BDO NETWORK

STRIVING TOGETHER FORTHE TOP OF THE WORLD

WHATEVER TASK YOU TACKLE,60,000 HIGHLY-QUALIFIED PROFESSIONALS IN MORE THAN 151 COUNTRIES ARE AT YOUR DISPOSAL

BDO – THE FIFTH LARGEST WORLDWIDENETWORK OF AUDIT AND CONSULTING FIRMS

1BDO in Tajikistan

BDO

BDO is the fifth largest worldwide network of audit and consulting firms in terms of revenue. Each company within the network is an independent legal entity in its local jurisdiction. The BDO brand signifies the opportunity of a global unified network and, therefore, guarantee service quality so the clients can rely upon from anywhere in the world.

Our mission is to continuously respond to ever changing client needs. We were founded in 1963 when firms from the UK, Netherlands, Germany, US and Canada joined forces to share and expand their knowledge to better support clients. We were known as Binder Seidman International Group until 1973, when we adopted the name Binder Dijker Otte & Co: BDO.

The network was founded by companies from Europe, USA and Canada in 1963 to support clients’ international operations and projects. Today, BDO has 60,000 employees and 1,328 offices in 151 countries and as at September 2014 had a US$ 7.02 billion turnover.

We are committed to building close, long-lasting and effective relationships with our clients by providing first-rate services on an ongoing basis. We strive to be recognised as consultants who are truly trustworthy. Our company is structured in such a manner that our clients can always turn to senior professionals and partners. Thanks to our combination of national and international experience and expertise, we understand theneeds of businesses in each country and are aware of international trends, ensuring the provision of effective and practical advice.

The BDO brand signifies the opportunity of a global unified network and, therefore, guarantee service quality

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AUDIT SERVICES

• Audit of general purpose financial statements• Audit of special purpose financial statements• Review of historic financial infromation and projections• Agreed-upon procedures• Special purpose audit assignments

OUR SERVICES

RANGE OF SERVICES

LEGAL ADVISORY

• Preparing legal opinions• Legal audit (due diligence)• Registration, re-registration, liquidation of enterprises• Сorporate law• Real estate transactions• Agreed-upon procedures• Resolution of disputes in courts• Legal support of business

BUSINESS ADVISORY

• Strategic financial and operation management• Corporate management• Optimization of business processes• Financial planning and budgeting

VALUATION

• Valuation of real estate property• Valuation of movable property• Appraisal of property rights• Business valuation

ACCOUNTING SERVICES

• Automation of accounting system• Installation and implementation of automated accounting software• Accounting and bookkeeping• Expert services in the sphere of IFRS• Consultations on accounting transactions

TAX ADVISORY

• Tax advisory• Tax audit (examination)• International tax planning • Consultation on customs legislation • Transfer pricing• Development of tax policy • Resolution of tax disputes• Taxation of individuals

OUTSOURCING

• Accounting and bookkeeping• Internal audit services• Human Resources services• Information Technology• Corporate secretarial services

IT - ADVISORY

• IT audit• Penetration testing for IT security systems• Development of policies and procedures for IT systems• Implementation of IT and ERP systems• Development of Business Continuity Plan and Disaster Recovery Plan

WE PROVIDE A FULL RANGE OF PROFESSIONAL SERVICES, WHICH INCLUDES:

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AUDIT SERVICESBDO HAS AN INTERNATIONALLY-RECOGNISED REPUTATION AS A RELIABLE PROFESSIONAL INDEPENDENT AUDITOR

WE PROVIDE OUR CLIENTS WITH COMPREHENSIVE AND UNBIASED INFORMATION TO ENABLE THEM ADEQUATELY ASSESS THE STATE OF THEIR BUSINESS AND MAKE WELL-FOUNDED DECISIONS

OUTSOURCING

• Accounting and bookkeeping• Internal audit services• Human Resources services• Information Technology• Corporate secretarial services

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We provide a full range of services in the area of audit of financial statements. One component of our audit approach is to provide clients with comprehensive and unbiased information to enable them to adequately assess the state of their business and make well-founded decisions. In order to achieve this target in all areas of corporate audit we have developed corporate report verification methodology, models of project management and a quality control system that meets the highest international standards.

We perform annual audits of financial statements pepared in accordance with both National Accounting Standards (NAS) and International Financial Reporting Standards (IFRS). Our experts stand ready to provide a full range of consulting services in order to increase the confidence of shareholders, investors, regulatory bodies and other stakeholders in our clients’ financial information.

Upon completion of the audit process we inform the client’s management of the weaknesses we have identified in their accounting operations, reporting and internal control. For this purpose we compile a special detailed report based on the audit results.

Audit services

• Audit and review of annual and interim financial statements pepared in accordance with International Financial Reporting Standards (IFRS, U.S. GAAP) or in accordance with the requirements of the applicable national legislation

• Audit and review of special-purpose financial reports

Audit-related services

• Preparation of report with recommendations on accounting and internal control system (management letter) in accordance with NAS and IFRS

• Support dealings with capital, including IPO

• Preparation of comfort letters to underwriters for the issuance of stocks and bonds in relation to financial information contained in prospectus

Special audit assignments

• Confirmation of annual and interim financial statements of companies entering local and international stock markets

• Confirmation of special accounts, items and financial information

• Confirmation of presentation of fixed assets reappraisal in the accounting

• Assistance to new management in obtaining comprehensive information about the condition of property and the effectiveness of internal controls

• Conducting independent verification of assets and liabilities; technical audit

• Examination and implementation of special audit tasks to assess a company’s current financial state

• Internal audit

We provide a full range of services in the area of audit of financial statements

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ACCOUNTING AND REPORTING ADVISORYBDO PROVIDES A WIDE RANGE OF SERVICES AND OFFERS SOLUTIONS FOR THE IMPROVEMENT OF ALL KEY BUSINESS PROCESSES IN ACCOUNTING AND INTERNAL CONTROL SYSTEMS

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We strive to promptly alert our clients about possible breaches of accounting and reporting requirements to minimise any adverse effects of these violations on the accounting (financial) reporting.We have developed customized systems for preparing client-companies’ reports which enable us not only to effectively organize the process of preparation of reports, but also to promptly make necessary changes in the report preparation methodology in light of changes to IFRS and independent of our clients’ expansions and changes. In addition, our experts will provide training to client companies’ employees that want to prepare financial statements in accordance with IFRS on their own and provide them with special consultations.

Internal control and audit

Our services in the framework of internal control and internal audit include:

• Development and implementation of policies and procedures of internal control (in order to improve both operational efficiency and reliability of accounting and management reporting), including:

- Design of general corporate level internal control systems

- Internal control procedures

• Methods for testing the effectiveness of internal control procedures

• Increasing the efficiency of the internal audit service through the development/improvement of its principles, methods and regulations in accordance with international professional standards of internal audit. In particular, organization of internal audit services, including providing methodological and process support and training of internal auditors, carried out at either the BDO Training Centre or directly through on-site training

• Establishment and maintenance of an internal audit department

• Outsourcing of internal audit

Our Accounting Consultations Include:

• Consultation on the application of international accounting standards (IFRS, U.S. GAAP)

• Consultation on the application of national accounting and reporting rules (NAS, regulations and instructions of the National Bank and Ministry of Finance)

• Preparation of reports and transformation of financial statements in line with international standards (IFRS, U.S. GAAP)

• Checking compliance with covenants and standards and recommendations for optimization

• Accounting policies under IFRS

• GAP-analysis on various areas (e.g. in accordance with the new and forthcoming IFRS or the instructions of the National Bank and Ministry of Finance)

• Automation of reporting based on SAP and/or other platforms

• Assistance in obtaining ratings/consultations on ratings

• Review of financial reporting initiated by credit institutions and banking supervisors

• Consultation services on compliance with Tajik legislation for financial institutions

• Assessment of internal control systems and development of proposals for improving their effectiveness

• Assistance in preparing reports for international financial institutions in accordance with their requirements

• Preparation of annual reports and information memoranda for Boards of Directors and Shareholders’ Meetings

We open the doors to our global experience and capabilities in the countries where we are

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VALUATION AND APPRAISAL SERVICESBDO PROVIDES TIMELY, ACCURATE RESULTS THAT CONFORM TO THE EVER-CHANGING INTERNATIONAL VALUATION STANDARDS

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Valuation and appraisal services

Current international corporate practices, including the attraction of investments into a functioning business, prove the relevance of an independent valuation of property.

In order to attract foreign investment, recipients need transparency and accurate financial records. These two goals can be achieved by transforming the system of accounting to be in accordance with international standards.

This process requires the involvement of both international and national independent accounting experts and valuation firms

We offer valuation consultation services not only in terms of mandatory valuation made in accordance with applicable law, but also in financial modeling procedures.

Our services include scenario forecasting and analysis of models’ sensitivity to parameters, which allow the client not only to understand the value of the estimated range of the object, but also to identify those factors which have the greatest impact on cost.

We have significant experience and expertise in assessing fair value and in conducting the procedures required by International Financial Reporting Standards (IFRS).

We can help you with the initial application of IFRS (IFRS 1), and in the process of consolidation of assets after M & A deals (IFRS 3). We will help you identify assets and assess the contract price, as well as conduct annual testing for impairment of assets. Our team has substantial experience in assessing stocks, tangible and intangible assets.

Our valuation services include

Valuation of real estate:

• Commercial buildings

• Residential building

• Industrial buildings and complexes

• Construction in progress

Business Valuation:

• Valuation for IFRS

• Valuation of shares

• Valuation of investment projects and value of investments

• Valuation of non-monetary contributions to the share capital of the company

Valuation of movable property:

• Transport

• Aircrafts

• Machinery and equipment

Valuation of Property Rights:

• Valuation of Securities

• Valuation of accounts receivable and accounts payable

• Valuation of intangible assets, including intellectual property

• Valuation of the damage and loss of profits

Our team has substantial experience in assessing stocks, tangible and intangible assets.

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TAX AND LEGAL ADVISORYBDO ASSISTS CLIENTS IN ADDRESSING COMPLEX TAX ISSUES, TAKING INTO ACCOUNT THEIR GOALS AND BUSINESS PRIORITIES

OUR LEGAL EXPERTS ENSURE FULL PROTECTION OF BUSINESS INTERESTS WITHIN COMPLICATED NATIONAL LEGISLATION AND THE GLOBALISED WORLD ECONOMY

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Our tax and legal advisory group constantly supplement their line of products and services in order to meet the requirements of the modern economic climate to the maximum extent.

Taxation services

The significant stengthening of tax control and the increasing requirements of owners for business transparency require management attention to issues of corporate taxation. This is particularly important in light of the highly-dynamic nature of tax legislation.

The inability to efficiently accommodate accounting developments and trends in law enforcement leads to increased tax costs, errors in accounting and reporting, and disputes with regulatory authorities.

The national tax system is characterized by a fairly high level of tax burden. Our experience shows that most companies’ tax expenses form a significant element in the cost structure or distribution cost (on average, 10-40%, depending on the industry).

Quality and professional consulting support is an essential condition for secure management of an enterprise’s tax expenditures.

Key Services:

• Tax audit (review)

• Tax due diligence on acquired assets

• Tax support for the process of integration of acquired assets into a group

• Transaction structuring

• Current tax consulting on practical issues

• International tax planning

• Practical solutions to issues related to transfer pricing

• Support in tax disputes

• Taxation of individuals

• Identification of tax risks in attracting financing and their effects during the transaction

• Reduction of the total cost of tax

• Expression of tax opinion

• Due diligence and continued monitoring of borrowers’ potential tax stability

• Statement of tax accounting, development and modernization of accounting policy for tax purposes

• Consultation on customs legislation

Quality and professional consulting support is an essential condition for secure management of an enterprise’s tax expenditures

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Tax Audit

During tax audit we:

• Conduct an independent assessment of a client’s tax risks

• Identify the facts surrounding arrears and late payments and uncover the grounds and circumstances of their origin

• Provide proactive legal protection of clients’ interests in Tax Commitee institutions and the Republic of Tajikistan’s courts during a desk or on-site inspection by the tax authorities, including:

• forming a client’s legal position in disputes with tax authorities based on the results of off-site document checks

• preparing objections to tax authorities’ acts of inspection’s claims in the courts

Independent assessment and recommendations to address tax risks are formed in the light of actual rules and regulations of taxation and local tax jurisprudence in tax disputes. Tax Planning

One of the most sought-after services by our clients is tax planning – making use of the advantages of: bilateral agreements to avoid double taxation; tax capacities of holdings; financial and trade structures in various countries around the world; and offshore and other jurisdictions with preferential tax treaments. We can examine the legal, financial and tax aspects of our clients’ activities.

Tax Review of Business Projects

Any major business transaction requires a comprehensive study of possible consequences. To this end, we:

• Accurately calculate the tax consequences of restructuring of a client’s business, investment and financial pojects, and other major transactions

• Identify tax risks and ways to reduce tax load on projects

Tax Due Diligence

The main purpose of this service is to minimize the risks of an investment allocated for the acquisition of other companies. In the process of tax due diligence, we provide our clients with:

• Professional independent assessment of the accuracy of tax liabilities of acquired companies

• Information on identified risks and tax overpayments

• Calculation of the potential tax consequences of possible changes in clients’ businesses following a transaction

Face-to-Face Consultations

We offer our clients prompt oral and written advice on tax issues, seeking to provide the most objective and comprehensive information on relevant issues in light of current legislative standards, views of all interested and independent parties, and law enforcement agencies.

By expanding the variety of solutions to a problem, we always offer the optimal way based on the possible correlation of economic benefits(or losses) and tax risks for the client.

Tax Accounting

As part of our service related to the organization of tax accounting, we offer our clients:

• Evaluation of the client’s tax system, identifying its shortcomings

• Advice on possible ways to improve systems

• Development of tax accounting systems tailored to the specific needs of a client

• Automation of the process of tax reporting

• Support of newly-developed systems of tax accounting during their implementation

We offer our clients prompt oral and written advice on tax issues, seeking to provide the most objective and comprehensive information on relevant issues

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LEGAL ADVICE

As a result of the geographic expansion of business and business-partners, companies are increasingly faced with issues related to the application of foreign laws, foreign participation in arbitration proceedings, or the need for compulsory enforcement of foreign court decisions in Tajikistan. Our legal team, using the competence of firms participating in the BDO network, offers legal support to clients on matters relating to foreign law in most countries of the world.

Core Services:

• Corporate law

• Labour law

• Real estate business

• Legal support for transactions

• Mergers and Acquisitions (including international)

• Litigation

• Development of regulations

• Public-Private Partherships (PPP)

• Legal support for businesses

• Legal support for anti-crisis measures

• Registration, re-registration, and liquidation of businesses

Thinking about starting a business in Tajikistan?BDO offers a full range of services for fully-fledged businesses as well as for startups

Legal Support for Transactions

Support for transactions usually includes the following procedures:

• Structuring relations with suppliers and contractors

• Conducting a comprehensive review of objects and/or subjects of transactions (due diligence)

• Identifying the main terms of transactions and ways to secure liabilities

• Agreeing terms of transactions between parties

• Development of optimal contractual structures and schedules of transactions

• Providing recommendations for the choice of applicable law and the order of settling disputes

• Identifying risks and measures to minimize them

• Participating in negotiations

• Monitoring the execution of terms of transactions

Working with Accounts Payable and Receivable

The BDO team will conduct a complete analysis of debt structure and depending on the situation, offer the most effective ways to solve a client-company’s problems. If necessary, we are also able to provide debt collection services, represent the interests of a client in court or provide mediation services in the settlement of disputes.

We work out practical recommendations to minimize the legal risks and implications of current and strategic management decisions in today’s economic environment.

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FINANCIAL AND BUSINESS CONSULTATIONBDO SUPPORTS ITS CLIENTS IN ADDRESSING BUSINESS OPTIMIZATION, FINANCIAL STABILITY AND SUSTAINABLE DEVELOPMENT

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Business consultation

We offer innovative solutions to manage businesses and implement complex projects that increase their manageability, efficiency and competitiveness.

Key Services:

• Strategic management, restructuring and optimization of business processes

• Improvement of operational efficiency; cost reduction

• Corporate management and control

• Risk management

• Logistics

• Centralization of functions; establishment of joint service centers

• Financial management services

• Change management

Improving Management Quality

• We analyse clients’ current activities, strategies and developments alongside their organizational leadership models, and how these correspond to the issue of performance improvement including:

• Restructuring of branch networks, sales models, various business processes and departments, procedures of distribution of authority

• Performing procedures involving the integration of business processes, IT, personnel, financial resources and implementation of measures for cost reduction (in the case of a merger of two or more companies)

Strategic and Operational Management

When advising clients on strategic and operational management BDO experts pay considerable attention to issues of implementation of business decisions corresponding to the best national and international practices, as well as seeking systematic solutions, which are fundamental for company and business management in the financial sector.

Development/Revision of Strategy

• Examination of a client’s strengths and weaknesses and assessment of market opportunities and threats

• Formation of mission statements and sectors of strategic development

• Development of plans for communication between the strategic objectives of shareholders and management, the tasks of specific units, and employees

• Establishment of key performance indicator systems

• Development of operational plans for key areas of company’s activity and monitoring systems for realizing strategic plans

Financial Planning and Budgeting

Management Accounting and Reporting

• Improvement of methodology and processes:

• Financial planning and budgeting;

• Cost management;

• Preparation of management accounts

• Development of efficient performance indicator systems

We offer innovative solutions to manage businesses and implement complex projects that increase their manageability, efficiency and competitiveness

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Capital dealings support

We offer pre-investment status services during which we identify the key financial,tax and legal risks and offer recommendations for reducing them, in particular their reflection in sale of shares contracts.

We have loads of experience in analyzing financial conditions set forth in agreements between parties and will be happy to calculate for our clients the necessary activities and monitor compliance with the arrangements in relation to these activities.

Our Support of Capital Dealings Services:

• Pre-investment status (acquisition/vendor due diligence)

• Calculation of a transaction’s key indicators on the date of closing (completion accounts)

• Assistance in preparation of sale of shares (SPA) contracts and control over their conditions (calculation of financial indicators)

• Transactions for the sale and purchase of assets (M&A), preparation and maintenance of data rooms, and post- completion integration

• Identification of the acquired assets and purchase price allocation (PPA)

• Developing business plans

• Calculating synergy capacity

• Evaluating shareholdings in companies and determining conversion coefficient

• Attracting various forms of financing

Technical audit

Our technical audit and consulting services involve consulting with customers on investments, investment projects and development projects at all stages of the investment process. Technical audit helps avoid unnecessary expenditure of money, minimizes costs in line with average market opportunities and challenges, and also significantly increases the rigidity of managing investment through a combination of expert engineers, accountants and lawyers.

The main objective of this service is to best accomplish project implementation within budget, on time and with due quality.

Restructuring

Restructuring of corporate structures is carried out in order to avoid a formal bankruptcy, or to provide the development conditions to a company. Nowadays it is more important than ever for the owners and managers of businesses to monitor closely the financial situation of their companies. We offer comprehensive solutions to help businesses in difficult financial conditions, in crisis situations, or simply wishing to secure a future stable position for development. Our approach to deliver restructuring services to corporate clients is combined in a comprehensive solution of customer problems in three successive areas: stabilization, diagnosis and formulation of alternatives for development; strategic consulting and implementation of defined measures and control strategic consulting; and implementation of defined measures and control over this process.

Our Restructuring Services:

• Restructuring of business development and crisis management

• Work with the capital markets

• Public-Private Partnerships

• Structuring and managing secondary assets

• Comprehensive work with troublesome borrowers and assets

• Implementation and maintenance of comprehensive restructuring plans

• Analysis and risk management; performance indicators of business processes

• Improvement of corporate management systems and corporate finance

• Restructuring of liabilities, and organization of financing and refinancing

Our Technical Audit Services Include:

• Technical examination

• Project cost analysis

• Evaluation of design decisions

• Development of real estate concepts

• Construction audit

• Technical assessment (technical due diligence)

• Project management

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SYSTEM INTEGRATIONIN TODAY’S WORLD, WHEN THE COMPETITION IS CONSTANTLY RISING AND RESOURCES ARE SCARCE, BDO IS WELL POSITIONED TO OFFER INTEGRATED SOLUTIONS FOR ANY BUSINESS

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SYSTEM INTEGRATION

We offer a wide range of services and solutions for improvement of key business processes, combining advanced solutions in the field of business consulting and IT solutions for businesses.

Our service approach is based on providing full-cycled business solutions, from identifying the problem and development of new management methodologies to realisation of solutions at the technological level, as well as follow-up support. We develop optimal solutions designed to ensure compliance with projects’ time and budget frameworks. To date, BDO is able to offer many software solutions from leading world manufacturers such as SAP, Oracle, Microsoft, EMC and others.

Professional Consultants are required, when it is necessary:

• To identify obstructions in information flow associated with manual processing of information

• Together with key company specialists to develop a special-purpose functional management system architecture, and plan for its implementation

• To design integrated single computer systems’ architecture

• To design and offer optimum alternatives of technical architecture and provide the required level of information system functionality

• To train company specialists in functional features of implemented solutions for future independent self-development and modernization

• To ensure a smooth and trouble-free transition to a new solution.

BDO Offers its Clients the Following Services:

• Developing concepts for the adaptation of informational-analytical systems;

• Customising complex information-analytical system

• Advising on choice of technological platform (preparation of proposals and the rationale for the selection of software and hardware platform and architecture)

• Developing and configuring data analysis software, and creating databases corresponding to the key requirements of decision-making processes and preparation of management accounts

• Setting up and developing integration mechanisms and ETL processes (mechanisms of purging, transforming and collecting data)

• Maintaining and supporting customised informational-analytical systems

BDO Services and Solutions:

• Performance management and business analytics (CPM/BI)

• Establishment of integrated management systems (ERP)

• Supply chain management (SCM) and warehouses (WMS)

• Customer relationship management (CRM)

• Creation of document circulation systems

• Building MDM systems

• Asset management systems

• Risk management systems

• Project management systems

• Creation of web-portals

• Integration solutions

• Support for business applications

• Training for business applications

IT Consulting:

• IT strategy development

• Development of ERP-system adaptation strategy

• Organization and improvement of IT functions

• Establishment of information systems support center

• Establishment of general service centres (GSC)

Solutions for Improving Business Processes

• Consolidation and transformation of reporting

• Budgeting

• Management and analytical reporting

• Modeling and optimization of material flow

• Accounting, management, tax accounting

• Human resource management and payroll accounting

• Management of calculations (treasury)

• Procurement management

• Marketing

• Management of equipment maintenance and repairs

• Production management

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Platforms

Business solutions and management systems developed by BDO are created based on world-leading software vendors’ products. In network structures major technological practices are formed where highly-skilled professionals work at the highest level. This is an international team that carries out projects of any size and any level of difficulty in various sectors of the economy. The achievements of our practices – steady business growth and professional development of staff – have been repeatedly recognized by the business community and software producers.

Specialized information systems from Oracle and other manufacturers, which enable the user to improve business processes’ efficiency, are based on a powerful pre-configured program and mathematical software. When introducing such solutions companies are faced with their own specific difficulties of optimising internal business processes and system customisation.

Modern integrated information systems are complex, high-tech products. Introduction of such systems requires close and carefully-planned external support.

BDO Partner Status

• SAP Service Partner

• Oracle Gold Partner

• Certified Microsoft Partner

• EMC Documentum Partner

• Infor Channel Partner

Main Services of BDO in Business Application Outsourcing:

• Support and follow-up of business application users (SAP, Oracle, 1C, etc.)

• Administration of client systems

• Development of systems

• Helpdesk implementation services

• Training (including remote) of users and implementation groups;

• Maintaining reference data;

• Increasing the organization/optimization/efficiency of internal support and follow-up service for companies’ customers;

• Staff recruitment and training for the needs of support and follow-up services

• Cooperation with vendors;

Outsourcing Services for Business Applications Require the Following Objectives:

• Establishing effective systems of support and follow-up of users for operation of customer systems

• Implementating complex measures aimed at continuously updated versions of customers’ software components

• Minimizing problems associated with the preparation of professionals for solving support problems (recruitment, training, management)

• Training of users in working with systems

• Optimizing customer cost for the support of applications and their users

• Allocating customer’s resources for development of applications according to business needs

Business solutions and management systems developed by BDO are created based on world-leading software vendors’ products

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IPOBDO IS ACTIVELY INVOLVED IN DEBT AND STOCKHOLDERS’ EQUITY MARKETS AND HAS EXTENSIVE EXPERIENCE IN ATTRACTING FINANCING

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BDO provides companies from various sectors of the economy with a wide range of services related to the conduct of initial public offerings (IPO). Specialists will assist BDO customers at all stages of the process: from the decision to hold an IPO through helping with issues that may arise following placement.

BDO clients have the opportunity to place their securities in all major stock exchanges around the world, including the U.S, European, Asian and Australian stock exchanges.

Prior to the IPO:

• Helping create a corporate management system, restructuring and taxation recommendations

• Developing accounting systems and internal controls

• Assisting in preparation of financial information

• Audit

• Making recommendations on remuneration schemes and payment criteria

• Assisting in selection of other consultants

In the IPO process:

• Due diligence to determine information to be disclosed in the prospectus

• Verification of financial forecasts, assistance to management in assessment of key admissions

• Supporting company’s staff during the inspection of placement documents

• Close cooperation with companies and other consultants during the IPO process

Following the IPO:

• Assistance in the implementation of financial and tax strategies

• Assistance in meeting reporting requirements of financial reporting and other requirements of the stock exchange and controllers

• Business-consulting to optimize operational processes and capital management

BDO clients have the opportunity to place their securities in all major stock exchanges around the world, including the U.S, European, Asian and Australian stock exchanges

BDO’s experience of cooperation with stock exchanges in the last 5 years

• More than 130 IPOs:

• Aggregate market value of transactions – 17 billion pounds

• Includes 16 dealings for 250 million pounds

• 74% of the funds collected for international companies from 46 countries

• Placement mainly on the London Stock Exchange (Main Market and AIM)

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OUTSOURCING, MARKET RESEARCH AND EDUCATIONOUTSOURCING HELPS TIMELY RESPONSE TO MARKET VOLATALITY AND CAN IMPROVE THE EFFECTIVENESS OF INDIVIDUAL BUSINESS PROCESSES

BDO SHARES ITS EXPERT OPINIONS, KNOWLEDGE AND SKILLS WITH MANAGEMENT AND STAFF OF CLIENT

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Outsourcing

Outsourcing is a business management strategy aimed at concentrating a company’s resources, attention and efforts on key business objectives, and transfering other functions to be carried out by specialized contractors.

Transfer of secondary activities and companies’ assets to the management of external specialized contractors (outsourcing) can sometimes be the best solution to problems of cost optimization, improving competitiveness, and the mobility and flexibility of a company.

BDO’s outsourcing division specializes in outsourcing finance and accounting business processes for companies of various ownership structures and in various industries.

BDO has accumulated sufficient experience to offer clients a comprehensive set of solutions for any type of business. We have developed a set of solutions, each of which takes into account the needs of the individual business, according to its type and stage of development. Versatile and flexible solutions can solve a client’s problems effectively in a timely manner.

Education

BDO Training Centre specializes in specific training for specialists in financial and economic services, and managers of enterprises. The main advantage of BDO Training Centre’s educational programs is their practical applicability and broad spectrum of subjects.

Thorough knowledge of the peculiarities and concrete conditions of enterprise activity, modern training needs and staff development, alongside the faculty’s board, high-level practical experience enable our Centre to develop and successfully execute a wide range of unique targeted training programs.

Training can be conducted with the involvement of employees of specialized foreign companies belonging to the BDO Network Association.

Our Services for Business Process Outsourcing:

• Accounting services

• Internal audit

• Payroll accounting

• Personnel administration, audit and consulting

• Preparation of statements according to NAS, IFRS, GAAP

• Legal services

• Taxation services

• IT functions

• Corporate secretarial function

Training Formats:

• Long-term certificate programs

• Open programs and training

• Corporate programs

You can trust us with support and follow-up functions, and we will provide you with the required level of service transparently meeting the highest-quality criteria

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Market Analysis

BDO has a General Economic Analysis and Market Research Group that supports clients by providing informational and analytical services.

The main services of the group include the following:

Diagnostics of a client’s area of activity, assessment of development prospects for the purposes of analysis of opportunities, positioning of the company in markets, mergers and acquisitions, demerger, consolidation, and business diversification

• Examination of the current state and development prospects of sectors and regions

• Study of the financial market for the purposes of attracting funds, and entering the capital market

• Analysis of market opportunities and competitive position of the company in the market, including pre-sale purpose and/or assessment of investment risks (Market due diligence and benchmark analysis)

• Assessment of the medium-term market situation and preparation of informational and analytical materials for investors about the current market position of the company for purposes such as business planning and preparation of investment projects

• Ranking of industries/economies/genres of activities in terms of risk with a view to their current status and development prospects

• Macroeconomic and sectoral studies using modern analytical methods: PEST-analysis, M. Porter’s ‘Five Forces’ model, SWOT analysis, etc.

• Marketing due diligence

• Examination of market conditions (marketing audit)

• Market diagnostics

• Competitive market analysis

• Benchmarking (benchmark analysis)

• Strategic analysis (market segmentation, development of positioning strategy)

• Forecast of macroeconomic and market indicators

BDO has a General Economic Analysis and Market Research Group that supports clients by providing informational and analytical services

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Why choose us?

• BDO’s international recognition and excellent reputation in audit and consulting

• Support of unified standards of quality throughout the world due to strict control procedures and risk management

• Global knowledge base

• 52 years of presence in the international market

• Unique BDO service methodology

• Vast experience in supporting the growing national companies

• Highly-qualified pofessionals with significant industry experience and both national and international qualification

• Industry-oriented service provision, extensive database of customized solutions

• Understanding client needs, readiness to achieve goals with the client, responding promptly to changes in market conditions

• Proximity to the client: established channels of communication, detailed project planning in close collaboration with the client

• Concept of providing services to the client that involves the direct involvement of partners in addressing client problems

• BDO challenges the market model, offering completely new solutions to overcoming existing obstacles

• BDO helps clients achieve their goals in volatile and unpredictable business environments

• BDO is preferred by those who aspire to be one step ahead in a fast-growing and dynamic economy

Understanding client needs, we are ready to achieve goals with the clients. We try not only give professional consultations but also support clients, respond promptly to changes in market conditions

25BDO in Tajikistan

CLIENTSBDO serves leading companies in all sectors of the economy, including multinational corporations and the world’s leading financial institutions,from a variety of sizes and ownership structures.We help our clients not only to respond promptly to changes in the national and world economies, but also to adapt to new market conditions. Our success in implementing complex and large-scale projects and our use of advanced technologies enable BDO to work effectively with large, medium and small organizations.

Clients in CIS Countries

• Аuto VАZ

• Alfa-Bank

• 36,6 Pharmaceutical Network

• AFK «Systema»

• Aeroflot

• Bazovy Element

• Bank of Moscow

• Vnesheconombank

• VBT

• Gazprom

• Gazprom Neft

• GC «Rosnanotech»

• KNAUF

• «Sukhoi» Company

• LUKOIL

• М. Video

• Metaloinvest

• МТS

• NLMK

• JSC «RZhD»

• OGK-2

• Rosneft

• RUSAL

• Savings Bank of Russia

• Svyazinvest

• Sedmoi Kontinent

• Surgutneftegaz

• SU EC

• TGC-1

• ТNК-ВР

• Transmashholding

• FSK EЕS

International Clients

• AEG

• Asian Development Bank

• Bank of America

• Barclays

• British Telecom

• Chrysler

• Credit Suisse

• Daewoo Electronics

• Deutsche Telekom AG

• Islamic Development Bank

• EBRD

• Electrolux

• Ericsson

• Fujitsu Consulting Ltd

• Google

• HSBC Holdings

• Intercontinental Hotel Group

• Kodak Limited

• Karcher

• Lufthansa

• MAN

• Marriott Europe

• Radisson

• Royal Bank of Scotland Group

• Sheraton

• Siemens

• Societe Generale

• Sun Systems

• State Bank of India

• Tetra Pak

• Toshiba

• T-Mobile

• Visa

• Vodafone

• World Bank

Clients in the Republic of Tajikistan

• OSHC «Barki Tojik»

• OJSC «Tojiktransgas»

• OJSC «Sangtuda-1»

• OJSC «Pamir Energy Company»

• OJSC «Rogungesstroy»

• Branch of Total Tajikistan B.V.

• OJSC «Orienbank»

• CJSC «Bonki Rushdi Tojikiston»

• CJSC «First Microfinance Bank»

• МDO «Finca»

• МDO «Arvand»

• MLO «Humo and Partners»

• MDO «Bovari va Hamkori»

• CJSC «Telecom Technology»

• LLC «Huawei Technologies Tajikistan»

• CJSC «Somon Oil»

• LLC «Pakrut»

• LTD «Santos»

• PJSC «Zarubejneftegas»

• Serena Hotel in Dushanbe

• Hyatt Regency Dushanbe

• European Bank for Reconstruction and Development

• World Bank Project

• Asian Development Bank Project

• Project of the Islamic Development Bank

• European Union Project

• Swedish Agency for Development Projects

• GIZ

• Aga Khan Foundation in Tajikistan

• Red Crescent Society of Tajikistan

• Dushanbe International School

• Ministry of Finance of the Republic of Tajikistan

• Ministry of Health of the Republic of Tajikistan

• Caritas International

• Mercy Corps

INFORMATION AND CONTACTS

Tel: +992 44 600 8833 Fax: +992 44 600 8822

www.bdo.tj

Despite the fact that this publication is carefully prepared by the company’s specialists, it can only be referred to for general guidance regarding the topic therein. It is not recommended to use this publication as a profes-sional consultation on a particular issue. Before taking any actions and deci-sions, it is advisable to arrange a professional consultation with an expert. BDO and its affiliates ae not responsible for any losses and damages incurred as a result of actions and decisions which were based on the information in this publication.

BDO Tajikistan LLC, a company incorporated under the law of the Republic of Tajikistan, is a member firm of the BDO network, a worldwide network of professional service firms. Each BDO member firm is an independent legal entity in its home country. BDO International Limited is a UK company limited by guarantee. Service provision within the network is coordinated by Business Worldwide Services BVBA, a limited liability company incorporated in Belgium with its statutory seat in Brussels.

BDO is the brand name for the BDO network and each of the BDO member firms

© 2015 BDO LLC. All rights reserved