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Amendment ;:d
Page 540 of 868
Independent Auditors' Report
The Board of Directors
Sri Solar Power Cm's,
'.• :
Report on the Financial Statements
v.e have a oa;ted :fie accompanying financial st&errer/s of SE l Solar Power Private united which comprise the balance sheets as of Decern. r 31, 2014 and 2013, and
the related statements of income changes in eteuty, and cash flows for the years then ended andthe related rotes to the finenclai statements
Management's Responsibility for the Financial Statements
Management rs responstle for the peeparaton and fair presentation of these financial statements in accordance with U S generally accepted accounting prinaples, ths
intrudes the design, implerrentSion, and martenance 01 internal control relevant to the preparation and fair presentation of franca! statements that are free from
menet mestatement whether clue to fraud or error
Auditors' Responsibility
Our responsibility a lo express an opnon on these financial statements based on our ants We condtoted our audits n accordance with addling standards gererally
accepted in the United States of Amerce Those standards recluse tfat we pion and perform the audit to obtain reasonable assurance atoll whether the financial
statements are free from matertai misstatement
An audit inrolves perforrnng prooetkres 10 °Mean audit mndenoe atout the amount and discloskees in the financial statements The procedures selected depend on Me
auditors' judgment including the assessment of the rata of material misstatement of the (nano* statements, whether due to fraud a error In nekog I rose risk
assessments the auditor conseders internal control relevant to the entity's preparation and or presentation or the financial statements n order to <levet, awe procedures
trat are appropriate n me orcumstances, but not for Ire purpose of expressing an opinion on the ettectrieness of the ellen eternal oonfrol Accordingly we express no
such opnion An aural also includes evaluating the appropriateness of accounting policies teed and the reasonableness of significant accountog estimates made by
management, as wet as evaluating the overall presented on of the financial statements
We believe that to audrt evidence we have obtained is sufficient and approval° to prove* a bases fa oil a W4 opinon
Opinion
In our °onion. the firencel statements referred to above present fatly in all material respects the financial position of SEISclar Poorer Pnvate landed as of Decerrter 31
2014 and 2013. and the results of es operators and es cash flaws for the years Ten ended in accordance with U S generally accepted accountng principles
is/ KPMG
KPMG
Gurgtion
April 3. 2015
F-220
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DB-SDNY-0058497
CONFIDENTIAL
SDNY_GM_00204681
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Amendment #4
Page 541 of 868
luble "If Cont.-nit
SEI Solar Power Private Limited
Statements of operations
INR
INR
For the year ended
December 2014
December 2013
Revenue
380,457O44
314,481,667
Operating expenses:
Cos of operations
25,014.033
19,681,214
GenteN IMdacferastr nie
10,917.158
86,063,124
0eprocaton (note 3)
365472
66.012.030
Total operating costs and expenses
110,226,•33
171,766,428
Operating Income
250,166,481
144,726,129
Over expenses:
interest expense
215,065,873
130,396,035
Total other expenses
215,965,873
1344396,036
Income before Income taxes
34,1890936
6,327,014
income tax expense (note 5)
603 466
18,410,575
Net Income tilos%)
68%142
ulna eJl
SI• 0“CeniAPPOV /OW to fAIIVOI ~en s
F-221
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DB-SDNY-0058498
CONFIDENTIAL
SDNY_GM_00204682
EFTA01366970
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Aim:minium
Page 542 of 868
SEI Solar Power Private Limited
Balance sheets
INR
iNR
As of 31 December
2014
As of 31 December
2013
Assets
Current assets:
Cash and cash equivalents
574.215
4.483,962
Restricted cash
463,203243
448,401,163
Arxoults receivable net
26.556.557
28430856
Deferred financing costs
3,434,922
3,404 240
Other currert 3ssets
2,414,720
4,143 804
Total current assets
490,183.654
414.943.825
Property and equoment net (rote 3)
2,156,293,703
2,230,650,573
Restricted cash
134,700,000
134.700,000
Cetelted Ma neing oosts
43600,695
46,005 950
Other assets
57.947
947
Total assets
2,830.836.004
2.898.358,296