SANJAY SRIVASTAVA & CO. Chartered Accountants Santosh Tower 148, M.P. Nagar Zone I, Bhopal Ph. No. 2763465, 2762593 TO WHOMSOEVER IT MAY CONCERN We have audited the Project Financial Statement of the loan sanctioned by Indian Renewable Energy Development Agency Limited, having its registered office at 1s Floor, Core 4A, East Court, India Habitat Centre, Lodhi Road, New Delhi - 110003 to Rewa Ultra Mega Solar Ltd., Urja Bhawan, Link Road, Shivaji Nagar, Bhopal -462016under LoanProject no.2341 for the financial year ending 31st March 2018. The loan has been sanctioned for development of infrastructure for the following two Solar Parks: 1. 750 MW Rewa Solar Park 2. 250 MW Mandsaur Solar Park Rewa Solar Project( 750 MW) The Loan sanctionedin respect of the said project is for Rs.120.32 crores, out of which, M/s Rewa Ultra Mega Solar Ltd has availed 34.551 crores in terms of loan agreement executed on 31.01.2018 up till 31.03.2018. This is certified that M/s Rewa Ultra Mega Solar Ltd has utilized the loan proceeds in compliance of financial convents as laid down in the loan agreement signed between M/s Rewa Ultra Mega Solar Ltd andIREDA. It is further certified that RUMSL has incurred an amount of Rs 63.10 crores accounted for as 'Capital Work in Progress" which has been met out of MNRE Grant and own sources. Mandsaur Solar Project ( 250 MW) The Loan sanctioned in respect of the said project is for Rs.90.30, out of which, M/s Rewa Ultra Mega Solar Ltd has not availed any amount up till 31.03.2018. This is certified that M/s Rewa Ultra Mega Solar Ltd has incurred total amount of Rs59.62 crores during the year. Out of this, Rs 51.47 crores has been capitalized and Rs. 8.15 crores has been accounted for as 'Capital Work in Progress-" which has been met out of MNRE Grant and own sources. The Project Financial Statement comprises of the following: 1. Consolidated Statement of Sources and Uses of Funds 2. Consolidated Procurement/ Contract Pro ress Monitoring Report 8 OPAL v'r9 Acl-0 3. Summary of the Loan 4. CA Certificate for the expenses incurred (World Bank approved Internal Evacuation) during the period. We hereby opine as follows: 1. The company has followed the generally accepted accounting principle in India and complies with the mandatory accounting standards notified under the relevant provisions of the Companies Act 2013. 2. RUMSL is maintaining separate bank account as TRA and procurement records related to the loan provided by IREDA under the loan agreement as stated above. Proceeds of the loan have been used by RUMSL for the purpose for which they were intended during the period lV April, 2017 to 31" March, 2018. 3. There are no arrear in repayment of current debt obligation as on 31.03.2018. 4. The Project Financial Statement gives a true and fair view of the financial position of the project at the end of the period under audit (i.e. as on 31.03.2018), the expenditure incurred on the project and of the sources and applications of project funds for that period. J. Expenditures incurred for the period It April, 2017 to 31" March, 2018 shown in the Project Financial Statements are eligible for financing under the legal agreements and are recorded in the books of accounts of Rewa Ultra Mega Solar Ltd. 6. The Interim unaudited Financial Reports (IUFRs) submitted during the period under audit are supported by adequate detailed documentation maintained in RUMSL's offices to support claims to IREDA for reimbursement of the expenditure incurred. For Sanjay Srivastava & Co. Charte d Accountants Bhopal F -005343C Dated: 13.05.2019 * BHOPAL a' AceoD (CA. Adi P. Srivastava) artner o. 429744 Interium Unaudited Financial Report Consolidlated Stemn h f p ore rind Uss O1f Fud (RUSEA IUFR - 2 In INR lakh Particulars Year till Date Cummulativ For the period (01.04.17 to e Till Date A Opening balances 31.03.18) (01.05.16 to Project Bank account310.8 B Sorce of u NnitTotal Opening balance N1 Own Sources : 3,455,10 3,455.10 3,455.10 iii Other receipts :3,061.77 3,455.10 Bank Interest- Other income (if any) 2.41 2.41 2.4 Total Sources Of funds 347 512-.4 C Uses of funds6,1.8 ,921 Component 1: Shared Infrastructure for Solar Parks - Goods 1BRD Loan - CTF Loan 2296.33 2591.33 Works 18RD Loan 765.44 863.78 CTF Loan Consulting and non consulting services 183RD Loan CTF Loan Training and Workshops 18RD Loan CT Loan Incremental Operating Cost 18RD Loan CTF Loan Sub total IBRD Loan Component 2: Technical ASsistanceCTFLa GoodsCTGrn Works CTF Grant Consulting and non consulting services CTF Grant Training and WrkshlopS CT rant Incremental operating Cost CTF Grant Sub total CTF Grant Total Uses of Funds 18RD Loan 2,296.33 2,591.33 D Closing balances CTF Grant 765.44 863.775 RUIMSL REWA Project B3ank Account 3,5.1-- Total closing balanc 4 ,5.1 3,457.51 3,457,51 e9 3,457.51 3,457.51 3,457.51 Notes 1 The IUFR is prepared on cash basis. 2 PlAs will submit copies of bank satatements and bank reconciliation statements along with IFRs to IREDA. The bank account was opened on 05.03.2018. Hence, the opening balance is Nil. The funds amounting to INR 34.551 Crores, received from IREDA, pertain to the expenditure incurred for the period up till 19.11.2018 and accordingly the same has been shown under own sources (investment) and have been subsequently reimbursed under retroactive financing. Since the IUFR is on cash basis, the receipt of funds is shown here so as to maintain transparency. 3 The PIAs will prepare annual project budget broken down into quarterly budget estimates prior to the beginning of each financial year and share with IREDA after approval of BOD of PIAs. Actual expenditure will be monitored against budget on a regular basis and reported in Summary Sources and Uses of Funds. Major variations of expenditure from budget should be monitored and remedial measures undertaken will be briefly mentioned in the Remarks column. Project budgets will also form the basis for half yearly forecasts for advances. The above said process has not yet been started. 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No. 2763465, 2762593 ---------------------------------------------------------- TO WHOMSOEVER IT MAY CONCERN This to certify that M/s Rewa Ultra Mega Solar Limited having its Registered Office at URJA BHAWAN, LINK ROAD) BHOPAL-462016 has incurred following expenditure during the financial year 2017-18 which are eligible for funding by World Bank/IREDA. (Rs. in Lacs) Project Solar Particulars Rewa Solar Mandsaur Total articular' Project I Internal Evacuation Infrastructure E 4491.10 4056.00 8547.10 7;7 7 Further, we certify that the company has complied with all statutory requirements with regard to maintenance of statutory records as per the requirements of the Companies Act and other applicable laws as on date. For Sanjay Srivastava & Co. Chartere ecountants Bhopal F 005343C Dated: 22.03.2019 'k" sz q J '. (CA. di Srivastava) artner 9 di artz NN .429744 19 2 744 UD :19 29744AAAAAE4746 SANJAY SRIVASTAVA & Co. Chartered Accountants Santosh Tower 148, M.P. Nagar Zone 1, Bhopal Ph. No. 2763465, 2762593 AUDIT NIANAGEZNT LETTER To, M/S Rewa Ultra Mega Solar Ltd Bhopal We have audited the Project Financial Statement of the loan sanctioned by Indian Renewable Energy Development Agency Limited, having its registered office at 3rd Floor, August Kranti Bhawan, Bhikaji Kama Palace, New Delhi to M/s Rewa Ultra Mega Solar Ltd,, UrJa Bhawan, Link Road, Shivaji Nagar, Bhopal -462016 under Project No. 2341, for the financial year ending 31st March 2018 The best utilization of loan proceeds, in accordance with aforesaid loan agreement is the responsibility of RUMSL's management Our responsibility is to express an opinion on the managemet internal control on utilization of loan proceeds, based on our audit. We conducted our audit in accordance with Indian Generally Accepted Auditing Standards (Indian Accounting Standards) and in compliance with loan agreement between Indian Renewable Energy Development Agency Limited, having its registered office at V Floor, Core 4A, East Court, India Habitat Centre, Lodhi Road, New Delhi - 110003 to Rewa Ultra Mega Solar Ltd., Urja Bhawan, Link Road, Shivaji Nagar, Bhopal -462016. An audit includes verifying the loan proceeds and its utilization with accounting records and supporting documentation. The account and records for the facility are to cgivas BHOPAL 1, 1$f48 facility are to be consistently maintained by using sound accounting principal and financial report has been prepared using international or local generally accepted accounting standards and they have been applied consistently. We believe that our audit provides a reasonable basis for our opinion.The Project Financial Statement gives a true and fair view. For Sanjay Srivastava & Co. Bhopal vwastq Charter d Accountants Dated: 13.05.2019 FRN- 05343C 4 BHOPAL 4 Ied Acc (CA. d a P. Srivastava) Pa ner M. N .429744