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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.

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“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

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Independent auditor’s report

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

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“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 preparat ion of annual report on Project fund utilizat ion

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 presentat ion 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-borrow ers

Subloan No Name of sub-borrower Loan amount in

AMD Term, in months

01-076-14_001 Uarda Smbatyan IE 15,000,000 3601-001-13_003 Lusine Manukyan Hrach 1,440,489 3601-036-13_004 Garik Simonyan IE 1,500,000 3601-016-15_001 Aramayis Ghandilyan Alexander IE 2,000,000 24SL-301-031-15 Narine Grigoryan Rafik 1,447,400 24CR5553 Karine Ghazaryan Hovhannes 1,000,000 24CR5558 Larisa Ghazaryan Luksem 500,000 24CR5554 Epraqsia Gasparyan Aramayis 400,000 24CR5568 Dukhik Stepanyan Varazdat 300,000 19SL-302-028-15 Mariam Sargsyan Volodya 500,000 24SL-0092-15 Hovhan Aleksanyan Radik 1,000,000 24




SL-0093-15 Khazhak Ateyan Hamlet 2,000,000 19SL-0080-15 Hovhannes Ivanyan Rubik 3,000,000 36SL-0079-15 Karapet Grigoryan Vahag 3,000,000 24SL-0081-15 Armine Andreasyan Vardges 1,000,000 12SL-0094-15 Ruzanna Mikayelyan Martik 500,000 1901-041-13_007 Ararat Araqelyan Zaven 4,500,000 36SL-301-081-15 ARAMAT LLC 3,000,000 36SL-301-095-15 Tatevik Ghazaryan Zohrab 962,000 24SL-301-093-15 Haykanush Hepoyan Kamo 1,500,000 24SL-0242-15 Evgine Katunyan Ignatios 800,000 24SL-0261-15 Gayane Hakobyan Varujan 1,500,000 36SL-301-099-15 Alvard Gabrielyan Suren 1,500,000 23SL-0265-15 Aida Grigoryan Vram 1,500,000 24SL-0275-15 Satik Torosyan IE 1,500,000 24301-13-15_001 Ruzan Khachatryan Sirekan IE 15,000,000 60SL-0274-15 Anahit Vardanyan Yazibek 1,500,000 2401-076-15_001 Norik Avetisyan IE 6,000,000 47SL-0280-15 Gevorg Tsatryan Gotvik 1,500,000 24SL-0281-15 Hayastan Avdalyan Grigor 3,000,000 36SL-301-108-15 Andranik Aleksanyan Macbet 2,000,000 34SL-0293-15 Ofelya Hovhannisyan Levon 800,000 2401-017-14_003 Samvel Hakobyan Karo 5,300,000 12CR5652 Hakob Mkhoyan Aspatur 1,600,000 24SL-302-104-15 Saghatel Harutyunyan Jivan IE 3,000,000 36SL-0299-15 Harutyun Hayrapetyan Gerasim 1,000,000 12SL-0303-15 Haykanush Papikyan Hakob 1,200,000 2401-042-12_005 Catarine Sargsyan IE 870,296 21SL-0313-15 Anna Tonoyan Marzpetuni 2,000,000 36SL-0310-15 Armenuhi Aslanyan Gagik 3,000,000 36SL-0318-15 Armenuhi Ghazaryan Yenok 3,000,000 36SL-302-118-15 Ashot Hovakimyan Karlen 427,209 22SL-301-118-15 Haykaz Nazaryan Gurgen 1,300,000 2401-080-15_001 Shahen Grigoryan Jora 7,000,000 60SL-0350-15 Samvel Hakobyan Hakob 1,863,500 3601-070-15_002 Varujan Simonyan Karlen 6,000,000 6001-080-15_002 Shahen Grigoryan Jora 3,000,000 60SL-0372-15 Naira Hakobyan Nshan 700,000 24SL-301-116-15 Mariam Margaryan Hovsep 1,021,190 24CR5671 Roza Vardanyan Yenok 2,500,000 23SL-0341-15 Varvara Voskanyan Suren 1,500,000 3601-051-15_002 A Group LLC 4,693,050 60CR5692 Jirayr Araqelyan Vladimir 1,210,000 24SL-0364-15 Aram Iskandaryan Gagik 2,000,000 24SL-301-126-15 Lyova Hakobyan Hakob 1,200,000 23




SL-0373-15 Garik Ohanyan Davit 1,440,000 23SL-0381-15 I LIKE IT LLC 2,731,500 36SL-0007-16 Khoren Hunoyan Hakob 900,000 24SL-302-008-16 Rita Harutyunyan Vladimir 2,674,718 2401-004-16 Armen Vagharshakyan Gagik IE 6,540,372 60CR5939 Ruzanna Sargsyan Varag 706,500 24CR5937 Anahit Badalyan Rafik 532,301 24CR5946 Bagrat Arsenyan Vilkem 2,400,000 24302-005-16_001 Artak Kocharyan IE 21,000,000 58SL-0041-16 Veronika Geghamyan Vachagan 1,480,000 2801-005-16_001 Hakob Darbinyan IE 5,721,500 52SL-0049-16 Gayane Ghaytanjyan Artashes 921,186 24301-03-16_001 Gohar Asatryan Marzpet 2,864,884 3501-007-16_001 Armine Khachatryan Khachik IE 3,899,116 48SL-0153-16 Angela Atoyan Gagik 1,000,000 3601-043-13_006 Irina Gziryan IE 2,447,000 36301-15-16_001 Arshaluys Manukyan Ruben IE 5,866,206 36SL-301-081-16 Ruzanna Manukyan Lyova 1,160,000 24303-04-16_001 Goharik Khachatryan Harutyun 4,000,000 36SL-0166-16 Hasmik Tadevosyan Stepan 672,000 24SL-302-071-16 Nina Gharagyozyan Sergey 1,500,000 34SL-301-096-16 Jemma Ghevondyan Edvard 1,300,000 24301-06-14_003 Linda Hanna Piter 5,500,000 36SL-0201-16 Tehmine Manukyan IE 2,000,000 2401-053-15_002 Sargis Hovnanyan IE 3,500,000 36SL-0203-16 Irina Torosyan Shavarsh 2,500,000 3601-036-13_008 Garik Simonyan IE 6,000,000 3701-043-16_001 Shushanik Hovhannisyan IE 2,000,000 2401-036-14_003 Abraham Yeghiazaryan Gevorg 1,000,000 2401-076-15_003 Norik Avetisyan IE 5,000,000 47SL-303-047-16 Dimik Mamikonyan Karmen 1,910,000 24SL-302-088-16 Geghecik Hovhannisyan Samvel 2,000,000 2301-016-16_002 Winter Flower LLC 2,000,000 53SL-301-103-16 Qnarik Svagyan Andranik 800,000 24SL-0218-16 Zaruhi Petrosyan Gevorg 1,000,000 2401-051-16_001 Ervand Hovsepyan Aram 15,000,000 3601-010-14_002 Hrant Gevorgyan Vardan 2,500,000 3601-050-16_001 Heghnar Melqonyan Hayk 3,000,000 3601-065-12_007 Areni wine factory CJSC 4,444,444 18302-036-16_001 Anahit Minasyan Vagharshak 8,000,000 6001-052-16_001 Aida Balbabyan IE 7,816,000 60CR6090 Karine Sirekanyan Henzel 554,000 24CR6089 Susanna Gevorgyan Rafik 741,000 24




SL-302-117-16 Zaruhi Hayrapetyan Saribek 920,000 3501-029-12_011 SHAKHTA TSRER LLC 12,000,000 60SL-0237-16 Vera Hayrapetyan Volodya IE 2,150,000 36CR6149 Lusine Martirosyan Hamlet 500,000 24SL-301-124-16 DAV-ARS LLC 2,904,000 36302-037-16_001 Marine Movsisyan Negus 4,914,619 4801-055-16_001 Hovhannes Mktrchyan Henrik 4,000,000 34CR6208 Gayane Mkhitaryan Albert 400,000 24CR6207 Qristine Avagyan Sergo 277,500 24CR6206 Varinka Yericyan Razmik 277,500 24302-031-15_002 Zepyur Movsisyan Harutyun 500,000 24SL-0249-16 Lusine Baratyan IE 1,000,000 24SL-0250-16 KArine Hayrapetyan Shahen 500,000 12SL-0001-17 Hovhan Aleksanyan Radik 1,466,000 36SL-301-006-17 Rustam Sargsyan Martin 1,000,000 20SL-0008-17 Aghun Antonyan Zaqar 2,000,000 24SL-0005-17 Karine Hovhannisyan Robert 1,500,000 24SL-0004-17 Gayane Hovsepyan sergo 1,500,000 3601-004-17 Vera Hayrapetyan Volodya IE 2,900,000 6001-003-17_001 Ara Karapetyan Aram IE 4,000,000 48SL-301-012-17 Gayane Petrosyan Vachagan 600,000 24SL-0031-17 Evelina Ghazaryan Margar 3,000,000 3601-005-17_001 Gayane Stepanyan Gevorg IE 5,000,000 2401-007-17 SOLAS LLC 2,924,194 36SL-302-011-17 Areg Mkhoyan Vachagan 1,916,000 2401-042-14_002 Atom Hakobyan Mkrtich 2,638,000 6001-008-17_001 Garri Harutyunyan IE 10,000,000 84SL-301-020-17 Anna Suqiasyan Arayik 1,000,000 11CR6275 Lusine Piltakyan Samvel 1,500,000 24CR6274 Mariyan Khachatryan Husik 1,500,000 2401-009-17_001 Qnarik Avetyan Levon IE 8,000,000 60SL-302-016-17 Mariam Sahakyan Gurgen IE 3,000,000 36301-03-17_001 Qnqush Tunyan IE 5,000,000 36SL-301-025-17 Poghos Poghosyan Zaven 1,000,000 20SL-0048-17 Liana Avetisyan Surik 1,700,000 3601-011-17_001 Davit Davtyan Lendrush IE 10,000,000 72SL-302-022-17 Hovhannes Khachatryan Hayreniq IE 3,000,000 3601-021-13_003 Samvel Markosyan Tariel 2,949,161 48SL-302-020-17 Karine Babagulyan Slaviki 1,171,900 36SL-0050-17 Shoghik Yepremyan Nver IE 2,000,000 36SL-0052-17 Haykush Harutyunyan Hakob 3,000,000 36SL-302-028-17 Anahit Hakobyan Seryoja 1,000,000 24SL-302-029-17 Gevorg Manjoyan Rubik 975,000 36303-05-17 Susanna Sharyan IE 1,149,167 23




SL-303-030-17 Anush Abgaryan Gevorg 900,000 25CR6293 Greta Harutyunyan Henrik 1,500,000 21SL-0058-17 Vanik Dilanyan Lyudvig 900,000 23SL-0062-17 Qristine Grigoryan Aristakes 2,500,000 30SL-0060-17 Erazuhi Abgaryan Aram 2,000,000 23SL-0059-17 Nelli Asoyan Avet 1,500,000 23SL-302-032-17 Ruzanna Yolchyan Garik 1,000,000 35CR6309 Gagik Ghahramanyan Hamlet 1,000,000 24CR6308 Lilik Vardanyan Razmik 1,000,000 24CR6307 Susan Grigoryan Gegham 1,500,000 24SL-303-035-17 Gayane Melqonyan Janibek 900,000 21SL-303-039-17 Hasmik Papikyan Jorjik 1,500,000 23SL-303-040-17 Iskuhi Azatyan Aristakes 1,000,000 36SL-303-038-17 Hovik Sayadyan Razmik 437,499 23303-08-17_001 Ashkhen Harutyunyan Ishkhan 3,000,000 60303-009-17 Silvard Yepremyan Suren 1,000,000 19SL-303-043-17 Arsen Mkhitaryan Zaven 1,500,000 36SL-303-044-17 Marine Yepremyan Rafik 1,500,000 34SL-304-016-17 Murad Harutyunyan Manuk 3,000,000 36SL-0068-17 Edgar Harutyunyan IE 1,528,108 36SL-304-018-17 Nina Peteyan Babken 1,000,000 24SL-303-047-17 Roza Ajabyan Grigor 1,300,000 2001-035-16_002 Smbat Yeghinyan IE 2,000,000 53SL-301-043-17 Jora Sargsyan Jivan 3,000,000 35301-009-17_001 Karen Sirekanyan Benyamin IE 10,000,000 60CR6314 Artur Avetisyan Rafik 1,200,000 24304-006-17_001 Samvel Ishon Sergey IE 10,000,000 60304-007-17_001 KAMARIS LLC 19,000,000 48302-009-17 Grigor Hovhannisyan Andranik 3,000,000 3601-077-14_003 Ashot Ashotyan IE 1,000,000 36SL-303-059-17 Ashkhen Margaryan Armen 1,000,000 24SL-303-061-17 Aregnaz Harutyunyan Ashot 2,000,000 3601-018-17_001 Vrej Avetisyan Razmik IE 10,000,000 60SL-301-050-17 Anahit Petrosyan Hakob 1,200,000 23SL-303-069-17 Gurgen Nersisyan Edik 868,700 24SL-0083-17 Emma Torosyan Kolla 1,500,000 36SL-303-070-17 Armine Muradyan Vachik 2,000,000 26SL-303-071-17 Susanna Azatyan Khachik 612,708 23SL-303-072-17 Shoghakat Mirzoyan Azat 480,450 24SL-303-077-17 Alvard Petrosyan Hayk 1,500,000 24CR6334 Zvart Movsisyan Ashot 800,000 36SL-303-084-17 Ghukas Avdalyan Rafik 400,000 12SL-303-087-17 Armine Safaryan Azat 300,000 24SL-0096-17 Ulpianos LLC 2,500,000 36




01-051-15_004 A group LLC 8,000,000 48CR6339 Artsruni Hovhannisyan Yervand 2,300,000 36CR6338 Gulizar Harutyunyan Arshak 2,000,000 36

CR6337 Leyli Torosyan Mayis 1,300,000 36

01-023-17_002 Parandzem Mkrtchyan Jalal IE 5,000,000 60SL-304-030-17 Siranush Hayrapetyan Spartak 554,853 2401-008-13_002 Armen Yenoqyan Albert 9,666,500 60SL-303-091-17 Ruzan Hovhannisyan Grisha 1,880,776 3001-005-17_002 Gayane Stepaqnyan Gevorg IE 2,886,069 24SL-0104-17 Karapet Karapetyan Henrik 2,770,000 24SL-304-032-17 Tanima Ghazanchyan Hrant 1,500,000 2301-025-17 Anik Atoyan Sergey 1,901,488 36SL-303-096-17 Khachik Petrosyan Albert 274,900 11301-06-14_004 Linda Hanna Piter 3,885,919 35SL-303-098-17 Lusine Stepanyan Vaghinak 2,000,000 3601-030-17_001 Armine Khachatryan Khachik IE 5,000,000 48SL-302-062-17 Ashkhen Mirzoyan Hrach 3,000,000 36SL-0111-17 Armenuhi Gasparyan Merujan 462,650 24SL-303-109-17 Lusine Gevorgyan Edvard 380,985 20SL-303-111-17 Emma Harutyunyan Vardan 500,000 18SL-303-115-17 Alvard Petrosyan Hayk 1,109,000 27SL-303-114-17 Irina Harutyunyan Arayik 1,000,000 22SL-301-069-17 Samvel Sargsyan Razmik 1,396,000 36SL-0121-17 Ani Harutyunyan Gevorg 2,000,000 20SL-303-120-17 Lusine Grigoryan Robert 1,500,000 36SL-0125-17 Armen Hambardzumyan Jorjik IE 1,300,000 24304-011-17_001 Gohar Barseghyan Norik IE 10,000,000 60302-014-16_003 Mareta Hayrapetyan Senik 2,300,000 24SL-303-130-17 Lala grigoryan Ruben 1,200,000 24SL-303-131-17 Tagush Sargsyan Henrik 1,400,000 24SL-303-132-17 Khatun Hovsepyan Rzgo 1,300,000 2401-033-17_001 Anjela Melqonyan Mnacakan IE 12,000,000 60SL-303-133-17 Susanna Mkhitaryan Rrazmik 1,000,000 36301-023-17_001 Tagush Abrahamyan Blukher IE 15,000,000 59SL-303-136-17 Zinaida Melqonyan Anatolevna 1,000,000 36SL-303-143-17 Suzanna Arshakyan Samvel 1,500,000 30SL-0134-17 Satik Torosyan Volodya IE 3,000,000 36303-029-17 Margarit Grigoryan Volodya 2,500,000 36SL-303-148-17 Rodzina Ghazaryan Hayk 1,460,000 36SL-303-151-17 Marine Manasyan Ivan 1,500,000 36SL-303-152-17 Ruzanna Bozoyan Mayis 2,000,000 3601-003-15_002 Narine Khachatryan IE 10,000,000 24SL-303-153-17 Gayane Kasparova Arut 300,000 9




SL-301-093-17 Gayane Davtyan Andranik 479,120 23SL-302-104-17 Gohar Khachatryan Karen IE 2,000,000 36SL-303-162-17 Anush Baghdasaryan Lendrush 1,000,000 3501-019-17_002 Azniv Asryan IE 4,000,000 4701-033-17_002 Anjela Melqonyan Mnacakan IE 10,000,000 60SL-303-169-17 Margarit Torosyan Zorik 1,600,000 36SL-303-172-17 Naira Mejlumyan Seyran 1,000,000 24SL-303-176-17 Karine Reyan Anatoli 700,000 24SL-303-177-17 Almast Margaryan Levik 500,000 24SL-303-179-17 Lala Mkrtchyan Serjik 500,000 24SL-304-045-17 Khajak Baghdasaryan Haykaz 3,000,000 36SL-304-044-17 Sayad Hovsepyan Artash 3,000,000 36SL-302-118-17 Lusine Simonyan Gagik IE 2,000,000 36SL-303-183-17 Silva Ayvazyan Hrayr 600,000 24SL-303-185-17 Armenuhi Nanyan Harutyun 700,000 24SL-303-184-17 Suzanna Tonoyan Ashot 957,650 23SL-302-121-17 Heghnar Kostanyan Gagik 1,500,000 24302-029-17_001 Tsaghik Serobyan Levon IE 14,237,217 59302-015-16_002 Ara Aghjoyan Vazgen IE 3,000,000 36SL-303-197-17 Gayane Gasparyan Misak 1,700,000 3501-033-17_003 Anjela Melqonyan Mnacakan IE 13,000,000 60SL-303-199-17 Taguhi Muradyan Manuk 300,000 18304-015-17_001 Arshavir Aharonyan Meliq 10,000,000 59302-031-17_001 Garik Simonyan Andranik IE 10,000,000 5501-051-16_002 Yervand Hovsepyan Aram 10,000,000 2401-041-17_001 Gurgen Khachatryan Garegin 5,000,000 6001-042-17_001 Lyubov Araqelyan Viktor 10,000,000 60302-028-17_001 Khachatur Karapetyan Petka 10,000,000 60SL-0207-17 Natela Papikyan Khachatur 800,000 2401-082-15_002 Nvard Avetisyan IE 6,000,000 4801-088-14_004 Edgar Aghajanyan Zohrap 7,000,000 56SL-303-218-17 Susanna Davtyan Begjan 3,000,000 3601-011-17_002 Davit Davtyan Lendrush IE 5,000,000 6001-117-14_006 Poghos Ladoyan Hovhannes 10,000,000 60SL-0222-17 Aida Grigoryan Vram 2,000,000 24302-027-17_002 Yurik Melqonyan Vardges 6,000,000 36SL-0227-17 Lusine Piltakyan Samvel 2,000,000 36302-024-16_002 Mushegh Khodedanyan Asatur 7,000,000 60SL-303-230-17 Lazifa Qerobyan Volod 1,000,000 24SL-303-231-17 Galina Baghdasaryan Aleqsandr 3,000,000 36SL-303-232-17 Naira Ghazaryan Araqel 1,500,000 24

Total 816,221,494

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