I 11BANK :S ed fie DITwr -4005Mubi-400 005 t~ThF(+91 22)21,41FX'(9 2 2801 By Courier Service Ref No J IDBI Bank] SSAD/ODS-LV/Audit/2016-17Aust2,01 Shri Anantha Krishna Karur Financial Management Analyst South Asia Sustainable Development Department The World Bank,Rindustan Times Building, 18-20, Kasturba Gandhi Marg, New Delhi -1 1000 1 Dear Sir, ODS Phase-out Prolect (ODS Vv Audit of accounts for the 18 months peiod ended Spebr3.21 Please find enclosed audit report and management reportlfOSPaeotPoet(D IV) for the captioned Period, as per requirements of Ozone Projet]rutFn*GatAgemn C&Y-OKSHI& CHOKSHI LLP Chartered Accountants MANAGEMENT REPORT OZONE PROJECTS TRUST FUND GRANT NUMBER TF053458 CCSEOR LNIPEETTO PROJECT (ODS-IV) Grant Number TF053458 for the period endedSpebr3,21bin implemented by IDBI Bank Ltd with support from World Bank. We have examined and audited the financial statements of CTC SECTRPAIMPEETTO implanted through the World Bank who has appitdllBakLda h PROJECT (ODS-IV) financial agent and Project Management Unit (PMU) at the Mi-nistry fEvrnet&Frssa monitoring agent under the OZONE PROJECTS TRUST FUND financeduerteWldBnGat number TFO053458 for the period ended September 30, 2014. 9 06i h For the above we have submitted our independent audit report dtdAgs manner so required. Further to our audit report, we state that: 1. The books and accounts were prepared in accordance with thesae conigpicpe and these were applied on a consistent basis throughout thepeid 2. The internal control, management structure and monitoigmcaimwtilh were adequate, keeping in view the sizeIfteogaiain August Date:19, 2016agency implementing 3. The procedure for recording all assets, liabilities, receipsad ibuemnswr CHOKSHI & CHOKSHI LLP Chartered Accountants INDEPENDENT AUDITORS' REPORT OZONE PROJECTS TRUST FUND GRANT NUMBERT035 CARBON TETRA CHLORIDE (CTC) SECTOR PLAN IMPLMNTTO PROJECT (ODS-IV) To, The Chief General Manager, PAD & SSAD IDBI Bank Ltd. IDBI Tower, WTC Complex, Cuffe Parade, Mumbal - 400005 1. Introduction We have audited the accompanying financial statements of the'CCScoPlnIpentin Project, Ozone Depleting Substances -ODS-IV-" (the project) beingimlendthogteWrd Bank., which comprises Balance Sheet as at September 30, 2014, soucsadapiainoih ud and Expenditure Statement for eighteen months then ended andasumrofigfcntconig policies and other explanatory information (hereinafter called as FinnilSaeet) An audit involves performing procedures to obtain audit evidenceabutham nsaddicore in the financial statements. The procedures selected depend on theadtrsjdmettnldn h assessment of the risks of material misstatement of the financialsae nt,w thrdeofau or error. An audit also includes evaluating the appropriateness ofacutn(oiisue n h reasonableness of the accounting estimates made by the managmn,azelaseautn h overall presentation of the financ ial statements. We believe that the audit evidence we have obtained is sufficientin prpit t rvd ai for our audit opinion on the standalone financial statements. 4. Basis of Qualified Opinion Attention is invited to a) Note 5 regarding the Fund balance with PMU as on March 1 03 spr uie iaca Statements the same is Rs. .12, 98,864/-(Debi't Balance) ano sprboso con sP.4 87,024/-(Credit Ba/ance. The explanation for the differenceo s 7 588-hsntbe provided by the management. b) Note 6 regarding the ba/ance in Fixed Assets as on March)1 03 spr uie iaca Statements the same is fis. 902,161/-(Debit Balance) and a e h ok facuti i7 32,138/-(Debit Balance). The exp/anation for the differenc fR.1 003hsntbe provided by the management. c) Note 7 regarding the ba/ance in Current Liabilities of the PUa nMrh3,21,a e Auited;+ FAnca Sttmet the sme is R5.,56/(Cei Baane an as per theibooks Bank for reimbursements of expenditure incurred andclisaemdfoexnitr which are eligible for financing under the Grant Agreement d) This report is specifically issued for the purpose of grant rcie rmteWrdBn n disbursement made there against and is intended solely forteueoiol ak DIBn Ltd and Project Management Unit (Ministry of Environmn oet)frteseii purpose and is not to be issued, used or circulated for anyohrproewihuiu ro written consent. For Chokshi & Chokshi LLP, Chartered Accountants, FRN- 01872W /W100045 Nilesh Joshi NeIfiM Partner M. No.114749 Place:-Mumbai OZONE PROJECT TRUST FUND GRANT NUMBER TF053458 CTC SECTOR PLAN IMPLEMENTATION PROJECT (ODS-IV) Schedule A: Significant Accounting Policies & Notes to accounts as at 30 th September, 2014. I. Significant Accounting Policies 1. Basis of preparation of Financial Statements The financial statements are prepared under the historical cost convention. 2. Fixed Assets Fixed assets are stated at cost of acquisition including taxes, duties, freight and other incidental expenses relating to acquisition and installation. 3. Depreciation Depreciation on fixed assets is not provided as assets are generated out of Grant. 4. Recognition of Income/Expenditure i. Grant is recognized in the year of receipt. ii. Interest income is accounted as and when credited by bank. iii. Expenses are accounted for on accrual basis. II. Notes to Accounts 1. No provision towards income tax is considered necessary for the period since the project carries out the activities on behalf and out of the funds received from the World Bank. 2. PMU is carrying out World Bank funded CTC and CFC projects with common infrastructure for which the expenses incurred by the PMU have been allocated based on the availability of funds. 3. In the opinion of the management, the current loans and advances as at 30.09.2014 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet as on date. 4. There is no permanent staff deployed by PMU and as such all the staff for the project has been hired from an agency on contractual basis. Accordingly, the provision of Employees Provident Fund act, Employees State Insurance Act, Payment of Bonus Act and Gratuity Act are not applicable. 5. The Fund balance with PMU as on March 31, 2013 as per Audited Financial Statements is Rs.12, 98,864/- (Debit Balance) and as per books of Account is Rs. 4, 87,024/-(Credit Balance). 6. The balance in Fixed Assets as on March 31, 2013 as per Audited Financial Statements is Rs. 902,161/-(Debit Balance) and as per the books of account is Rs. 7, 32,138/-(Debit Balance). 7. The balance in Current Liabilities of the PMU as on March 31, 2013 as per Audited Financial Statements is Rs.22, 51,686/-(Credit Balance) and as per the books of Account is Rs. 23,25,845/- (Credit Balance). 8. Previous year and current figures as per audit report are not comparable as the current audit period is for 18 months i.e. April 1, 2013 to September 30, 2014. 也？ 一 → 玀 -n U) ýD 0 cn Il (D @ CL (D CO a) a) (D Q) w M > 0 0) CL =dl -n 3 0 CL m -n 9 (D :1 z 0 r- CL Cl m 'ZI m m C) 'u < < 0 4 -- 0 m -0 -- - --- -------- - ---- X -0 z -n c) -n z n CD 0 ;r 15. 0 0 p CD =r :r o- r oci M N -n z COCL X u) cr -N > z z m > r CL Ks C)Z Er :r 0 C 'u M0 Z M m CO -1 MO-I m X-- I cn m m M 8 C? w m CO 0 cn CO cn -4 CD Cn C0 90 p 93 (n Ni -n z cn -4 (n w (0 C c -4 1-1 Rl i C2jýl l ni 10 Ol l ýw21 ko,, l i con, l.. 1.1 l l l l 1.11 -1 l:Wýý M CO z z = -- , 0 CD Z c > rn 0 C) (D rn C4 -.1 z c n z zm w ------------ ---------- 0 CG Z ................................. ....... . ........ . .............. (n m Im > m m0 i im m ýj bo cn Ln cn w CO 0 0 -4 ý021 l l ýco l l i. No l C01 l con, l l i l l i E" l. 1.1 l l l 1(931 > --,J l U 1.1 112 OZONE PROJECTS TRUST FUND GRANT NUMBER TF053458 CTC Sector Phase out projects - ODS IV GRANT NUMBER TF053458 Annexures in respect of Statement of Sources and Application of Funds for the period April 1, 2013_to Sptember 30, 2014 CTC Sector Phase out projects - ODS IV Annexure I Period (April 1, 2013 to September 30, 2014 Receipts During The Year Apri1, 2013 to September 30, 2014 From World Bank (IBRD) Application No. Amount of Rate of Amount in application(USDL exchange Indian Rupees. Date Of Making Application Date of receipt WA 18 $1,078,140 61.76 66,580,536 18-Mar-14 28.03.2014 Annexure I Previous Year(2012-13) Receipts During The Year April 1 2011 to March 31, 2012 From World Bank (IBRD) Application No. Amount of Rate of Amount in application(USD) exchange Indian Rupees. Date Of Making Application Date of receipt NIL The rate of exchange considered above are the closing conversion rate on the date of the actual receipt in the SBI New York Bank account. For IDBI Bank Limited For Chokshi and Chokshi LLP Chartered Accountants FRN-10 872W/W100045 bCHOt. DTS Rao Nilesh Joshi W W1G04 Deputy General Manager Partner Authorised Siqnatory M. No. 114749 Place Mumbai Place: Mumbai Date August 19, 2016 Date: August 19, 2016 * OZONE PROJECTS TRUST FUND GRANT NUMBER TF053458 CTC Sector Phase out projects - ODS IV CTC Sector Phase out projects - ODS IV GRANT NUMBER TFO53458 Annexures in respect of Statement of Sources and Application of Funds for the period April 1, 2013 to September 30, 2014 Annexure II Period (April 1, 2013 to September 30, 2014 Sub Grant To Beneficiaies Under Part A Of The Project To CTC Producers Sr.No. Name Of Beneficiary Amount (Rs) Amount (USD) Date of Application No. Ipayment NIL Sub Grant To Beneficiaries Under Part A Of The PMU INR USD 1 PMU MoEF 14627874.50 $225,000.00 7-Sep-13 WA 18 Sub - total 14,627,874.50 $225,000.00 Grand Total 14,627,874.50 $226,000.00 Note: Disbursement to the beneficiaries is made in Indian Rupees, equivalent to US dollars, based on the conversion rate on the date of disbursement. Annexure II Previous Year (2012-13) Sub Grant To Beneficiaries Under Part A Of The Project To CTC Producers Sr.No. Name Of Beneficiary Amount in INR Amount (USD) Date of Applicalon No. NIL Sub Grant To Beneficiaries Under Part A Of The PMU 1 PMU MoEF 5,424143.63 99,975.00 12-Dec-12 Sub - total 5,424,143.63 $99,975.00 Grand Total 5,424,143.63 $99,975.00 Note Disbursement to the beneficiaries is made in Indian Rupees, equivalent to US dollars, based on the conversion rate on the date of disbursement. For IDBI Bank Limited iFor Chokshl and Chokshi LLP Chartered Accountants FRN 0 2WAN100045 DTS Rao Nilesh Joshi Deputy Ge ra ManagerPate r87/ 1Authorised Signatory M. No. 114749 W 5 Place: Mumbal Place: Mumbal Date :August 19, 2016 Date August 19, 2016 YAv 긺태 OZONE PROJECTS TRUST FUND GRANT NUMBER TF053458 CTC Sector - Phase ou-t projects - ODS IV CTC Sector Phase out projects - ODS IV GRANT NUMBER TF053458 Annexures in respect of Statement of Sources and Application of Funds ........ ........ .................... for the ywr AprII 1, 2013 to So bar 30. 2014 . ............ Annexure IV ___Period ( ril I 2013 to September 30, 2014 Agency Fees Paid To IDBI Ltd. Application No Agency Fee Fate-of Amount in Indian Rs. Date of Disbursement (USD) Exchange (Rs./USD) Production NIL Sector PMU-TA $ 3,375.00 63.5 214313 12-Sep-13 $50,252.00 60.5 3,037,733 25-Aug-14 Consumption NIL Sector Grand Total $53,627.00 3,252,046 Note, The rate of exchange considered above are the closing conversion rate on the date of the actual receipt in the SBI New York Bank account. The amount of $3375 is inclusive of bank charges Annexure IV Previous Year (2012-13) Agency Fees Paid To ID1131 Ltd. Application No Agency Fee Rate of Amount in INR Date on which debited in SBI (USD) Exchange account Production NIL Sector 54 79,805 13-Dec-12 PMU-TA $ 1,475.00 Consumption NIL Sector I ---- - ---------------- Grand Total 1,475.00 54 79,805 Note: The rate of exchange considered above are the closing conversion rate on the date of the actual receipt In the SBI New York Bank account. .............................. For IDBI Bankmited - For Chokshi and Chokshl LLP Chartered Accountants - - -------- FRN-1+872VV SN - ---------------- DTS Rao Nilesh Joshi 0 IM5 )4 1011172W/- Deputy General Manager Partner Authorlsed Signavy M. No. 11474 Place. Mumbai Place: Mumbai Date August 19, 2016 Date Auqu t 1% 2016 - ------------------------ - ----------- J Annexure V CTC Sector Phase out projects - ODS IV Particulars of interest accrued on Special account from 1st April 2013 to September 30, 2014 Sr no Month Amount interest repatriated Exchange Rate Interest receivable USD USD USD=INR INR 31-Mar 1 Apr-13 787 0 54 42.338 2 May-13 814 0 56 45,641 3 Jun-13 788 0 59 46,811 4 Jul-13 815 0 60 49,240 5 Aug-13 612 0 66 40,204 6 Sep-13 474 0 63 29,675 7 Oct-13 465 0 62 28,607 8 Nov-13 450 0 62 28.125 9 Dec-1 3 466 0 62 28,782 10 Jan-14 466 0 63 29,211 11 Feb-14 421 0 62 26,009 12 Mar-14 556 0 60 33,337 13 Apr-14 1126 0 60 67,922 14 May-14 1164 0 59 68,712 15 Jun-14 1127 0 60 67,734 16 Jul-14 1165 0 60 70,212 17 Aug-14 1159 0 60 70081 18 Sep-14 586 0 62 36,077 Total 13441 0.00 808718 Interest transferred from Previous 0 Year 0 0 Interest transferred from Current 0 Year 0 0 Interest witheld for the year 0 0 0.00 Particulars of interest accrued on Special account from 1st April 2012 to 31st March, 2013 Sr no Month Amount interest repatriated Exchange Rate Interest receivable USD USD USD=INR INR 31-Mar 1 Apr-12 863 0.00 53 45,520 2 May-12 893 0.00 56 50,067 3 Jun-12 865 0.00 57 48,952 4 Jul-12 894 0.00 56 49,762 5 Aug-12 895 0.00 56 49,693 6 Sep-12 867 0.00 53 45,817 7 Oct-12 897 0.00 54 48,236 8 Nov-12 868 0.00 54 47,119 9 Dec-12 836 0.00 55 45,972 10 Jan-13 811 0.00 53 43,169 11 Feb-1 3 733 0.00 54 39,865 12 Mar-13 812 0.00 54 44,101 Total 10,234 0.00 558,273 Interest transferred from Previos Year 0 0 0 0 Interest transferred from Current 0 0 0 0 Year Interest witheld for the 0 0 0.00 year For 108I Bank Limited For Chokshl and Chokshi LLP Chartered Accountants FRN-10 72WNVIO0045 CH i0182WI CTS Rao Nilesh Joshi Depu ger Partner Authorised Signatory M. 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