The State Electricity Distribution Management Statement as provided in section 3 of this Act shall include but not be limited to, the following Key Performance Indicators:- 1. Aggregate technical and commercial loss reduction trajectory: 14 (a) Aggregate technical and commercial losses to be reduced at least at the rate 3 per year if losses are above 30; (b) Aggregate technical and commercial losses to be reduced at least at the rate 1.5 per year if losses are in the range of 20 to 30; (c) Aggregate technical and commercial losses to be reduced at least at the rate 1 per year if losses are in the range of 15 to 20; (d) Aggregate technical and commercial losses to be reduced at least at the rate 0.5 per year if losses are in the range of 10 to 15. 2. Energy accounting and energy auditing of all 33 Kilo Volt feeders and 11 Kilo Volt feeders - to be achieved within one year. 3. Percentage of Feeder metering and consumer indexing - to be maintained at level of 100, as measured at the end of each quarter. A feeder shall be considered to be non-metered only if it is nonmetered for a period as may be notified by the State Government provided that it shall not exceed two months. Similarly, a consumer shall be considered to be non-indexed only if he is non-indexed for a period as may be notified by the State Government provided that it shall not exceed two billing cycles - to be achieved within one year. 4. Percentage of consumers billed on actual meter reading - to be achieved at the level of 98 within two years. Meter will be considered as defective if it remains defective for period as may be notified by the State Government provided that it shall not exceed two billing cycles. 5. Collection efficiency - to be maintained above 99 in each year. 6. Recovery of past receivables - Past receivables to be reduced at the rate 10 per year till the normative level allowed by the Commission in the working capital computation. 7. Timely preparation and audit of annual accounts (Annual accounts to be prepared within due date of 15 30th September and realigned with the current accounting standards. 8. Corporate Governance: (a) Number of functional directors- As per guidelines for Corporate Governance for Central Public Sector Undertakings. (b) Number of independent Directors- As per guidelines for Corporate Governance for Central Public Sector Undertakings.