24 / 38
AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007
(All amounts are in Kuwaiti Dinars)
3.
Cash and cash equivalents
15,956,840
11,500,000
43,703
2006
Cash on hand and at banks
Short term bank deposits
Cash in investment portfolios
2007
2,359,581
13,587,173
149,748
27,500,543
16,096,502
Short term bank deposits earn an average interest rate of 7.08% (2006 - 5.25%) per annum. These deposits
have an average maturity of 48 days (2006 - 8 days).
4.
Investments at fair value through income statement
2007
Quoted securities
Investment in portfolios
7,774,554
9,396,920
2006
17,171,474
8,569,540
10,985,599
19,555,139
Investment in portfolios amounting to KD 9,122,500 as of the consolidated balance sheet date are pledged
against term loans (2006 - KD 207,000) (Note 14).
The movement during the year is as follows:
2007
2006
Balance at beginning of the year
19,555,139
13,841,470
Additions during the year
3,898,708
1,204,475
Addition relating to newly consolidated subsidiary
4,606,201
Disposals
(6,607,450)
(619,335)
Unrealized gain from changes in fair value of investments at
fair value through income statement (Note 24)
325,077
522,328
Balance at end of the year
17,171,474
19,555,139
5.
Accounts receivable and other debit balances
2007
2006
Trade receivables
25,060,707
10,141,238
Advance payments
9,450,941
5,731,030
Amount due from related parties (Note 30)
7,770,607
7,342,323
Staff receivable
31,177
27,510
Other receivables
954,570
325,527
43,268,002
23,567,628
The fair values of accounts receivable and other debit balances approximated their carrying values as at
December 31,2007.
Advance payments include an amount of KD 2,287,892 for acquisition of a property.
22