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    Faizan Sajjad
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    There are no issues of non-compliance with loan covenants except for one that was waived. The company did not obtain any new waivers and is not facing liquidity issues. While revenue is recognized based on the preliminary tariff, an application for truing up costs with the power purchaser is pending audit. Major trade payables relate to EPC contractors and are expected to be settled by December 2022.

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    There are no issues of non-compliance with loan covenants except for one that was waived. The company did not obtain any new waivers and is not facing liquidity issues. While revenue is recognized based on the preliminary tariff, an application for truing up costs with the power purchaser is pending audit. Major trade payables relate to EPC contractors and are expected to be settled by December 2022.

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    © All Rights Reserved
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    9 views1 page

    RA-02 Sub

    Uploaded by

    Faizan Sajjad
    There are no issues of non-compliance with loan covenants except for one that was waived. The company did not obtain any new waivers and is not facing liquidity issues. While revenue is recognized based on the preliminary tariff, an application for truing up costs with the power purchaser is pending audit. Major trade payables relate to EPC contractors and are expected to be settled by December 2022.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    6. Are there any other covenants non-compliance of 6.

    There are none non-compliances except for which


    Common Terms Agreement that would require waiver has been applied.
    the loan becoming payable immediately on
    demand?
    7. Are there any other covenants that are breached 7. No.
    during the year?
    8. Is there any pressure on management to overstate 8. There are no such pressures on the management.
    profits to achieve results in order to be compliant
    with profitability sensitive covenants?
    9. Has the Company obtained any new waivers from 9. Breaches to loan covenants was waived off in letter
    its lenders in respect of noncompliance of dated August 30, 2021 having validity up to
    common terms agreement from 01-Jul-2021 till December 31, 2021. The new waiver in process and
    30- Jun -2022? will be processed before completion of the audit.
    10. No. The Company get MoR approval in last year
    10. Is the Company facing any liquidity issue that and revenue streams are more than enough to meet
    would lead to non-payment of interest or principal the repayment.
    of loans? 11. No
    11. Are there any loan restructuring plans in place?

    4 Revenue and Trade Debts

    1. Has the company trued up its cost with the power 1. No. but the application has filed and is under due of
    purchaser? audits by NEPRA and CPPA-G.
    2. No. It is recognized on MoR. Reference tariff
    2. Is revenue recognized on preliminary tariff or the adjusted for exchange rate. (MoR adjustment given in
    final tariff? last fiscal year)

    3. Are there instances where invoices are not 3. No.


    approved by CPPA-G during the year?
    4. Has the Company received any amount from 4. No.
    CPPA-G in respect of Late Payment Interest?
    5. Are there any expectations from management 5. No
    regarding overstatements of revenues to achieve
    better results?
    6. What is the revenue to cash realization as at 30- 6. 93%.
    June-2022?
    7. What is the ageing of trade receivables as at 30- 7. Aging will be provided to the team for a detailed
    June-2021? review.
    8. What is the management expectation of trade 8. 100% realization.
    receivables realization?

    9. Is there any dispute with CPPA-G with respect to 9. No


    billing that will lead to issues in recoverability of
    trade receivables?
    5 Trade Payables and Operating Costs?
    1. What is the major reason for non -settlement of project 1. Majorly payables relates to settlement with EPC
    payables till 30- June-2022? contractors amounting to USD 12.1 M (under Master
    Settlement Agreement and Flood Claim Settlement
    Agreement). This will settlement by December 31,
    2022
    2. When the Company expects to settle off its other
    projects and other payables? 2. By 31 Dec 2022.
    3. To what extent the Company has adjusted its LD
    charges against project payables during the year? 3. No LD is adjusted during the year.

    4. Yes.
    2

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