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Financial Statements and Independent Auditor's Report on 23.02.2018

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Financial Statements and Independent Auditor's Report on 23.02.2018 NORTH-SOUTH ROAD CORRIDOR INVESTMENT PROGRAM.PROJECT 1 LOAN NUMBER 256!.ARM (COt") FINANCED BY ASIAI\| DEVELOPMENT BANK UNDERTAKEN BY "TRANSPORT PROJECT IMPTEMENTATION ORGANIZATION" SNCO FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT For the period Jan 1., 2077 -Feb23,201a Yerevan 2019 Poge 2 of 78 (AN Audit, CISC 30/3 Gyulbenklan Sr., office 129, Yerevan 0033, Arnrenia Iet: +37 4 10 229421 , +37 4 60 s29o21 E mail: ofilc€@anaudit.am INDEPENDENT AUDITOR S REPORT To the Ministry oJTrunsport, Comnunicltion dnd tnformation Tech hologies af RA ond the 5avemment of',Trdnspoft praject I m pl e mentdtion Org a n izd ti on " Sto te N on -Com merci a I O rya n izo ti o n We have audited the special purpose financial statements (financial statements) of "North-South Road Corridor Investment Program, Tranche l" forthe period stariing on lanuary 0l, 20lT and endingon February 23, 2018 financing Loan Agreement 2561_ARM lcoL) signed between Republic of Armenia anc Asian Development Bank and undertaken by'Transport Project mplementation Organization" 5NCO, which comprise the stater.ent of cash receipts and payments, starement of usage of funds by project activitt statement of wlthdrawals frorn loan, current account statement, statement on cumulative expenditure, lncluding a summary ofsignificant accounting poljcies. > ln our oplnion, in al maierial respects, presents firirly ihe cash receipts and dlsbursements of the Project for the period starting on January 01, 2017 and endjng on February 23, 2018 ln accordance with "Financtal ReporUng under ihe Cash Basis of Accounting" standard published by The Internalional Public Sectof Accounting Standards Board PSASB). In a I matefial respects, costs have been incurred and the current account has been used in accordance with the objeciives set out in the Loan Agreement and the "Loan Disbursement Handbook" publlshed by ihe Asian Developrr]ent Bank, Bosis for Opinion We conducted our audit in .ccordance with International Standards on AuditjnC (lSAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for ihe Audit of the Financial Statements section of our report We are independent of the Company in accordance with the lnternationaL Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical and independence requirements thar are relevant to our audit of the financia statements in the Republic of Armenia, and we have fulfilled our other ethlcal responsibilities jn accordance wlth these requirenrents and the IESBA Code. We believe tha! the audlt evidence we have obtained k sufflcieft and appfoprlateto provide a basis for our opinion. Emphasis ol motEl We draw attention to Note 7 to the Financial Statements, which states that there are disagreements beiween the Company and the Contracior regarding the elimination of the deliciencies (clearing the snag list) mentioned ln the acceptance certifcate signed on the construction works completed jn 2016 and negotiations afe under way. This circumstance creates uncertainty about the final amount ofthe creditor's debt for post-wafraniy amounts reflected in that note. Ouf opinion is not modified in respect ofthis matter. Othet mdtter //North-South The specia purpose fnancial statements of the Road Corridor tnvestment Program, Tranche 1,, ending on 31 December 2016 and undertaken by 'Tfanspori Project lmplementation Organization" 5NCO, were audited by another audjt firm, whlch expressed an unmodified opinion on them onJune 29,2017. Responsibilities of Manogement dnd Those Choryed with govenance lor the Findn.idt Stdtements The rnanagement is respons;bie for the preparation and fair presentation of special purpose financjal stater.ents in accordance with "Financial Reporting under ihe Cash Basis of Accounting" standard published by The internaiional Public Sector Accou nting Standards Board (IPSASB)and "Loan Disbursement Handbook" publjshed bv the Asian Development Bank. and for such internalcontrol as management determines is necessary to enable the preparation of fi na ncia I statements that arefree from material misstatement, whether due tofraud orerror, ln pfeparingthe financial statements, management is responsibJe for assessing the companyt ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting u;les; rnanagement either intends to liquidatethe Company or to cease operations, or has no realistic alternative but to do so, For overseeing the company's financiar reporting process is responsible authorized body, the Ministry of rransport, Communication and Information Technologies of Republic of Armenia. Audlto/s Responsibilities Iot the Audit oJ the Flnanciol Stotements our objectives are to obtain reasonable assurance about whether the special purpose financial statements as a whole are free from rnaterial misstatement, whether due to fraud or errot and to issue an auditor,s report that in€ludes our opinion. Reasonable assurance is a high level of assu rance, blt is not a guarantee that an audit conducted in accordance wiih tSAs will always detect a material misstatement when it exisis. 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 decistons of users raken on the basis of these f.nanc;at srarement: As part of an audit in accordance with lSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ldentify ' and assess the risks of maierial misstatement of the financial statements, whether due to fraud or error, design perlorrn and audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate io pfovide a basis for our opinion. The risk of not deteciing a material misstatement resulting from fraud is higher than for one resulting frorn errof, as fraud may involve collusion, forgery inteftional omissions, misrepresentations, or the override of internal control, obtain an undefstanding of internal controt relevant to the audit in order to design audit procedures that afe appropriate in the circumstances, but not fof the purpose of expressing an opinion on the effectiveness of the Companv's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management, conclude on the appropriateness of management's use ofthe going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability io continue as a going concern. lf we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures afe inadequate, to modify our opinion, our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions mav cause the Companyto ceaseto confinue as a going concern. Evaluate the overall presentation, structure and content ofthe financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair pr€sentation. we communicate with those charged wjth governance regarding, among other matters, the planned scope and timing ofthe jncluding audit and significant auditfindingt any significant deficiencies in internatcontrolthatwe identifydufjng our;udit. The responsible auditoron the audit resulting in this independent audito/s report is: Qualified ALrdiior Director. flrtgD "A-N Audit" CISC 07 May 2019 "3fi"Jfi ayIIr, "A.N auDllo 015295!,t Nexia ; i l'.:1 International "Tlansport Project lmplementation Organization" State Non-Commer.ial Organization Norlh-South Road Coftidot lnvesrm?nt progran proiect l STATEMENT OF CASH RECEIPTS AND PAYMENTS NotTh-South Rood Coffidor tnvestment program-prcject 7 ADB Loqn 2561 ARM (COL) Fot the period Jon 7,2017 - Feb 23,2018 uso Reporting period Cumulative Note lan 7,20L7 -Feb23, as at 2018 Feb 23,20L8 Cash Reaeipts ADB Loan 2561-ARM (COL)financing 3 22,a0g 57,O6L,'149 A0B Loan 2729-ARM financing 3 2,996,620 The Republic of Armenia co-financing 3 2,2a7 12,558,095 Totalfinancing 25,O9O 72,616,464 Payments 53,6L4,627 Consulting Services 22,809 3,653,60s Goods Project management support 1,897,628 Interest 9L6,273 Taxes, duties 2,283 12,5r9,O45 TotalPayments 25,o92 72,60!,1L2 Other receipts (payments) ls44l (72,928) Foreign currency net gain (loss) 2 12,4241 (s44J 544 and Accdunting De /Ctlief Accountant Christine Ghalechyan Manana Tarposhyan 07 May 2019 Pdge 5 of 18 s> I i .:s 6-i di <h t i { t i , EE o , :l{x i xdg I <s I E> i il$ j <h I c 'iN5di I <'6 I rx .Et_l s> .Y<* ..i xEg :i E09 !fix i!q .qt E z -1 #$,= F Ela F! H l;N.. 6 .f i.j E F] X $ S {i F d e 6RJ; E S 6 9T so El, E ,$g n' E il= r :< F A! L E .-i .e E ^ g Et o €d\ :3< !:iY:6.;i o:9 :$l fi F:i 6g E! I A; .$,€' 6 $$: H::o=- iEI 5 €RF !E9 F.E; i;5 'E E goE;; q ts*i E-9 U -3 - =-,58* 9+ I EE i f ! E g ddi; f EI F lFE a.gb;iA F "Transport Project lmplementation Organization" State Non-Commercial Organization Notth-South Road Coftido/ I rjestme t STATEMENT OF WITHDRAWALS FROM LOAN North-South Rood Coridot Investment Program - Prcject 7 ADB Loan 2561 ARM (COL) Fot the period lon
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