Nepal Electricity Authority Nepal Government Undertaking Grid Solar and Energy Efficiency Project Kathmandu Ref No: %Date: January 31,2019 Mr. Rabin Shrestha Task Team Leader Grid Solar and Energy Efficiency Project The World Bank Nepal Country Office Lal Darbar,Kathmandu Subject: Submission of Audited Project Account Report for F.Y. 20171018 Solar and Energy Efficiency Project IDA Credit No: 5566 - NEP Dear Sir Please find enclosed the One Seat of Audited Project Account Report of Grid Solar and Energy Efficiency Project F.Y. 2017/018 Thanking You, Sincerely Yours, Nutan vBhattrai Project Coordinator Nepal Electricity Authority Statutory Audit for FiscalfYear 2074/75 (2017/18) (Solar Grid & Energy Efficiency Project) IDA Credit No.5566-NEP Financed by: International Deverlopment Assodiation (IDA) World Bank Final Audit Report, Management Letter & Project Financial Statements Submdtted by: Office of the Auditar General (OAG) Nepal SrdJaur,21 ���, � * � � _ ," � � � . �, :, �. �:.. , r а .-_ ",�:, tt atr r t , I;� �э ,} , , .. .. .. � ��., � . �.. �.. . - . ::� ,, , .. � .:. �� .. � � , . � �,. , , � . $ .. '� '� .. '{ � � „ I ° [ ,. _ ., е' � .. � . � # . l R х ! ` ' � t � � - � � r"� � л �' � , � .} ,. г. � S, � �._ � . .. s..' t � �_� � , . . - _ ,<+k- а � г° .. -: � ° �,� � ,ь. а ' ° � _ ��' С, � g"� � ' t � s � �� , .х г�м �_ �• �; 4Э � . , �. � .. - �-� " 4. р�. . ' . . . f . . ° � . . г.Е 4 s л Э .. Е �,. . . .... . ' � �.� Ё . � -.. х,.. # , ,F р� У 4 � г g r4" .� � . Public Entities Audit General Directorate Ref No. 2075/76/ Date: January 27, 2019 Subject: independent Auditor's Report The Secretary, Ministry of Finance, Singh Durbar, Kathmandu, Nepal. 1. Report on the Project financial statements We have audited the accompanying project financial statements of Grid Solar and Energy Efficiency Project, which comprise the Project Financial Statements showing sources and app(ication of project fund as at 32 nd Ashad 2075 (16th July 2018) and a summary of Significant Accounting Policies and Notes Relating to the Project Financial Statements. The financial statements have been prepared by NEA management to meet the financial reporting requirement of the financing agreements with WB signed between Government of Nepal (GoN) and World Bank (WB). 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 Agreements with 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 project financial statements based on our audit. We conducted our audit in accordance with Nepal Standards on Auditing and relevant practices. 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 Financial statements not prepared based on Nepal Financial Reporting Standards(NFRS) The project financial statements exhibit a mix of cash receipts and payments during the period and financial position as at the end of reporting period only and set of financial statements like statement of financial position, statement of income, statement of cash flows and statement of changes in equity are not separately presented. It does not provide for information on budgeted versus actual expenditures and comparative information of balances at the previous reporting date. Also, accounting policies adopted for the following aspects are not in line with the applicable Nepal Financial Reporting Standards/Nepal Accounting Standards which are mandatory for application: a) Calculation of depreciation (NAS 16) b) Treatment of interest during Construction Period, including interest on assets already capitalized (NAS 23/NAS 16). c) Treatment of effect of changes in foreign exchange rates and restatement of foreign currency assets/liabilities (NAS 21) d) Treatment of depreciation on capital grants (NAS 20) e) Distinction of current and non-current portion of GoN Loans (NAS 1) f) Recognition of Inventory (NAS 2) S. Qualified Opinion In our opinion, except for the effects of the matters described in the basis for qualified opinion paragraph above, the project financial statements pertaining to Grid Solar and Energy Efficiency Project for the year ended 32ndAshad 2075 (16th July 2018) gives true and fair view, in all material respects, and are prepared in accordance with the financial reporting requirement of the financing agreements with WB signed between GoN and WB. 6. Management Letter Management letter detailing conditions for qualification and highlighting areas for improving financial statements, including accounting and internal controls and compliances with the financial covenant of the agreement, local laws, regulations, NEA's own rules and regulations 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 14 to the project financial statements, which describe the basis of presentation. The project financial statements are prepared to assist NEA to comply with the financial reporting requirement of the agreement with WB referred to above. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for NEA and WB and should not be distributed to or used by parties other than NEA or WB. lswar Nepal Deputy Auditor General Nepal Electricity Authority Statutory Audit for FiscalYear 2074/75 (2017/18) PROJECT FINANCIAL STATEMENT ti й й, � ! гц rA '7' {г� ry . ry � г�� [� � � м IC�: q� гr а� м, гri п ° � г+ч -р п � L' � ¢пл � гиЧ� птi � ^ м' ., п h � °е � � � г � л с � г м " гi `� ni � �. и: � с д ч� и х .sч "7 �+ .д .n � к �г; г{ хп м� м � т. г�i м t' �� _° .��- � "' i � :--� т ,� ,� � г*; о м ,���, � `'с," ` $ ,t н r ьr. '�,' ° � С а � � � С а�- j _-.. � j � � � с n � й t�., Э..ё n Yrt'r, �`.д �� м м."�с � � j �i ��, � м�ю xi гп ' � и н�г '." . с. и ;� ir, n w� i;. ,м„ rn n с. н м м п rj �+ .� - "-` 4+ r+ п` м п7 Уг� . т �. � гi г •� � � G �}' � И N С М � 1r Тй о0 �.vГ'. ц� и TJ !'а и м, гга ir, м.,� :�.. � r � - .*�, � м," м нс н у °У с ai [� � - � и и t �`п' а. vr� п 2 r_ гч м н м � F �� г~ Т3 у, � � G 4 ву н п � rn с н'•э� гч мс п �. 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Г J. г. ;�� _"" :I', 'r ь 'i' �и :У� .� i : :lJ _ i Г: <•� '� { Гц. •�'" г�.,� f, Г•1 ._ :�. ��� С=1 �_ r � J � ы � � - � L � гд � L� - � � � .��. � 4'i � � а- г � � ц; С4 CL7 t7 и7 ' .� CJ NEPAL ELECTRICITY AUTHORITY G r i d sola r and Ene rgy Ef f ic iev cy Projec IDA CREU)IT: 5566-NEPAL, GON Loan (IDA Credit) at 32 Ashadh 2075 (i.ejuly 16,2018) Avdltc d Rt,port FY 074-75 Schedule-4 Discription Up to Previous This Year (Rs.) Up to Thi5 Year (Rs,) Year (Rs.) I Trimester II Ti-iri-iester III Triniestcr Total GoN Loan (IDA Gi,int Total NEA Sources A s at 32 Asha dh 2075 i -ejuly 16,2018) Schedtfles-5 Discription Up to Previous This Year (Fs-) Up to Th is Yea]- (Rs,) Year (Rs.) I Trii-nester 11 I-rimester 1117'ritnester Total NEA Source(Inter tinits + Other Incoine) 85,642,577 75) 14,999,999.00 5,641,420-09 (56,432,654-84) (35,791,235.75) (121,433,8-13.50) Total. (85,642,577,75). 14,999,999,00 5,641,420,09 , (50,432,634-84) (35,791,235-75) (121,433,813,50) SLIndry Liabilities & Provisions As at 32 Ashadh 2075 (i.ejuly 16, 2018) Schedules-6 Discription Up to Previous This Year (Rs,) Up toThis - ear (RS.) Year (Rs.) I 1'rimester 11 Trin-Loster III Trimester Total DeNors Liabilities 20,308 95 1,979,621,52 (141,523,47) ,,,45,323,34939 47,161,447.43 47, -38 iTax Liabilities 5,057,87 1,3-17,84 (6,575,71) - - 1`niployees Liabilities -1,160,34 1,160,34 1,160-34 Total 20,308.95 1,984,679.39 (140,005,63) 45,317,934,01 47,162,607.77 47,IS2,916.72 � г� ra и � � � е � И � � ьп е_ГЭ ` �r v: [. Г-, G ^ -�]' ��" ,.� � гг�. М: _ G � s rt � F-^ G .r.� _ � � � - М� М Г 1 h.! 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С 4� С С'�I � С' С С С С С�Я� � С� С С' С. G 4 С С� С' С. С� �� о� " �s п�з Ф�7 п`5 б: Ф" п5 ; гв г� r� т� т �w.y п`5 � еЯ гв , п3 L tъ • пч Rч " сд � гv п] �¢` пs б т в� 'F--� F� �Е-Н'� �'F-'�F-� F-!-Н� F4-��'}L � Н f`Н�!F-�F- у-- � � 47 63 г !--;f�!M1;I+ Г-� f+.;f'- Г+ 1-- 1`-'i�IP'-:Г�"i`- 1�-�M1,Г� M1�1^`,l�� . cJ о С �Ф СЭ . � ,. � . �г 7 4.LФ С7 О�Ф"Q'О о�С7 ��O.Q 9;C7io"С7�Ф С7.�О:С]Ipip�.�p, �7 .б Qэ сО � гг.- . . . С�1 Г�1 N• c�F : cV СЧ N гц сч N N' N N[V [v [ч' с,�1 гЧ сЧ �� N . � С � ' CV , СС7 У9 Ci7 СО i4 ��7 а7 [L3 67 ta i iГ7 67 V'.�t г CV N({�Э N ц7 цЭ О С7 С7 С7 [Я С� С4 . . . � � �'у Lб ц7 [О iU 4Ly 4Q (D (4 Cf7 N N 4�J 0 � о СЭ Ф G7 о СЭ <- ,=- N cV 4С7 tб [.D �� П3 3 (g fV N N N N . г г Г о р tг3 Q � � � [� � � � ._. � сп с5 � � r- � г�• t-- r- г-У r- n_ г-- t-- n- r_- м_ r-- г^- г� r- г� r- г�- м_ г_� аа � е? са � � U П1 С9 �� г О 4 а О С7 С] О С7 С3 С? О д С7 о b t7 О L1 С7 U о � � Г„- р N[V [i1 N N N N N CV [�! N[Ч N fV N N N Sц R1 С?1 N о� г � 9О СО � Q) tf3 ц7 if7 � д" ц� N.CV N CV 4f7 i17 С? С7 4 4� � � � со сд cs7 гд со .,, �г r� rv UU Г п г г-i и йсдйгдшсосfа с'сэ � �, с� � с� о а � : г`�r г� г� са' � га , � ¢� С.1 сц гч с� cv г� г� FlY 20741075 91-0/2017 Transfer Amouni 370,73505 37,72-6,0- a- ö -0-0- 2,56ý,044-92 292,366,4å6-5e 92212017 Transfer Amouni 382824 57 39.584.070-90 2,181,220.25 252,782,395.68 9i22/2017 Tra-ri-sfer Amount 5,391 90 557,5 - 22-10 2,175,8-28 35 252ý224,873 - 58 Total of Ist Trimester 758,951.63 77,867,5 93.00 41412018 Transfer Amount 6,28767 652,156,67 2,169,540-68 251,572,716,91 414/2018 Tra ' nsf er Amount 287.13673 29.781,821-46 1,882,403 95 2211,790>895 45 4)2412018 Tran-sfå r Amount 751,496.74 77,131,936.85 00.69 298,922.832-30 4Y2512018 Transfer Amount 11,33037 1.200,000 00 2,62ý570 32 297,722,832 30 52012018 Transfer Arncuni 52,198-23 5,652,024 51 2, 5 70,37209 292,070,807.79 6,14/2018 Transfer Amount 15.251 17 1.631,875-19 2,555.120.92 290,438,932.60 6/412018 Transfer Arnount 15,31846 1,639,075,22 2,539,802 46 288,799.857,38 6/4f2018 Transfer Aniount 1,85982 199.000 74 2,537,942-64 288,600,856.64 614/2018 Tra nsfer Amount 1-626,17 174.00019 2,5362316 47 288,426,856.45 S1412018 Transfer A-mount 30 OD 3, - 2 - 1 - 000 2.536,286.47 288,423,646.45 6/2612018 Tran - sfe - rAmount 58,63845 5.374, - 000- - 00 2,477,648.02 282,049,646.45 7/1212018 Tran - st - er Am ount 12,69891 1,393,5 - 7B,38 2,464,94-9 11 280,656,068.07 7f 15/2018 Transfer Amount 675,3D4 06 73,83 7 746 24 1,789,645,05 206,818,321.83 7115 12018 Transfer Am ount 579-91677 d3,408,099.63 1,209,728-28 143,410,222.20 7/1512.018 tr-ansferArn' oun-t 12428.91 1 1,358,976.92 1,197,299,37 142,051,245.28 Total of 3rd Trinnester 1,730,025.72 751,496.74 187,305,565,15 77,131,936.85 -X- og :j -- qr _ - - _ ;�1 v � - _ R � � д . . . . �. 2 И Р. Г . П У � ia lй .- (� и �fl . г '� �� � - - �, z , , . ! i - _ , , . � _ „ 2 = . . � � С] . ' Uг; � _ � `�' J � - _ .- .� "' }- � сз ' . f� 'r - � � - _ � J �т, _ _ � шс�. _ � Т �� %[� � � � /� .7�/' ..._ }"' W � . '� 4 � .. 7 Ег'^ . и : - = Lэ "� � г' м i_9 � г� � � F ' � W � j _ � � L � W J � �{ - -- � U_ __ - � � �, -С � - � .-{-- -- -- ; _ .. 1 %� � а �' а - v `� I г1 = . � . � . . . . . . .. ^ ! - -гп . i п i - r� � _ й мI - _ ..,- - . ..� _ . . � _ � - i .- � . - . . � . . . .r_"-- � I � �L ` �. _ -._-___ --...-- z Г � _ � Т _ _ _ 4 к _ г' _ _ Г �1 , ; � �: � й Г NEPAL ELECTRICITY AUTHORITY Grid solar and Energy Efficiency Project IDA CREDIT: 0"566-NEPAL, Depreciation As at 32 A5hadh 2075 (Lejuk 16, 20-18) Audited R(q)ort F-Y 074-715 Schcdule-8-1 Doscripti Oil -UP, to Fl'evious This Year (Rs,) Up toThis Year (Rs.) 'Year (Rs.) I Trimostei- ll'Trimostei, III Trimester This Yom- Total ?\s.) Provisions 1,818,988.52 3,341,985,74 5,160,97426 Other Civil Structure - Vehicles 1,373,972,51 (1,373,972-51) 4,276,172-67 2,902,200.16 4,276,172.67 Furniture &- Fixtures -114,313-93 117,-135.9 1 117,135.91 23-1,449-84 Office Equipment 244,568,17 263,679.83 263,679.83 508,248.00 Miscellaneous Asset 86,133.91 58,969,84 58,969,84 145,103.75 Total 1,818,988.52 (1,373,972.51) 4,715,958,25 3,341,985-74 5,160,9742o ггг- ��r _ I У. I.I.�I I i_.... г �"Z- Т� �п т-��. .1т1 г n i •z v��. .. Т�� I =� и II � '� 4! In ._ , I _ !rI ��� �м1 � I I 1 I. т- .'м . I i. л � v . . �.ml I � � !q. � о . м . Т� 'I .. � q.+ � т п с v я :л н . . � . .� . � . " . � . . . . . . . . ,� i Ш2 ip -� 2 ы .. �. � � � �Ф ' v г I ��' .I . , , ' � � � � . �� . �. Ф . 1т . V г г] О .. $ � • � . � о . д. , W � G ог�р[3q � - С гд i rL �у �" - � �Г_ чш�тгч о N Г G Г � �'� г'� Р w г[л й3 J � ;� � < ,,,. . .... - 9 : � т и � t г е .. ... � � . . .� _ а- - � �. . . . . ., г� � I i А � ~ I �" - _ - • . ���� "- i _. - ._ - . . . .. L � I �/ - I ' •_ - I i � �. �• �г ---. . � _ . ._ _ .. _. i -- -... _ _ __. -_. _ ._, � '.`�, _ � , . . . . , . . . . .i. - Е [; ~ i _.- _ .п' � � �� _.. -..._. __ .. _. . . ." . . . . � . _ • . . . .,�� } . _ ` �О ' I гJвS Е р Г � � I ь.� � п .р . . . .9 �� а` ; � ,, я ,г л - 11 о , � _ G - ,� � ш 0 У д � г � .а � �, _ _ f_1 �� � rv . . _ . . ❑ . ' • �, � . . . . �_ � � ° !� L . . - � � t � �г ;U х _ "пи _ ^ "� - 1 .. i _ � � ._ 1 • �. т, п z � � i _ '_.. .... - �. _. а • . . . . . . . . . . . . п - - - .�._.._. + � - �- - г� 1 � __ � ° � 7II I ! ° ' - ^ Р I I =. { у . .. _....�- -... . . -_'_"' _ � �� . . � • . .I �. 'е� . � - - I 1 �w �у�� W А �� . уΡ т h r�i т ы 1 R ~' � { r _ г' 4а • . • • �'� . � . . . . • . . - •г � г г� �` I г . �. � - 7i � i � - ' i I �i ; ! i � . _ �, r , _.�._ г� " д ШI п Д, п т 1 - - .J ц.- -__ � _п. Q a�zl'г а о� ��г � � ~z zгz � ° й v и г� й ,й с7 й г.� _, �.� �j иi и й,' г� t . I, _ � � � _ - ' � � . ! _ z � � I .. I. г z с - .. Т �I I I i � = I� �!� i I I ''I б_ j I I-" I • - I п • �. � I! � � Г ��гу j , _. � � i , - " �.: - - i' I�� � ц - �.: Е�© j а Т г� 2 1� 1 �Э _� F ; � � Е� е г Уч �Р1 �г - о _ i� х и й r . , и с° ве Ё �� "i , .п. й � т V аУ ? r О ia i г� г � ?1а� � й т У г1 ¢ �� __,_, � и г7'х о . � ,, а �, го �..� v� , а ����. - � л _ jj - .;:�fa� . _ � _ п � � _ � , �. � �� М "_ � . �. � I�, - �.. . _ f . � . L U г �v 1яI 1ы °.r � .а �а а..rl�I.u ч...... . ° С5 я .ч ю -r ° v'° . 1 111 l . __ -"_ � _.. L..._ t - -. _ - � � � '- - _ -_ �� - _ �. � � �� - т � г: . .� - Ф га м _ _ - �' i.` � � � У :� � f i � _ '°" � , . , . . . - f - ° ;^ - _ _� ry � . � n1 r г�i сг rv М � i �� . F:- � _ � {L ` м � г� г с ` ю .; �, ...- � v Ф . � м. . .т � р+ � � �i 1 г ' а � - - t � г+ .r. _ } _ .г7.-� � `�'. _ , �F: г- [ �^ _ ° . .. Г ,С М-У у � н 'СЧ"' у ,с wс � � � � _ "" �- �.у С, � �� � r � .и с . . , . ^'� � �I -� -- - � � � -. - � r , , � `�-. ,�� � %' ° L � _ �, W �д � _ :-.� li`�! и �-' С � Г _а �� � i_'r � � � .. iJ � � � л Г, Г'1 � ., . � � у w 0 � _ � � � � � 7 � w � W � и , , � . L} � � ' � � . . . � � . � . ^ ;-I� � ... • - ��--� - - LC� - � г ` п � �ч - i . - % '" - � ' � _ _ rt � � � - n � '` � �гw _ г� т ��r=_;�'.� • _ т: ` �г '� r' � s- '",`'.-",`- _ • ° J_ г. _ .'. . � � z` " , . � f -г - - �.. _ . -.-�..... - � � ' с � ,_ � r, г � - С = �i - - _- � �. _ _ _ 'Г - - _ ,� � L ^ ��< __ ,g у - � w,r �- г -- - - - = z NEPAL ELECTRICITY AUTHORITY Grid soiar and Energy Efficiency Project cli IDA CREDIT 5566-NEPAL Bank Balance As at 32 Ashadh 2075 (I.eJuly 16, 2018) Audited Report EY 074-75 Schcd Li lo-1 I Description Up to Previous Year This Year (Rs.) This Year Total Rs_) Up to Th is Year (Rs.) (Rs.) I Trimester 11 TrimesLer I If Tri mes to r 6.421 N M 5 as of 31 Asa d h a, 074 3,206,501 79 -;,266,501.79 6A 21 N M 13 as of 30 Ka r tik,074 (2,511,868,02) (2,511,868,02) (2,511,868,02) 0 421 - NiMil as of 30 Falgun,074 2,869,787.42 2,869,78742 2,869,787,42 6.421 - NMB as of 32 Asadha,075 (1,663,118,09) (1,663,118,09) (1,6(,3,118,09) 1 - - - I - - - - Tota 1 1,266,501-79 (2,511,868,02), 2,869,787-42 1 (1,663, 1 -18.0 ))1 (1,305,198-69)1 1,96-1,303.10 Advance Recoverable As at 32 Ashadh 2075 (i.eJ uly 16, 2018) Schedule-12 Discription Up to PreviDus Year This Year (Rs-) This Year Total (Rs.) Up to This Yea r (Rs.) Ts') I Trimester II Trimester III Trimester 6,505- Advance to Supplier/Contractor 6 -521 - Loa I I Lo Sta ff - - 6.530- Advance to Staff 44,916.00 55,084,00 6.531- Advance to Others - - 6,537- Advance Payments 6_533- 0 her Advance - - - - 6.541 -Deposit 101,500.00 750.00 - 750,00 102,250-00 ,6_55 -Other Office Advance 1,079,223,60 14,194,104.40 (14,560,000.00) 496,499.25 130,603.65 1,209,827.25 Tota 1 1,180,723.60 14,239,770A0 1 (14,504,916.00)1 _496,49 9,25 131,353.65 1,312,077.25 - j난― п' i t:: i �Ss i� ,н�,, r-f -- ,� г3 гJ t�! 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Descripeicn DrICr FC NPR Eých- Rate Balance 71112016 711/2016 F3ALANCE b/d CR 5,000,000.00 5,000,000.00 1119/2016 111912015 TRANSFER ACCOUNT TO ACCO U NT EVIýREST OR -2,258.75 -240,33100 106.A 4,997,741 25 11/912016 11/9/2016 7RANSFE R ACCOUNT TO ACCOU Kl- DR -12,814.59 -1,363,472.39 106.4 4,984,926.66 liiii/2016 11/71/2016 TRANSFER ACCOUNT 7 0 ACCOl'N- DR -3.00179 -318,45990 106,09 1,981,92487 n111/2016 1111 1/2")ý6 T RANSFER ACCOUNT TO ACCQLJ,4-1 -\V- B BA N DR -6,654-73 -706,000-00 106-09 4,975,27014 11/1 112()j 6 11111120!6 T,ýANSF-- R ACCOUNT TO ACCOUNT DR -17,025,08 -1,806,19071 i06.09 4,958,245.06 111812017 1118120!7 0 RiM TRANSFE R ACCOU N7 TO ACCOU NT E VER EST DR -3,35309 36-3,609.08 1D844 4,954,89197 1/18/2017 1/18/201-7 ORMT TRANSI' ER ACCOUNT TO ACCCU.',J, S-ANQAR DR -19,00082 -2,060,448.92 1()844 4,935,891.15 1/18/2017 1/38/2C17 ORM7 TRANSF E R ACCO U NT TO AC=JN- rVEREST DR -1,702.01 -184,565.96 10844 4,934,189.14 111812017 1/18/203 7 ORMT TRAKISIF ER ACCOU N7 TO ACCOU N7 S-AN DAR DR -9,544.74 -1,045,875.61 103 44 4,924,54-1,40 111912017 1119/2()' 7 TRANSFER ACCOUNT TO ACCOUNT M713 BAN DR 30 -3,255-00 109.5 A,924,514.á0 211512()17 2/1512017 TRANSFER ACCOUNT TO ACCOUNT ýVFREST J.n -222-69 -23,789-97 1045-83 4,92,4,291-71 2/1512017 211512017 TRANSFER ACCOUNT TO ACCOUN- r' R -1,276-90 .136,41 ý -2 3 106,83 4,929,014 81 5/19/2017 211912017 TRAN911j1 ACCOUNT TO ACCOIJN- ýýIMALAY Dp -6,800.00 -710.056.00 10456 4,916,214 ýý l 51412017 5/4/2017 TRANSF ER ACCOU NT TO ACCOU \- \ EPAL 1 DR -324,929 16 -32,233,000 00 102.35 4,601,285 65 514/2D27 514/2017 TRANSFER ACCOUNT TO ACCOIU-v-. l~CPAL 1 DR .320.000.00 -32,752,000.00 102.35 4,281,285 65 6/112017 611/2017 TRANSFER ACCOUNT 70 ACCOU- -i DR -25,294-69 -2,603,329.49 202,92 4,255,990.96 61212017 6/2/2017 TRANSFER ACCOUNT TO ACCOU Nli 5VýREST DR -4,463 12 .458,781 58 102.84 4,251,529.84 6/212017 61212017 TRANSFER ACCOUNT TO ACCCIJI`J EVEREST DR -5.51137 -SC>6,799.29 302,84 4,246,012.47 61212017 61212017 TRANSFER ACCOUNT 10 ACCOUNI S'ANDAR DR -31.230-87 -3,211,73267 102,8A 4,214,787.CO 6/212017 6/212017 TRANSFER ACCOUNT TO ACCOUN' NRB BAN DR -15 -1,542-60 102.84 4,214,772.60 6/5/2017 6/5120,7 TRANSFER ACCOUNT TO ACCOUNT STANDAR DR -462,50000 -47,545,000.00 102-8 3,752,27 2.60 6/5/2017 6/512017 TRANSFER ACCOUNTTO ACCOUN1 NR6 BAN DR -15 -1,542,00 102-8 3,752,257-60 612012017 6/2C)/2ü17 TRANSFER ACCOUNTTo ACCOUNT -NMB BAN DR -124,462,62 18,948,000-00 102-72 3,567,794-98 G/20/2017 6/20/2017 TRANSFER ACCOUNT TO ACCOU N-BANK OF DR -633,00o-00 -65,()21,760,00 10272 2,934,794-99 612012017 6120/2037 TRANSF6 R ACCOUNT TO ACCOUNT W4B BAN DR -1-5 -1,540,80 10272 2,93A,779,98 911012017 9/1D/2017 ORMT TRANSFER ACCOUNT TOACCOUNT NMB BAN DR -370,M 06 -37,726,000.00 101,76 2,564,04492 9/2212017 912212017 TRANSFER ACCOUNT 70 ACCOUNT HIMALAY DR -382,824.67 -39M4,070.90 103.4 2,191,220,25 9/2212017 9/22/2D17 TRANSF E R ACCDU NT TO ACCOUNT EVER EST DR 5.39190 -557,522 10 1D3.4 2,175,828.35 4/412018 4/4/2iD18 ORMT CE BJ-- E D AS PER LETTE R RE F: 20774,'75 DR -6,287,67 -652,156.67 103.72 2,169,540.68 41412018 4/4/2018 DE 34E D AS PER LETTER REF NO 2'1741 DR -287.13673 29,731,82146 10372 1,892,403.95 4/2112018 4/24/2D18 6[RMT/1D3/74/75 /RFS/AC559921 CR 751,496.74 79,711,259,21 106,07 2,633,900 69 4/25/2018 4/2512018 TRANSFER ACCOUNT TO ACCOU NT CIT121ý. N OR -11,33037 -1,200,000.00 i05-91 2,622,570 3 2 5/3012018 5/30/21318 ORMT PA-SA. 2074j2075, CHA NO. 230 DATED DR -52.19823 -5,652.024,51 -08-28 2,570,37 2 09 Q3 ��. v г• п гч �- � и� ю ^� J�� < -а �э ® .- о м т о г-+ цз ш,xi с; vi ею еп N Q 4+� IXl �.}' V 4 N 6f м Q� ГУ fч1 гV И 4П �ll i+ N ьf5 д! д� �D и7 iR ц.7? 4Т Г� �л т м т м л v,� о� р tn - in и v� ui �п � v г- rv н м гч rч гv г� sv rv н н .-н л п г+ г�- ^ n v с v т - в о е1 о о� п т т т О Q+ Q+ Q1 'Л .� С7 [7 4 � н �- � ,-е ы av v мч в г� са с м м г.rv n. - ❑[7 м rv ш т и� и� с� г� а а оо �гi oi .4i i+ г• о о=ч о^ и rn п об О в�Э гч СЭ iIt г�. 4 Т ,ч � а� а гчi v м � ао cti - м т rn г-� � п Q1 т р иу и и�м м гп т v м --+ н ' ' iд .� гп м � � � � ^ � , гV rv [] ц•, �D Г- v GC � й О Г� т ~ гс о�ь ш т сё го п цi ю и .� in гч м в, о .-+ rv гч м га w �д w м rn v ir: цг .1 ы гч цг вi гч , , �у г. г. -- � � � � ш цр , � � � `v rr с гс � гг гс се ес х r[ n r гэ ❑❑❑ о о с� ❑ а -. С � t � � � W - � т sx � р ❑ ^ ` г-. ^ r. Сь г П в rv с F- f-- '._ 1- .. iП Еа .. ¢ а i- ц г-� г� и �л �п � -- ^ т �� j р � С�7 [7 а '" г+i т п"'i r�y ❑ � � � � О❑��[} � и п с са а � ш ш v = i,S � Q г,-�у �. rv nr 4 --� и и� и v++�+ СЭ О[� ❑ '� м й � й„� ��� г г � g^в г-м'- о^ ¢ а а¢ ,w гч м о Гч 4 г r х= х � � ё о` v�� w+.� и и �и � � о о о^¢ л г-и'- г`= n ' -�J . �# Гv гц . � � [7 ❑ 6 О ' � rv гч sv гч о л й й й й �г v�` й v _ rv п л г. г� а i а п� q Ф q в о �.. Е �с � : � У- 1- F- Н 1- 4- Н rс Fс- 1•- } ���'. 2 S i i' � С С� �{}l`г 1 � lT. ГС ьУ. h' гУ, (Т'. ГУ п � гЭ П в гЭ сЭ и[> г� гЭ � Q] CG Об .�'i гЛ гЛ ! � bfJ гА Н в G U q в[] � о р � . rv гц гчд гч rv гЧ гV ГV rV i t � .` i v.� v,^ _v а ш н iп ьn .п � и и sд `ш i в�-� ~ � ^ n л` п ю�э са ю ю[а ц� � ю гr7 ,� н �ч в с� г� с+ ci о о о п о гч rv r� г� rw гч гч гч ги гч в в в . �,. в. -� � ч а� С ц ц х.э м�-ч н� .� д � � с` ��д �' �. .... ч`г г+ г- г- г-. 19- A 1) l- 2 018 World Bank Paymellt Advice Counhy: Nepal - E iiergy Efl'icieiicy ProJect : 11146344 -Nel)al: Grid Solar and 0: Kl i n i.ý11.y 0 l- F i nan cc- - l- 11 e P innil Addi-ess: of Fillarsce (V -) R iý 0 W --- R 01 R 1-,'C( ) R 1) Su ni ma ry Loaw 11) A 1 5 5 6 60 N P llol.?.osvej, Rcfciýcncc: 3 Appliention typp: DA-A; Acct rio 1206) 01-001-040-840 W B , l 1-; 111 sa c t i (y ii ,, ii i bl 1) e 1-: 000,5 Valtie Datc l 9-Api,-20 l 8 I 111 (1 iýIiju 1.,wd Umn 11 Bä l a ii cc ås o 1, 1 9-A p1.-20 18 ý X 1) IZ 8 1,657,3 17.44 11ý,tvlllcllt Detalils Appliention Aiiiokjiii: United stutcs Dollävs 7.51,496.74 På(1 Allitnint: ljnited sutes Dolial-s 751,496.74 N V- PA l , L LECTRI CITY A UT 1-10 R ITY-GR 1 D Cost Cljrt-CTICY Details COSI istiloullt in Cos1 C1,ey. Exellange lkate ('orlinlitriieill Cey A11101111t in Cerninlimiellt Cev IJSVI 7 5 1,41) 6. 7 4 1.451608000 XDR 516,109.51 TOTALI s 16,109. s] -1 Mal Ii-SI) liý(i,ktivlilellt oi Cusi Cunývjicy Aniokinl: 7'SI, 96.74 I)k'lllilS Doffilvs 751,496,74 Docilillermed A111o11111 Unitc(1 simc,ý 7 -)1 4 9 6.7 4 C1IItegoj.Y Applicafion 011.1'CEICY Amount Coillinitinerit cey Commit Cey Amt 2 USD 7 51,496.74 x t) R 516,109.51 1, 0 1 AL. 5 16,10 9.51 11-the bcnchclal,V 11a111C 01, C1II-I-ency is liol colisisteri( vvith your application, or ä ffie arnount is greater lhan ihe Wlount hpecired 111 Ycyllt. application, pluse coniact Lis iiiiiýnediately. It is not riccessary to contaCI LIS ifthe above is coJICCI, Fänad V;1 x Plione lo,15 v wo i I d ba ii k, i i r Lý P,_ý5 0 2- 45 8 7 7 8 XDR special DIýIwlng DA Dcsignaýc([ Acegiýrý( IISD Sme-s DoHai,ý Nepal Electricity Authority Statutory Audit for Fiscal Year 2074/75 (2017/18) SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNT Significant Accounting Policies and Notes to accounts For the Fiscal Year 2074/75 (2017/18) 1. Background The Special Purpose Financial Statement are Prepared to meet the reporting requirement of the Financing Agreements IDA Credit no : 5566 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 Nepal Electricity Authority Which was incorporated on Bhadra 1, 2042 ( 16 Aug 1985 ) Under the Nepal Electricity Authority Act ,1984, through the Merger of the Department of Electricity of Ministry of Water Resources, Nepal Electricity Corporation and related Development Boards. The merger Was necessitated to remedy the inherent weakness associated with these fragmented electricity organizations with over lapping and Duplication of Work , and became necessary to achieve efficiency and reliable service . The principle 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 Aug 14,2015 and than loan are exclusively used for intended purpose of the project in compliance with the Financing agreement. Grid Solar and Energy Efficiency Project is Component unit of NEA and not an independent project in it self . These Special purpose financial Statements are prepared by financial information derived from the NEA's Accounting System as of July 16, 2018 and a part of the NEA's overall financial Statements. 2. Project Information Brief project's description, including reference to loan/grant agreement, date effective, total amount, share of funding and location of projects. Also, mention, if there is any subsidiary loan agreements between GON and NEA, in addition to loan/grant agreement between GON and funding agency. The Government of Nepal has received a credit from the World Bank toward the cost of Grid Solar Energy and Energy Efficiency Project (GSEEP) under IDA Credit No, 5566-NP (Project ID P1 46344) for an amount of USD 130 million. The financial agreement between GoN and the 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/Supply), Construction/Erection, Testing, Commissioning and Five Years of Operation & Maintenance of 25 MWp L1ility 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 1 1/0.4 kV Distribution Systeni(Dolakha. Rammechbap, Sindhuli) c. GSEEP/W/ICB-04: Design, Supply Installation/Erection, Testing and Commissioning of 11/0.4 kV Distribution System in Kapilbastu. Gulmi and Arghakhanchi districts. d. GSELEP/W/ICB-08: Design, Supply Installation/Erection, Testing and Commissioning of 11/0.4 kV Distribution System in 11am,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. Basis of Presentation These Special purpose financial Statements are prepared by in accordance with NEA's Financial Administration Regulations 2068 terms of Financing agreements with WB and Nepal accounting Standers 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 Statement are consistent with those of previous year except for the change in accounting policy , If any explained below 3. 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 Nepali Rupees. 4. Summary of Significant Accounting Policies A. Capital Work in Progress and Capitalization of Fixed Assets All expenditure in developing property plant and Equipment not yet completed or not ready to use are categorized as CWIP, The value of CWIP also included Capital Stock of equipment laying in store or in transit for the purpose of use in the construction or development. These are capitalized upon commissioning or identified as being ready to use. B. Depreciation Depreciation is provided on property plant and equipment except land on straight line method based on the estimated useful life of those assets. The rates of depreciation applied on property, plant and equipment are as follows: Depreciation Rate (per Assets Category __ annum) A Furniture and fixture 20% B Office equipment 15% C Miscellanieous property 50% D Vehicle 20% E Additions during the year 50% of applicable rates C. Interest during Construction Period IDC is Calculated from the date of amount withdrawn by using buying rate of the spot exchange date during the year @0.75 as 30 days month and 360days in year for the payment of Designated Account. The direct Payment and Payment from special Commitment is apply for the calculating IDC is given value date of advice of world Bank.IDC is treated as payable to GoN. D. Sources of fund There are three sources of fund for the project. The sources are as follows; * GoN (Share and Loan) * IDA * NEA sources All project income received in the form of loan, share investment and contributions are accounted for on cash basis. NEA contribution includes contribution made both in cash and kinds are used for rehabilitation purpose. Foreign Currency Transactions and Exchange Gain/Loss Transactions in foreign currency are stated in terms using the exchange rate prevailing on the date of transaction i.e. Spot exchange rate. Foreign currency liabilities as at the balance sheet date are converted in Nepalese rupees by applying closing exchange rates. The gain loss arising from such transaction is recognized as related CWIP items. P Designated account The project has a designated dollar account in 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 World Bank. Therefore, these accounts have not been incorporated in the books of NEA. The balance is shown in the financial monitoring report. Miscellaneous Income Liquidated Damaged amount is recognized as Miscellaneous Income. It is the penalty chargeable on late completion of work under contract is accounted for on cash basis. 1. Notes to the Accounts a. Grant and loan. There are three sources of fund for the project. The sources are as follows; * GoN Loan * GoN Share * IDA (WB) Description Up to Previous Year This Year (NPR) Up to this yc ir (NPR) GoN Share - 60,000,000 60,000,000 GoN Loan 130,000,000 - 130,000,000 IDA credit 320,225,580.48 77,131,936.85 397,357,517,33 b. Work in Progress Particulars 2073/74 (in NPR) A: Capital Work in Progress: Opening WIP 535,203,118.61 Add: Addition during the year 276,352,l9.52 Less: Capitalization during the year 0 Less: Transfer during the year 0 Closing WIP 811,555,258.13 C. Cash at Bank Cash at Banks amounting to NPR 1961303.10 maintained at NMB. Cash at banks also include foreign currency balance of US$.1197299.37 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 19383233.27 is ( 19383233.27/830938491.40.) 2.33.% of total expenditure. e. Project implementing Unit Those charged with governance of the project include members namely: Mr. Nutan Dev Bhattrai - Project chief Mr. yaru Rana Project Manager Mr. Vijay Kumar Chaudhary Project Manager Mr. Prakash Raut Project Manager Mr. Binod KumarJoshi - Account Chief Mrs. Sangiata Karki Poueyal Assistant Manager ( Civil M r. Kapil Joshi........ - Engineer Mr. Prakash Budha Engineer f. Key Management Personnel Mr. Nutan Dev Bhattrai - Project Chief Mr. Binod Kumar Joshi -Account Chief Binod Kumar Joshi uta 0ev Bttrai LoVHari Luitel (Account Chief GSEEP (Project Co-ordinator,GSEEP) (Director Account Dept. Nepal Electricity Authority Nepal Electricity Author Lekh Nath Koirala Kulman Ghising DMD,NEA Finance Directorate ( Managing Director) Nepal Electricity Authority Nepal Electricity Authority .n.was 4 111111mmmig *