მიკროსაფინანსო ორგანიზაცია...

mikrosafinanso organizacia Sps “izikred jorjia”

finansuri angariSgeba

2008 wlis 21 noembridan 2009 wlis 31 dekembris

mdgomareobiT

2

sarCevi

damoukidebel auditorTa daskvna ................................................................................ 3

sruli mogeba-zaralis angariSgeba .............................................................................. 5

finansuri mdgomareobis angariSgeba ........................................................................... 6

fuladi saxsrebis moZraobis angariSgeba ................................................................ 7

kapitalSi cvlilebebis angariSgeba ........................................................................... 8

finansur angariSgebasTan arsebuli SeniSvnebi ..................................................... 9

Tbilisi Branch of KPMG CIS Limited

6, Khetagurov Street,

Tbilisi, 0102,

Georgia

KPMG CIS-is Tbilisis filiali

k.xeTagurovis q. #6, Tbilisi, 0102, saqarTvelo

Telephone tel: +995 (32) 935713 Fax faqsi: +995 (32) 982276

Internet: www.kpmg.ge

KPMG CIS Limited-is Tbilisis filiali, registrirebuli saqarTvelos kanonmdeblobis Sesabamisad, KPMG

Europe LLP-s Svilobili, warmoadgens KPMG –is qselis damoukidebeli wevri firmebis wevrs, romelic erTiandeba Sveicarul organizaciaSi KPMG International Cooperative (“KPMG International ”)

damoukidebeli auditorebis daskvna mikrosafinanso organizacia Sps “izikred jorjia”-s direqtorTa sabWos

daskvna finansur angariSgebaze

Cvens mier Catarebul iqna mikrosafinanso organizacia Sps ”izikred jorjia”-s (SemdgomSi ,,kompaniis“) finansuri angariSgebis (Tan erTvis) auditoruli Semowmeba, romelic Sedgeba finansuri mdgomareobis angariSgebisagan 2009 wlis 31 dekembris mdgomareobiT, agreTve sruli mogeba-zaralis angariSgebisgan, kapitalSi cvlilebebis angariSgebisgan da fuladi saxsrebis moZraobis angariSgebisgan 2008 wlis 21 noembridan (daarsebis TariRi) 2009 wlis 31 dekembris mdgomareobiT; garda amisa finansur angariSgebaSi Sesulia mniSvnelovani saaaRricxvo politikis anotacia da sxva ganmartebiTi SeniSvnebi. xelmZRvanelobis pasuxismgebloba finansur angariSgebaze kompaniis xelmZRvaneloba pasuxismgebelia finansuri angariSgebis warmoebaze da samarTlian wardgenaze finansuri angariSgebis saerTaSoriso standartebis Sesabamisad. es pasuxismgebloba moicavs: Sida kontrolis sistemis SemuSavebas, danergvas da SenarCunebas finansuri angariSgebis samarTliani da utyuari wardgenisaTvis, romelic ar Seicavs arsebiTi xasiaTis uzustobebs, SesaZlo TaRliTobisa an Secdomebis gamo. pasuxismgebloba moicavs aseve Sesaferisi saaRricxvo politikisa da Sefasebebis SerCevasa da gamoyenebas, romlebic gonivruli iqneba Sesabamis garemoebebSi.

auditoris pasuxismgebloba Cveni pasuxismgeblobaa, Cvens mier Catarebuli auditis safuZvelze gamovxatoT mosazreba warmodgenili finansuri angariSgebis Sesaxeb. Cven auditi CavatareT auditis saerTaSoriso standartebis Sesabamisad. es standartebi moiTxovs, rom Cveni samuSao Seesabamebodes eTikis normebs da auditis imgvarad dagegmvasa da Catarebas, rom miviRoT utyuari rwmuneba imisa, Seicavs Tu ara aRniSnuli finansuri angariSgeba arsebiT uzustobebs. auditi moicavs garkveuli procedurebis Catarebas finansur angariSgebaSi warmodgenil Tanxebsa da ganmartebebze auditoruli mtkicebulebis mosapoveblad. SerCeuli procedurebi damokidebulia auditoris profesiul msjelobaze, romelic moicavs finansur angariSgebaSi TaRliTobis an Secdomis Sedegad warmoqmnili arsebiTi uzustobis riskebis Sefasebas. am riskebis Sefasebis procesSi, auditori ganixilavs Sida kontrolis sistemas da finansur angariSgebis samarTlian da utyuar asaxvas im mizniT rom, SeimuSaos auditis procedurebi, romlebic Seesabameba konkretul garemoebebs, da ara im mizniT, rom gamoxatos mosazreba klientis Sida kontrolis efeqturobis Sesaxeb. auditi aseve gulisxmobs finansuri angariSgebis momzadebisas xelmZRvanelobis mier

Tbilisi Branch of KPMG CIS Limited

6, Khetagurov Street,

Tbilisi, 0102,

Georgia

KPMG CIS-is Tbilisis filiali

k.xeTagurovis q. #6, Tbilisi, 0102, saqarTvelo

Telephone tel: +995 (32) 935713 Fax faqsi: +995 (32) 982276

Internet: www.kpmg.ge

KPMG CIS Limited-is Tbilisis filiali, registrirebuli saqarTvelos kanonmdeblobis Sesabamisad, KPMG

Europe LLP-s Svilobili, warmoadgens KPMG –is qselis damoukidebeli wevri firmebis wevrs, romelic erTiandeba Sveicarul organizaciaSi KPMG International Cooperative (“KPMG International ”)

gamoyenebuli buRaltruli aRricxvis principebisa da mniSvnelovani buRaltruli Sefasebebis sisworis Sefasebas, agreTve finansuri angariSgebis wardgenis Sefasebas mTlianobaSi. gvjera, rom Cvens mier Catarebuli auditi dasabuTebul safuZvels gvaZlevs daskvnis Sesadgenad. auditoris daskvna Cveni azriT, warmodgenili finansuri angariSgeba utyuarad da samarTlianad asaxavs kompaniis finansur mdgomareobas 2009 wlis 31 dekembris mdgomareobiT, misi saqmianobis Sedegebsa da fuladi saxsrebis moZraobas 2008 wlis 21 noembridan (daarsebis TariRi) 2009 wlis 31 dekembris mdgomareobiT, finansuri angariSgebis saerTaSoriso standartebis Sesabamisad.

KPMG CIS Llimitedis Tbilisis filiali 2010 wlis 6 agvisto

mikrosafinanso organizacia Sps “izikred jorjia” sruli mogeba-zaralis angariSgeba 2008 wlis 21 noembridan 2009 wlis 31 dekembris

mdgomareobiT

sruli Semosavlis angariSgebis wakiTxva unda moxdes SeniSvnebTan erTad, romlebic warmoadgens finansuri angariSgebis Semadgenel nawils.

5

SeniSvna

2008 wlis 21 noembridan (daarsebis

TariRi) 2009 wlis 31

dekembris mdgomareobiT

’000 lari

saprocento Semosavali 4 277

saprocento xarji 4 (11)

wminda saprocento Semosavali 266

mosakreblebi da sakomisio Semosavali 5 100

mosakreblebi da sakomisio xarjebi (18)

wminda mosakreblebi da sakomisio Semosavlebi 82

gacvliTi kursiT gamowveuli wminda mogeba 30

saoperacio Semosavali 378

saxelfaso xarjebi 6 (56)

sxva saerTo administraciuli xarjebi 7 (83)

mogeba dabegvramde 239

mogebis gadasaxadi 8 (40)

mogeba da sruli Semosavali saangariSgebo periodisTvis 199

finansuri angariSgeba damowmebulia direqtoratis mier 2010 wlis 6 agvistos da maTi saxeliT xelmowerilia Semdegi pirebis mier:

_____________________________ __________________________ kaxaber kaxiani maia qveliZe

aRmasrulebeli direqtori mTavari finansuri oficeri

mikrosafinanso organizacia Sps “izikred jorjia” finansuri mdgomareobis angariSgeba 2009 wlis 31 dekembris mdgomareobiT

finansuri mdgomareobis angariSgebis wakiTxva unda moxdes SeniSvnebTan erTad, romlebic warmoadgens finansuri angariSgebis Semadgenel nawils.

. 6

SeniSvna

’000 lari

aqtivebi

fuladi saxsrebi da maTi eqvivalentebi 9 147

klientebze gacemuli sesxebi 10 2,810

ZiriTadi saSualebebi da aramaterialuri aqtivebi 11 548

sxva aqtivebi 12 9

sul aqtivebi 3,514

valdebulebebi

sesxebi 13 929

gadasaxdeli mogebis gadasaxadi 35

gadavadebuli sagadasaxado valdebuleba 8 5

sxva valdebulebebi 14 33

sul valdebulebebi 1,002

sakuTari kapitali

sawesdebo kapitali 15 2,313

gaunawilebeli mogeba 199

sul sakuTari kapitali 2,512

sul sakuTari kapitali da valdebulebebi 3,514

mikrosafinanso organizacia Sps “izikred jorjia” fuladi saxsrebis moZraobis angariSgeba 2008 wlis 21 noembridan 2009 wlis 31 dekembris

mdgomareobiT

fuladi saxsrebis moZraobis angariSgebis wakiTxva unda moxdes SeniSvnebTan erTad, romlebic warmoadgens finansuri angariSgebis Semadgenel nawils.

7

SeniSvna

2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31


’000 lari

fuladi saxsrebi saoperacio saqmianobidan

saangariSgebo periodis mogeba 199

koreqtireba:

gacvliTi kursiT gamowveuli wminda mogeba (30)

cveTa 26

saprocento Semosavali klientebze gacemuli sesxebidan (273)

saprocento Semosavali depozitebidan (4)

saprocento xarji 11

mogebis gadasaxadi 40

saoperacio aqtivebis zrda

klientebze gacemuli sesxebi (2,826)

sxva aqtivebi (9)

saoperacio valdebulebebis zrda

sxva valdebulebebi 33

miRebuli procentebi 323

gadaxdili procentebi (11)

saoperacio saqmianobisTvis gamoyenebuli fuladi saxsrebi

(2,521)

fuladi saxsrebi sainvesticio saqmianobidan

ZiriTadi saSualebebis SeZena (574)

sainvesticio saqmianobisTvis gamoyenebuli fuladi saxsrebi

(574)

fuladi saxsrebi finansuri saqmianobidan

sawesdebo kapitalis gamoSvebiT miRebuli amonagebi 2,313

sesxebidan miRebuli fuladi saxsrebi 929

fuladi saxsrebi finansuri saqmianobidan 3,242

fuladi saxsrebis da maTi eqvivalentebis wminda zrda 147

fuladi saxsrebi da maTi eqvivalentebi saaangariSgebo periodis dasawyisisTvis

-

fuladi saxsrebi da maTi eqvivalentebi saangariSgebo periodis bolosTvis

9 147

mikrosafinanso organizacia izikred saqarTvelo kapitalSi cvlilebebis angariSgeba 2008 wlis 21 noembridan 2009 wlis 31

dekembramde

kapitalSi cvlilebebis angariSgebis ganxilva unda moxdes SeniSvnebTan erTad, romlebic warmoadgens finansuri angariSgebis Semadgenel nawils.

8

sawesdebo kapitali

gaunawilebeli mogeba

sul kapitali

’000 lari ’000 lari ’000 lari

naSTi 2008 wlis 21 noembris mdgomareobiT

- - -

wlis manZilze sruli Semosavali

saangariSgebo periodis mogeba - 199 199

kapitalSi aRricxuli tranzaqciebi damfuZneblebTan

damfuZnebelTa Senatanebi

sawesdebo kapitalis zrda 2,313 - 2,313

naSTi 2009 wlis 31 dekemberis mdgomareobiT

2,313 199 2,512

mikrosafinanso organizacia Sps ”izikred jorjia” finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2008 wlis 21

noembridanN2009 wlisN31Ndekembris CaTvliT

9

1. organizaciis Sesaxeb organizacia da muSaoba mikrosafinanso organizacia Sps “izikred jorjia” (SemdgomSi “kompania”) daarsda 2008 wlis 21 noembers, raTa uwyvetad uzrunvelyos sesxis gacemis momsaxureba im individualur mewarmeebze romelTac ar gaaCniaT SesaZlebloba miiRon sakredito momsaxureba Cveulebrivi sabanko sistemis meSveobiT. kompania exmareba saqarTvelos ekonomikis ganviTarebas mcire biznesis dafinansebiT, raTa ganviTardes biznesi da gaumjobesdes ekonomikuri situacia. kompania daregistrirebuli iqna saqarTvelos erovnuli bankis mier 2009 wlis 20 Tebervals da misi iuridiuli misamarTia saqarTvelo, Tbilisi, mickeviCis q. # 64. damfuZnebeli aris Sps “laponeto komerciali” da saboloo makontrolebeli mxare aris elena papaqristodolou fsintrou. operaciebi dakavSirebul mxareebTan detalurad ganmartebulia me-19-e SeniSvnaSi.

biznes garemo saqarTveloSi saqarTveloSi mimdinare politikuri da ekonomikuri cvlilebebi zemoqmedebs sawarmoTa saqmianobaze. saqarTvelosa da ruseTs Soris arsebulma konfliqtma Seqmna damatebiTi gaurkvevloba. saqarTvelos Sida da saqarTvelosa da ruseTis federacias Soris politikuri, ekonomikuri Tu biznes garemos negatiuri cvlilebebis gamo kompaniis muSaoba da aqtivebi riskis qveS SeiZleba aRmoCndes. Sesabamisad, saqarTveloSi saqmianoba iseTi riskis Semcvelia, romelic Cveulebriv ar aris damaxasiaTebeli sxva bazrebisaTvis. amasTan, kapitalisa da sakredito bazris Semcirebis Sedegad garemoSi ekonomikuri gaurkvevloba kidev ufro gaizarda. finansuri angariSgeba warmogvidgens xelmZRvanelobis mosazrebas imis Sesaxeb, Tu rogor zemoqmedebs kompaniis saqmianobasa da finansur mdgomareobaze qveyanaSi arsebuli biznes-garemo. momavali biznes-garemo, SesaZloa, gansxvavebuli iyos xelmZRvanelobis Sefasebebisgan.

2. momzadebis safuZvlebi Sesabamisobis angariSgeba

TandarTuli finansuri angariSgeba momzadebulia finansuri angariSgebis saerTaSoriso standartebis (,,fass“) Sesabamisad.

aRricxvis periodi

kompaniam aqtiuri saqmianoba daiwyo 2009 wlis ivnisidan, am TariRamde ki hqonda minimaluri brunva. aqedan gamomdinare, xelmZRvanelobam gadawyvita rom sruli mogeba-zaralis angariSgeba, kapitalSi cvlilebebis angariSgeba



10

da fuladi saxsrebis moZraobis angariSgeba warmoedgina 2008 wlis 21 noembridan 2009 wlis 31 dekembris mdgomareobiT.

Sefasebis safuZvlebi finansuri angariSgeba momzadda istoriuli Rirebulebis koncefciis Sesbamisad.

funqciuri da warsadgeni valuta saqarTvelos erovnuli valutaa lari, romelic aris kompaniis funqciuri valuta da valuta, romelSic winamdebare finansuri angariSgeba aris warmodgenili. qarTul larSi warmodgenili yvela finansuri informacia damrgvalebulia uaxloes aTasamde. daSvebebis da Sefasebebis gamoyeneba

xelmZRvanelobam gaakeTa rigi daSvebebi da gamoTqva varaudi aqtivebisa, valdebulebebis, Semosavlis da xarjebis aRricxvasTan dakavSirebiT, am finansuri angariSgebis saerTaSoriso standartebTan SesabamisobaSi momzadebis mizniT. faqtobrivi Sedegebi SesaZlebelia gansxvavdebodes aRniSnuli Sefasebebisgan. kerZod, informacia Sefasebebis arasarwmunoobis da saaRricxo politikis gamoyenebis dros arsebuli mniSvnelovani daSvebebis Sesaxeb aRwerilia me-10 SeniSvnaSi, romelic exeba sesxebis gaufasurebis Sefasebas.

3. arsebiTi saaRricxvo politika qvemoT mocemulia is arsebiTi saaRricxvo politika, romelic gamoyenebuli iqna finansuri angariSgebis momzadebis dros. saaRricxvo politikis gamoyenebas regularuli xasiaTi hqonda. saaRricxvo politikis cvlilebebi aRwerilia am SeniSvnis boloSi.

finansuri operaciebi ucxour valutaSi finansuri operaciebi ucxour valutaSi konvertirdeba larSi operaciis Sesabamisi TariRisTvis arsebuli gacvliTi kursiT. angariSgebis Sedgenis TariRisTvis ucxour valutaSi denominirebuli fuladi aqtivebisa da valdebulebebis funqciur valutaSi konvertacia xorcieldeba am TariRisTvis dadgenili gacvliTi kursiT. fulad aqtivebsa da valdebulebebTan dakavSirebuli konvertaciis Sedegad miRebuli mogeba/zarali aris sxvaoba amortizirebul Rirebulebas, funqciur valutaSi periodis dasawyisSi, romelic dakoreqtirebulia efeqturi procentis da gadaxdebis gaTvaliswinebiT periodis ganmavlobaSi, da



11

amortizirebul Rirebulebas Soris ucxour valutaSi, dakonvertirebuls saangariSgebo TariRisTvis arsebuli kursiT. ucxour valutaSi samarTliani RirebulebiT dafiqsirebuli ara-fuladi aqtivebisa da valdebulebebis funqciur valutaSi konvertacia xdeba im dRis kursiT roca moxda samarTliani Rirebulebis gansazRvra. konvertaciis dros valutis gacvliT gamowveuli sxvaoba aisaxeba mogeba-zaralis angariSebze. ucxour valutaSi istoriuli RirebulebiT dafiqsirebuli ara-fuladi aqtivebisa da valdebulebebis funqciur valutaSi konvertacia xdeba operaciis ganxorcielebis momentisaTvis dadgenili gacvliTi kursiT. finansuri instrumentebi

klasifikacia

sesxebi da debitoruli moTxovnebi warmoadgenen arawarmoebul finansur aqtivebs, fiqsirebuli an gansazRvruli gadasaxadiT, romlebic ar arian qvotirebulni aqtiur bazarze. fuladi saxsrebi da maTi eqvivalentebi Seadgenen fuladi saxsrebis naSTebs da moTxovnamde depozitebs sami Tvis an naklebi dafarvis vadiT.

sesxebis Tavdapirveli aRiareba xorcieldeba samarTlian Rirebulebas damatebuli tranzaqciis Rirebuleba, romelic pirdapir ukavSiredeba valdebulebas. Tavdapirveli aRiarebis Semdeg sesxebi fasdeba amortizirebuli RirebulebiT efeqturi saprocento ganakveTis daricxvis meTodis gamoyenebiT.

xelmZRvaneloba gansazRvravs finansuri instrumentebis saTanado klasifikacias Tavdapirveli aRiarebis dros.

aRiareba

finansuri aqtivebisa da valdebulebebis aRiareba finansuri mdgomareobis angariSgebaSi warmoebs im momentidan, ra momentidanac kompania gaxdeba instrumentis saxelSekrulebo pirobebis mxare. finansuri aqtivebis standartuli SeZena aRiricxeba safasuris gadaxdis dRes.

Sefaseba finansuri aqtivis an valdebulebis Tavdapirveli Sefaseba xorcieldeba samarTlian Rirebulebas damatebuli tranzaqciis Rirebuleba, romelic pirdapir ukavSirdeba finansuri aqtivis an valdebulebis SeZenas an gamoSvebas.



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Tavdapirveli aRiarebis Semdeg finansuri aqtivebi fasdeba amortizirebuli RirebulebiT efeqturi saprocento ganakveTis daricxvis meTodis gamoyenebiT.

yvela finansuri valdebuleba aRiricxeba amortizirebuli RirebulebiT. amortizacirebuli Rirebulebis daTvla warmoebs efeqturi saprocento ganakveTis daricxvis meTodis saSualebiT. fasnamati da fasdaTmoba, Tavdapirveli saoperacio xarjebis CaTvliT, CarTulia Sesabamisi instrumentis sabalanso RirebulebaSi da amortizirebulia instrumentis efeqturi saprocento ganakveTis safuZvelze. rodesac Sefaseba warmoebs sabazro dakvirvebadi monacemebis safuZvelze da Sefasebis Sedegad dadgindeba, rom samarTliani Rirebuleba metia an naklebia aqtivis an valdebulebis Tavdapirveli aRiarebis dros dadgenil samarTlian Rirebulebaze, amgvari metoba (mogeba) an nakleboba (zarali) eqvemdebareba dauyonebliv aRiarebas mogeba-zaralis uwyisSi. im SemTxvevaSi, Tuki Tavdapirveli mogeba an zarali ar aris Sefasebuli mTlianad sabazro dakvirvebadi monacemebis safuZvelze, mogeba an zaralis aRiareba warmoebs mogvianebiT, aqtivis an valdebulebis sargeblianobis periodis ganmavlobaSi, saTanado meTodis safuZvelze, an maSin, rodesac SesaZlo gaxdeba analogiur fasebze dakvirvebis warmoeba, an rodesac moxdeba aqtivis an valdebulebis Camowera.

samarTliani Rirebulebis Sefasebis principebi

finansuri instrumentebis samarTliani Rirebulebis Sefaseba warmoebs saangariSgebo TariRisTvis arsebuli kvotirebuli sabazro fasebis mixedviT saoperacio xarjebis daqviTvis gareSe. Tu kvotirebuli sabazro fasis Sesaxeb informacia ar arsebobs, instrumentis samarTliani Rirebuleba ganisazRvreba Sefasebis meTodis gamoyenebiT sabazro fasebis maqsimaluri gamoyenebiT. msgavsi Sefasebis meTodi moicavs sabazro transaqciebs, msgavsi instrumentebis mimdinare sabazro fasebs, diskontirebul fuladi saxsrebis moZraobas da faswarmoqmnis modelebs da aseve sxva meTodebs, romlebic xSirad gamoiyeneba bazris monawileebis mier msgavsi instrumentebis Sesafaseblad.

im SemTxvevaSi, Tu gamoiyeneba diskontirebuli fuladi saxsrebis moZraobis meTodi, momavali periodis fuladi saxsrebis nakadis Sefaseba warmoebs xelmZRvanelobis saukeTeso Sefasebis safuZvelze, xolo diskontirebis saprocento ganakveTi warmoadgens saangariSgebo TariRisTvis moqmed sabazro ganakveTs analogiuri pirobebis mqone instrumentisaTvis. faswarmoqmnis modelis gamoyenebisas xarjebis gamoTvla warmoebs saangariSgebo TariRisTvis moqmedi sabazro maCveneblebis safuZvelze.



13

mogeba da zarali Sedegobrivi SefasebiT

finansuri aqtivebisa da valdebulebebis mogeba an zarali, romlebic asaxulia amortizirebuli RirebulebiT, aRiarebul iqneba mogeba-zaralis uwyisSi maSin, rodesac warmoebs finansuri aqtivis an valdebulebis aRiarebis anulireba an gaufasureba, agreTve, amortizaciis procesis ganmavlobaSi.

aRiarebis anulireba

finansuri aqtivis aRiarebis anulireba xdeba maSin, rodesac amoiwureba saxelSekrulebo ufleba fulad nakadebze finansuri aqtivebidan an rodesac kompania gadascems finansuri aqtivis sakuTrebis uflebasTan dakavSirebul arsebiTad yvela risksa da privilegias. amgvari transferis dros warmoqnili nebismieri ufleba an valdebuleba aRiarebul iqneba calke, rogorc aqtivi an valdebuleba. finansuri valdebulebis aRiarebis anulirebas adgili aqvs misi Sesrulebis Semdeg.

kompania agreTve awarmoebs garkveuli aqtivebis aRiarebis anulirebas, rodesac igi Camowers im balanss, romelic ukavSirdeba uimedo aqtivebs.

CaTvla

finansuri aqtivebisa da valdebulebebis CaTvla da finansuri mdgomareobis angariSgebaSi wminda Tanxis asaxva warmoebs maSin, rodesac arsebobs aRiarebuli Tanxebis gaqviTvis iuriduili ufleba da arsebobs ganzraxva, rom moxdes CaTvla an aqtivis realizacia da valdebulebis dafarva erTdroulad.

ZiriTadi saSualebebi da aramaterialuri aqtivebi

sakuTari aqtivebi ZiriTadi saSualebebi da aramaterialuri aqtivebi aisaxeba TviTRirebulebiT dagrovili cveTisa/amortizaciisa da gaufasurebis danakargebis gamoklebiT. Tu ZiriTadi saSualebebi iseTi msxvili komponentebisagan Sedgeba, romelTac sxvadasxva sasargeblo moxmarebis vadebi aqvT, maTi asaxva xdeba calcalke.



14

ijariT miRebuli aqtivebi yvela ijara warmoadgens saoperacio ijaras da ijariT miRebuli aqtivebis aRiareba ar xdeba finansuri mdgomareobis angariSgebaSi.

cveTa cveTa/amortizacia aisaxeba mogeba-zaralSi wrfivi meTodis gamoyenebiT calkeuli aqtivis sasargeblo moxmarebis vadis ganmavlobaSi. cveTis/amortizaciis daricxva iwyeba ZiriTadi saSualebis SeZenis momentidan. miwas ar aricxeba cveTa/amortizacia. sasargeblo moxmarebis miaxloebiTi vadebi mocemulia qvemoT:

- Senobebi 20 weli

- aramaterialuri aqtivebi 5 weli

- sxva 3 weli

gaufasureba

amortizirebuli RirebulebiT asaxuli finansuri aqtivi amortizirebuli RirebulebiT asaxuli finansuri aqtivebi Sedgeba sesxebisagan da sxva misaRebeli Tanxebisagan (“sesxebi da misaReblebi”). kompania regularulad ganixilavs sakuTar sesxebs da misaReblebs gaufasurebis Sefasebis mizniT. sesxi an misaRebi Tanxa gaufasurdeba da gaufasurebis zarali warmoiqmneba mxolod da mxolod maSin, Tu arsebobs erTi an ramdenime mizezis gamo gaufasurebis saimedo mtkicebuleba, aRniSnuli mizez(eb)i viTardeba sesxebis an misaRebi Tanxebis Tavdapirveli aRiarebis Semdeg da zemoqmedebs sesxis Sefasebul momaval fulad nakadebze, romelTa gansazRvrac saimedodaa SesaZlebeli. finansuri aqtivis gaufasurebis obieqturi mtkicebuleba, SesaZloa iyos msesxeblis gakotreba (defolti), mis mier valdebulebis Seusrulebloba, sakredito xelSekrulebis an pirobis darRveva, sesxis an avansis restruqturizacia kompaniis mier im pirobebiT, romlebsac sxva SemTxvevaSi kompania ar ganixilavda, miniSneba msesxeblis an emiteris gakotrdebaze, fasiani qaRaldebis aqtiuri bazris gauCinareba, uzrunvelyofis Rirebulebis Semcireba an sxva xelmisawvdomi monacemebi, romlebic ukavSirdeba aqtivebis jgufs, magaliTad: jgufSi msesxebelTa gadaxdisunarianobis uaryofiTi cvlileba, ekonomikuri mdgomareoba, romelic Sesabamisad zemoqmedebs jgufis defoltze.



15

kompania upirvelesad afasebs imas, arsebobs Tu ara gaufasurebis obieqturi mtkicebuleba individualurad sesxebisa da misaRebi TanxebisaTvis, romlebic individualurad mniSvnelovania da arsebobs Tu ara gaufasurebis obieqturi mtkicebuleba individualurad da koleqtiurad sesxebisa da misaRebi TanxebisaTvis, romlebic ar aris individualurad mniSvnelovani.

Tu kompania gansazRvravs, rom ar arsebobs individualurad Sefasebuli sesxebis an misaReblebis (miuxedavad imisa, mniSvnelovania Tu ara) gaufasurebis obieqturi mtkicebuleba, kompania sesxs ganaTavsebs sesxebisa da misaReblebis im jgufSi, romelic xasiaTdeba Tanabari sakredito riskebiT da koleqtiurad Seafasebs maT gaufasurebis TvalsazrisiT. sesxebi da misaReblebi, romlebic individualurad fasdeba gaufasurebis kuTxiT da romelTaTvisac aRiarebulia gaufasurebis zarali, an grZeldeba misi aRiareba, ar daeqvemdebareba gaufasurebis koleqtiur Sefasebas. Tu arsebobs obieqturi mtkicebuleba imisa, rom sesxs an misaReb Tanxas daericxa gaufasurebis zarali, zaralis odenoba warmoadgens sesxis an misaReblis sabalanso Rirebulebisa da Sefasebuli momavali fuladi nakadebis mimdinare Rirebulebis sxvaobas garantiebisa da uzrunvelyofis aRdgeniTi Rirebulebis CaTvliT, romelic diskontirebulia sesxisa da misaReblis Tavdapirvel, faqtobriv saprocento ganakveTamde. saxelSekrulebo fuladi nakadebi da istoriuli zarali, koreqtirebuli Sesabamisi dakvirvebadi monacemebis mixedviT, romelic asaxavs mimdinare ekonomikur mdgomareobas, warmoadgens mosalodneli fuladi nakadebis gansazRvris safuZvels. zogierT SemTxvevaSi, is monacemebi, romlebic aucilebelia sesxis an misaReblebis gaufasurebis zaralis odenobis dasadgenad, SezRudulia an aRar Seesabameba arsebul garemoebas. aseTi situacia warmoiqmneba maSin, rodesac msesxebeli dgeba finansuri problemebis winaSe, xolo istoria analogiuri msesxeblebis Sesaxeb Zalzed mwiria. aseT SemTxvevaSi, kompania iyenebs gamocdilebas da mosazrebas gaufasurebis zaralis odenobis dasadgenad.

sesxebsa da misaReblebTan dakavSirebuli gaufasurebis zarali aRiarebulia Semosavlis uwyisSi da koreqtirdeba im SemTxvevaSi, Tu moxdeba aRdgeniTi Rirebulebis Semdgomi zrda gaufasurebis zaralis aRiarebis Semdeg.

maSin, rodesac SeuZlebelia sesxis amoReba, xdeba misi Camowera sesxis gaufasurebis rezervebis mimarT. kompania Camowers sesxis darCenil nawils (da sakredito zaralTan dakavSirebul rezervebs), rodesac xelmZRvaneloba miiRebs gadawyvetilebas imis Sesaxeb, rom SeuZlebelia sesxis amoReba da rodesac dasruldeba yvela is qmedeba, romelic gamiznuli iyo sesxis amosaRebad.



16

arafinansuri aqtivebi sxva saxis arafinansuri aqtivebi, garda gadavadebuli gadasaxadebisa, fasdeba angariSgebis TiToeul dRes, gaufasurebis nebismieri miniSnebis TvalsazrisiT. arafinansuri aqtivis aRdgeniTi Rirebuleba warmoadgens udides Rirebulebas samarTliani Rirebulebisa da sarealizacio xarjebis sxvaobis Tanxasa da aqtivis gamoyenebiT miRebul Rirebulebas Soris. gamoyenebiT miRebuli Rirebulebis Sefasebis mizniT warmoebs Sefasebuli momavali fuladi nakadebis diskontireba maT mimdinare Rirebulebamde daubegravi diskontirebis ganakveTis gamoyenebiT, rac asaxavs fulis droebiTi Rirebulebisa da aqtivTan dakavSirebuli riskis mimdinare sabazro Sefasebas. im aqtivis aRdgeniTi Rirebuleba, romelic ar uzrunvelyofs naRdi fulis nakads sxva aqtivebisagan damoukideblad, gamoiTvleba im jgufisaTvis, romelsac miukuTvneba aqtivi da romelic uzrunvelyofs naRdi fulis generirebas. gaufasurebis zarali aRiarebulia maSin, rodesac aqtivis an misi naRdi fulis generirebis jgufis sabalanso Rirebuleba aRemateba aRdgeniT Rirebulebas.

nebismieri gaufasurebis zarali, romelic ukavSirdeba arafinansur aqtivebs, aRiarebulia mogeba-zaralSi da koreqtirdeba mxolod maSin, rodesac Seicvleba Sefaseba, romelic gamoiyeneba aRdgeniTi Rirebulebis odenobis dasadgenad. gaufasurebis koreqtirebuli zarali Secvlilia imis gaTvaliswinebiT, rom aqtivis sabalanso Rirebuleba ar aRemateba im sabalanso Rirebulebas (cveTis an amortizaciis gamoklebiT), romlis gansazRvrac moxdeboda gaufasurebis zaralis aRiarebis gareSe.

rezervebi

rezervebi aRiarebulia finansuri mdgomareobis angariSgebaSi, rodesac kompanias aqvs iuridiuli an konstruqciuli valdebuleba warsulSi momxdari movlenis gamo da arsebobs imis albaToba, rom valdebulebis Sesasruleblad aucilebeli iqneba ekonomikuri sargeblis gadineba kompaniidan. Tu zemoqmedeba materialuria, rezervebi ganisazRvreba mosalodneli momavali periodis fuladi nakadebis diskontirebiT daubegrav ganakveTamde, romelic asaxavs fulis droebiT Rirebulebis da saWiroebisamebr, valdebulebisaTvis damaxasiaTebeli riskebis mimdinare sabazro analizs. restruqturizaciis konstruqciuli movaleoba warmoiqmneba mxolod maSin, rodesac kompanias aqvs restruqturizaciis detaluri gegma da Seqmnili aqvs restruqtruizaciis gatarebis samarTliani molodini gegmis ganxorcielebis dawyebiT an misi ZiriTadi punqtebis gamocxadebiT. momavali saoperacio xarjebi ar aris gaTvaliswinebuli.

sawesdebo kapitali sawesdebo kapitali klasificirebulia rogorc sakuTari kapitali.



17

sawesdebo kapitalTan dakavSirebuli dividendebis asaxva xorcieldeba gaunawilebeli mogebis ganawilebis punqtSi maTi gamocxadebis periodisaTvis.

dabegvra

mogebis gadasaxadi warmoadgens mimdinare da gadavadebuli gadasaxadebis jams. mogebis gadasaxadis aRiareba warmoebs mogeba-zaralis uwyisSi, Tu igi ar ukavSirdeba sxva sruli mogeba-zaralis punqtebs an partniorebTan tranzaqciebs – aseT SemTxvevaSi, mogebis gadasaxadis aRiareba xdeba sxva srul SemosavlaSi an pirdapir sakuTar kapitalSi. mimdinare sagadasaxado xarji aris mosalodneli gadasaxadi dasabegr Semosavalze wlis ganmavlobaSi, im sagadasaxado ganakveTebis gamoyenebiT, romlebic moqmedebs an arsebiTad moqmedebs saangariSgebo TariRisTvis, agreTve, wina wlebSi gadaxdili nebismieri gadasaxadis koreqcia. gadavadebuli gadasaxadis daTvla warmoebs sabalanso uwyisis valdebulebis meTodis gamoyenebiT, im droebiTi sxvaobebis uzrunvelyofiT, romlebic arsebobs finansuri angariSgebis miznebisaTvis gamoyenebuli aqtivebisa da valdebulebebis sabalanso Rirebulebebsa da sagadasaxado miznebisaTvis gamoyenebul Tanxebs Soris. im aqtivebisa da valdebulebebis droebiTi cvlilebebi Tavdapirveli periodisaTvis, romlebic ar zemoqmedebs arc saaRricxvo da arc dasabegr mogebaze, ar iqneba gaTvaliswinebuli. mocemuli gadavadebuli gadasaxadis Tanxa damokidebulia aqtivebisa da valdebulebebis realizaciis an dafarvis mosalodnel wesze, im sagadasaxado ganakveTebis gamoyenebiT, romlebic moqmedebs an arsebiTad moqmedebs momzadebis dRes.

gadavadebuli sagadasaxado aqtivis aRiareba xdeba mxolod im SemTxvevaSi, Tu arsebobs momavalSi dasabegri Semosavlebis miRebis albaToba, romlic mimarTac SesaZlo iqneba droebiTi sxvaobebis, gamouyenebeli sagadasaxado zaralisa da kreditis utilizireba. gadavadebuli sagadasaxado aqtivebi mcirdeba, Tu aRar aris mosalodneli, rom moxdeba Sesabamisi sagadasaxado SeRavaTis realizeba.

Semosavlisa da xarjis aRiareba saprocento Semosavalis da xarjis aRiareba xdeba mogeba-zaralis uwyisSi efeqturi saprocento ganakveTis meTodis gamoyenebiT. sesxis gacemis sakomisio, sesxis momsaxurebis sakomisio da sxva sakomisioebi, romlebic warmoadgens sesxis zogadi Semosavlianobis ganuyofel nawils, dakavSirebul pirdapir xarjebTan erTad, eqvemdebareba gadavadebas da amortizdeba saprocento Semosavlis mimarT finansuri instrumentis mosalodneli sargeblianobis vadis ganmavlobaSi, efeqturi saprocento ganakveTis meTodis saSualebiT. sxva mosakreblebis, sakomisioebis da sxva Semosavlis da xarjis aRiareba xdeba Sesabamisi momsaxurebis gawevisas.



18

axali standartebi da axsna-ganmartebebi, romlebic jer ar aris danergili

mTeli rigi standartebi, agreTve, cvlilebebi standartebsa da axsna-ganmartebebSi jer kidev ar moqmedebs 2009 wlis 31 dekembris mdgomareobiT. amdenad, aRniSnuli finansuri angariSgeba maTi gamoyenebis gareSe momzadda. maTgan kompaniis saqmianobaze potenciurad zegavlenas moaxdens CamonaTvalSi mocemuli standartebi. kompania danergavs aRniSnul standartebs maTi ZalaSi SesvlisTanave. kompanias jer ar Cautarebia analizi aRniSnuli axali standartebis savaraudo zegavlenisa kompaniis finansur operaciebze.

Sesworebuli bass 24 ”dakavSirebul mxareTa ganmartebiTi SeniSvnebi” (2009) warmoadgens sabaziso wardgenis moTxovnebisgan ganTavisuflebas dakavSirebul mxareTa ganmartebiT SeniSvnebTan, naSTebTan da agreTve valdebulebebTan mimarTebaSi saxelmwifo organizaciebisTvis. damatebiT, standarti iyo Sesworebuli raTa gamartivebuliyo wardgenis zogierTi miTiTebebi, romelic adre ar iyo saTanado. Sesworebuli standartis gamoyeneba unda moxdes retrospeqtiulad wliuri periodebisTvis 2011 wlis 1 ianviris Semdeg. jgufs jer ar ganusazRvravs am Sesworebis SesaZlo efeqti.

fass 9 ”finansuri instrumentebebi” iqneba ZalaSi wliuri periodebisTvis 2013 wlis 1 iavridan. axali standarti gamoSvebuli iqneba ramodenime nawilad da ganzraxulia, rom Secvalos bass 39 ”finansuri instrumentebi: aRiareba da Sefaseba”, mas Semdeg rac proeqti dasrulebuli iqneba 2010 wlis bolosTvis. fass 9-is pirveli nawili gamoSvebulia 2009 wlis noemberSi da exeba finansuri aqtivebis aRiarebasa da Sefasebas. am cvlilebebis gavlenis analizi Catardeba proeqtis ganmavlobaSi, mas Semdeg rac gamoSvebuli iqneba standartis danarCeni nawili.

fass-Si Setanili sxvadasxva Sesworebebi mocemulia TiToeuli standartis safuZvelze. yvela cvlileba, romelic gamoiwvevs saaRricxvo cvlilebas warmodgenis, aRiarebis da Sefasebis mxriv, moqmedi gaxdeba arauadres 2010 wlis 1 ianvrisa. kompanias jer ar Cautarebia analizi aRniSnuli cvilebebis savaraudo zegavlenisa kompaniis finansur mdgomareobasa da operaciebze.



19

4 wminda saprocento Semosavali 2008 wlis 21

noembridan (daarsebis

TariRi) 2009 wlis 31


’000 lari

saprocento Semosavali

klientebze gacemuli sesxebi 273

bankebSi ganTavsebuli saxsrebi 4

sul saprocento Semosavali 277

saprocento xarji – sesxebi (11)

wminda saprocento Semosavali 266

5 mosakreblebi da sakomisio Semosavali


dRe) 2009 wlis 31 dekembris

mdgomareobiT ’000 lari

sakomisioebi klientebze gacemuli sesxebidan 89

sxva 11

100



20

6 saxelfaso xarjebi




TanamSromelTa xelfasebi 56

7 sxva saerTo administraciuli xarjebi




cveTa da amortizacia 26

profesiuli momsaxurebis xarjebi 14

sakomunikacio da sainformacio momsaxurebis xarjebi 7

reklamis da marketingis xarjebi 6

ijaris xarjebi 4

dacvis xarjebi 4

gadasaxadebi (mogebis gadasaxadis garda) 3

saofise maragebis xarji 2

sxva xarjebi 17

83



21

8 mogebis gadasaxadi




mimdinare periodis gadasaxadi 35

gadavadebuli mogebis gadasaxadi - droebiTi sxvaobebis warmoSoba da ukugatareba 5

sul mogebis gadasaxadi 40

mimdinare gadasaxadebis ganakveTi 15%-ia.

moqmed sagadasaxado ganakveTTan Sejereba:

2009

’000 lari

%

mogeba dabegvramde 239 100%

mogebis gadasaxadi moqmedi ganakveTiT 36 15%

gamouqviTavi xarjebi 4 2%

40 17%

gadavadebuli sagadasaxado valdebuleba droebiTi sxvaoba finansuri angariSgebis miznebisTvis gamoyenebuli aqtivebis da valdebulebebis sabalanso naSTebs da sagadasaxado miznebisTvis gamoyenebul Tanxebs Soris warmoSobs wminda dagavadebul sagadasaxado valdebulebas 2009 wlis 31 dekembris mdgomareobiT.

droebiTi sxvaobebis moZraobebi 2009 wlis 31 dekembris mdgomareobiT wamodgenilia qvemoT:

lari ’000 naSTi 21 noemberi

2008

aRiarebuli mogeba-

zaralSi

naSTi

31 dekemberi 2009

ZiriTadi saSualebebi da aramaterialuri aqtivebi - (5) (5)



22

9 fuladi saxsrebi da maTi eqvivalentebi

fuladi saxsrebi da maTi eqvivalentebi 2009 wlis 31 dekembris mdgomareobiT Sedgeba Semdegi erTeulebisagan, rogorc es mocemulia fuladi saxsrebis moZraobis angariSgebaSi:

’000 lari

wvrili fuli 125

bankSi ganTavsebuli saxsrebi

reitingi B 7

reitingi B+ 5

moTxovdnamde depozitebi

reitingi B 9

ureitingo 1

sul fuladi saxsrebi da maTi eqvivalentebi 147

saprocento ganakveTis riski da finansuri aqtivebisa da valdebulebebis mgrZnobiarobis analizi warmodgenilia me-16 SeniSvnaSi.

10 klientebze gacemuli sesxebi

’000 lari

komerciuli sesxebi - sesxebi mcire kompaniebze 1,375

sesxebi fizikur pirebze

Samomxmareblo sesxebi 973

saavtomobilo sesxebi 318

sxva 144

sul sesxebi fizikur pirebze 1,435

klientebze gacemuli sesxebi bruto 2,810

gaufasurebis rezervi -

klientebze gacemuli sesxebi neto 2,810



23

sesxebis xarisxi sakredito portfelSi

mocemuli cxrili gviCvenebs gacemuli sesxebis xarisxs komericul sakredito portfelSi 2009 wlis 31 dekembris mdgomareobiT:

sesxebi bruto

gaufasurebis rezervi

sesxebi neto

gaufasureba

bruto sesxebisa

’000 lari ’000 lari ’000 lari %

sesxebi gaufasurebis individualuri maCveneblebis gareSe 2,703 - 2,703 -

gaufasurebuli sesxebi:

- 90 dRemde vadagadacileba 107 - 107 -

sul gaufasurebuli sesxebi

107 - 107 -

sul sesxebi 2,810 - 2,810 -

msesxeblebis finansuri mdomareobis da uzrunvelyofis simtkiceze dayrdnobiT kompaniam gansazRvra, rom komerciul sesxebSi an sesxebSi fizikur pirebze gaufasurebas ar aqvs adgili.

uzrunvelyofis analizi mocemuli cxrili gviCvenebs uzrunvelyofis tipebs komerciuli sakredito portfelisTvis 2009 wlis 31 dekembris mdgomareobiT:

’000 lari

sakredito portfelis %

uZravi qoneba 2,400 85%

avtomobilebi 275 10%

oqro da sauveliro nawarmi 31 1%

uzrunvelyofis gareSe 104 4%

sul 2,810 100%



24

cxrilSi naCvenebi Tanxebi warmoadgens sesxebis sabalanso Rirebulebas. aRniSnuli Tanxebi ar asaxavs sesxis uzrunvelyofis samarTlian Rirebulebas. xelmZRvaneloba miiCnevs, rom uzrunvelyofis samarTliani Rirebulebis gansazRvra aris SeuZlebeli, fizikur pirebze gacemuli sxva sesxebisTvis.

sakredito portfelis samrewvelo da geografiuli analizi

sesxebi gacemulia saqarTveloSi mcxovreb klientebze, vinc muSaobs Semdeg ekonomikur seqtorebSi:

’000 lari

sesxebi fizikur pirebze 1,435

vaWroba 768

momsaxureba 456

warmoeba 90

meurneoba 17

sxva 44

2,810

mniSvnelovani dakreditebis koncentracia 2009 wlis 31 dekembris mdgomareobiT arcerTi msesxeblis sesxis balansi ar aRemateba klientebze gacemuli sesxebis 10%-is odenobas.

sesxebis vadianoba

kompaniis sakredito portfelis vadianoba warmodgenilia 21-e SeniSvnaSi, romelic asaxavs darCenil periods angariSgebis TariRidan saxelSekrulebo vadis dasrulebamde.

mikrosafinanso organizacia Sps “izikred jorjia” finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2008 wlis 21


25

11 ZiriTadi saSualebebi miwa da

Senobebi ‘000 lari

sxva ’ 000 lari

sul ‘000 lari

Rirebuleba

2008 wlis 21 noembris mdgomareobiT - - -

Sesyidva 460 114 574

2009 wlis 31 dekembris mdgomareobiT 460 114 574

cveTa

2008 wlis 21 noembris mdgomareobiT

- - -

cveTis daricxva 9 17 26


sabalanso Rirebuleba


12 sxva aqtivebi ’000 lari

avansebi 4

sxva moTxovnebi 5

9

13 sesxebi winamdebare SeniSvna warmoadgens informacias sakontraqto pirobebis Sesaxeb sesxebisTvis, romlebsac ericxeba procenti da romlebis Sefaseba xorcieldeba amortizirebuli RirebulebiT. saprocento ganakveTsa da savaluto riskTan dakavSirebiT meti informaciis misaRebad, ixileT me-16 SeniSvna.

’000 lari

grZelvadiani valdebulebebi – uzrunvelyofili sabanko sesxi

870

moklevadiani valdebulebebi – uzrunvelyofili sesxebi fizikuri pirebisgan

59

sul sesxebi 929



26

a) vadebi da valdebulebis dafarvis sqema

sesxebis naSTebis vadebi da pirobebi aris Semdegi:

valuta

nominaluri saprocento

ganakveTi

dafarvis weli

nominaluri Rirebuleba ‘000 lari

sabalanso Rirebuleba

‘000 lari

uzrunvelyofili sabanko sesxi aSS dolari 12.5% 2011 870 870

arauzrunvelyofili sesxebi fizikuri pirebisgan lari 8.0% 2010 59 59

929 929

14 sxva valdebulebebi

’000 lari

miRebuli avansebi 28

sxva valdebulebebi 5

33

15 kapitali

(a) sawesdebo kapitali

sawarmos kapitali warmoadgens kompaniis safondo dokumentaciaSi arsebul nominalur kapitals da saxelmwifo registracias eqvemdebareba.

(b) dividendebi

saqarTvelos kanonmdeblobis mixedviT, kompaniis gasanawilebeli rezervebi gaunawilebeli mogebis naSTamdea Semcirebuli, rogorc kompaniis fass-is Sesabamis finansur angariSgebaSia aRricxuli.



27

2009 wlis 31 dekembris mdgomareobiT kompanias gaaCnda gaunawilebeli mogeba, mimdinare wlis mogebis CaTvliT, romelic Seadgenda 199 aTas lars.

16 riskis marTva riskebis marTva mikrosafinanso saqmianobis arsebiT nawilsa da kompaniis operaciebis mniSvnelovan elements warmoadgens. kompaniis winaSe arsebuli ZiriTadi riskebia sabazro riski, sakredito riski da likvidurobis riski.

riskis marTvis politika da procedurebi kompaniaSi moqmedi riskis marTvis politikis mizania kompaniis winaSe arsebuli riskebis identificireba, analizi da marTva, saTanado riskebis limitebis daweseba, sakontrolo meqanizmis gansazRvra da riskebis donisa da limitebis dacvis ganuxreli monitoringi. riskebis marTvis politika da procedurebi regularulad gadaixedeba sabazro garemos, saukeTeso praqtikis safuZvelze SeTavazebuli produqtebisa da momsaxurebis gaTvaliswinebis mizniT.

kompaniis sameTvalyureo sabWo zogadad pasuxismgebelia riskebis marTvis masStabis zedamxedvelobaze, ZiriTadi riskebis marTvis zedamxedvelobaze, riskebis marTvis politikasa da procedurebis gadaxedva-ganaxlebaze da arsebiTi zemoqmedebis damtkicebaze. xelmZRvaneloba pasuxismgebelia riskebis Semcirebisken mimarTuli zomebis monitoringsa da danergvaze, aseve imis uzrunvelyofaze, rom kompaniis operaciebi iyos dadgenili riskebis parametrebis farglebSi. aRmasrulebeli direqtori pasuxismgebelia riskis zogad marTvaze da Sesabamisobis uzrunvelyofis funqciebze, saerTo principebis da meTodebis danergvis uzrunvelyofaze, rogoricaa identificireba, Sefaseba, marTva da reportingi rogorc finansuri aseve arafinansuri riskebisa. aRmasurlebeli direqtori angariSs waradgens sameTvalyureo sabWos winaSe.

sabazro riski sabazro riski warmoadgens sabazro fasebis cvalebadobis risks, rac moicavs savaluto konvertaciis ganakveTebs, saprocento ganakveTebs, sakredito spreds, kapitalis Rirebulebas, romlebic zemoqmedebs kompaniis Semosavalze an portfelis Rirebulebaze. sabazro riskebi agreTve Seicavs savaluto risks, saprocento ganakveTis risksa da sxva saxis riskebs. sabazro riski warmoiSoba saprocento ganakveTebis Ria poziciebidan, savaluto da kapitalis finansuri instrumentebidan, romlebic reagirebs zogad da konkretul sabazro cvlilebebsa da sabazro fasebis ryevebze.



28

sabazro riskebis marTvis mizania sabazro riskebis safrTxis marTva da kontoli misaRebi parametrebis safuZvelze, riskis amonagebis optimizaciis fonze. sabazro riskebis marTva mTliand mindobilia xelmZRvanelobaze. sabazro riskebs adgens xelmZRvaneloba.

saprocento ganakveTis riski saprocento ganakveTis riski warmoadgens saprocento ganakveTebis ryevebis zegavlenis safrTxes kompaniis Semosavalze an misi finansuri instrumentebis portfelis Rirebulebaze.

kompaniaze SesaZloa zemoqmedebdes finansuri poziciisa da naRdi fuladi nakadebis sabazro saprocento ganakveTebis cvlilebebi. saprocento zRvari SesaZloa gaizardos amgvari cvlilebebis Sedegad, Tumca SesaZloa Semcirdes kidec an ganapirobos zarali, Tu adgili eqneba moulodnel ryevebs.

saprocento ganakveTis riski warmoiqmneba maSin, rodesac mocemuli periodis faqtiuri an mosalodneli aqtivebi metia an naklebia aRniSnuli periodis faqtiur an mosalodnel valdebulebebze.

xelmZRvanelobas ar gaaCnia oficialuri politika imisa, Tu rogor gansazRvros zemoqmedebis ra nawili unda iyos dakavSirebuli fiqsirebul saprocento ganakveTTan da ra nawili – cvlad saprocento ganakveTTan. Tumca, sesxebis zrdasTan erTad xelmZRvaneloba samarTliani msjelobis safuZvelze wyvets Tu romeli, fiqsirebuli Tu cvladi saprocento ganakveTi, aris metad misaRebi kompaniisTvis vadis bolomde mosalodneli periodis ganmavlobaSi. profili saangariSgeno TariRisaTvis, jgufis saprocento finansuri instrumentebis saprocento ganakveTis profili iyo:

2009

’000 lari

instrumentebi fiqsirebuli ganakveTiT

finansuri aqtivebi 2,811

finansuri valdebulebebi (929)

1,882



29

sabazro Rirebulebis mgrZnobiarobis analizi fiqsirebuli ganakveTis instrumentebisaTvis kompania fiqsirebuli ganakveTis mqone finansur aqtivebsa da valdebulebebs sabazro RirebulebiT ar aRricxavs. amitom, angariSgebis TariRisaTvis saprocento ganakveTSi cvlilebebi mogeba-zaralze gavlenas ar moaxdens. savaluto riski kompaniis aqtivebi da valdebulebebi gamoxatulia laris, aSS dolarisa da evros valutaSi. konvertaciis riski warmoiSoba maSin, rodesac ucxour valutaSi denominirebuli faqtobrivi an mosalodneli aqtivebi metia an naklebia amave valutaSi gamoxatul valdebulebze. detaluri informacia wlis bolos kompaniis winaSe arsebuli savaluto riskebis Sesaxeb mocemulia 22-e SeniSvnaSi.

qvemoT mocemulia mogeba-zaralis da kapitalis mgrZnobiaroba savaluto kursis cvlilebasTan mimarTebaSi 2009 wlis 31 dekembris mdgomareobiT arsebuli poziciebis safuZvelze da gamartivebuli scenari aSS dolarisa da evros gacvliTi kursebis 10%-iani cvlilebis SemTxvevaSi:

2009

mogeba -zarali

’000 lari

sakuTari kapitali

’000 lari

10% dolaris gamyareba larTan mimarTebaSi 163 163

10% evros gaufasureba larTan mimarTebaSi (1) (1)

sakredito riski sakredito riski warmoadgens finansuri zaralis safrTxes, romelic SesaZloa gamowveuli iqnas msesxeblis an garigebasTan dakavSirebuli mxaris gadaxdis uunarobiT, rac gamoixateba maTi kompaniis mimarT valdebulebebis SeusruleblobaSi. kompanias ar gaaCnia sakredito riskebis zegavlenis (rogorc sabalanso, aseve arasabalanso uwyisebTan dakavSirebiT) marTvis formaluri politika da procedurebi, romlebic moicavs dadgenilebas portfelis koncentraciis limitaciis Taobaze da gulisxmobs sakredito komitetis dafuZnebas. sakredito komitetis funqciaa sakredito riskis aqtiuri monitoringi. fizikuri pirebis sesxebis ganacxadebs sakredito oficrebi adgenen. analizis reportebi dafuZnebulia klientebis saqmianobisa da maT



30

finansuri maCveneblebis struqturul analizze. sesxebis ganacxadebs da reportebs damoukideblad ganixilavs aRmasrulebeli direqtori.

kompania ganuxrelad akontrolebs individualuri sakredito riskis zegavlenebs da regularulad afasebs momxmarebelTa gadaxdisunarianobas. gadaxedva warmoebs momxmarebelTa uaxlesi finansuri informaciis da msesxeblis mier wardgenili an kompaniis mier sxva gziT mopovebuli informaciis safuZvelze. kompaniis maqsimaluri daqvemdebareba sabalanso sakredito riskis mimarT zogadad asaxulia finansuri mdgomareobis angariSgebaSi, finansuri aqtivebis sabalanso RirebulebaSi. riskis potenciuri zegavlenis Semcirebis mizniT aqtivebisa da valdebulebebis SesaZlo gaqviTvis zegavlena ar aris mniSvnelovani. kompaniis maqsimaluri daqvemdebareba sabalanso sakredito riskis mimarT saangariSgebo TariRisTvis aris Semdegnairi:

2009 ’000 lari

klientebze gacemuli sesxebi 2,810

moTxovnamde depozitebi 10

bankebSi ganTavsebuli Tanxebi 12

sul maqsimaluri safrTxe sabalanso uwyisSi

sakredito riskisa 2,832

sakredito riskis koncentraciis analizi ixileT me-10 SeniSvnaSi.

likvidurobis riski likvidurobis riski warmoadgens risks, romlis winaSec dgeba kompania im Tanxebis mozidvis garTulebis SemTxvevaSi, romelic aucilebeli iqneba misi valdebulebebis Sesasruleblad. likvidurobis riski warmoiqmneba maSin, rodesac aqtivebisa da valdebulebebis vada gansxvavebulia. aqtivebisa da valdebulebebis vadianobisa da saprocento ganakveTebis Sesabamisoba da/an maTi kontrolirebadi Seusabamoba warmoadgens likvidurobis marTvis qvakuTxeds. sruli Sesabamisobis miRweva mikrosafinanso organizaciaSi SeuZlebelia, ramdenadac biznesi xSirad ganusazRvreli pirobiT viTardeba da Tanac sxvadasxva tipisaa. Seusabamo pozicia potenciurad zrdis mogebas, Tumca, SesaZloa zrdides zaralis safrTxesac. kompania marTavs likvidurobas, uzrunvelyofs ra xelmisawvdom Tanxebs nebismier dros vadamosuli, naRd fulTan dakavSirebuli valdebulebebis jerovani Sesrulebis mizniT. likvidurobis risks amtkicebs xelmZRvaneloba. kompania eZebs stabilur fondebs, romelic moicavs grZelvadian da moklevadian sesxebs bankebisa da saerTaSoriso finansuri institutebidan



31

maRali likvidobis aqtivebis diversifikaciul portfelTan erTad, raTa SeZlos swrafad da Seuferxeblad upasuxos gauTvaliswinebeli likvidurobis moTxovnebs.

kompaniis likvidurobis marTvis politika moicavs Semdegs:

naRdi fulis moZraobis proeqtireba ZiriTadi valutis mixedviT, likviduri aqtivebis donis gaTvaliswinebiT, romelic aucilebeli iqneba am kuTxiT;

dafinansebis mravalferovani wyaroebis SenarCuneba;

koncentraciis marTva da valdebulebebis profili;

valdebulebebis dafinansebis gegmebis uzrunvelyofa;

likvidurobisa da dafinansebis gegmebis uzrunvelyofa gauTvaliswinebeli garemoebebis SemTxvevaSi;

winamdebare cxrilebSi asaxulia aradiskontirebuli naRdi fuladi nakadebi kompaniis finansuri aqtivebis, valdebulebebisa da araaRiarebuli sakredito valdebulebebis kuTxiT, maTi uadresi SesaZlo saxelSekrulebo vadianobis safuZvelze. mTliani Semodineba da gadineba, romelic asaxulia cxrilSi, warmoadgens saxelSekrulebo, aradiskontirebul naRd fulad nakads finansur valdebulebasTan mimarTebaSi. kompaniis mosalodneli fuladi nakadi aRniSnul finansur aqtivebze, valdebulebze da araaRiarebul sakredito valdebulebebze, SesaZloa mniSvnelovnad gansxvavdebodes analizisagan.. aRniSnuli cxrilSi mocemuli Tanxebi warmoadgens aqtivebisa da valdebulebebis sabalanso naSTs saangariSgebo TariRisTvis da aseve moicavs momaval procentis gadaxdebs.



32

likvidurobis pozicia 2009 wlis 31 dekembris mdgomareobiT:

’000 lari

moTxovnamde da 1 Tvemde

1 Tvidan 1 wlamde

1 welze

meti

mTliani Tanxa

(Semosavali/gasavali)

sabalanso naSTi

arawarmoebuli aqtivebi

wvrili fuli 125 - - 125 125

moTxovnamde depozitebi 10 - - 10 10

bankSi ganTavsebuli saxsrebi 12 - - 12 12

klientebze gacemuli sesxebi - 2,371 1,100 3,471 2,810

sul aqtivebi 147 2,371 1,100 3,618 2,957

arawarmoebuli valdebulebebi

sesxebi - 172 956 1,128 929

sul valdebulebebi - 172 956 1,128 929

neto pozcia 147 2,199 144 2,490 2,028

mTavari maCvenebeli, romelsac kompania iyenebs likvidurobis riskis marTvisTvis, aris wminda likviduri aqtivebis Sefardebas sesxebTan. am miznisTvis, wminda likviduri aqtivebi moicavs fulad saxsrebs da maT eqvivalentebs. wminda livkiduri aqtivebis Sefardeba sesxebTan saangariSgebo TariRisTvis aris 16%.

samarTliani Rirebuleba sabalanso RirebulebasTan mimarTebaSi

xelmZRvaneloba miiCnevs, rom finansuri aqtivebisa da valdebulebebis samarTliani Rirebuleba miaxloebulia maT sabalanso RirebulebasTan. samarTliani Rirebulebis gansazRvris safuZveli aRwerilia me-3 SeniSvnaSi.

17 kapitalis marTva kompaniis Sida politikaa SeinarCunos Zlieri sabaziso kapitali, investorebis, kreditorebis da bazris ndobis uzrunvelsayofad da saqmianobis momavali ganviTarebis SesanarCuneblad.

valdebulebis Sefardeba kapitalTan 2009 wlis 31 dekembris mdgomareobiT mocemulia qvemoT:



33

’000 lari

sul valdebulebebi 1,002

minus fuladi saxsrebi da maTi eqvivalentebi (147)

wminda valdebulebebi 855


valdebulebebis Sefardeba kapitalTan 0.34

saangariSgebo periodis ganmavlobaSi ar momxdara kapitalis marTvaSi cvlilebebi.

qvemoT moyvanili cxrili gviCvenebs kapitalis poziciis Semadgenlobas gamoangariSebuls kompaniis moTxonebis gaTvaliswinebiT, 2009 wlis 31 dekembris mdgomareobiT:

’000 lari


sul aqtivebi 3,514

mTliani kapitalis Sefardeba mTlian aqtivebTan 71.5%

18 gauTvaliswinebeli garemoebebi

dazRveva

sadazRvevo industria saqarTveloSi ganviTarebis stadiaSia da msoflios sxva qveynebSi miRebuli sadazRvevo dacvis bevri forma jer-jerobiT srulad ar aris xelmisawvdomi. kompanias ar gaaCnia sruli dafarva Tavis uZrav qonebaze, danadgar-aRWurvilobaze, saqmis Sewyvetaze an mesame piris valdebulebaze kerZo sakuTrebasTan mimarTebaSi, an SemTxveviTobis wyalobiT wamoWrili raime garemo zianze jgufis sakuTrebis an muSaobis mimarT. sanam kompania miiRebs Sesaferis sadazRvevo dafarvas, arsebobs riski, rom zarals an zogierTi aqtivis ganadgurebas SeiZleba hqondes materialuri uaryofiTi zegavlena kompaniis operaciebsa da finansur poziciaze.

sasamarTlo procesebi

kompaniis Cveulebrivi saqmianobidan gamomdinare kompania eqvemdebareba iuridiuli moqmedebebs da saCivrebs. xelmZRvaneloba miiCnevs, rom saboloo valdebuleba, romelic wamoiqmneba aseTi moqmedebebisa Tu saCivrebisgan ar moaxdens mniSvnelovan gavlenas kompaniis finansur mdgomareobaze an momavali operaciebis Sedegebze.



34

dabegvris gauTvaliswinebeli garemoebebi

saqarTvelos sagadasaxado sistema SedarebiT axalia da xSirad icvleba misi sakanonmdeblo da oficialuri debulebebi, sasamarTlo gadawyvetilebebi, romlebic xSirad bundovania, winaaRmdegobrivia da maTi interpretacia sxvadasxvagvarad warmoebs. sagadasaxado kanonmdeblobis darRvevis SemTxvevaSi aranairi valdebulebebis, jarimebis da sauravebis daweseba ar aris SesaZlebeli Tu 6 welze meti iqneba gasuli sagadasaxado wlidan, rodesac moxda darRveva.

aRniSnuli garemo saqarTveloSi qmnis sagadasaxado riskebs, romlebic ufro arsebiTia, vidre sxva qveynebSi. xelmZRvaneloba miiCnevs, rom igi adeqvaturad asrulebs sagadasaxado valdebulebebs, xelmZRvanelobs ra saqarTveloSi moqmedi sagadasaxado kanonmdeblobis interpretaciebis, oficialuri aqtebisa da sasamarTlos gadawyvetilebebis Sesabamisad. miuxedavad amisa, Sesabamis organoebs, SesaZloa hqondeT sxva interpretaciebi da maTi interpretaciebis warmatebiT aRsrulebis SemTxvevaSi finansur angariSgebaze zegavlena SesaZlebelia iyos mniSvnelovani.

19 operaciebi dakavSirebul mxareebTan kompaniis damfuZnebeli aris Sps “laponeto komerciali”. saboloo makontrolebeli mxare aris elena papaqristodoulou fsintrou. kompaniis damfuZnebeli ar gamoscems sajarod xelmisawvdom finansur angariSgebas.

operaciebi mmarTvel sabWosTan

qvemoT warmodgenilia sul anazRaureba, romelic Sesulia TanamSromelTa xelfasebSi 2009 wlis 31 dekembriT dasrulebuli periodisTvis (ix. me-6 SeniSvna):

’000 lari

mmarTveli sabWos wevrebi 27

daufaravi balansi da Sesambamisi saSualo saprocento ganakveTebi 2009 wlis 31 dekembris mdgomareobiT, aseve, dakavSirebuli mogeba/zarali 2008 wlis 21 noembridan 2009 wlis 31 dekembris mdgomareobiT mmarTvel sabWosTan mimarTebaSi aris Semdegi:



35

transaqciis Rirebuleba

‘000 lari balansi

‘000 lari

saSualo saprocento

ganakveTi finansuri mdgomareobis angariSgeba

aqtivebi

klientebze gacemuli sesxebi

9 8 20% valdebulebebi

sesxebi 10 - 18%

mogeba-zarali

saprocento xarji

1 -

-

20 saSualo efeqturi saprocento ganakveTebi qvemoT mocemul cxrilSi asaxulia kompaniis aqtivebi da valdebulebebi, romlebsac ericxeba procenti 2009 wlis 31 dekembris mdgomareobiT da agreTve maTi Sesabamisi saSualo efeqturi saprocento ganakveTebi imave TariRisTvis. aRniSnuli ganakveTebi miaxloebiulia am aqtivebisa da valdebulebebis momgebianobasTan ganaRdebis momentisaTvis.

saSualo efeqturi saprocento ganakveTi, %

lari dolari

saprocento Semosavlis aqtivebi

moTxovnamde depozitebi - 3%

klientebze gacemuli sesxebi 30% 37%

saprocento Semosavlis valdebulebebi

sesxebi - 12%

21 vadianobis analizi winamdebare cxrili asaxavs kompaniis aqtivebsa da valdebulebebs sabalanso saxelSekrulebo vadianobis mixedviT 2009 wlis 31 dekembris mdgomareobiT.



36

’000 lari moTxovnamde da 1 Tvemde

1 Tvidan 1 wlamde

1 welze meti sul

aqtivebi

fuladi saxsrebi da maTi eqvivalentebi 147 - - 147

klientebze gacemuli sesxebi 151 834 1,825 2,810

ZiriTadi saSualebebi da aramaterialuri aqtivebi - - 548 548

sxva aqtivebi 4 5 - 9

aqtivebi sul 302 839 2,373 3,514

valdebulebebi

sesxebi - 59 870 929

gaasaxdeli mogebis gadasaxadi - 35 - 35

gadavadebuli sagadasaxado valdebuleba - - 5 5

sxva valdebulebebi 31 2 - 33

valdebulebebi sul 31 96 875 1,002

wminda pozicia 2009 wlis 31 deembris mdgomareobiT 271 743 1,498 2,512

am cxrilSi mocemuli Tanxebi asaxavs aqtivebisa da valdebulebebis sabalanso Rirebulebas saangariSgebo TariRisTvis da ar Seicavs samomavlo procentis gadaxdebs.



37

22 valutis analizi qvemoT moceul cxrilSi asaxulia 2008 wlis 31 dekembris mdgomareobiT aqtivebi da valdebulebebi valutebis WrilSi:

’000 lari lari Dolari evro sul

aqtivebi

fuladi saxsrebi da maTi eqvivalentebi 22 111 14 147

klientebze gacemuli sesxebi 46 2,764 - 2,810

ZiriTadi saSualebebi da aramaterialuri aqtivebi 548 - - 548

sxva aqtivebi 5 4 - 9

aqtivebi sul 621 2,879 14 3,514

valdebulebebi

sesxebi - 929 - 929

gaasaxdeli mogebis gadasaxadi 35 - - 35

gadavadebuli sagadasaxado valdebuleba 5 - - 5

sxva valdebulebebi 4 29 - 33

valdebulebebi sul 44 958 - 1,002

2009 wlis 31 dekembris wminda sabalanso pozicia 577 1,921 14 2,512

qvemoT moyvanili gacvliTi kursebi Seesabameba saangariSgebo periods:

larSi saangariSgebo TariRis kursi

saSualo kursi

2009 weli 31 dekemberi

dolari 1 1.6704 1.6858

evro 1 2.3315 2.4195

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