Federal Democratic Republic of Ethiopia Federal Small and Medium Manufacturing Industry Development Agency PC Ref No. -3 / Date O-41 The World Bank Country Office Addis Ababa Subject:-Submission of Audit Report Attached herewith, please find one copy of Audit report for Small and Medium Enterprise Finance Project P148447, Credit Number IDA 57930.The report includes one year report ended July 7, 2019. Thank you in advance for your u ual cooperation given to the project. Sincmy cc. * Federal Small and Medium Manufacturing Industry Development Agency, Procurement, Finance &Property Administration Directorate. * Small and Medium Enterprise Finance Project FeSMMIDA,Addis Ababa H +251-11-551-11-22 E-mail: fsmmida373@ethionet.et M4 MN - E 1463 Website: sme.gov.et Addis Ababa, Ethiopia Fax +251-11-551-00-84 I SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) (COMPONENT 2-4) FINANCIAL STATEMENTS AND AUDIT REPORT JULY 7, 2019 Kokeb & Melkamu Audit Partnership Chartered Certified Accountants (UK) Authorized Auditors in Ethiopia P. 0. Box 33645 Addis Ababa, Ethiopia Telephone 251-11-6166956 E-mail: kokmelk@ethionet.et Mob.Tel. 251-91-120-37-78/51-61-46 Fax 251-11-552-26-88 SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) IDA LOAN No 57930 FINACIAL STATEMENTS AND AUDIT REPORT FOR THE PERIOD ENDED 7 TH JULY 2019 TABLE OF CONTENTS II Independent A uditors' R eport......................................................................................1-2 The Statem ent of Financial Position ............................................................................... 3 The Statement of Sources and Uses of Funds................................................................. 4 The Statement of Designated Account- IDA .................................................................. 5 N otes to the Financial Statem ents................................................................................. 6-9 F ixed asset procurem ent .......................................................................................... 10-13 M anagem ent L etter...................................................................................................14-16 charede d AcCoUntan:sC IU( [UK) ge&4du 1 Kokeb & Melkanu Audit Partnership Chartered Certified Accountants (UK) INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) Opinion We have audited the accompanying financial statements of the Small and Medium Enterprise Finance Project (SMEFP) IDA LOAN No.57930-ET, comprising the Statement of Financial Position as at July 7th, 2019 and the Statement of Sources and Uses of Funds for the year then ended, and a summary of significant accounting policies and other explanatory information shown from pages 3 to 13. In our opinion, the financial statements present fairly, in all material respects, the financial position and balance of the Small and Medium Enterprise Finance Project (SMEFP) implemented by the Federal Small and Medium Manufacturing Industry Promotion Authority, the Statement of Sources and Uses of Funds for period covering July 8, 2018 up to July 7, 2019 in accordance with the financial management policy of Authority adopted for the Project. In addition, the Project was, in all material respects, in compliance with the Financing Agreements and Contracts. With respect to the statements of sources and uses of funds submitted during the period listed on page 4, in our opinion: a) The statements, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals; b) The project accomplishment on the basis of budget to actual expenditure is only 29% showing poor performance. c) The proceeds of the Designated account have been used exclusively for eligible expenditures and provisions and covenants of the Financing Agreement and Separate Agreement have been substantially respected. Basis for opinion We conducted our audit in accordance with the International Standards on Auditing applicable to the audit of financial statements. Furthermore, we have audited the Project's compliance with the provisions and covenants of the International Development Association (IDA LOAN No. No.57930- ET Financing Agreements. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Organization in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accounts (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Ethiopia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the [ESBA Code. We believe that the audit evidence we have obIgined is sufficient and ap rovide a basis for our opinion, Ehic %! * S 2 Management's Responsibility for the Financial Statements The management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting policies of the Project, and for such internal control as management determines is necessary to enable the preparation of a project report that is free from material misstatement, whether due to fraud or error. Auditor's Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the project report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee 1 that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The engagement partner on the audit resultin .1isa endent auditor's report is Ato Kokeb Moges. R\* Kokeb & Melkamu Audit Partnership Addis Ababa Chartered Certified Accountants (UK) ro November 29, 2019 Authorized Auditors in Ethiopiawr 17 P. 0. Box 33645 Addis Ababa, Ethiopia Telephone 251-11-616-69-56 E-mail kokmelk@ethionet.et Mobile Tel. 251-91-120-37-78/51-61-46 Fax 251-11-552-26-88 SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) GRANT NUMBER- Pl 148447 IDA No.57930 STATEMENT OF FINANCIAL POSITION AS AT JULY 7, 2019 Currency: ETB 2018 ASSETS CURRENT ASSETS Notes Cash and cash at bank 3 6,499,823 10,467,685 Accounts Receivable 4 2,747,124 - Total Assets 9,246,947 10,467,685 CURRENT LIABILITIES Payables 5 - - REPRESENTED BY Fund balance 6 9,246,947 10,467,685 Total Liabilities and Fund 9,246,947 10,467,685 Since the above amount indicated under "Account Receivables", represented by Cash, Receivables and Payables at Implementing Entities as indicated under Note 4, Fund Balance Shown above can be represented from the IFR as follows Cash at bank and on hand 6,499,823 Debtors and prepayments 2,747,124 Payables - Restricted Fund 9,246,947 Ile. uil >kP, lik\ V4, 4 SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) GRANT NUMBER- PI 148447 IDA No.57930 STATEMENT OF SOURCES AND USES OF FUNDS FOR THE YEAR ENDED 7 JULY 2019 Currency: ETB 2018 Notes SOURCE OF FUND 7 IDA financing 15,842,712 3,660,932 OTHER Gain on foreign currency exchange 417,009 1,655,847 16,259,721 5,316,779 USES 8 Financial services to SMEs* Enabling Environment for SME 8.2 - Business Development Service to SMEs 8.3 7,465,270 - Project Management, communication & Impact Evaluation 8.4 10,015,190 5,783,729 17,480,460 5,783,729 EXCESS OF SOURCES OVER USES (1,220,738) (466,950) Financial services to SMEs is handled by the Development Bank of Ethiopia I ~ ,~~tera~c~rrathic ~ UK) 5 SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) STATEMENT OF DESIGNATED ACCOUNT- IDA NO 57930 FOR THE YEAR ENDED 7 JULY 2019 IDA Credit Account number :0100401300010 Depository Bank National Bank of Ethiopia Related Credit and Grant IDA Credit 57930 ( Project ID No. 148447) Address Addis Ababa, Ethiopia Currency USD USD Birr Opening balance,bfought forward 8 July 2018 267,885 7,309,661 Add:-Transf6rred from World Baik-Credit 484,453 13,723,668 752,337 21,033,330 Less:- Transferred to Birr account, to Birr account and direct payment 600,010 17,043,626 Bank charges 2,022 56,568 (602,032) (17,100,194) Add:- Gain on exchange- - 417,009 Ending balance,7 July 2019 150,305 4,350,144.95 6 SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) GRANT NUMBER- PI 148447 IDA No.57930 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JULY 7, 2019 Currency: Ethiopian Birr 1. BACKGROUND The recently completed "Ethiopia SME Finance Study 2014" through the combination of demand-side and supply-side analysis demonstrates the existence of so-called "missing middle" phenomenon in Ethiopia, whereby small enterprises are more credit constrained than either micro or medium/large enterprises. The study highlights the inadequateness of Ethiopian banks' business models to address the financing needs of SMEs and the existence of severe limitations in the overall enabling environment for SME lending (e.g. the lack of a collateral registry; an underutilized credit information system and an inefficient insolvency and creditor/debtor regime). The study also highlights the importance of lease finance as a complementary source of funding. Leasing can be an effective mechanism for boosting the Ethiopian economy by providing long-term finance to SMEs which need funds to expand but often do not have the credit history or collateral sufficient for credit from conventional financing sources. The SME Finance Project is designed to address these constraints in the financial sector of Ethiopia. The Project Development Objective of SMEFP is to increase access to finance for eligible small and medium enterprises in Ethiopia based on eligibility criteria stipulated in this project implementation manual. The proposed Ethiopia SME Finance Project contributes to higher level objectives since the project is fully aligned with the priorities set out in the FY13-16 Country Partnership Strategy (CPS). The CPS explicitly calls for "increasing competitiveness in manufacturing and services, and SME access to financial services" as one of the key outcomes under its Pillar One. The CPS progress report noted results in this area, reconfirming this objective. The proposed operation addresses the provision of finance in local currency through eligible participating financial institutions (PFIs) to expand outreach to urban and rural SMEs, thereby addressing the liquidity gap and facilitating sustainable access to finance to SMEs. In doing so the project is taking a comprehensive approach by addressing broader impediments to access to finance by: i) incentivizing the financial system to deepen the provision of sustainable financial services to SMEs (i.e. through technical assistance to financial intermediaries to deploy novel lending techniques to reach SMEs); ii) by supporting investment in financial infrastructure (i.e. collateral registry, insolvency and creditor/debtor regime); and iii) addressing bankability constraints of the SMEs thorough provision of technical assistance, especially on business development. The proposed approach and project objectives are highly relevant to priorities identified in the CPS. The progress towards the PDO will be measured by the following PDO level results indicators: (a) Volume of Financial Support to SMEs under the credit facility; (b) Number of SMEs reached with financial services under the credit facility; and (c) Portfolio Quality under the credit facility. The World Bank has extensive experience with previous and current lending projects, analytical work, and technical assistance to support financial sector reform in Ethiopia. These include F ial Sector Capacity Building Project (P094704); improving the EfficiVcyp of- ayments Syste MoV'JIP 104); Cheque N0 ed ca titled A COI3t JUK 7 Standardization Project (P132042); and Women Entrepreneurship Development Project, P122764 (ongoing). Project Components The SME Finance project has four components: (i) Component 1: Financial services to SMEs; (ii) Component 2: Enabling environment for SME Finance; (iii) Component 3: Business Development Services- to SMEs; (iv) Component 4: Project management, communication and impact evaluation with total fund of USD 276 million (IDA financing of USD 200 million and EIB financing of USD 76 million). The Component 1 operation is handled by the Development Bank of Ethiopia, which separately reports. This report only reflects the activities of Component 2-4 2. ACCOUNTING POLICIES Small and Medium Enterprise Finance Project (SMEFP) follows the government's accounting policy of modified cash basis of accounting system with double entry recording taking into account the decentralized accounting structure of the project. In preparation and presentation of the financial statement, the project uses the government accounting standard. a) Income and expenditure recognition Revenues are recognized when funds are actually collected and expenditures are recognized when actual payments are made. In addition, direct payments/special commitments, payments made to third parties by the Bank on behalf of the Project, are recognized as revenue and also reflected in the expenditure. Accrued liabilities are recorded as expenditure. b) Fixed assets Fixed assets are treated as project expenditures at the time of purchase without applying the rule of depreciation. However, proper fixed asset record is maintained for the assets with value of more than Birr 5,000 and expected life more than one year to ensure adequate internal control over fixed assets. c) Foreign currency transactions. Transactions in foreign currencies are translated using the exchange rate prevailing on the date of the transaction. IChaner.dCortied (UK] 7 Q* , Z 8 SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) GRANT NUMBER-PI 148447 IDA No.57930 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 JULY 2019 Currency: Ethiopian Birr 3. CASH AND CASH AT BANK 2018 Cash on hand - - Cash at bank- National Bank of Ethiopia 6,499,823 10,467,685 6,499,823 10,467,685 From the total cash at bank maintained at NBE, Birr 4,350,144.95 is the equivalent of USD150,305.09 balance in the Designated Account. 4. ACCOUNT RECEIVABLES Staff work and travel 346,724 Suppliers' Advance 2,119,044 Sundry 281,356 - 2,747,124 - Birr 2,119,044.16 represents advance made to UNOPS for purchase of vehicle 5. ACCOUNT PAYABLES - _ 6.FUND BALANCE Balance brought forward 10,467,685 10,934,635 Add: excess of expenditure over income (1,220,738) (466,950 Balance carried forward 9,246,947 10,467,685 7. SOURCE OF FUNDS IDA Financing Sources USD Rate ETB Transfer from IDA credit 21-Nov-18 116,380 27.8325 3,239,147 29-Nov-18 92,394 27.8743 2,575,426 5-Mar-18 80,202 28.3434 2,273,203 19-Jun-18 195,476 28.8316 5,635,893 484,453 13,723,668 Direct Payment-UNOPS 15-Mar-18 74,577 2,119,044 9,02 15,842,712 N" 1-2N 'reetCo Till ts~ 9 SMALL AND MEDIUM ENTERPRISE FINANCE PROJECT (SMEFP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 JULY 2019 8. USES OF FUNDS BY PROJECT COMPONENTS AND CATEGORY Particulars Annual Budget utilization _ __ Plan/Budget Actual utilization in % Program Expenditures - 8.2 Component 2:Enabling Environment for SME Activities - 2.1.Establishing Collateral registry 2.1.1.Procurement of hardware &software 13,500,000 13,500,000 0% 2.1.2.Capacity building &training 1,080,000 1,080,000 0% 2.2.Diagnostic survey of ICR 1,620,000 1,620,000 0% Sub total component 2 16,200,000 - 16,200,000 0% 8.3 Component 3:Business Development Service to SMEs 3. 1.BDS Need Assessment 8,100,000 3,436,719 4,663,281 42% 3. 2.Provide BDS to SMEs 6,664,680 6,664,680 0% 3. 3.Support to TVETs TOT 5,039,388 3,396,751 1,642,637 67% 3.4.Market Promotiom. 3.4.1.International trade fair/ exhibition 2,603,610 631,800 1,971,810 24% 3.4.2.Preparation of Catalogs 144,720 144,720 0% 3.4.3.Product standardization 520,749 520,749 0% Sub total component 3 23,073,147 7,465,270 15,607,877 32% 8.4 Component 4: Project Management,communication &Impact Evaluation 4.1. PIU/Salary, Pension Contribution, telephone &Transport 2,488,158 2,212,690 275,468 89% 4.2.Procurement Costs 4.2.1.Vehicle &Tyre 5,524,551 3,424,094 2,100,457 62% 4. 2.2.Office Materials 171,666 18,000 153,666 10% 4.3.Oversea Experience Visits 3,240,000 1,217,549 2,022,451 38% 4.4.Staff Training /Capacity Building 2,025,000 2,025,000 0% 4.5.Recurrent costs/perdiem,accommodation,maintenance, Rent,fuel,etc... 2,299,887 830,843 1,469,044 36% 4.6.Annual review meeting 270,000 270,000 0 100% 4.7.Regional Awareness creation workshops 2,160,000 2,003,407 156,593 93% 4.8.Media advertisment 1,998,000 5,717 1,992,283 0% 4.9.Printing &Brochures 14,985 32,890 (17,905) 219% Sub total 20192247 10,015,190 10177 057 50% Total 5,394 17, 41,984,934 29% .1 -.~ \I%n, ;� � � � � � � � � � � � � � � � � Ш Ф Ш Ш Ш о Ш Ш N N Ш Ш Ш Ш � � .�р '. 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