v. k. verma .& c·o. · 2016. 11. 30. · k. verma & c·o. chartered accountants c-37,...

v. K. VERMA .& c·o. CHARTERED ACCOUNTANTS C-37, CONNAUGHT PLACE, NEW DELHl-110001 TEL : 23415811, 23416858, 23415778, 23411014 FAX : 91-11 -23417925 E-mail : [email protected]

[email protected] Website: www.vkvermaco.com

r ·------------, I In reply please quote I I I I I L------------.J

INDEPENDENT AUDITOR'S REPORT

Deputy General Manager,

National Housing Bank,

Core-SA, India Habitat Centre,

Lodhi Road, New Delhi - 110003

Report on the Project Financial Statements

We have audited the accompanying financial statements of the National Housing Bank- Low Income

Housing Finance Project financed under Credit No . 5283-IN, which comprise t he statement of Sources

and Application of Funds and the Reconciliation of Claims to Total Applications of Funds fo r the period

ended 30.06.2014 (25.02.2013 to 30.06.20 14). These statements are the responsibi lity of the Project's

Management. Our responsibility is to express an opinion on the accompanying financial Statements based

on our audit.

We conducted our audit in accordance with the Aud iting Standards promulgated by the Institute of

Chartered Accountants of India. Those Standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement. Our Audit examines, on a test basis, evidence supporting the amounts and disclosures in the financ ial statements. It

also inc ludes assessing the accounting principles used and significant estimates made by management, as

well as evaluating the overall statement presentation. We believe that our audit provides a reasonable

bas is for our opinion.

In our opinion, the financial statements present fairly, in all material respects, the sources and application

of funds of National Hous ing Bank - Low Income Housing Finance Project for the year ended for the

period ended 30.06.2014 (25.02 .201 3 to 30.06.20 14) in accordance with Institute of Chartered

Accountants of India Accounting Standards.

In addition, as shown by records provided to us, and to the best of our information and according to the

explanations given to us:

(a) With respect of Internal Unaud ited Financial Report, adequate supporting documentation has

been ma intained to support claims to the Government of India for the reim bursements of

expenditure incurred;

k Kreston International A Worldwide network of independent accountants

(b) We have verified the Statement of Sources and Application of Funds as well as the Statement of

Reconciliation of Claims to Total Application of Funds.

(c) Expenditures (including sub loans to PLis) shown in the PFS are eligible for financing under the

legal agreements, are recorded in the books of account of NHB and no other sources of funds

have been received by NHB for these expenditures;

(d) The bank funds claimed during the repo1ted period shown in the Project Financial Statements are

eligible under the agreements. However, they are not recorded in the books of accounts of NHB

due to non receipt of funds from the Government of India. The same should be recorded in the

books of accounts as assets & liability. Further necessary disclosures should also be made in the

notes to accounts;

(e) The accounting, and internal control systems underlying the project, including material compliance with the Project Operational Manual, and oversight over the Project funds were adequate and maintained throughout the audit period;

(f) Project funds have been provided to PLls that meet the eligibility criteria given in the Project

Operational Manual and that the aggregate of the housing loans made to beneficiaries under each

category (quadrant) is within the individual limits set forth in the Project Operations Manual;

(g) Procurement done by NHB under the project had been undertaken in accordance with World Bank guidelines.

For V. K. Verma & Co. Chartered Accountants

(Vivek Kumar) PARTNER Date: 26th May 2015 Place: New Delhi

v. K. VERMA & c·o. CHARTERED ACCOUNTANTS

C-37, CONNAUGHT PLACE, NEW DELHl-110001 TEL. : 23415811,23416858,23415778,23411014 FAX : 91-11-23417925 E-mail : [email protected]

[email protected] Website : www.vkvermaco.com

Deputy General Manager,

National Housing Bank,

Core-SA, India Habitat Centre,

Lodhi Road, New Delhi - 110003

Date: 261" May 201 5

Respected S ir,

Management Letter

r------------., I In reply please quote I

I I I I L----------~-J

Thi s management letter is provided in connection with your audit of the Project Financial Statements

of the Low Income Housing Finance Project under Credit No. 5283-IN (the Project) for the year

ended on 30.06.20 14 (25.02.20 13 to 30.06.2014) for the purpose of expressing an opinion on the

fi ndings of the audit and recommendations for improvement in Interna l Control and other matters coming to attention of the auditor during the audit.

Our audit plan was prepared using a risk-based methodology that includes an assessment of the

systems, records & control of the Bank.

The following methodology was adopted for the purpose of our review:

• Review of the agreements entered by the JOA, Government o f India & National Housing Bank provided to us.

• Verification of the quarterly Internal Unaudited Financial Report along with the refinance

disbursement sheet provided by the PLI to the concerned Department.

• Veri fication of compliance of the project with the Operation Manual, identification of key

ri sk/weaknesses, methods for mitigation of these key risks/weaknesses.

• Selection of a sample of Procurement cases and checking of procurement documents & assets

created in order to ascertain the soundness of the procurement system.

• Discussion of the same with the personnel responsible for its maintenance.

The bank funds claimed duri ng the reported period shown in the Proj ect Financial Statements are

eligible under the agreements; however they are not recorded in the books of accounts ofN HB due to

non receipt of funds from the Government of India. The same should be recorded in the books of

accounts as assets & liabil ity. Further necessary disclosures should also be made in the notes to

accounts.

For V. K. Verma & Co. Chartered Accountants

Place: New Delhi

N Kreston International A Worldwide network of independent accountants

Tool for Post Reviews of Contracts Ind ia: Low Income Housing Finance Project (Credi t No. 5283-IN)

-Date of Audit: I Name of A~enc11 : National I lousing Bank

Contract For: Awardin~ contract to Procurement Specialist/Expert

Contract No. and Date: 0112014 and 26-f une-2074 I Contract A mount:< 15,00,000.00 Contractor/Supplier's Name and Address: Mr. Keta11 Mandani, A-33, Prn11ik Garden, Malrn11virnagar,

Dahanukarwadi, Kandiwali (W), Mu111bai (M.S.)-400067.

Description of Items procured and Quant"ity: Not AepJicable -

PROCUREMENT METHOD: Goods-'.:~ r- /NCB/QH:ea Contracting Services- Q@S/bG§/f'ij§/GQ§/§§§/IC

A spects Comments and Findin~s

Quality and completeness of Procurement Documenta tion (Filing)

Deta ils of Ad vertising ii\. Published advertisement inviting EoI and ToR on NHB's website.

13. Pan fndia Adverti sement published on Feb 24-25, 2014 in 6 Newspapers viz.

1. The Economic Times 2. Financial Express 3. Business Line 4. Business Standard 5. Times of India and 6. Navbharat Times (H indi)

EoI/ Pre/post qualifica tion carried out as required Yes

Time allowed for submission of bids/proposals. 16 d ays (till March 12, 2014)

Availability and quality of Bid opening & minu tes of bid Not Applicable - Evaluation process explained opening elsewhere. Bid security records (for goods procurement) Not Applicable

No. of bids sold (for goods procurement) Not Applicable No. of bids/proposals submitted 08 No. of bids/proposals found responsive 04

Bid/Proposal Evalua tion process- verify bids/proposals- An Evaluation Committee comprised of 3 Officers Names of bidders; evaluation committee, quality of evaluation of NT-m along wi th 2 PIU members have reviewed minutes. 8 (Eight only) CVs received and conducted

preliminary screening an d has shortlisted 04 candidates w ho met eligible criteria. Ou t of 100 mark, 70 marks was awarded on technical merits. Names of the shortlisted candidates are:

I. Mr. Sanjay Lia ldhar Bhirud ii. Mr. Ketan Mandani

ii i. Mr. Girdhar Lal Gandecha iv. Mr. Prakash.

Further, a I Tigh Level committee comprised of 04 high level NI TB 's Officers had undertaken the interviews of 04 shortlisted candid ates. Balance 30 marks were awarded in the interview. The marks arc based on

• Knowledge Domain

• Familiarity with the Low Income Housing sector in Ind ia and the related social and environmental safeguards.

• Familiarity with World Bank's procurement guidelines.

• I Tands - on experience of having worked in procurement on project/s funded by WB.

• Their availability and flexibility for the proposed assignment.

• Efficiency/expertise and

• Expected remuneration .

Bid/Proposal/Quotation validity period Not Applicable - Tl's an JC and no bids were submitted. Applicants fwd submitted their CVs and interviews were held to select the final candidate.

Contract document /\vailablc

Reference to Bank and "no objection," if any (not required No Objection from World Bank was obtained with under Agreement) respect to appointment of Mr. Ketan Mandani as

Procurement Expert.

Advance payment guarantee details and records Not Applicable

Performance security details and records. Not Applicable

Complaints & other matters No such issues observed.

Contractual completion date 25-Junc-2017

Actual completion date -

Delivery receipt or similar instrument. Not Applicable Liquidated damages, details and enforcement for delays. Not Applicable

Timeliness of payments Monthly billing based on man days worked.

Other matters -

Compliance with agreed provisions- Yes or No (Explain) Yes Observations:

Deviations and Comments: No deviations observed.

Note: Fill the checklist separately for each of the Contracts audited.

India: Low Income Housing Finance Project (Credit No. 5283-IN) Statement of Reconciliation of Claims to Total Applications of Funds

R epor t f th or d d 30 06 2014 e year en e -Sch

Particulars edu Current Year

Previous Year les 2013-14

2012-13 (July to June)

Bank Funds claimed during the reporting period (A) I 491,658,453.00 Nil

Total Expenditure made during the year (13) 184,821,962.00 302,325,096.00

Less: Ineligible expenditures (C) Nil Nil

Expenditures not claimed (D) Nil

Shortfall Amount received due lo Forcx Fluctuation 18,896,635.00 Nil and Capping on Quadrant 1 -Expenditure incurred but not claimed till June 30, 14 165,925,327.00" Nil

Total Eligible Expenditures Claimed (EHB)-(C)-(D) 302,325,096.00 Nil

World Bank Share@ 100% of (E) above (F) 302,325,096.00 Nil --

(A) - (F)* 189,333,357.00 Nil

(Amount in ~)

Project to date

491,658,453.00

487, 147,058.00

Nil

Nil

18,896,635.00

165,925,327.00

302,325,096.00

302,325,096.00

189,333,357.00

Particulars Claim in INR submitted under Compon ent I !-------+------

Claim in INR sub m itted under Com on en t II

Claim in INR submitted un der Componen t III -

Ex enses _N_il~ ______ 4_87~,_14_7,058.00 ~---------N_i~l

Retroactive claim submitted by NI TB vidc IUFR 31 .12.2013 contained Expenses, Forecast of cash requirement for next two quarters vis-a-vis claim amount settled by World Bank arc given as under:

- -Particulars Claim in INR submitted by Amount Settled

NIIB Expenses - 321,221,731.43 302,325,096.00

Cash Forecast next Q uarters 186,000,000.00 189,333,357.00 ---TOTAL 507,221,731.43 - · 491,658,453.00

"The Claim Details are given as un<!£r:

~~~-:-~~-:-~:--1_u_F_R_fo_r_t_h_e_p_e_r_io_d _____ ~ __ j-------c-1_a_im-in INR ~ubm-it-t-ed_b_vN_H_B __ 14_l~~::_~_:~::_~_:_:~-~-i TOTAL . 165,925,327.00

Notes: The Project follows forecast based advance. The difference calculated above represents the amount

~~o'""'' "'P'"" of fNR 186 million.

11 l

D'puty G"'""' Munag~--- . G'"""' Munug" Nllll - -----

Dated: May 21, 2015

Schedule I

Bank Funds claimed during the reporting period (As on June 30, 2014)

Date of

Receipt by SOR

Govt. of

India

25-Mar-14 3,206,000.00

25-Apr-14 2,012,262.00 -

TOTAL 5,218,262.00

Dated: May 21, 2015

Exch Rate (SDR-USD)

-l .54548

1.55047

USO

-

4,954,808.8 8

6

4

3, 119,951.8

8,074,760.7

General Manager NT m

-Exch Rate

INR (USD-INR)

61 .0165 302,325,096

60.6847 189,333,357

491,658,453 -

Annexure 1

Example of a Statement of Sources and Application of Funds (projects implemented by core government departments)

Name of the Project India: Low Income Housing Finance Project

Loan/Credit/Grant No. Credit No. 5283-IN

Statement of Sources and Applications of Funds Report for the year ended June30, 2014

Particulars Current Previous Year Year - - -

Opening Balance, (if cash balances are controlled by the entity) (A) ,____

- -

Receipts National Housing Bank 487,147,058.00 Nil

-Funds received from Government through Budget (These will include external assistance received by Government for the project.) Nil Nil Funds received directly by Project Implementing Authority through external assistance Nil Nil Beneficiary Contribution (if antl_ Nil Nil

-Total Receipts (B) 487,147,058.00 Nil

--- -

In~

Project to date

487,147,058.00

Nil

Nil Nil

487,147,058.00

- - --Total Sources (C =A+_ B) 487,147,058.00 Nil 487,147,058.00

---

-Expenditures by Component Component - I

- --Component - II 184,821,962.00 302,325 ,096.00 487,147,058.00

Component - III Total Expenditures (D) 184,821,962.00 302,325,096.00 487,147,058.00

--Closing Balance, (if cash balances are controlled by the entity) (C-D)

Deputy General Man General Manager NHR

Dated: May 21, 2015

Sr.No.

1

A

i)

B

Bl

I

II

i)

ii)

iii)

iv)

Il l

B2

Interim Unaudited Financial Report

LOW INCOME HOUSING FINANCE PROJECT

Credit No. 5283-IN

Implementing Agency - National Housing Bank

Sources and Uses of Funds for the quarter ended 30.06.2014

Item Current Quarter (CQ)

2 3 SOURCES OF FUNDS

IDA 18,425,919

Total Sources of Funds (A) 18,425,919

USES OF FUNDS

EXPENDITURE BY COMPONENTS

Capacity Building of NHB and Primary Lenders*

Financing Support for Sustainable and Affordable Housing

Secured Sub Financing to Formal Primary Borrowers 0 Secured Sub Financing to Informal Primary Borrowers 18,425,919 Loan secured alternatively, Sub Financing to Formal Primary Borrowers

(including Pilots) Loan sercured alternatively, Sub Financiang to Informal Primary

Borrowers (including Pilots)

Sub Total Component II 18,425,919

Project Implementation*

Total Expenditure by Components (Bl =l+ ll+lll))

Pre Financing/Prospective Disbursements (NHB)

Total Uses of Funds (Bl + B2) 18,425,919

H

Amount

Year to Date (YTD)

4

165,925,327

165,925,327

0 165,925,327

165,925,327

165,925,327

• Expenditure incurred by N~tder component I and Ill will be reported in the IUFf!or:.._exyf(J?. ~ 0~

General Manager - NHB

Date: - Deputy fiene~I Managef-PIU/NH~

Notes 1. IFRs will be prepared on cash basis. 2. The figures should be taken from the account codes allocated to the Project.

3. Details of Qualified Plls and housing loans to primary borrowers will be provided in the Annex to IFR 2.

4. Total Expendit ure by Components should match w ith the details in IFR 2

IFR 1

In INR

Cummulative to Date

(CTD)

5

468,250,423

468,250,423

302,325,096

165,925,327

468,250,423

468,250,423

I

II

Ill


IFR2


Credit No. 5283-IN


Project Expenditure by Component/Sub Component during the quarter ended 30.06.2014

Total For the quarter

Apr'14 to June'14

Project Expenditure Provision as per PAD (CQ)

Capacity Building of NHB and Primary Lenders•

b. Consultant's Services

-- Financial literacy Module

-- Market Infrastructure (credit bureau for informal borrowers)

-- Pilot on underwriting unsecured lending with alternate collateral

Add as required

Sub Total Component I

Financing Support for Sustainable and Affordable Housing

Formal Dwelling- Formal Sector Income Quadrant 5% of the credit 0

Formal Dwelling- Informal Sector Income Quadrant 50% of the credit 18,425,919

Sub Total Component II as above 18,425,919

Project Implementation*

a. Goods (Office Equipment, Computer, Software etc)


-- Monitoring & Evaluation

-- Impact Evaluation

Add as required

c. Incremental Operating Costs

-- Salaries of Contractual Staff

-- Salaries of NHB Staff assigned to PIU

-- Office Expenses, Maintenance, Rent , etc

- 0 & Mand hiring of vehicles, equipment and goods

-- Travel

-- Others

Sub Tata/ Component Ill

Total Expenditure (1+11+111}) as above 18,425,919

(Amt. in INR}

Total Cumulative

for year 2013-14 Total Cumulative to

(YTD) date (CTD}

0 302,325,096

165,925,327 165,925,327

165,925,327 468,250,423

165,925,327 468,250,423

• Expenditure i~:r.. by NHB under component I and Ill will be reported in the IUFR for next quarter

~(',h~ . I~ General Manager~ Deputy General Manager ~I c , \ Date: -rlN" ·I

·y ' ) '

Notes The sub totals and total should match with the corresponding items in IFR 1

Expenditure

1

I Capacity Building of NHB and Primary Lenders


-- Financial Literacy Module

- Market Infrastructure (credit bureau for informal borrowers)

-- Pilot on underwriting unsecured lending with alternate

collateral

Add as required

Sub Total Component I

II Financing Support for Sustainable and Affordable Housing

Sub Total Component II

Ill Project Implementation

a. Goods (Office Equipment, Computer, Software etc)


- Monitoring & Evaluation

-- Impact Eva luation

Add as required

c. Incremental Operating Costs

-- Salaries of Contractual Staff

-- Salaries of NHB Staff assigned to PIU

-- Office Expenses, Maintenance, Rent, etc

-- 0 & M and hiring of vehicles, equipment and goods

-- Travel

-- Ot hers

Sub Total Component Ill

Total projected Expenditure (1+11+111))



Credit No. 5283-IN


Forecash of Cash requirements for neKt 2 quarters

IFR 3

IJN INDIAN RUPEES (million)

Cash requirement for next _.9lsh Total cash IDA Eligible cash 1st quarter(') requirement requirement for requirement for the

ELIGIBLE % tomext 2nd the next 2 next two quarters q"Uirter quarters -

2

100% 0 61 Million 61 M illion

~ -

/ /

//*">-~

IN USO EQUIVALENT

Total cash IDA Eligible cash requirement for requirement for

the next 2 the next 2 quarters quarters

~ --.....,LO~ ;r ~"" '

'"" "" """""= amoon< a1 """ ,,.,. mm•on " an '"·=·'"'" m auumon " '"'" ,.,,. na. '"'m"'~ a pmJ< """ 01 """ , - .u mmmn IT'' "''.jl':-"""'" '""' "l':J, J"' •• " ·~~ /UFR for the quarter ended 31.03.2014 I , ~ NE' )ELHl l ~ j \ ~\ L=1 J)~ r;; ~-

'- J "" &. (:"f?'-~~'"' o'° ~ ~ E rC

-


LOW INCOME HOUSING FINANCE PROJ ECT Credit No. 5283~1N

Implementing Agency - National Housing Sank Report for the quarter ended 30.06.Z014

Part A: Financial Support for Sustainable and Affordable Housing to Qualified Primary l endine Inst itutions (PU) - segregated by each line Item mentioned under 81.11 of IUFRl

Disbursements t o Qualified Plls by NHS

Name of the Nature of Pll

Date of Amount Sanctioned Date of

Rate of Tenure S.No

Qualified PLI (HFC/bank/MFl/o

Sanction (INR) Disbursement to

(Yrs) the rs) Plls by NHB

Interest Current Quarter Year to Date Cumulative to

(CQ) (YTD) Date (CTD)

l 2 3 4 5 6 7 8 9 10

Gruh Finance 23.07.13, 05.08.13 &

1 limited

HFC 12.05.14 18,753,900,000 25.06.14 3,032,364 40,822,242 40,822,242

27.06.14 396.578 Sub-Total 18,753,900,000 3,428,942 40,8Z2,242 40,822,242 India Shelter Finance Corpn.

2 Ltd. HFC 12.11.13 150,000,000 11.04.14 8,189.686 8,189,686 8,189,686

Sub-Total 150,000,000 8 189,686 8,189,686 8,189,686 Micro Hous:nc

Finance 17.09.13 & 3 Corporation HFC 12.11.13 200,000,000 08.04.14 6.807,291 19,579,236 19,579,236

Sub-Total 200,000,000 6,807,291 19,579,236 19,579,236 Grand Total 19,103,900,000 18,425,919 68,591,164 68,591,164

• This is the cumulative amount disbursed by GRUH F;nonce Ltd. to its pr;mary borrowers. It Includes INR 3,435,000 disbursed during the current quarter.

Notes: 1. Total of columns 10 to 13 should match w ith amount in column 9.

2. Please provide sepaarte Pll~wise detailed list of the primary borrowers (name, amount of loan, location etc.) under columns 10· 13.

Part B: Pre-Finance/Prospective Disbursement

In INR

I Dateof I I 0/s at the I Amount I I I

Nature of PU beginning Disbursed Amount 1

Name of the (HFC/bank/Mfl/o of the during the adjusted during O/s at the close Amount included

S.No Qualified Pll the rs) Sanction Amount Sanctioned I quarter quarter the quarter of the quarter in Part A above

1 2 3 4 5 6 7 8 I 9 10 (o"t o' 8)

I

Grand Total

Ir is ctrtifitd that tht amount shown undt:r Compontnt 11 hovt btt:n madt: only to PLls that havt complit:d with the minimum t ligibility crittflO as givt:n in tht Projt:ct

Genera/Mo~

Dote:

~ ()aJ'v..,/Jr -----D•puty G•neral Manager-Pl~

Annex to IFR 2

INR

Lendine by Qualified Plls to Primary Borrowers (cumulative out of column 10}

Secured Sub-Financings Unsecured Sub-Financings

Informal Informal Pilots for Formal Primary Formal Primary

Borrowers Primary

Borrowers Primary Informal Primary

Borrowers Borrowers Borrowers

11 12 13 14 15

41,576,135'

41,576,135

8,278,500

8,278,500

7,490,877 I 7,490,877 I

57,345,512

\\ I

1

1

2

3



Credit No. S283-IN


Schedule of Drawl from JOA for the quarter ended 30.06.2014

Actual Eligible Expenditure

Category Year to Date Cummulative to

Current Period (YTD) Date (CTD)

2 3 4 5

Goods, consultants' services, and Operating Costs

under Part A of the Project

Sub-Financings including pilot subfinancing under

Part B of the Project 18,425,919 165,925,327 468,250,423

Goods, consultants' services, and Operating Costs

under Part C of the Project

Grand Total (1+2+3) 18,425,919 165,925,327 468,250,423

IFR 3

In INR

Reimbursement Reimbursable from

o/oage World Bank for

Current Quarter

6 7=3*6

100% 18,452,919*

0 • NHB has unutilised a Vnaunt of INR 23.18 million as on 30.06.2014. In additi~hcxitted a projection of INR 304.17 million (for the qtr ended June and Sept'14} to 1.-1 '18 in the IUFR for the quarter ended 31.03.2014 ~

"',,I General Mdno erfVH g~ Dote:

De u p ty General Ma r - PIU N 8

Interim Unaudited Financial Report IFR 4


lnlNR

Sr.No. Contract no./ Description of Work WBRNo. & Supplier/ Date of Contract Commence- Dat e of Amount paid - Amount paid - Amount paid

DateofWB Consultant Contract Amount ment Date Completion Current Quarter Year to Date Cumulative to

NOC [INR) (CQ) (YTD) Date (CTD)

1 2 3 4 5 6 7 8 9 10 11

1 Capacity Building (Component 1)

Contract No.

01/2014 Individual

(NOC : Consultant: Mr.

i) Contract 1 : Procurement Expert 17.06.2014) Ketan Mandani 26-Jun-14 1,S00,000 26-Jun-14 25-Jun-17 0 0 0

ii) Contract 2

2 Project Implementing Unit [Component Ill)

i) Contract 1

ii) Contract 2

Grand Total (1+2)

Technical Review for Component II - Financial Support for Sustainable and Affordable Housing In INR

Hnanc1a1 Date of

Support to submission to Date of No

Sr.No. Name of PLI Qualified

World Bank for Objection given Primary

Technical by World Bank Lending

1 ~ ~ .. : ·-- Review

Informal Formal Informal Pilots for c ~~ Total Amount Formal Primary Informal

Disbursed Borrowers Primary Primary Primary

Primary {/.:, ( ..,o Borrowers Borrowers Borrowers Borrowers ~ ) .

1 2 3 4 5 6 7 8 9 10 ~ NEW DELHI > ~ ) \»- \ ):;: 1 -<> l ) "

\? '- "~"',} 2 ~ c 3 4

5

II Grand Total Cumulative ta Date ~~--

4( ~,~ro~~ ~4SI~

- fi ~~' General Manag~ Date: ~x_'.'!,.•

• ;) . .. // Notes: Fi rst Proposals equivalent to $1 mn in each of the category mentioned in col 4 to 8 should be submitted to the World Bank for technical review.

-;:r_~

v. k. verma .& c·o. · 2016. 11. 30. · k. verma & c·o. chartered accountants c-37,...

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