Afcon Book.indd - Afcons Infrastructure Ltd.

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AFCONS CONSTRUCTION MIDEAST (LLC), DUBAIReport of the independent auditorsTo the shareholders of Afcons Construction Mideast (LLC), DubaiWe have audited the accompanying financial statements of Afcons Construction Mideast (LLC), Dubai(“the Company”) which comprise thestatement of financial position at December 31, 2009, statement of comprehensive income, statement of changes in equity and statement of cashflows for the year then ended and a summary of significant accounting policies and other explanatory notes.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with International FinancialReporting Standards. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriateaccounting policies and making accounting estimates that are reasonable in the circumstances.Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements, based on our audit. We conducted our audit in accordance withInternational Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal controlsrelevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Afcons Construction Mideast(LLC), Dubai at December 31, 2009, and of its financial performance and its cash flows for the year then ended in accordance with InternationalFinancial Reporting Standards.Report on other legal and regulatory requirementsWe have obtained all the information and explanations, which were necessary for the purposes of our audit and no violation of the UAECommercial Companies Law No. 8 of 1984 (as amended) or of the constitution of the Company came to our attention, which would materiallyaffect the Company’s financial position.In our opinion, the Company maintains proper books of account and the accompanying financial statements are in agreement therewith. TheCompany has also conducted stocktaking in accordance with established principles and the financial information in the Managers’ report confirmsto the financial statements.BDO CHARTERED ACCOUNTANTS AND ADVISORSDubaiYunus SaifeeReg. No. 418May 18, 201068
AFCONS CONSTRUCTION MIDEAST (LLC), DUBAIStatement of financial position at December 31, 20092008Note AED AEDNon current assetsProperty, plant and equipment 5 3,655,229 2,424,709Current assetsInventories 6 9,958,318 17,179,104Trade and other receivables 7 80,372,969 31,324,475Bank balances and cash 8 9,548,732 4,888,209Total current assets 99,880,019 53,391,788Current liabilitiesTrade and other payables 9 71,748,236 11,635,382Due to related parties 10 20,446,964 2,651,822Bank loans 11 5,614,768 16,977,824Total Current liabilities 97,809,968 31,265,028Net current assets 2,070,051 22,126,760Non current liabilitiesProvision for employees’ end of service gratuities (222,825) (25,118)Net assets 5,502,455 24,526,351EquityShare capital 12 300,000 300,000Legal reserve 13 150,000 -Shareholder’s account 14 (1,004,803) 25,781,118Retained earnings/(accumulated deficit) 6,057,258 (1,554,767)Total equity 5,502,455 24,526,351The financial statements have been approved and signed by the manager on May 18, 2010 by:A. N. JANGLEManagerStatement of comprehensive income for the year ended December 31, 20092008Note AED AEDContract revenue 285,681,811 26,455,460Contract costsRaw materials and consumables 52,850,090 1,684,474Sub contractors’ costs 163,595,637 11,487,884Salaries, wages and benefits 24,407,065 7,434,082Rent 10,087,199 1,721,087Travelling and conveyance 3,057,430 696,038Legal and professional 10,382,527 2,482,507Repairs and maintenance 5,374,230 15,460Finance costs 15 5,439,470 1,652,407Depreciation 1,077,296 105,671Other expenses 1,648,842 717,160277,919,786 27,996,770Total comprehensive income for the year 7,762,025 (1,541,310)Statement of changes in equity for the year ended December 31, 2009Share Legal Shareholder’s Retained Total equitycapital reserve account earnings(AccumulatedDeficit)AED AED AED AED AEDBalance at January 1, 2008 300,000 - - (13,457) 286,543Total comprehensive income for the year - - - (1,541,310) (1,541,310)Net movements in shareholder’s account - - 25,781,118 - 25,781,118Balance at December 31, 2008 300,000 - 25,781,118 (1,554,767) 24,526,351Total comprehensive income for the year - - - 7,762,025 7,762,025Transfer to legal reserve - 150,000 - (150,000) -Net movements in shareholder’s account - - (26,785,921) - (26,785,921)Balance at December 31, 2009 300,000 150,000 (1,004,803) 6,057,258 5,502,45569
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AFCONS INFRASTRUCTURE LIMITED12. AW
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