Al-Ahsa Development Company

(Saudi joint stock company ,Authorized and paid up Capital SR  428,750,000)

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www.sj-textile.com.sa

Audit report 31, December 2007

( Audit by KPMG Al Fozan & Al Sadhan  )

 

We have audited the consolidated balance sheet of Al Ahsa Development Company – Saudi
Joint Stock Company - (the Company) as of 31 December 2007, and the related consolidated statements of income, cash flows and changes in shareholders’ equity for the year then ended, and the attached notes (1) through (22) which form an integral part of these consolidated financial statements. These consolidated financial statements are the responsibility of the Company’s management and have been prepared by them in accordance with the provisions of the Regulations for Companies and submitted to us together with all the information and explanations which we required. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements taken as a whole:
 
i) present fairly, in all material respects, the consolidated financial position of Al Ahsa Development Company as of 31 December 2076 and the results of its operations and its cash flows for the year then ended in accordance with generally accepted accounting standards appropriate to the circumstances of the Company; and
 
ii) comply with the requirements of the Regulations for Companies and the Company’s Articles of Association with respect to the preparation and presentation of the consolidated financial statements. Without qualifying our opinion we draw attention to the followings:
1. Note no. (6a) to the accompanying consolidated financial statements, and up to the date of this report, the Company did not register its ownership share in Emaar Al Derh Al Arabi Co - Saudi Closed Joint Stock Company – against contribution of Cornish market project in Jeddah city which is still recorded at the name of related party (which is not the related part after 9 July 2007 ) to the company chairman. however the related party gave a release of his ownership to these share ito the company's name, but till to date the company is in the process of documenting ownership contract.
 
2. Note no. 6bc) to the accompanying consolidated financial statements, and up to the date of this report, the Company did not register its ownership share in Emaar Al Derh Al Arabi Co - Saudi Closed Joint Stock Company – against Company’s contribution by its share amounted to 25% of Uqbah Bin Nafie land which is located in Riyadh city and completely registered under the name of one the local banks.
 
KPMG Al Fozan & Bannaga
Tareq Abdulrahman Al Sadhan
License No. 352
Al Khobar on 29 Muharram 1428H
Corresponding to 17 February 2007