalavidhyut Co. Ltd(52.48% equity holding, 67% voting right)

57.30

Total Committed 1,436,644,900 1,436,644,900

Amount invested at Cost 1,436,644,900 1,436,644,900

Carrying Amount 1,436,644,900 1,436,644,900

Madhya Bhotekoshi Jalavidhyut Co. Ltd (72.55% equity holding, effective control 57% voting right

102.00

Total Committed 2,220,000,000 2,280,000,000


Carrying Amount 2,220,000,000 2,100,000,000

Rasuwagadhi Hydropower Co. Ltd (43.72% equity holding, 60% voting right)

111.00

Total Committed 2,243,731,000 2,258,025,000


Carrying Amount 2,243,731,000 2,192,500,000

Chilime Engineering & Services Co. Ltd. (100% owned subsidiary)

N/A

Total Committed 60,000,000 60,000,000

Amount invested at Cost 24,126,583 16,121,188

Carrying Amount 24,126,583 16,121,188

Total Carrying Amount 5,924,502,483 5,745,266,088

Consolidation Adjustment (5,924,502,483) (5,745,266,088)

Net Carrying Amount - -

44


Annual Report FY 2074/075 (2017/2018)

The extent of control over the subsidiaries will change over the coming years. Considering the committed percentage of shareholding, the share ownership of CJCL will eventually be restricted. The percentage of shareholding of CJCL in the subsidiaries and the eventual dilution of control is as follows.

NRs.


(16.07.2018)

31.03.2074(15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Committed%

Sanjen Jalviduit Co. Ltd.

52.48% 77.18% 77.11% 39.36

Madhya BhotekoshiJalviduit Co. Ltd.

72.55% 73.16% 70.80% 37.0

Rasuwagadhi Hydropower Co. Ltd.

43.72% 63.77% 61.57% 33.0

Chilime Engineering and Services Co. Ltd.

100.00% 100.00% - 100.0

In case of Rasuwagadhi, although equity ownership is 43.72%, effective control as per voting right is 60% for the FY 74/75.

3. InventoryInventories are carried at the lower of cost and net realizable value (NRV). Cost comprises of all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Cost is measured using First In First Out (FIFO) method.

NRs.

PARTICULARS 32.03.2075(16.07.2018)

31.03.2074(15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Miscellaneous Store-Central Office

14,888 29,268 32,822

Store, spare parts and loose tools 161,872,603 176,722,490 179,834,438

less: written off during year - (1,335,933) -


Sanjen Jalavidhyut Co. Ltd. 1,379,308 536,215 619,637

Madhya Bhotekoshi Jalavidhyut Co. Ltd.

219,904 161,309 209,018


3,307,250 2,374,727 1,626,756

Total 166,793,953 178,488,076 182,322,671

Store, Spare Parts and Loose Tools

NAS 16, paragraph 8 and 9 specifically states that :

Spare parts and servicing equipment are usually carried as inventory and recognized in SoPL when consumed.

Major spare parts and stand-by equipment qualify as PPE when and entity expects to use them during more than one period.

The standard does not prescribe the unit measure for recognition and judgment is to be applied in determining what constitutes an item of PPE.

Management determines that these stores and spare parts are of consumable nature and are held for consumption in the production (generation) of electrical energy. These are either expected to be used within one year or the economic values will be obtained when consumed. Therefore, these store, spare parts and loose tools have been considered as inventory and presented accordingly.

4. PrepaymentsThese are expenses paid for the period beyond the financial period covered by the Financial Statements. These will be charged as expenses in the respective period for which such expenses pertain to.

NRs.


(16.07.2018)

31.03.2074(15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Chilime Jalavidhyut Co. Ltd. 1,830,547 2,231,333 2,391,800

Relating to Subsidiaries

Sanjen Jalavidhyut Co. Ltd. 14,290 298,346 271,848


215,912 188,252 152,762


1,157,305 1,217,835 1,236,452


53,162 466,214 0

Total 3,271,216 4,401,980 4,052,862

5. Financial InstrumentsThe Company classifies financial assets and financial liabilities in accordance with the categories specified in NAS 32 and NAS 39.

5.1 FINANCIAL INSTRUMENTS: FINANCIAL ASSETSFinancial asset is any asset that is:(a) cash(b) an equity instrument of another entity;(c) a contractual right: i) to receive cash or another financial asset from

another entity; or ii) to exchange financial assets or financial liabilities

with another entity under conditions that are potentially favourable to the entity; or

(d) a contract that will or may be settled in the entity’s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to receive a variable number of the entity’s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments.

45


Annual Report FY 2074/075 (2017/2018)

Financial assets are classified under four categories as required by NAS 39, namely, Fair Value through SoPL, Held to Maturity, Loans and Receivables and Available for Sale.

Financial Assets of the Company comprises of Advances, Deposits and Other Receivables, Trade Receivables and Cash and Bank Balances.

These instruments are interest bearing and non-interest bearing. Where interest component is present, the implicit interest rate approximates effective interest rate. It is assumed that the carrying amount represents the amortized cost of the assets.

Loans and ReceivablesLoans and receivables are non-derivative financial assets

with fixed or determinable payments that are not quoted in an active market and it is expected that substantially all of the initial resource will be recovered, other than because of credit deterioration.

Held to MaturityHeld-to-maturity investments are non-derivative financial assets with fixed or determinable payments that an entity intends and is able to hold to maturity and that do not meet the definition of loans and receivables and are not designated on initial recognition as assets at fair value through SoPL or as Available for Sale. Held-to-maturity investments are measured at amortized cost.

5.1.1 Advances, Deposits and Other ReceivablesThese comprise Advances, Deposit and Prepayments and Other Receivables. Details are as given below:

NRs.

PARTICULARS32.03.2075(16.07.2018)

31.03.2074(15.07.2017)Restated

01.04.2073 (16.07.2016)

RestatedAdvances

Employee Loan/Advances 286,444 150,295 250,200

NEA Unit Current - 236,364 -

Chilime Sarokar Samiti - 2,500,000 -

Advance Tax (5.1.1.a) 17,758,535 14,169,647 22,446,817

Andritz Hydro 31,950 31,950 492,950

Other Advances 46,408 348,550 328,302

Nepal Hydro and Electric Limited - - 1,536,000

Relating to Subsidiaries - - -

Sanjen Jalavidhyut Co. Ltd. 559,384,908 725,492,127 711,188,576

Madhya Bhotekoshi Jalavidhyut Co. Ltd. 992,547,271 1,124,472,126 1,130,593,853

Rasuwagadhi Hydropower Co. Ltd. 1,079,798,370 1,271,866,144 1,483,332,422

Chilime Engineering and Services Co. Ltd. 1,046,755 865,616 -

Sub-Total 2,650,900,641 3,140,132,819 3,350,169,120

Currently the Group holds the following categories of financial assets:

RELEVANT NOTES

RELEVANT

FAIR VALUE AMORTIZED COST

DESIGNATED AT FVTPL AVAILABLE FOR SALE LOANS AND RECEIVABLES HELD TO MATURITY

5.1.1 - -Advances, Deposits and Other

Receivables-

5.1.2 - - Trade Receivables -

5.1.3 - - - Investment in Term Deposits

5.1.4 - - Balances with Banks Balances with Banks

* FVTPL = Fair Value through SoPL.

46


Annual Report FY 2074/075 (2017/2018)

PARTICULARS32.03.2075(16.07.2018)

31.03.2074(15.07.2017)Restated

01.04.2073 (16.07.2016)

RestatedDeposits

Deposit 316,000 - 341,036

DOED (Hydroelectric Project) - - 8,000,000

DOED (Budhigandaki Pork,Hydroelectric Project) - 10,000,000 -

DOED (Budhigandaki Syar,Hydroelectric Project) - 10,000,000 -

DOED (Dudkoshi-4,Hydroelectric Project) - 12,000,000 -

DOED (Dudkoshi-5,Hydroelectric Project) - 12,000,000 -

DOED (Setinadi Hydroelectric Project) - 20,000,000 -

Deposit with IRD and Revenue Tribunal (5.1.1.a) 21,717,410 30,553,347 30,553,347

DOED Budhigandaki “A” Hydroelectric Project (5.1.1.b) 20,000,000 - -

Rasuwa District Office 753,800 753,800 753,800

Other Deposits 8,750 8,750 8,750

Sub-Total 42,795,960 95,315,897 39,656,933

Other Receivables

Other - - 60,000

NEA Unit Current Account (Net) 277,259 - 223,359

Bank Interest Receivable 6,312,232 129,452 123,288

Chilime Engineering & Services Co. Ltd. - 371,188 -

Sub-Total 6,589,491 500,640 406,647

Grand Total 2,700,286,091 3,235,949,356 3,390,232,700

NRs.

FOR FINANCIAL YEAR

DEPOSIT MAINTAINEDFOR ADMINISTRATIVE REVIEW AT REVENUE TRIBUNAL

TOTALAMOUNT DATE AMOUNT DATE

2060/61 18,575,629 2065.08.26 9,287,814 2065.12.20 27,863,443

2061/62 1,793,090 2066.04.18 896,814 2066.09.24 2,689,904

Total 20,368,719 10,184,628 30,553,347

Revised Tax Assessment (amount of assessed tax for 2060/61 and 2061/62) (12,950,121)

Advance tax (on bank Interest up to 2061/62) adjusted with revised tax assessment 4,114,184

Deposit balance transferred to next year 21,717,410

NRs.

DETAILS OF ADVANCE TAX AMOUNT NRS DATE FINANCIAL YEAR

Advance tax deposited based on estimate 7,300,00025.09.2074; 8.12.2075;

21.03.20752074-75 (2017-18)

Advance tax (on bank Interest) 10,458,535 VariousUp to 2074-75

(2017-18)

Total Advance Tax 17,758,535

5.1.1. a Tax Deposits and Advance Tax Against the amended assessment by Large Tax Payer’s Office (LTPO) and decisions of Inland Revenue Department (IRD) on Administrative Review, CJCL had filed for Administrative Review process to Inland Revenue Department and Revenue Tribunal respectively. The Large Tax Payer Office has settled the pending issue of income tax related to Fiscal Year

2060/61 and 2061/62. The previous calculation of these fiscal years has been revised and determined as NRs. 12,950,121 instead of NRs. 56,214,221. The remaining amount of NRs. 21,717,409.60 has been transferred for next year. The details of amounts deposited by the Company for the reviews and the balance transferred for next year are as follows:

47


Annual Report FY 2074/075 (2017/2018)

5.1.1. b Department of Electricity Development (DOED) DepositsCJCL had deposited an amount of NRs. 20,000,000 with the DOED for survey licenses for the study of one hydroelectric project Budhigandaki ‘KA’ Hydroelectric Project with the proposed capacity of 130 MW.

During the year DEOD granted the survey licenses for the following projects:

PROJECT CAPACITYDEPOSIT

AMOUNT NRS.

Budhigandaki Prok Hydroelectric Project

420 MW 10,000,000

Budhigandaki Syar Khola Hydroelectric Project

60 MW 16,000,000

Seti Nadi-3 Hydroelectric Project 165 MW 20,000,000

Total 46,000,000

The cost of licensing of three hydroelectric projects is shown under capital work in progress.

Impairment of advances deposits and other receivables are tested if any indication is known. There are no known indicators of impairment.

5.1.2 Trade ReceivablesTrade Receivables comprise of amounts owed to the Company by its sole customer, NEA. These trade receivables do not carry any interest and are measured at the carrying amount at which the item is initially recognized less any impairment losses, i.e. stated at their nominal value as reduced by appropriate allowances.

The Trade Receivable balance from NEA is as follows:

NRs.


(15.07.2017)

31.03.2074(15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Opening Balance: 122,069,450 138,622,649 140,174,952

Sales for the Year 1,138,432,864 1,196,889,744 1163138080

Total Receivable of this FY 1,260,502,314 1,335,512,393 1,303,313,032

Collection in this Fiscal year (1,131,041,768) (1,193,509,743) (1,164,690,383)

Less: Outage Written Off (FY 70/71 & FY 71/72)

- (10,785,600) -

Less: Excess Written Off (Kartik 2071)

- (9,147,600) -

Chilime Engineering & Services Co. Ltd.

6,647,658 479,450 -

Total 136,108,204 122,548,900 138,622,649

Company assumes, on the basis of the past trend that the receivables from NEA will be recovered in the normal course of business.

5.1.3 Investment in Term DepositsThe Company has following term deposits with various commercial banks in Nepal. These instruments have maturity of one year and are interest bearing. The interest rate varies from bank to bank depending on the market rates and the dates of the deposits.

The rates implicit on these deposits approximate the effective interest rates and the same rates are used to calculate the interest (finance) income and for the purpose of calculating the amortized costs of these assets. The carrying value of these assets represent the amortized costs..

NRs.

PARTICULARSINTEREST RATE (%)

32.03.2075(16.07.2018)

31.03.2074(15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Citizens Bank International Ltd.

13.25% 100,000,000 100,000,000 100,000,000

Century Commercial Bank Ltd.

11.15% 50,000,000 - -

Century Commercial Bank Ltd.

11.0% 50,000,000 - -

Everest Bank Ltd. 10.50% 80,000,000 - -

NMB Bank Ltd (USD Account)

1.25% 10,774,120 10,139,080 40,000,000

Global Bank Ltd. 10.5% 50,000,000 - -

Himalayan Bank Ltd. 11.5% 100,000,000 - -

Himalayan Bank Ltd. 11.0% 50,000,000 - -

Laxmi Bank Ltd 10.5% 20,000,000 20,000,000 20,000,000

Muktinath Bank Ltd. 11.5% 100,000,000 - -

Nepal SBI Bank Ltd. 11.15% 100,000,000 200,000,000 100,000,000

Janata Bank Ltd. - - 20,000,000

Prime Bank Ltd. 10.50% 50,000,000 50,000,000 120,000,000

Total 760,774,120 380,139,080 400,000,000

Sanjen Jalavidhyut Co. Ltd.

460,270,000 - -

Rasuagadhi Hydropower Co. Ltd.

750,000,000 - -

Sub-total 1,210,270,000

Total 1,971,044,120 380,139,080 400,000,000

These instruments are held with the intention for settlement of principal and interest only, with no other costs or premium/discounts being involved, the intrinsic coupon rate is taken as effective interest rate for all term deposits.

The Company has intention and capacity to hold these instruments until their respective maturity dates.

ImpairmentAll the above deposits are made with class ‘A’ commercial banks in Nepal which are closely regulated by the Central Bank. There has been no indication of impairment on these instruments.

48


Annual Report FY 2074/075 (2017/2018)

5.1.4 Cash and Cash EquivalentCash and cash equivalents include deposit account balances maintained with banks or financial institutions. These enable the Company to meet its short term liquidity requirements.

The carrying amount of cash and cash equivalents approximates their fair value. They are readily convertible to known amount of cash and are subject to insignificant risk of change in value.

These balances have been used as Cash and Cash Equivalents for the presentation of SCF as well.

Banks and financial institution in Nepal are closely regulated by the Nepal Rastra Bank. The Company closely assesses the risks of these instruments and there are no apparent indication of impairment of these balances.

The Company discourages the use and holding of cash balances therefore there are no cash balances as at the reporting dates.

The details of Cash and Cash Equivalents are given below:

NRs.

PARTICULARS INTEREST RATE (%)

32.03.2075(16.07.2018)

31.03.2074(15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Bank

Normal Deposits

Himalayan Bank Limited 2.5% 6,134,570 4,698,797 36,077,423

Standard Chartered Bank Ltd 0% - 83,807 86,456

Janata Bank Nepal Ltd 0.6% 450,434 450,265 4,825,767

Janata Bank Nepal Ltd. (Dividend) 0% 66,103 66,103 66,103

Mega Bank Ltd 3% 917,815 3,025,134 32,300,711

Siddhartha Bank Ltd 4% 135,289,742 131,035,888 137,333,090

NMB Bank Ltd 3% 358,434 349,273 3,741,294

Jyoti Bikash Bank Ltd. 5% 9,243,920 280,0631 11,945,350

NMB Bank Ltd 3% 358,291 145,014 10,490,712

Everest Bank Ltd 0.5% 405,221 471,287 2,636,221

Nabil Bank Ltd 0% 119,073 119,073 119,073

Nepal SBI Bank Ltd. 1.5% 836 4,052,851 -

Nepal SBI Bank Ltd. 1.5% 7,272,692 1,373,406 -

Muktinath Bikash Bank Ltd.

5,581,686 - -

Nepal Bank Ltd 0% 123,703 5,179,656 57,218

Relating to Subsidiaries - - -

Sanjen Jalavidhyut Co. Ltd. 36,524,843 164,495,975 173,728,957


276,084,225 296,782,375 334,042,243


543,439,203 157,851,598 184,069,597


25,226,730 8,838,454 -

Total 1,047,597,521 781,819,587 931,520,215

5.1.5 Risk associated with Financial AssetsThe Company closely monitors the risks associated with the financial assets. The Company has an enterprise risk management system commensurate with the nature and the size of the business, which the management considers sufficient to identify, manage and monitor risks.

5.2 Financial Instruments: Financial LiabilitiesA financial liability is any liability that is: a) contractual obligation:(i) to deliver cash or another financial asset to another

entity; or (ii) to exchange financial assets or financial liabilities with

another entity under conditions that are potentially unfavorable to the entity; or

b) a contract that will or may be settled in the entity’s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity’s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments.

Financial Liabilities under NAS 39 are to be classified as Fair Value through SoPL and those Held at Amortised Cost. All financial liabilities held by the Company are classified as financial liabilities held at amortised cost using effective interest rate.

Financial liabilities held by the Company are non-interest bearing. The non-interest bearing instruments’ carrying value represents the amortised cost.

Categories of financial liabilities:

RELEVANT NOTES

FINANCIAL LIABILITIES AT FAIR VALUE

AMORTIZED COSTDESIGNATED

AT FVTPLHELD FOR TRADING

5.2.1 - -Trade and Other Payable

5.2.1 Trade and Other PayablesTrade and other payables mainly consist of amounts the Company owes to suppliers and government authority that have been invoiced or are accrued. These also include taxes due in relation to the Company’s role as an employer. These amounts have been initially recognized at cost and it is continued to be recognized at cost as it fairly represents the value to be paid since it does not include interest on payment.

49


Annual Report FY 2074/075 (2017/2018)

NRs.


(16.07.2018)

31.03.2074(15.07.2017)

Restated

01.04.2073 (16.07.2016)

Restated

Nepal Hydro and Electric Ltd.

1,147,984 1,147,984 -

Retention Money 4,455,881 2,727,768 2,594,217

NEA Unit Current Account

532,832 391,765 -

Income Tax 1,739,633 45,270,301 45,270,301

DOED (Royalty) 5,078,674 5,065,784 4,959,253

Other Liabilities 2,172,971 2,918,483 1,678,494


Sanjen Jalviduit Co. Ltd.

185,846,507 120,436,584 63,471,242

Madhya Bhotekoshi Jalviduit Co. Ltd.

99,265,845 60,281,139 22,487,820


212,993,101 151,831,502 72,615,185


16,293,759 456,828 -

Total 529,527,187 390,528,138 213,076,512

6. Share CapitalThe Company’s registered share capital structure is as follows:

NRs.

PARTICULARSNUMBER

OF SHARES

VALUE PER

32.03.2075(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Authorized Capital

40,000,000 100 4,000,000,000 3,500,000,000 31,500,000,000

Issued Capital 39,700,000 100 3,970,000,000 3,470,000,000 3,140,000,000

Paid Up Capital

39,651,131 100 3,965,113,152 3,447,924,480 3,134,476,800

Total 3,965,113,152 3,447,924,480 3,134,476,800

The detailed structure of equity of CJCL is given as below:

NRs.

PARTICULARS32.03.2075

(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

HOLDING HOLDING HOLDING

Nepal Electricity Authority (NEA)

51% 51% 51%

Employees of NEA and CJCL

25% 25% 25%

Project Effected Local People

10% 10% 10%

General Public 14% 14% 14%

Total 100% 100% 100%

Total Number of Share 39651131 34479244 31344768

Total Ordinary Share issued

9600000 9600000 9600000

Total Bonus Share Distributed

30051131 24879244 21744768

It is the Company’s policy to net off share issue expenses with the capital collected under NFRS. However the Company’s share capital has not been adjusted for such expenses as they pertain to periods of initial establishment of the Company and had been charged during the period of issue. It is not possible to reliably identify such costs and the management believes that the amount to be not material.

7. Retained EarningsThe details of retained earnings are as given below:

NRs.


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED


4,671,013,672 4,436,732,958 4,901,563,422

Opening NFRS Adjustment (Sanjen)

(2,288,733) (11,962,368) -

Amended Tax Assessment - - (505,184,366)

Opening Balance (Restated) 4,668,724,939 4,424,770,589 4,396,379,056

Equity Transaction (difference in retained earning brought forward revalued at current year NCI%)

48,210,245 (4,245,769) -

Bonus Shares for FY 2073/74 capitalized in FY 2074/75

(517,188,672) (313,447,680) (408,844,800)


(344,792,448) (313,447,680) (327,075,840)

Net Profit After Tax 895,661,653 862,869,018 935,529,594

Other Comprehensive Income 5,298,181 3,097,024

NFRS Adjustment of Subsidiary (1,087,902) 11,418,170

Reserve & Surplus of Subsidiaries - - (159,255,052)


4,754,825,995 4,671,013,672 4,436,732,958

50


Annual Report FY 2074/075 (2017/2018)

Bonus SharesThe Company paid bonus of NRs. 517,188,672 during the financial year 2074/75 (2017.18) and NRs 313,447,680 during the FY 2073/74 (2016.17) based on the declaration of bonus shares for the FY 2073/74 (2016.17) and 2072/73 (2015.16) respectively.

For the current year 2074/75 (2017.18) the board of directors have proposed 20% bonus shares, which is subject to approval by shareholders at the Annual General Meeting.

Cash DividendThe Company distributed cash dividend of NRs 344,792,448 and NRs 313,447,680 during the financial year 2074/75 (2017.18) and 2073/74 (2016.17) respectively based on the declaration of dividend for the financial year 2073/74 (2016.17) and 2072/73 (2015.16) respectively. The cash dividend per share was NRs. 10 for both financial years.

For the current year 2074/75 (2017.18) the board of directors have proposed 5% cash dividend, which is subject to approval by shareholders at the Annual General Meeting.

7.1 NON-CONTROLLING INTERESTNon-Controlling Interest has been recognized on the basis of the NCI’s shares in the net assets of the subsidiaries. Since the subsidiaries are not in operation the performance results of the subsidiaries are not included.


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Sanjen Jalviduit Co. Ltd. 1,252,983,847 404,473,767 400,773,686


804,903,214 740,464,600 683,469,443


2,809,504,443 1,199,692,490 1,136,952,809

Total 4,867,391,504 2,344,630,857 2,221,195,938

NCI %


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Sanjen Jalviduit Co. Ltd. 47.52% 22.82% 22.89%


27.45% 26.84% 29.20%

Rasuwagadhi HydropowerCo. Ltd.

56.28% 36.23% 38.43%

8. Employee BenefitsEmployee BenefitsThe Company provides employee benefits in accordance to its by-laws which is in compliance with the local laws and regulations. The employee benefits are classified as current benefits and post-employment benefits.

Employee Benefits CostsFollowing employee benefits costs are charged to the Statement of SoPL for the year.

NRs.


(2017/18) 2073/074(2016/17)

Current Employee Benefits (Note 8.1)

Charged to Hydroelectric Plant Operating Expenses

41,349,695 39,081,449

Charged to Administrative Expense

15,172,131 16,925,190

Post-Employment Benefits (Note 8.2)

Defined Contribution Plan – Expenses (Note 8.2.1)

2,789,078 2,584,902

Gratuity Benefit (Note 8.2.3.1) 7,645,638 7,887,640

Leave Benefit (Note8.2.3.2) 1,635,705 582,740

Sub-Total 68,592,247 67,061,921

Others:

Provision for Staff Bonus SJCL 18,753,273 18,889,842

Provision for staff bonus CHEsco 406,791 -

Sub-Total 19,160,064 18,889,842


Sanjen Jalavidhyut Company Ltd. 16,240,078 17,664,512

Madhya Bhotekoshi Jalavidhyut 15,218,793 13,465,188

Rasuwaghadi Hydropower Company Ltd.

11,636,420 15,447,536

Chilime Engineering & Services Co. Ltd.

29,490,846 2,921,108

Sub-Total 72,586,137 49,498,344

Grand Total 160,338,448 135,450,107

8.1 CURRENT EMPLOYEE BENEFITSCharged to Hydropower Plant Operating Expenses

NRs.


(2017/18) 2073/074(2016/17)

Salaries and Benefits

Salary 22,018,684 20,923,956

Allowances and Benefits 13,430,970 12,570,084

Overtime Allowance 3,996,253 3,889,594

Medical Benefits 1,903,788 1,697,816

Total of CJCL 41,349,695 39,081,450

Relating to Subsidiary:

Chilime Engineering & Services Company Ltd.

26,316,207 2,272,933

Grand Total 67,665,902 41,354,383

51


Annual Report FY 2074/075 (2017/2018)

Charged to Administrative ExpensesNRs.

PARTICULARSFY2074/075

(2017/18) 2073/074(2016/17)

Salaries and Benefits

Salary 6,361,511 6,056,741

Wages 127,000 127,000

Allowances and Benefits 3,844,723 3,770,012

Overtime Allowance 609,345 822,174

Leave Encashment (Note 8.2.2) 517,516 1,728,084

Medical Benefits 6,188,309 511,143

Employee Insurance 3,023,727 3,910,037

Total SJCL 15,172,131 16,925,190


Sanjen Jalavidhyut Company Ltd. 15,695,087 17,130,695

Madhya Bhotekoshi Jalavidhyut 14,629,887 12,935,596

Rasuwagadhi Hydropower Company Ltd.

11,079,186 14,920,179

Chilime Engineering & Services Co.Ltd.

3,143,398 634,910

Total of Subsidiaries 44,547,558 45,621,380

Grand Total 59,719,689 62,546,570

8.2 POST EMPLOYMENT BENEFITSThe Company operates separate defined benefit and defined contribution plans for its employees.

8.2.1 Defined Contribution ExpensesThe defined contribution expenses includes employer’s contribution for provident fund. These amounts have been deposited in Employee Provident Fund (EPF), a 100% Government of Nepal undertaking.

The Company contributes 10% of the salary on monthly basis as provident fund contribution for its employees.

NRs.


(2017/18) 2073/074(2016/17)

Employee’s Provident Fund Deposit:

Charged to Operational Expenses 2,100,760 2,014,250

Charged to Administrative Expenses 632,915 570,652

Employees Retirement Fund:

Charged to Operational Expenses 42,399 -

Charged to Administrative Expenses 13,004 -

Total of SJCL 2,789,078 2,584,902


Sanjen Jalavidhyut Company Ltd. 544,991 533,817

Madhya Bhotekoshi Jalavidhyut 588,906 529,592

Rasuwaghadi Hydropower Company Ltd.

557,234 527,357

Chilime Engineering & Services Company Ltd.

31,241 13,265

Total of Subsidiaries 1,722,372 1,604,031

Grand Total 4,511,450 4,188,933

8.2.2 Defined Benefit ExpenseThe defined benefit plan of the Company includes Gratuity and Leave encashment Entitlements.

GratuityGratuity for employees have been provided as per actuarial assessment and the assessed amount has been recognized as liabilities. The Company’s gratuity policy provides that the employees who have served in the Company for 3 years or more shall be entitled to gratuity at the rates as prescribed below at the time of their termination from employment due to any reasons:

SERVICE YEARSRATE AT WHICH GRATUITY IS PAID AT RETIREMENT

Up to 7 years50% of current monthly salary for each year of service

More than 7 years up to 15 years

100% of current monthly salary for each year of service

More than 15 years up to 20 years

150% of currently monthly salary for each year of service

More than 20 years200% of current monthly salary for each year of service

Service period is to be calculated from the date of permanent appointment

With the recent changes in the Labor Act, the Company will follow the provisions of the act and provide for gratuity in accordance with the Act from FY 75/76.

Leave Encashment SchemeLeave encashment that are accumulative (the Company encashment of accumulated leave at the time of retirement) has been computed using actuarial assumptions. The Company’s policy allow its employees to accumulate earned Annual Leave and Sick Leave and claim payment on account of those accumulated leaves at the time of retirement at the rate of monthly salary the employee is eligible at the time of retirement.

Other non-accumulative leave encashment are accounted for as an expense in the financial year in which the payment is made.

52


Annual Report FY 2074/075 (2017/2018)


(2017/18) 2073/074 (2016/17)

Leave Encashment (Charged to Administrative Expenses) 688,309 1,728,084

Other Retirement BenefitsThe Company does not have any other Retirement Benefit Schemes.

Defined Benefit Costs

PARTICULARS

32.03.2075 (16.07.2018) 31.03.2074 (15.07.2017)

GRATUITYLEAVE ENCASHMENT

GRATUITYLEAVE ENCASHMENT

SICK LEAVE ANNUAL LEAVE SICK LEAVE ANNUAL LEAVE

Current Service Cost 4,441,431 494,190 259,962 4,777,640 545,430 336,000

Gains Recognized to SoPL - - - - (669,080) (479,610)

Interest Cost on DBO 3,204,207 555,386 326,167 3,110,000 545,000 305,000

Total 7,645,638 1,049,576 586,129 7,887,640 421,350 161,390

8.2.3 Defined Benefit Plan LiabilitiesNRs.


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Leave Benefits (Note 8.2.3.2) 11,771,476 11,196,674 10,742,770

Gratuity Benefit (Note 8.2.3.1) 44,842,809 42,758,996 39,094,820

Total 56,614,285 53,955,670 49,837,590

8.2.3.1 GratuityNRs.


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Opening Balance of Defined Benefit Obligation (DBO) 42,758,996 39,094,820 26,882,210

Current Service Cost 4,441,431 4,777,640 3,497,610

Interest Charge (unwinding interest) 3,204,207 3,110,000 2,144,000

Less: Gratuity Paid during the year - (352,184) -

Closing Liability 50,404,634 46,630,276 32,523,820

Actuarial (Gain)/Loss – OCI (5,561,825) (3,871,280) 6,571,000

Assessed Liability (actuarial assessment) 44,842,809 42,758,996 39,094,820

Defined Benefit Plan – AssetsNRs.


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Opening Assets - - -

(+) Estimated Investment Returns for the year - - -

(+) Additional Investment during the year - - -

(-) Withdrawal (pay-outs during the year) - - -

Closing Assets - - -

Net Defined Benefit Plan Liability 44,842,809 39,094820 3,909,482

Net Charge 2,083,813 5,641,610 5,641,610

Net Charge – SoPL (2,083,813) (5,641,610) (5,641,610)

Net Charge (Debit) – SoCE - - -

53


Annual Report FY 2074/075 (2017/2018)

8.2.3.2 Leave Encashment

PARTICULARS32.03.2075 (16.07.2018) 31.03.2074 (15.07.2017)

ANNUAL LEAVE

SICK LEAVE

TOTALANNUAL

LEAVESICK

LEAVETOTAL

Opening Balance of DefinedBenefit Obligation

3,935,847 7,260,826 11,196,673 3,854,250 6,888,520 10,742,770

Current Service Cost 259,962 494,190 754,152 336,000 545,430 881,430

Interest Charge (unwinding interest)

326,167 555,386 881,553 305,000 545,000 850,000

Less: Paid during the year - - - (79,792) (49,044) (128,836)

Less: Immediate Recognitionto SoPL

- - - (479,610) (669,080) (1,148,690)

Closing Liability 4,521,976 8,310,402 12,832,378 3,935,845 7,260,826 11,196,674

Actuarial (Gain)/Loss – OCI (373,426) (687,476) (1,060,901) - - -

Assessed Liability (actuarial assessment)

4,148,550 7,622,926 11,771,476 3,935,845 7,260,826 11,196,674

Defined Benefit Plan – AssetsNRs.


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Opening Assets - - -

(+) Estimated Investment Returns for the year

- - -

(+) Additional Investment during the year

- - -

(-) Withdrawal (pay-outs during the year)

- - -

Closing Assets - - -

Net Defined Benefit Plan Liability 11,771,476 11,196,673 7,456,600

Net Charge 574,803 582,740 1,118,170

Net Charge – SoPL (574,803) (582,740) (1,118,170)

Net Charge (Debit) – SoCE - - -

8.2.3.3 Sensitivity Analysis A. Effect on Defined Benefit Obligation due to change in

Discount RateB. Discount Rate Applied as at 32.03.2075 (16 July 2018) = 8%

CHANGE IN DISCOUNT RATE

AMOUNT (NRS.)

GRATUITYSICK

LEAVEANNUAL

LEAVETOTAL

1% increase (5,781,815) (569,192) (719,357) (7,066,306)1% decrease 6,846,206 675,183 849,015 8,365,551

C. Effect on Defined Benefit Obligation due to change in Salary Escalation Rate Salary Escalation rate applied as at 31.03.2074 (15 July 2017)= 10%

CHANGE IN SALARY ESCALATION RATE

AMOUNT (NRS.)

GRATUITYSICK

LEAVEANNUAL

LEAVETOTAL

1% increase 6,647,207 886,120 594,814 8,128,141

1% decrease (5,734,437) (765,665) (513,184) (7,013,285)

8.2.3.4 Principal actuarial assumptionsPARTICULARS BASIS

Financial Assumptions

Discount Rate 8%

Mortality RateIndian Assured Lives Mortality

(2006-08) (modified) Ult.

Salary escalation (including inflation) 10%

Withdrawal Rate 1%

Investments of Plan Assets 0% of the fund

Interest bearing term deposits with the bank 0%

8.3 OTHERSStaff Loan facilitiesThe loan facilities are provided from a “Welfare Fund” which is independent of the Company.

Staff Bonus (Statutory)Staff is provided annual bonus under the provision of the Electricity Act and Rules 2049 (at the rate of 2% of Profit Before Income Tax and after Bonus ). Provision is created as per annual profit and paid in the subsequent period as per the provisions of Bonus Act 2030. Unspent amounts are transferred to Welfare Funds as per the provisions of Bonus Act 2030.

54


Annual Report FY 2074/075 (2017/2018)

PARTICULARS FY 2074/075

(2017/018) FY 2073/074

2016/017FY 2072/073

2015/016

Employee Bonus 18,753,273 18,889,842 19,263,846

CES Co. Ltd. 406,791 - -

Total 19,160,064 18,889,842 19,263,846

9. Income TaxThe Company has adopted the policy of accounting and reporting tax related elements of Financial Statements in accordance with NAS 12 and it represents current tax and deferred tax for the year.

9.1 CURRENT TAXCurrent tax payable (or recoverable) is based on the taxable profit for the year. Taxable profit differs from the profit reported in the Statement of Profit or Loss, because some item of income or expense are taxable or deductible in different years or may never be taxable or deductible.

CJCL has been granted a 15 year tax holiday starting from the date of generating electricity for commercial purpose i.e. 08 Bhadra 2060 (25 August 2003) by the tax authorities under Income Tax Act, 2058. The Company has provided for income tax liability pertaining to income other than income from sale of electricity in accordance with the Income Tax Act, 2058 enacted and as applicable in Nepal.

a. a. NRs. 18,814,163 has been provided for as income tax liability for the current financial year by way of self-assessment as per the Income Tax Act, 2058. The total amount of Current Tax incudes NRs 18,000,793 of CJCL and 813,370 of Chilime Engineering & Services Co. Ltd. CJCL has been paid NRs. 7,300,000 as installment tax during the year. NRs. 10,458,535 has been claimed as advance tax on bank interest income and Lease Income during the year. Total of installment tax paid and advance taxes are included in the total advance tax balance of NRs 17,758,535 as at the year end. During this year a sum of NRs. 43,530,668 has been paid against the tax assessment by LTPO for the FY 2069/070 (2012/013). Similarly, LTPO has amended the self-assessment of tax for the FY 2070/071 (2013/14) and determined NRs. 64,698,510 as due to be paid. However the company has already paid NRs. 34,410,830 on account of the Income Tax for the same period and informed the LTPO accordingly but the LTPO has not incorporated this sum at the time of assessment.

The Company was not satisfied with the calculation procedure of Income Tax by LTPO so the company has submitted relevant document along with application for Administrative Review to Inland Revenue Department, Lazimpat for the FY 2068/069 (2011/012) and 2070/71 (2013/014). IRD has not made any decision regarding this issue till date.

b. Details regarding Income Tax Assessments are disclosed in Note 20.1.1

c. c. LTPO has reassessed and determined NRs 12,950,121 as an Income Tax of Fiscal Year 2060/061 and 2061/062 which is settled out of advance for appeal and advance tax of NRs. 34,667,530.60. Remaining amount of NRs 21,717,409.60 is carried for subsequent years.

9.2 DEFERRED TAXDeferred Tax is the tax expected to be payable or recoverable in future arising from: a. Temporary differences between the carrying amounts of

assets and liabilities in the financial statements and the corresponding tax bases used in computation of taxable profit,

b. Unused tax losses and/or c. Unused tax credits.

Deferred Tax is computed using SFP method. Deferred Tax Liabilities are generally recognized for all taxable temporary differences and Deferred Tax Assets recognized to the extent that is probable that taxable profit will be available against which Deferred Tax Assets can be utilized.

The tax rate used for deferred tax is the rate that has been enacted as on 32 Asadh 2075 (which is 20% for CJCL and 25% for CHEsco)

The details of deferred tax related elements of financial statements are as given below:

55


Annual Report FY 2074/075 (2017/2018)

PARTICULARS FY 2074/075 (2017/018)FY 2073/074

2017/018Temporary Difference 613,232,872 616,922,093

Tax Rate 20% 20%

Closing Deferred Tax (Assets)/ Liabilities (CJCL) 122,646,574 123,384,419

Temporary Difference (CHEsco) 978,191 (4,428,906)

Tax Rate 25% 25%

Closing Deferred Tax (Assets)/ Liabilities (CHEsco) 244,548 (1,107,227)

Closing Deferred Tax (Assets)/ Liabilities Group 122,891,122 122,277,192

Less: Opening Deferred Tax (Assets) / Liabilities Group 122,277,192 123,041,763

Deferred Tax Expense / (Income) 613,930 (764,571)

To SoPL (710,615) (1,538,828)

To OCI 1,324,545 774,256

NRs.

PARTICULARSCARRYING VALUE

(A)TAX BASE

( B)TEMPORARYDIFFERENCE

REMARKS

Assets: PPE 1,631,502,166 961,655,009 669,847,157 A-B

Liabilities: Defined Benefit Obligation 56,614,285 - (56,614,285) B-A

Temporary Difference (CJCL) 1,688,116,451 961,655,009 613,232,872

Assets: PPE (CHEsco) 11,920,738 10,942,547 978,191 A-B

Temporary Difference (CHEsco) 11,920,738 10,942,547 978,191

FY 2016/17

Assets: PPE (CJCL) 1,610,121,020 939,243,257 670,877,763 A-B

Liabilities: Defined Benefit Obligation (CJCL) 53,955,670 - (53,955,670) B-A

Temporary Difference (CJCL) 1,664,076,690 939,243,257 616,922,093

Assets: PPE (CHEsco) 999,207 1,074,999 (75,792) A-B

Loss (CHEsco) - (4,353,114.0) (4,353,114) A-B

Temporary Difference (CHEsco) 999,207 (3,278,115) (4,428,906)

10. ProvisionsWhen the Group has a present obligation (legal or constructive) as a result of a past event, provisions are recognized only if it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate of the amount of obligation can be made.

NRs.


(16.07.2018)

31.03.2074(15.07.2017)

RESTATED

01.04.2073 (16.07.2016)

RESTATED

Current Tax Liability 18,000,793 10,898,992 19,465,394

Employee Welfare 3,486,981 5,612,883 4,204,726

Employee Bonus 18,753,273 18,889,842 19,263,846

Total 40,241,047 35,401,717 42,933,966


Sanjen Jalviduit Co. Ltd. 2,143,077 2,129,743 1,456,683

Madhya Bhotekoshi Jalviduit Co. Ltd. 918,338 949,44 591,055

Rasuwagadhi Hydropower Co. Ltd. 12,313,441 14,364,795 91,207,383

Chilime Engineering & Services Co. Ltd. 1,220,160 - -

Sub-Total 16,595,016 17443992 93,255,121

Grand-Total 56,836,063 52,845,709 136,189,087

56


Annual Report FY 2074/075 (2017/2018)

11. Revenue from Sale of ElectricityRevenue from sale of electricity is recognized at the time of issuing invoice to Nepal Electricity Authority (NEA) as per the Power Purchase Agreement (PPA) dated 11 Ashadh 2054 held in between Nepal Electricity Authority and the Company.

The details of revenue from sale of electricity is as follows:NRs.

ENERGY SALE AND PURCHASE

FY2074/075(2017/18)

FY2073/074(2016/17)

ELECTRICITYSALE IN

UNITS

RATE PER UNIT

REVENUEELECTRICITY

SALE IN UNITS

RATE PER UNIT

REVENUE

Energy Sale

Regular Energy 130,807,007 8.17 1,068,693,250 132,758,000 8.17 1,084,632,860

Excess Energy 17,093,042 4.08 69,739,614 27,513,942 4.08 112,256,884

Net Sale of Electricity 147,900,049 1,138,432,864 160,271,942 - 1,196,889,744

12. Hydroelectric Plant Operating ExpenseNRs.


(2017/18)2073/074 (2016/17)

Current Employees Benefits (8.1) 41,349,695 39,081,449

Defined Contribution Cost (Note: 8.2.1) 2,143,159 2,014,250

Employee Welfare 737,432 687,075

Fuel – Generation 119,850 160,178

Mobile – Generation 49,962 57,616

Other Tools 69,947 60,716

Electricity 22,680 24,732

Consultancy Service - 90,400

Repair and Maintenance - -

Other Repairs 257,574 194,631

Machine and Equipment Repairs 21,088,301 37,941,711

Transmission Line Repairs 1,100,344 736,000

Distribution Line Repairs 692,695 910,700

Repair and Maintenance-Transformer - 494,775

Fuel – Vehicles 1,266,146 1,316,002

Mobile – Vehicles 166,942 293,524

Repairs – Vehicles 2,311,588 1,484,541

Repairs – Civil 11,802,006 7,194,012

Street Light 257,687 819,124

Insurance 3,980,998 4,892,633

License Fee/ Registration and Renewal 456,442 399,130

Telephone 604,991 556,287

Transportation 79,100 18,880

Training 2,280,218 1,187,700

Printing and Stationery 427,886 484,949

Magazine and Newspaper - 15,024

Financial Assistance - 8,000

Advertisement 198,569 412,949

57


Annual Report FY 2074/075 (2017/2018)


(2017/18)2073/074 (2016/17)

Annual General Meeting and Functions 679,947 686,907

Guest Entertainment 429,521 295,685

Refreshments 215,485 57,800

Prizes 60,000 -

Other Expenses 156,135 139,789

Royalty (Refer to 12.1 ) 24,978,601 26,147,795

Travel 1,291,200 992,497

Meeting Allowances 321,500 326,000

Bank Charges and Commission 4,375 3,834

Community and Local Development 5,733,155 284,634

Store Written Off - 1,335,933

Total CJCL 125,334,131 131,807,862

Chilime Engineering & Services Co. Ltd. 26,316,207 2,272,933

Total 151,650,338 134,080,795

12.1 RoyaltyThe Company has paid royalty to Government of Nepal as per the provisions of Electricity Act and Regulation as follows.

NRs.

ROYALTY BASED ON RATE31.03.2074

(15.07.2017)31.03.2073

(15.07.2016)Installed Capacity = 22.1 MW

NRs.100 per KW 2,210,000 2,210,000

Revenue from Sale of Electricity

2 % of net Revenue

22,768,601 23,937,795

Total Royalty 24,978,601 26,147,795

Calculation of royalty is based on sale of electricity after deducting the units of electricity used internally for operation of power house.

The Company has been generating electricity for commercial sale since 08 Bhadra 2060 (25 August 2003). After 07 Bhadra 2075 (23 August 2018), the rate of royalty expense is going to increase from 2% to 10%.

ROYALTY BASED ON RATE

Installed Capacity (22.1 MW) NRs.1,000 per KW

Revenue from Sale of Electricity 10 % of net Revenue

58


Annual Report FY 2074/075 (2017/2018)

13. Administrative ExpenseNRs.


(2017/18) FY2073/074

(2016/17)Relating to CJCLCurrent Service Cost 15,172,131 16,925,190

Defined Benefit Cost

Leave Encashment 1,635,705 582,740

Gratuity 7,645,638 7,887,640

Employee Welfare 3,673,255 5,734,862Defined Contribution Cost 645,920 570,652Other Services 634,560 846,080

Water and Electricity 180,307 189,670

Consultancy Service 531,834 969,765Other Repairs 32,298 7,910Fuel – Vehicles 709,910 709,239

Mobile and Lubricants 72,156 59,685

Repair – Vehicles 480,533 591,364

Repairs – Civil 35,347 37,319

Insurance 227,972 221,768

License Fee 7,332,155 221,350

Postage and Courier 500 2,500

Telephone 259,733 266,766

Corporate Development Expense 5,748,071 -

Training 267,283 693,990

Legal Expenses 45792 324,300

Other Business Expense 1,564,166 1,549,670

Printing and Stationery 414,951 535,289

Magazine and Newspaper 53,600 81,400

Advertisement 524,350 1,584,650

Annual Functions and Workshop 1,006,041 1,521,796

Guest Entertainment 190,632 252,729

Other Expenses 215,367 361,475

Meeting Allowance 1,306,000 2,505,002

Meeting Management Expense 183,150 233,451

Travel 135,225 448,745

Bank Charges and Commission 2,262 4,491

Share Registrar Related Expense 4,196,286 5,190,272

Director Allowance 675,000 650,000

Audit Fee 521,156 532,230

Audit Expense 117,282 142,354

Recruitment Expense 2,370,038 568,891

Receivable Adjustment - 19,933,200

Loss on Exchange - 324,064

Financial Assistance, Donation and Prizes 108,000 148,000

Corporate Social Responsibility 120,000 120,000

Total CJCL 59,034,606 73,530,499


(2017/18) FY2073/074

(2016/17)


Sanjen Jalavidhyut Co. Ltd. 34,512,109 36,027,926

Madhya Bhotekoshi Jalavidhyut Co. Ltd. 32,691,515 26,497,730

Rasuwagadhi Hydropower Co. Ltd. 41,491,569 33,145,671

Chilime Engineering and Services Co. Ltd. 9,711,312 3,000,378

Total 177,441,111 172,202,204

14. Finance IncomeFinance Income comprises of the interest income received or receivable from bank(s) on term deposits. Difference between what has been received and the total amount to be received is shown as receivables. The details of interest income is as below:

NRs.


(2017/18) FY2073/074

(2016/17)

Chilime Jalavidhyut Company Ltd.

68,444,188 39,349,972


Sanjen Jalavidhyut Co. Ltd. 19,230,946 8,807,301


12,907,781 6,908,087


39,838,395 6,118,110


1,082,414 371,683

Total 141,503,724 61,555,153

15. Other Income The details of other income are presented as below, which comprise of lease rentals, income from sale of tender forms, foreign exchange gain etc.

NRs.


(2017/18) FY2073/074

(2016/17)

Land Lease 1,724,869 1,478,923

Other Income 1,834,114 2,767,073


Sanjen Jalavidhyut Co. Ltd. 11,843,106 (12,107,667)


5,170,370 158,520


(8,087,989) 2,318,006


45,272,133 430,000

Total 57,756,603 (4,955,145)

59


Annual Report FY 2074/075 (2017/2018)

SJCL has made overhead payment to NEA for deputed Staff for the FY 74/75 amounting to NRs. 4,303,998 and NRs. 180,000 against the use of NEA Server.

17.2 PARENT AND SUBSIDIARIESCJCL has made investments in three other hydropower companies and a company that provides engineering services. As CJCL has control over these entities, these companies are considered to be related parties to CJCL. (Refer Note 2 for details about the investments). CJCL has leased some unused land and building to these companies. The terms and conditions of the lease agreement with associates were no more favorable than those available, or which might reasonably be expected to be available, on similar transactions to non-related entities on an arm’s length basis.

NAME OF THE ASSOCIATE

NATURE OF TRANSACTION

TRANSACTION AMOUNT

GROSS RECEIPT (PAYMENTS)

Sanjen Hydropower Co. Ltd

Investment 1,436,644,900 1,436,644,900

Lease 1,024,868 1,024,868

Madhya Bhotekoshi Hydropower Co. Ltd

Investment 2,220,000,000 2,220,000,000

Lease 2,243,731,000 2,243,731,000

Rasuwagadhi Hydropower Co. Ltd

Investment 500,000 500,000


Investment 24,126,583 24,126,583

Consultancy Services

9,225,365 8,694,702

CJCL has provided corporate guarantee totaling NRs. 16,605,350,000 to Employee’s Provident Fund on behalf of its subsidiaries against Tripartite Loan Agreement with EPF, and NRs. 1,034,820,993 (USD 9,641,488.8 @ 107.33 as on reporting date) to Himalayan Bank Limited. Details of these transactions are provided in Note 20.1.2 and 20.1.3.

16. Earnings Per Share (EPS)Earnings per share has been disclosed on the face of ‘Statement of Profit or Loss and Other Comprehensive Income’ in accordance with the NAS 33.

Distribution of Bonus Share impacts calculation of EPS and the prior year has also been adjustment under requirements of NAS 33. With bonus share issued this year on the basis of results up to prior year. The issue of bonus shares was approved by the AGM for FY 2074/75.

NRs.


(2017/18) 2073/074 (2016/17)

Net Profit for the Year 895,036,965 836,032,973

Weighted Average Number of Share

39,651,131 34,479,244

Basic EPS Reported 22.25 27.09

Basic EPS Restated NA *21.08

* Restated after capitalization of Bonus Share.

The Company has not issued any dilutive potential ordinary share and accordingly diluted earnings per share has not been calculated.

17. Related PartiesThe Group identifies the following as its related parties:

17.1 PARENTNepal Electricity Authority (NEA), the parent, holds 51% shares of CJCL. Entire energy generated by CJCL is sold to the Parent as per the rate agreed in the Power Purchase Agreement (PPA). All sales of NRs. 1,138,432,864 was made to NEA. Trade receivable balance of NRs 129,460,545 is receivable from NEA. In addition, there is a land lease agreement with NEA. As per this agreement NEA has agreed to pay 40,000 per month as lease payment. CJCL has made overhead payment to NEA for deputed staff for the FY 74/075 amounting to NRs. 1,564,166 and NRs. 180,000 against the use of NEA Server.

Calculation of Weighted Average Number of Shares

SHARES/ BONUS SHARE

NUMBER OF SHARES INCLUDING BONUS SHARE31.03.2074 (15.07.2017) 31.03.2073 (15.07.2016)

NUMBER WEIGHTWEIGHTED

AVERAGENUMBER WEIGHT

WEIGHTED AVERAGE

Opening including Bonus Share

34,479,244 1 34,479,244 31,344,768 1 31,344,768

Distribution of Bonus Shares – 2073/74

- - - 3,134,476 1 3,134,476

Distribution of Bonus Shares – 2074/75

5,171,887 1 5,171,887 - - -

Weighted Average Number of shares 39,651,131 - 39,651,131 34,479,244 - 34,479,244

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Annual Report FY 2074/075 (2017/2018)

17.3 DIRECTORS AND THEIR RELATIVESCJCL has a Nine (9) member Board of Directors (BoD) appointed under the provisions of Companies Act 2063. Except for the following transactions, CJCL has not conducted any other transaction with directors or their relatives during the financial year.

NRs

NAME ROLEMEETING

ALLOWANCEOTHER

ALLOWANCETOTAL

Mr. Kul Man Ghising Chairman,NEA 63,000 75,000 138,000

Mr. Lekhanath Koirala Member, NEA 126,000 75,000 201,000

Mr. Shanti Laxmi Shakya Member, NEA 147,000 75,000 222,000

Mr. Hara Raj Neupane Member, NEA 78,000 75,000 153,000

Mr. Manoj Silwal Member, NEA 52,000 75,000 127,000

Mr. Tulasi Ram Dhakal Member, Public 132,000 75,000 207,000

Mr. Ram Prasad Rimal Member, Public 84,000 75,000 159,000

Mr. Parsado Tamang Member, Public 63,000 75,000 138,000

Mr. Bhim Prasad Timalsina Member, Public 99,000 75,000 174,000

Total 794,000 675,000 14,69,000

SJCL’S BOARD OF DIRECTORSDirector’s sitting fee for FY 74/75 was NRs. 1,424,000.

2017-18 ROLE

Manoj Silwal Chairman,NEA

Lokhari Luitel Member, NEA

Damodar Bhakta Shrestha Member, CJCL

Parsado Tamang Member, CJCL

Narayan Prasad Acharya Member, CJCL

Rajaram Shrestha Member, EPF

MBJCL’S BOARD OF DIRECTORS NRS

NAME ROLE MEETING ALLOWANCE OTHER COMPENSATION

Mr. Hara Raj Neupane BoD Chairman 95,000 30,000

Mr. Lekhanath Koirala BoD Member 153,000 30,000

Mr. Tulasi Ram Dhakal BoD Member 194,000 30,000

Mr. Braj Bhushan Choudhary BoD Member 50,000 10,000

Mr. Damodar Bhakta Shrestha BoD Member 130,000 30,000

Mr. Naresh Lal Shrestha BoD Member 50,000 15,000

Mr. Birendra Mohan Bhattarai BoD Member 101,000 17,500

Mr. Bharat Raj Wasti BoD Member 15,000 7,500

Mr. Om Krishna Shrestha BoD Member 44,000 5,000

Mr. Yubraj Dulal BoD Member 58,000 15,000

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Annual Report FY 2074/075 (2017/2018)

RGHPCL’S BOARD OF DIRECTORS

NAME ROLE MEETING ALLOWANCE OTHER COMPENSATION

Mr. Jadishshwor Man Sing BoD Chairman 114,000 30,000

Mr. Prabal Adhikari BoD Member 162,000 30,000

Mr. Ram Prasad Rimal BoD Member 324,000 30,000

Mr. Bhim Prasad Timilsina BoD Member 216,000 30,000

Mr. Damodar Bhakta Shrestha BoD Member 276,000 -

Mr. Rochan Shrestha BoD Member 6,000 -

Mr. Bishnu Prasad Poudel BoD Member 120,000 6,250

Mr. Jeevan Katuwal BoD Member 12,000 3,750

Mr. Madhav Prasad Koirala BoD Member 9,000 -

CHESCO’S BOARD OF DIRECTORS

NAME DESIGNATION MEETING ALLOWANCE

OTHER ALLOWANCE TOTAL

Mr. Damodar Bhakta Shrestha Chairman 60,000 30,000 90,000

Mr. Narayan Prasad Acharya Member 60,000 30,000 90,000

Dr. Prashant Mandal Member 54,000 30,000 84,000

17.4 KEY MANAGEMENT PERSONNEL AND THEIR RELATIVESCJCL considers its Chief Executive Officer (CEO), Accounts Chief (AC) and Plant Manager (PM) to be Key Management Personnel. The Company has not conducted any transaction (other than payment of employee benefits) with the Key Management Personnel or their relatives during the year.

17.4.1 KEY MANAGEMENT PERSONNEL COMPENSATION

NAME OF PERSONNEL ROLEPAYMENTS OF EMPLOYEE BENEFITS

SHARE BASED PAYMENTSSHORT TERM

POST-EMPLOYMENT

TERMINATIONOTHER

LONG TERMMr. Damodar Bhakta Shrestha CEO 2,352,009 - - - -

Dr. Prashant Mandal DM *518,659 - - - -

Mr. Narayan Prasad Acharya CFO 1,418,937 - - - -

Mr. Bijay Sen Khadka PM 1,612,757 - - - -

* Five Months’ remuneration

SJCL’S KEY MANAGEMENT PERSONNELKey Management Personnel were provided with remuneration of NRs. 8,887,052 for the FY 2074/75.

NAME OF PERSONNEL ROLE

Kiran Kumar Shrestha CEO

Ganesh KC Project Chief

Sudhan Singh Mahat Project Chief

Prajesh B Thapa Sr. Contract Engineer

Sushant Bastola Company Secretary

Sushant Bastola Head Finance

MBJCL’S KEY MANAGEMENT PERSONNEL

NAME POSITION TOTAL SALARY PAID

Mr. Mani Kumar Kafle CEO 2,478,186.00

Dr. Sunil Kumar Lama Project Manager 2,054,778.00

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Annual Report FY 2074/075 (2017/2018)

RGHPCL’S KEY MANAGEMENT PERSONNEL

NAME OF PERSONNEL ROLEPAYMENTS OF EMPLOYEE BENEFITS

SHARE BASED PAYMENTSSHORT TERM

POST-EMPLOYMENT

TERMINATIONOTHER

LONG TERMMr.Madhav Prasad Koirala CEO 2,774,644 - - - -

Mr. Chhabi Lal Gaire DM 2,177,450 - - - -

Mr. Dharma Raj Sharma CFO 1,293,450 - - - -

CHESCO’S KEY MANAGEMENT PERSONNEL

NAME DESIGNATION TERM/PERIOD BENEFITS NRS.

Prashant Mandal Managing Director 7 Months 976,983

Prajesh Bikram Thapa Chief Executive Officer 5 Months 875,000

17.5 EMPLOYEE RETIREMENT BENEFIT PLANSCJCL considers a retirement benefit plan to be a related party if the entity is a post-employment defined benefit plan for the benefit of employees of either the CJCL or an entity related to CJCL. As CJCL has not made any investments with respect to the liability on account of DBO, it does not have any related party with regards to Defined Benefit Plan.

17.6 PENDING DIVIDENDThis Company has continuously been distributing dividend since 2060.061 till date. Previously Citizen Investment Trust (CIT) was appointed as a Share Registrar and distribution of Cash Dividend and Bonus Share was performed by CIT. Now the same job is being done by Siddhartha Capital Limited. According to the given information by Share Registrar there is pending Cash Dividend of NRs. 152,495,378.45.

17.7 OTHER MATTERSCJCL has not entered into any related party transaction except those mentioned above.

18. Operating SegmentNFRS 8 Operating Segments requires particular classes of entities (essentially those with publicly traded securities) to disclose information about their operating segments, products and services, the geographical areas in which they operate, and their major customers.

The Company has only one reportable operating segment (both in terms of geography and products) and therefore, identification, classification and disclosure of separate reportable operating segments in accordance with NFRS 8 is not disclosed separately.

19. Interim ReportsInterim reports have been publicly reported in accordance with the requirement of Securities Board of Nepal (SEBON) and Nepal Stock Exchange Ltd. (NEPSE). These requirements are materially aligned with the requirements of NAS 34.

20. Contingent Liabilities and Commitments20.1 CONTINGENT LIABILITIES A contingent liability is identified as follows: (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.

CJCL discloses contingent liabilities unless the possibility of an outflow of resources embodying economic benefits is remote. Following are details of contingent liabilities which has the possibility of outflow of resources:

20.1.1 INCOME TAX ASSESSMENTBackgroundClause 12 (3) of Electricity Act 2049 provides exemption from income tax to entities that have been granted permission for the production, transmission or distribution of hydroelectricity. Such exemption is applicable for a period of fifteen years from the date of commercial production, transmission or distribution. The Company had obtained an Advanced Ruling (Purba-adesh) from the Inland Revenue Department (IRD) on 28 Asoj 2061 (14 October 2004) confirming that it will be eligible for this exemption.

The Company interpreted this clause to mean all of its income would be exempt from income tax. Accordingly, the Company did not make provision for, or pay, income tax on all income earned except for the tax that had already been deducted at source by third parties. The self-assessment tax returns were prepared by the Company and submitted

63


Annual Report FY 2074/075 (2017/2018)

to the Large Taxpayer Office (LTO) of the IRD based on this interpretation. However, on subsequent tax assessments conducted by the LTO, it contended that the tax exemption is only applicable to income generated from sale of electricity and not to other sources of income. The status of these amended tax assessments for the various past financial years is described below.

Financial Year 2060/61 and 2061/062 (2003/2004 & 2004 /2005)On 30 Asoj 2065 the LTO had assessed the total amount of tax, penalty and interest to be paid by the Company for this financial year at NRs. 107,946,371. The Company appealed against this assessment at the Revenue Tribunal. The Tribunal’s verdict was that the Company did not have to pay this amount as income on which LTO calculated this tax did not relate to the financial year 2060/61. The Company has been informed that the LTO has made an appeal against this decision. In the event that the decision on this appeal is issued in favor of LTO, the Company will have to pay this amount, plus annual interest for late payment at the applicable rates from the date of the assessment to the time of final payment.

On 31 Baisakh 2066, the LTO had assessed the total amount of tax and penalty to be paid by the Company for this financial year at NRs. 5,379,807. This amended assessment tax amount is adequately covered by the provision for income tax made in the previous year.

Now, The Large Tax Payer Office has settled the pending issue of income tax related to Fiscal Year 2060/61 and 2061/62. The previous calculation has been revised and determined NRs. 12,950,121 instead of 56,214,221 for these Fiscal Year. The rest amount NRs. 21,717,410 out of NRs. 34,667,530 has been transferred for next year.

Financial Years 2068/69 and 2069/70 & 2070/71 (2013-2014)The Company has filed for Administrative Review at the IRD in relation to the amended tax assessment for the year 2068/69 (2011.12) and 2070/071 (2013.14) as it does not agree with the basis of computation used by LTO. For this reason a provision for the differences between the LTO’s amended assessments and the Company’s self-assessments for these two financial years has not been made in the financial statements. The details are as follows:

YEARSELF -

ASSESSMENTLTPO’S

ASSESSMENTREMARKS

FY 2068/69

52,763,196 91,579,268

Appeal for administrative review made in FY 73/74 (self-assessment amount deposited on 2073 Jestha

10)

FY 2070/71

38,691,615 56,272,398

Appeal for administrative review made in FY 75/76

(self-assessment amount is the sum of NPR 11,775,013 + NRs. 26,916,602

deposited on 2073 Jestha 10)

The Company has fully settled the tax amount for the FY 2069/70 in FY 2074/75. The details are as follows:

DESCRIPTION AMOUNT

LTPO assessment 109,482,238

Company’s self-assessment 70,637,039

Difference between LTPO and the Company's assessment

38,845,199

Payments made by the Company

First payment (2073 Jestha 10) 34,410,829

Advance tax for FY 2069/70 36,226,210

Payment made by the Company prior to LTPO’s assessment

70,637,039

Second Payment (2074 Chaitra 29) post LTPO's assessment including interest

43,530,668

Total tax amount paid by the Company for FY 2069/70 including interest

114,167,707

Interest amount included in the second payment

4,685,469

20.1.2 CORPORATE GUARANTEESEmployee Provident FundCJCL has provided corporate guarantee to Employee Provident Fund against the loans provided to the Company’s subsidiaries for construction of the hydropower project. The amount outstanding at the end of FY 2074/75 (2017/18) and Fiscal Year 2073/074 (2016/017) is as follows.

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Annual Report FY 2074/075 (2017/2018)

FISCAL YEAR 2074/075 (2017/018)NRs.

SN ASSOCIATES APPROVED LOANOUTSTANDING

PRINCIPAL INTEREST TOTAL1 Sanjen Jalavidhyut Company Ltd. 3,621,600,000 2,010,000,000 593,737,350 2,603,737,350

2 Madhya Bhotekoshi Jalavidhyut Company Ltd. 6,141,650,000 2,731,080,000 616,825,410 3,347,905,410

3 Rasuwagadhi Hydropower Company Ltd. 6,842,100,000 1,923,200,000 572,368,039 2,495,568,039

Total 16,605,350,000 6,664,280,000 1,782,930,799 8,447,210,799

FISCAL YEAR 2073/074 (2016/017)NRs.



2 Madhya Bhotekoshi Jalavidhyut Company Ltd. 6,141,650,000 1,681,080,000 298,939,554 1,980,019,554

3 Rasuwagadhi Hydropower Company Ltd. 6,842,100,000 120,000,000 346,184,985 1,546,184,985

Total 16,605,350,000 3,811,080,000 703,603,439 5,594,683,439

FISCAL YEAR 2072/073 (2015/016)NRs.



2 Madhya Bhotekoshi Jalavidhyut Company Ltd. 6,141,650,000 460,000,000 199,553,027 659,553,027

3 Rasuwagadhi Hydropower Company Ltd. 6,842,100,000 520,000,000 227,151,334 747,151,334

Total 16,605,350,000 1,990,000,000 580,363,271 2,570,390,271

All of the items of Property, Plant and Equipment of the Company at project site of respective Hydroelectric Projects have been mortgaged as a secured against these guarantees.

Himalayan Bank LimitedCJCL has given the corporate guarantee to Himalayan Bank Ltd. against Letter of Credit facility to Sanjen Jalavidhyut Company Ltd. amounting to NRs 1,034,820,993 (USD 9,641,488.8 @ 107.33 as on reporting date).

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Annual Report FY 2074/075 (2017/2018)

Abridge Finincial Statements of Chillime Jalavidhyut Company Limited

(Individual) for Fiscal Year 2074/2075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

Statement of Financial PositionAs at 32 Asadh 2075 (16 July 2018)

NRs.

ASSETS NOTES FY 32.03.2075

(16.07.2018) FY 31.03.2074

(15.07.2017) Non Current Assets

Property, Plant and Equipment 1 1,884,526,148 1,926,953,928

Capital Work in Progress 1 61,236,954 5,593,702

Investment in Subsidiaries 2 5,924,502,483 5,745,266,088

Total Non Current Assets 7,870,265,585 7,677,813,718

Current Assets

Inventory 3 161,887,491 175,415,825

Prepayments 4 1,830,547 2,231,333

Advances, Deposits and Other Receivables 5.1.1 67,508,786 112,882,154

Trade Receivables 5.1.2 129,460,545 122,069,450

Investment in Term Deposits 5.1.3 760,774,120 380,139,080

Cash and Cash Equivalents 5.1.4 166,322,521 153,851,185

Total Current Assets 1,287,784,010 946,589,027

Total Assets 9,158,049,596 8,624,402,745

Equity and Liabilities

Equity

Share Capital 6 3,965,113,152 3,447,924,480

Retained Earnings 7 4,958,306,563 4,906,214,375

Total Equity 8,923,419,715 8,354,138,855

Non Current Liabilities

Defined Benefit Obligation 8.2.3 56,614,285 53,955,670

Deferred Tax Liabilities 9 122,646,574 123,384,419

Total Non Current Liabilities 179,260,859 177,340,089

Current Liabilities

Provisions 10 40,241,046 35,401,716

Trade and Other Payables 5.2.1 15,127,975 57,522,085

Total Current Liabilities 55,369,021 92,923,801

Total Equity and Liabilities 9,158,049,596 8,624,402,745


___________________ Hara Raj Neupane

Member

________________ Manoj Silwal

Member




Member


Member


Member


Member


___________________ Kul Man Ghising

Chairman


Member

____________________ Parsado Tamang

Member

___________________ Pratap P. Pradhan




69


Annual Report FY 2074/075 (2017/2018)

Statement of Profit or Loss and Other Comprehensive IncomeFor the year ended 32 Asadh 2075 (16 July 2018)


___________________ Hara Raj Neupane

Member

________________ Manoj Silwal

Member




Member


Member


Member


Member


___________________ Kul Man Ghising

Chairman


Member

____________________ Parsado Tamang

Member

___________________ Pratap P. Pradhan



NRs.

PARTICULARS NOTESFY 2074/075

(2017/018) FY 2073/074

(2016/017)Income

Revenue from Sale of Electricity 11 1,138,432,864 1,196,889,744

Expenses

Hydro Electric Plant Operating Expenses 12 (125,334,131) (131,807,862)

Administrative Expenses 13 (59,034,606) (73,530,499)

Depreciation 1 (69,650,373) (69,907,102)

Operating Profit/ (Loss) 884,413,753 921,644,281

Finance Income 14 68,444,188 39,349,972

Other Income 15 3,558,983 4,245,996

Assets Written Off 1 - (1,858,312)

Profit / (Loss) before Tax and Bonus 956,416,924 963,381,936

Employee Bonus (18,753,273) (18,889,842)

Profit/ (Loss) before Tax 937,663,651 944,492,095

Less: Tax

Current Tax (18,000,793) (10,898,992)

Priaor Period Tax (FY 2060.61 & 2061.62) (12,950,121) -

Deferred Tax Income (Expense) 9 2,062,390 431,600

Net Profit/ (Loss) for the Year 908,775,127 934,024,703

Earnings Per Share

Basic 16 22.92 27.09

Diluted 16 N/A * 23.56

Other Comprehensive Income:

Actuarial Gain (Loss) on remeasurement of defined benefit plans 6,622,726 3,871,280

Income Tax relating to items that will not be reclassified (1,324,545) (774,256)

Other Comprehensive Income for the Year 5,298,181 3,097,024

Total Profit / (Loss) and Other Comprehensive Income 914,073,308 937,121,726 As per our report of even date

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Annual Report FY 2074/075 (2017/2018)

Statement of Cash FlowsFor the year ended 32 Asadh 2075 (16 July 2018)

NRs.

PARTICULARS FY 2074/075

(2017/018)FY 2073/074

(2016/017)Cash Flow from Operating Activities

Profit before Interest and Tax 937,663,651 944,492,095

Adjustments

Depreciation 69,650,373 69,907,102

Income from Investment and Bank Deposit (68,444,188) (39,349,972)

Assets Written off - 1,858,312

Gain on Sale of Assets - (1,805,000)

Stock Written Off - 1,335,933

Employee Gratuity, Leave and Welfare Provisions 9,281,342 8,470,380

Bad Debt - 19,933,200

Employee Bonus in Statement of Profit and Loss 18,753,273 18,889,842

Movements in Working Capital

Decrease/(Increase) in Inventory 13,528,334 3,115,502

(Increase)/Decrease in Prepayments 400,786 160,467

(Increase)/Decrease in Advances, Deposits and Other Receivables 45,373,368 (47,764,307)

(Increase)/Decrease in Trade Receivables (7,391,095) (3,380,001)

(Increase)/Decrease in Term Investments (380,635,040) 19,860,920

Increase/(Decrease) in Provisions (18,675,014) (14,057,237)

Increase/(Decrease) in Current Liabilities (42,394,110) 3,019,821

Employee Bonus Paid (18,889,842) (19,263,846)

Gratuity and Leave Paid - (481,020)

Income Tax Paid (7,300,000) (4,000,000)

Total Adjustments (386,741,814) 16,450,096

Net Cash flow from Operating Activities (A) 550,921,837 960,942,190

Cash Flow from Investing Activities

Acquisition of Property, Plant and Equipment (27,222,594) (11,849,623)

Proceeds from Sale of Asset - 1,805,000

Decrease/ (Increase) in Capital Work in Progress (55,643,252) (5,593,702)

Decrease/ (Increase) in Investment (179,236,395) (757,034,388)

Income from Investment and Bank Deposit 68,444,188 39,349,972

Net Cash Flow from Investing Activities (B) (193,658,053) (733,322,741)

Cash Flow from Financing Activities

Dividend Paid (344,792,448) (313,447,680)

Net Cash Flow from Financing Activities ( C ) (344,792,448) (313,447,680)

Net Increase in Cash (A+B+C) 12,471,336 (85,828,230)

Cash at Beginning of the Year 153,851,185 239,679,417

Cash at the End of the Fiscal Year 166,322,521 153,851,187


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Annual Report FY 2074/075 (2017/2018)

Statement of Changes in Equity For the year ended 32 Asadh 2075 (16 July 2018)

Statement of Changes in Equity For the year ended 31 Asadh 2074 (15 July 2017)

NRs.

PARTICULARS SHARE CAPITAL RETAINED EARNING TOTAL

Opening Balance as on 1 Shrawan 2074 (16 July 2017) 3,447,924,480 4,906,214,375 8,354,138,855

Bonus Share for FY 2073/74 capitalized in FY 2074/75 517,188,672 (517,188,672) -

Dividend for FY 2073/74 paid in FY 2074/75 - (344,792,448) (344,792,448)

Net Profit after Tax - 914,073,308 914,073,308

Closing Balance as on 32 Asadh 2075 (16 July 2018) 3,965,113,152 4,958,306,563 8,923,419,715

NRs.

PARTICULARS SHARE CAPITAL RETAINED EARNING TOTAL

Opening Balance as on 1 Shrawan 2073 (17 July 2016) 3,134,476,800 4,595,988,009 7,730,464,809

Bonus Share for FY 2072/73 capitalized in FY 2073/74 313,447,680 (313,447,680) -

Dividend for FY 2072/73 paid in FY 2073/74 - (313,447,680) (313,447,680)

Net Profit after Tax - 937,121,726 937,121,726

Closing Balance as on 31 Asadh 2074 (15 July 2017) 3,447,924,480 4,906,214,375 8,354,138,855 As per our report of even date


___________________ Hara Raj Neupane

Member

________________ Manoj Silwal

Member




Member


Member


Member


Member


___________________ Kul Man Ghising

Chairman


Member

____________________ Parsado Tamang

Member

___________________ Pratap P. Pradhan



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Annual Report FY 2074/075 (2017/2018)

NRs.

S/N PARTICULARS32.03.2075

(16.07.2018)31.03.2074

(15.07.2017)1 Corporate Building Study 5,593,702 5,593,702

2 Budhigandaki Pork Hydroelectric Project (420 MW) 19,643,252 -

3 Budhigandaki Syar Hydroelectric Project (60 MW) 16,000,000 -

4 Seti Nadi Hydroelectic Project (165 MW) 20,000,000 -

Total 61,236,954 5,593,702

NRs.


(16.07.2018)31.03.2074

(15.07.2017)Non Current Investments

1 Sanjen Hydropower Co.Ltd 1,436,644,900 1,436,644,900

2 Madhya Bhotekoshi Hydropower Co. Ltd 2,220,000,000 2,100,000,000

3 Rasuwagadhi Hydropower Co. Ltd 2,243,731,000 2,192,500,000

4 Chilime Engineering and Services Co.Ltd. 24,126,583 16,121,188

Total 5,924,502,483 5,745,266,088

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Miscellaneous Store-Central Office 14,888 29,268

2 Store, spare parts and loose tools 161,872,603 176,722,490

3 less: Written off - (1,335,933)

Total 161,887,491 175,415,825

NRs.

S/N PREPAYMENTS32.03.2075

(16.07.2018)31.03.2074

(15.07.2017)1 Insurance 1,830,547 2,231,333

Total 1,830,547 2,231,333

NOTE 1

Work in progress

NOTE 1.2

Depreciation (Please Refere Group Report Page No 40 & 41, Note No. 1.2)

NOTE 2

Investment in Subsidaries

NOTE 3

Inventory

NOTE 4

Prepayments

73


Annual Report FY 2074/075 (2017/2018)

NOTE 5.1.1

Advances, Deposits and Other Receivables NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Advances

1.1 Employee Loan/Advances 286,444 150,295

1.2 NEA Unit Current - 236,364

1.3 Chilime Jalbidhyut Sarokar - 2,500,000

1.4 Advance Tax 17,758,535 14,169,647

1.5 Andtitiz Hydro 31,950 31,950

1.6 Other Advances 337,371 348,550

Sub-total 18,414,300 17,436,806

2 Deposits

2.1 Other Deposit 25,036 -

2.2 DOED (Budhigandaki Prok, Hydroelectric Project) - 10,000,000

2.3 DOED (Budhigandaki Syar Hydroelectric Project) - 10,000,000

2.4 DOED ((Dudkoshi-5, Hydroelectric Project - 12,000,000

2.5 DOED (Dudkoshi-4, Hydroelectric Project) - 12,000,000

2.6 DOED (Setinadi, Hydroelectric Project) - 20,000,000

2.7 DEOD Budhigandaki "A" Hydroelectric Project 130 MW 20,000,000 -

2.8 Deposit for tax appeal 21,717,410 30,553,347

2.9 Rasuwa District Office 753,800 753,800

2.10 Other Receivables 112,771 8,750

Sub-total 42,609,016 95,315,896

3 Other Receivables

3.1 Other - -

3.2 Receivables From Associates 2,160,639 -

3.3 NEA Unit Current A/c (Net) 277,259 -

3.4 Bank interest receivable 4,047,572 129,452

Sub-total 6,485,470 129,452

Grand Total 67,508,786 112,882,154

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Opening Balance: 122,069,450 138,622,6492 Sales for the Year 1,138,432,864 1,196,889,7443 Total Receivable of this FY 1,260,502,314 1,335,512,3934 Collection in this Fiscal year (1,131,041,769) (1,193,509,743)5 Less: Outage Written Off (FY 70/71 & FY 71/72) - (10,785,600)6 Less: Excess Written Off (Kartik 2071) - (9,147,600)

Total 129,460,545 122,069,450

NOTE 5.1.2

Trade Receivables

74


Annual Report FY 2074/075 (2017/2018)

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Citizens Bank International Ltd. 100,000,000 100,000,000

2 Laxmi Bank Ltd 20,000,000 20,000,000

3 Nepal SBI Bank Ltd. 100,000,000 200,000,000

4 Prime Bank Ltd. 50,000,000 50,000,000

5 NMB Bank Ltd 10,774,120 10,139,080

6 Century Bank Ltd 100,000,000 -

7 Everest Bank Ltd 80,000,000 -

8 Global IME Bank Ltd 50,000,000 -

9 Himalayan Bank Ltd 150,000,000 -

10 Muktinath Bikash Bank Ltd. 100,000,000 -

Sub-total 760,774,120 380,139,080

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Everest Bank Ltd 405,221 471,287

2 Himalayan Bank Limited 6,134,570 4,698,797

3 Janata Bank Ltd (Dividend) 66,103 66,103

4 Janata Bank Ltd 450,434 450,265

5 Jyoti Bikash Bank 9,243,920 2,800,631

6 Mega Bank Ltd 917,815 3,025,134

7 Nabil Bank Ltd 119,073 119,073

8 Nepal SBI Bank Ltd 7,273,528 5,426,258

9 NMB Bank Ltd 358,434 145,014

10 NMB Bank Ltd 358,291 349,273

11 Siddhartha Bank Ltd 135,289,742 131,035,888

12 Muktinath Bikas Bank Ltd 5,581,686 -

13 Standard Chartered Bank Ltd - 83,807

14 Nepal Bank Ltd 123,703 5,179,656

Total 166,322,521 153,851,185

NOTE 5.1.3

Investment in Term Deposits

NOTE 5.1.4

Balance With Banks

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Nepal Hydro and Electric Ltd 1,147,984 1,147,984

2 Retention Money 4,435,881 2,727,768

3 NEA Unit Current Account 532,832 391,765

4 Income Tax 1,740,019 45,270,301

5 CNC Pvt. Ltd 597,770 -

6 DOED (Royalty) 5,078,674 5,065,784

7 Other Liabilities 1,594,816 2,918,483

Total 15,127,975 57,522,085

NOTE 5.2.1

Trade and Other Payables

75


Annual Report FY 2074/075 (2017/2018)

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Authorized Capital

2 40000000 Shares @ RS 100 each 4,000,000,000 3,500,000,000

3 Issued Capital

4 39700000 Shares @ Rs 100 each 3,970,000,000 3,470,000,000

5 Paid Up Capital 3,965,113,152 3,447,924,480

6 39651131 Shares @ Rs 100 each

Total 3,965,113,152 3,447,924,480

NOTE 6

Share Capital

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Opening Balance 4,906,214,375 4,595,988,009

2 Amended Assessment Tax Settlement - -

3 Opening Balance (Restated) 4,906,214,375 4,595,988,009

4 Distribution of bonus share (517,188,672) (313,447,680)

5 Dividend (344,792,448) (313,447,680)

6 Net Profit After Tax 914,073,308 937,121,726

Closing Balance 4,958,306,563 4,906,214,375

NOTE 7

Retained Earning

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Employee Leave Benefits (Note 8.1) 11,771,476 11,196,674

2 Employee Gratuity Benefit (Note 8.1) 44,842,809 42,758,996

Total 56,614,285 53,955,670

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Taxable/(Deductible) Temporary Difference 613,232,872 4,595,988,009

2 Tax Rate 20% 20%

3 Closing Deferred Tax (Assets)/ Liabilities 122,646,574 123,384,419

4 Less: Opening Deferred Tax (Assets) / Liabilities 123,384,419 123,041,763

5 Deferred Tax Expense/ (Income) (737,845) 342,656

6 To SoPL (2,062,390) (431,600)

To OCI 1,324,545 774,257

NOTE 8.2.3

Defined Benefit Obligation

NOTE 9.2

Deferred Tax Liabilities

76


Annual Report FY 2074/075 (2017/2018)

NRs.

S/N ENERGY SALE AND PURCHASEFY 2074/075 (2017/018) 2073/074 (2016/017)

ELECTRICITY SALE IN UNITS

RATE PER UNIT NRS.

REVENUE ELECTRICITY

SALE IN UNITSRATE PER

UNIT NRS.REVENUE

1 Energy Sale

2 Regular Energy 130,807,007 8.17 1,068,693,250 132,758,000 8.17 1,084,632,860

3 Excess Energy 17,093,042 4.08 69,739,614 27,513,942 4.08 112,256,884

Net Sale of Electricity 147,900,050 1,138,432,864 160,271,942 1,196,889,744

NOTE 11

Revenue from sale of electricity

NOTE 12

Hydroelectric Plant Operating Expense (Please Refere Group Report Page No 56 & 57, Note No. 12)

NRs.


(16.07.2018)31.03.2074

(15.07.2017)1 Current Tax Liability 18,000,793 10,898,992

2 Employee Welfare 3,486,981 5,612,883

3 Employee Bonus 18,753,273 18,889,842

Total 40,241,046 35,401,716

NOTE 10

Provisions

NOTE 13

Administrative Expense (Please Refere Group Report Page No 58, Note No. 13)

NRs.

S/N PARTICULARSFY 2074/075

(2017/018)FY 2073/074

(2016/017)1 Bank interest 68,444,188 39,349,972

NOTE 14

Finance Income

NRs.

S/N PARTICULARSFY 2074/075

(2017/018)FY 2073/074

(2016/017)1 Land Lease 1,724,869 1,478,923

2 Other Income 1,834,114 2,767,073

Total 3,558,983 4,245,996

NOTE 15

Other Income

77


Annual Report FY 2074/075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

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Annual Report FY 2074/075 (2017/2018)

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HEAD OFFICEDhumbarahi, Kathmandu, NepalP.O.Box: 25210Tel: 977-1- 4370773, 4370793Fax: 977-1-4370720Email: [email protected]: www.chillime.com.np

Site OfficeChillime Hydropower PlantSyafrubensi, Rasuwa, NepalTel: 01-6202467, 994100004Fax: 994100005Email: [email protected]: www.chillime.com.np

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