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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)
The aging analysis of these trade receivables are as follows:
2007
Less than 3 months
3
to
6
months
6
months to
1
year
1,525,691
23,289,648
245,368
25,060,707
6.
Investments available for sale
It was not possible to measure the fair value of all investments available for sale due to non-availability of a
reliable method that could be used to determine the fair value of such investments. Accordingly, they were
stated at cost less impairment losses, if any.
7.
Investment in joint ventures
Investment in joint ventures consists of the following:
AI-Madar Gulf Limited
AI Wahda Real Estate Investment Limited
Country of
Incorporation
U.A.E.
U.A.E.
Ownership
Percentage
50%
50%
2007
2006
4,715,709
2,300,719
7,016,428
The movement during the year is as follows:
Balance at the beginning of the year
Addition during the year
Transfer from investment in unconsolidated subsidiary
Group's share of result from joint ventures
Foreign currency translation adjustments
Balance at the end of the year
2007
2006
1
3,726,877
3,398,690
(109,140)
19,974
(19,973)
7,016,428
The Group's interests in its joint ventures as at December 31, 2007 were as follows:
Assets
Liabilities
Net Assets
2007
2006
2007
2006
2007
2006
AI-Madar Gulf Limited
6,567,366
1,851,657
4,715,709
AI Wahda Real Estate Investment
Limited
4,487,914
3,960,173
2,187,195
3,968,823
2,300,719
(8,650)
Revenues
Results
AI-Madar Gulf Limited
AI Wahda Real Estate Investment Limited
2007 •
2006
2,107,635
8,551,017
2007
2006
1,021,613
2,377,077
(19,973)
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