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L

th Annual Report - 2005-06

BOARD OF DIRECTORS

GENERAL MANAGER FINANCEShri. K.S. Raveendra Prasad

COMPANY SECRETARY

Shri G.S. Prakarsh

CHIEF ADMINISTRATIVE OFFICEHShri Ramanjaneya

CHIEF ACCOUNTS OFFICER

Shr iB.S. Bagewadi

TRUSTEE TO BONDHOLDERSM/S. INDUSIND BANK

Du Parc Trinity,No. 17, M.G. Road,Bangalore - 560 001

REGISTRAR & TRANSFER AGENTM/s. Kirloskar Computer Services Ltd.412 & 415, 1Oth Cross, Sth MainRMV 2nd Stage, Bangalore - 560 094

REGISTERED OFFICE4th Floor, Coffee Board BuildingNo.1, Dr . B.R. Ambedkar VeedhiBangalore - 560 OO1

CENTRAL OFFICE

Walm iBu i l d i ng

Belur-Belgaum Road

Dharwad - 580 OO7

STATUTORY AUDITORSM/s. Rao Associates

Charterd Accountants

No. 17l1, Seshadri RoadGandhinagar, Bangalore - 560 OO9

Shri H.D. KumaraswamyShri K.S. EshwarappaShri B.K. DasShri N. GokulramShriT.D. ManmohanShriA.K.M. NayakShriA.P. JoshiShriK.C. ReddyShr iH.S. MaheshShr iD.N. DesaiShri D. Satyamurty

ChairmanVice ChairmanDirectorDirectorDirectorDirectorDirectorDirectorDirectorDirectorManaging Director

Sl . No. CONTENTS Page No.1 Notice 22 Directors' Report 43 Auditors'Report 1 04 Comments of the C & AG 1 4c Balance Sheet 1 56 Schedule A to N 1 67 Sig nificant Accountingfr licies 30I Notes on Accounts 329 Status of Projects 38

1 0 Cashflow Statement 421 1 Balance Sheet Abstracts 44

KARNATAKA N EERAVAR I N I GAMA LI M ITED, BAN GALO R E

KARNATAKA NEERAVARI NIGAMA LIMITED, BANGALOREREGISTERED 0FFICE : 4th Floor, Coffee Board Building, N0.1, Dr. B.R. AmbedkarVeedhi, Bangalore - 560 001

NOTICENot ice is hereby g iven that the 8th Annual General Meet ing of the Members of the Company wi l l be held on

Wednesday the 8th November 2006 at 1.15pm at Room No.313, Committee Room, Vidhana Soudha, Banglore ' 56OOO1 to

consider and transact the following business :

ORDINARY BUSINESS1 . To receive, consider and adopt the Balance Sheet as at 31.03.2006 and the Expenditure During Construction Period for the

year ended on that date along with the Schedules attached thereto and Reports of Directors' and Auditors thereon.

SPECIAL BUSINESS2. To consider and if thought fit, to pass with or without modification, the following resolution as an ordinary resolution

"RESOLVED that in compliance with the provisions of Section 29S (1)(a) and other applicable provisions, if any, of the

Companies Act, 1956, the consent of the Members be and is hereby accorded to the Board of Directors of the Company for

mortgaging and / or charging by the Board of Directors all the immovable and movable properties of the Company where

so ever situate, present and future are the whole of the undertaking of the Company and confirming power to enter upon

and take possession of the Assets of the Company in certain events to or in favour of M/s Bank of Baroda in respect of the

second term loan of Rs.200 crore availed in terms of the loan agreement entered with the said Bank"

.RESOLVED further that the Board of Directors of the Company be and is hereby authorized to execute all such acts and

such other things as may be necessary to implement the aforesaid resolution."

3. To consider and if thought fit, to pass with or without modification, the following resolution as a special resolution.

"RESOLVED that the authorised capital of the Company be increased from Rs. 3000 crore (Rupees Three Thousand Crore

Only) to Rs. 5000 crore (Rupees Five Thousand Crore Only) by creation of 2,00,00,000 (Two Crore Only) Equity Shares of

Rs. 1000/- each and consequently the object clause C4 of the memorandum of associaiton and Article 4 of the Articles of

Association be and is hereby amended to read as follows:

The authorised share capital of the Company is Rs.5,OOO,OO,OO,000 (Rupees FiveThousand Crore only) divided

into 5,00,00,000 (Five Crore) equity shares of Rs. 1000/- each.

Da te :04 -11 -200G

Place: Bangalore.

By order of the Board

G. S. PRAKASHCOMPANY SECRETAR}7

NOTE:1. As per the provisions of Section 224(aal of the Companies Act, 1956, the remuneration payable to the Auditors has to be fixed by the

Company in General Meeting or in such manner as the Company in General Meeting may determine. At the 3'd Annual General Meeting held

on 29.09.01, the AGM have authorised the Board of Directors to fx the remuneration payable to the Statr-rtory Auditors of the Company every

year separately as and when appointment is made by the C & AG of India, under Section 619(2) of the Companies Act, 1956. Accordingly, the

BoardhaveapprovedaremunerationRs,g,o2,5oo/-exclusiveoltaxes asthefeepayabletotheStaturtoryAuditorsM/sRaoAssociates,forthe

. year 2005-06.

2. A Member entitled to attend and vote at the Meeting is entitled to appoint a Proxy to attend and vote instead of himself and such Proxy need

not be a Member.

8'h Annual Report - 2005-06

EXPLANATORY STATEMENT PURSUANT TO SECTTON 17s (21OF THE COMPAN|ESACI 1956 pERTAtNtNc To spEctAL BUSTNESS

ITEM NO.2- According to Section 293 (1) (a) of the Companies Act, 1956, the consent of the Members of the Company is required to sell,lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company. The Company has beenfunding the implementation of the irrigation projects entrusted by Government by mobil izing resources through issue of bonds/term loans.

The Bank of Baroda have sanctioned a further term loan of Rs. 200 crore to the Company in addition to the term loan of Rs.200 crore availed during F/Y 05-06. The said further term loan of Rs. 200 crore will have to be now secured by first charge on theassets of the Company (subjectto minimum asset cover of 1.25 times) parri-passu with the charges already created by theCompany in favour of the Trustees to Bond holders and term loan lenders. The security so offered provides for taking possesstonand sale of such assets in certain events by the term loan lenders for realization of the amount borrowed by the Company and theinterest and other charges due thereon. Since the immovable properties of entire projects are charged as security for the termloans, consent of members is required to be obtained under Section 293 (1) (a) of the Act. Your drrectors recommend to pass thisresolution. None of the directors are interested in the resolution.

ITEM NO. 3The authorised capital of the company at present is Rs.3,000 crore divided into 3,00,00,000 Equity shares of Rs. 1,000/-

each. The projects of the Company are being funded by Capital Grants from Government of Karnataka besides market borrowings.The funds received from the GOK by way of grants are being convefted into Equity Shares based on the Government ordersissued in this regard. The balance cost of the projects entrusted to the Nigam as on 01.04.06 is about Rs.9,200 crore. The entireauthorised capital of Rs. 3,000 crore has been fully allotted to the Government of Karnataka and it is therefore proposed toincrease the authorised capital to Rs. 5,000 crore by creation of additional 2,0O,OO,OO0 Equity Shares of Rs. 1,OOO/- each tofacil i tate further allotment of equity shares to Government of Karnataka. Your Directors recommend to pass this resolution. Noneof the Directors are interested in the resolution.

Date: 04-11-2006

Place: Bangalore.By order of the Board

G. S. PRAKASHCOMPANY SECRETARY

KAR NATAIG N EERAVAR I N I GAMA LI M ITED, BAN GALO R E

DIRECTORS' REPORTDear Members,

your Directors have pleasure in presenting the Eighth Annual Repoft together with the Audited Accounts for the year ended

31"t March 2006.

PROJECTS UNDER IMPLEMENTATION2. During the year under report your Company has been implementing 37 lrrigation projects as follows:

The Minor lrrigation Works of Uttara Kannada District and Sanyasikoppa Lift lrrigation Scheme in Shimoga District were

entrusted to the Company by Government of Kamataka during the year under report. The Company is yet to take up

implementation of the five modernization schemes pending allocation of f inancial resources by the Government.

In August'06 Government have entrusted to the Company construction of a new tank across Kalluvadda Halla in Shikaripur

taluk of Shimoga District at an estimated cost of Rs.20.42 Crores for providing irrigation to 1950 Ha. The Kinayem-nor

irrigation projectfor uti l ization of 145 mcft (0.145 TMC) to irrigate 1406 Ha at an estimated cost of Rs.9.3'1 crores was

entrusted to the Company during Sept. '06.

The expenditure incurred on the projects during the year is Rs.620.84 crores as against Rs.469.67 crores during the previous

year. The inigation potential created during the year was 20487 Ha. against 21822Ha. during the previous year. The Annual

Works Programme for the current year 2006-07 is fixed at Rs.1020 crores with a target of creating irrigation potential of

79,500 Ha.

3.

5 .

Projects

Latestestimated

cost (incrores)

Balancecost as on1.4.2006 (in

crores)

UltimatePotential

(Ha)

CumulativePotential

created uptoMarch '06

BalancePotential

(Ha) (As on01.04.2006)

Allocationof water(rMc)

27 Projects underKrishna Basin 10637.63 6796.59 9,99,728 5,12,285 4a7443 227.21

West flowing River

Varahi Project 569.60 477.26 15,702 72 15,630 '16.51

Two Diversion Schemes of

Malaprabha Project viz.

Kalasa Nala & Bandur Nala

To diverl 7.56 TMC of water

to Malaprabha Reservoir 68.90 67.80

Five Canal Modernisation

Schemes of Bhadra, Tunga

Bhadra, Vijayanagar chan nels,

Tunga and Gondi Anicuts 1853.55 1853.55

Minor irrigation works of

Uttara Kannada District 6 .19 6 . 1 9

Bandaras 1 0 1 . 7 6 1 0 1 . 0 5

TOTAL 13262.71 9327.21 1 01 5430 512357 503073 243.72

8th Annual Report - 2005-06

o . The company has obtained the environmental clearance forthe Bhima Lift lrrigation Scheme from the Ministry of Environmenrand Forest, Govt' of India, in August '05' The estimate of the Upper Tunga Project has been cleared by the central Warercommission for Rs. 1052 Crores at sR of 2000-01 and the administrative approval of the state Government is under process.The investment clearance for the Upper Tunga Project has to be now obtained from the planning commission after approvalof the project estimate by the state Government. In the case of varahi Project, all clearances are obtained and the project isnow awaiting for clearance of Government of India for assistance under the Accelerated lrrigation Benefit programme.

In the case of Ghataprabha and Malaprabha projects, works are under progress in the entire stretch of GRBC upto 2oo Km,MRBC upto 142Km. and MLBC upto 152 Km. The Bennithora Project was dedicated to the Nation by the Hon,ble ChiefMinistre in Aug' 06. The Lower Mullamari Project is nearing completion. The rectif ication works of Amarja project have beentaken up on the basis of recommendat ions in th is regard by the consul tants to ensure smooth f low of warerin the canal network.

The Upper Bhadra project Stage-l envisages providing irrigation to about one lakh hectares in drought prone areas ofChickamagalur and Chitradurga Districts. The project as approved by the Government of Karnataka involves submergenceof about3,450Haof forest lpr ivate landsandsubstant ia l areaof BhadraWi ldLi feSanctuaryforconstruct ionof canal in theinit ial reaches' The Govt' had constituted an expert committee under the Chairmanship of Sri K.C.Reddy, Retd. Commissioner(PWD & Electricity), Advisor to the Chief Minister, to look into the availabil ity of water and environmental issues. The Committeehas submitted its report in July 2006 which is under active consideration of the Govt. Further action with respect to theimplementation of the Upper Bhadra Project wil l be taken after receipt of directions from the Government. The Governmenrhave accorded permission to take up the Singatalur Lift lrrigation Scheme in two stages with the uti l ization of 12.03 tmc.Works on the project are progressing accordingry.

PARTICIPATORY IRRIGATION MANAGEMENT AND CADA WORKS:So far 554 Water Users' Societies have been registered upto end of Sept. '06 against a target of 600 in Malaprabha &Ghataprabha project. lrrigation management has been handed over in respect of 457 WUCSs. During the year a sum ofRs'4.61 Crores had been provided towards special repairs before such handing over against which a sum of Rs.1.5g Croreshas been disbursed to the WUCSs. The total amount provided as on 31.3.06 towards special repairs is Rs.25.71 Crores asagainst which the amount so far disbursed to WUCSs is Rs.19.98 Crores. The Field lrrigation potential created during theyear was 32,281 Ha. The FIC potential creation planned during current year 200G07 is 71036 Ha.

MODERNISATION OF IRRIGATION SYSTEMS.In order to modernize the irrigation systems of the projects under the Nigam and to bring about sustainable improvement rnParticipatory lrrigation Management, your Company has been interacting with the irrigation experts of the Food and Agricultureorganization of the United Nations. In this direction and as part of capacity building exercise, a study tour of 19 officers ofthe Nigam including 15 engineers and one representative of WUCS was sponsored by the FAO during 17h Sept. ,06 to 2ndOct. '06 to study the irrigation systems in Thailand & Malaysia where the FAO has done considerable work.

A training workshop has also been organized during gh oct '06 to 19b oct. '06 in co-ordination with FAo on Rapid AppraisarProcedure (RAP) and Maping System and Services for Canal Operation Techniques (MASCOT) which are the techniquesdeveloped by the Land and Water Division, FAO for assessment, benchmarking and designing of practic4 solutions forimproved management and operation of the irrigation system. Similar workshops are proposed to be held for the otherprojects of the Nigam.

The outcome of these workshops is expected to facilitate the modernization of irrigation system of the Nigam's projects forimproving the irrigation efficiency. Besides these improvements, FAO's collaboration with the KNNL is likely to result in buildingup the proposals for external funding either to the World Bank or to the Asian Development Bank for mobil isation of additionalresources which may help in speedy completion of the pending projects.

1 1 .

1 0 .

12.

.-,

-\ry KAR NATAKA N EERAVAR I N I GAMA LI M ITED, BAN GALO R E

MOBILISATION OF RESOURGES:13. The company mobil ized asum of Rs. 250 crores by way of Term Loan during the year 2005-06 @7% per annum. The Government

of Karnataka provided a capital grant of Rs.210.10 crores during the year. During the year, the Company has re-paid the Series-

lll bonds amounting to Rs. 185.65 crores and term loans aggregating to Rs.60 Crores.

14. The Government has provided a capital grant of Rs. 415 crores and Guarantee support for a borrowing programme of Rs.

370 crores for your Company during the Financial Year 2006-07.

SHARE GAPITAL:15. The investment of the Government of Karnataka in the equity of the company as on 31.3.06 is as follows:

PARTICULARSAmount(Rs. lakhs)

a. Paid-up Capital 284187.64

b. Advance against equity share capital 0 .01

TOTAL 284187.65

AGCOUNTS:16. Since the projects are sti l l under construction stage as at 31.3.06, an Expenditure during Construction Period (pending

capitalization) and Balance Sheet as on that date have been prepared.

GoNSERVATTON OF ENERGY TECHNOLOGY ABSORPTION17. The Company has no manufacturing activity and is involved in lrrigation Projects. Hence, the Company has no information

to furnish under these heads.

FOREIGN EXCHANGE EARNINGS AND OUTGO:18. The Company has no foreign exchange earnings and there is no foreign exchange outgo, also.

EMPLOYEES:1 9. The particulars in pursuance of Section 217 (2A) of the Companies Act 1 956 read with Companies (Particulars of Employees)

Rules, 1975, as amended, is Nil.

AUDITORS20. M/s.Rao Associates, Chartered Accountants, Bangalore were appointed as the Statutory Auditors of the Company for the

year 2005-06 by the Comptroller and Auditor General of lndia under section 619(2) of the Companies Act, 1956. The

remuneration of Statutory Auditors has been fixed at Rs. 3.03 lakhs pursuant to Section 22a@) @a) of the Companies A_ct,

1956. M/s Manian & Rao, Chartered Accountants, Bangalore have been appointed as the Statutory Auditors forthe ye4r

2ooFo7 by the C & AG.

REPLIES TO OBSERVATIONS IN AUDITORS' REPORT21 . The qualif ications / remarks of the Statutory Auditors in their report on the accounts for the year 2005-06 have been replied

in the respective notes forming part of accounts referred to by the Auditors in their report which are self explanatory, subject

however to the followino:

8n Annual Report - 2005-06

THE REPORT OF COMPTROLLER AND AUDITOR GENERAL OF INDIA:

22' The Report of Gomptroller and Auditor General of India u/s 619(4) of the companies Act, 1956, on the accounts of theCompany for the year 2005-06 is appended as a part of this Repon.

Sl . No Adverse comment in Auditor's Report

I n mos t o f t he cases mun ic ipa l t axesa re be ing rem i t t ed i n advance fo r t here levant year except in very few caseswhere i t was not ascer ta inable and theimpac t due to non -p rov i s i on ing i s no tmaterial.

As regards provisioning for interest accruedbut not due amounting to Rs. 26.31 croreson bonds, the same could not be brought

books due to certain practical problems.

The Government has transferred the projectsto the Nigam on an as is where is basis .There have been pract ica l d i f f icu l t ies insegregat ing the d isposable and o ld i tems,the value of which is not s igni f icant in theopinion of the management.

Reconci l ia t ion of physical ver i f icat ion off i xed asse ts w i t h book reco rds w i l l beentrusted to an eldernal agency.

The Company is handing over i r r igat ionManagement to the Water Users Co-operativeSociet ies in phases. This is expected tostrengthen the system of water rate collection.

Regarding no Provision made for l iabil i tytowards municipal taxes (amount

unascedained) and interest accrued but notdue on bonds amounting to Rs.26.81 Crores.

Non-compliance with accounting standard10 regarding non-disclosure of assets held fordisposal and old items separately.

The company is in the process of preparingproper records showing full particularsincluding quantitative details and situationof fixed assests.

Reconcil iation of physical verif ication offixed assets with book records.

Regarding system of recovery of water rates

Outstanding dues with respect to sales taxamounting to Rs.0.86 lakhs.

The amount has been since remitted to thesales tax department

KARNATAKA NEERAVARI NIGAMA LIMITED, BANGALORE

BOARD OF DIRECTORS:zs. The following changes in the constitution of the Board have taken place between the last AGM and the date of this report'

i ) Sr i A. K. Agarwal , Addl . Chief Secretary & Development Commissioner was nominated as Director w'e ' f '

Zj.12.2005 on the Board of Directors of the Company in place of Sri Abhay Prakash.

i i ) Sr i H. D. Kumaraswamy, Hon'b le Chief Min is ter of Karnataka and Sr i .K.S.Eswarappa, Hon'b le Min is ter for

Water Resources were nominated as Directors on the Board of Di rectors of the Company w.e. f . 7 .2 '2006 &

3 .3 .2006 and a l so as Cha i rman and V i ce Cha i rman i n p lace o f S r i .N .Dharam S ingh and S r i . Ma l l i ka r j una

Kharge resPectivelY

i i i ) S r i H .S .Gh inwa l , Eng inee r - i n -Ch ie f (Re td . ) was nomina ted as D i rec to r w .e . f . 13 '3 .2006 i n p lace o f

Sri A.K.Agarwal, Additional Chief Secretary and Development Commissioner'

iv) Sr i D.N.Desai , Secretary to Govt , PWD, (Retd) was nominated as Director w.e. f . 13.3 '2006 in p lace of Late

sri R.A.Audi, secretary to Government (Retd), water Resources Department

v ) S r i T .D .Manmohan , Ch ie f Eng inee r (Re td ) was nomina ted as D i rec to r w .e . f . 13 .3 ' 2006 i n p lace o f

Sri S.V.Ranganath, Principal Secretary to Chief Minister'

v i ) Sr i D.Satya Murty, lAS. , was appointed as Managing Director of the Company w'e. f . 12.5.2006, in p lace of

Sri PN.Sreenivasachary, lAS.

vii) Sri H.S.Chinwal, Engineer-in-chief (Retd.) was ceased to be Director on demise

vi i i ) Sr i G. T. Chandrashekharappa, Secretary, Water Resources Department was nominated as Director w'e ' f '

14.7.2006 in place of Sri H.S.Mahesh.

ix) Dr . Malat i Das, lAS, Chief Secretary to Govt . was

Sri B. K. Das, lAS, Chief Secretary retired.

nomina ted as D i rec to r w .e . f . 09 .10 '2006 i n p lace o l

your Directors place on record the valuable services rendered by Sriyuths, N.Dharam Singh, Mall ikarjuna Kharge, B'K'Das,

Abhay prakash, A.K.Agarwal , S.V.Ranganath, PN.sreenivasachary, H.S.Chin iwal , and H.S.Mahesh dur ing thei r

tenure as Directors.

DIRECTORS' RESPONSIBILIW STATEMENT :

24. pursuant to Section 217 (2pdl) of the Companies Act, 1 956, the Board of Directors report that:

a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with

proper explanat ion re lat ing to mater ia l departures subject to qual i f icat ions in th is regard by the Statutory

Auditors which have been replied earlier in this report

b) your Directors have selected such account ing pol ic ies and appl ied them consistent ly and made judgements

and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the

Companyat theendof thef inancia|yearandof theexpendi turedur ingconstruct ionof theCompanyfor thatper iod.

c) your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in

accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and

detecting fraud and other irregularit ies.

d) your Directors have prepared the annual accounts on a going concern basis.

ACKNOWLEDGEMENT

Place: Bangalore.Date: 13.10.06

'and staff at all levels inGerremrnent of Karnataka,

phe on record theirisse€d byyour Company.

For anf on lrefi#of t?re Board

' / ',

t

KARNATAM N EERAVARI NIGAMA. LI MITED, BANGALORE

AUDITORS REPORT TO THE MEMBERS OF KARNATAKA NEERAVARI NIGAM LIMITED

we have audited the aftached Barance sheet of Karnataka Neeravari Nigam Limited as at 31d March 2006' together

with the Statement of Expenditure During construction and the statement of cash flow for the year ended on that date

annexed thereto. These financial statements are the responsibility of the company's management' our responsibility

is toexpressanopin iononthesef inancia |s tatementsbasedonouraudi t .

we conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require

that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of

materiar misstatement. An audit incrudes examining, on atest basis, evidence supporting the amounts and disclosures

in the financial statements, An audit also includes assessing the accounting principles used and significant estimates

made by management, as well as evaluating the overall financial statement presentation' we believe that our audit

provides a reasonable basis for our opinion'

We rePort as follows:

1. As required by the companies (Auditors Report) order 2oo3 issued by the central Government of India in

terms of sec227(4A)of the Gompanies Act, 1956, we annex hereto a statement on the matters specified in Para

4 and 5 of the said order'

2. No provision has been made for liability towards_municipal taxes (amount unascertained) and interest

accrued but not due on bonds ".ounting

to Rs. 26.31 ciOreS reSulting in overstatement of net current

assets and understatement of expendituie during construction by a like amount'

3. lmpact on accounts is not ascertainable in respect of the following items referred to in schedule P

(Notes on Accounts):

(a) Note No.4 regarding consequential effect.on physicalverification,.reconciliation and review for

provision/write off in ,"sp""i'oiassets ana tiauitities transferred by the Government of Karnataka'

(b )No teNo .9 .band9 .c re |a t i ng to immovab |ep roper t yandNo teNo 'g .eandg . f re la t i ng tomovab |eassets incorporated in the books of account'

(c) Note No. 11.b regarding recoverability of certain dues and Note No. 11.c regarding non'accounting

ofrevenue(amountunascertained)forreasonsindicatedtherein'

(d) Note No. t 2.b and t 2.c relating to reconciliation of items referred to therein and No' 16'c regarding

confirmation of balances andlhe consequential adiustments thereupon'

4. Further to our comments in the annexure referred to in paragraph 1 above and subject to our observations in

Para? and 3 above,

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief

were necessary for the purpose of our audit'

(b) proper books of accounts as required by law have been kept by the company so far as it appears from

our examination of these books and proper returns adequate forihe purpose of audit have been rece-i"sd

from divisions not visited bY us'

(c) The Balance sheet and the statement of Expenditure during construction dealt with by this repod are in

agreementwiththeBooksofAccountsmaintainedbytheCompany.

(d) tn our opinion, the Statement of Expenditure during construction 19 tl: Balance Sheet comply with the

Accounting standards reterr-J to in sub-section (dc) of section 21 1.of the companies Act 1956 except

Accounting standard ro regaiJing non-disclosure of assets held for disposal and old items

separately. In the absence Jt n"""-"""ry information, the impact is not quantifiable'

-____r-_!__-_j ___-_-_:_*we further report that' without considering the impact of items mentioned in paragraph 3 and 4(d), the:11ff1:::l;"#:Jl"jf#:ix11?i"#r:ii", *ffi"J tfxlil"o"";;;; ;;;:il ,"rasraph 2 (ro the

l*)rT ""t?:l$sets would have been Rs. 2e61.54 crores (as asainst rhe reporred fisure of Rs.

ii' :;ffiltHJ?3;ilff ?irl?::?iT iill,.xn,111'.,:l,;",,"n wourd have been Rs. 1073.7e crores (as

i:i:?r1S?:i#,tTs?,.Tj3Hltn'companv is exemptfrom the provisions of sec 27+(1)(s)of the companiesIn our opinion and to th-e best of our informatior and according to the expranations furnished to us the saidAccounts read with the significa"in.l"""ii"g poricies oii..,J'iirpuny and the Notes appearing in schedureP give the information as required by the cdmpanies A.i i;#; the manner so required, and give a true andfair view:

e State of Affairs of the Company as at 31st March 2006;iil1:f:1ifl":"Jffl:"tion prepared in rieu or Fiort and Loss Account,nt, of the cash flows for the year ended on that date.

(e)

(f)

(s)

PLACE: BANGALOREDATED: 2810812006 For RAO ASSOCTATES

CHARTERED ACCOUNTANTS

(c. SUDH|NDRA)PARTNER

MEM NO 26171

MRNATAKA NEERAVARI NIGAMFI LIMITED, BANGALORE

31S T-I4ABOH zOOE

1 . ln respect of its fixed assets:

(a) The company is in the process of preparing proper records showing rut particurars incruding quantitative details

and situation of Fixed Assets'

( b )Acco rd ing to the in fo rma t i onp rov idedby themanagemen t the f i xedasse tshavebeenve r i f i edannua | | ya t t heendo f

theyea r ,wh i ch inou rop in ion i s reasonab |ehav ing rega rd to thes i zeo f thecompanyandna tu reo f i t sbus iness .

However, reconcil iation with book records is yet to be completed' Hence the question of reporting on discrepancies

and adjustment thereof in the books of accounts does not anse'

( c )Asve r i f i ed f romthe reco rds thed i sposa |o fasse tsdu r i ng theyea rwereno tsubs tan t i a | soas tohavean impac ton the

operations of the company or affect its going concern'

In respect of its inventories:

(a) As informed to us, the Company has conducted physical verification of stores and spares, too|s and p|ants and

released articles (other than materials at site) at half yearly intervals which in our opinion is reasonable having regarcl

to the size of the company and the nature of its business'

(b)Thecompanynasconductedphysicalver i f icat ionofstockscompr is ingstoresandspares,p|antandtoolsandre|eased

articres In accordance with the procedure prescribed in pubricworks Department (pwD) code, which in our opinion

appea rs tobe reasonab |eandadequa te in re |a t i on to thes i zeo f theCompanyand thena tu reo f i t sbus iness .Howeve r

these norms require to be formally documented by the company'

( c )Thecompanyhasma in ta inedp rope r reco rds fo r i nven to r i es .Thed i sc repanc iesno t i cedonve r i f i ca t i ono fs to resand

Sparesbe tweenphys i ca l s tocksandbook reco rdsWereno ts ign i f i can tanda rep rope r | ydea | tw i t h i n thebookso f

accounts of the ComPanY'

ln respect of Loans, secured or unsecured, granted or taken by the company to/from companies, f irms or other parties

cove red in the reg i s te rma in ta inedunde rsec t i on30 ' l o f t heCompan iesAc t ' 1956 :

(a )TheCompanyhasno tg ran tedany |oans ,secu redo runsecu red , toanypa r t y | i s ted in the reg i s te rma in ta inedU/s30 .1

of the companres Act 1956. Accordingly clauses 4(ii i)(b) to a(i iD (d) of the order are not applicable to this company'

(b )Thecompanyhasno t takenany |oans ,secu redo runsecu red , f romanypa r t y | i s ted in the reg i s te rma in ta inedU/s301

of the companres Act 1956. Accordingly clauses a(ii i)(f) and +(ii i)(g) of the order are not applicable to this company'

In our opinion and according to the information and explanations furnished to us, there are adequate internal control

procedures commensurate with the size of the company and the nature of its business for the purchase of Inventory and

F ixedAsse ts .Howeve r , t hecompany i sye t toes tab l i shnecessa rysys tems fo r recove ryo lwa te r ra tes ,wh i ch i sa

continuing weakness.

There are no transacrions of purchase/ sale of Goods/ services made in pursuance of contracts or arrangements recorded

i n t h e r e g i s t e r m a i n t a i n e d U / s 3 0 l o f t h e C o m p a n i e s A c t . | 9 5 6 a g g r e g a t i n g t o R s . 5 0 0 , 0 0 0 / . o r m o r e d u r i n g t h e y e a r .

Accordingly clause v(b) of the order is not applicable to the company'

6 , T h e c o m p a n y h a s n o t a c c e p t e d a n y d e p o s i t s d u r i n g t h e y e a r a t t r a c t i n g t h e p r o v i s i o n s o f S e c 5 s A , 5 s M o r a n y o t h e r

relevant provisions of the companies Act 1956. Therefore, the provisions of clause (vi) of the order are not applicable to the

company.

2 .

3 .

t+ -

q

8ft Annual Report - 2005-06

7 ' In our opinion, the company has a separate lnternal Audit system commensurate with the size of the company and natureof its business.

8' As explatned to us, the Government has not prescribed maintenance of cost records under section 209(1)(d) of the companies_ Act, 1956 for any of the activities of the Company.

9. In respect of Statutory Dues:

(a) Except sales tax amounting to Rs. 0.86 Lakhs, no undisputed amount in respect of provident Fund, Investor EducationFund, Employees state Insurance, Income Tax, Wealth Tax, Service Tax, customs Duty, Excise Duty, Cess or otherstatutory dues were outstanding for a period of more than six months from the date they became due as at the end of

the year.

(b) As informed to us there are no disputed Income Tax/ Sales TaV Customs Duty/ Wealtfr Tax/ Service TaV Excise DuV/Cess as at the end of the year.

10' The company is yet to prepare the profit and loss account as detailed in Note No. 1 of schedule p As such furnishing ofinformation relating to the net worth of the company in accordance with provisions of clause 4(x) of the order does not

1 1' Based on our audit procedures and according to the information and explanation given to us the company has not defau1edin repayment of dues to Bond holders or bank.

12' In our opinion and according to the. explanations given to us and based on the information available, the company has notgranted any loans or advances on the basis of security by way of pledge of shares/ debentures and other securities.

13. The Company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, clause 4(xii i) of the Order 2003 is notapplicable to the Company.

14' The company did not hold any investments during the year. Therefore clause 4(xiv) of the order is not applicable to thecompany.

15' The Company has not given any guarantee for loans taken by others from banks or f inancial institutions.

16' In our opinion and according to the information and explanations furnished to us and as shown by the records, term loansraised during the year have been used for the purpose for which it has been obtained.

17 ' The company has not raised any funds on short term basis during the year. Hence clause (xvii) of the order is not applicableto the company.

18' During the year the Company has not made any preferential allotment of shares.

19. The Company has created charge in respect of Bonds issued.

20' The company has not raised any amount through public issues and hence clause 4(xx) of the order is not applicable.

21 ' In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been, noticed or reported during the year that causes the financial statements to be materially misstated.

PLACE: BANGALOREDATED: 2810812006

For RAO ASSOCTATESCHARTERED ACCOUNTANTS

(G. SUDHTNDRA)PARTNER

MEM NO 26171

KARNATAKA NEERAVARI N IGAMA LI MITED, BANGALORE

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OFrNDrA UNDER SECTTON 61e(4) OF THE COMPANTS ACI 1e56 ON THEACCOUNTS OF KARNATAKA NEERAVARI NE IGAM L IM ITED,BANGALORE FOR THE YEAR ENDED 31 MARCH 2006.

"l have to state that the Comptroller and Auditor General of India has noc o m m e n t s u p o n o r s u p p l e m e n t t o t h e A u d i t o r s ' R e p o r t u n d e rsec t ion 619 (4 ) o f the Compan ies Ac t , 1956 on the accoun ts o fKARNATAKA NEERAVARI NIGAM LIMITED, BANGALORE for the year ended31 March 2006."

Place : BangaloreDated :27th Sept 2006

sd/-(USHA SHANKAR)

PRINCIPAL ACCOUNTANT GENERAL(clvlL & coMMERCTAL AUD|T)

KARNATAKA. BANGALORE

8ft Annual Report - 2005_06

BATANCE SHEET AS AT 31.03.06(Rs.in Lakhs)

PLACE: BANGALoRE

DATE : 26-08-2006

PLACE: BANGALORE

DATE :28-08-2006

(K.C-REDDY) tD. SAryA MURTY)DIRECTOR MANAGING OINiCT6N

SUBJECT TO OUR REPORT OF EVEN DATE

(G. SUDHtNDRA)PARTNER

FOR RAO ASSOCIATESCHARTERED ACCOUNTANTS, MEM. No. 26171

A SOURCES OF FUNDSI SHARE HOLDERS FUND

a Share Capitalb Advance Against Equity

II LOAN FUNDSa Secured Loansb Unsecured Loans

TOTALB APPLICATION OF FUNDS

I FIXED ASSETSa Gross Blockb Depreciationc Net Blockd Capital Work in progress

II INVESTMENTSIII CURRENT ASSETS, LOANS

AND ADVANCESa Inventoriesb Sundry Debtorsc Cash and Bank Balancesd Loans and Advancese Other Current AssetsSub - TotalLESS : cURRENT L|ABtLtTtEsAND PROVISIONSa Current l iabil i t iesb Provis ionsSub - Totat

NET CURRENT ASSETSIV MISCELI.ANEOUS EXPENDTTURE

(To the extent not written off or adiusted)a Preliminary Expensesb Expenditure Durino

Construction perio-d(Pendin g Capitalisation)

TOTALACCOUNTING POLICIESNOTES ON ACCOUNTS

D - 1

D - 2

E

F

GHI

J

284,187.65

1 19,897.94

198,437.74

| 3,519.80 211 ,993 .54

1 18,973.61

15 ,615 .50

1,234.1614,999.20

1 ,01 3.9814 ,381 .33

254,377.91

20.00

29,878.51

105,427.84

13,985.22

208,457.45

20.oo

23,722.35

60.911,744.049,170.44

35,847.92

675.78

75.401,264.08

14,689.8423,631.86

249.1347,499.09

16 ,187 .81

680 .17

104,747.67

680.1 7

84 ,101 .96

SCHEDULE ' A SHARE CAPITAL (Rs.In l-akhs)

1. All the aborre shargs are held by the Governor of Katnataka and the nominees, on behalf of the Government of Karnataka'

2. Out of the &ove, g6,79,g73 equity Shares of Rs. 1000/- each have been issued as fully paid up, without payment having

been receiv€d in cbsh, in consideration for net value of assets transfered to the Company by the Government of Karnataka'

PARTICUI-ARS AS AT 31.03.06 AS AT 31.03.05

AUTHORISED CAPITAL

3,OO,OO,O0O Equity $hares of Rs.1000/- Each

lssuED, st BgoBltsED AND PAID UP

284,1 8,764 (Previous Year' 1 98,47,37 4)

Equity Shares of R$.1000/- each fully paid up

300.ooo.oo

2A4.187.64

)

300,000.00

198.473.74

TOTAL 284,187.64 198.473.74

!

8tr Annual Report - 2005-06

SCHEDULE . B : SECURED LOANS(Rs. in Lakhs)

AS AT 31.03.06

A BONDS

1 SERIES - ttt (Regular)18,565 - (Previous year - 18,565) 1g.OO%Secured, Non- Convertible, Redeemable bonosof Rs. 1,00,000.00 each. Redeemable at par intwo equal insta l lments on 31stOct ,06 and31"tOct '07 wi th a put and cal l opt ion on 31"tOct ,05

2 SERIES - tV (Regutar)18,618 - (Previous year _ 18,618\ 11.75o/oSecured, Non- Conveftible, Redeemable bonosof Rs. 1,00,000.00 each. Redeemable at par intwo equal installments on 1"tJan' 0g andldJan'09 wi th a put and cal l opt ion on 1"rJan,07

3 SERIES - tVA (Regular)8,880 - (Previous year - 8,880) 11.40%Secured, Non- Convertible, Redeemable bondsof Rs. 1,00,000.00 each. Redeemable at par intwo equal insta l lments on 3 ls tMar '0g and31"tMar '09 wi th a put and cal l opt ion on 31sMar,07

4 SERIES-V(Regu ta r )17,420 - (Previous year - 17,420) 10.66%Secured, Non- Conveftible, Redeemable bondsof Rs. 1,00,000.00 each. Redeemable at par intwo equal installments on 1"r Feb' 09 and1s Feb' 10 wi th a put and cal l opt ion on 1" tFeb,08

5 SERIES - VA (Regutar)4,690 - (Previous year - 4,690) 9.20% Secured.Non- Convertible, Redeemable bonds ofRs. 1,00,000.00 each. Redeemable at par in twoequal insta l lments on 31"r Mar '09 and 31stMar, 10with a put and call option on 31.t Mar' 0g

6 SERIES - Vt (Regutar)2000 - (Previous year - 2,OOO) 6.700lo Securec,Non- Convertible, Redeemable bondsof Rs. 10,00,000.00 each. Redeemable at par tntwo equal installments on 3.1"r Mar, 10 and31"tMar ' 11wi th a put and cal l opt ion on 31. tMar ' 09

Z. SERIES - Vll (Regutar)880 - (Previous year - Nil) 6.95% Secured,Non- Convertible, Redeemable bondsof Rs. 10,00,000.00 each. Redeemable at par intwo equal installments on 30h Nov' 10 and30b Nov' 11 with a put and call option on 30b Nov'09

18,618.00

20,000.00

17,420.00

20,000.00

TOTAL OF BONDS (A) - (C/F)

MRNATAKA NEERAVAR I N I GAM,A LI M ITED, BANGALOBE

(Rs. in Lakhs)

PARTICULARS AS AT 31.03.06 AS AT 31.03.05

ToTAL (B/F)

TERM LOANS

TERM LOAN FROM INDIAN OVERSEAS BANK

Repayable in two equal installments

on 6b May'05 and 6h May'06

TERM LOAN FROM KARNATAKA BANK

Repayable in two equal installments

on 9b May'05 and th May' 06

TERM LOAN FROM LIFE INSURANCE

CORPORATION

Repayable in two equal installments

on 9b May'05 and th May' 06

TERM LOAN FROM ORIENTAL BANK OF

COMMERCE

Repayable in two equal installments

on 31$Mar ' 11 and 31 " tMar ' 12

TERM LOAN FROM BANK OF BARODA

Repayable in two equal installments

on 31$Mar ' 12and 31s Mar ' 13

TERM LOAN FROM DENA BANK

Repayable in two equal installments

on 31sMar ' 12and 31 " tMar ' 13

Total ol Term Loans (B)

INTEREST ACCRUED AND DUE ON BONDS

B

1

c

78,408.O0

2,50o.oo

1,250.00

2,250.00

10,000.00

19,999.94

4,999.99

40,999.94

0.00

96,973.00

5,000.00

2,500.00

4,500.00

10,000.00

N i l

N i l

22,000.00

0.61

TOTAL 119.407.94 118,973.61

SCHEDULE - C : UNSECURED LOANS(Rs. in Lakhs)

PARTICULARS AS AT 31.03.06 AS AT 31.03.05

1 Other Loans and Advances:

a. From Others

- Loan from Government of Karnataka 490.00 Nil

TOTAL 490.00 N i l

86 Annual Report - 2005-06

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KARNATAKA NEERAVARI NIGAMA LIMITED, BANGALORE

SCHEDULE : D-2 : CAPITAL WORK'IN-PROGRESS (Rs. in Lakhs)

AS AT 31.03.06ADJUSTMENTS/CAPITALISATION

DURING THE YEAR

52,631 .82,/

z,az{:ga

100,050.19

48,835.26

2,573.68

1,415.62

6,730.75

3,638.04

28.53

29,744.11

3 1 8 . 1 9

272.17

48.41

260.08

1 1 ,310.08

3,222.62

21,027.25

8,979.29

659.88

46.66

964.05

41,321.74

4,601.34

79,022.94

39,855.97

2,185.97

1 ,417 .37

6,730.75

3 ,110 .66

28.53

29,218.13

1 BUILDING AND COLONIES

2 DAMS/ BARRAGES &SUBMERGENCE

3 LIFT IRRIGATION SCHEMES

4 CANALS & BRANCHES

5 DISTRIBUTORIES & LATERALS

6 ROADS, BRIDGES & CULVERTS

7 TANKS

IRRIGATION STRUCTURES

REH'TATION & RESETTLEMENT

ELECTRICALS & ELE. FITTINGS

OTHER ASSETS

179,991.79

8th Annual Report - 2005-06

SCHEDULE-E : TNVESTMENTS

SCHEDULE- F : TNVENTORTES

-PARTICULARS

LONG TERM INVESTMENTS (UNOUOTED @ COST)

1 Investment in Ghataprabha Water Users Co-op Federation(20 Shares of Rs. 50,000 each, fully paid)

2 lnvestment in Malaprabha Water Users Co-op Federation I(20 Shares of Rs. 50,000 each, fully paid)

(Rs. in Lakhs)

AS AT 31.03.06 AS AT 31.03.05

10.00

10.00

10.00

10.00

20.00 20.00

PARTICULARS

in l-akh!

AS AT 31.03.06 AS AT 31.03.0s

1 Stores & Spares

Less: Provision for obsoresence

2 Tools & Plants

Less: Provision for obsolesence

3 Released Articles

Less: Provision for obsoresence

178.98

118.07 60.91

Ni l

Ni l

198.63

123.23 75.40

Ni l

N i l

227.79

227.79

231.18

231.18

3 . 1 8

3 . 1 8

3.28

3.28TOTAL

60.91 75.40

(Rs.

KARNATAKA N EERAVAR I N I GAMIA LI IT ITED, BAN GALO FI E

SCHEDULE . G : SUNDRY DEBTORS(uNsEcuRED, CONSIDERED GOOD)

AS AT 31.03.05AS AT 31.03.06

1,264.08

995.10

268.98

1,352.93

3 9 1 . 1 0

Debts Outstanding for a Period

- exceeding six months

- less than six months

SGHEDULE - H : CASH AND BANK BAI-ANCES(Rs.in Lakhs)

AS AT 31.03.06

6,640.62

3,457.38

14,689.84 -

5.66

830.06

76.90

5,728.009,148.46

0 . 1 0

15.27

1 ,081 .95

77.85

7,973.38

A ChequesiDDs on hand

B Remittances in Transit

C Cash at Bank

l. With Scheduled Banks

1. ln Savings Bank AccountS

2. ln Current Accounts

3. In Escrow/Designated Accounts

4. ln DePosit Accounts

ll. Others

th Annual Report - 2005_06

SCHEDULE - I : LOANS & ADVANCES(uNsEcuRED, CONSTDERED GOOD)

S U B - S C H E D U L E : t - 1 :DUE FROM GOVERNMENT/GOW. AGENCIES

AS AT 31.03.06 AS AT 31.03.0s

Advances recoverable in cash orin kind or for value to be received:

1 Due from Government

2 Advance for Land acquisitions

3 Mobilisation advance paid to Contractor4 Contractors - Receivables

5 Advances to Suppliers/Services

6 Advances to Staff

7 Deposits with Government Agencies

8 RentAdvance

9 Deposits with Other Agencies

3,993.63

29,715.97

1 ,061 .43

159.67

707.19

48.43

148.70

11.25

1 . 6 1

0.04 35,847.92

3,578.03

18,865.57

339.81

276.86

391 .83

4!.33

115.47

11.25

9 .71

N i l 23,631.86

3 Due from GoW./GoW. Divisions

4 Amount Released for Netravathi project

5 Advance to Minor lrrigation Depaftment IITOTAL

I

(Rs.in Lakhs)

AS AT 31.03.06 AS AT 31.03.05

158.85

1,764j9

70.60

200.00

1,800.00

46.57

1,764.18

67.28

200.00

1,500.00

3,993.63 3,578.03

KAR NATAKA N EERAVAR I N I GAMA LI M ITED, BANGALO R E

SCHEDULE - J : OTHER CURRENT ASSETS(uNsEcuRED, CONSIDERED GOOD)

SCHEDULE - K: CURRENT LIABILITIES

(Rs.in Lakhs)

(Rs.in Lakhs)

PARTICULARS AS AT 31.03.06 AS AT 31.03.05

1 Interest accrued on mobilisation advance

paid to Conlractor

2 lnterest accrued but not due - Term Deposits

3 Tax deducted at Source on Term Deposits

4 Due from Karnataka Power Corporation Ltd',

5 Due from Krishna Bhagya Jala Nigam Ltd'

6 Amount due from Brindivan HYdro

7 Other Receivables

71 .67

23.53

220.26

3.65

6.73

345.88

4.05 675.78

32.71

33.08

167.20

3.65

6.73

N i l

5.76 249.13

675.78 249.13TOTAL

AS AT 31.03.05

7J39.26

2,765.20

2,929.26

414.45

62.90

6,1 61 .52

631.54

283.30

363.98

1 .34

o.22

2,574.10

8,956.39

2,955.34

1,607 .76

206.98

3,862.14

7 5 . 1 1

7,602.51

712.94

565.84

229.07

2.42

0.22

3,630.44

Sundry Creditors

1 For Supplies / Services

2 For Contractors' PaYments

3 For Expenses

4 Others

Trade DePosits & Advances

lnterest Accrued but not due on

lnterest Accrued but not due on

Term Loans

Other Liabilities

1 Tax Deducted at Source

2 Provident Fund Contribution

3 Amount due to EmPloYees

4 Guarantee Commission PaYable16,187.81

SUB.SCHEDULEK - 1: SUNDRY CREDtfORq _ OTHERS(Rs.in takhs)

A Statutory Liabilities1 Royalty Recovered payable

2 Sales Ta,r Recovered payable

B Other Liabilities

1 Leave Salary Contribution2 Advance - Deposit Contribution Works3 Employee Recoveries

4 Gratuity Contribution

5 NSC - Contractors

6 Stale Cheques

7 Contractor's Benevolent FundI Advance/Deposit _ Water Rates9 Other Misc. Liabilities

2a8.O2

6.79

1.06

3.q

2.4

2.24

10.97

3.01

12.71

2.67

(Rs.in Lakhs)

I\

- l

EXPENSESSCHET}IS.E - H

i:31

- Wealth Tax (Net of

- Fringe Benefit Tax

Provision lor Ecdlt

AS AT 31.03.05

PARTICULARSAS AT 31.03.0s

1 Employee Remuneration & Benefits2 Assets Maintenance

3 Administrative and General Expenses4 Director,s Remuneration & Benefits5 lnterest

6 Loss on Sale of Assets _ Net7 Depreciation

8 Remission of Water Charges - Gokak Mills9 Interest Remission _ Water Royalty

'10 Wealth Tax

11 Fringe Benefit Tax

5,357.86

2,177.72

5,102.84

4.76

10,592.50

Ni l

235.36

Ni l

Nil

0 .08

41.71

4,662.76

1 ,916 .03

3,607.75

4.68

12 ,513 .12

2.96

208.06

534.61

175.54

0 . 1 5

Ni lTotal Expenditure ( AB LESS : tNCoME EARNED

1 Water Charges

2 Rent Collected

3 Application and Enrollment Fee4 Hire Charges

5 lnterest Earned

[DS :Rs. 51.24 lakhs (previous yr _ Rs. 47.42 lakhsJ6 Income from Mutual Funds7 Sale of Tender Books8 Hard Rock Recovery/Cost of Rubbles Supplied9 Profit on Sale of Assets _ Net

10 Penalties'I 1 Excess provision written back12 Other Income

61 1 .83

64.41

s 1 . 1 9

1 .62

s40.00

Ni l

1,490.27

244.89

26.54

24.50

4.32

/ . c o

658.79

53.62

13.77

1 .09

314.77

17.27

1,132.32

264.75

Ni l

16.78

n 1 e

43.82S u b T o t a t ( B )c experuorune pon rGYEnF?alE )D ADD: OPENING BALANCE 21 ,108 .55

84,101.97E ToTAL EXPENDITURE As AT.1 o;;i;;D104;747.67

8h Annual Report - 2005-06SCHEDULE . N : CONSTRUCTIONPERtoD (PENDtNG

(Rs.in Lakhs)

_ (d.s. RAVEENDRA PRASAD)GENERAL MANAGER . FINANbE

(c.s. PRAKASH)COMPANY SECRETARY (D. SATYA MURTY)

MANAGING DIRECTOR

(K.C.REDDY)DIRECTOR

PLACE: BANGALOREDATE: 26-08-2006

PLACE: BANGALOREDATE: 28-08-2006

SUBJECT TO OUR REPORT OF EVEN DATE(c. SUDHINDRA)

PARTNER

FOR RAO ASSOCIATESCHARTERED ACCOUNTANTS; MEM. NO. 26171

KAR NATAKA N EERAVAR I N I GAMI\ L I NI ITED, BANGALO RE

SUB.SCHEDULE :

4 Medical Reimbursement

5 Home Travel ConcessionIlo Staff Welfare ExPenses

Contribution to Provident Fund & Other Funds

GratuitY/G ratuity Contributio n

TOTAL

Current Year Previous Year

4,951.44

354.32

2.44

40.27

0.21

4.42

2.82

1 . 9 5

4,594.03

20.98

5.82

24.52

0 . 1 4

12.54

3.23

1 .50

5,357.86 4,662.76

N - 1 EMPLOYEEREMUNERATION & BENEFITS

SUB-SCHEDULE: N - 2 ASSETS MAINTENANCE

in Lakhs)

(Rs.in Lakhs)

PARTICULARS198.07

0.58

999.45

0.03

20.59

229.99

238.93

126.24

82.1b)

19 .31

0.68

270.O8

21.04

1 , 0 1 1 . 9 2

Ni l

23.1 3

280.62

2 5 1 . 1 8

213.29

62.19

4].88

0.38

1

2

3

4

5

6

Buildings & Colonies

Reh & Rest, Electricals

Canals & Distributories

Machinery & EquiPments

Office EquiPments/ComPuters

Roads, Bridges & Culverts

- Namma Hola Namma Raste

- Nammura Bandaras

Vehicles

Lift lrrigation

Barrages

Dam & Reservior

Furniture & Fixtures

SUB-SCHEDULE: N _ s ADM|N|STRAT|VE AND

8th Annual Report _ 2005_06

OTHER GENE:RAL EXPENSESPARTICULARS

1 Rent

2 Insurance

3 Rates & Taxes4 Postage & Telephone Expenses5 Printing and Stationery6 ElectriciV Charges7 Travelling Expenses

- Managing Director & Other Directors- Others

8 Audit Fees including Service Tax- Statutory Audit- Other Services

9 Bank Charges

10 Expenditure on CADA Works11 AfforestationExpenses

12 Crop Compensation

13 Hire Charges

14 Testing Fee

15 Publication of Notices16 Legal and professional Charges17 Sitt ing Fees

18 lssue Related Expenses- Lead Manager's/Arrangers, Fee- Rating/Surveillance Fee- Other payments

- Registrar & Transfer Agent,s Fee- Registration & Mortgage Fee

1 9

20

2 1

22

23

- Trustee Fee

Guarantee Commission

Software & Network ExpensesE - Tendering Expenses

Publicity Expenses

Other Administration Expenses

(Rs.in takhs)

KAR NATAKA N EERAVAR I N I GAMA LI M ITED' BANGAIg R E

SCHEDULE:O: SIGNIFICANT ACCOUNTING POLIGIES

Thecompany l saGove rnm,en to fKa rna takaen te rp r i sese tupw i th thespec i f i c t asko f imp |emen t i ngce r ta in i r r i ga t i on

projects. The company,s operation and maintenance cost are met as far as practicabre, by water rates demand raised for supply

of water and barance from monies received from Government of Karnataka for carrying out its functions' Hence' the financial

statements are prepared on a going; concern basis'

Theaccoun t i ngpo | i c i esno tspec i f i ca | | y re fe r red tohe re in i scons i s ten tand i s i n

account ingpr inc ip|esandapp| icakl |emandatoryAccount ingstandards/GuidanceNotes

Accountants of lndia'

consonance with generally acceptecl

issued by the Institute of Charlered

1. CAPITAL WORK IN PROGRESS

The i r r i ga t i onp ro jec t sbe in .g imp |emen tedby thecompanyenv i sagecomp |e t i ono fen t i r ep ro jec t cons i s t i ngo fdams '

canal systems, canar network etc. in an integrated manner as this forms a composite network. Accordingly' the cost wil l be

capitarised onry on comprertion of the respective projects in entirety. Untir such compretion, expenditure incurred on

construction (which incrudes in certain cases part payments for works compreted pending approval of competent authority)

is shown under Capital Worrk in Progress against appropriate heads'

2. EXPENDITURE DURING CONSTRUCTION

The irrigation structures corrsisting of canars and other irrigation systems, which have been compreted and water is let into

themiscont tnuedtobeshc|Wnundercapi ta |work inprogressintermsofAccount ingPo| icyNo. l .Therevenueexpendi ture '

incurred on such assets isi grouped under Expenditure During construction after deducting income earned during the

Period.

3. FIXED ASSETS

3 ' 1 ( a ) T h e f i x e d a s s e t s t r a n s f e r r e d b y t h e G o v e r n m e n t o f K a r n a t a k a h a v e b e e n t a k e n o v e r a t t h e a s s i g n e dva |ues ,wh icha re t rea tedascos t i n thebookso faccoun to f t hecompany .

(b )A l | o the r f i xedasse tsa res ta teda tcos t .Cos t i nc |udesexpend i tu re inc iden ta | t oacqu i s i t i on .

3.2 Roads include appurtenant bridges'

4. DEPRECIATION

Depreciat ionisprovidedonstra ight- | inemethodat theratesprovidedunderScheduleX|Vtothecompan|es

Act, 1956, in the manner slated therein except in respect of:

a) Roads and Buird ings (other than Factory Buird ings) where a h igher rate of depreciat ion or 3.34o/" has been

adoPted.

b )Fu rn i t u reandF ix tu rescos t i ng |ess thanRs '5 ,000 / -wh i cha re fu | l ydep rec ia ted in theyea ro fpu rchase .

5. INVESTMENTS

lnvestments in shares orl water Users cooperative societies are treated as Long Term Investments and are disclosed at

cost. provision for diminution in the value of long term investments is made only if such a decline is other than temporary

in the opinion of the management'

i1,",:,,'""fn:,;1;1;fflj,T1[:il]:il:,""f*' is ress (asceftained on First in First out basis) cost incrudes

7. RETIREMENT AND OTHER BENEFITS7.1 Employees on deputation from the Government

6 . INVENTORIESth Annuat Report - 2005-06

from Public SectorApplicable pension and leave salary contribution as alsorouuon as also provident Fund contribution is being provided/remitted as per terms of the deputation on actual basis.

a) The company has been exempted from re m pr oye es (orh er th an th e M an as i n r rl"::':T'il? ilil:; :il:: :il:,,-::" ;i,;l J:fi.jff,;j;T:;teave encashment availed by such employees during their serrKarnataka civil service Rules (KcsR) and accounted as and *n"" ;'"::

*ith the company is regulated as per

b) :T":""Jil:"T"1,":i"":,:i"l#:Ti*Iff:X#Tins Director is beins provided/remitted to the

7.3

Leave salary and Gratuity is provided on actual basis rn respect of liability at the end of the year.

8. WORK BILLS AND EXPENDITURE

;::.,H:::iffiT;:t activitv orthe companv, liabilitv towards work birs is recognized on receipt or certiried birs rrom

9. PRELIMINARY EXPENSESPreliminary expenses will be written off over a period of three years upon capitarisation of project.

10. PROVISION, CONTINGENT LTABILITIES AND CONTINGENT ASSETSProvisions involving substantial degree of estimation in measurement are recognised when there is a present obrigationas a result of past events and it is probable that there *ill b";;;i;* of r""our""s. contingent Liabirities are not recognisedbut are disclosed in the notes' contingent Assets, if any, are neither recognised nor discrosed in the financial statemenrs.

1 1. CURRENT AND DEFERRED TAXProvision for Gurrent Tax is made after taking into account benefits avairabre under the Income Tax Act, 1g61. Deferred raxresulting from "timing difference" between book and taxable profrt is accounted for using the tax rates appricabre in the-' ensulng year' Deferred rax Asset is recognised only to the extent that there is a reasonabrJ certainty that the assets wi, berealised in future.

Employees on contracl

KARNATAKA NEERAVARI NIGAMA LIMITED, BANGALORE

SGHEDULEP:NoTEsFoRM|NGPARToFAccoUNT

EXPENDITURE DURING CONTRUCTION PERIOD

a ' T h e p r o j e c t s i m p | e m e n t e d b y t h e c o m p a n y a r e i n v a r i o u s s t a g e s o f c o m p | e t i o n a n d n o n e o f t h e p r o j e c t s h a v e

been completed in its entirety as at the end of the year. Therefore, the company has prepared a statement of-

E x p e n d i t u r e D u r | n g C o n s t r u c t i o n ( p e n d i n g c a p i t a l i s a t i o n ) i n a c c o r d a n c e w i t h t h e d i s c | o s u r e r e q u i r e m e n t s o f

Pa r t | | o fSchedu |eV | to thecompan iesAc t , l 956 ins teado fP ro f i t andLossAccoun t .

b. The schedure of Expenditure During construction period wi' be reviewed and capitarised or treated otherwise

in accordance with the normally accepted accounting practices on completion of the project(s) in its entirety'

PROJECTS IMPLEMENTED BY THE COMPANYa. The company is a Specia l Purpose Vehic le set up wi th the

projects as also completing certain ongoing irrigation projects'

speci f ic object ive of implement ing new i r r igat ion

b. The Government of Karnataka (Government) has entrusted to the

and medium irrigation projects in the Krishna Basin' Varahi Project

works of Uttar Kannada District'

c . The Gove rnmenr has a l so t r ans fe r red the Eng inee r i ng d i v i s i on and es tab l i shmen ts o f Ma lap rabha and

Ghataprabha command Area Development Authority (M&Gp -OADA) to the company and has permitted it to

p r o v i d e f u n d s f o r f i e | d i r r i g a t i o n c h a n n e | s ( F | C ' s ) w o r k s o n b e h a | f o f t h e G o v e r n m e n t a n d t o e x e c u t e t h e w o r k s

of M&Gp _.ADA and to c la im re imbursement (as grant) f rom the Government of India (v iz . So"h of cost of

F lc 's) . The expendi ture incurred is grouped under Expendi ture Dur ing construct ion ' The re imbursement f rom

Government of India is accounted on receipts of claims'

DETAILS FOR PROJECT.WISE EXPENDITURE DURING CONSTRUCTION (PENDING

CAplfnlfSATlON) INCURRED TILL 3lsr MARCH' 06 , (R'i" ***

company implementat ion of cer ta in ma1or

(west f lowing river) and Six Minor lrrigation

3

PROJECTS

GHATAPRABHA

MALAPRABHA

UPPER TUNGA

HIPPARAGI

GANDORINALA

BHIMA

SINGATLUR

Up to

31.3.05

FOR THE YEAR

2005-06

2005-06

Up to 31.3.06Sl . No

14,690.07 2,917.56 17,607.631

18 ,138 .84 3,024.81 21 ,1 63.652

3,698.86 524.27 4,223.135

648.98 103.37 752.354

321 .81't36.21 458.03

5382.06 15'1 .59 533.66

6279.09 7 4.72 353.81

1 . 9 47

' 1 .948

2.72 2.72q

0.44 0.441 0

553.24 901.69 1,454.931 1

264.34 380 .16 644.491 2

1 3

ITAGISASALWAD

BANDURA NALA1 1 8 . 1 3OTHERS EXPENDITUE;

63,117.45

Gl lq_IgrAL - Net

4

Note : ( i )Theseexpend i tu rewi l |beappor t ionedto ,^ . ' ^^^ . - ' .

(ii) The present sratus or the respectiv" ;;::: ;":"ffi ;:;:,: compretion in entirety

I^:tI*:l 3I. Tr=rs AND LlABrLf ilEsGhataprabha ano rr,,ar

far transferred the asst

subjec*o physicar"",,lol1ln" projects

"r,n iil"#:i:ffi:""#:::::'runsa Projects (excrudins existins canars),reratins ,o o,i",. r"l:fffi?J "#lilT:r review ror 0,""*,""1',,llilTn;::,T".1#nt or the "o'ouni ;;;'","

rnd when these are transferred ," ;;;],i;#rts' The assets and liabirrties

EXPENDITURE ON EMPLOYEESA separate order from lHoweverthe;;;;,:T

ffi;H}"l;|l,o*n ,f" terms and conditi

effecting o"ur"ni. '' 's rollowing Karnataka civitservice til;#jons

of deputation of off'in respect or such .";r* il:j"*fl.,:,][ii::

5

6 EQUITYInc ludes 119,50,828 Ecconcurrence u"r uo,iltfjil::

of Rs' 1000/- each aggregating to Rs. 11es.os crores aro*ed to coK for which formar

SECURED LOANSa. The bonds, intert

and charse ,^,";"i;lliijii r;[::T1"" and ar orher monie

il,ff* ddi;;:;:r

existins and ruture;i';il;l"hereto are secured bv a rirst rnortsase

and between ,n; "ou",

of 1.2s r,r""_]nn 45 mav be agreed

) company and the u,",'J"|" "'"L"0'"J';:; #TtiT#ljhe rrustees, subjec*o a

2s tnay be agreed to byii. A first charge on all monies receivedGovernment (incruding on account of

/ to be received in theobrigations ,no"n"n"n by the Government. ""'" ",-""1", ;;";";:r"":,.:1'ffT:illof the companv from rhe

b. The Bonds issued ou r^^

' "" vvvct l rrr l€f i t ' *"" Pvwer generat ion) pursuant to

ceftificates uoro a"r,il.the company upto series VA are in phieslV(comprisingrVandlVA). -- - " ' vr i ls ical form. The company has so far issued

The company has so far

KAR N ATAKA N E ERAVAR T N I-91M l!ql!9fi\u 1!o-1E-

-

I

c .

,"*ir"O u/s 1'17C of the Companies Act' 1956'

UNSEGURED LOANS , ^^ ̂ r^rac rToolo) as loantowards road worksvide Go No' PWD 117 FBc

#ff,:"-H:#-mf*3Ti::ff:;ililff'::5l3ili1;which no provisionis made intheaccounts

FIXED ASSETS/CAPITAL WORK IN PROGRESS

a. Other Assets under Capital Work in Progress includes:

i. Rs. 27g.'gcrores representing estabrishment and other administrative expenditure transferred by Government on

incorporation --ri-^ 6hare nf common expenditure (along with

ii ::"::"';":i"fiy#,:ffiJ"il"n":';:i$"J::'JT:""".il::,I3::,::,":lili

0""'" or c'|aims received

from Government of Maharashtra' .-^*. L-'^rrnht into books of account is

b. Mutation entries in favour of the company in respect of immovable property brought into books of accou

ye t tobem"ae . t r reCompany i sa l so in * "o ,o " " " "o fob ta in ing t i t l edeedso f |and takenove r ,

c . Varue of rand brought in to books of account of the company are subiect to adjustment on f ina l isat ion of

various procedures incruding land acquisit ion awards, "on""n,

awards, interest and mutation entries in the

d. ;";"".: : : t :T":"""Ht-ehabir i tat ion and Resettrement srouped under capital work in Progress

inc ludesrevenueexpendi ture incurredinconnect ionwi threhabi l i ta t ionact iv i ty .

e. No provision/adjustment in the accounts has been made for value reduction in respect of items identif ied for

disposal and few old items, which are "puringty

used, pending receipt of necessary details'

f .Veh i c |esamoun t i ng toRs . l . 0gc ro resa repend ing t rans fe r i n favou ro f t hecompany .

s. Depreciation on Roads transferred by the Government has been provided by treating the same as metalled

roads pending identif ication and classification between metatted and non-metated roads' capital expenditure

on Roads includes expenditure ,n"u,,". ,n ,"spect of roads where transfer of ownership is yet to be completed.

1 0 tHt":J"?lLfo1r,,"n excavation ror civil

l:'j]:,:"t valued as the realisabilitv is contingent upon its utilisation/sale in

its present form' The same is brought to books on sale'

11 SUNDRY DEBTORSa. Dues frorn !n!!Eg!9!-!lg!!a. Dues from lndustriat unn:

.. -- n^ ? ̂ o nrnrcs (includinq interest of Rs. 1.75 crores) has

i#Til:H:iTll"l"JlJ,i:;:li[:;:"":ffiilT:'"t'J:fi;H::iffi:T:]::1lffioo r'u' as' d rec'ied'ihe

rndustrial Un* to pay royarty and other charges untir the state Government takes its decision' The settlement is pending

rn terms of tripartite agreements between the Government, company and the trustees' the Government has

agreed to make u"ur,r-ouon"tary provision during the entire tenure of secured loans an amount equal to the

interest payment/princrpal instarment due in ,r.. '" ,"."p"ctive years for disbursement directry into the Designated/

Escrow account. ln view of the above the company does not propose to create a Redemption Reserve as

formal concurrence of Government'

b. Dues from farmers Rs. 14.1g Crores:_8rh

Annual Report _ 2005_06

Company is in the process of establishing necessary systemsprovision for overdue is considered n"""""ur-n at present.Io recover the dues. In vrew of the above, no- c .

^greement ts yet to be executed with the corporatio

,?i:il:'"" Accordingrv, no income (amount ,nu""",*Ioi;:T::::::::::T,:r""ff:water ror power

re company

12 ADVANCESa. Due From Government (others):

This represents dues arising out of itreconciriation of these items.

ncorporation of assets and riabirities on the formation of the company and subseguentt

Represents sums released towardscompanv has entrustedthe job ",#,ff:T;",::-"1;:*:i:ilil,1,::T"jT;J:-,*

of some of the offices. rhebe effected on receipt of certificate/report from the agency. expenditure to an external agency. rrr""""""rv

""ntries wjll

c. Due from Staff:

' Field offices, which is ,nd"' progr""l.n

t""on""iation of staff advances with the records maintained in divisionar/

13 OTHER CURRENTASSETSRent from occupants of quarters an<recoverabre as per norms u,."

"""ounl"T:T:J:',.illri:lfi :i* emprovees or the cc

ascertain the arrears and recover ,, ,;a;: i^^^lj: " to rhe extent ascertained. N

mpuny) and erectricity charges

unauthorised occupants. cm the concerned occupants / authority * u,"o """""ary action is being taken to

to get the premises vacated bv

14 :ttr?,:?:.'-T"!

lN rERMs oF MANDAroRyAccouNilNG sTANDARDs:,o ut,

Discrosure of prior period items separatery as requrred by the stannotpreparedProf i tandLossAccount. ' -v 'vYurrEq oy rne standard is not necessary as the companv hasb . ,

The company is eva'ousstases"'r,.Jfi:::;#:l::H:HXJi:^:JTii:Hj::y the Government, which are under

c.

The company is a s tate contro l led enterpr ise (as def ined in crause 10 0f the starinformation in respect of key managemenr personner t"" a"t"ir j lui; '"^,]rt^ lt , i : standard) and accordingryrequiredunderc lausegof

thestanoara. ' rv 'ev ' r r r ' r 1as oetat led in Note 15 (a) belowl only is r r rn i "h"a-u"

KAR NATAKA N EERAVAR I N I GA MA l-l MIED' Bix 91!-o R E

(Rs. crores)

Thesamehasno tbeen recogn i sedasamat te ro fp rudence .

Depreciation

b. DeferredTaxAsset

c. Net Deferred Tax As;set (b-a)

d. OPERATING LEASE (ACCOUNTING STANDARD 1e):

The companies, significant reasing arrangements are in respect of operating reases in respect of its office

premises. These rease arrangements, **n ur" not cancetable, are generaty for 5 years and are usual ly

renewab |ebymutua l consen t .Theagg rega te |ease ren ta | spayab lea red i sc |osedunde rRen t i nSchedu |e -N '

TMPAIRMENT OF ASSFJS (ACCOUNTING STANDARD 28):

The companv is a special Purpose Vehicle set up to implement ':t:t^i'?:J.t""';:::;J *";::Tffil"tJ:

H,"Jl:il: ffi;T:'| JJJ;:"J;,,,' "* nor intended ror sare *d h"n"" there is no basis ror makins a

re'abre estimate of the amount obtainabre from the sare of the asset in an arm's length transaction' Hence the

recove rab |eamoun t i sde te rm ineda t i t sva |ue inuse in te rmso fPa ra l6o f thes tanda rd .

15 CURRENT LIABILI]ilESa.L iabi l i ty towardsmunic ipa| ta, res(amountunascer ta ined)pendingmutat ioninfavourof thecompanywi l |be

accounted on determination'

b. No provis ion has been made towards ln terest accrued but not due in respect of broken per iod of bonds

amounting to Rs' 26'31 Crores'

c. No provision has been made towards additionar quantity (over and above approved by competent authority)

of works executed at Llpper Tunga project pending finalisation and approval by competent authority in respect of rates

as well as additional quantity for which payment has to be effected'

16 GENERAL r^^^^ anrr arrrranr:es have a value on realization in the

a , | n t h e o p i n i o n o f t h e m a n a g e m e n t , t h e c u r r e n t a s s e t s , | o a n s a n d a d v a n c e s h a v e

ordinarycourseofbusiness,at leastequa| totheamountatwhichtheyarestatedintheBa|anceSheet .

b. previous year figures have been regrouped/recrassified/recast wherever necessary to make them comparable

with the current Year's figures'

c. Ba|ances under Advances, deposits, creditors for supp|ies, trade deposits and advances are subject to confirmation

and consequential adjustments'

8h Annual Report - 2005-06

17 ADDITIONAL INFORMATIONa. Managerial Remuneration:

NOTES:

(K.S. RAVEENDRA PRASAD)GENERAL MANAGER - FINANCE

PIACE: BANGALOREDATE:26-08-2006

PLACE: BANGALOREDATE :28-08-2006

(c.s. PRAKASH)COMPANY SECRETARY

2.

3.

There are no earnings or expenditure on foreign exchange. (previous year - Nir)c ' Maintenance expendi ture on Roads incrudes expendi ture incurred in respect of roads where transfer ofownership is yet to be completed.

d. Contingent Liabitit ies:

i' Estimated amount of contracts remaining to be executed on capital account not provided for (to theextent ascertained) Rs. 1,712.46 Crores (previous year Rs. Sg2.95 Crores)

ii'claims against the company not acknowledged as debt (to the exent ascertained) Rs. 19.46 crores(Previous Year Rs.1 1.46 Crores)

ii i ' other monies for which the company is contingently l iable (amount not ascertainable)

a) Land acquisition cases (including enhanced compensation/ interest).

b) claims on account of various arbitration proceedings, labour cases and court cases. . ,.

The company does not expect any reimbursements in respect of the above contingent l iabil i t ies.The cash flows in respect of matters referred to in (a) above is generally expected to occur during the 1nanci4 year2006-2007.

It is not practicable to estimate the timing of cash outflows, if any, in respect of matters (b) and (c) above pendingresolution of the arbitration/ appellate proceedings.

(K.C.REDDY)DIRECTOR

(D. SATYA MURTY)MANAGING DIRECTOR

SUBJECT TO OUR REPORT OF EVEN DATE(c. SUDHtNDRA)

PARTNER

FOR RAO ASSOCIATESCHARTERED ACCOUNTANTS, MEM. No. 26171

4q!gk V. David, Manasins Director

ShriD N Desai, Director

KAR NATAKA N EERAVAR I N I GAI\4A LI M ITED, BAN GALO R E

STATUS OF PROJECTS UNDER KNNL AS ON 31.03.2006

GHATAPRABHA PROJECT

GLBC (10s Km.)

GRBC (199.0s3 Km.)

Distributories under GRBC (37 nos.)

Chikkodi Branch Canal (88 Km.)

Distributories under CBC (25 nos.)

MAI.APRABHA PROJECT

Dam works

MRBC (1a2 Km.)

MLBC (150 Km.)

Distributories under MRBC (60 nos.)

Distributories under MLBC (58 nos.)

HARINALA PROJECT

Dam works

Canal works

R.B.c. (10.50 Km)

L.B.C. (8.s Km.)

HIPPARGIPROJECT

Barrage works

L.l. Systems : Head works

Dam works Completed.

Completed.

Length completed upto Km.1 1 9. Water let out for irrigation upto Km' 1 1 9'

works are completed f rom Km. 128 to 130, 132, 136 and 138, 140,148,161 to 167

& 171 to 180. In Km.12O-121 ,123-124and125-126,fresh agenciesforthe balance

work has been fixed , works also under progress. ln km 135, agency stopped the

work and contract has been rescinded and fresh tenders for balance work has

been invited. ln the remaining reaches, works are under various stages of progress

upto km 199.093. There is a major aqueduct in km 160 and work is under progress.

Works of distributory blocks ' l to 30 and block No.33 are completed and work in

distributory blocks 31,32,34,35,36 & 37 are under various stages of progress.

Works completed to its full length of 88 Kms and water let out for irrigation.

Works completed in a l l B locks except Block no.21. Under b lock No.2 ' l , works

completed upto km 15 and works are under progress from km 16 to 25 and tenders

received for km 26 to 29 & evaluation is under process. Km 30 to 35, estimates

are under preparation and for further reaches suruey works are under progress.

Completed.

Length completed up to Km. 131 . Box culvert in Km. 122 which is under progress.

From Km. 1321o 142works are under progress.

Length completed up to Km. 144from Km. 145 to 150 works are under nearing

cornpletion

works completed up to block no. 52 and block no. 558 & 564. Works are under

progress in block no. 53 to 55A, 568 & 56C. In block no. 57 work from Km.1 to

5 are under progress and from Km.6 to 15 tenders are under process. Estimates

are under preparation in block No. 58 to 60.

works completed upto block no.54 and 564, works are under progress in block

No. 55, 57 & 57A Estimates are under preparation in block No.58

Dam work completed

Works completed.

Works completed.

Barrage works completed. Fabrication and Erection of crest gates works complete-'

Water is being stored in the reservoir.

The works for the l ift ing systems of two foreshore Ll schemes, namely Halyal and

Ainapur on turnkey basis are entrusted. The works of Ainapur l ift ing system and

Halyal Stage-ll are nearing completion and the works of Halyal stage-l are under

progress. Works of Karimasuthi 3'd stage and SavalglTungal 4h stage under Halyal

LIS are under progress.

8tr Annual Report _ 2OOs-06Canals

Canals

RBC (71 Kms.)

Distributory under MRBC (aS Nos.)

LBC (1s Kms.)

Dam works

Main Canals (339 Kms.)

Distributory canal

SINGATALUR PROJECT

Barrage

Head works

L.irWorks

Crest gate works

Canal works

Canal works on right sides

BHIMA LIFT IRRIGATION SCHEME

Barrage works

The work of combined canal of Ainap* Fy-of;,are un;";;;;;;". Agency rixed rrom ,'jt: Ti;]t otRinupriilInf

lill JI; i l? l T,J] :,;*: *ji:il ;;q ;#,Iil ;,f J TI #?i:"i:#,Tjil:,'.fi :,:1""3i j,ilil;"ril,1"J:J::"'";;;;;il;s,##;iffi iffi :,","[i3:1In the barance reaches underAinapur & Haryar Lrs surveyworks, approvar to generalalignment' design and preparation of estimates are_ under progress. survey works,:i:tffi:ffiL?ene.rar

arignment or Karimasriii a s"u"rsi-ir;;J;;i west canal

The concreting work of dam.works is compreted. spitway bridge and fabrication of6 crest gates are compreted. constructioi'ffirup", is under progress.

[::T;t;.*mpleted from Km.1 to 71 arecomprered. water is ret out on triar run

Distributory works in brocks no.1 to g, 11 to 31, 34 to 45 are compreted & in thebalance block works are under progress.works are compreted from Km.7 to 15. Works are under progress from Km.1 to 6

3il,,il"""iil";:1ff: spiilway bridse work, parapet is compteted. Batance

etectrification *i,i"r, i" .,1.,11i;ru|j::: crest sate works are

"otpi"t"o exceptMain Canal works upto km 168.50 are urto 174 about 3450m out of 4000m exciprogress from Km.175 to 193 from Kmsurvey & preparation of estimate is undeThe Dy' No'1 & 2 starting at km 108 and km 166 are under progress.Tenders formain canatstuice work and minor

"r" ;; l; 'p;ogress.

Barrage works are in progress.'lststage lifting arrangements on R/S of SLIS. Work is in progress.

;Ti:,:,::l?j"r:j.", batance work of Rajwat & Ayyanhaily branch canal, the

5ril::jt'ankment works are completed. The construction of barrage is under

The lifting system works for Barundagi & Atagi rift are entrusted on tender basis andworks are under progress.

J["r:i:] gate work is entrusted to M/s. Kscc and the fabrication work is under

Tenders are invited for construction of Barundagi main canar from o to 25 km &tendering process is under progress.

Dam works

KARNAIAKA N EERAVARI N I GAI\4A LI M ITED, BAN GALO R E

I

GANDORINALA PROJECT

Dam works

Canal works

R.B.C (7Km.)

L.B.C. (ea Km)

TUNGA llFT IRRIGATION SCHE:ME

DUDHGANGA PROJECT

(a) Nidhori branch canal (25Kmr;')

(Entry into Karnataka Border al:'25kr

(b) Bidri branch canal (49 Kms')

(Entry into Karnataka Border at 44 k

c) Kurundawad branch canal (9Kms)

d) Dattawad branch canal (30Kms')

BASAPUR LIS

ITAGI-SASALWAD LIS

n)

Dam & crest gates works are completed'

R.U.C. works up to 7 Kms' completed'

From km 20 lo 27, nearing completion' F

progress. From Km.83 to 90 tenders invitt

The estimate of this project is approved fc

be started since this project comes withi

Permission to divert Wildlif e Sanctuary land

Court. Forest Department has already b

relevant permission' As per the suggesti(

of alternative routes for implementing the

verif ied.

a) Proposal for diversion of forest land (5C'

by State Government' Clearance is av

b) Estimate & DTP for Kalasa dam works

c) Estimate & DTP for Bandur Nala are u

This is an Inter-State project' The dam

comPleted.

NBC Works are completed from Km'25 1

under progress. All distributory blocks

FIC's works.

same is in Progress

is under Progress'

8h Annual Report - 2005_06

BENNITHORA

Dam

Right Bank Canat- 82 KM

Left Bank Canal - 60 KM

Distributaries under RBCDistributaries under LBC

- 40 Nos.- 30 Nos.

Completed

works are compreted except major cD work, box curvert at ch.73.56 & 69.43 areIn progress.

#;:;: compreted except work in Km.54 for vvhich tender is accepted and work is

38 works are completed, 2 under progress.21 works are completed, 9 in progress.

Completed. Spillway works are completed.works are compreted' water has been ret out in main canar upto km 56.64 distributories are compreted, 2 are in progress and nearing compretion.

Work is under progress.

LOWER MULIAMARI PROJECTDam

Right Bank Canal - 80 Kms.Distributaries - 66 Nos.VARAHI PROJECT

Diversion weir worksRight Bank Canal (46.80 Km)

Left Bank Canat (44.32Km)

Lift irrigation canal (33 Km)

AMARJA PROJECT

Dam works

Right Bank Canat (45 KM)

Left Bank Canat (55 KM)Distributories

Hiyranyakeshi LtSBennihalla LtSKolachiLts

Konnur LISSri Rameshwara LISJavalu halla LISUmbrani Amruthapura LISGuddada Mallapura LISBELLARY NAI.A PROJECT

SEIER BHADRA sTAGE-l

River aqueduct works are under progress. sun,ey works compreted. upto 8.10 km(including tunner) tenders receiveo and fixing of agencies are under progress. rnthe remaining reaches, estimates are underireparation.Upto 21 km works are in various-

lfases of progress. Agency fixed tor majoraqueducts at Km.g, 11 , 12 & 13 of VLBC & works are under progress.

l;in::J* are compteted. power connection received and commissioned on

Works Completed, water being stored.Partially compreted. Rectification and barance rvork upto 2ob KM is entrusted toagency. Tender cailed for rectification work and barance work from KM 21 to 45.Partially completed.Partially compreted, Frc works are to be started. survey for barance works is underprogress.

The process of fixing agencies for head work is completed. works areunder progress.

The work is entrusted to agency. Excavation for clam foundation and survey workfor canal network are unoer progress.

The works are under process of execution.

KARNATAIG N EERAVARI N I GAMA LI M ITED, BAN GALOR E

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CASH FLOW STATEMENT FOR THE YEAR ENDED slSTMARcH 2CO6

2 The cash & cash equivarents represent Gash and Bank barances incruding barance in EscrovD4sign&d Accounts andDeposit with Treasury.

IhtSttJ"":,T::T"# ff,H: prepared under the indireot method as set out in the Aecountinp sandard - e on cash

3.

- J5._s: IAVEENDRA PRASAD)GENERAL MANAGER . FINANEE

PLACE: BANGALOREDATE :26-00-2006

(c.s. PRAKASH)COMPANY SECRETARY

PI-ACE: BANGATOREDATE:28-08-2006

SUB'ECTTO OUR OFH'C${ DATE(G.

FOR RA@CHARTERED t@f rg* a€-t7t

KAR NATAKA N EERAVAR I N I GAMA I-I M ITED, BAN GALO I1 E

INFORMATION PURSUANT TO P'ART' IIIOF THE SCHEDULE VI TO THE COMPANIES

ACT, 1956

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE AS AT 31'03'06

DETAILS

RAISED DURING THE YEAII:

(Rs. lakhs)

RFGISTRATIONBALANCE SHEET DATE 31.03.2006

1:ICTEIATI,I')N NT JMBER 24503

STATE CODE 08

CAPITALRIGHTS ISSUE Nil

PUBLIC ISSUERnNil rs tsst lF

NilNi l

Ni l PRIVATE PLACEMENT

OTHERS ** (Rs, lakhs) 0.72

ill OF MOBILISATION AND DEPLOYMENT OF FUNDS

TOTAL LIABILITIES 4.O4 I rorALASSET 4.04

R. SOUnCrs or ruruosDAln I tp caPlTAl * * 2.84 ADVANCE AGAINST EOUITY 0.01

1 . 1 9DEet ra \ / t rq n s l lF lP l t l s Ni l SECURED LOANS

Ni lUNSECURED LOAN

TheentirestrarecapitatnasbeeninvestedbyGovernmentofKarnataka.* *FUNDS

INVESTMENTS 20.00NET FIXED ASSETS ***

NItrT (1IIFIFItrNT ASSETS

2.69680.170.30 MISCELLANEOUS EXHtr'NUI I UNE

1 , 0 5EXPENDITURE DU RING CONSTRUCTION

PENDING CAPITALISATION

t tef ftXeO ASSETS includes Oapital Work-in-Progress

Not Applicable, since the Company is sti l l in thePERFORMANCE OF THE COMPANY

N@pany is an infrastructure company and

since the no manufacturing activity is involved'ffieruenc nnruE oFTHREE PRINcIPALPRODUCT OF THE COMPANY

(K.S. RAVEENDRA PRASAD)

GENERAL MANAGER . FINANCE

PIACE: BANGALORE

DATE :26'08'2006

PLACE: BANGALORE

DATE :28-08'2006

(G.S. PRAKASH)COMPANY SECRETARY

(K.c.REDDY) (D. sAlYl.UylyDIRECTOR MANAGING DIRECTOR

SUBJECT TO OUR REPORT OF EVEN DATE

(G. SUDHINDRA)PARTNER

FOR RAO ASSOCIATESCHARTERED ACCOUNTANTS, MEM. NO. 261 71