Rajiv S Agarwal & Co. Chartered Accountants Alphabets of Trust To, Shri S.K. Bhargava, Director (Finance) Indian Renewable Energy Development Agency Limited 3rd Floor, August Kranti Bhawan, BhikajiCama Place New Delhi - 110066 Report on the Audit of the Project Financial Statements Opinion We have audited the accompanying special purpose financial statements of Shared Infrastructure for Solar Parks Project(the Project) financed by International Bank for Reconstruction and Development (IBRD)underLoan No.8737-IN, CTF Loan No. TFOA4648 and CTF Grant No. TF0A4639 and implemented by Indian Renewable Energy Development Agency Limited.These financial statements comprise of the following: 1. Consolidated Statement of Sources and Uses of Funds 2. List of Claims during the period 3. Sub Loan Details 4. Summary of the Loan In our opinion,the aforesaid special purpose Project Financial Statements give a true and fair view of the receipts (i.e. drawls and reimbursements) and disbursements of the Project for the year ended on March 31, 2019,in accordance with the financial reporting provisions of Section 5.09 of the General Conditions of the World Bank read with the LoanAgreements (as stated above) dated November 20, 2017, Basis for Opinion We conducted our audit in accordance with the Standards on Auditing issued by Institute of Chartered Accountants of India (ICAl). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the implementing agency in accordance with the ICAl's Code of Ethics for undertaking this assignment,and we have fulfilled our ethical responsibilities in accordance with ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. SF-2, Second Floor, Rishabh IPEX Mall, Patparganj, I. P. Extension, Delhi-110092 Tel.: 011-22248870, 49032709 Mob.: 9810866200, E-mail : rajivsagarwal@hotmail.com, Website : www.rsag.in Emphasis of Matter We draw attention to Note (i) to the PFS describing the basis of accounting. The PFS is prepared to assist Indian Renewable Energy Development Agency Limited to meet the financial reporting requirements of the Project's Loan Agreements dated 20th November, 2019 in respect of preparation of the Project Financial Statements in a manner to reflect the resources/ receipts and expenditures/ disbursements related to the Project. As a result, these special purpose financial statements may not be suitable for another purpose.Our opinion is not modified in respect of this matter. Responsibilities of Management and those charged with Governancefor the Project Financial Statements The Management of the implementing agency is responsible for the preparation and fair presentation of the Project Financial Statements in accordance with the financial reporting framework described the Loan Agreements and the Operations Manual, and for such internal control as management determines is necessary to enable the preparation of Project Financial Statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibilities for the Audit of the Project Financial Statements Our objectives are to obtain reasonable assurance about whether the Project Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Standards of Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Standard of Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * identify and assess the risks of material misstatement of the Project Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. 2| * evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * evaluate the overall presentation, structure and content of the Project Financial Statements, including the disclosures and whether these financial statements present the Project's operations andunderlying transactions and events in a manner that achieves fair presentation in accordance with the financial reporting framework described in the Loan Agreements and the Operations Manual. * communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements Further to our opinion on the Project Financial Statements we further report that: a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; b) in our opinion, proper books of accounts have been kept by the implementing agency for Project purposes so far as appears from our examination of those books; c) the Project funds were utilized for the purposes for which they were provided; d) expenditures under the Project, shown in the PFS are eligible for financing under the Project Financing Agreements; e) Interim Financial Reports (IFR) submitted by the Project management can be relied upon to support applications for withdrawal of the Loan, and adequate supporting documentation has been maintained to support these claims; f) the Project has an adequate internal financial control systemand such controls were operating effectively as at March 31, 2019. 31 Note: (i)The Company has adopted Indian Accounting Standards (Ind AS) w.e.f financial year 2018-19 and accordingly, the effective date of transition is 01.04.2017. The financial statements have been prepared in accordance with the recognition and measurement principles of Ind AS prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The impact of the transition has been accounted for in the opening reserves as at 01.04.2017 in line with the requirement of Indian Accounting Standard 101 "First Time Adoption of Indian Accounting Standards". Results for the corresponding period prepared under previous GAAP have been duly restated to Ind AS. For RAJIV S AGARWAL & Co Chartered Accountants Firm's Reqistrotion Mo. 020476N O5Rg9ig nature RAlVAGARWAL Partner (Membership No. 504993) Place of Signature: NEW DELHI Date: 27/11/2019 UDIN: 19504993AAAABC8262 4jF ��rге�гг,сце-� I ..... ... lnfлdumUnautlltдtlFYnanгlаlни•рпг! _. - .�».-_. � 56eredlniraselustuгоforSnEыrPвrИд � ������ '�"° 1 р ---- . 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