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Ref No J IDBI Bank] SSAD/ODS-LV/Audit/2016-17Aust2,01
Shri Anantha Krishna KarurFinancial Management AnalystSouth Asia Sustainable Development DepartmentThe World Bank,Rindustan Times Building,18-20, Kasturba Gandhi Marg,New Delhi -1 1000 1
Dear S ir,
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
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C&Y-OKSHI& CHOKSHI LLPChartered 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
PROJECT (ODS-IV) implanted through the World Bank who has appitdllBakLda h
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.
For the above we have submitted our independent audit report dtdAgs 9 06i h
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
implementing agency were adequate, keeping in view the sizeIfteogaiain
3. The procedure for recording all assets, liabilities, receipsad ibuemnswrDate: August 19, 2016
CHOKSHI & CHOKSHI LLPChartered 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 & SSADIDBI Bank Ltd.
IDBI Tower, WTC Complex,Cuffe Parade, Mumbal - 400005
1. IntroductionWe 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 nsaddicorein the financial statements. The procedures selected depend on theadtrsjdmettnldn hassessment of the risks of material misstatement of the financialsae nt,w thrdeofauor error. An audit also includes evaluating the appropriateness ofacutn(oiisue n hreasonableness of the accounting estimates made by the managmn,azelaseautn hoverall presentation of the financ ial statements.We believe that the audit evidence we have obtained is sufficientin prpit t rvd aifor our audit opinion on the standalone financial statements.
4. Basis of Qualified OpinionAttention is invited to
a) Note 5 regarding the Fund balance with PMU as on March 1 03 spr uie iacaStatements the same is Rs. .12, 98,864/-(Debi't Balance) ano sprboso con sP.487,024/-(Credit Ba/ance. The explanation for the differenceo s 7 588-hsntbeprovided by the management.
b) Note 6 regarding the ba/ance in Fixed Assets as on March)1 03 spr uie iacaStatements the same is fis. 902,161/-(Debit Balance) and a e h ok facuti i732,138/-(Debit Balance). The exp/anation for the differenc fR.1 003hsntbeprovided by the management.
c) Note 7 regarding the ba/ance in Current Liabilities of the PUa nMrh3,21,a eAuited;+ FAnca Sttmet the sme is R5.,56/(Cei Baane an as per thei books
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 NeIfiMPartnerM. 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 3 0 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.
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OZONE PROJECTS TRUST FUND GRANT NUMBER TF053458
CTC Sector Phase out projects - ODS IV GRANT NUMBER TF053458Annexures 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 IVAnnexure I Period (April 1, 2013 to September 30, 2014Receipts During The Year Apri1, 2013 to September 30, 2014 From World Bank (IBRD)
Application No. Amount of Rate of Amount inapplication(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 inapplication(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 YorkBank account.
For IDBI Bank Limited For Chokshi and Chokshi LLP
Chartered Accountants
FRN-10 872W/W100045
bCHOt.
DTS Rao Nilesh Joshi W W1G04Deputy General Manager PartnerAuthorised Siqnatory M. No. 114749Place Mumbai Place: MumbaiDate August 19, 2016 Date: August 19, 2016
*
OZONE PROJECTS TRUST FUND GRANT NUMBER TF053458
CTC Sector Phase out projects - ODS IVCTC Sector Phase out projects - ODS IV GRANT NUMBER TFO53458
Annexures in respect of Statement of Sources and Application of Fundsfor the period April 1, 2013 to September 30, 2014
Annexure II Period (April 1, 2013 to September 30, 2014Sub 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 USD1 PMU MoEF 14627874.50 $225,000.00 7-Sep-13 WA 18
Sub - total 14,627,874.50 $225,000.00Grand 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 PMU1 PMU MoEF 5,424143.63 99,975.00 12-Dec-12
Sub - total 5,424,143.63 $99,975.00Grand Total 5,424,143.63 $99,975.00
NoteDisbursement to the beneficiaries is made in Indian Rupees, equivalent to US dollars, based on the conversion rate on the date ofdisbursement.
For IDBI Bank Limited iFor Chokshl and Chokshi LLP
Chartered AccountantsFRN 0 2 WAN100045
DTS Rao Nilesh JoshiDeputy Ge ra ManagerPate r87/
1Authorised Signatory M. No. 114749 W 5
Place: Mumbal Place: MumbalDate :August 19, 2016 Date August 19, 2016
YAv
OZONE PROJECTS TRUST FUND GRANT NUMBER TF053458
CTC Sector -Phase ou -t projects - ODS IVCTC 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 NILSector
PMU-TA $ 3,375.00 63.5 214313 12-Sep-13
$50,252.00 60.5 3,037,733 25-Aug-14
Consumption NILSector
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 NILSector
PMU-TA $ 1,475.00 54 79,805 13-Dec-12
Consumption NILSector
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 theSBI New York Bank account.
............................................
For IDBI Bankmited - For Chokshi and Chokshl LLP
Chartered Accountants- - -------- FRN-1+872VV
SN- ----------------
)4 1011172W/-0 IM5DTS Rao Nilesh JoshiDeputy General Manager PartnerAuthorlsed Signavy M. No. 11474
Place. Mumbai Place: Mumbai
Date August 19, 2016 Date Auqu t 1% 2016----------- - -------------------------
J
Annexure VCTC 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 receivableUSD USD USD=INR INR
31-Mar1 Apr-13 787 0 54 42.3382 May-13 814 0 56 45,6413 Jun-13 788 0 59 46,8114 Jul-13 815 0 60 49,2405 Aug-13 612 0 66 40,2046 Sep-13 474 0 63 29,6757 Oct-13 465 0 62 28,6078 Nov-13 450 0 62 28.1259 Dec-1 3 466 0 62 28,782
10 Jan-14 466 0 63 29,211
11 Feb-14 421 0 62 26,00912 Mar-14 556 0 60 33,33713 Apr-14 1126 0 60 67,92214 May-14 1164 0 59 68,71215 Jun-14 1127 0 60 67,73416 Jul-14 1165 0 60 70,212
17 Aug-14 1159 0 60 7008118 Sep-14 586 0 62 36,077
Total 13441 0.00 808718Interest transferred from Previous 0Year 0 0Interest transferred from Current 0Year 0 0Interest 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 receivableUSD USD USD=INR INR
31-Mar
1 Apr-12 863 0.00 53 45,5202 May-12 893 0.00 56 50,0673 Jun-12 865 0.00 57 48,952
4 Jul-12 894 0.00 56 49,7625 Aug-12 895 0.00 56 49,6936 Sep-12 867 0.00 53 45,8177 Oct-12 897 0.00 54 48,2368 Nov-12 868 0.00 54 47,1199 Dec-12 836 0.00 55 45,972
10 Jan-13 811 0.00 53 43,16911 Feb-1 3 733 0.00 54 39,86512 Mar-13 812 0.00 54 44,101
Total 10,234 0.00 558,273Interest transferred from Previos Year 0 0 0 0
Interest transferred from Current 0 0 0 0
YearInterest witheld for the 0 0 0.00
year
For 108I Bank Limited For Chokshl and Chokshi LLPChartered AccountantsFRN-10 72WNVIO0045
CH
i0182WI
CTS Rao Nilesh JoshiDepu ger PartnerAuthorised Signatory M. No. 114749Place: Mumba Place: MumbaiDate August 19, 2016 Date: 2016
4
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