Borkar & Muzurdar Chartered Accountants 21/168, Anand Nagar OM CIH.S., Anand Nagar Lane, off Nehru Road, Vakoa, San tacru (E) Mumbai E-ti'V13l:- mznidard;rkabr2niacom INDEPENDENT AUDITORS' REPORT h\lenmbers ha Pradesh Rural Road Development Authority IUport on the Financial Statements wc audited the attached Project Financial Statement of Madhya Pradesh Rural C-nncetivity Project (World Bank & AlIB Funded Project) of M1adhya Pradesh Rural Development Authority as at Mairch 3I" 2019, for the year ended a summary of ant accounting policies and Notes to be other explanatory information. 11ana2ement's Responsibility for the Financial Statements t I anagement is responsible for the preparation of these Financial Statements in accordance -th the instructions given by World Bank. This responsibility includes the design, ifniiplementation and maintenance of internal control relevant to the preparation of financial atenments that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsi6ility is to express an opinion on this Project Financial Statement based on our audit. We conducted our audit in accordance with the National Standards of Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable aSSrance about whether the financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditor's judgment, including the assessiment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk asessments, the aluditor Con1siders internal control relevant to the company's preparation and 'lla presentation of the i1nanc1al statement in order to design audit prueduies that are appropriate in the circumstances Adi also iIcIluIes evaluating the appopiaiee of CCoUntifng policies used and the ro e of t1e accounting estimates made by the manageme1t as well as eVLUt1ing tfie oveal presentation of the financial statements. We belheve that the audit CVidenCe we have obtained is sUffiCient and appropriate hasis 1ul oui audit opinion., I , Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the State Government in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, We believe that our audit provides a reasonable basis for our opinion and we report that:- a. The Pr oject Financial Statement (PFS) give a true and fair view of the financial position of the Project at the end of the period under audit and of the sources and applications of project funds for that period, b. The Project funds were utilized for the purposes for which they were intended; c. Expenditures shown in the Project Financial Statement (PFS) are eligible for financing under the relevant Loan Agreement and these were exclusively financed through the Project funds and no other sources of funds have been received for incurring these expenditures; d. [he IFRs (Interim Unaudited Financial Report) submitted during the period tinder audit are supported by adequate detailed documentation maintained in PIU's offices to support claims to the World Bank for reimbursement of expenditure incurred: e [he accounting, and internal control systems underlying the pro ect, includin material compliance with the Project Implementation Manual, and oversight over the Project funds were adequate and maintained throughout the audit period, and f. Procurement done by the PIUs under the project had been undertaken in accordance with agreed procedures as detailed in the PAL. M For: Borkar & NIu & Chartered Acc an MBAf FRN: 10 -9 No. PitA 12L5 51 1E/V+fA7Gt2- CA. Narnit Agrawal (Partner) Place: Bhopal M No 533747 8 SEP 2019 k7 Significant Accounting Policies and Notes to Accounts forming part of accounts for year ended 31" March 2019 1 SIGNIFICANT ACCOUNTING POLICIES: Significant accoLting policies adopted in the Preparanton of the accounts are as under: 1.1 Basis of Preparation The Project Financial Statements have been prepared under the historical cost Conventioni MPRRDA is following the directives and instructions issued by World Bank in respect of Financial matters from time to time which inter-aha include allotment of funds its utilization and submission of various reports, keeping in View the objectilves and nature of activities. The authority has followed cash system of Acounting. 1.2 Fund (Budget) Fund (Budget) received from State Government is recognized in the Financial Year 2018-19 in which it is received. This project is financed by three sources. World Bank (42%) $210 US Million, Asian Infrastructure Investment Bank (28%) $140 US Million State Government of Madhya Pradesh (30%) $152 US Million. 1.3 Incidental Fund Incidental Receipts showing the amount of Fines, Penalties & Forfeited money of EMD, interest received on FDRs and Bank Balances and other Misc. Receipts etc. are recognized as enhancement of incidental fund and accordingly at the end of financial year whatever amount received under theses head are added in Incidental Fund A/c. 1.4 Fixed Assets Fixed Assets are stated at cost which comprises of all the expenditure attributable to the construction and up-gradation of roads, expenditure on detail project report is capitalized under specified head on the basis of value approved & certified by the authorized consultant. MUg 1.5 Depreciation k B As per accounts Manual Depreciation ON Fixed Assets has no shown on their Cost Value. 絀盪－州開馴－－一一一一一一一一一一一一啊一 一 102,23,15,6i9 colita'ils camest 2-2 Wc repoiýt that Deposil rclmýAUC a,moillitilll-,, 10 ksý I ý_) - i BL te111,0n njoljev (Sj).), liljsce]12,lleous (ýk posits and rovilly, nu nioney, re i I l i I m _ý , -ore darim-, the firiancial 2.3 MPRRDA i-ecelvecl funds frorn Statc Goverimiient of Rs 800,00 Ci i year 2018-19. 2.4 During the Financial year N4PRRDA has taken Advancc from other Schemes of Rs. I 100.00 Crore frorn State Coiijiectivity and Rs 50.00 Crore from Mandi Nidhiý For: Borkar & NI CKrýcmd Accou iý,, F NIj FRN: 1015 11 CA Namit Agra al (Partner) Place: Bliopal M No 533747 Date: 23/09/2019 MADHYA PRADESH RURAL ROAD DEVELOPMENT AUTHORITY MADHYA PRADESH RURAL CONNECTIVITY PROJECT FUND (WORLD BANK) Consolidated Balance Sheet As on 31.3.2019 (Anount in Rs) CAPITAL FUND AND LIABLITIES SCH EDULE CURRENT YEAR PREVIOUS YEAR 12 3 4 IPRCP Fund rom SRRDA L1(MPRCP/SCHJF 52A) 10,10,00,00,000 2,10,00,00,000 ilnterest received from i3anl< L2(MPRCP/SCH/F-52B) 13,47,36,892 2,38,95,957 Iiscellaneous Income L2(MPRCP/SCH /F-52B) 39,82,413 34,36,540 Deposits Repayable L3CMPRC H/SCH/F-52C) 1,02,23,15,659 1 2 ,3 2 ,8 9 ,7 9 5 Current Liabilities L4{MPRCP/SCH/F-52D) 1,50,05,12,201 TOTAL 12,76,15,47,165 2,25,06,22,292 ASSETS- ORLD BANK - S -xendyiure bComponent: A-1 (MPRCP/SCH/F-52E) Cmpent A: Road Upgrading, Wcion and Maintenance MPRCP/SCH/F-52E 11,62,06,76,555 1,28 97,04,192 E:t : Institutional p MPRCP/SCH/F-52E - Cnt C : Road Safety n Capacity Development MPRCP/SCH/F -52E 3,90,611 3,90,611 )nt D. Design, Implementation enent Support MPRCP/SCH /F-52E 1,55,34,908 43,92,756 Y\ FEXPENSES A-2(MPRCP/SCI/F-52E) 21,28,38,578 5,75,98,684 urrent Assets A-(MPRCP/SCH/F-52E) 91,21,06,513 89,85,36,049 TOTAL 12,76,15,47,165 2,25,06,22,292 -..Jd,es referred above [orrn integral part of Balance Sheet. 1report ~ muj attached ForBorkar &M ,p FR\:1015 6, STATE MADHYA PRADESH fi6 \A inmit Agrawal CElflllce kP-r. Naniitne ra)al Chief Executive Officer- a HL MPa Dvhpir Autkority 534 Rutal Deveiop.m-. o p 2019 MADHYA PRADESH RURAL ROAD DEVELOPMENT AUTHORITY MADHYA PRADESH RURAL CONNECTIVITY PROJECT FUND (MPRCP WB) Consolidated Balance Sheet SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31.3.2019 SCHEDULE L1 - CAPITAL FUND MPRCP MPRCP/SCH/F-52A (Amount in Rs') Particulars Current Year Previous Year MPRCP fund from SRRDA Opening balance as per the last year's Balance Sheet 2,10,00,00,000 10,00,00,000 Add: Received during the Year 8,00,00,00,000 2,00,00,00,000 Less : Transferred to the SRRDA during the Year Total 10,10,00,00,000 2,10,00,00,000 SCHEDULE L2 - INCIDENTAL FUNDS AND MISCELLANEOUS INCOME MPRCP/SCH/F-52B (Amount in Rs') Particulars Current Year Previous Year 1. Interest (bank charges adjusted )from Bank as per the last Balance Sheet 2,38,95,957 (910) Add: Received during the year 11,17,41,494 2,38,96,867 Less: -Transferred to State 9,00,559 Total (a) 13,47,36,892 2,38,95,957 2. Miscellaneous Income (As per the last Balance Sheet) 34,36,540 Add: During the Year 7,94,41,917 34,36,540 Less: Transferred during the year 7,88,96,044 Total (b) 39,82,413 34,36,540 Total (a+b) 13,87,19,305 2,73,32,497 SCHEDULE L3 - DEPOSITS PAYABLE MPRCP/SCH/F-52C (Amount in Rs') Particulars Current Year Previous Year 1. Contractors & Suppliers Outstanding amount 12,32,89,795 As per the last Ba,la,nce Sheet 12,----79 Add: Received during the year 1,41,10,84,193 14,00,20,395 Less: Refunded durngthe year 51,20,58,329 1,67,30,600 Total(Ann 6) 1,02,23,15,659 12,32,89,795 SCHEDULE L4 - CURRENT LIABILITIES MPRCP/SCH/F-52D (Amount in Rs') Particulars Current Year Previous Year A. Statutory taxes to be paid a) Income Tax (Income Tax, Surcharge and Education Cess to be shown separately) b) GS T c) (LWT) 4,16,657 B. Any other Statutory Deduction 95,544 Fund received from other head as advance (State Connectivity and Mandi) 1,50,00,00,000 Total 1,50,05,12,201 QQ t SCHEDULE A-1 - EXPENDITURE (WORLD BANK COMPONENT) A-1 (MPRCP/SCI/F-52E) (Amount in Rs') Particulars Current Year Previous Year Component A Expenditure Upgrading/Construction and 11,626, 76,555 1,2897,04,192 Maintenance A- 1. SURFACE SEALING OF GRAVEL ROAD 1162 06.76.555 1,28,97,04 192 Expenditure on Surface Sealing(Ann 3_ 11, 62,06,76,555 1,28,97,04,192 A-2 PROVISION FO ALTERNATIVE CONNECTIVITY _ Component B Institutional Development (13+B32) B-1 Rural Road Asset Manangernent System (RRAMS) B-2 Strengthening Design & research and Quality Assurance capacity of MPRRDA Component C- Road Safety Management Capacity Development 3,90,611 3,90,611 C 1 Exp.on RADMS (RWB)(HO) 3,90,611 3,90,611 C 2 Exp on PCRSP - Comoonent D ___- DESING IMPLEMENTATION AND MANAGEM ENT SUPP 1,55,34,908 43,92,756 D1 1: DESING IMPLEMENTATION AND MANAGEMENT 1,55,34,908 43,92,756 SUPPORT Total WB EXP ( A+B+C+D) 11,63,66,02,074 1294487559 SCHEDULE A-2- EXPENDITURE STATE EXPENSES A-2(MPRCP/SCH/F-52F) fAmount in Rs') Particulars Closing Balance Previous Year FSTATE EXPENSES- (E) Expenditure on Utility/Pole shifting etc of surface sealing (Ann 8) 23,91,181 68,848 Expenditure on Utility/Pole shifting etc of New Roads -____________ Ex4enditure on SQC Consultancy (Ann 4) 14,37,59,662 97,05,025 Oenditure on DPR Consultancy includes lenditure (including TA and DA on Verification rDPR B Empannelled Engg)(Ann 5) 5,53,33,732 4,49,55,879 Expenditure on PIC(HO) 80,28,985 -are Expenses (HO) (NIC) 27,08,500 27,08,500 Office Expenses (HO/PIU) (Ann 7) 6,13,800 1, 2,880 Charges (HO) 2,718 7,552 Total State Exp 21,28,38,578 75,98,684 0 , A-1(MPRCP/SCH/F-52E] SCHEDULE A3 - CURRENT ASSETS (Aimlount in Rs') OL Particulars Current Year Previous Year Bank 83,27,22,789 75,65,45,644 Mobiisation Ad-nce 5,30,32,008 9,46,54,805 Machilsairy Advance 2,63,51,716 4,73,35,600 Other Advances /Receivable Fund transfer to PIU Total 91,21,06,513 89,85,36,049 Mobilisation And Machinery Advance Component A& B Particulars Current Year Previcus Year Mobilisation Advance 5,30,32,008 9,46,54,805 Machinary Advance 2,63,51,716 4,73,35,600 Total (Annu I_and 2) /,93,83,724 14,19,90,405 ,U løk, MLr .4 List Of Moblisation Advance Annuxure 1 Current Year Previous Year PUoNagme 1,14,98,993 Beul 2 72,23,400 - Chhindwara 2 7,5000031,72,35 Datia 2 Dewas 1 40,00,000 Dewas2 21,11,000 1,08,37,795 Dewas 2 19,00,000 uoshangabad 33,56,200 jabalpur b 62,05,000 Khan d wa 28,00,834 Mandsou 10,90.000 Ndemur- 1,593,430 Neemc 61,13,100 41,47,300 Raisen 2 20,64,600 Raen 2 1,70,00,000 Ragarh 1_38,48,700 Sagarh2 24,80,000 Sagar 2 1,01,60,000 24,50,000 Shahdol 36,00,000 Shivpuri 1 86,81,20832,00,000 Shajapur - 65,00,000 Sheopur 20,000000 Ujjain 2 45,57,900 Vidisha I Vidisha 2 _____________ Tta 25,30,32,008 9,46,54,805 List of Machinary Advance Annuxure 2 PIU Name Current Year _ Previous Year Ashokngar i9945000 Aseemho 1-15730000 Nemuc i71,47,800 8294600 7200000 6166000 Sheopir ' 1,73,62,416 1 12,44,500 5,97,000 2,63,51,716 4,73,35,600 |Total Annuxure 3 List of Surface Sealing Exp Current year Previous Year Agar 35,40,46,674 12,26,77,438 A jrajpur 3,53,49827 Ashuknga,ir 1 42,16,92,462 2,39,99,091 Ashoknagar 2 14,89,02,033 Balaghat 1 19,51,671 Balaghat 2 37,28,123 Barwani 1,42,87,466 Iletul 1 4,16,31,605 Bhind 1 6,02,87,579 1,18,95,539 Blhind 2 13,76,76,286 86,55,076 Bhopal 6,15,88,541 1,13,96,229 Buihanpur 3,52,72,555 16,82,770 Chhatarpur 21,12,06,017 17,13,410 Clidndwara 2 8,74,01,747 49,54,131 Damonh 1 ,18,70,67,606 Damaoh 2 16,38,60,118 Datia 17,49,23,972 1,59,44,314 Dewas 1 20,80,32,776 Dewas 2 21,44,07,640 3,04,91,308 Dhar 1 6,56,17,684 1,27,06,174 Dhar 2(Kukshi) 2,05,43,665 Dhar 3 24,93,76,057 5,00,39,105 Dindori 2,45,86,266 Guna 32,95,67,833 5,50,60,302 Guna 2 24,30,90,253 1,59,89,066 C'.% Gwalicr 14,11,81,770 2,13,88,279 Harda 18,98,37,346 2,64,97,412 Hashangabad 1 31,81,77,791 Hoshangabad 2 4,66,65,677 Iadore 6,57,30,537 [abalpur 1 58,93,97,173 7,09,08,942 [habua 16,04,34,573 5,53,81,702 Katni 3,03,44,692 Khandwa 9,62,73,796 1,14,74,750 KharIgne 77,55,470 28,52,200 Maheshwer 8,99,57,267 99,46,890 Mandla 4,69,25,245 Mandsaur 39,75,35,948 3,93,47,766 Murena 21,50,91,188 4,80,21,019 Narsinghpur 44,18,26,030 6,46,09,824 Najrýsing,hpur 2 6,71,73,596 Neemuch 29,74,94,185 4,15,84,798 Panna 2 4,85,97,745 Raisen 1 22,36,68,451 1,75,77,362 Raisen 2 25,54,39,830 69,18,967 Raigarh 1 90,10.19,457 14,96,93,890 RajIgarh 2 26,04,58,896 Ratlam 38,80,80,716 12,14,87,298 Rewa 1 3,52,03,841 Rewa 2 4,69,00,848 Sagar 1 19,68,73,974 1,08,12,780 Sagar 2 25,93,79,272 1,70,01,910 ,atna 1 6,05,35,015 Satna 2 71,32,607 Sehore 35,96,43,704 2,67,04,310 Seoni 1 80,28,904 Seoni 2 31,93,600 Shahdol 2,07,44,980 Shajapur 28,38,12,329 3,26,35,914 Sheopur 4,06,40,293 1,50,25,612 Shivpuri 1 6,17,21,342 Shivpuri 2 4,88,53,444 Sidhi 3,29,08,787 Tikamgarh 17,51,69,93 1 2,32,98,297 Ujiain 27,18,57,304 3 ,6,64,793 UL]jain 2 35,45,52,616 2,12,40,405 Vidisha 26,97,27,222 2,05, 62,998 Vdha2 28,98,B6,442 2,70,94,740 Waidhan2 1,87,46,265 67,67,381- Total 11,62,06,76,555 1,28,97,04,192 i Vdsh22,88,42,09,4 斤 _ � � _ _ _ � � _ [1. F7esign,Яmpl�ni�гsitat�г,x� ana Мапаgеп[� гit tiиЕгЕsгlг€ � 43 �JL 7Sr, 8 1 11,92J_�? ' 1 S �� Э'��эгг}? С(7.1Р-Т? [106.) _' 1�L-'L s� � ЛL3 1 i �'nD�t ,i�r�ыin-�гt, п.с1 � i v Е� cnses �,З,°Э2,7:iг; �. � t Р,��.,:-е ° 1.Эl,42,152 £,rs,34,9t3� ....... ..� � �Г�Lг : 1i@ � ,_П 1n1�.�,��цRk, 1.:1��'� д 1 hг ' - - � i [1?"' ,,� --HQ �� пг ` ' - -._.._.. - ,_ ..-.�,..... ..._ .�. .. ' _ . � .. � __ S Е 17 1� E,kPE.USl5 - 5.75 �ЕЗ.�� � 34,872 1 � �2 74 7fчG _ 71 28 3E5,S7$ I ьЕ,г r,г1 г� гrге оп UtrdityjE'ale sТлlfггrгг7 etc пf sлгл fsгсг � 1'1U �+,'�'];r 1„ i s�ггlrгг, 6t3.#39$ - 2З.22,333 2'i,9I,i81 ' P1U Е г'rrr nл L'riliCyfPule Shгftlla�q е[c trf NгrW RпadS V �_ !4'i;CA41 � � 1ti13�П42 _N1L � leartг� 47,U5,6?_.5 • I3.44,54,637 19.37,5�J.6G2 _ Е � s ❑ � I � 1Гн !П г � 1'1L!1f�Эс] �ir '.,�j��i�п п�г L�Э'� 6nn�u]toncy iпгЭиtЭеs Е;жрепдitиге � , ❑„ г�п "Je�'п sг ьп ,;, а� Uf Ft С�У "-- � , ' � �. 4 _�� �9 1_А3,77.$53 5 53 ЗЗ,'i32 " I�413Г'q Г п пп °1 1 г tNi a. � г � 11и �„� и�:,: Hl'�1 �� �° 7,S .,��7 и,8; ..n � 26,037,74 2,717.5� - �` с:С 1. �_1{U � Е i 1i,г,гGlэп�14� Н{i�� Е34,28,585 $d,2S.!ЭгS� � � � Ё,; г 4г ' 11U I ,ге Lx еп5е5 iI{} �1С" 27,48,544 • 27,08.50{1 '�чг�i: 1 У!LцН�� 1i 1.. [ haгг Gx enses 11© }'1i1) �1 S2.$$й - 4.6[7.g2D G.13,841t7 и � I � г1�) � 75.65,45,644 �7? t;�,46,45,139 42,57,$4.27.993 83,;77.22,7${1 .� � _ � ° _ . � �„Li'11 � .1.Е ��iг,_��� '���ihпггтэtгоп - , .., . . . - � S � ' . - ..- . -- tгfi эпг'а�п sдыап�с t" (�,пг_r�iet,,r �? г," },t�'v'S 1г�,�7,${1,123 12,$1.57,326 $.3С},3_',�17k3 � � ��,� � �� �Е[ ��<< tatc �Пд� [п�[ �1пес tu Сг пtг'altnr 4,! 7,'S,�L'4 8,54,7b,375 � 6.44,$6.491 Г9,5i,�16 �вн,.+-� _ _ . - _ ; � . � г ,, _ • - �._ .' ..�. . ;,� � �_ lL`�.-,г�k a�ivaпcea;;.,iп�[ f�,_пtracEtэCS - • ° -_ _ . � г�-i псг Lr,aп�dt,�ci�ance/ i;гceivables - _ _ ° �.-. - Tata1 2,25,46г2,292 43,г}4 �[7,г3,г75 53,Зь5,75.43,857 12,76,15,47,1G5 _ . .. 1�._ а __. � .� ���д `� 43гу� т� лntegral part af Balaгice Slг�еt. � ' • - .- .._. ^_ � ��-(�� �_ 11 L{;АΡ1t[- "l�}1 Пl'Г� � ' [: '- ; д 211f11�(! 1'ы * � . �1 :..1'J' � �Q, . .,t ;.г н 1� 6�W' � STATC MAA1iYF1!'1�йПG5Н �,,� i � ��' � If. ` ` ' `�RF� ' С�� �\F? � � � ,/Э � � � �� �,,.-°' � . .. уΡ ,,': . _ � з,гЕ :t�:ажvаl Lс[.и ,��,, _-� Г е iчi� �fпsiiд�еь. 1�."�Е �Л.4.�LьрТl. � ' �.е.. � .. �. 3i'17 МГ � , , . . , е�ч � ,.. , ,)'' .',! �°4si.�и йече�цi��„� ,��< ,, °�; . _�i �Ii]}1�� �.1уь"j�j•�.� �. � #.. �.� '.li_i1 .:�.. �!� � ��� ���� � � ' � � �� � � * �. 4 �,. К �. " �. � �_ , �, 4 � �