7 aarvee associates architects engineers & consultants pvt. Itd, ‘An ISO 9001:2015 Certified Company Letter No. AA/D-H/NHAI/2111/19-20/5179 Date: 7% October, 2019, To, The Project Director, National Highways Authority of India, Project Implementation Unit, Near JMIT College Campus, km.202, NH-4, Chitradurga-577 502. Sub : Independent Engineer Services for Six laning of Davangere-Haveri from Km. 260.000 to Km, 338.923 of NH-48 (Old NH-4) in the State of Karnataka under NHDP Phase-V — Reg: Payment during Construction Period-III (Third) Payment Milestone, Ref: 1. Concessionaire's letter No. IDHHL/DHHP/IE-CORRESP/02/661, dated 27.09.2019. 2, Concessionaire’s letter No. IDHHL/DHHP/IE-CORRESP/02/643, dated 14.09.2019, 3. IE’s Letter No. AA/D-H/NHAI/2111/19-20/3466, dated 29.07.2019. 4, Authority's letter No. NHAI/PIU-CTA/6-L DVG-HVR/2018-19/07/729, 08.07.2019, Dear Sir, This has reference to the Concessionaire letter no, 661, 1% cited, wherein he has submitted request for release of 3° (Third) installment (8%) of the Bid Project Cost upon achievement of 3% Payment Milestone i.e., 50% achievement of Physical Progress. {As per the provisions of Clause 23.3.1 read in conjunction with Clause 23.4 of the Concession ‘Agreement, the Concessionaire is entitled to receive the Third installment of the Bid Project Cost during Construction Period amounting to 8% (eight percent) of the Bid Project Cost adjusted for the Price Index Multiple upon Independent Engineer's certification of achievement of 3 Payment Milestone i.e., achievement of 50% Physical Progress. Based on the approved Schedule-G communicated by the Authority vide letter No. 729, reference 4" cited, the Concessionaire, vide letter No. 661, dated 27.09.2019 has resubmitted the invoice for Payment Milestone-IIT. We have scrutinized the detailed calculation of Physical progress and adjustment of Bid Project Cost submitted by the Concessionaire and our observations are as under: 1, In his letter, the Concessionaire submitted the detailed calculation of Physical Progress, as per which he has achieved 50.51% of Physical progress by 26.09.2019. 2. We have verified that the Concessionaire has achieved the target of 50% of Physical progress set forth for Third Payment Milestone before the date of invoice for Payment Milestone-III. The detailed calculation is enclosed herewith as Annexure-I. 3. We have used CPI (IW) of Hubli Dharwar (Karnataka) center as published by Labour Bureau, Govt. of India in calculating the Adjusted Bid Project Cost for the month of ‘August’19. The WPI values for the month of August’!9 are considered in accordance with Clause 23.4 of the Concession Agreement. As the values of WPI for August’9 and CPI (IW) for April, May, June, July & August’19 are yet to be published, we have 6 considered the provisional values. \ Ravula Residency, Srinagar Colony Main Rd., Hyderabad ~ 500 082, India, Tel: +91-40-93737633, 48483456; Fax: +91-40-93736977; emall: aarvee@aarvee.net; web: www.aarvee.com CIN: U74200TG2O05PICO454912 4. During the assessment of the 2" installment of payment, we had considered provisional WPI value for June’19. The final values have fot’ been published by the Office of Economic adviser for the aforesaid month. Hence, the Second installment of Bid Project Cost will be reconciled after the publication of the same. 5. AS per Clause 23.1 of the Concession Agreement, the Bid Project Cost of the Project is Rs, 1177 Crore and the adjusted Bid Project Cost for the Reference Index date preceding the date of Invoice i.e August’19 works out to Rs.1280,65,03,823/- (Rupees One Two Eight Zero Crores Sixty Five Lakhs Three Thousand Eight Hundred and Twenty Three Only), as per the procedure prescribed in Clause 23.2.3 of the Concession Agreement, (details enclosed as Annexure-II). Accordingly, the 3* installment of the Bid Project Cost during Construction Period amounting to 8% (Eight percent) of the Bid Project Cost adjusted for the Price Index Multiple works out to Rs. 102,45,20,306/- (Rupees One Zero Two Crores Forty Five Lakhs Twenty Thousand Three Hundred and Six Only). We hereby recommend for release of the same after making statutory deductions from Authority's end. We trust our recommendations are in order. With best regards, for Aapvee Associates Architects Engineers & Consultants Pvt. Ltd., rem M. Ramaswamy Iyer % Authorised Signatory pe En As stated above Copy to: 1. Team Leader, Aarvee Associates Architects Engineers & Consultants Pvt. Ltd., Ranebennur. 2. 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SRINAGAR URK BOKARO GIRIDH JAMSHEDPUR JHARIA 356 KODARMA 380 | 381 RANCHI HATIA 375 | 376 IKNT BELGAUM 304 | 303 | | BENeLURU 294 292 295 | a 309 | 307 | 306 4 | 311 | 309 | 308 KRL ERNAKULAM (314 | 314 | 314 MUNDAKKAYAM | 308/308 310 ‘QuILoN | 362 | 957 | 956 | IMP BHOPAL | 322 | 322 | 324 | CHHINDWARA “| 297 | 902 | 904 INDORE 277 | 278 200 | ___JABALPUR. 316 | 316 | 317 ae UMA 300 | 802 305 NAGPUR | 383 | 387 | 386 Nasik | 353 | 357 | 357 PUNE | 390 | 929 | 951 | SHOLAPUR 320 324 324 ORI ANGULTALCHER | 327 | 326 | 328 | ROURKELA 307 308 | 309