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45230-001: Women's Entrepreneurship Support Sector

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45230-001: Women's Entrepreneurship Support Sector Audited Project Financial Statements Project Number: 45230-001 Loan Number: 2923-ARM Period covered: 1 January 2017 to 31 December 2017 Armenia: Women’s Entrepreneurship Support Sector Development Program Prepared by CARD AgroCredit Universal Credit Organization For the Asian Development Bank Date received by ADB: 4 July 2018 The audited project financial statements are documents owned by the borrower. The views expressed herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. These documents are made publicly available in accordance with ADB’s Public Communications Policy 2011 and as agreed between ADB and the Ministry of Finance of the Republic of Armenia. Annual report and Independent Auditor's Report Utilization of loan funds received within the frames of “Women’s ESSD” Prooject “CARD AgroCredit” universal credit organization closed joint stock company As of and for the year ended 31 December 2017 “CARD AgroCredit” universal credit organization closed joint stock company Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017 Contents Page Independent auditor’s report 1 Annual report on utilization of project funds 3 Notes to the annual report on utilization of project funds 4 Independent auditor’s report ¶ñ³Ýà ÂáñÝÃáÝ ö´À ÐÐ, ù. ºñ»õ³Ý 0012 ì³Õ³ñßÛ³Ý 8/1 Ð. + 374 10 260 964 ü.+ 374 10 260 961 Grant Thornton CJSC 8/1 Vagharshyan str. 0012 Yerevan, Armenia T + 374 10 260 964 F + 374 10 260 961 www.grantthornton.am To the Management of “CARD AgroCredit” universal credit organization closed joint stock company Opinion We have audited the annual report on the utilization of loan funds disbursed to “CARD AgroCredit” universal credit organization closed joint stock company (the Company) within the frames of “Women’s ESSD” Project (the “Project”), financed by the Asian Development Bank (the “ADB”) Loan number 2922/2923-ARM (SF), which comprise the annual report on the utilization of loan funds, as well as notes to the annual report as of and for the year ended 31 December 2017. In our opinion, the accompanying report and appended notes that were also the subject of the audit, give a true and fair view of the cash position of the loan funds received by the Company under the Project as of and for the year ended 31 December 2017 in conformity with the cash basis of accounting, as described in the note 2 to the annual report. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Annual Reports section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (the “IESBA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Armenia, and we have fulfilled our other ethical responsibilities in accordance with those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management for the annual report Management of the Company is responsible for the preparation and fair presentation of the annual report in conformity with the cash basis of accounting, as described in the note 2 to the annual report, as well as in the relevant clauses of Subsection “a” of Section 3.06 of the “Project Agreement” signed as of 25.01.2013 and the Asian Development Bank guidelines, and for such ²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd internal control as management determines is necessary to enable the preparation of the annual report that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibilities for the audit of the annual report Our obbjectives are to obtain reasonable assurance about whether the annual report as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken based on the annual report of this project. As part of an audit in accordance with ISAs, we exercise professional juudgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the annual report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate 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 understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures made by management. Evaluate the overall presentation; structure and content of the annual report, including the disclosures, and whether the annual report represent the underlying transactions and events in a manner that achieves fair presentation. We communicate wiwith the management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Gagik Gyulbudaghyan Marine Musheghyan Managing Partner Audit Manager 29 June 2018 ²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd “CARD AgroCredit” universal credit organization closed joint stock company 4 Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017 Notes to the annual report on utilization of project funds 1 General information The Company has received loan from the Asian Development Bank (the “ADB”) for the implementation of “Women’s ESSD” project. The Loan Agreement 2922/2923-ARM (SF) was signed between the Company and ADB on 25 January 2013 and the sub-borrowing agreement SLA- ADB-CRD was signed between the Company and RA CB on 16 October 2013. The sum of all loans extended to the Company under the Project cannot exceed AMD 800,000 thousand. The purpose of this Project is to support the development of female entrepreneurship and women owned, managed or employed SMEs. 2 Accounting policy 2.1 Basis of preparation of annual report on Project fund utilization The annual report on Project fund utilization was prepared on the cash basis of accounting. Under this basis of accounting financing is recognized when received rather than when earned and expenses are recognized when paid rather than when incurred. The annual report of the project was prepared according to the Asian Development Bank guidelines. 2.2 Functional and presentation currency Armenian dram (“AMD”) is the national currency of the Republic of Armenia. Under this project, loans are received and repaid in Armenian drams, which is the functional currency of the Project for maintaining project records and ledgers. The annual report is presented in AMD. 3 Sub-loans to qualified sub-borrowers Loan amount in Term, in Subloan No Name of sub-borrower AMD months 01-076-14_001 Uarda Smbatyan IE 15,000,000 36 01-001-13_003 Lusine Manukyan Hrach 1,440,489 36 01-036-13_004 Garik Simonyan IE 1,500,000 36 01-016-15_001 Aramayis Ghandilyan Alexander IE 2,000,000 24 SL-301-031-15 Narine Grigoryan Rafik 1,447,400 24 CR5553 Karine Ghazaryan Hovhannes 1,000,000 24 CR5558 Larisa Ghazaryan Luksem 500,000 24 CR5554 Epraqsia Gasparyan Aramayis 400,000 24 CR5568 Dukhik Stepanyan Varazdat 300,000 19 SL-302-028-15 Mariam Sargsyan Volodya 500,000 24 SL-0092-15 Hovhan Aleksanyan Radik 1,000,000 24 ²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd “CARD AgroCredit” universal credit organization closed joint stock company 5 Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017 SL-0093-15 Khazhak Ateyan Hamlet 2,000,000 19 SL-0080-15 Hovhannes Ivanyan Rubik 3,000,000 36 SL-0079-15 Karapet Grigoryan Vahag 3,000,000 24 SL-0081-15 Armine Andreasyan Vardges 1,000,000 12 SL-0094-15 Ruzanna Mikayelyan Martik 500,000 19 01-041-13_007 Ararat Araqelyan Zaven 4,500,000 36 SL-301-081-15 ARAMAT LLC 3,000,000 36 SL-301-095-15 Tatevik Ghazaryan Zohrab 962,000 24 SL-301-093-15 Haykanush Hepoyan Kamo 1,500,000 24 SL-0242-15 Evgine Katunyan Ignatios 800,000 24 SL-0261-15 Gayane Hakobyan Varujan 1,500,000 36 SL-301-099-15 Alvard Gabrielyan Suren 1,500,000 23 SL-0265-15 Aida Grigoryan
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