CREATION GROUPS PVT LTD., FINANCIAL STATEMENT - 2008

 CREATION GROUP PVT LTD

FINANCIAL STATEMENTS

31^ST DECEMBER 2008

Independent  Auditor's Report

09^th 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 31^st 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.

09^th 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