presents their consolidated financial statements for the period that ended 31 December, 2009.
Furthermore, we would like to take this opportunity to thank the group's management and
employees for their efforts, support and commitment.
debt-to-equity ratio and a strong cash position, giving us substantial leverage to support the
company's development and expansion plan for 2010.
Chairman Vice Chairman & CEO
STATEMENTS
consolidated financial statements of Drake &
Scull International PJSC ("the PJSC") and its
subsidiaries (collectively "the Group") which
comprise the consolidated statement of
financial position as at 31 December 2009,
and the consolidated statement of income,
consolidated statement of comprehensive
income, consolidated statement of changes
in equity and consolidated statement of cash
flows for the period from 17 November 2008
to 31 December 2009, and a summary of
significant accounting policies and other
explanatory notes.
THE FINANCIAL STATEMENTS
preparation and fair presentation of these
financial statements in accordance with
International Financial Reporting Standards
and the applicable provisions of the articles
of association of the PJSC and the UAE
Commercial Companies Law of 1984 (as
amended). This responsibility includes:
designing, implementing and maintaining
internal control relevant to the preparation
and fair presentation of financial statements
that are free from material misstatement,
whether due to fraud or error; selecting and
applying appropriate accounting policies;
and making accounting estimates that are
reasonable in the circumstances.
audit. We conducted our audit in accordance
with International Standards on Auditing.
Those standards require that we comply with
ethical requirements and plan and perform
the audit to obtain reasonable assurance
whether the financial statements are free
from material misstatement.
obtain audit evidence about the amounts and
disclosures in the financial statements. The
procedures selected depend on the auditor's
judgment, including the assessment of the
risks of material misstatement of the 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 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 financial
statements.
obtained is sufficient and appropriate to
provide a basis for our audit opinion.
statements present fairly, in all material
respects, the financial position of the Group
performance and its cash flows for the
period then ended in accordance with
International Financial Reporting Standards.
REGULATORY REQUIREMENTS
consolidated financial statements include, in
all material respects, the applicable
requirements of the UAE Commercial
Companies Law of 1984 (as amended) and
the articles of association of the PJSC,
proper books of account have been kept by
the PJSC, an inventory was duly carried out
and the contents of the report of the
directors relating to these consolidated
financial statements are consistent with the
books of account. We have obtained all the
information and explanations, which we
required for the purpose of our audit and, to
the best of our knowledge and belief, no
violations of the UAE Commercial
Companies Laws of 1984 (as amended) or
of the articles of association of the PJSC
have occurred during the period ended 31
December 2009 which would have had a
material effect on the business of the PJSC
or on its financial position.
Partner
Registration No. 93
15 March 2010, Dubai