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Hoshiyar / Behmand Audit Firm Member of the Iranian Association of Public Accountants Independent Auditor's Report to the Annu

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Hoshiyar / Behmand Audit Firm Member of the Iranian Association of Public Accountants Independent Auditor's Report to the Annu ANNUAL REPORT - 2018/19 KARAFARIN BANK Hoshiyar / Behmand Audit Firm Member of the Iranian Association of Public Accountants Independent Auditor’s Report To the Annual General Meeting of Karafarin Bank (Public Joint Stock Company) Report on the Consolidated Financial Statements 1. We have audited the accompanying consolidated financial statements of Karafarin Bank (Public Joint Stock Company), and its subsidiaries, which comprise the consolidated statements of financial position as at 20 March 2019 and the related statements of consolidated income, retained earnings, comprehensive income and cash flows for the year then ended together with explanatory notes 1 to 67. Board of Directors Responsibility for the Financial Statements 2. The Board of Directors is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Iranian accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility 3. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with international standards on auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In order to make those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. In addition to our duties as the legal inspector, we are responsible for reporting any instance of non-compliance with the Commercial Code as amended, the Articles of Association of the Bank and other instances to the general assembly of the shareholders. Basis for Qualified Opinion 4. For a portion of balance of non-performing loans (including doubtful loans) which have been extended and classified under current category and another portion of these loans (in view of ongoing litigations as stated in note 13-1-1 of the financial statements) provision of general doubtful claims has been calculated only. This does not comply with provisions of CBI instructions which refer to the calculation of special doubtful claims provision. In view of the above, since it is not clear as to how the mentioned claims shall be settled, it is not possible for this institute to determine the minimum amount of doubtful claims provision which should be reflected in the accounts. ANNUAL REPORT - 2018/19 KARAFARIN BANK 5. Replies to the enquiries of the Bank regarding sight and foreign currency deposits held by domestic and foreign banks (note 9-4 of the financial statements), which include 24 and 50 bank accounts, amounting to IRR188 billion and IRR7,060 billion (without receiving invoices for these accounts) have not been received. Although as stated in note 9-6 of the financial statements, some confirmations of foreign currency deposits held at foreign banks have been received via email (due to enforced sanctions) these confirmations have not been received officially via, post. In addition, confirmations of balances of accounts receivable (note 16-2 of the financial statements) in the amount of IRR327 billion and the National Development Fund’s accounts-in-between have not been received. Furthermore, some discrepancies in foreign currency deposit accounts have open items for which no documents and evidence have been presented. Hence, it is not possible for us to determine the impact of the above on the items of the financial statements. 6. Important points regarding the consolidated financial statements of the Group are stated below: A) The subsidiary company registered abroad has been excluded from consolidation since the cost of investment and balance of accounts in-between were transferred in March 2018 from prior years’ adjustments accounts (note 14.2.2.2). Hence, the accounting standards for preparing the consolidated financial statements, have not been complied. B) The financial statements of a subsidiary registered company abroad and an Iranian company have not been submitted to us for general assessment. In addition, contrary to accounting standard 600, the CBI has during the reporting fiscal year prohibited this institute to audit subsidiary companies. In compliance with a portion of the mentioned accounting standards (in order to present complementary information regarding audit findings, etc. which may possibly lead to significant distortion of the financial statements) we have sent the auditing instruction of the subsidiary companies (which is mainly procedural) passed by Iranian Association of Certified Public Accountants to 9 auditors of subsidiaries via the Bank and only for subsidiaries have replied in this regard. Therefore, it has not been possible for us to determine their impact. 7. As stated in note 7-10-1 and 33-1 of the financial statements, foreign currency transactions during the financial year have been recognised based on the reference rate of the CBI and ongoing rates of exchange bureaus on a case to case basis and the profit and loss resulting from exchange have been recognised in the profit and loss statement of the year. Although balance of foreign currency assets and liabilities on balance sheet date which according to accounting standards, should be exchanged based on accessible rates and its profits reflected in the profit and loss account, yet based on a notified instruction of Research & Banking Regulations Department of the CBI numbered 98/924847 dated 1398/03/23 (13.06.2019), the mentioned balance has been exchanged at approximately 15% less than the Nima System at the end of the year. This has been reflected in the accounts and the profit recognised in this regard amount to IRR930 billion which based on the aforementioned instruction, cannot be distributed and is reflected under the heading of ‘Other Provisions’. In view of the above, although it is necessary to make some adjustments in the accounts in this regard, yet under current conditions, it is not possible for us to determine their precise amount in the accounts of 2018-19. 8. The heading of Investments and Other Accounts Receivable (notes 16.2, 2.3 and 14.2 of the financial statements) which includes the total sum of IRR124 billion, which refers to the balance of partnerships, balance of overdue notes and other prior years’ claims from four cooperatives transferred from 2014-15, is related to purchasing, selling, manufacturing and exporting, which due to the claims of these cooperatives of making losses, the principal amount of the partnership and claims from the mentioned companies, along with the recognised profit of the partnership in the previous years, have not been settled. This is in spite of litigations and freezing some properties (including building, vehicle, factory land and two land and building registration ANNUAL REPORT - 2018/19 KARAFARIN BANK numbers). In view of the above, it is necessary to adjust in the accounts. However, although it is necessary to make adjustments in the accounts, since we do not have access to sufficient documents and evidence, we have not been able to determine the precise extent of the required adjustments. 9. The attached financial statements for the year under review and for the previous year have been prepared in compliance with sample financial statements notified by the CBI. In this regard, the financial statements on the performance of investment deposits and changes in shareholders’ equity as the main financial statements are not included in accounting standards. In addition, methods of classification and submitting the cash flows statement and failure to include the turnover of accumulated profit account in the profit and loss statement do not fully comply with accounting standards. Qualified Opinion 10. In our opinion, except for the contents of paragraphs 4, 6A and 7 to 9 and with the exception of possible effects of paragraphs 5 and 6B the financial statements present fairly, in all material respects, the financial position of Karafarin Bank Group (Public Joint Stock Company) as at 20 March 2019, and its financial performance and cash flows for the year then ended in accordance with Iranian Financial Reporting Standards. Emphasis of Matter 11. As stated in note 9-3-1 of the financial statements, the Central Bank of Iran debited Karafarin Bank’s current account by IRR741 billion at the end of the Iranian calendar years 1390 (March 2012) and 1391 (March 2013), as excess withdrawal. In addition, it has claimed the amount of IRR1,307 billion as penalties, due to the mentioned excess withdrawal. In this regard, a special foreign currency enquiry has been conducted for the mentioned years, via an audit firm (member of the Iranian Association of Public Accountants) and the result of which has been submitted to the CBI. As stated in the mentioned note, the Bank’s follow-ups have led to receiving a letter dated 1398/02/14 (04.05.2019) from the CBI’s Statistics & Foreign Currency Commitments Department. 12. The Bank’s and its subsidiaries’ corporation tax and VAT status have been expressed in detail in notes 25-1, 26-3 and 57-3 of the financial statements.
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