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                                       'o                                             Kamataka Urban lnfrastructure
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                                                                                      Development and Finance Corporation Ltd.,
(dmrei iaordd w{S)                                                                    (Govemment of Kamataka Undertaking)




       No. KUIDFC /FIN/WB/KUWSMP/2024-25                                                       /lth   Decem ber, 2024

       Ms. Upneet Singh
       Senior Water Specialist
       Task Team Leader - KUWSMP
       The World Bank,
       70, Lodi Estate, New Delhi- 110 003.

       Madam,

                Sub   : Audit Certification for World Bank assisted KUWSMp
                          Loan No. IBRD 8601 lN
                Ref   :   KUWSMP Loan and Project Agreements

           With reference to the subject cited above, as per covenants of the Loan
      Agreement No. 8601 lN, we are forwarding herewith the signed Audit Certificate
      (Audited Project Accounts) for FY 2023-24 for the World Bank assisted Karnataka Urban
      Water Supply Modernization Project (KUWSMP) Loan No. 8601 lN certified by M/s. MNS
      & Co., Chartered Accountants, Bangalore vide audit report dated 1,2.1,2.2024 for your
      information & records.

               Thanking you,



                                                                        a General Manager (Finance)

      Encl : As above

     copy to : l-. controller of Aid Accounts & Audit, Ministry of Finance (DEA), 5'h Floor,
                   Wing, Janpath Bhavan, New Delhi- 110001.
               2. Mr. Krishna Murthy, Financial Management Specialist, The world Bank, 70,
                   Lodi Estate, New Delhi- 11 0003.
               3. The Secretaryto Government (FR), Finance Department,4th Floor,4th Gate,
                   M.S. Building, Dr. Ambedkar Veedhi, Bangalore




dneooood dqleo : drlooatdrq qldd, + 22,l7de'apr' erdd$ d$e abqpc d& qoaoadrld, 2de dod, dorlsta&-560                             038
      Regd. Ofiice : Nagarabhivruddi Bhavan, # 22, 17th'F' Cross, Old Madras Road, lndira Nagar 2nd Stage , Bengaluru-560 038.
                  Phone : 080-25196124-129 Fax: 080-25'196110 E-mail : info@kuidfc.com, website : www.kuidfc.com
             PAN   'AMCK6953F TAN : BLRK01111F GST No. ' 29AAACK6953FIZC CIN : U85't101(A1993SGC014869.
MNS&Co.
Chartered Accountants
                                                                           # 163,2nd Floor,
                                                                            R.V. Road, Near Minerva Circle,
                                                                            Bangalore - 560 004.

                                                                           Phone :080 - 2657 2290,2657        3319
                                                                           E-mail :camnsco@gmail.com

                                  Independent Auditot's Report

To.

The Board of Directors,
Karnataka Urban Infrastructure Development & Finance Cor.ooration Limited.
Nagarabhivruddi Bhavana,
#22,17rn 'F'cross,Old Madras Road, lndiranagar 2"d Stage,
Bangalore- 560 038

Report on the Audit of the special Purpose Project Financial statements

0pinion
We have audited the accompanyingSpecial Purpose Project Financial Statements ( hereinafter
referred to as the "PFS") of Karnataka Urban Water Supply Modernization Proiect (herein
after referred to as the project") financed by the Lrtemational Bank for Reconstruction and
Development (IBRD) under Loan No. 86O1-IN project implemented by Hubballi- Dharwad
Municipal Corporation, Belagavi Municipal Corporation and Kalaburagi Municipal
Corporation and Kamataka Urban lnfrastructure Development & Finance Corporation
Limited (KUIDFCL) the implementing and monitoring agency, which comprise Expenditure
eligible for financing and Reconciliation of claims with claimable expenditure under the
loan/credit agreement vides Loan No. 8601-IN for the year ended 31* March 2024.

In our opiniory the accompanying Speciat Purpose Project f inancial Statements give a true and
fair view of the component wise expendifure eligible for financing under the said loan and
Reconc-iLat-io-n of C-la*rrr with c-laimatr-le expe-od-itu-re o-f the -P-roject -fo-r the yea-r eaded Mareh
3'1.,2024 in accordance with the financial reporting provisions as required under Section 5.09
of the General Conditions for IBRD financing of the World Bank read with the
F avnc in g / T-oan A greem en-t and Proj ec t Agreem en t bo f-!r_ d a te d 2_4 05 20 L6 .
                                                                                / /
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing issued by Institute of
Chartered Accountanb of India (ICAI).Our responsibilities under those standards are further
described in tl.e Auditors Responsibilities for the Audit of the Special Purpose Pra;lect
Financial Statements section of our report. We are independent of the implementing agency in
accordance with the ICAI's Code of Ethics for undertaking this assignment, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Responsibilities of Management and those charged with Governance for the Special
Purpose Project Financial Statements


The Management of the implementing agency is responsible for the preparation and fair
presentation of the Special Purpose Proiert Financial Statements in accordance with the
finaurciai repurting provisiuls uf St:ciisn 5.09 of tire Geleral Cqntiiiiuls for IBRD finarcing of
the World Bank, and for such internal control as marngement determines necessary to enable
the preparation of the aforesaid Special Purpose Project Financial Statements. This
responsibility includes : designing, implementing and maintaining internal control relevant
to the preparation and fair presentation of special purpose project financial statements that
are free from material misstatements, whether due to fraud or error; selecting and appiying
appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.

The Marngement and those charged with govemance are responsible for overseeing the
implementing agency's financial management and reporting process.

Auditor's Responsibilities for the Audit of the Special Purpose Project Financial Statements

Our objectives   a-re   to obta,ur,re.asonable a$su,ra-nce about qhethe-r the Spec-ial Pu-rpose P-rojeet
Financial Statements as a whole are free from material misstatement. \ /hether due to fraud or
error, and to issue an auditols report that includes our opinion. Reasonable assurance is a
hish
--o^- level
      --    ora-csurance but i-s n-ot a- s)ara-ntee that an aurlit conducted b'r- a-ccordao-ce wif-h &e
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 ol Auditing, we exercise professional
judgment andmaintain professional skepticism throughout the audit. We also :

.   Identify and assess the risks of material misstatement or the Special Purpose Project
    Financial Statements, whether due to fraud or error, design and perform audit procedures
    resrronsive
    -'-r---*-   to flro-se risks- ald obtabt audit e'tidence that i-c srrfficient an-d eootoottal,r 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 unclerstanding of internal control rcIevant to the audit in order to design audit
    procedures ttnt are appropriate in the circumstances.

.   Evaluate .fte appropriateness of accounting policies used and tlre reasonableness or
    accountingestimates and related disclosures made by management.
   Evaluate the overall presentation, strucfure and content or the Special Purpose Project
   Financial Statements, including the disclosures and whether these special purpose project
   financial statements present the Projectt operations and underltring t_ransacfio_ns and
   events in a manner that achieves fair presentation in accordance with the financial
   reporting provisions.

   Communicate witfi those charged with govemance regarding, among other matters, the
   planned scope and timing of the audit and significant audit findings, including any
   significant deliciencies in intemal control that we identifl, during our audil

   Provide those charged with goverrrance with a statement that we have complied with
   relet-rant ethica'l ro-nt-rirt mpntc roaarAino indeno-.nde.nce.
                                                            -ei ila,  ap_d
                                                                     <r iq tO
                                                                           .a COnUnUniCate r,rrjdl dtern all
   relationships and other matters that may reasonably be thought to bear on our
   independence, and where applicable, related safeguards.


Other Matter

'lhe implementing and monitoring agency of the project - K UIDFCL has prepared a separate
set of entity financial statements for the year ended 3I.A3.2024 on which we, M N S & Co,
eha,rte-red -Accou,ntants, -have -issued a sep-arate
                                                      -rndepe-nderrt ,Aud-ito1s Be.po-rt dated
09/10/2024 to the Shareholders of the Company and expressed qualified opinion. Qualified
opinion on the standalone financial statements has no material adverse effects on the Special
  --r --* Prniprl F inanriel Stafemenls
Prrrnnse
-
This report on PFS to KUIDFCL, implementing and monitoring agency of the project is to
meettlrefinancialreporting requirements relating to Loan No 8601-1N dated 2+05-20L6
financed by Intemational Bank for Reconstructionand Development (IBRD) to reflect the
Component wise Expenditure eligible for financing under the said loan and Reconciliation of
Claims {at vaat endpd -?!st l\-,{-arr:h ?O-24 Ae    r:o.rrlt thoco
                                                  a Lvo-i-t
                                               -r i          *iLrL
                                                                   (nrial
                                                                   riraaci P'mnco
                                                                           i uiirvE Prniorf
                                                                                    L atjzLt ['r-nancial
Statements may not be suitable for anotherpurpose.


Report on Other    kgal and Regulatory        Requirements
Further to our opinion on the Special Purpose Project Financial Statements we further report
  ihat:

a) We have sought and obtained all the information and explanations which to the best of
   our knowledge and belief were necessary for the pu{poses of our audi!
b) In our opiniory as appears from our examinafion of the hooks, the Implementing and the
   lvionitoring Agency has mainiained proper books of accouni, firanciai management
   system, supporting documents and records in support of claims for reimbursement of
   expenditure, expenditure eligible for financing and reconciliation of claims with claimable
   expenditure under the loan /credit agreement vide Loan No. 8601-IN for the year ended
   3'L"tMarch2024;
c) The PFS dealt with by this report is in agreement with the books of accoun!
d) The Project funds were utilized for the purposes for which they were provided. The pending
   amount to be claimed for W 20%-2tr24 isRs. D.,674/- e$y, as per Reimbursable amount
   ineligible Expenditure of Rs. 1, 13,369/-).
e) Expendihrres.. including assets created under the project, shown in the PFS are eligible for
   financing under the Project Financing Agreements.
0 Interim  Unaudited Financial Reports (IUFR) submitted by the Project implementing and
   monitoring agency can be relied upon to support applications for withdrawal of the Loan
   and adequate supporting documentation has been maintained to support these claims;

g) I'rocurements have been generally made in accordance with the agreed procedures as
   encompassed in the Operations Manual/Procurement lvlanu al/ Proiect Impiementation
   Plart / Le gal Agreements; and

h) The Project has an adequate intemal financial control system (including IT controls) and
   suclr controls umegenerally operating effectively as at lv{arch 31sr 2024 iurd tlre Project
   complies with the provisions on financial marngement as set forth in the Operations
   Manual/Project Implementation Plan/ Financial iManagement Manual and prescribed
   guideJrnes,fro-ul trxoe to trnoe-



n^r^,  LLIl-lo
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                LvLa                                     B--
                                                         l \rl
                                                                  xT ct ,_
                                                                  r\Joa
Place: Bangalore




                                                                 lvtA

                                                         Membership No: 029946
                                                         UDIN : 2,10299 46BKF QIlvA605
                                                 ANNEXURE    -   A

                   Expenditure eligible for financing under the loan/credit agreement vide
                                              l.oan \o.tl60l     l\

                                      Short claimed   O&M Expenses
                                       in previous    short claimed in
                                          year         previous year




                                                                         FOR KARNATAKA URBAN INFRASTRUCTURE DEVELOPMENT
                                                                         AND FINANCE CORPORATION LTD




                                                                  L      GENERAT MANAGER (FINANCE)

                                                                                              ("Fri:arti;';
M                                                                     Smarai Mairaget                         1



UDIN NO:                                                                   KUIOf.*" fitng'nhtu'

oate: L2/12/2024
Place: Bangalore
                                           ANNEXURE      .   B


             Reconciliation of claims with claimable expenditure vide Loan No.8601 IN

                                                                                           Amount in Rs.
                                                                                              Claimed
             Claims made              Period of claims            Expenditure
                                                                                              Amount
Claim No. 27                     07/04/23 to30/06/23                 49,12,81,814             27,32,83,753

Claim No.28                      01,/07   /23 to30/09/23            86,96,56,556              62,60,79,590

Claim No.29                      01/10/23 to31/12/23                38,28,82,536              25,20,20,894

Claim No.30                      07/07/24 to 37/03/24               98,63,89,399             7L,07,1.4,225

Total amount claimed -(A)                                    2,73,32,'1.3,335    1,86,20,38,462
Amount claimable as per
                                                              2,73,33,26,704     7,86,20,61,735
annexure -A -(B)
Difference (A-B)                                                *1,13,369               22,674
(Pendine for claim)
* Reimbursement claims of Rs. 22,6741- against eligible expenditure of Rs.l,l3,369l- of FY2023-
   24 needs to be claimed subsequently duringFY 2024-25.


                                                     For Karnataka Urban   In   frastructure Deve lop rnent
                ccountants,                          & Finance Corporation Limited,




                                             ew
            gistralion No. 003




M.NO: 029946
                                              General Manager (Finance)

Date :      1211212024
Place   :   Bangalore
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