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«Kazakhconsulting»

Independent Audit Company





Independent Auditor’s Report

For PUBLIC FUND “ASIAN CREDIT FUND”


Consolidated Financial Statements

For the Year Ended 31 December 2009


5 May 2010


Table of contents


Page




STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009






INDEPENDENT AUDITOR’S REPORT






CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009







Consolidated balance sheet







Consolidated income statements







Consolidated statement of cash flows







Consolidated statement of changes in equity







Notes to the consolidated financial statements







«Kazakhconsulting»

Independent Audit Company





To the Management of LLC IAC «Kazakhconsulting»

The following statement, which should be read in conjunction with the independent auditors’ responsibilities stated in the independent auditors’ report, is made with a view to distinguishing the respective responsibilities of management and those of the independent auditors in relation to the consolidated financial statements of Public Fund “Asian Credit Fund” and its subsidiary Limited Liability Company “Microcredit Organization” Asian Credit Fund” (together the “Group”).

Management is responsible for the preparation of the consolidated financial statements that present fairly the financial position of the Group at 31 December 2009, the results of its operations, cash flows and changes in equity for the year then ended, in accordance with International Financial Reporting Standards (“IFRS”).



In preparing the consolidated financial statements, management is responsible for:


  • Selecting suitable accounting principles and applying them consistently;

  • Making judgments and estimates that are reasonable and prudent;

  • Stating whether IFRS have been followed, subject to any material departures disclosed and explained in the consolidated financial statements; and

  • Preparing the consolidated financial statements on a going concern basis, unless it is inappropriate
    to presume that the Group will continue in business for the foreseeable future.


Management is also responsible for:

  • Designing, implementing and maintaining an effective and sound system of internal controls, throughout the Group;

  • Maintaining proper accounting records that disclose, with reasonable accuracy at any time,
    the financial position of the Group, and which enable them to ensure that the consolidated financial statements of the Group comply with IFRS;

  • Maintaining statutory accounting records in compliance with legislation and accounting standards of the Republic of Kazakhstan;

  • Taking such steps as are reasonably available to them to safeguard the assets of the Group; and

  • Detecting and preventing fraud, errors and other irregularities.



Executive Director




Zhakupova Zh. B.

Chief Accountant




Smazhanova D.B.

The consolidated financial statements for the year ended 31 December 2009 were authorized for issue on 5 May 2010 by the Management of the Group.




«Kazakhconsulting»

Independent Audit Company





pproved


The general director


IAC«Kazakhconsulting»

Sipakov V.N.


__________________________________________

The license of Ministry of Finance RK № 0000028

It is given out on January, 07th, 2000


Independent Auditor`s Report


To the Founders and Board of Trustees of Public Fund “Asian Credit Fund”:

We have audited the accompanying consolidated financial statement of Public Fund “Asian Credit Fund” and its subsidiary Limited Liability Company “Microcredit Organization “Asian Credit Fund” (together the “Group”) which comprise the consolidated balance sheet as at 31 December 2009 and the consolidated income statement, the consolidated statements of changes in equity and statement of cash flows for the year then ended, on the state date and a summary of significant accounting policies and other explanatory notes.

Management`s Responsibility for the Financial Statements

Management is responsibility for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.


Auditor`s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We 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 whether the consolidated financial statements are free from material misstatement.


An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor`s judgment, including the assessment of risk of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessment, the auditor considers internal control relevant to the entity`s preparation and fair presentation of the consolidated financial statements 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 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 consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion


In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Public Fund “Asian Credit Fund” as of December, 31st, 2009, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.


Auditor Kin G.I.

(The qualified Auditor`s Certificate № 452 dated 11.11.98.)



Date of auditor's conclusion «5» May 2010


PUBLIC FUND “ASIAN CREDIT FUND”


CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2009

(In thousands Tenge)





Notes

Year ended

31 December

2009





Year ended

31 December

2008


Interest income

4

141 812




147 037

Interest expense

4

(62 543)




(54 075)
















Net interest income before provision for impairment losses on interest bearing assets

4

79 269



92 963

















Provision for impairment losses on interest bearing assets


5

(32 670)




(52 855)
















Net interest income




46 599




40 108
















Net gain on foreign exchange operations

6

(20 468)




(1 374)

Other income

7

33 670




30 336
















Net non-interest income




13 203




28 961
















Operating income




59 801




69 096

Operating expenses

8

(137 353)




(121 835)

Net operating income




(77 552)




(52 766)

Profit before income tax



(77 552)





(52 766)

Income tax (expense)/benefit

9

 (1 858)




(1 949)
















Net(loss) profit




(79 410)




(54 715)

 




 




 



Executive Director






Zhakupova Zh. B.



Chief Accountant






Smazhanova D.B.



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