The Shareholders
Al Mazaya Holding Company K.S.C.
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Al Mazaya Holding Company K.S.C. (“the Parent
Company”) and subsidiaries (together referred to as “the Group”) which comprise the consolidated statement of financial
position as at 31 December 2011, and the related consolidated statements of income, comprehensive income, changes
in equity and 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 Parent Company’s management 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
misstatements, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on the 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 auditor considers 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 accompanying consolidated financial statements present fairly, in all material respects, the financial
position of the Group as at 31 December 2011, and its financial performance and its 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 accounts have been kept by the Parent Company, and the consolidated
financial statements and Board of Directors’ report, 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 Commercial Companies Law of 1960, as amended, and by the
Parent Company's Articles of Association; that an inventory was duly carried out; and that, to the best of our knowledge
and belief, no violations of the Commercial Companies Law of 1960, as amended, or of the Articles of Association have
occurred during the year ended to 31 December 2011 that might have had a material effect on the business of the Parent
Company or on its financial position
Other matter
Consolidated financial statements for the year ended 31 December 2010 were audited by another auditor whose report
dated 30 March 2011 expressed an unqualified opinion.
Jassim Ahmad Al-Fahad Ali Owaid Rukheyes
License No. 53-A
License No.72-A
28 March 2012
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