Financial Quarterly Reports 2008

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AL-WAHA ~
AUDITING OFFICE 6.
ALI OWAID RUKHAEYES ~
Albazie & CO.
Member of RSM International
Member of The International Group of Accounting Firms
Public Accountants
Kuwait Airways Building, 7th Floor
Shuhada Street, P.O. Box 2115 Safat
13022 - State of Kuwait
T + 965 2410010
F + 965 2412761
P.O. Box 27387 Safat
13134 - State of Kuwait
Telephone: (965) 2423415
Facsimile: (965) 2423417
Independent Auditors' report
The Shareholders .
AI Mazaya Holding Company K.S.C. (Closed)
State of Kuwait
Report on the consolidated financial statements
We have audited the accompanying consolidated financial statements of AI Mazaya Holding Company K.S.C.
(Closed) (the Parent Company) and subsidiaries (the Group), which comprise the consolidated balance sheet as
at December 31,2008, and the consolidated statement of income, statement of changes in equity and statement
of cash flows for the year then ended and a summary of significant accounting policies and other explanatory
notes.
Managemenfs responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with International Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated
financial statements that are free of material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with Intemational Standards on Auditing. Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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' judgment, 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 audH evidence we have obtained is sufficient and appropriate to provide a basis for our audH
opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
AI Mazaya Holding Company K.S.C. (Closed) as of December 31,2008, and of its financial performance and its
cash flows for the year then ended in accordance with International Financial Reporting Standards.