CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES

ABU DHABI, U.A.E

AUDITED FINANCIAL STATEMENTS
31, DECEMBER 2016
 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
AUDITED FINANCIAL STATEMENTS
31, DECEMBER 2016

CONTENTS PAGE

Independent Auditors’ Report 1

Statement of Financial Position 2

Statement of Comprehensive Income 3

Statement of Change in Equity 4

Statement of Cash Flows 5

Notes to the Financial Statements 6 -13

 AUDITOR'S REPORT
THE OWNER
CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
Abu Dhabi, U.A.E
Report on the Financial Statements
We have audited the accompanying financial statements of CAMLOCK GENERAL MAINTENANCE AND
CONTRACTING SERVICES - Abu Dhabi - U.A.E. as at 31, December 2016 and the related statement of income and
retained earnings and cash flows for the year then ended. These financial statements are the responsibility of the management.
Our responsibility is to express an opinion on these financial statements based on our audit.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with
International Financial Reporting Standards. 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.

Auditors Responsibility
We conducted our audit in accordance with the generally accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

* As per the available records presented to us by the management the financial statements are prepared.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the financial statements presented fairly in all material respects; the financial position of CAMLOCK

GENERAL MAINTENANCE AND CONTRACTING SERVICES as at 31, December 2016 the result of its operations,

changes in equity and its cash flows for the year then ended, in accordance with the international financial reporting standard.

For Youssry & Co. Auditing & Consultancy

Saturday, September 23, 2017
Economic Reg. No. 495

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
STATEMENT OF FINANCIAL POSITION
AS AT 31, DECEMBER 2016

31/12/2016 31/12/2015
Notes AED AED
Assets
Non-Current Assets
Property, plant and equipment 5 92,247 97,220

Current Assets:
Accounts Receivable 6 60,864 27,324
Other Accounts Receivable 7 51,580 46,340
Cash and cash equivalent 8 105,001 48,698
217,445 122,362

Current Liabilities:
Other Payables 9 38,819 28,998
38,819 28,998
Net Current Assets/(Liabilities) 178,626 93,364

Provision for End Service Benefits 0 (14,974) (7,133)

Net Assets 255,899 183,451

Represented By:
Owner's Current Account 10 270,981 301,704
Retained Earnings (15,082) (118,253)
255,899 183,451

Accepted and Confirmed

For CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES

The accompanying notes form an integral part of these financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31, DECEMBER 2016

Notes 31/12/2016 31/12/2015

AED AED

Revenue 11 769,384 260,953

Less: Cost of sales 12 (438,435) (170,586)

Gross profit 330,949 90,367

Less: General & Administrative Expenses 13 (198,640) (184,315)

Less: Depreciation Expenses 5 (29,138) (24,305)

Net profit (Loss) for the year/ period 103,171 (118,253)

Statement of Retained Earnings

31/12/2016 31/12/2015
AED AED

Opening balance # (118,253) -

Net profit (Loss) for the year/ period 103,171 (118,253)

(15,082) (118,253)

Accepted and Confirmed

For CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES

The accompanying notes form an integral part of these financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31, DECEMBER 2016

Retained Owner's Current

Capital Earnings Account Total
AED AED AED AED

As at 31, December 2014 - - - -

Net profit (Loss) for the year - (118,253) - (118,253)
Net movement - - 301,704 301,704
As at 31, December 2015 - (118,253) 301,704 183,451
Net profit (Loss) for the year - 103,171 - 103,171
Net movement - - (30,723) (30,723)
As at 31, December 2016 - (15,082) 270,981 255,899

The accompanying notes form an integral part of these financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31, DECEMBER 2016

Notes 31/12/2016 31/12/2015

AED AED
Cash flows from operating activities
Net profit/ (Loss) for the year / period 103,171 (118,253)
Adjustments for non cash items:
Depreciation of Property, plant and equipment 29,138 24,305
Operating profit before changes in working capital 132,309 (93,948)

(Increase) / Decrease in trade receivables (33,540) (27,324)

(Increase) / Decrease in other receivables (5,240) (46,340)
Increase / (Decrease) in other payables 9,821 28,998
Increase / (Decrease) in Gratuity 7,841 7,133
Net cash generated from / (used in) operating activities 111,191 (131,481)

Cash flows from investing activities

Purchase of Property, plant and equipment (24,165) (121,525)
Net cash flow (used in) investing activities (24,165) (121,525)

Cash flows from financing activities

Net movement in Owner's current account (30,723) 301,704
Net cash from /(used in) financing activities (30,723) 301,704

Net increase /(decrease) in cash and cash equivalents 56,303 48,698

Cash and cash equivalents, beginning of the year 48,698 -
Cash and cash equivalents, end of the year/ period 8 105,001 48,698

Represented by:
Cash in Hand & at Banks 105,001 48,698
Cash and cash equivalents, end of the year/ period 105,001 48,698

The accompanying notes form an integral part of these financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

1 Legal status and business activity

CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES- is duly incorporated in the Emirates of
Abu Dhabi as a Sole Establishment under the Unified ID for ADCCI no.213266 and operates under Commercial license
no.CN-1084732. The license was issued by Department of Economic Development of Abu Dhabi and the establishment
was established in 02/04/2006.

1.01 Activity
The principal activities of the Establishment are Building Maintenance, All Kind Building Projects Contracting.

2 Application of new and revised International Financial Reporting Standards (IFRS)

2.01 New and Revised IFRSs applied with no material effect on the financial statements
The following new and revised IFRSs have been adopted in these financial statements. The application of these new
and revised IFRSs has not had any material impact on the amounts reported for the current and prior years but many
affect the accounting for future transactions or arrangements.

New and Revised IFRSs Summary of requirements

Amendment to IFRS 1' First The first amendment replaces references to a fixed date of '1 January 2004'
time adoption, on hyperinflation and with the Date of transition to IFRSs, thus eliminating the need for companies
fixed dates" adopting IFRSs for the first time to restate de-recognition transaction that
occurred before the date of the second amendment provides guidances on
how an entity should resume presenting financial statements in accordance
with IFRSs after a period when the entity was unable to comply with IFRSs
because its functional currency was subject to severe hyperinflation.

Amendment to IFRS 7,
Financial Instrument: Disclosures on
transfer of financial assets.
These amendments are the part of IASBs comprehensive review of, off-
Statement of Financialc Position activities. The amendments promote
transparency in the reporting of transfer transactions and improve users'
understanding of the risk exposure relating to transfers of financial assets and
the effect of those risks on an entity's financial position, particularly those
involving securitization of financial asset.

Amendment to IFRS 7,
Income taxes on deferred tax
Currently IAS 12, 'Income taxes', requires an entity to measure the derred tax
relating to an asset depending on whether the Entity expects to recover the
carrying amount of asset through use or sale. It can be difficult and subjective
to assess whether recovery will be through use or through sale when the asset
is measured using the faur value model in IAS 40 Investment Property.

This amendment introduces an exception to the existing principle for the

measurement of deferred tax assets or liabilities arising on investment
property measured at fair value. As a result of the amendments, SIC 21,
Income taxes recovery of revalued non-depreciable assets, would no longer
apply to investment properties carried at fair value. The amendments also
incorporate into IAS 12 the remaining guidance previously contained in SIC
21, which accordingly withdrawn.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

2.02 New and Revised IFRSs in issue but not yet effective and not early adopted

The Entity has not adopted the following new and revised IFRSs that have been issued but not yet effective:

Pronouncement Issued Effective Date

IFRS 2 Share-based Payment
Amendments to clarify the classification and
Annual periods beginning on or after 1
measurement of share-based payment transactions
January 2018
June 16

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Amendments resulting from September 2014 Annual
Imrovements To IFRSs
IFRS 7 Financial Instruments: Disclosures
Deferral of mandatory effective date of IFRS 9 and
amendments to transition disclosures
Additional hedge accounting disclosures (and
consequential amendments) resulting from the
introduction of the hedge accounting chapter in
IFRS 9
Amendments resulting from September 2014 Annual
Improvements to IFRSs
IFRS 9 Financial Instruments
Deferral of mandatory effective date of IFRS 9 and
amendments to transition disclosures
Reissue to incorporate a hedge accounting chapter
and permit the early appliaction of the requirements
for presenting in other comprehensive income the
"own credit" gains or losses on financial liabilities
designated under the fair value option without early
applying the other requirements of IFRS 9
Annual periods beginning on or after 1
Sep-14 January 2016
Annual periods beginning on or after 1
(The effective date of IFRS 9 was
Dec-11 subsequently removed, see IFRS 9 below)
Applies when IFRS 9 is applied
(At the time of issue of the revised version of
IFRS 9 including the hedge accoutnign
chapter, IFRS 9 had no stated mandatory
Nov-13 effective date, see below
Annual periods beginning on or after 1
Sept-14 January 2016
Annual periods beginning on or after 1
January 2015
(Effective date subsequently removed. This
version of the standard is supereded by IFRS
9 (2014), but remains available for application
if the relevant date of initial application is
Dec-11 before 1 February 2015).
Contains no stated effective date and includes
consequential amendments which remove the
mandatory effective date of IFRS 9 (2010)
and IFRS 9 (2009), leaving the effective date
open but allowing each version of the
standard to be available for application
Note; IFRS 9 (2014) supersedes IFRS 9
(2013), but this standard remains available for
application if the relevant date of initial
Nov-13 appliaction is before 1 February 2015.
Effective for annual periods beginning on or
after 1 January 2018

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

Note: IFRS p (2014) supersedes IFRS 9

(2009), IFRS 9 (2010) and IFRS (2013), but
Finalised version, incorporating requirements for these standards remain available for
classification and measurement, impairment, general application if the relevant date of initial
hedge accounting and derecognition. July-14 appliaction is before 1 February 2015.

IFRS 10 Consolidated Financial Statements

Amendments regarding the sale or contribution of deferred indefinitely (see below)
assets between an investor and its associate or joint
venture Sep-14
Amendments regarding the application of the Annual periods beginning on or after 1
consolidation exception Dec-14 January 2016

IFRS 11 Joint Arrangements

Amendments regarding the accounting for Annual periods beginning on or after 1
acquisitions of an interest in a joint operation May-14 January 2016

IFRS 12 Disclosure of Interests in Other Entities

Amendments regarding the application of the Annual periods beginning on or after 1
consolidation exception Dec-14 January 2016

IFRS 15 Revenue from Contracts with Customers

Amendments to defer the effective date to 1 January Annual periods beginning on or after 1
2018 Sep-15 January 2018
Annual periods beginning on or after 1
Clarifications to IFRS 15 Apr-16 January 2018

IFRS 16 Leases
Annual periods beginning on or after 1
Original issue Jan-16 January 2019

International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)
Original issue 2009 Effective immediately on issue
Ammendments as the result of the first Annual periods beginning on or after 1
comprehensive review 2015 January 2017

Annual Improvements to IFRSs issued in 2009-2011 reporting cycle. It includes changes to IFRS 1, IAS 1, IAS 16, IAS
16, IAS 32 and IAS 34. 1 January 2013 Management anticipate that the adoption of these Standards and Interpretations
will have no material impact on the financial statements of the entity in the period of initial application.

3 Significant Accounting Policies

Basis of Preparation
These financial statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS) issued by the International Accounting Standards Board (IASB), Interpretations issued by the International
Financial Reporting Interpretations Committee (IFRIC) and applicable rules and regulation of the UAE Law. The
significant accounting policies, which have been applied, are set out below:

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

3.01 Accounting Convention:

These financial statements have been prepared under the historical cost convention. The accounting policies have been
consistently applied by the company.
3.02 Property, Plant and Equipment:
Property, Plant and Equipment are stated at cost less accumulated depreciation and identified impairment losses, if any.
The cost comprise of purchase price, levies, duties and any directly attributable cost of bringing the assets into its
working condition. The cost of Property, plant and equipment is depreciated by equal annual instalments over their
estimated useful lives using the straight line method as follows:

Motor Vehicles 5 Years

Furniture & Fixtues 5 Years
Tools & Equipments 5 Years
3.03 Foreign Currency Transactions:
As per the requirements of IAS 21, Foreign currency transactions are recorded in UAE Dirham at the approximate rate
of exchange ruling at the time of the transaction i.e., spot rate. Assets and liabilities expressed in foreign currencies at
the balance sheet are converted into UAE dirham at the year end rate of exchange. All foreign currency gains and losses
are booked in the statement of income as they arise.

3.04 Revenue:
Revenue is defined as the gross inflow of economic benefits during the year arising in the course of the ordinary
activities of an entity, when those inflows result in increases in equity, other than increases relating to contributions
from equity participants (IAS 18 Para7).

3.05 Trade Receivables;

The schedule of trade debtor's represents amounts falling due as on the date of Statement of Financial Position.
Accounts receivables are normally requiring the amounts to be received above 120 days of the invoice. Bad debts are
written off as and when they arise. Accounts receivables are stated net of provision for doubtful debts and discounts.

3.06 Employees' Terminal benefits:

Provision is made in accounts for end of service benefits due to employees as per management evaluation.

3.07 Rounding off:

The figures in the attached financial statements are rounded off to the nearest UAE Dirham.

3.08 Fair Value of Financial Instruments;

The value of all classes of financial assets and financial liabilities, as recorded in the Statement of Financial Position
approximate the fair value of theses assets and liabilities.

3.09 General:
In the opinion of the management all the assets as shown in the financial statements are existing and realizable at the
amount shown against and there are no liabilities against the company contingent ot otherwise not included in the above
financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

3.10 Profit and Loss account:

The Company's profit is arrived at after charging all expenses incurred in day to day operations of the business and in
maintaining property, plant and equipment.

3.11 Accounts Payable:

The schedule of Trade Creditors represents amounts falling due as on the date of balance sheet. Accounts payable are
normally settled within 30 days. Liabilities are recognized for amounts to be paid in the future for goods or services
whether or not billed to the company

3.12 Exchange Rate risk:

Since the main currencies of the financial instruments, other assets, liabilities and trading transactions including
purchase and sales are UAE Dirhams, Euro and USD the company is not exposed to any significant exchange rate risk.

3.13 Financial Charges:

The financial charges includes finance cost, credit card charges and bank charges.

3.14 Credit Risk:

Credit risk is the risk of financial loss to the company, if a customer or counterparty to a financial instrument fails to
meet its contractual obligations and arises principally from accounts receivable, amounts due from related parties, cash
and cash equivalents.

The company seeks to limits its credit risk with respect to banks by only dealing with reputable banks and with respect
to customers by setting limits for individual customers and monitoring outstandng accounts receivable with respect to
credit risk arising from the other financial assets of the company, including cash and cash equivalents, the company's
exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount
of theses instruments.

Liquidity Risk
Liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations associated with its
financial liabilities as maturity date. The Company manages the liquidity risk through risk management framework for
the Company's short, medium and long-term funding and liquidity management requirements by maintaining adequate
reserves, sufficient cash and cash equivalent and the availability of financing through banking arrangements to ensure
funds are available to meet its commitments for liabilities as they fall due.

3.15 Key Sources of Estimation Uncertainty:

Impairment of Accounts Receivable
An estimate of the collectible amount of trade receivables is made when collection of the full amount is no longer
probable. For individually significant amounts, this estimation is performed on an individual basis. Amounts which are
not individually significant, but which are past due, are assessed collectively and a provision applied according to the
length of time past due, based on historical recovery rates.

The accompanying notes form an integral part of these financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

5 Property, plant and equipment

5 5 5

Motor Furniture & Tools &

Vehicles Fixtues Equipments Total
AED AED AED AED

Cost

-
As at 31, December 2014 - - - -
Additions during the year 50,700 22,195 48,630 121,525
As at 31, December 2015 50,700 22,195 48,630 121,525
Additions during the year - 24,165 24,165
As at 31, December 2016 50,700 22,195 72,795 145,690

Depreciation

As at 31, December 2014 - - - -

Depreciation for the year 10,140 4,439 9,726 24,305
As at 31, December 2015 10,140 4,439 9,726 24,305
Depreciation for the year 10,140 4,439 14,559 29,138
As at 31, December 2016 20,280 8,878 24,285 53,443

Net book value

As at 31, December 2016 30,420 13,317 48,510 92,247

As at 31, December 2015 40,560 17,756 38,904 97,220

The accompanying notes form an integral part of these financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

31/12/2016 31/12/2015
AED AED

6 Accounts Receivable
Trade Receivable 60,864 27,324
60,864 27,324

The fair value of Trade receivables is not materially different from their balances shown in the statement of
financial position.

Receivable are unsecured and measured at their realizable values and considered good. Further confirmation
of balances are yet to obtained as on the reporting period.

7 Other Accounts Receivable

Staff loans & Advances 9,580 4,340
Refundable Deposits 32,000 32,000
Prepayments 10,000 10,000
51,580 46,340

8 Cash and cash equivalent

Cash in hand 38,149 22,813
Cash at Bank 66,852 25,885
105,001 48,698

9 Other Payables
Accrued Expenses 6,835 6,183
Advance Received from Clients 31,984 22,815
38,819 28,998

10 Owner's Current Account

Opening Balance 301,704 -
Funds (withdrawn)/Contributed (30,723) 301,704
270,981 301,704

11 Revenue
Contract Income 769,384 260,953
769,384 260,953

The accompanying notes form an integral part of these financial statements.

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 CAMLOCK GENERAL MAINTENANCE AND CONTRACTING SERVICES
ABU DHABI, U.A.E
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31, DECEMBER 2016

31/12/2016 31/12/2015
AED AED

12 Cost of sales
Direct Costs 269,158 61,861
Salaries & Wages 169,277 108,725
438,435 170,586

13 General & Administrative Expenses

Advertising Expenses 5,000 5,000
Rent Expenses 40,000 40,000
Repairs & maintenance 16,853 12,974
Communications & Utilities 18,722 17,952
Insurance Expenses 11,620 10,800
Office Supplies 4,813 4,188
Legal, Professional & government Expenses 65,291 61,595
Bank Charges 2,619 2,593
Car Running & Travelling Expenses 18,341 14,832
Miscellaneous Expenses 15,381 14,381
198,640 184,315

14 Fair Value of Financial Instruments

The fair values of financial instruments are not materially different from their carrying values. The fair value
of the financial assets and liabilities are considered at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The
following methods and assumptions were used to estimate the fair values.

* Cash and bank balances, accounts receivable and others, post dated cheques received, short-term
borrowing, loans, accounts payable and others, post-dated cheques issued and account approximate their
carrying amounts, largely due to the short-term maturities of these instruments.

* Fair value of financial liabilities as well as other non-current financial liabilities is estimated by discounting
future cash flows using rates currently available for debts on similar items, credit risk and remaining
maturities.

15 Financial Informations
Ratio 31/12/2016 31/12/2015
Gross Profit (Loss) (%) 43.01% 34.63%
Net Profit (Loss) (%) 13.41% -45.32%
Current Ratio (Times) 5.60 4.22

The accompanying notes form an integral part of these financial statements.

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