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Annual Report 2019 - 2020 Railway Energy Management Co

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Annual Report 2019 - 2020 Railway Energy Management Co RAILWAY ENERGY MANAGEMENT CO. LTD. (A JOINT VENTURE OF INDIAN RAILWAYS AND RITES LIMITED) ANNUAL REPORT 2019 - 2020 RAILWAY ENERGY MANAGEMENT CO. LTD. iv MISSIONANNUAL REPORT 2019 - 2020 EXPLORING BUSINESS OPPORTUNITIES IN GREEN ENERGY, ESPECIALLY IN THE FIELD OF WIND AND SOLAR BY INSTALLING WINDMILLS AND SOLAR PLANTS FOR GENERATING AND SELLING RENEWABLE ENERGY, MAINLY FOR RAILWAYS CONSUMPTION. FACILITATING COST EFFICIENCIES IN THE ENERGY MANAGEMENT FOR RAILWAYS BY POWER PROCUREMENT THROUGH OPEN BIDDING AS WELL AS TRADING THROUGH POWER EXCHANGES. ENTERING UPON THE CONSULTANCY BUSINESS IN ENERGY MANAGEMENT AREA INCLUDING BOTH WIND AND SOLAR ENERGY PROJECTS. CONTENTS BOARD AND MANAGEMENT REPORTS 2 BOARD OF DIRECTORS & KMP 3 CHAIRMAN’S MESSAGE 5 DIRECTORS’ REPORT 18 REPORT ON CORPORATE GOVERNANCE 25 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL STATEMENTS 45 INDEPENDENT AUDITORS’ REPORT 50 BALANCE SHEET 51 STATEMENT OF PROFIT & LOSS 52 STATEMENT OF CHANGES IN EQUITY 53 STATEMENT OF CASH FLOWS 55 SIGNIFICANT ACCOUNTING POLICIES 63 NOTES TO ACCOUNTS 88 COMMENTS BY CAG 1 RAILWAY ENERGY MANAGEMENT CO. LTD. BOARD OF DIRECTORS Mr. Rajeev Mehrotra Chairman Mr. Gopi Sureshkumar Mr. Ajeet Kumar Srivastava Mr. Shalabh Goel Mr. Pradeep Kumawat Varadarajan Director Director Independent Director Director (Upto 19.11.2019) Ms. Sheela Koul Mr. Parmod Kumar Narang Mr. Manish Gupta Mr. Anil Ghai Independent Director Director Director Director (From 25.07.2019) (From 01.06.2019) (From 07.08.2020) (Upto 31.05.2019) KEY MANAGERIAL PERSONNEL Mr. Sudhir Kumar Saxena Mr. Alok Nath Mathur Mr. Rupesh Kumar Mr. Sunil Kumar Singh Mr. Ranjan Kumar Tiwary Chief Executive Offi cer Chief Executive Offi cer Chief Executive Offi cer Chief Financial Offi cer Company Secretary (Upto 20.02.2020) (From 21.02.2020 - 27.07.2020) (From 28.07.2020) 2 ANNUAL REPORT 2019 - 2020 CHAIRMAN’S MESSAGE c The grant of Open Access and enhancing Renewable Energy Portfolio continued to d provide growth to your Company Dear Shareholders, It gives me immense pleasure in presenting the Annual In a signifi cant move to add renewal energy generation, Report of your Company for the Financial Year 2019-20 your company has secured its largest mandate from Indian in the 7th Annual General Meeting. I extend a very warm Railways to manage the entire process for installation of welcome to all the shareholders. 3 GW solar plants to be set up on vacant Railway land in 3 phases, thereby working towards the Railways’ obligation The audited accounts of the Company for the fi nancial to use 20% of electricity from renewable sources. Two year 2019-20 along with the Directors’ Report, Statutory phases aggregating to 2600 MW are being bid out Auditor’s Report and comments of Comptroller & Auditor on developer mode basis whereas one phase of 400 General of India thereon, have already been circulated to MW is planned to be taken up by your company under you and with your permission, I take them as read. investment mode. During the year, company has achieved turnover of ` 80.96 crore as compared to previous year’s turnover of ` 83.03 With continuing establishment of good presence in crore. The profi t before tax is ` 49.74 crore as compared to Renewable Sector, your company has signed a MoU with ` 49.46 crore of the previous year. Energy & Power Development Ministry of Republic of Result & Progress Zimbabwe for implementation of Renewable Energy Projects on consultancy basis. During the year, your Company has successfully facilitated about 1457MW of power for Indian Railways (IR) in 13 states/entities (Rajasthan, UP (ISTS), Maharashtra, Gujarat, Your Company is consistently venturing out in the fi eld MP, Karnataka, Jharkhand, DVC command area, Haryana, of energy effi ciency for Indian Railways in order to curtail Delhi, UP, Bihar and Punjab), a rise of approximately 12% high energy demand arising due to operational activities/ over last year. So far, REMCL has facilitated IR in migrating requirements. Your Company is under discussion with about 73% of their average traction power requirement Bureau of Energy Effi ciency & Ministry of Railways and took (2000 MW) from consumer mode to deemed licensee up the study for energy effi ciency in 5 major production mode. This has resulted in saving of about ` 3700 crore units of Indian Railways through Perform, Achieve & Trade during the year and cumulative saving of about ` 14000 (PAT) scheme. crore in Railways’ electricity bill till March 2020. 3 RAILWAY ENERGY MANAGEMENT CO. LTD. Chairman of REMCL, signing MoU with Energy and Power Development Ministry of Republic of Zimbabwe Covid Pandemic Impact Dividend The pandemic has caused unprecedented uncertainty on To maintain consistency in payment of dividend, your the economy and disrupted fl ow of business and economic Directors have recommended dividend of ` 10.50 crore activities in general, but to the extent possible, your for the fi nancial year 2019-20 to the shareholders of the Company has tried to negate the impact through remote company. Your Company is consistent in payment of working. dividend. However, due to Corona period lock down, Indian Railways Acknowledgement had to cancel several passenger train services in the last I am grateful for the guidance provided by Member month of FY 2019-20, which resulted into reduction of total (Traction) and co-operation extended by the offi cers of energy consumption of Indian Railways in various open Indian Railways in conceptualizing and implementing access states. The Company revenue is highly dependent various initiatives taken up by REMCL. upon traction operations of Indian Railways. Consequent I, on behalf of the Board, would like to place on record to covid-19, the impact was also felt on the Company’s sincere thanks for the valuable services rendered by revenue due to loss in generation as well as loss in power Statutory Auditors, M/s Pawan Puri & Associates, Chartered procurement of Indian Railways. Accountants. Prioritizing employees’ well-being, your Company had Before I conclude, I must express my sincere thanks to our carefully planned the normalization of business operations esteemed shareholders, my colleagues on the Board of and services. I am sure that our business model and your Directors, offi cers from Ministry of Railways, Zonal Railways, trust will navigate through diffi culties caused by pandemic. Divisional Head Quarters, Bankers of the company & REMCL Corporate Governance team for their valuable support, advice and co-operation. Your company consistently endeavours to adopt and I acknowledge that organizations are built on a strong- maintain the highest standards of ethics in all spheres management stakeholder’s relationship, which is a two way of business activities. Your company accords highest channel. I hope the coming years will further strengthen importance to transparency, accountability and equality in our relationship with all stakeholders for a sustainable all facets of its operations. Your company is implementing growth and performance of the Company. the percepts of Corporate Governance in letter and spirit. Firmly anchored in the traditional wisdom of the past and seizing the opportunities in the present, your company is Corporate Social Responsibility poised to excel in the years ahead. Your company understands its responsibility towards With Best Wishes, society and adopted a “Corporate Social responsibility and Sustainability policy” of the holding company, to show its commitment towards operating in economically, socially (Rajeev Mehrotra) and environmentally sustainable manner. As a responsible Chairman corporate citizen, your Company has spent ` 80.10 Lakh on various CSR activities during the FY 2019-20. Date: 18th August, 2020 4 ANNUAL REPORT 2019 - 2020 DIRECTORS’ REPORT DISTINGUISHED SHAREHOLDERS ACHIEVEMENTS th The Directors present 7 Annual Report of the company (` in Crore) with audited Financial Statements together with Auditor’s 200 Report for the year ended 31st March, 2020. 166.28 FINANCIAL HIGHLIGHTS: 146.23 REPORTS MANAGEMENT AND BOARD The fi nancial performance of the Company for the fi nancial 150 year 2019-20 is given below: (` in Crore) 96.28 Particulars 2019-20 2018-19 100 Financial Results: 76.22 Total Income 80.96 83.03 Operating Turnover 78.56 81.48 Operating Expenditure 31.22 33.57 50 Other Income 2.40 1.55 Profi t Before Tax (PBT) 49.74 49.46 Taxes including deferred Tax 14.73 8.12 0 Profi t After Tax (PAT) 35.01 41.34 2018-19 2019-2020 Appropriations: Dividend including Dividend 14.96 10.96 Reserve & surplus Net Worth Distribution Tax Transfer to General Reserve 20.05 30.38 eff orts made by Railway Energy Management Company Net Worth 166.28 146.23 Limited (REMCL) towards developing the sustainable energy infrastructure for Indian Railways has not only BUSINESS PERFORMANCE: reduced its carbon footprints but has also improved The year 2019-20 has proved to be another year of sustained its fi nances substantially. REMCL so far has successfully growth, profi tability, productivity and value creation. Your awarded 248 MW of solar roof top projects, 52 MW of company, which has been mandated to handle entire ground mounted projects & 93 MW of wind power projects. Power procurement under open access for Indian Railways, REMCL is also working out the energy saving potential in was successful in facilitating about 1457 MW of power in 5 major production units of Indian Railways. Successful 13 states/entities (including DVC control Area & UP ISTS) implementation of these solar energy projects will reduce
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