Rationale for Karnataka State Power Sector scoring - Ministry of Power

D Financial Risk Analysis 30.0 22.0 Analysis based on 2001-02 financials
D 1 - Gearing level (Total Debt / Adjusted Networth) 2.5 2.0 Total Debt/Networth = 1.78
D 2 - [Revenues from sale of power) / (Coverage of power 3.5 2.0 Coverage in 2001-02 is 1.20
purchase cost + own gen costs (incl fuel / O&M)]
D 3 - [(Revenues from sale of power / (Coverage of all
optg costs + interest costs)]
5.0 3.5 Coverage in 2001-02 figure = 0.70
D 4 - Actual track record of debt servicing 5.0 5.0 KPTCL has been prompt in debt servicing
D 5 - Level of receivables (Days of sales)
(For DISCOMs)
D 6 - Power purchase and fuel creditors (external to the
state)
2.5 2.5 Improvement from 186 days to 122 days (1999-00 to 2001-02)
2.5 2.5 The Ahluwalia Committee Report on the One Time Settlement of Dues at 30th
September 2001 has been accepted. The Tripartite Agreement signed by GoK and
KPTCL has been sent to the MoP
Dues worth Rs. 547.10 crores have to be securitized. Letters of Credit with respect
to CPSUs (except NPCIL) are already open and in operation.
Payable Days in 2001-02 = 126 days
D 7 - Funding of pension & gratuity liabilities 3.0 2.0 $ Following a pay as you go scheme.
$ Master trust of GoK/KPTCL has been formed and actuarial valuations
completed. However the funding is still to be completed.
$ GoK support over 10 years would be Rs. 4395 crores
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