CREATION GROUP PVT LTD
FINANCIAL STATEMENTS
31ST DECEMBER 2008
Independent Auditor's
Report
09th April
2013,
Male'
AUDITOR'S REPORT TO THE MEMBERS OF
CREATION GROUP PVT LTD
I have audited the Balance
Sheet of Creation Group Pvt Ltd as at 31st December 2008 and the related
Statements of Income, Change in Equity.
Respective
Responsibilities of Directors and Auditors
The Directors are
responsible for preparing and presenting of these Financial Statements in
accordance with the International Financial Reporting Standards. Our
responsibility to express an opinion on these Financial Statements, based on my
audit.
Basis of Opinion
The audit was conducted in
accordance with the International Standards on Auditing, which require that we
plan and perform the audit to obtain reasonable assurance about whether the
Financial Statements are free of material misstatements. An audit includes
examining on the test basis, evidence supporting the amounts and disclosures in
the Financial Statements, assessing the accounting principles used and
significant estimates made by the directors, evaluating the overall
presentation of the Financial Statements, and determining whether the Financial
Statements are prepared and provides a reasonable basis for our opinion.
Opinion
In my opinion, "the
Balance Sheet and the related Statements of Income, and Changes in Equity as at
31st December 2008 period then ended in accordance with the International
Financial Reporting Standards".
Mohammed Rafiuddin Shaik,
Male'
Directors' Report
We, the Directors of
Creation Group Pvt Ltd feel pleasure in Presenting the Financial Statements for
the Year ended on 31st December 2008. We have reviewed the
Operational results for the year end 2008.
We are happy with the
results as throughout the year only source of construction income for the
company.
09th April
2008,
Male’
Republic Of Maldives.
Mr. Mohamed Zuhair
Mr. Ahmed Zahir
(Director) (Director)
| Balance
Sheet For the Year ended 31st December 2008 |
||||||
| Particulars | Note | 2008 | 2007 | |||
| Assets | ||||||
| Non- Current Assets | ||||||
| Property, Plant & Equipment | 1 | 167,006 | 198,682 | |||
| Current Assets | ||||||
| Advance Deposits | 2 | 544,750 | 245,451 | |||
| Cash & Cash Equivalents | 3 | 857,823 | 1,205 | |||
| Trade Debt / Receivable | 4 | 14,268 | 1,061,445 | |||
| 1,416,841 | 1,308,101 | |||||
| Toal Assets | 1,583,847 | # | 1,506,783 | |||
| EQUITY & LIABILITIES | ||||||
| Share Capital & Reserves | ||||||
| Share Capital | 5 | 200,000 | 200,000 | |||
| Retained Earnings | 757,212 | 321,839 | ||||
| 957,212 | 521,839 | |||||
| Curent Liabilities | ||||||
| Trade & Other Payables | 6 | 626,635 | 984,944 | |||
| Long Term Liabilities | ||||||
| Long Term Loans | 7 | 282,529 | ||||
| 1,583,847 | 1,789,312 | |||||
| Income
Statement For the Year Ended 31st December 2008 |
||||||
| Particulars | Note | 2008 | 2007 | |||
| Revenue | 8 | 4,898,066 | 5,386,712 | |||
| Cost Of Sales | 9 | -1,478,565 | -2,856,193 | |||
| Gross Profit | 3,419,501 | # | 2,530,519 | |||
| Less: Expenditure | ||||||
| Administration Expenses | 10 | -1,531,056 | -2,073,417 | |||
| Selling and Marketing Expenses | 11 | -1,406,589 | -106,011 | |||
| Other Operating Expenses | -28,323 | -31,676 | ||||
| -2,965,968 | # | -2,211,104 | ||||
| Profit from Operations | 453,533 | 319,415 | ||||
| Net Financing Costs | -18,163 | -2,511 | ||||
| Net Profit / Loss for the Year | 435,370 | 316,904 | ||||
| Statement
Of Change In Equity For the Year Ended 31st December 2008 |
||||||
| Particulars | ||||||
| As 1st January 2008 | ||||||
| Profit for the Year | ||||||
| Less: Drawings | ||||||
| At 31st December 2008 | ||||||
| The Accounting Ploicies and Notes through 5 from an integral part of the Financial Statements. | ||||||
| 9th
April 2013 Male' |
||||||
| Mr.
Mohamed Zuhair, (Director) |
||||||
| Miss.
Aishath Shahuleena, Company Secretary |
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