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UnhAhS UbfVI,U U'tlC Un L4lt ut np ut Q tu h lunp hp 4 tu n tt zu Q u tt C tt Q h p n tp1 n t It Un L4f m np ut Q u b Q np 6n L h h n tp1 tu It L lt g h h q rt tu Alt t/ 0 0 6 22, bp b w [t, Iunp h h tug]t 4 7/7, p h. 46, h hn/S up u + 3 74 I 5 7 75 44 h1. Zurugh' [email protected], h1. 9ru1p'http://www.auditservice.am ULqUtu UnhrlhsnfUqUL bgfUr{U5nhf€nhL < < q tbrln $hLULU > > nf.hhqhpuurl .{urp\ur1 frtr trurqrftu\hpqnr-p1 nr-h rfrur\ prudhhrnfrpru\ruh ptr\hpnr-p1 urh purdhhrnhphpfh P. bphwh-10.03.2014p. Uhn \"tt ihg |rpru\urtlugr{h1 t <<qfb'}n ShLULU>> nhqq (DtrC \hg $frtnuhuru\rutr hru2tlhullnr-p1m-trlihpfr urm4|rnp, ptr4 npnr-tf ur14 hur2rlhtnr{nrplnr-bhhpp trhprunmrl hh 2013p. r1h\rnhrfphph 31-h 4pnr-plutip $|rtrurtruru\ruh {rdur\fr tftuufrh, hmlh rurlurufdqhL rurlruprnrlruE rnurpr{ru hunftuqurpr}rur\ Sfrtrutruur\urh rup43nrhphhp}r, uhrfru\urh \urqflnurlnr-rf {rnr}rnfuntplnr-trtrhpfr h 4puriltu\urh tifr2nghhpfr hnuphpfr tiuufrh hur2tlhunlnrplnr-hhhpp, frh2qhu tnuh Sfrhurhuur\utr hur2rlhrm{nr-p1nr-hhhpfrh \hg hru2{urqurhru\uh hur2t{urnriurh purrpupu\urhmp3 mhp h ur3 1 Eruhnpurqpnlpl nr-hhhp: lLr_qu*urn.l).rdggL '[-u"s"u"u-l_u_ul*us:lo-,r_.-td3_nr'L.c $nLuLUuguL zucq-b_s:lohogor.'.Lu-brh z-uuur Ch\hpmp3urtr th\urtlurpnrpjnr-hp ulurnruuluurtluurm k Sfrhurhuur\ruh hur2rlhunlntplmhhhplr ttfr2tuqqru3frtr uururh4urptnhhplrtr hurr.iruqurtnruufuurh $frhurtruru\urb hru2rlhrntlnrplrr hhhpfr \urqtftIurtr tr d2ttrupfnn hhp\rulurgtftuh hunftup: Ul4 hqurnru\n{ qh\ur{urpnr-p1mhp uruhtlurhmrl k ruhhpudh2rn rlhpruhu\nqnr-plurh hurtftu\uipq, npp pnr-11 t ntufiru ulurnpuurnhl Sfrtnuhuru\ruh hur2tlhunlntpjnr-trhhp, nfrnhp uqrurn hh fuurp4rulunr-p1uh \rurf uluufr urpqlmhpmtl tur\ruh f uhrlurpl mpmtltrhpfrg : UnnUSnf n.11USU.U-p_!LL_11SgOb-6q9*OI!.e Uhhp quLnuruluurtnurnnt hhp urpqllnfr tf[2urqqur1]rh urnruhrpuprntrhp]rl-r hurlurqruururufuurh tthp \"qrllt9 frpur\urhurgtlurb runr-4|rulr hfilurtnln* h2{rub $}rhurtruru\rutr hur2rlhur{mplnr-hhhp[ {hpupLplrulrlhp urpuurhrulinurb h*pbhplr hulfurp: U14 urnurhrlurptntrhpnr-l rlhqurtrirg qruhruh2{mJ t purtlrupurFhl FuFnJrullutr .l*pph \ruhnhhhpp b ulltuhun{nph1 h urbglrughhl *"ra1pp' $frhurtruur\ruh hur2rlhrn{ntplnttrhhp}r hur\urtr fuhquplntpnr-ilhhp}rg qhpE 6ttUpr. rlhputptp3*1 nq2urtlfrur hpur2fufrptrhp &hnp phphlm hqunntu\m{:

UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

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Page 1: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

UnhAhS UbfVI,U U'tlC

Un L4lt ut np ut Q tu h lunp hp 4 tu n tt zu Q u tt C tt Q h p n tp1 n t It

Un L4f m np ut Q u b Q np 6n L h h n tp1 tu It L lt g h h q rt tu Alt t/ 0 0 6

22, bp b w [t, Iunp h h tug]t 4 7/7, p h. 46, h hn/S up u + 3 74 I 5 7 75 44

h1. Zurugh' [email protected], h1. 9ru1p'http://www.auditservice.am

ULqUtu UnhrlhsnfUqUL bgfUr{U5nhf€nhL

< < q tbrln $hLULU > > nf.hhqhpuurl .{urp\ur1 frtr trurqrftu\hpqnr-p1 nr-h

rfrur\ prudhhrnfrpru\ruh ptr\hpnr-p1 urh purdhhrnhphpfh

P. bphwh-10.03.2014p.

Uhn \"tt ihg |rpru\urtlugr{h1 t <<qfb'}n ShLULU>> nhqq (DtrC \hg $frtnuhuru\rutrhru2tlhullnr-p1m-trlihpfr urm4|rnp, ptr4 npnr-tf ur14 hur2rlhtnr{nrplnr-bhhpp trhprunmrl hh 2013p.r1h\rnhrfphph 31-h 4pnr-plutip $|rtrurtruru\ruh {rdur\fr tftuufrh, hmlh rurlurufdqhL rurlruprnrlruErnurpr{ru hunftuqurpr}rur\ Sfrtrutruur\urh rup43nrhphhp}r, uhrfru\urh \urqflnurlnr-rf{rnr}rnfuntplnr-trtrhpfr h 4puriltu\urh tifr2nghhpfr hnuphpfr tiuufrh hur2tlhunlnrplnr-hhhpp, frh2qhutnuh Sfrhurhuur\utr hur2rlhrm{nr-p1nr-hhhpfrh \hg hru2{urqurhru\uh hur2t{urnriurhpurrpupu\urhmp3 mhp h ur3 1 Eruhnpurqpnlpl nr-hhhp:

lLr_qu*urn.l).rdggL '[-u"s"u"u-l_u_ul*us:lo-,r_.-td3_nr'L.c $nLuLUuguL zucq-b_s:lohogor.'.Lu-brh z-uuur

Ch\hpmp3urtr th\urtlurpnrpjnr-hp ulurnruuluurtluurm k Sfrhurhuur\ruh hur2rlhunlntplmhhhplrttfr2tuqqru3frtr uururh4urptnhhplrtr hurr.iruqurtnruufuurh $frhurtruru\urb hru2rlhrntlnrplrr hhhpfr\urqtftIurtr tr d2ttrupfnn hhp\rulurgtftuh hunftup: Ul4 hqurnru\n{ qh\ur{urpnr-p1mhp uruhtlurhmrl kruhhpudh2rn rlhpruhu\nqnr-plurh hurtftu\uipq, npp pnr-11 t ntufiru ulurnpuurnhl Sfrtnuhuru\ruhhur2tlhunlntpjnr-trhhp, nfrnhp uqrurn hh fuurp4rulunr-p1uh \rurf uluufr urpqlmhpmtl tur\ruhf uhrlurpl mpmtltrhpfrg :

UnnUSnf n.11USU.U-p_!LL_11SgOb-6q9*OI!.e

Uhhp quLnuruluurtnurnnt hhp urpqllnfr tf[2urqqur1]rh urnruhrpuprntrhp]rl-r hurlurqruururufuurh tthp\"qrllt9 frpur\urhurgtlurb runr-4|rulr hfilurtnln* h2{rub $}rhurtruru\rutr hur2rlhur{mplnr-hhhp[{hpupLplrulrlhp urpuurhrulinurb h*pbhplr hulfurp: U14 urnurhrlurptntrhpnr-l rlhqurtrirg qruhruh2{mJt purtlrupurFhl FuFnJrullutr .l*pph \ruhnhhhpp b ulltuhun{nph1 h urbglrughhl *"ra1pp'$frhurtruur\ruh hur2rlhrn{ntplnttrhhp}r hur\urtr fuhquplntpnr-ilhhp}rg qhpE 6ttUpr. rlhputptp3*1nq2urtlfrur hpur2fufrptrhp &hnp phphlm hqunntu\m{:

Page 2: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

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Ctr\hpnrpurh frprurlurptuhur\urh hurughh t 22 p.bphutr,gfrLluh 2-p4 trppurhgp, urnrh l6:

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Page 3: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nthurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub unfurltrhpp h[tftnl{npn4 r}rurutnhp}r

&hnpphptfurh hquruur\ntl tf2ru\rlurb phpurgur\upqhF, nFnhg phurpnr-plnttrp \utlut{tub k

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Uhhp huninqtlrub htrp, nF &hnp hlrp ?hphf punlur\urtrur2unf nL hurtiruqurururufurutrurnqfrurnpur\tutr ruqrugnr-1ghhp' rlhp \upbfpL urpururhurlurhlnr- hulfurp::

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Sfrtrurhuur\urh rllrdtu\p, trmlh urfurup{frh unlurputlnq uruptlur hurilurqurp{rtu\ $}rLuhuui\url:urpqlnttrptrhpp, uhrfrur\ub \uulbururlntd rlrnrlrnfunr-plmtrtrhpp tr 4puilur\rutr ilfr2ngLhph hnuphpp'hulitu&ru1h $frtrurhuur\urh hur2tlhur{mplnrhhhntt rf}rf,lqgurl}rh urnurh4urprntrhp}r:

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Lbpqqw 44utt qwpQ hplt lt fufuwnnry1nfthhplt tutl hlugnu.( (ttttutqnul)

Sputtituryr{uE {up\hp} rurlh lurgrr.:rt ( tt tl ut q n d)

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Ultt2h ttwp[uttt dutdQ hup tqtuh{nq updhpqphplt ttrtutqnd (wtlhlwgnu!)

Z|ttlLu\urh ilfr2ngtrhpfrh n2 trgmpru\urh ur\ur]l[rhpfr Ahnpihpnttl

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Page 8: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

u\uf{htpf, qurptnunlnpntplnttrhhpf, h\uiluf h bu}uufr hhp\urlurg{urb qntilurphhph rlnut: Ouruunugfrrup43nthphhp1 llurpnrl hh unupphp{h1 urpl qhurhrurnrr rthhpfrg:

QhurhunnntdfuhpL nL hrurfurqurtnuru]uutr bhpur4pnr-p3nrhtrhpp 2urpmtrur\urpurp tlhpruhurlrlntil hh:

Zu2rlurqurhur\urh qhurhulnnufirhpfr r{hpurhulnufhhpp durhur2rlnui htr urltr durdurhru\tu2p2ruhnril npntrirlhpurhurllhlhh h urlh urqurqur durr.turhru\2p2urhhhpnuf, npnhg tlpru \rupnrl hh urqrlhgnrplnrtr nthhhurl

2.5 2ucququzuquu 2ucqunuul eu1ueuqu\,nnognr.L

9ruqriru\hpulntplurh hu2rlurquhur\urh hru2tlurnilruh purlurpur\urhntplnttrp \frpurnrlhl h

hhurhnrpu\rutrnphtr untlh $frhurhuur\urh hur2r{hun{nrp3nrtrhhpnuf Lbp\ruSurgrlurb pnlnpdurilruhur\u2p2uhhhpfr h\unnrfurdp:

bbunlntrnhhnh h burluuhnh druhurnltl

b\unintug drutrur2r{nuf t urlh 4hqpnttf, hpp hur{ruhrulutr l, np tnhuhuur\uh ognunhhpp \hnuhtrCh\hpmp3nth h utnurgilurb h\urr.intr.np hhurprur{np k rupdurhurhurr.lrur.nnphh :utht Our}uup durhru2{ntri L

urlh durilurhruh, hpp hunlurhur\ruh L, np urhtnhuur\urtr oqnunhhpp \urprnurhnuhtl Ctr\hpntplnrhfrg tr bruluuphhruprlnp t urpdurhruhullurtnnphh :u+ht: Zhrnhlulyrurfrurhfr2hhpp hntlhqhu ulhurp L hur2rfir urnhrlhh ilfrhlrh\uilurfr durhur2nrtip :

Snhnuurrhh burluuhn h hburdmtnhtn

Sn\nurulirh h\udnr-urhhph nL burluubpp Fntnp un\nuurphp $fhruhuu\urh qnpbfrptrhplr hrurirup

$[trruhuur\tuh urp4lnthplthntt riurufrtr hru2rlhrnrlnrplnr-hnttf durhur2r{nrli hL npqhu <<tnn\nuurlfrhh\rurinr-ur>> h <<urn\nuulfrh bruluu>> :

bpt $fbuLuur\uh ru\urlrt$rhpp \uni tnlurhurufrq $frtrurhuur\urh ru\urfn$rhpf lutfp]r hur2rlh\2nurlfrtrupdhpp hrlurqnr-ii k updhqp\nrr,ifrg \npnturnhhpfr ulunndrunnr{, urn\nuurlfrh h\urfnunp 2rupnthur\nrri kduhru2rlhl \frpurnhln{ u\qrtrur\urli urprllnrtrurtlhtn tnn\nuturlpntlpp hrp hur2r{h\2nru1}rh rupdtpfrh\utnriunip:

UlrgbnF+ru4durphhntrg h urJthtfurtrunnlrul rldruntrhFlrg h\rurlmurtrhn m burluuhF

Ufr2hnpqutldurptrhpp, tlurp&ul{diuptrhpU Lr ur11 h\turitnur3}rh nt bru}uuurlfrh hnrplurbtrhpp hfnihtu\urtrnuidurhur2rlnttl hh hu2tlhqpriruh u\q:nrhpnr{, burnulnrplnrhhhpfr riunnntgilruh ghpurgpntd:

UFuupdnqph rhnluurfr\nui

Upururpdntlpnri \uuruprlruE qnpErupphhpp {hpurhu2tluip\rlnui hh qnpbrunhur\rutr rupdntlpnll' qnnbuipplrop{ur {rn}uurpdhpnrl: Uptnurpdntlpnt{ urpuuuhurlu{ub n2 runhurpurlfrtr ur\urfr{trhpfr rfrn}urup\nril}rgqnJugn{ ognttnp \uni rltnuug druhru2{ntil t $}rhurLutu\ruh uprynrtrphhpfr rlurufrh hur2rlhur{ntplurh <<ur31

h\urilnttn>> \urtf <<ur11 burluu>> hn4{urbntri: Upururpdntlpntl urptnurhurlur{urb rlpunlur3frtr ur\tnfn{trhpp trqurptnur{npntp3nthhhpp $n}uurp\{nui hh qnpbrunhur\urtr urpdnrlpntl' \frpurnblnr{ $frhurhuur\urh tl}rdur\frriurufrh hur2r{huu.lntp3ruh urtfuurprl}r rlpnrpluntp qnpbnrl rfrnfuupdhpp:

Uurnptr hhp\urpugrlntd k $frhurhuru\tuh hur2rlhrnrlntplnthtrhpfr ulurnpuuur.iurh phprugpnrd CL\hpnrpluhh"rlrihg oqtnurqnpb{rub uruph{hp2jurti r}rn}uurpdhpp.

Page 9: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

Uprnupdntlpfr urhuurt ZZ qtr-h .ihf itlt hur2rlurp\ru1 frtr rlrnluupdhpp

3 1. 1 2.201 3ro-h nnntrarurdna I UIJ-I, lnlurp o 405.6412 4puril

2untrmrl

Zur2rlhurnt inurprlur 2ruhntpurhuph pur*urgrub k ptrfo*gtt\ hurp\frg: Cruhntpurhup\p durhur2tlntil L

$frtruhuur\urh urprynthptrhpfr tlurufrh hur2t{hrntlntpSnthnril: CLpugb\ h*p\U tnruprlu hrurftup hupll{nr1h\rurfmurtrhnhg ,ld*prlhfrp hup\tr t hru2rituquhtu\urh htu2tih\2nlr rutiuupr{}rh qnpbnrl hurp\tulfrtrrlpnr3ptrhpntl: 2ur2tlhurnr r.nurpr.lur plrfo*gtt\ h*p\U \urqrfnttt L 218,0 hurqurp

Z2-nui qnpbnrri htr trutr purqrirupfrtl u11 qnpburnhur\urh huip\hp, npnhp hur2{urp\{nr-il htr hfrhlnrlCh\hpnrpltuh qnpbnr-trhnrplnrhfrg: U1u htup\hpp $frhtutruur\urh urp4lnrhpLhpb ilurulrtr hur2rlhtnrlntplnrhnr-ridruhru2rlnrrl hh << U1 1 builur,hpt t hnrl{urbnrr.f:

'Inulfuburh rfhqnohhn h nnruho hrurfrundhphtn

'Ipulhu\ruh il|r2nghhph nt 4purhg hruilurpdhptrhpp hhpunnui hL h*t lutth lpurilE h hur2frtfrhpppurh\hpnui, npnhp \urpd durdurhur\urhurr.n{tubnuf \urpnrl hh r}rn[uurp\r{\ \urhfufrh rln-ritr, h urpdhp}r

{rnrfrn}uriurh 2L2[h n[u\ hh qupnthru\nril:

Zurrhrlhhn nurhLhnrr.il

hp phru\tuhnli qnpEnttrhntplurh phpurgpnrrl Qh\hpntplnrhh oqurruqnpbnrri t ptuh\hpnui ptugr{urb phpurgh\

\ruil tnurpphp dturi\huhhpnrl u{rutirluJtrtr hur2fnfrhpp: Sfrputlurb duni\huntl urltutrrlLhpp hur2rluinrlnril hLr

rurinpurfrqurg{rub urpdhpnrl oqururqnpbhlnrl uprynrhrurlhur urn\nuurrlpnrlpfr ribpn4p:

$htlutruurLurh onnbhphhn

Ctr\hpnr-plnttrp $frhurhuru\rutr u\urfr{p [1*,i qurpnurr{npmplnrhp hur2r{h\2nnrri durhur2nttt h rultrdulturtrur\, bnp tuJh rprrnhnr-rf k qnpbfrpfi qurltiurhurqpur3frh \nr1il: $irhurtruur\urtr ur\tnfrtfrhptt Itqiuptntur{npntplnthhhpfr unr{npur\urh urnnrllrudrunpfr 4hqpnril r}Ftuhp durtnu2rlntti btr qnpbupptt oprt*4pntplurip: Unrlnpru\urh duhurqurphm{ d.hnp phprlurb SfrtrtuLuur\urh qnpbfrphhpp, npnhp hhrnurqurlnr-riulhurP t hu2r{urnrlhtr frpu\tuh urpdhpnrl, qnpburppfr opqur h qur3rfutrurqp[ opqu ,IItZtt ptr\tuEduniruhur\ruhurtnrlurbnr-ri hru2rlurnr{nui hh hnr-lh hrlurtiru\nrl, nnnq hur2rlurn{nril hL d,hnpphprlurbqnpbfphhpg:

U\qptnu\utr durhur2riurh dturiurhur\ Sfrhurtruur\urtr ru\urfrtltrhph nr qurptnur{npntplnrhhhpp 2un}n{nrrf htr

frpru\utr updhpn{' qnuiurpurb, trhprlpnrtlhhpfr thqpnuf, qnpbupp}rh urtni}r2urqhu rlhpurqphfir bur[uuhpp,Furgurnnlldlluilp $frhuhuur\urh uprllnthphhpntil d2qputlnrl' frpur\urh urpdhpn{ hur2riurnrlnrl hhp4pntilhhpp:

U\qphru\urh durtruyntr.tfrg hhtnn, $frhtubuur\uitr ruprynrtrphhpnrri frpru\urh urpdhpnrl hur2{runrlnrl$frtrtuhuru\urh qrupururr.lnpntplnthtrhpfrtr 2r{hpurphpnrl pnlnp Sfrtrurhuur\urh qtupururrlnpntpSnthhhpp(trhpurnpul r{urdurnpfr hurilurp qurhiinqhhpp) lurlr{ntr.i htr uilnptnfrqurg{urb urpdhpn{' oqururqnpbbln{rup43nr-trur{hur urn\nuurrlpnlJph rfhpnqp: U\ptrur\urh dtuhru2nuifrg hburn $frhurtruu\ruh urprynthphhpnrrifrpur\urh iupdhpnrl hu2r{unr{nr1 $frhurtruru\urli ulurptnun{npntplnrhhhpp hhunuqurlnui hru2t{tun{ntri htr

frpru\uh urpdhpn'tl:

Page 10: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

Ch\hpntplnttrtr frp $frhurtruur\urh ur\tnfnltrtpp luruur\urpqhl h puur hhurblurl 4ruuhpfr' r{up\hp h

4hpfnnnpur\urtr qurpurphp, $frtrurtruur\tuh urprgnttrphhpnr-ri frpu\rutr urpdhpntl hur2{urnrlnrl $frhurhuur\urtrqnpbfrphhp, rlurdurnpfr hunfurp r.iruurlhfr Sfrhurhuru\urh qnpEfrptrhp h rllrh2tr durpilurh dunt\hurg qurhtlnlhhpqpntilhhp: Lhprlpntiltrhpfr rluruur\urpqnttlp puur rluruhpir frpru\urhurgrlntil t Ahnpphpriurh quhfrtrurnur2hnp4rlblnrl r1h\unlurpnrplurh \"qrfttg huruurunnrlrub \urlintrLhpntl: U\qphu\urh dutrurlntil|rg hhurn

Ctr\hpntplnthp hurpn{ k htnupunlnpntpputr h urhhpurdh2r.nntplurh 4hqpntri, r{hprurluruur\*nqht ttn

$|rtrurtruru\urh ur\urfnfrhpp Jnlpupurhsntp $frhurLruur\urh ururprlu r{hp2nuf

ttrufr\hp h +hptrurnflul$utr rqurpuphF

.{urp\hpp h 4hpfrurnpur\ruh qurpurphpp $frputlurb \uni npn2hfr tldupnuihhpn{ $frhruhuur\urtr ur\uftlLtphh, npnhp urnur2urtrnul hh, hpp Ctr\hpnr-plnttrp urtrdfr2ruqbu il[2ngtrhp k urpunlur4pnui quprnurqutrfrhurnurh g 4hpf urnptu\urh qupurpp {udurnhlnt iltnur4pnrpluh :

Zhururqulnr-.f .l*pt1h hru2r{h\2nru1}rh urpdhpg npn2rlnui t oqururqnpbhlnrl urprynthru{hur urn\nuur4pntlpfrilhpnrlg: Zrudurlunp4hhpfrtr urpunfur4p{urb rlurp\hpg hur2rlurn{ntri htr ur\tr\urllnrl ilurpriurL duni\hu[ tlput

hfnitrrlub urp4lnrhurtlbur urn\nuurlpnllpb tihpn4nrl. Zrudurlunprlhhpfrtr rnprlurb rlurp\hpfr qnuiruptrhpp

tn{uqhg{nr-d bh 4purtrg qEnrl hhrupurtlnp \npntuurhhp}r qruhntutnhhpn{:

$hhurtruurLrutr urburhrlhhnh rundho nhntrl

Zru2tlh\2nurlfrtr urr.tuurpiftr 4pntplunip Ch\hpnrplnrhg qtrurhurtnnui t $frhurhuu\rutr ru\urfrtfrhpf \uil$frtrurtruur\urh ur\urfnfrhfth l"rif tt updhqp\riurh uruurfrdurhg:

Urfnpurhqrugrlrub rundhpnq hue4urn4q urUuhqLhp

$frtrurtruur\utr ru\tnfn{g \uril $frbuhuur\utr ru\urfr{trhpfr }unrrfpp hurilurp{nui h tupdhqp\rlurb, Lurpdhqp\rfurh {rurup durtrur2rlntr.t k ulh dulfurtrur\, hpp gnlnrplnttr nttrfr ur\urfr{}r u\qIhur\urtr durtrru2iluhphru2nprlnrl irpur4urp&ntplnrhhhpfr (<<bur[uuurlfrtr [rpur4urp&nr-p1nr-trhhpfr>>) up4Snthpnui runu2tugurburpdhqp\tturtr oplh\urfr{ rl\ur1ntp1nrh, h *Jt} burluuurlfrtr frpur4rup&nrp3nrhp (irpu4rupdntplnr-trhhpp)ruqrlhgmplnrh nrhfr $frhurtruur\urb ur\urfnllr \uni $frtrurtruur\urh ur\rnfrtfrhpfr ]utfpfr urqurqur 4prurhullurhhnuphplr rlpur, npnhp hhrupurtlnp h urpdurhurhun{urtnnphh qhurhunnhl

Updhqp\riurtr oplh\urfnl {\urlnrplurh npn2rturli hturftup oqururqnpbr{nr1 2ul}ruhfr2tthnttg hh' quprnurulurtrh

\unf qrupururqurhhhpfr ]uilp[ Lu\urtr $frtrtutruru\tuh 4d{upntplnthhhpfr tlurufrtr .l\*:"rt gnrgurhfr2hhpp(opfrtrur\ uhr{ru\urtr tlfr2ngtrhpfr qnpbur\hgg, qnrur h\rurintur/{urdurnp qnpbru\frgp), urn\nutrtpfr h riurlpqnuiurpfr tldurprturh ulurpurunlnpntplnrhhhpfr, {urp\rulftr hruritu&rultrnr-plurtr \ruil ru11 qurlttuhhhpfr

]uruluurnufhhnU, qn*,lh urpdhpfr hrlurqnufp, uhurtr\urgtfurtr \rutf $frhruhuur\urh ur31 {hpur\ruqrfturlnpriurhhurtlurhur\urhntplnthp, h tpp uhuurhhfr uLlrultrhpp rl\rulnuf htr 2unlrhfr tniruqilurh riruulrh ru\tr\urlqnrtruulurqtu 4purilur\utr hnuphpnui, hlrflh"ttp hh $nrfrnluntplnthhhpp qurptnunlnpntp3nrhhhpnul \ruriurtrtnhuur\urh qurlilurtrtrhpnttf, npnhg rlhpurqprlnui htr phpurgntrihhpp: Ch\hpntplnrhg Lurlu qhurhururnul tupdhqp\rfub oplh\uf{ rl\urlntplurtr urn\urlntplntLp urhhururur\urtr $}rhurtruur\urh iu\tnfr{rhp}r hunlurp,npnhp urnurhd.hruprup tr2urtrru\ur$ htr, h urtrhururur\urh \ulf ]urtpurlfrh Sfrtrurbuur\urtr ur\urfnfrhpfr hrurfurp,npnhp urnurh&hurprup h2urtrur\ruflr 2hh: bph ulurpq{hl t, nF qnlntplnrh 2nttrfr urpdhqplliurh oplh\tn}l{rl\urlntplnr-tr uhhurtnurqhu qhurhunnrlurb $frhurhuur\urh u\uhrllr hr.utlurp uL\urlu hur\urhnrp3urtrururnfrdurtrfrg, urulu ut\nthtlU hhpuntlnui k hnr-lhurtnftuh {up\urlfrh nfru\ nthhgnrl $}rtrurtruui\urtru\u[{Lbpfr }uripfr ilh2, h $frtruhuru\urtr ur\rnfr{rhplt *ltt }unuipl hhprup\{nttf L }uilpurlirh qhurhtutnriurh:U1h u\nfrtltrhpp, npnhp rutrhunnur\urhnphtr hh hhpurp\{ntd urpdhqp\rftuh qhruhruurilurtrp, tr npntrg qEnr{

urpdhqp\nuig durtrur2{ht t \urr.l 2urpnthur\nui t druhruSlhl, 2htr hhpurnrlnul urpdhqp\r.turh }uripurlfrhqhuhunnilruh t[h2:

bph qnlntplnth prhfr unfnpur]rqurgrlurE urpdhpml hur2tlurn{nr1 $irtrurtruur\urh ur\urfrtl}r rupdhqp\ilurtr rfrurufroplh\u[r{ rl\ur1ntp1nth, urulu rfrurufr qnttfurpp 2un]r{ntti I npqhu ruhurtntr hur2{h\2nurlfrh rupdhpfr h

Page 11: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

qtrurhunnr{urb urlh urqurqru 4puniur\urh hnuphpfr frpur\urh urpdhpfr r.t}r2h tnurpphpntplnthp (purgrunntplurip

.l*n\tr hhur \urqrlurb uruluqur burluuhpfr), .npnhp qh.U.lh htr oqtntuqnpEhln{ $frhurtruur\urh ur\urfr{tu\qptrur\urtr urp4Snrhun{hur urn\nuu4pnlJpp (urluftrptr, u\qphru\urh dtuhur2riurh dunfurhur\ hru2rlurp\rlrub

urp43nrhrur{hur nn\nuurqpnrlpp): U\*ttrl}r hur2{h\2nrujfrh rupdtpp tnlurqhg{ntil t qruhnrur.ntt h*Z.lhrifr2ngnrl: .{trurufr qnrilupp dtuhur2r{nrrl t Qfrtnutruu\urtr urprynthplthplt tlurufrtr hur2rlhrnrintplnthnui: bph.l*phn \uni ttfrh2h riurpnulp ulurh{nr1 trhprlpnuip nr-hfr rfrnrfrnfunth tnn\nuurr}FnlJp, unqur rupdhqp\durhgurtr\urgurb rltrurufr qhl2tlurh 4FnLlpE ulultlurhruqpntl npn2tlrub ptrpurgb\ urprynthurtlhu un\nuur4pntlph L:

Ctr\hpnrplnrtrg \urpnrl L lulfrhl urpdhqr\rfurh rfrurup qnfrbhph |rpur\urtr urpdbpfr hfrtiurtr {puroqururqnpbhlml urhuurhhfr 2nt\ur1ur\urtr qfrhp:

epurrlnrl urulurhn{rlurE $frhurtruur\urh ui\ufrrl}r ur\h\urllnrl urulurqur rlpuniru\urh hnuphpfr htp\ru urpdhpp

urpr.nurhulurnrtt t qpulifr frpurgnrrffrg unu2urgurb rlpunfur\ruh hnuphpp' hurhurE qpurqh d.hnp phpiirutr h

titudurnpfr hhur \uqrlurb burluuhpp, urh\ur[u qpurqb fprugriuh hru{uhur\ruhntplnthirg:

Updhqp\ilurh lutipurlfrh qhtuhunnrlurtr hquuru\nrl, $frhurtruur\urh ur\urfnltrtpp ]uripur{nprlnr-ri hLgurqilur\hpqnr-p1urh {urp\tulfrtr 4uruur\urpqriruh trhppfrh huliru\urpqfr hfrtiurtr .lF*, tFU h*Zrlh L urnhntl

{urp\ur1}rtr "huhh urltrulfrufr phnpn2fr2hhpp, hh:ulbuhp hh ur\urfll}r urhuru\g, urprgnthurphpntplurh nlnprnp,

ur2]uurphurqpur\urh 4bFpE, qFuqh tnhuru\p, drutf\hururSfrh \urpqulfrdur\p h ull.hrlurLururfrq qnpEnhtrhp:

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'turp\hpp' \urqur\gqurb qurhnturntrhpfr hhr.n rfh\urh{, rlnrpu th qpr{nrti, hpp qnlnr-plnr-h lnrtrfr urqurqurlnttl,l*fthh hrutlurpurqphlm frptuurhuur\uh hhnuh\urp, tr pnlnp qpur{rhph hn*Srlh hh \ur.i rlrn[urutrgqhlrrurqrfur\hpqntplurhp: bph hur2nprlnq LnurFnLrI qtrurhrurnt{urb urpdhqp\riruh rltnuufr qnrtlurpp urtlhlurhnrrl

\unl hrltuqnul k urpdhqp\riurh druhru5luhp hur2nprlnrl irpur4urp&rp3nr-trtrbpfr tup43ntbpnul, uuluhrulu\frhnui druhurllurb updhqp\tiurh rfrruul rutlhlurgtlmil \ruri ht{urqhg{ntri k qruhntuururlfrh hur2[r{pd2qpurhlnr il|r2ngnrl: bph uuluqru lnlFu qpnulp hhnruqulntti {hpru\urhqtn{nrrf h, ruulu {hpur\urtrqhrlurbqnr-rirupg \nhlh*FtSprlnui t qurhnrutnfr hur2r{ftr:

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$frtrurhuur\urh ru\urfrt{p (\unl $frtrurhuur\urh utl1uthrlh rilr rftuup \ulf tliurtruuhul $frhruhuur\urtru\tnfnltrhpfr l".ffh rltt tiurup) urqrudurhur2{nui t, hpp.

' Lpurghl t ur\uhqhg 4purtfu\urtr hnuphp uurruhurlnt frptutlnrhpp' Cttqhpntplnthg rlrnlututighl t ur\tnfnllrg 4purfur\rutr hnuphp uururhu,rlnr uluhurh2fr |rprur{nttrpp,\ruil qurhqrutrhl t uryl frpunlnttrpp, purlg qurpr.nur{nprlnr-il | urnurg{rub qnrdurphhphunipnrl2ntplulip b duniuhur\frtr rlrnluutrghl hppnprl \nqilhL' hurftu&ur1tr rfrnluurhgttuhhurfurd.urShurqph, h

' Cltqhpntp3nthl (ur) rfrnluurtrgq t-ur\rnbqb qbnrl pnlnp nfru\hplr h oqnttnhhptt q.*tt ilurup, \unf- (f) 2b.+nluuhght It flt qurhqurhhl *\*h,lh qEnrllnlnp nfru\hpfr ti o.nttntrhpfr qqur$ ilruug,uur\urlh rfrnluurtrghl k ur\tnhrlh h\ruuniuntp rlhpuhu\nrlntpl nrhp:

bph Ctr\hpntplntlrg rlrnluuhghl t ur\tnfltrg rlfurdur\urtr hnuphp urnurhurlnr frprurlnrLpp h fr rfrnluurhghl nr$r qurhqurhtl ur\urfr{r qbntl pnlnp nfru\hp}r h oqnttntrhptt qq*tr tfurup, frh2qhu hurh 2fr rfrn}uurhghl

Page 12: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

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$frLurtruurbruh u urFurur[nFnBJ mtrLhF

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bpp qnlntplnrh nr.trtgnrl Sfrhtutruur\urh qupururlnpnrplnrhp rfrnluurpfrtnlnrti L tur\urtrnphh uruipphptlnrlqur3rfurhtrhpn{, FuJg rlfrhhntlh r}rn}uurnntfrtr tlhpurphpnrl qurptnturlnpntp3unip, \*.i hur\uhnphtrrlrnrfrnlurlnttf hh qnlntplnth nthhgnrl qurpurur{npnrplurh qrulttrutrtrhpp, tnturtr r}rn}uutrur\nutp \rurtrlrmfrnlunrp3nthp ulhurp t hurhqhghfr u\qphu\urL qruptnunlnpnrpluh urqrudurtnu2tiuh h trnpqurpurun{npntplurh durhur2tiurh, fru\ hurtiruqurr.nruu}uurh hu2rlh\nurlfrtr updhptrhpfr unupphpntplnr-hpdurhru2r{ntil t $frtnutiuur\urh urprynrhphhnh riurufrh hru2{hullnr-plnrhnuf:

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2tnlhurlluh ritrgngtrhn

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Uur2tlubntplnrtrp hur2tlup\{nui t qburlhL tfhpnqntl, np}r hflipnrtt pL\urb t ur\rnfn{ir oquru\urpbrunrulnr-plurh durd\hurg: ttlrpruntlhl htr riur2{urbnrplurtr hhurhlrul ururph\urh lpnrlptu2tufhpg'

Oqurur\urpbrunrulmpluh

duil\hur (mtlph)

apmlprululfr(o/o)

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Page 13: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

Ctr\hpmplnth: trurqlnnurl rlhpurtrnpnqnultrhpir rlur2rlurbntp3nthp hur2{up\r{nttf I huniuruluururu}uruh

*\mtr.tt ritrurgnprlurlfrh oqurur\urp brunurlntplurh ghprugpnr-rf:

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bpp {hpurqhurhurntlrub ur\tnfrqhhpg rlnlpu htr qprintil \urf otnurpr{nuf hh, ouurp{urb u\ufn{irh rltpurqphfrh tlhpurqtrurhuruliurh qurhnruurnril hhpurn{urb qnrriurphhpp {hpurqptlnui htr 2pur2}utlurb 2uhntlpfrtr:

Or llntnurtrrutr ur\urhrlLtn

O2 hlntpurlurh ur\urfnltrhpp hhpurnnul bh huniur\tupq:ur] hb Epurqphpp :

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|rtrptrurpdhpn{: U\qptrur\uh durhur2ntilfrg hhurn nl hlntpur\urh ur\un{}rtrhpp hur2rlrun{ntil hh

frtrpLupdhpntl' hurtrrub \nrurur\rluE ruilnpurfrqurgfrurtr tr gurhu\urgurb \nturu\{urb urpdhqp\riurh Eru}uu:

Ol Llnrpur\ruh ur\urfr{trbpfr oqurur\urp bunrulntplurh durd\hurhhpp qurnn{ htr fth{ npn2ur\fr h urtrnpn2:

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urntlbnrl rifrur{npfr riur\uprlur\nr{: Oquur\rup burnurlntplurh tuhnpn2 druri\hu nttrhgnrl -h.nttr{}toquur\rup burnurlntppuh duril\hurp tlhpurtrur3tintti h lntptupurtr5nrp rnuph qupqhlnt hunitup, ph rupqnpuhuh$ oqtnur\urp burnurlntplurtr duni\htnp 4hntru ruhnpn2 t qhurhurur{nttf:

Zurilru\rupq2ur1frtr &purqphpfr ulurhulurhrtruhl r{hpurqphfr bur}uubpp bur}uu hh durhur2tlnrtl urnur2urgt[urhulurhfh:

QnlutunntpJnttrtrhfr

On[uurnntplnthhhpp, npnhp htprunnul htr ur11$frtrurtruur\urtr \urqtiur\hpqnrplnthhhpfr h hfrtlhurlhft \"rt ihtr\ulnilrurfp rqurpurunlnpntplnthhhpp, u\qphruulhu durtrrultlntd hh uurugrlurb qntur ilnrtnphpfr frpu\urtrurpdhpnrl' htuhurb urhrifr2urqhu {hpuqphfr qnpburntrur\urh bur}uuhpp: .U\qrtiur\urh qhurhunnnr-rf}rg hhurnrfrnluurnntplnthhbptr hur2{urntlnrti hb unlnptnfrqurgrlurb urpdhpn{ oqururqnpbhlnrl urp4lmtrun{hrnurn\nuur4pntlpfr rfhpnlp: Curhntlpn \uni r|lruup durtruryrlnrri t $frhruhuur\urh urprynrhphpfr riurufrhhur2{hrn{ntplnttrnui ulh dulJurhruh, hnp urqurdurhurytlnril htr qurpurunlnpntplmhhhpp, irtr2qhu truhuninptnfrqurglrntr ptipur gur\*pqh rifr2ngnrl:

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frpur{u\uh \urti.\runntgnrlur\ruh qurptnurr{npmplnth h, hrurlurtrur\urh t, np ulurpururtlnpnrplurtr rlurpnulp

Page 14: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

\qurhurh2|r urhurhuru\urh oqnttntrhp rfurpr.thur.lrFrtt rifr2ngLhph urpururhnup h hhurpullnft qDLh

ulurpururrlnpntplurh qntdupp urpdurhurhullunnnphh qLurhunnhl

Gruhurnurdhtrhhn

Curhurpurdlrhhhpp durhurllnr-ri htr npqhu uluptnurrlnpntplnth h hur2{h\2nurlfrtr unfuurprfr 4pntplurdphrlurqhgrlnrrl btr \ruqlrururtrg .Itt*ttt urlh rlhqpnuf, hph rlpuhp hruluurpurp{h1 htr rffrtrltr hur2rlh\2nur1fhuriluurpfnlp \uril ur14 uniuurprfrh: Curhurpurdirhtrhpp purgruhurlm{ntil hb, hpp 4purhp unur2urp\rlntil hh

rifrtrlr htu2tlh\2nurlfrtr untur.upfnlp, \urf urnur2urp\r{mti \uni hur3ururpup{nuf htr hru2rlh\2nur3frtr ruriuurp{rghhurn, prulg rifrh2tr Sfrhurhuur\ruh hur2tlhun{ntplnrhhhpfr hurutnunnnr-rig hpurqurpur\rftuh hrurlurp:

2urcrlurhontil

Sfrtrurhuur\urtr ur\urfnltrtptr nr- qurpuurt{npntplnttrhhpp, h\uninrurhhph nt bur}uuhpp hu2tlurtrgrlntti htr l-r

qntur qnulurFp urlrururgnltlnrri t hru2{h\2nnui, hph qnlntplnrh nthfr dtutrur2{urb qnuluphhpfr hur2{rutrgritutr

ophhurlpnphtr hurur.nurur{urb }rpur{nrtrp, h urn\ur k qnrur qnuituphhpir hfrtlurtr rlpur hur2{urhgrirutr \rud-\*h.lh frpurgilurh nt rtirurdunfurtrur\ ulurpurunlnpntplurtr riurprftuh rfururrlpmplnrh:

qunhnnurqnutr hurcrlunuruhurtrub qLurhurnnldbhn h nuurnnnrnrnrtrtrhn

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t"n&h h urrfiurlqur3rfurhhhpnuf hfnihru{np{ub urll qnpbnhtrhpfr rlpur hfrilhrlurE qhurhururnuihhph nr r}Fruhghhu \ruq{rub hhpurqpnrplnr-hhhpp hhurpru{npnrplnth htr uurfru 4urnnqnlldJnttrhhp urhhl ur\urfrtltrhpfr hqrupurunlnpnrplnrhhhpfr hur2tlh\2nurlfrtr updhhphhpf rlhpurphplurl, npnhp htrurpurlnp 2t npn2h1 ur11

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$|rhurhuur\rutr urpqnrtrphpfr riurufrtr hur2rlhur{ntplnthnuf: Uuruhun{npurqhu, r1h\ur{urpnrplurhrlur'nnrtnlldJnttrh urtrhpurdh2ur t uruluqur 4puniur\utr hnupbpfr qnttltupg h qrupphpur\tuhnrplnrhpqhuhruuhlnr hunfurp, hpp urhhpudh2n k npn2h1qruhurh2rlnrl qurhntuurfr :ur+E: Ltturh qhurhurtnmr.ftrhpp

Page 15: UnhAhS UbfVI,U - Credofinance.am · Unqfrnnpru\urtr ur2fuurtnurhptrhpU hhprunnr-rf th $|rburhuur\urh hru2{htntlntplnttrhhpnul nt hurilurqrurnurufuurh brutrnpuqrmplnr-htrhpntil urptnurgnllrub

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3.Snqnuugr'l h uuuuusr,q uquunr.stur

huq. 4prur.i

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