Nepal Electricity Authonty f! 12 t Nepal Government Undertaking I Grid Solar and Energy Efficiency Project Ka u Project Ref No: 1SL9I Date February 07,2020 Mr. Rabin Shrestha Task Team Leader Grid Solar and Energy Efficiency Project 7FEB L020 The World Bank 2 Nepal Country Office LD BANK RECEPTION Lal Darbar,Kathmandu Subject_: Submission of Audited Project Account Report for F.Y. 2018/019 Grid Solar and Energy Efficiency Project IDA Credit No: 5566 - NEP Dear Sir Please find enclosed the One Setof Unaudited Project Account Report of Grid Solar and Energy Efficiency Project F.Y. 2018 / 019 Thanking You, Sincerely Yours, Nutan ev Bhattrai Project Coordinator Nepal Electricity Authority Statutory Audit for Fiscal Year 2075/76 (20 18/19) Grid Solar and Energy Efficiency Project (GSEEP) IDA Credit Number: 5566-NP Financed By: World Bank (WB) Final Audit Report, Project Financial Statements and Management Letter Submitted By: Office of the Aud itor General Nepal Janluarv 02 Ca. Gyanendra B. Bhari Ca. Hern K. Kafle Ca. Anup K. Shrestha Kathmandu, Nepal Katiniandu, Nepal Kathmandu. Nepal 29 January 2020 Reference Number: bOf0fb f6 (t CA) Office of the Auditor General Nepal (OAGN) Organized Sector Audit Directorate Babarmahal, Kathmandu, Nepal Re: Submission of Final Audit Report, Audited Project Financial Statements & Management Letter of Grid Solar and Energy Efficiency Project (GSEEP) implemented by Nepal Electricity Authority and financed under World Bank-International Development Association (IDA) Credit Number 5566-NP for fiscal year 2075/76. Dear Sir/Madam, We are pleased to enclose herewith Final Audit Report, Audited Project Financial Statements & Management Letter of Grid Solar and Energy Efficiency Project implemented by Nepal Electricity Authority and financed under World Bank-IDA Credit Number 5566-NP for fiscal year 2075/76 for your kind information and needful. We would be happy to discuss the reports, if you wish so, at your convenient time. Thanking you for your kind consideration. Yours truly, Ca. em Ku ar Kafle Joint Auditor Attachments: 1. Final audit report, audited project financial statements and management letter for GSEEP (6 sets) Independent Auditors' Report The Secretary Ministry of Finance Government of Nepal Singh Durbar, Kathmandu, Nepal 1. Report on the Financial Statements We have audited the accompanying financial statements of Grid Solar and Energy Efficiency Project (hereinafter referred as project) funded by World Bank (WB), International Development Association (IDA) Credit Number 5566-NP and implemented by Nepal Electricity Authority (NEA) which comprise the project financial statements showing sources and applications of project fund for the year ended 31 Ashadh 2076 (16 July 2019), including Statement of Designated Account as at 31 Ashadh 2076 (16 July 2019) and a summary of significant accounting policies and notes to account. These project financial statements have been prepared by Nepal Electricity Authority's (NEA) management to meet the financial reporting requirement of the financing agreements Schedule 2 Section 11 (B3) with the WB signed between Government of Nepal (GoN) and the WB dated 20 Feburary 2015 for the project. 2. Management's Responsibilities for the Project Financial Statements NEA management is responsible for the preparation of the project financial statements in accordance with the financial reporting requirement of the financing agreement with the WB and for such internal control as NEA management determines is necessary to enable the preparation of the project financial statements that are free from material misstatement, whether due to fraud or error. 3. Auditors' Responsibilities Our responsibility is to express an opinion on the project financial statements based on our audit. We conducted our audit in accordance with Nepal Standards on Auditing (NSAs). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the project financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the project financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the project financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to NEA's preparation of the project financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of fNEA's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by NEA management, as well as evaluating the overall presentation of the project financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. 4. Basis for Qualified Opinion 4.1 GoN share amount does not correspond to amount actually received and used by the project. The GoN share amount is not accounted for on the basis of actual amount received and used by the project. Out of NPR. 215 million booked as GoN share duringthe reporting period, the project has actually received NPR. 27.5 million only and used for project activities. This has resulted in negative balance (that means receivable from NEA central office) under NEA Sources of NPR. 187.5 million. 4.2 Interest booked on GoN loan does not correspond to loan amount actually received and used by the project. The interest on GoN loan is not accounted for on the basis of actual loan amount received and used by the project. Interest has been calculated on total GoN loan of NPR. 130 million at the rate of 5 % per annum i.e. NPR. 6.5 million was booked as Interest During Construction (IDC) period in Capital Work In Progress (CWIP). Total loan amount has not been received by project till the end of reporting period. This has resulted on excess interest booking on project (amount could not be quantified on account of detailed information). 4.3 Existence and status of CWIP owned by project not determined. The project owns movable and non-movable long-term CWIP of NPR. 2,828 million as at the reporting date. Physical verification of these CWIP were not conducted till FY 2075/76 (2018/19) and hence their existence and status is not known. 4.4 Foreign Exchange gain/(loss) resulting from the transactions not accounted for. The project has not accounted for the exchange gain/(loss) resulting from the exchange rates fluctuation in books of account of the project, though it has been separately shown in project financial statements. A total of foreign exchange gain of NPR. 5.16 million, (out of which foreign exchange gain NPR. 16.30 million pertains to this fiscal year) has not been booked in Computerized Accounting Information System (CAIS) of the project and hence the project financial statements do not correspond to the books of accounts maintained by the project. 4.5 Interest payable During Construction period on GoN loan not treated as Equity Investment of GoN. Interest payable during construction period of NPR. 27.40 million on total loan shall have to be treated as Share Investment of GoN in the project as per article-2(2.04) of Subsidiary Loan Agreement (SLA) with GON dated 2072.04.29 (2015.08.14). However, such interest has been booked and shown under GoN Loan (IDC Payable) in project financial statements. This has inflated in current liabilities and reduce equity investment by NPR. 27.40 million. 4.6 Inter-Unit Account not reconciled. Out of the total net balance of NPR. 304.70 million in inter-unit account and shown as NEA sources in the project financial statements, there is unreconciled debit balance of NPR. 60.49 million as at the reporting date. Pending reconciliation, it is not possible to determine the impact on various other heads (assets, liabilities, income, expenses) iafle project financial statements. 4.7 Considerable delays in project progress. In comparison to the time elapsed till FY 2075/76 (2018/19) from the start of the project, the physical and financial progress of the project as per their progress report is significantly low (i.e. approximately 46.04% physical progress, 23.71% financial progress and time elapsed 100%). The progress report do not provide linkages with and justifications for variation between physical and financial progress. This may result in cost-overrun of the project. 4.8 Approval from the Department of Labor not obtained. Project has employed foreign citizens to provide the consultation services. As required by Section 22 of Labor Act, 2074 Labor permit from Department of Labor has not obtained this has resulted non-compliance with Labor Act, 2074. 5. Qualified Opinion In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, the accompanying project financial statements including Statement of Designated Account give a true and fair view of the project as of 31 Ashadh 2076 (16 July 2019) in accordance with the financial reporting requirement of the financing agreements Schedule 2 Section II (B3) with WB signed between GoN and WB dated 20 February 2015 for the project. We also report that the funds provided under IDA Credit Number 5566-NP have been utilized for intended purposes. The project has been performing the activities as per the requirement of financial covenants and is incurring the expenditure that are eligible for financing. 6. Management Letter Management letter detailing conditions for qualification and highlighting areas of financial statements, including accounting and internal controls, compliances with the laws, NEA's own policies and financial covenant of the financing agreement are provided separately. 7. Basis of Accounting and Restriction on Distribution and Use Without further modifying our opinion, we draw attention to Note 3 of Schedule 15 "Significant Accounting Policies and Notes relating to project financial statements", which describe the basis of presentation of financial statements. The project financial statements are prepared to assist NEA in complying the financial reporting requirement of the agreements with the WB referred to above. As a result, the project financial statements may not be suitable for another purpose. Our report is intended solely for Ministry of Finance; GoN, NEA and the WB and should not be distributed to or used by the parties other than Ministry of Finance; GoN, NEA and the WB. Baburam Gautam Deputy Auditor General Office of the Auditor General Nepal Date: 03 February 2020 Place: Kathmandu, Nepal Independent Auditors' Report The Secretary Ministry of Finance Government of Nepal Singh Durbar, Kathmandu Nepal 1. Report on the Financial Statements We have audited the accompanying financial statements of Grid Solar and Energy Efficiency Project (hereinafter referred as project) funded by World Bank (WB), International Development Association (IDA) Credit Number 5566-NP and implemented by Nepal Electricity Authority (NEA) which comprise the project financial statements showing sources and applications of project fund for the year ended 31 Ashadh 2076 (16 July 2019), including Statement of Designated Account as at 31 Ashadh 2076 (16 July 2019) and a summary of significant accounting policies and notes to account. These project financial statements have been prepared by Nepal Electricity Authority's (NEA) management to meet the financial reporting requirement of the financing agreements Schedule 2 Section II (B3) with the WB signed between Government of Nepal (GoN) and the WB dated 20 Feburary 2015 for the project. 2. Management's Responsibilities for the Project Financial Statements NEA management is responsible for the preparation of the project financial statements in accordance with the financial reporting requirement of the financing agreement with the WB and for such internal control as NEA management determines is necessary to enable the preparation of the project financial statements that are free from material misstatement, whether due to fraud or error. 3. Auditors' Responsibilities Our responsibility is to express an opinion on the project financial statements based on our audit. We conducted our audit in accordance with Nepal Standards on Auditing (NSAs). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the project financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the project financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the project financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to NEA's preparation of the project financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the NEA's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by NEA management, as well as evaluating the overall presentation of the project financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. 4. Basis for Qualified Opinion 4.1 GoN share amount does not correspond to amount actually received and used by the project. The GoN share amount is not accounted for on the basis of actual amount received and used by the project. Out of NPR. 215 million booked as GoN share during the reporting period, the project has actually received NPR. 27.5 million only and used for project activities, This has resulted in negative balance (that means receivable from NEA central office) under NEA Sources of NPR. 187.5 million. 4.2 Interest booked on GoN loan does not correspond to loan amount actually received and used by the project. The interest on GoN loan is not accounted for on the basis of actual loan amount received and used by the project. Interest has been calculated on total GoN loan of NPR. 130 million at the rate of 5 % per annum i.e. NPR. 6.5 million was booked as Interest During Construction (IDC) period in Capital Work In Progress (CWIP). Total loan amount has not been received by project till the end of reporting period. This has resulted on excess interest booking on project (amount could not be quantified on account of detailed information). 4.3 Existence and status of CWIP owned by project not determined. The project owns movable and non-movable long-term CWIP of NPR. 2,828 million as at the reporting date. Physical verification of these CWIP were not conducted till FY 2075/76 (2018/19) and hence their existence and status is not known. 4.4 Foreign Exchange gain/(loss) resulting from the transactions not accounted for. The project has not accounted for the exchange gain/(loss) resulting from the exchange rates fluctuation in books of account of the project, though it has been separately shown in project financial statements. A total of foreign exchange gain of NPR. 5.16 million, (out of which foreign exchange gain NPR. 16.30 million pertains to this fiscal year) has not been booked in Computerized Accounting Information System (CAIS) of the project and hence the project financial statements do not correspond to the books of accounts maintained by the project. 4.5 Interest payable During Construction period on GoN loan not treated as Equity Investment of GoN. Interest payable during construction period of NPR. 27.40 million on total loan shall have to be treated as Share Investment of GoN in the project as per article-2(2.04) of Subsidiary Loan Agreement (SLA) with GON dated 2072.04.29 (2015.08.14). However, such interest has been booked and shown under GoN Loan (IDC Payable) in project financial statements. This has inflated in current liabilities and reduce equity investment by NPR. 27.40 million. 4.6 Inter-Unit Account not reconciled. Out of the total net balance of NPR. 304.70 million in inter-unit account and shown as NEA sources in the project financial statements, there is unreconciled debit balance of NPR. 60.49 million as at the reporting date. Pending reconciliation, it is not possible to determine the impact on various other heads (assets, liabilities, income, expenses) in the project financial statements. 4.7 Considerable delays in project progress. In comparison to the time elapsed till FY 2075/76 (2018/19) from the start of the project, the physical and financial progress of the project as per their progress report is significantly low (i.e. approximately 46.04% physical progress, 23.71% financial progress and time elapsed 100%). The progress report do not provide linkages with and justifications for variation between physical and financial progress. This may result in cost-overrun of the project. 4.8 Approval from the Department of Labor not obtained. Project has employed foreign citizens to provide the consultation services. As required by Section 22 of Labor Act, 2074 Labor permit from Department of Labor has not obtained this has resulted non-compliance with Labor Act, 2074. 5. Qualified Opinion In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, the accompanying project financial statements including Statement of Designated Account give a true and fair view of the project as of 31 Ashadh 2076 (16 July 2019) in accordance with the financial reporting requirement of the financing agreements Schedule 2 Section II (B3) with WB signed between GoN and WB dated 20 February 2015 for the project. We also report that the funds provided under IDA Credit Number 5566-NP have been utilized for intended purposes. The project has been performing the activities as per the requirement of financial covenants and is incurring the expenditure that are eligible for financing. 6. Management Letter Management letter detailing conditions for qualification and highlighting areas of financial statements, including accounting and internal controls, compliances with the laws, NEA's own policies and financial covenant of the financing agreement are provided separately. 7. Basis of Accounting and Restriction on Distribution and Use Without further modifying our opinion, we draw attention to Note 3 of Schedule 15 "Significant Accounting Policies and Notes relating to project financial statements", which describe the basis of presentation of financial statements. The project financial statements are prepared to assist NEA in complying the financial reporting requirement of the agreements with the WB referred to above. As a result, the project financial statements may not be suitable for another purpose. 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Z д7 'О 'С' С сс � � + � й. � _. ; С� � ° а � � т �, и '' с�', � �/и_� �, г� � � � ) kJ �ы" д � т � L t= � 'q(! � 'уур Ф tD 7 � ч7� ш ¢и v° �'' -а _ о а л п� `� га с� � о и � р ч�- � � � и S° � � а � 7 � т Q О% и гD � � ,а р "й о т �, о .- и � п°. и � О � D �6 , О Ш� � __ Q р .� С] [S � � С - �` д7 t] Qy � U � а С �9 11 � �_ L � � � � о � vr т O7 r й й � -- с � с °' " ° а �- в� �' � г�. �' -' о '� а�`i ® � °� ыаi s�s � О � � �, � � Ш P0 а [� ai ш С � �л � � -� б с� � � 'о � а, w; [�7э � у `� а� и � �_ ar сл <с � .� � п� с, ^ �� и_ � ьv г� Г � � � � `� � -� [i у �? `� � 'и c.i � P1 ш 7 � со к ¢� х tiI О Г� СС О CJ СО Ш С] Ш � �� в � а( оз U С] Ш ш й Z Z� _�_ С_�' Nepal Electricity Authority Distribution and Consumer Service Directorate Grid Solar and Energy Efficiency Project Fiscal Year 2075/076 (2018/19) IDA Credit: 5566-NP Schedule IS: Significant Accounting Policies and Notes Relatingto the Project Financial Statements Background The special purpose financial statements are prepared to meet the reporting requirement of the Financing Agreements IDA (International Development Association) Credit No: S566- NP signed between Government of Nepal (GoN) and World Bank (WB) on February 20, 2015 for Grid Solar and Energy Efficiency Project. The project is implemented by Nepa Electricity Authority (NEA), which was incorporated on Bhadra 1, 2042 (August 16, 1985) under the Nepal Electricity Authority Act, 1984, through the merger of the Department of Electridty of Ministry of Water Resources, Nepal Electricity Corporation and related Development Boards. The merger was necessitated to remedy the inherent weaknesses works, and became necessary to achieve efficiency and reliable service. The principal objectives of NEA include generation, transmission and distribution of adequate, reliable and affordable electric power by planning, constructing, operating such facilities in Nepal's power system both interconnected and isolated. The WB Loan was effective from August 14, 2015 and the loan are exclusively used for intended purpose of the project in compliance with the financing agreement. Grid Solar and Energy Efficiency Project is a component unit of NEA and not an independent project in itself. These special purpose financial statements are prepared by consolidating various sub-projects' financial information derived from the NEA's accounting system as of 16 July, 2019 and are part of the NEA's overall financial statements. The sub-project specific income, expenses, assets and liabilities are segregated and presented in accordance with the relevant project agreement. The project financial statements consolidate financial information of the sub-projects under the Grid Solar and Energy Efficiency Project only and do not represent NEA as a whole. 2. Project Information Credit No.: 5566-NP Financing Agreement Date: February 20, 2015 Loan Effective Date: August 14, 2015. Loan Closing Date: December 31, 2020. Subsidiary Loan Agreement between GoN and NEA: Shrawan 30, 2072 (August 14, 2015). The Government of Nepal has received a credit from the World Bank toward the cost of Grid Solar and Energy Efficiency Project under IDA Credit No: SS66-NP for the amount of USD 130 million. The financial agreement between GoN and WB was concluded on February 20, 2015. The GSEEP project comprises of following two components: Component 1: Grid-Connected Solar PV Farms Development a. GSEEP/W/ICB-01: Design, Planning, Engineering, Procurement (Manufacturing/Suppy), Construction/Erection, Testing, Commissioning and Five Years of Operation & Maintenance of 25 MWp Utility Scale Grid Tied Solar Farms. Component 2: Distribution System Planning and Loss Reduction a). GSEEP/W/ICB-02: Design, Supply, Delivery, Installation, Testing and COmmissioning of 33/11KV Substations and 33KV Lines. b). GSEEP/W/ICB-03: Design, Supply, Installation/Erection, Testing and Commissioning of 11/0.4KV Distribution System (Dolakha, Rammechhap, Sindhuli) c). GSEEP/W/ICB-04: Design, Supply, Installation/Erection, Testing and Commissioning of 11/0.4KV Distribution System in Kapilbastu, Gulmi and Arghakhanchi districts d). GSEEP/W/ICB-08: Design, Supply, Installation/Erection, Testing and Commissioning of 11/0.4KV Distribution System in Illam, Taplejung and Panchthar District. e). GSEEP/CS/QCBS-02: Preparation of DLRMP, Design, Supervision and Monitoring of Loss Reduction Project System. The source of revenue for the project is IDA (WB), GoN and NEA own. The project agreement and subsidiary loan agreement are provided to the auditors at the time of auditing. 3. Basis of Presentation A. The special purpose Project's financial statements are prepared in accordance with NEA's Financial Administration Regulations, 2068, terms of financing agreements with WB and GoN and Nepal Accounting Standards, unless otherwise stated. The project financial statements have been prepared on an accrual basis and under historical cost convention, except otherwise stated. The accounting policies adopted in the preparation of the project financial statements are consistent with those of previous year except for the change in accounting policy, if any explained below. The preparation of financial statements requires NEA's management to make estimates and assumptions that affect the reported balance of assets and liabilities, revenue and expenses and disclosures relating to the contingent liabilities. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable and management is aware that future results could differ from these estimates. Any revision to accounting estimates include provision for employee, net releasable value of long-term investment, non-recoverability of receivable balance etc. B. The figures for previous year are rearranged and reclassified wherever necessary for the purpose of comparison. C. Appropriate disclosure is made for the effect of any change in accounting policy, accounting estimate and an adjustment of error. D. The financial statements are prepared generally on accrual basis. Management believes that the impact of recognizing those revenues on cash basis will not be materially different from the current practice. E. Management has applied estimation while presenting financial statements such specific estimates are disclosed in individual section wherever they have been applied. 4. Use of Estimates The preparation of financial statements requires the management to make estimates and assumptons that are considered while reportng amounts of assets and liabilities as on the date of the financial statements and income and expenses during the reporting period. Management beleves that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in current and future periods. 5. Reporting Period and Currency Project financial statements are prepared as per Nepalese financial year i.e. Shrawan to Ashad (Mid July to Mid July) and are stated in Nepalese Rupees (NPR). 6. Summary of Significant Accounting Policies A. Capital Work in Progress (CWIP) and Fixed Assets All expenditures in developing property, plants and equipment not yet completed or not ready to use are categorized as CWIP. The CW1P comprises of all directly attributable costs for the specific sub-projects including the balances with contractors and suppliers for the value yet to be received. All direct costs incurred by the project for its operations, including interest during construction period are shown under operating costs. These are capitalized upon commissioning or identified as being ready to use. Fixed assets purchased and used by the project for construction of qualifying assets are capitalized with all costs associated to bring the assets in usable condition and location and presented separately at cost less accumulated depreciation. Depreciation on those fixed assets are included in project operating costs. S. Depreciation Depreciation is provided on Property, Plant and Equipment, except land, on straight-line method, at the rates determined by the management in line with Rule 42 of NEA's Financial Administration Regulations, 2068. The rates of depreciation applied on property, plant and equipment are as follows: rAccount Code Assets Name I ereciation Rate 3.2 Buildings 2% 3.313 i Tools & Equipment 20% .315 Mobile Plant 20% 3.401 Furniture & Fixture 0920% 3.501 Office Equipment 15% 3.601 Miscellaneous Property 50% Depreciation of the PPE purchased/capitalized during the year is charged at the half rate stated above. Depreciation policy adopted by NEA is not consistent with the provisions of Nepal Accounting Standards - 16: Property, Plant and Equipment. C. Interest During Construction (IDC): IDC is calculated from the date of amount is withdrawn by using buying rate of the spot exchange date during the year @1% as 30 days month and 360 days in year for the payment of Designated Account. The amount from direct payment and payment from special commitment for the calculating IDC is given value date as per the advice of WB. IDC is treated as payable to GoN. D. Sources of fund There are four sources of fund for the project. The sources are as follows; * GoN (Share) * GON (Loan) * IDA (WB Credit) * NEA sources All project incomes received in the form of loan, share, contributions are accounted for on cash basis. GoN (share) financing are accounted for based on amount reflected in GoN Red Book and received by NEA and allocated by Distribution and Consumer Service Directorate. WB (Credit) financing are accounted for based on amount released by WB on the Designated Account. NEA contribution includes contribution made both in cash and kinds for concerned project purposes other than financed by GoN and WB. E. Share Capital Share Capital amount received in the form of cash and cash equivalent from Government of Nepal are accounted as and when received. Such amount includes contribution made by GoN. Eligible amounts are capitalized as share capital such as interest during construction period as per the agreement of GoN and NEA. F. Foreign Currency Transactions and Exchange Gain/Loss NEA translate foreign currency payments made by WB for project purposes at the spot rate of the day as per Nepal Rastra Bank published rate. Foreign currency liabilities as at the balance sheet date are translated in Nepalese rupees by applying closing exchange rates. G. Cash and Cash Equivalents Cash and cash equivalents are carried at cost. They include deposits with banks which may or may not bear interest. H. Designated Account The project has a special designated dollar account maintained in Nepal Rastra Bank (NRB) to manage fund from the funding agency. Deposit in the designated account is treated as advance and the loan is booked after the expenditure is replenished by the funding agency. These accounts are operated by NEA for specific purpose governed by the terms and conditions of WB. Therefore, these accounts have not been incorporated in the books of NEA. 7. Notes to the Accounts a. Cash and Cash equivalent Balance at designated Account in NRB is USD 3,408,683.91 @109.36 ( NPR. 372,773,672.40 ) and the balance at NMB Bank Limited is NPR. 2,878,795.07. b. Grant and loan. The status of sources of funding as at 16 July, 2019 is as under: Up to Previous Description Year This Year (NPR) Up to this year (NPR) GoN Share 60,000,000.00 215,000,000.00 275,000,000 GON Loan 130,000,000.00 - 130,000,000 W8 Credit 39,735,7517.33 2,335,564,023.18 2,732,921,540.51 NEA Sources (121,433,813.50) (183,268,958.38) (304,702,771.88) Liabilities and Provisions 47,182,916.72 438,391,728.92 485,574,645.64 C. Capital Work in Progress Particulars 2075/76 (in NPR) A: Capital Work in Progress: Opening CWIP 811,555,258.13 Add: Addition during the year 2,572,122,492.55 Less: Capitalization during the year 0 Closing CWIP 3,383,677,750 68 d. Operating Expenses The expenses of the Project and those of the operations support offices are treated as Operating expenses. Operating cost of the project till to auditing period is NPR 51.06 million. e. GoN Share have been shown in the project financial statements based on allocation of fund to Projects by the Distribution and Consumer Service Directorate and not based on the amount transferred/used by the Projects. This has resulted in negative balIam- under NEA sources due to less amount utilized by the sub-projects. . Dinesh Kumar Ghim re \n Mia B a, Secretary irs Gopin th Mainali BaburaN u a MoEWRI, CoN ResotabFinancial Comptroller General Deputy A iencral FCGO, GoN 0AG. ioN Kulnian Ghisinu Lekha Nath Koirala Managing Director DMD (a lem umar Kafle NEA Finance Directorate, NFA Sanieer asad Pokhrel L mesh Kunar Bliandari Officiatin Director Joint Director Account Depariment, NFA DCS Finance. NFA Nutan Dev Blhattarai Binod Kuniar Joshi Project Coordinator Accounts Chief GSEEP, NEA GSEIP. 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Date FC Value Date NPR Ref./Chq. Description Dr/C Amount > Exch. Rate Balance 6/28/2016 6/28/2016 6/135/072 IDA 55 6/135/072 IDA 55660 OR i5000009 00 542,400,000 00. 18 48 5.000,0U700 11/9/2016 11/9/2016 TRANSFER ACCOUNT TO ACCOUNT EVEREST DR 2,258.75 -240,331.00 106.4 4,99L 741 25 11/9/2016 11/92016 TRANSFER ACCOUNT TO ACCOUNT DR -12 814.59 1363,472 38. 106,4 4,984,926.66 11/11/2016 11/11/2016 ITRANSFER ACCOUNT TO ACCOUNT EVEREST > DR -3,00179 -118,459.90 L0609 498L924 87 11/11/2016 11/11/2016 TRANSFER ACCOUNT TO ACCOUNr NM9 BAN DR -6,654.73 -706,000.00 106.9: 4,975,270.14 11/11/2016 11/11/2016 TRANSFER ACCOUNT TO ACCOUNT DR -17,025.08 1,806,190.74 106 09 4,958.245.06 1/16/2017 1/18/2017 ORMT TRANSFER ACCOUNT TO ACCOUNTEVEIREST DR -3.35309 363.60908· 108 44 4,954,891 97 118/2017 1/ 8/2017 ORMT TRANSYER ACCOUNT TO ACCOUNT STANDAR DR -19.000.82 2,060,A48.92 198 44 41935,891 15 1/18/2017 1/18/2017 ORMT TRANSFER ACCOUNT TO ACCOUNT EVEREST DR -.702.01 -184.6.96 108.44 4.934,189 14 1/18/2017 1/18/2017 ORMT TRANSFER ACCOUN TM ACCOUN STANDAR DR -9,644.74 1,045,875.61 108 44; 4,924,544 40 1/19/2017 /19/20172TRANSFER ACCOUNT TO ACCOUNT NRB BAN DR00 1c8 5 4,924.514 40 2/15/2017 2/15/2017 'TRANSFER ACCOUNT TO ACCOUNI EVEREST DR -222.69 23,789.97 106.83 4,924,291 .1 2/1S/2017 2/15/2017 TRANSFER ACCOUN T TO ACCOUNT DR -1,276.30 136,411.23 156 83 4.923,014.81 3/19/2017 :3/19/2017 TRANSFER ACCOUNT TO ACCOUNT HIMALAY DR 6,800 DO 710.056 00 104 56 4916,214 81 5/4/2017 5/4/2017 TRANSFER ACCOUNT TO ACCOUNT NEPAL l DR 314,929 1 32.233,000.60 12 35 4,601,72165 .5/4/2017 5/4/2017 TRANSFER ACCOUNT TOACCOUNT NEPAL l DR 320,00.00 32, 1s2.000.c0 102 35 4,1,285 65 6/1/2017 6/1/2017 TRANSFER ACCOUNT TO ACCOUNT DR .25,294 69 2,603 32949 102 92 4,255,99D 96 6/2/2017 6/2/12017 TRANSFER ACCOUNT TO ACCOUNT EVEREST DR 4461.12 -458,781.58 102 84 4,251,529.84 6/2/2017 6/2/2017 TRANSFER ACCOUNT TO ACCOUNT EVEREST DR -5,511 37 -566,789 29 102 84 4,246.018 47 6/2/2017 6/2/2017TRANSFER ACCOUNT TO ACCOUNT STANDAR DR -31,23087 -3,211,782.67 10214 4,214,78 60 6/2/2017 6/2/2017 :TRANSFER ACCOUNT TO ACCOUNT NRIB BAN DR -15 -1542.60 102 84 4,2 14, 77 P60 6/5/201/ .6/5/2017 TRANSFER ACCOUNT TO ACCOUNT STANDAR DR -462,SDO00 -47,545,000.0 102 8 3,752,272 60 6/5/2017 6/6/2017 TRANSER ACCOUNT TO ACCOUNT NRB BAN DR -15 -1, 542.00 I028 37527257 60 6/20/2017 :6/20/2017 TRANSFER ACCOUNT TO ACCOUNT NM8 8AN DR -184,462 62- -18,948 00000 102 72 3567,794 98 6/20/2017 6/20/2017 TRANSFER ACCOUNT TO ACCOUT BANK OF DR -633,000.00 -65,021,760.00 102 72 2,934,7941 98 6/20/2017 6/20/2017 TRANSFER ACCOUNT TO ACCOUN1 NRO BAN DR 151 -154080 102 72 2934/79 98 9/10/2017 9/20/2017 ORMT TRANSFER ACCOUNTTO ACCOUNT NMB BAN DR -370,735,06- -37,726,000.0. 101 76 2,564,04452 9/22/2017 9/22/2017 TRANSER ACCOUNTTOACCOUNT HIMALAY DR -382.824.67: -39 584070 90 1034 2181.22025 9/222017 /22/2017 TRANSFER ACCOUNT TO ACCOUNT EVEREST DR 5,391.90 -557 522 10 13 4 2,175,82835 4/4/2018 4/4/2018 ORMI DEBITED AS PER FTTER RFF 20774/75 OR 6,287,6/ 652,156 67 101 77 2,169.540 68 414/2018 4/4/2018 DEBWTED AS PER LETTER REF NO. 2074/ DR -287,13673 -29781821.46 103 72 L867,40395 4/24/2018 4/24/2018 6iRMT/103/74/75 /RF8/AC559921 CR 751,496.74 79,711.259211 106 07 2,633,900 69 4/25/2018 4/25/2018 1 TRANSFER ACCOUNT TO ACCOUNT CIT1ZEN DR -11,330 37 1200.000 00 105 91 7,522570 32 5/30/2018 :6/30/2018 ORMT PASA. 2074/2075, CHA.NO. 230 DATED DR -52,198 23 5,652,024.51: 108.28 2,570 37209 i/4/2018 6/4/2018 1ORMT PA.SA. 2074/2075, CHA NO. 237 0ATED DR -15,251 17 -1631,875 19 107 2,555 120 92 16/4/2018 16/4/2018 ORMT PA.SA 2074/2075, CHANO. 235 DATED OR -15,318.46 -1,639,075.22 107 2,539 102 46 6/4/2018 6/4/2018 ORMT A.SA. 2074/075, CHANO 236 DATL DR -1,859 82 199.000 74 107 2.5317 942 64 6/4/2018 6/4/2018 ORMT PA.SA. 2074/2075, CHA.NO. 238 DATED DR -1,626 17 -174,000.19 107 7,536 316.4 7 6/4/2018 6/4/2018 ORMT PA.A5 2074/2075, CHA NO. 241 DTD 2 DR 3!0 3,260 00 107 2,536,86 47 6/26/2018 6/26/2018 ORMT A2Z INFRA ENGINEERING LTD DR -58,638.45 -6,374,000,00 108 7 2,17i,648 02 7/12/2018 7/12/2018 ORMT 2074/2075, CHA NO 265 DATED 2075/03 DR -12,698.91 -1,393 578.38 109.74 2,46149.11 7/15/2018 7/15/2018 ORMT 2074/2075, CHA.NO 269 DATD AS 207 DR -675,104.06 73.837.746.74 109 34 1,789.645 05 7/15/2018 7/15/2018 ORMT 2075/2074, CHA.NO. 264 DATED AS 207 OR .579.916 77 63.408.099.63 109 34 709.72,8 28 7/15/20 8 7/15/2018 ORMT 2074/2075, CHA.NO. 268 DATED AS 207 DR -12 428.91 -1,358,976.92 109.34 1197 . 7 7/26/2018 7/26/2018 ORMT PA.SA 2075/076,CH.NO.09 OR -14.458,82 1,587.000 00 109 76 1 84,0 55 7/26/2018 7/26/2018 ORMT RASA2075/076,CH.NC.10 DR 58,231. -,279,496.20 109 16 1iR 3609 10 7//218 726/2018 ORMIT AS PER LETTER PA.SA2075/76,C,NO i DR 55 46.40 19 6 ' 5 10/11/2018 10/11/2018 ORMI PA.A, 2075/076, CHA.NO 65 DTD 207 DR -3,856.43 -L641016.59 1183 1 12 3 77 10/11/2018 10/11/2018 ORMT PA AS. 2075/076, CHA.NO 660TD207 DR -752,865 94 89,161901 39 118 43 367 8 7.3 :11/4/2018 11/4/2018 ORMT PA.SA. 2075/076 CHA.NO 82 DTD 20 DR -16,076 19 1848 11.61 L15 6 3st51/9 543 11/4/2018 11/4/2018 ORMT REV PASA 2075/076, CHA NO- 82 DTD 20 OR 161076 19 1,848 B11.61 115 6 36? /8 73 11/4/2018 11/4/2018 ORMT PASA. 2075/076, CHA NO: 82 DTO 207 DR -160 76 19 -1,858 407 0" 115.6 /51 795.54 1/12/2016 11/12/2018 RMT PA.SA 2075/076, CHA.NO95 DTD 2075 DR -41,567 961 -4,809,000 00 115.69 310,)7.56 1,1 , 1 112018 ORM SA 2Q757 Ay. 72 CRMT 5;076 C 1207 C 8 JR 1 DU, 19 45251 2 113 6 9 A 2M28 G 08 OMT "J07 CA 1: Jl Di i 14 1/29/20i8 11/29/2018 ORMT PÄ SA 2075/I/. CHA NO 12! DA I 0 .'R 339.8 3. 9 9000' 12/17j20 2/17/12018 6 RM 748075/76 IDA 55550 WA-GEEP 04 C1R 180.328 13 521."5s3789 7 62 12/25/2o18 12/25/2018 ORMT PA SA 2075/076 CH.NO. 158 D1 20/ DR 91,6100 , 2597s6 40 131 2 528 12/25/2018 12/25/2018 ORMT PASA 2075/076, CiHN- 159 0TD 21J/ ER 1).775 55' 1 216 000.00 92 980 12/25/2018 12/25/2018 ORMT iPASA 2075/076, CH NO 160 DTD 207 110 97 12/25/2018 12/25/2018 ORMT PA SA. 2075/076, CH NO: 161 DTD 20 DR 1020 900.00 14,259.128 00 111.921 3.372 9699.: 1/9/2019 1/9/2019 0RMT PA SA 2075/076, CH.NO: 183 DT 0 DR 11082 20 -1.238178.D3 1 03 3 381 /4 11/9/2019 130/01 ---M FASA -_____ 1/9/201 1/9/2019 ORMT P 2075/076, CH NO 182 Di 207 DR 6 05020 9 -672 74,389.63 03 714 84 2 1/14/2019 ORMT RE NO' 2075/2076 CH.N: 189 DTD 2 DR ' 23.282 .68 -2,618,835.87 :1238 8 1 3/17/2019 1/12/2019 ORMT 2075/076, CH NO' 206 DTD 2075/10/03 DR 3318 50 -377,279 70 113.59. 213413 1/17/2019 oRMT PA.5A. 2074/2075, CH NO: 205 DTD 20 DR 180,304.90 20,498,863 64: 113.69 2,554,508. /6 1/28/2019 1/28/2019 ORMT FA SA : 2075/076 AND CHA NO: 222 0R 12.764 74 '1449.946.82 113 9 2 541,44 0 1/28/2019 1/28/2019 ORMT PASA: 2075/076 AND CHA NO 220 OR -18,667.48' 2120,439.051 113 59 2,523 0/6 54 1/29/2019 1/29/2019 ORMT PA SA.2075/76,CH.NO 221,DATED DR 165 941,661 -18 829 400 1 7 7 88 1/29/2019 11/29/2019 ORMT .PA SA.2075/76,CH NO.219 DATED DR 2, 677 221 -27,536,584,15 1134 114 456 2 019 2/18/2019 ORMT '2075/076, CH NO 239 DTI 2075/11/06 DR -7310.24 836,564 13 6 07 09 2/18/2019 2/18/2019 orm PA SA 2075/076, C.NO: 240 OTO 207 DR -95,883 14 -10,875.345.69 119.66: 2011,414 78 3/7/2019 3/7/2019 ORMT P SA 2075/76 CH NO 171 DATED 207 DR 64256.33 -7,206,989.59: 112.15 1947.15, 15 3/7/2019 3/7/2019 ;ORMT PA. SA 0/5/7,0CH.NO 172 DR 1,182.631 133,643 981 112 16 945 915.3 3/13/2019 3/13/2019 ORMT PA SA' 2075/76 AND CHA NO. 180 DR 397,18412 -44,178 789 67 :11.23 1,548 7912 70 3/13/2019 3/13/2019 ORMT PA SA 2075/76 AND CHA NO 181 DR : 9. 168 00 - 3 4 3/13/2019 3/13/2019 ORMi P 5A: 2075/76 AND CHA NO1 D -55588838 61,831,464.51 111.23 963/73 82 13/13/2019 3/13/2019 ORMT PA SA: 2075/076 AND CHA NO 105 DR 42,760.65 -4,756,267. 10 11123 920,974 1/ 14/2019 3/13/2019 ORMI REV. ASA 2075/76 AND CHA NO: 180 CR 397.184.12 44,178,789.67 1117 2 31,151 29 3/14/2019 3/14/2019 ORMT PA SA: 2075/76AND CHA NO: 180 DR -379,184 12 -42,074,269.96' i10 9 9389/4 17 4/3/2019 4/3/2019 61RMT/90/0/76 iIDA 55660 WA-GSEEP-05 CR 3,993,209.55 438,055087.641 4/21/2019 4/21/2019 ORMT PASA 2075/076 AND CHA NO 352 DR -593,553 58 65,694,510.21 110.68 4 338,630.11 4/21/2019 4/21/2019 'ORMT PA SA: 2075/076 AND CHA NO: 351 DR -10,924.30 -1209,101.42 11068 4327,05 84 4/121/2019 14/1/2019 ORMT PASA 2075/2076 AND CHA NO 350 DR 11,564 83 -1,279,995 ,75 110 68 4.316.14101 5/6/2019 :5/6/2019 ORMT PA.SA 2075/076 CK NO.392 DR - 3,717 33 410,579 10 1 -----lDR 3,717 31 1451 4.313,423 68 5/5/2019 5/6/2019 ORMT PA.SA 2075/076 CH NO 390 DR i -4.124.11i -455,507.95 110.45 4,308,299 51 5/6/2019 5/6/2019 ORMT PASA 2075/076 CH.NO.391 DR -32.002 03! -3.934,524.21 11045 4276.?97 14 5/8/2019 5/8/2019 ORMT PA.5A.2075/076 CHNO 389 DR 33,469 171 -3,696.669.83 11045 4,24283, 5/9/2019 2019 019 ORMT RA SA: 2075/076 AND CHA NO: 400 R -43,64901 1 4 99 196 5/9/2019 5/8/2019 ORMT PA SA: 2075/076 AND CHA NO: 401 DR -250 -2502900 00 11124 4,171/93 110/2019 5/10/2019 ORMT '2075/075 CH.NO 402 DTD 2076/01/26 DR 112,515 00 1 -12$57.799 15 111 61 4.064.164 36 [5/17/2019 5/17/2019 ORMT PA SA.2075/076 CH.NO415 DR 3458.98i 386,541.05 111.75 4.060,/05 38 5/17/2019 5/17/2019 ORMi iPA,A.2075/076 CH.NO414 DR - 2.74 21002, 7 11175 382 .64 5/11/2019 [5/17/2019 RMT PA SA.2075/0760C.NO416 DR 8.736.57 752812 001 111 75 3 .86 7260 55/17/2019 /17/2019 ORMT PA.5A.2075/2076 C.NO0410 DR 1 -7,76168 -867368 111 71 3.85 1 39 5/26/2010 5/26/2019 IORMT PFA.5A:2075/2076, CH.NO:418 DATED:20 1DR 1 -12 287.17 -1,381,943 00! 11095 3815.99722 16/3/2019 8/3/2019 ORMT PA SA 2075/0760C.50.469 DR 83 321.88 964,55984 . 36265 34 6/3/2019 16/9/2019 ORMT PA.SA.2075/076 CHN0 469 D1 -P DR -15 -1.667.85 111.19 3,362,660.34 5/3/2019 16/3/2019 iORMT PA.SA.2075/076 CHNO470 DR -16,664.381 -1,852912 41: 1109 3 145.997 22 6/3/2019 6/3/2019 '0RM PA.5A 2075/076 CH. NO.460 DR -67.888 22 i 1985,711 es 19 3,1, 24 6/10/2019 .6/10/2019 ORMT PA SA: 2075/076 ANDCHA NO. 4 85 DR 4135,168.17 51.07 3433 969 3 1/18/2019 8/10/2019 0ORMT AFER LETTER HAVING CHA NO 457 DA ,DR , 33 05.1i1 4,80037654 10.86 3.549 463.96 6/11/2019 6/11/2019 OR MT FA 5A :20 75/76 Cl 50-O455 R -17396/7.21. 1 336.455 39 111 385496 / 6/11/2019 6/11/2019 ORMT PA SA:2075/76CH.NO:454 DR 3 809.50. -422,321 17 111 'v 3,3/ 685' 6/11/2019 6/11/2019 PA.SA 2075/76 CH NO 482 DR 1,317 10 -146.013.71: 18 6/11/201Ž 6/11/2019 A 2û75/76C.N:0453 PR S1/ 6 685 412 41 11 1s 3102. 6/11/2019 6/11/2019 ORM1 PAS A 2075/76, CHNO459 DR $161 -19SS685281 s II 1 7 -19c, 71 6/11/2019 6/11/2019 1ORMT PA SA 2075/76,CH NO:458 DR 1099.23 12 2,31.17 3.5 7 1S /11/2019 6/11/2019 0RM T A.SA:2075/76 CH N:45 6 DR 3 4 -32 941.47 11 15 2.94 841 -1 - - . 6/24/2019 6/24/2019 ORMT PASA 2075/76 CH.NO:20 DR 6./95 92 7 4796 11099 , 5 ,10 6/24/2019 6/24/2019 oRMT PA.SA:2075/76 CH NO:521 DR 20 -43.17' 111 2 3720. 6111201 '611__ l/? -- 19 :ORM - __s_--_----- -6121-1 262/99 OITP.A27/6 HN:2 R - 68 08 -473,713 67ý 110 99 2,783,0p77 07 ;6/24/2019 6/24/ 019 ORMT PA.SA:2075/76 CH N522 DR -33,942 3767.73 99 3749,13 2~ 2' .. 4 3 J 33 N 3, 3ý '6-S3 i 7 ,51 9 !5/2019 ORM 1 RA SA:2075/76 CH.NO:559 DR .29620.03 32 i15 238 J 9' 2 05/2019 7/5/2019 ORM l A 3A2075/76 CH.NO:556 DR 57428.92 6,314 34 1 '" 3 1 7n5/2019 1/5/2019 P.SA.207e,76 CH NO:558 DR 3 01 997 -38 750.010 69 109 3 688826 52 7/7/2019 1/7/2019 ORMl PkSA 2075/2076 CH.NO.598 R 183,034 09 998,3,62 05 109 8 7 ':i 1 is 7/7/2019 7/7/2019 ORMT PA.SA 2075/076 CH.NO.600 OR 15,862 95 1,731,917.38 109 .8 34899 9 53 --/7/2 . ---_ - -'r--"--, ~ ~ ~ - - - ---.2 5 019 7/7/2019 ORMT PA.SA 2075/0/6 CH NO.599 DR 3.66068 - 399.673 24 109 18 3,486 268 85 7/10/2019 7/10/2019 ORMT PA.5A.2075/2076 CH.NO 613 DR 32,334.96 4,083324.58 109 37 3,448 93 89 7/10/2016 7/10/2019 ORMT PA SA.2075/076 CH.NO.615 DR -25,529.49 2,792160.32 109 37 3423,404 4 7/10/2019 7/10/2019 'ORMT PA SA.2075/2076 CH NO 614 DR 14720 16 09-9 79-99 1 40863 '1h13 3ttement 3 3 ve gp pse nivandean noT be damc as-auth-enticoTed st~~~ 3 r3 Yorld Bank Payment Advice Country; Nepal Project : P146344 -Nepal: Grid Solar and Energy Eficieiecy To: Ministiy of Finance- The Secietary Emal Address: 3pradhan oankorg Minstry of Finance BORROWER OF RECORD Summary IDA Loan 55660 NP B3orrower Reference: WA-CSEEP-04 Application type: DA-A; - no WB Tränsnetionl Nunnber: 0004 Transaction Value Date: 14-Dec-2018 Undisbursed. 1oan Balance as of 14-Dec-2018; XDR 78,335 764.58 Application Amount: United States Dollars 4,580,388.8 lid Amount: United States Dollars 4,580388.18 Beneficiary: NEPAL ELECTRICITY AUTBORITY-GRID Cost Currency Details Cost Currency Amount in Cos Cey Exchange Rate Commitmnm Cey Avnount in XDR 3,321,552.86) USD 4,580,388.18 1.37899000 XDRTOAL 3,321,552.80 Total USD Equ ivnient of Cos Curr38 ixpenuditureDeal Appiation Amount United States Dollars 4,580,388.18 Documented Avmount United Staes Dollars 4,580,388.18 Category Applicationh Currency Amouni Contmitment Cey Commit Cey Aml XDR 3,321,552.86 U51) ~~ 4,58 0, 38 8.18XD TOTAL 3,321,552 86 - . . . Coitact Informationt If the eneficary name or currency is not consistent with your appiea on, or if the aount is reaer than thC amount specifed in your appicakon pease contact us mnme y. h s nol nccessary io contact us .he above information is correci. Email vax Phone 1llanaIlworidk-n-,kor 202-522-1645 202-458 1778 oasa@woddbartor Abbreviations Used Nepal XDR Specia1 Drawng Rghts DN Desdnateo Accon uS[D Un:tcd States DoIars World Bank Payment Advice ,oitnitry: Nepal 3roject : P146344 -Nepal: Grid Solar and Energy Efficiency To: Mlinistry of Finance- The Sceretary Email Address: [3pradhan@wor dbank era Minisiry of Finance BORROWER OF RECORD Suulfav IDA Loan 55660 NP Borrower Reference: WA-CSEEP-05 Applicaion type: DA-A; Acci no 1206101-001-040-840 13WB 'Iransactoii Number: 0005 Transaction Valuc Date: 02-Apr-2019 Undisbursed Loan Balance as of 02-Apr-2019: XDR 75,454 640.22 Paymnlclcetaih Appheation Amount1: United States Dollars 3,993,209.55 Paid Amount: United States Dollars 3,993,209.55 Beneficiary: NEPAL ELECTRICITY AUTHORITY-GRI D Cost Currency Detais Cost Currency Anount in Cost Cey Exchange Rate Commitment Cey Amotri in Usf 3,993,209.55 1.38599000 XDR 2881.21.36 1TTAL 2,88 1, 24.36 Total USD Equivalent of Cost Currency Amount: 3 993,209.55 Applicatioi Amount United States Dollars 3,993,209.55 Docimented Arnount United States Dollars 3,993,209.55 Gategory AIp)licat on G ercy Amount (ommt itinent Cey Cominik Cck AnII USD 591,975.52 XDR 427,1 13.85 USD 701,094.58 XDR 505,843.90 USD 1,145,010.97 X)R 826,132.20 USD 198,978.84 XDR 143,564.41 USD 1,297,356,52 XDR 936,050.42 US fD 58,793.12 XDR 42,419.58 TOTAL 2,88,1 24.36 Coniact Information Ifthe ber eflciary name or currency is not consistent with your application or if the amount is greater ffixl lie amount speci -ed in your applcat ion, please conact us immedately. k is not necessary to conIci Lis above information is correCC. m a o20wrdbn 2r - 2 - 652 02 -4 5 8 - 7 781 A1bbreviationls Uised Np Nepal XDR Special Drawing Righis Designated Acconi World Bank 1'ayment Advice Country: Nepal Projeet : P146344 -Nepal: Gid Solar and Energy EfTicieney Fo: Mvlinistry of Finance- The Sceretary EmWH Ade:p Minisuy oFinance BOR RGWER OF RECORD »Suni!r IDA Loan 55660 NP Borrower Reference: GSEEP-WA-06 2Li6An 4se: DA-A; Ace- i10 12U01001 .040-840 WB Trans-action Nunber; 0009 Transaclion Value Date: 20-Jun-2019 Undsbursed Loan Balance as of 20-Jun-2019: NDR 72910,78654 ,Atn~ Amoun: U d States Dollars 2,138M4230 APpliCOI AmUD Unte 2,3804.7 Paw Anounti: United States Dlars 2 38,042.20 Beneficiary NEPAL £LECTRICITY AUTHORITY-GRID Cost Currenev Detads Cost Currency Amount in Cost Cey Exchange Rate CC iittmntm t Ci TTA 1,540,931.68 Tota USD Equivalent of Cost Curreney Amount: 2,138 04270 - . -* ---.*.-w - É iéditlie Details ,.--- Application Amount United States Dollars 2,138,042.70 Documented Arnount United States Dolars 2,38,42.0 Category Application Currency AmouT Commitmenm Cy Commiu Ccy Ann US r 1086,966.34 NDR 783,399.12 112 73,312,04 XDR USD 8,335.0' [SD 11564.83 XDR [SD 106,675,90 XDR 768833 USD 2,626 NDR 169,381.09 NDR 441,253.74 USI) ~ 612a239.56 X DR R43S USD 826 8D U41.20 2267,22-522-7D ArIiJtheamouttisgreaertmnsth Nepal XJR Spehial DrawiHg Rjmi orld I3ank Payment Advice untry: Nepal ojeet : P146344 -Nepal: Grid Solar and Energy Efficienev J: Mimsmy of Irance- The Secretry Email AXddrcss: Bprahan%wFr dbank Minisiy of Finance BORROWER OF RECORD Suiunäry man: IDA Loan 55660 NP orrower Reference: GSEEP 01 Application type: SC-00001 YB Transaction Number: 0011 Transaction Value Date: 27-Jun-2019 indisbursed Loan Balance as of 27-Jun-2019: XDR 66,374 549.38 kppication Amount: United States Dollars 4,933,613.54 >äid Anouni: United States Dollars 4,933,613.54 teneficiary: BANK OF CHINA Cost Currency Detaiis Cost Currency Amount in Cosi Cey Exchange Rate Commitment Cy Amoun ii Co llin miefl( Cey USID 4,933,613,54 1.39012000 XIDR 3,549.0U55.87 TOTAL, 3,549,055.7 [otal LSD Equivalenit o Cost Curreney Amount: 4,933,613.54 A pplication Amont Un ited Siaies Dollars 4,933,613.54 Documenled Amount United States Dollars 4,933,613.54 - Category Application Currency A34ou9t Co,55.87ii Guy Cev \11i1 USD 4,933,613.54 XDR 3,54905.87 TOTAL 3,549,055 Coitact,informtioi - If the beneficary name or currency is not consistent with your application, or ifthe amount is greater ihan the amount specilied in your application, please contact us immediately. It is not necessary to coniket Lis i the above informaton is correct, L mail Fax Phone ioasar5tworldbaik.org 202-522-1645 202-458-1778 A bb C iii o sett XDR Special Drwmig Rigis SI: Special Conmmitment UnIted S.es Dollars NWorld Bank Payment Advice Courntry: Nepal Project :l146344 -Nepal: Gräl Solar and Energy Efficiency ro: M inistry of Finance- The Secretary Emai A ddress: Eprahn@w ' M inistry of Finance BORRO\vER OF RECORD Summary IDA Loan 55660 NI> Loan:SC-00001 Borrower Referenec: TSEEPansciion I eD 1M 2C0 9 WB iransaction Number: 0006 TrafsaMi011 Vatuc Date 1 S-MAY20 9 Undisbursed Loan Balance as of 15-May -2019: XDR 75044,146.9? Application Anount: United States Dollars 567,437.13 Paid Anouri: United States Dollars 567,437.13 Benenciary BANK OF CHINA Cost Currency Detaiis Cosi Currency Amount in Cosi Cey Exchange Rate Commitment Cey Cbommlllitileflt Cey USD 567,437.13 1.38233000 XR 41093.25 TTAL 410,19 3.2 5 Total USD Equivalent of Cost Curec mon:57,437.13 Expend-- it'ure Details Appicai nAmnt Urnited Swaes Dollars 567,437,Jl3 Documlenlted Amnounlt United States Dol11ars 567,437,13 Appliatio CurencyAmounlt ComiitmTent Cey Comm 1lý Cey Am1t Category Application Currey 410,49325 USD 567,437.13 D R USDT OTA L 410,493.25 -c61nt"at Infor,matiöln Ifthe benefciary name or currency is not consistent wih yOur appllation or i a y ou greater an amocunt specil-ed in your appheation, please contact us immet dlateýy .ý1 ikncsa- otc 1 above informatilon is correct. Emm a i r ý , ,rIdba .or9202-522-1645 2032 - 458 77i 8 'bbrcviaions Used NP )Nepa XDR Special [DrawN ig Rights sc Special Commitmelt D United S [tes Dllars _Vorld Bank Payment Advice funtly: Nepal oject : Pl46344 -Nepal: Grid Solar and Energy Efficiency o: NiMinsiry of Finance- The Secretary Emil A ddress: Bpradhan@worldbank orz Ministry of Finance BORROWER OF RECORD oan: IDA Loan 55660 NP >orrower Reference: GSEEP 01 Applieation Cype: SC-00001 - VB Transactioni Number: 0007 Transnetionri Value Date: 24-May-2019 indisbursed Loan Balance as of 24-May-2019: XDR 74,875,890.70 -...vl:iyment Details ,pplication Anount: United States Dollars 232,163.36 aid Anlourt: United States Dollars 232,163.36 ereliciary: BANK OF CII INA Cost Currency Details lost Cur[rency Amount in Cosi Cey Exchange Rate CommitmenICt Cey Ä0mount in Cioir nert ( ey USD 232,163.36 1.37982000 XDR 168,256.27 TOTAL 168,256.27 otal USD Eguivalerit of Cost Currency Anount: 232,163.36 .pplicatioin Anount United States Dollars 232,16336 loeumented Anount United Siates Dolars 232,163.36 Category Application Currency Anount Commitrent Cey Commil Cey Amw USD 232,163.36 XDR 168,256.27 TOTAL 168,256.27 Contact Information the beneflciirv name or currency is not consistent with your application, or if the amount Is greater than the ýount specifed in your application, please contact us imrnediately. It is not necessary to contact us if the ove information is correci. mil Fax Pione asar(aworldbank.org 202-522-1645 202-458 -1778 bbreviations Used Pi Nepal DR Special Dravng R ghts C Special Coimien SD United Simus Dodars Vorld Bank Paynent Advice ?ountrv: Nepal roject : P146344 -Nepal: Grid Solar and Energy Efticiecy To~ Minisi-y of Finance The Secreary Email Address: pw MI;iistry of Inance BORROWER OF RECORD IDA Loan 55660 NP Borrower Reference: GSEEP 01 Appliationae type: SC-0000 0 W B Transaction Number: 0008 'raciiiorl Valie Dale: 13-Jti-201< Undisbursed Loan Balance as - 3-Jun-20i9 XDR 74 451,18.22 AppliCation Amount: United States Dollars 587,186.21 99587 ý18 6.21 Paid A'mount: United States Dollars 587,186.21 tleneficiary BANK OF CHINA Cost Currency Details Cosi Curreney Amount in Cost Cey Exchange Rate ConinCommiteitnt in L SI) 587,186.21 1.38431000 X)R 424,1 72.48 1 OlAI..424,172,48 Total USD Equivalent of Cost Currency Ainou it: 587,1 6.21 Applicatioi Anount United States Dollars 587,186.21 Docuieiited Anount United States Dollars 587,186.21 Am11u111 Comminitmlent cey Conmm t Ccy Amrn Category App ication Cilrrency A o Ay 8 1 usl) 587,186.21 XDR 424,172,4 T L 424 172.48 Cntact Information if the beneficiary name or currency iso consistent with your appiicat;Ofl1 or ifthc anolnt is greatev iktn the amounlt speciCed in your applicaton, please contact us imnediately. 1iis not nccessary to coitact us ifthe above information is correct. Enuffl F- as xPhone iasar ,worldbank.or 202-522-1645 202-45S- 778 Abbrevititioits Used Ni Nepal R DK Special Drawing R;ghts Special Commument United Saies DoHars - World Bank Payment Advice Country: Nepal -Project : P146344 -Nepal: Grid Solar and Energy Efficiency To: Minisiry of Fimance- The Secretary Emall Address: Bpradhan@worldbank.w Mnistry of Finance BORROWER OF RECORD Su mma11ni ry . Lonn: IDA Loan 55660 NP lorrower Reference: GSEEP 01 Application type: SC-00001 WB Transaction Number: 0010 Transaction Value Date: 27-Jun-2019 Indisbursed Loan Balhmce as of 27-Jun-2019: XDR 66,374.549.38 Application Anount: United States Dollars 4,152,540.46 Paid Amiouint: United States Dollars 4,1 52,540.46 Beneficiary: BANK OF CHINA Cost Currency Details Cost Curreney Amount in Cost Ccy Exeliange Rate Connitment Cey Aroull in Comn1fýitilCeIl Cc:ý LSD 4,152,540.46 1.39012000 XDR 2,987 18 .29 TOTAL 2 ,98,1 81.29 Total USD Equivalent of Cost Currenc Amount 4 52,540.46 Ex idittire&is Applieation Anounm United States Dollars 4,152,540.46 Docuimented Amount United States Dollars 4,152,540.46 Category A ppl cation Currency Anun CoGninitmen Cey CIArm USD 4,1 52,540.46 XDR 2,987,18129 TOTAL 2,987,181.29 if the beneficiary name or currency is not consistent with your application, or ifthe anount s greater [han the amount spcifled in your application, please contact us immediately. It Is not necessary to conlact us iFthe above info rmation s correct. Ema il Fax 1,110n loasa@olbn.r 20252- b45 2ý02-458-1778 Abbreviations Lsed NP Nepal XCDP SpeciaIl Drawinvg Righis SC Speci:1 CommumInemI I >2 Un':ed SIŽates Diicars World Bank Payment Advice (.ountry: Nepal Project P146344 -Nepal: Grrid Solar and Energy Efficiency To: Minstry ofFinance- The Secietary Email Address Bpadhan@worldbank.cr Mi nisny 1 Finance BORROWER OF RECORD Summary IDA Loan 55660 NP Borrower Reference: 3 Applicantion type: DA-A; Acel no 120610-001-040-840 WB Transaction Number: 0003 Transaction Value Date: 19-Apr-2018 Ljidisbursed Loan Baainee_as of 1 9-A pr-2018: XDR 81 657 317.44 Applcation Amount: United States Dollars 751,496.74 Paid Arnount: United States Dollars 751,496.74 Beneficiary: NEPA L ELECTRICITY AUTHORITY-GRID Cost Culrrency Details ost Currency Amonnt in CosI CCy Exehange Rate Comimitient Cey AmnroL in (Uormnitruent Cey, usl) 751,496.74 1.45608000 x D R 516,109.51 TOTAL 56 11)9.5 Total JSD E uiva ent of Cost Currency Anount: 751 496.74 Application Amnournt United States Dollars 751,496,74 Documiened Amount United States Dollars 751,496.74 Category Application Currency Arnonit Commritment Cey Commit Cey Arni 2 USD 751,496,74 x DR 516,109.51 1OTA L 516,109.51 tontact Ilnformatio h11ie beneticiary name or currency is not consistent with your application, or if the amount s greater than the mTiount specified in your application, please contact us immediately. It is not necessary to comact us if the above inforration is correct. I mali Fx Phone loasar(!worldbanrk.oro 202-522- 1645 202-458-1778 Abbreviations 1Used NP Nepal XDR Special Drawing Rights D)A Designared Account s United Slates Dollars -Worl ehtPamn ivc Country: Nepnt Project P1146344 -Nepal: Grid Soar- and Eriergy Efficieney To Mia s å y f Fiiance- The Secreary Enil Adiess: Spadhan@wo d g Minstry of Financc BORROWER OF RECORD Loan: IDA Loan 55660 NP Borrower Referenec: NEA -SiSEEP -WA-2 Applicaion type: Direcl Pyment - WB Transacion Niriber: 0002 Traisieiioi Valuc [)ate: 29-Juii-20 1? Undiskursed Loami Balaee as of 29-Ju 017: XDR 82173,426.95 A pplication Anount: United States Dollars 3,106,27200 Paid Amount: United States Dollars 3,106,272.00 Beneficiary RISEN ENERCY CO,LTD (:ost Currency Details (ost Currney Armount in Cost Cey Exchange Rate (2orniuimen 1 Cey AMoui in CommitMIent Cey USD 3,106,272,00 1.39063000 XDR 2,233,7 1565 TOTAL 2,233,7 1565 Total USD Emilenrt of Cosi Currency Aiokint 313 06,272.00 Application AmoulM United States Dollars 3,106,72.0 Documnented AmmunI Unhe i d States Dol la rs 3,106,272.0O Category Application Currency Amount CornmTitment Cey Commit Cey i SD 3,106,272.00 X DR 21233,71.65 TOTAL 2,233,715.65 Contact information Ithe beneiary name or currency is no consislent with your application, or if the amoun s geter ihan the amount specifled in your appication, please contact ts immediately. h is not necessary o coniat us if the ahove inormakion is correct. Emai' Vax Phone Ioasar@Dworidbanor a202-522-1615 202-458-|778 NP Nepal XDR Special Dawing Righs USD United States Dollars ENIBRD 1(- WORLD BANK GROUP DJecember10, 20 !1) Mr. Nutan Dev Bhattarai Project Coordinator Grid Solar and Energy Efficiency Project Nepal Electricity Authority Durbar Marg, Kathmandu Dear Mr. Bhattarai Grid Solar and Energy Efficiency Project (IDA Cr 5566 NP) Comments on Unaudited Project Accounts of FY 2018/19 Thank you for your letter dated November 6, 2019 received on the same date enclosing the Unaudited Project Accounts of FY 2018/19. Based on our review, we are pleased to inform you that the report is acceptable to us, We would like to remind you that the Audited Project Accounts and Financial Statements of Nepal Electricity Authority for FY 2018/19 will be due by January 15, 2020. We look forward to receiving the audit reports on time. Sincerely, Rabin Shrestha Task Team Leader cc: Mr. Ishwor Nepal, Deputy Auditor General. OAG Mr. Dinesh kumar Ghimire, Secretary, Ministry of Energy Water Resources and Irrigations Mr. Gopinath Mainali, Financial Comptroller General, FCGO Mr. Kul Man Ghising, Managing Director. Nepal Electricity Authority Mr. Lekhnath Koirala, Deputy Managing Director (Finance) NEA Mr. Binod Joshi, Account Chief, Grid Solar and Energy Efficiency. Project. NEA