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The report and opinion of the external auditor by international standards

The report and opinion of the external auditor by international standards

3 Apr 2017г.

Opinion and report of the external auditor by international standards based on results of 2015:

 

AUDITING COMPANY «NAZORAT-AUDIT»:

AUDITOR’S REPORT of the financial statements of JSS “MAXAM-CHIRCHIQ”

 

Auditing Company information:

 

Full name of auditing organization:

Auditing Company Nazorat-Audit LLC

 

Legal and postal address:

11/2, Gospital area, Tashkent city, Republic of Uzbekistan,100015.

Information on state registration:

Certificate of Ministry of Justice of the Republic of Uzbekistan № 545 dated December 11, 2007.

Auditing license:

License of the Ministry of Finance of the Republic of Uzbekistan series AF № 00067 dated July 28,2008 on conducting of audit services for all types of economic entities.

Bank accounts:

Settlement account: 20208 000 604 00771 3001 at

Chilanzar branch of Davr Bank SCB, Bank code 01046,

Tin 202884570, OKONX 84400

General Director of Auditing Company:

Nazarov Bahodir Nematovich, CAP

Qualification certificate of auditor № 05207 issued by

Ministry of Finance on 26 April,2014

Auditor:

Nazarov Bahodir Nematovich, CAP

Qualification certificate of auditor № 05207 issued by

Ministry of Finance on 26 April,2014

 

Date of audit report:

 

May 30, 2016 year.

 

Company information:

 

Full name in accordance with founding:

Joint Stock Company «MAXAM-CHIRCHIQ»

Legal address:

2, Tashkent street, Chirchiq city, Tasknent region, Republic of Uzbekistan. 111708

Bank accounts:

Settlement account: 2021 0000 1001 2857 3001 at Chirchiq  branch of Uzsanoatqurilishbank SCB.  Bank code 00863 Tin  200941518  OKONX 13111.

 

 

INDEPENDENT AUDITOR’S REPORT

 

To Management and Owners of Joint Stock Society “MAXAM-CHIRCHIQ”

 

We have audited the accompanying Financial Statements of Joint Stock Society «MAXAM-CHIRCHIQ» (the "Company") which comprises Statements of Financial Position as at 31 December 2013, 2014, and 2015, Statements of Comprehensive Income, Cash Flow Statements and Statements of Changes in Equity for the period from 1 January 2014 to 31 December 2015 and summary of significant accounting policies and other explanatory notes.

 

The entity's responsibility for financial statements:

 

Management of JSS “MAXAM-CHIRCHIQ” is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards (IFRS) and for internal control relevant to the preparation of financial statements that are free from material misstatement due to unfair acts or errors.

 

The auditor's responsibility:

 

Our responsibility is to express opinion on these financial statements based on our audits.

We conducted our audits in accordance with International Auditing Standards. Those standards require that we comply with ethical requirements, plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materials misstatement.

 

Audit involves performing procedures to obtain audit evidence supporting 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 making those risk assessments, the auditor considers internal control over financial reporting as a basis for designing 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. 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 our audits provide a reasonable basis for our opinion.

 

Opinion:

 

In our opinion, the financial statements present fairly, in all material respects, the financial situation of the Company as of 31 December 2015 and of its financial performance and its cash flows for year then ended in accordance with International Financial Reporting Standards (IFRS).

 

Auditor:            Auditing Company «NAZORAT-AUDIT»

Tashkent, May 30, 2016.

 

Statement on financial situation as of 31.12.2015

 

Items

At/Ha 31.12.2015

At/Ha 31.12.2014

At/Ha 31.12.2013

 

ASSETS

 

 

 

 

Long-term assets

 

 

 

1

Fixed assets

330743640,8

246972242,0

152462474,6

2

Investment property

718532,4

0,0

0,0

3

Biological Assets

671746,1

545779,6

539507,5

4

The Goodwill

0,0

0,0

0,0

5

Intangible assets other than the Goodwill

0,0

0,0

0,0

6

Investments accounted for using the equity method

7027752,6

4838934,2

3183569,3

7

Deferred tax assets

0,00

0,00

0,00

8

Other non-current financial assets

97597927,8

114994679,3

31672405,6

9

Other non-current non-financial assets

0,0

1877889,6

3145702,6

10

Total long term assets

436759599,8

369229524,6

191003659,7

 

Current (short -term) assets

 

 

 

11

Inventories

98159945,9

132851345,6

126069565,5

12

Trade and other receivables

562082723,5

331955823,6

387689461,2

13

Accounts receivable on current taxes

5746040,7

14316795,5

11340622,6

14

Advance payments to the suppliers, personnel

6008831,7

9394992,0

9767034,8

15

Other current financial assets

56 333 171,38

31 464 915,75

13 882 932,97

16

Other current non-financial assets

0,0

 

0,0

17

Cash and cash equivalents

6378491,8

31969185,9

16624339,5

18

Current assets,  except for sale:

0,0

0,0

0,0

19

Fixed assets and disposal groups for sale

0,0

0,0

0,0

20

Total current assts

734709205,1

551953058,2

565307132,1

21

TOTAL ASSETS

1171468804,9

921182582,8

756310791,7

 

EQUITY AND  LIABILITIES

 

 

 

 

EQUITY

 

 

 

22

Paid up Capital

24996180,0

24996180,0

24996180,0

23

Paid-in Capital

0,0

0,0

0,0

24

Revaluation Reserve

0,0

0,0

0,0

25

Other Capital of the Company

0,00

0,00

0,00

26

Other Funds

251195449,9

185648429,2

127537788,6

27

Current year profit

-35939655,5

40115816,0

57759627,8

28

Equity of the Company’s owners

240251974,4

250760425,2

210293596,4

29

Non-controlling interests

 

 

 

30

Total equity

240251974,4

250760425,2

210293596,4

 

LIABILITIES

 

 

 

 

Long-term liabilities

 

 

 

31

Long-term reserves for employee benefit

 

 

 

32

Other long-term reserves

12144135,7

7980920,5

0,0

33

Overdue Tax Payments  

1418342,2

650889,8

6014,2

34

Other long-term financial liabilities

1937368,81

 

5506372,30

35

Other long-term non-financial liabilities

133829141,5

127004522,8

32652030,6

36

Total long-term liabilities

149328988,2

135636333,2

38164387,1

 

Short-term Liabilities

 

 

 

36

Short -term reserves for employee benefit

6069351,0

0,0

0,0

37

Other short -term reserves

 

 

 

38

Accounts payable

722114992,0

498804488,7

492435964,6

39

Short -term Tax Payments  

18082156,5

6086759,1

189792,2

40

Other short-term financial liabilities

20074885,8

17322854,7

6922330,7

41

Other short-term non-financial liabilities

712265,8

3836231,5

0,3

42

Short-term Liabilities, except for sale

14834191,20

8735490,44

8304690,40

43

Short-term Liabilities for sale

 

 

 

44

Total short-term liabilities

781887842,3

534785824,4

507852778,2

45

Total liabilities

931216830,5

670422157,6

546017195,3

46

EQUITY AND  LIABILITIES

1171468804,9

921182582,8

756310791,7

 

Chairman of the Executive Board

 

Chief Accountant

 

Profit and Loss and other comprehensive income statement for 2015

 

Items

2015

2014

1

Sales

515819131,7

450021803,1

2

Cost of Goods Sold

457570652,0

384829722,0

3

Gross Margin (loss) (lines 1 - 2)

58248479,6

65192081,1

4

General Expenses, total (lines 5 + 6 + 7)

94064072,6

72890794,8

5

Commercial Expenses

30483879,7

22421558,5

6

Administrative Expenses

11163749,7

10101972,3

7

Other Operational Expenses

52416443,2

40367264,0

8

Other Income

2556519,8

2699970,4

9

EBIT

-33259073,1

-4998743,2

10

Financial Income (lines 11 +12 +13 +14 +15)

11540196,1

19904286,0

11

Dividends

143067,3

199754,8

12

Interests

8759,9

13930,3

13

Income from Financial Leasing

0,0

0,0

14

Exchange Rate Income

11388368,8

7806730,9

15

Other Financial Income

0,0

11883870,0

16

Financial Expenses (lines 17 + 18 +19 + 20)

4471534,9

2773974,5

17

Interests Paid

1589407,0

662768,9

18

Expenses on Financial Leasing

0,0

0,0

19

Loss from Exchange Rate

2882128,0

2104106,1

20

Other Financial Expenses

0,0

7099,4

21

Profit Share of  associates and joint ventures accounted using the equity method

0,0

0,0

22

Earnings before taxes

-26190411,9

121315683

23

Income Tax

16548,9

852001,2

24

Other taxes

0,0

67691,7

25

Income from continued operations

-26206960,8

11211875,4

26

Income from discontinued operations

 

 

27

Income

-26206960,8

11211875,4

28

including: Company’s owners

-26206960,8

11211875,4

29

attributable to non-controlled interests

 

 

30

Other Total Income (before taxes)

 

 

31

Exchange Rate Income in terms of reporting currency

 

 

32

Exchange Rate Reclassification in trems of reporting currency

 

 

33

Other Total Income from Exchange Rate in terms of reporting currency (before taxes)

0,0

0,0

34

Income from Estimate Changes of Finance Assets, available for sale

 

 

35

Finance Assets Reclassification, available for sale

 

 

36

Other Total Income from Finance Assets, available for sale (before taxes)

0,0

0,0

37

Income from Cash Flow Hedging

-44080381,7

-12781612,1

38

Cash Flow Hedging Reclassification

 

 

39

Changes in the amounts included in the initial book value of hedging items

-71415,1

-17097,2

40

Other Total Income from Cash Flow Hedging

-44008966,5

-12764514,9

41

Other Total Income – Revaluation Income

 

 

42

Other Total Income – Actuarial Income from defined benefit plan

 

 

43

Date of Other Total Income of associates and joint ventures accounted using the equity method

250803,9

254971,1

44

Other Total Income (before taxes) 

-43758162,6

-12509543,8

45

Income Tax related to Other Total Income Items

767452,4

644875,6

46

Other Total Income, minus taxes

-14525615,0

-13154419,4

47

Income Tax related to Other Total Income Items

 

 

48

Other Total Income, minus taxes

-44525615,0

-13154419,4

49

TOTAL INCOME

-70732575,8

-1942544,0

50

including: Company’s owners

-70732575,8

-1942544,0

51

attributable to non-controlled interests

 

 

52

Earnings per Share Ratio

 

 

53

Gross Margin per Share

-14,1

-0,4

54

including: continued operations

-14,1

-0,4

55

discontinued operations

0,0

0,0

56

Dividends Proposed

-14,1

-0,4

57

including: continued operations

-14,1

-0,4

58

discontinued operations

0,0

0,0

 

Chairman of the Executive Board

 

Chief Accountant

 

Attachment 10

 

Cash Flow Statement for 2015

 

Code of line

Items

2015

2014

Receipts

Expenditures

Receipts

Expenditures

 

Operating Activity

 

 

 

 

1

Cash receipts from product sales

369 278 844,00

Х

441 155 380,00

Х

2

Payments to the suppliers

Х

216 473 546,00

Х

282 720 608,00

3

Payments to personnel and in the name of personnel

Х

85 193 120,00

Х

80 454 857,00

4

Other cash receipts and payments from operational activity

5 268 219,00

7 210 871,00

5 186 029,00

6 315 691,00

5

Total: Net Cash Inflow/outflow from oprating activity

65 669 526,00

0,00

77 053 253,00

 

 

Investment Activity

 

 

 

 

6

Purchase and sale of  fixed assets

0,00

39 061 987,00

0,00

16 334 000,00

7

Purchase and sale of  intangible  assets

0,00

0,00

0,00

0,00

8

Purchase and sale of   of lonf-term and short-term investments

0,00

0,00

0,00

0,00

9

Other cash receipts and payments from  investment activity

0,00

0,00

0,00

0,00

10

Total: Net Cash Inflow/outflow from investment activity

-39 061 987,00

 

-16 334 000,00

 

 

Financial Activity

 

 

 

 

11

Received and paid interests

7 382,00

1 560 825,00

11 497,00

671 311,00

12

Received and paid dividends

82 942,00

3 629 862,00

67 174,00

550 090,00

13

Cash receipts from share issue and other instruments, connected with equity

0,00

0,00

0,00

0,00

14

Cash payment and share redemption

0,00

0,00

0,00

0,00

15

Cash receipts and  payments  on long-term and short-term credits and loans

17 441 623,00

13 760 157,00

15 089 878,00

4 996 349,00

16

Cash receipts and payments on financial leasing

0,00

0,00

0,00

0,00

17

Other cash receipts and payments on financial activity

0,00

0,00

0,00

0,00

18

Total: Net Cash Inflow/outflow from  financial activity

-1 418 897,00

 

8 950 799,00

 

 

Taxation  

 

 

 

 

19

Profit (income) provision

Х

610 585,00

Х

576 266,00

20

Other taxes provision

Х

51 614 054,00

Х

55 578 113,00

21

Tax provision - Total (line 190+200)

Х

52 224 639,00

Х

56 154 379,00

22

Total: net cash inflow/outflow from financial-economic activity

51 087 977,00

 

13 515 673,00

 

23

Balance of currency exchage difference made up as a result of revaluation of funds in foreign currency

1 441 882,00

 

1 828 691,00

 

24

Funds at the beginning of the year

31 969 186,00

 

16 624 822,00

 

25

Funds at the end of the year

6 378 492,00

 

31 969 186,00

 

 

Chairman of the Executive Board

 

             Chief Accountant


Attachment 11

 

Statement of changes in the equity in 2015

 

 

Items

The components of capital

Total equity

Equity of the owners of the company

Share capital

Emissive income

Retained eartnings

Exchange differences on translation of foreign subsidiaries

Financial assets available-for-sale

Results of effective cash flow hedges

Reserve fund

Total equity owners of the company

Non-controlling interest

1

Balance as of 31.12.2014*

24996180,0

0,0

40115816,0

 

0,0

 

185648429,2

250760425,2

 

250760425,2

2

Issue of the securities

 

 

Х

 

Х

 

Х

0,0

 

0,0

3

Revaluation of long term assets

Х

Х

Х

 

Х

 

65472355

65472354,7

 

65472354,7

4

Currency exchange differences in the formation of the УК

Х

 

Х

 

Х

 

Х

0,0

 

0,0

5

Addition to surplus

X

X

0,0

 

X

 

0.0

0,0

 

0,0

6

Profit / loss of current year

X

X

-26206960,80

 

X

 

X

-26206960,8

 

-26206960,8

7

Gratis received property

X

X

X

 

X

 

126597.0

126597.0 I

 

126597.0

8

Dividends accrued

X

X

583841,3

 

X

 

X

583841,3

 

583841,3

9

Other sources of equity

 

 

-50432352,0

 

 

 

-51930,9

-50484282,9

 

-50484282,9

10

Increase (+) or decrease (-) equity

0,0

0,0

-76055471,5

 

0,0

 

65547020,7

-10508450,8

 

-10508450,8

11

Balance as of 31.12.2015 *

24996180,0

0,0

-35939655,5

 

0,0

 

251195449,9

240251974,4

 

240251974,4

Chairman of the Executive Board

 

Chief Accountant


NOTE TO THE FINANCIAL STATEMENTS

 

Fixed Assets

1.   The revaluation as of January 1 is not accepted for IFRS purposes. Revaluation carried out as of 01.01.2014, 01.01.2015, 01.01.2016 by an appraiser is accepted for the transformation.

2.   Depreciation was not recalculated as the fixed assets without residual value were revalued. Based on the new residual value as well as the changes in the useful life the fair value was accepted in the balance sheet.

3.   The depreciation method used is straight line writ-off.

4.   Devaluation of the fixed assets is considered.

5.   Fixed assets leased out are recorded in the form of Real Estate Investment.

6.   We consider the situations, which, despite the similar requirements of NSAS (National Standards of Accounting), in practice, can cause additional adjustments, such as:

analysis of the low-cost, relatively short-term inventories and household accessories showed that they are likely to be attributed to the fixed assets.

 

Financial Instruments

1.   Evaluation of the purchased investments using the equity method.

2.   Discounting of long-term payables.

3.   Financial investments were reclassified.

 

Inventories

For inventories transformation adjustments included a write-off of inventories down to net realizable value (and in slow-moving inventories - creation of a 100% reserve if the net realizable value is zero).

 

Receivables

Accounts receivable is presented in the balance sheet net of allowance for doubtful debts and for its assessment of commonly used valuation method based on the terms of payment. Also deferred long-term debt reserve has been created.

 

Liabilities

1. On deferred payables amortized cost at the refinancing rate of the Central Bank (2013 -11%; 2014 -10%, 2015 - 9%).

2. It reflects the long-term financial liabilities at amortized cost.

 

Intangible Assets

Initial recognition of intangible assets according to the IFRS and NSA, in some cases differs (for example, intangible assets contributed as a contribution by the founders, according to the NSA are accepted at a cost of "a coherent evaluation", and in accordance with IFRS - at a fair value).Thus, the cost of the intangible assets, recognized in the accounting according to IFRS and NSA, differs and adjustment was required (were written-off).

 

Deferred taxes

1. For the calculation of deferred taxes according to IFRS balance method was used, involving the calculation of temporary differences based on the values of assets and liabilities at the balance sheet dates.

2. Change in deferred taxes takes place throughout the year in correspondence with account of profits and losses (profit and loss) or capital account (of changes in equity).

 

 
 
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