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ANNUAL REPORT
2015
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
AL MAZAYA HOLDING COMPANY K.S.C.P.
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
AL MAZAYA HOLDING COMPANY K.S.C.P.
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statement of Al Mazaya Holding Company K.S.C.P. (the “Parent
Company”) and its subsidiaries (collectively the “Group”), which comprise the consolidated statement of financial position as at
31 December 2015, and the consolidated statement of income, consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
The management of the Parent Company is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with International Financial Reporting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material
misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the
auditors consider internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group
as at 31 December 2015, and its financial performance and cash flows for the year then ended in accordance with International
Financial Reporting Standards.
Report on Other Legal and Regulatory Requirements
Furthermore, in our opinion proper books of account have been kept by the Parent Company and the consolidated financial
statements, together with the contents of the report of the Parent Company’s Board of Directors relating to these consolidated
financial statements, are in accordance therewith. We further report that we obtained all the information and explanations
that we required for the purpose of our audit and that the consolidated financial statements incorporate all information that is
required by the Companies Law No. 25 of 2012, as amended, and by the Parent Company›s Memorandum of Incorporation and
Articles of Association, that an inventory was duly carried out and that, to the best of our knowledge and belief, no violations
of the Companies Law No. 25 of 2012, as amended, or of the Parent Company’s Memorandum of Incorporation and Articles of
Association have occurred during the year ended 31 December 2015 that might have had a material effect on the business of the
Parent Company or on its financial position.
WALEED A. AL OSAIMI
LICENCE NO. 68-A
OF ERNST & YOUNG
AL AIBAN, AL OSAIMI & PARTNERS
28 January 2016
Kuwait
DR. SAUD HAMAD AL-HUMAIDI
LICENSE NO. 51 A
OF DR. SAUD HAMAD AL-HUMAIDI &
PARTNERS
(MEMBER OF BAKER TILLY INTERNATIONAL)
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