First Yacht Passenger Yachts & Boat Rental LLC Dubai, UAE

STATEMENT OF COMPREHENSIVE INCOME

2017

Revenue 8,029,600

Sales 8,029,600
Sales Return -
Commission Received -

Direct Cost 4,330,331

Gross Profit Incl Commission Income 3,699,269

GP % Including Commission Income 46%

Gross Profit Excl Commission Income 3,699,269

GP % Excluding Commission Income 46%

Other Income 113,293

General & Administrative Expenses 2,930,575

Salaries & Benefits 1,773,738

Marketing & Advertising 48,507
Legal, Professional & Other Charges 200,098
Insurance 182,015
Office Maintenanace / Office Supplies 22,210
Rent 472,132
Exclusivity Fee -
Utlities 11,351
Communication 62,364
Travelling 27,784
Repair and Maintenance 81,214
Postage & Courier 11,325
Other Expenses 37,837

Depreciation Expenses -

Total Administrative Expenses 2,930,575

Operating Income 881,987

Finance Cost 3,090

NET PROFIT/(LOSS) AFTER TAX Incl Commission Income 878,897

NP % Including Commission Income 11%

NET PROFIT/(LOSS) AFTER TAX Excl Commission Income 878,897

NP % Excluding Commission Income 11%

Balance brought forward 15,320,665

Total profit available for appropriation 16,199,562
Balance carried forward 16,199,562
2016 2015 2014

15,822,994 14,481,236 13,886,254

9,099,781 9,435,237 7,957,928

- (22,043) (13,000)
6,723,213 5,068,042 5,941,326 No Commission Income in 2017

7,294,944 6,079,354 4,641,841

8,528,050 8,401,882 9,244,413

54% 58% 67%

1,804,837 3,333,840 3,303,087

20% 35% 42%

225,024 692,000 - Other Income was part of total revenue in 20

3,525,595 3,394,522 3,957,259

1,969,276 1,837,418 2,059,905

93,307 680,375 636,092 Mrktg Exps significantly reduced in 2016 & 2
186,377 131,530 121,858
104,516 112,072 118,077
36,754 46,406 70,824
274,075 183,851 70,517
150,000 200,000 -
5,342
79,086 87,520 47,365
23,010
366,928
2,179
234,745 115,350 832,621

221,737 235,712 428,581

3,747,332 3,630,234 4,385,840

5,005,742 5,463,648 4,858,573

 7,298 -

4,998,444 5,463,648 4,858,573

32% 38% 35%

(1,724,769) 395,606 (1,082,753)

-19% 4% -14%

10,322,221 4,858,573
15,320,665 10,322,221 4,858,573
15,320,665 10,322,221 4,858,573
n Income in 2017

was part of total revenue in 2015

nificantly reduced in 2016 & 2017 compared to 2015 & 2014

First Yacht Passenger Yachts & Boat Rental LLC Dubai, UAE

STATEMENT OF FINANCIAL POSITION

Assets 2017 2016

Current Assets
Cash & Bank 504,454 3,043,815
Cash in Hand 19,618 87,127
Cash at Bank 484,836 2,956,688
Accounts Receivable 349,560 209,328
Other Current Assets 1,000,248 290,732
Deposits & Advance to Employees 377,097 202,722
Prepaid Expenses 187,151 88,010
Due from related parties 436,000
Inventories 36,020 4,879
Total Current Assets 1,890,282 3,548,754

Fixed Assets
Furniture & Fixture 12,029 1,403
Office & Kitchen Equipment 18,905 8,902
Motor Vehicles, Boats & Yachts 1,514,402 822,835
Office Improvement & Other Expenses 44,772 33,954

Total Fixed Assets 1,590,108 867,094

Intangible Assets
26,374
Total Intangible Assets 26,374 -

TOTAL ASSETS 3,506,764 4,415,848

Liabilities & Shareholders' Equity

Accounts payable 229,903 157,809

Advance from Customer 144,674 57,207
Accrual & Provisions 123,197 271,577
Total Liabilities 497,774 486,593

Share Capital
Faisal Hussain Rashed Lootah 153,000
 Walid Afif Abdul Aziz 153,000
Michel Karsenti 75,000 75,000
Gregory Mareel Merzetti 72,000 72,000
Total Share Capital 300,000 300,000

Share Holder's Current Account

Faisal Hussain Rashed Lootah 287,628

Walid Afif Abdul Aziz
Michel Karsenti (10,761,116)
Gregory Mareel Merzetti (2,389,881)
Total Share Holder's Current Account (13,162,539) (12,863,369)

Retained Earning

Balance at beginning of the Year 16,342,623 11,920,482

Trfr to Statutory Reserve
Trfr to Shareholders Current Account (1,500,000)
Prior Year adjustment (576,303)
Profit for the year 878,897 4,998,444
Total Retained Earning 15,721,520 16,342,623

Total Equity 2,858,981 3,779,254

Statutory Reserve 150,000 150,000

Total Statutory Reserve 150,000 150,000

TOTAL CAPITAL AND LIABILITIES 3,506,755 4,415,847

(9) (1)
2015 2014

2,508,646 1,294,428
168,826 -
2,339,820 1,294,428
921,749 123,486
213,873 124,215
162,383 38,220
51,490 85,995

- -
3,644,268 1,542,129

843 16,711
17,747 11,143
1,005,706 1,196,879
50,930 67,906

1,075,226 1,292,639

- -

4,719,494 2,834,768

71,120 51,400

75,545 36,389
146,665 87,789

153,000 153,000
 75,000 75,000
72,000 72,000
300,000 300,000

287,628 287,628

(6,957,649) (3,628,725)
(1,127,631) (577,541)
(7,797,652) (3,918,638)

6,365,617 2,374,394
(150,000)

241,217 (867,350) Amount of +ve 241,217 is wrogly mentioned as -ve 672,724 in Retained E
5,463,648 4,858,573
11,920,482 6,365,617

4,422,830 2,746,979

150,000 -
150,000 -

4,719,495 2,834,768

1 -

149,998
(2)
s -ve 672,724 in Retained Earnings break down
STATEMENT OF COMPREHENSIVE INCOME
PARTICULARS
2017 2016

Revenue 8,029,600.00 15,822,994.00

Cost of revenue (4,330,331.00) (7,294,944.00)
Gross profit 3,699,269.00 8,528,050.00
General and administrative expenses (2,820,372.00) (3,307,869.00)

Depreciation - (221,737.00)
Interest Expenses
EBT(Net Profit) 878,897.00 4,998,444.00
878,897.00 4,998,444.00
- -
SUMMARY & COMMENTS Inc/( Dec) Inc/( Dec)
Increase/( Decrease) in Revenue ( WRT PY) #REF! 7,793,394.00
Increase/( Decrease) in Cost of Revenue(WRT PY) #REF! (2,964,613.00)
Increase/( Decrease) in Gross profit ( WRT PY) #REF! 4,828,781.00
Increase/( Decrease) in G & A Exp( WRT PY) #REF! (487,497.00)
Increase/( Decrease) in Finance Charges Exp( WRT PY) #REF! -
Increase/( Decrease) in Depreciation Exp( WRT PY) #REF! (221,737.00)
Increase/( Decrease) in Other Income ( WRT PY) #REF! -
Increase/( Decrease) in Net profit ( WRT PY) #REF! 4,119,547.00

Statement of Financial Position

PARTICULARS

ASSETS 2017 2016

Non-current assets
Furniture & Fixture 1,590,108.00 1,403.00
Office & Kitchen Equipment 8,902.00
Motor Vehicles, Boats & Yachts 822,835.00
Office Improvement & Other Expenses 33,954.00
Intangible Assets 26,374.00 -
Total Non Current Assets 1,616,482.00 867,094.00

Current assets
Due from a related party 436,000.00 -
Inventories 36,020.00 4,879.00
Trade and other receivables 349,560.00 209,328.00
Deposits & Advance to Employees 377,097.00 202,722.00
Prepayment 187,151.00 88,010.00
Cash and bank balances 504,454.00 3,043,815.00
Total current assets 1,890,282.00 3,548,754.00
Total assets 3,506,764.00 4,415,848.00

SHAREHOLDERS’ FUNDS AND LIABILITIES

Equity
Share capital 300,000.00 300,000.00
Statutory reserve 150,000.00 150,000.00
Retained earnings 15,721,520.00 16,342,623.00
Total equity 16,171,520.00 16,792,623.00
Shareholders’ current accounts (13,162,539.00) (12,863,369.00)
Total shareholders’ funds 3,008,981.00 3,929,254.00
Non-current liabilities
Accrual & Provisions 123,197.00 271,577.00
Bank borrowings
Advance from Customer 144,674.00 57,207.00
Total Non Current liabilites 267,871.00 328,784.00
Current liabilities
Due to related parties
Dividend payable
Trade and other payables 229,903.00 157,809.00
Total current liabilities 229,903.00 157,809.00
Total liabilities 497,774.00 486,593.00
Total equity and liabilities 3,506,755.00 4,415,847.00
(9.00) (1.00)

FINANCIAL PERFORMANCES
RATIO ANALYSIS 2017 2016

Short term liquidity

Current ratio
Measures the ability to pay current liabilities out of
current assets.
Current assets 1,890,282.00 3,548,754.00
/ Current liabilities 229,903.00 157,809.00
 = Current ratio 8.22 22.49
Quick ratio (Acid Test)
Measures the ability to pay current liabilities out of
the most liquid of current assets.
(Cash
+ Marketable secrities
+ Accounts receivable) 1,854,262.00 3,543,875.00
/ Current liabilities 229,903.00 157,809.00
= Quick ratio 8.07 22.46
Inventory to net working capital
Inventory 36,020.00 4,879.00
/ Net working capital 1,660,379.00 3,390,945.00
= Inventory to net working capital 0.02 0.00
Long term solvency
Debt ratio
Indicates the percentage of assets financed with
debt or liabilities
Total liabilities 497,774.00 486,593.00
/ Total assets 3,506,764.00 4,415,848.00
= Debt ratio 0.14 0.11
Total asstes to equity
Total assets 3,506,764.00 4,415,848.00
/ Total stockholders equity 16,171,520.00 16,792,623.00
= Total assets to equity 0.22 0.26
Total liabilities to total assets
Total liabilities 497,774.00 486,593.00
/ Total assets 3,506,764.00 4,415,848.00
= Total liabilities to total assets 0.14 0.11
Total liabilities to equity
Total liabilities 497,774.00 486,593.00
/ Total stockholders equity 16,171,520.00 16,792,623.00
= Total liabilities to equity 0.03 0.03
Profitability Ratios
Return on assets
Measures the effectiveness of assets used to produce
profits.
Net income 878,897.00 4,998,444.00
/ Average total assets 3,506,764.00 4,415,848.00
= Return on assets 0.25 1.13
Return on equity
Measures the profitibility of owners investments.

Net income 878,897.00 4,998,444.00

/ Average stockholders equity 16,171,520.00 16,792,623.00
 = Return on equity 0.05 0.30
Gross margin
Gross profit 3,699,269.00 8,528,050.00
/ Sales 8,029,600.00 15,822,994.00
= Gross margin % 0.46 0.54
Operating margin
Operating profit 6,519,641.00 11,835,919.00
/ Sales 8,029,600.00 15,822,994.00
= Operating margin 0.81 0.75
Profit margin
Measures the % of each AED 1 of revenue that is left
over as profit.
Net income 878,897.00 4,998,444.00
/ Sales 8,029,600.00 15,822,994.00
= Profit margin 0.11 0.32
Total asset turnover
Measures the efficiency of assets used to produce
sales.
Sales 8,029,600.00 15,822,994.00
/ Average total assets 3,506,764.00 4,415,848.00
= Total asset turnover 2.29 3.58
Fixed assets turnover
Measures the efficiency of fixed assets used to
produce sales.
Sales 8,029,600.00 15,822,994.00
/ Average fixed assets 1,616,482.00 867,094.00
= Fixed asset turnover 4.97 18.25
Current asset turnover
Sales 8,029,600.00 15,822,994.00
/ Average current assets 1,890,282.00 3,548,754.00
= Current asset turnover 4.25 4.46
DuPont Return on Investment
Net income 878,897.00 4,998,444.00
/ Average total assets 3,506,764.00 4,415,848.00
= Return on investment 0.25 1.13
or
Net profit margin 0.11 0.32
/ Total asset turnover 2.29 3.58
= Return on investment 0.05 0.09
Modified DuPont - Return on Equity
Net profit after tax 0.11 0.32
/ Average stockholders equity 16,171,520.00 16,792,623.00
= Return on equity 0.00 0.00
or
 Average total assets 3,506,764.00 4,415,848.00
/ Average equity 16,171,520.00 16,792,623.00
= Equity mutliplier 0.22 0.26
x ROI 0.05 0.09
= Return on equity 0.01 0.02

Summary of Ratios
2017 2016
Current ratio 8.22 22.49
Quick ratio (Acid Test) 8.07 22.46
Inventory to net working capital 0.02 0.00
Debt ratio 0.14 0.11
Total asstes to equity 0.22 0.26
Total liabilities to total assets 0.14 0.11
Total liabilities to equity 0.03 0.03
Return on equity 0.05 0.30
Gross margin 0.46 0.54
Operating margin 0.81 0.75
Profit margin 0.11 0.32
Total asset turnover 2.29 3.58
Fixed assets turnover 4.97 18.25
Current asset turnover 4.25 4.46
DuPont Return on Investment 0.05 0.09
Modified DuPont - Return on Equity 0.01 0.02

EBITDA -CALCULATION
PARTICULARS
2017 2016
Revenue 8,029,600.00 15,822,994.00
Cost of revenue (4,330,331.00) (7,294,944.00)
Gross profit 3,699,269.00 8,528,050.00
General and administrative expenses #REF! #REF!
Other Income
EBT(Net Profit) 878,897.00 4,998,444.00
Add: Depreciation - 221,737.00
Add: Amortisation
Add: Finance Charges
Add:Taxes
EBITDA 878,897.00 5,220,181.00
 2015 2014

14,481,236.00 13,886,254.00
(6,079,354.00) (4,641,841.00)
8,401,882.00 9,244,413.00
(2,702,522.00) (3,957,259.00)

(235,712.00) (428,581.00)

5,463,648.00 4,858,573.00
5,463,648.00 4,858,573.00
-
Inc/( Dec) Inc/( Dec)
(1,341,758.00) (594,982.00)
1,215,590.00 1,437,513.00
(126,168.00) 842,531.00
605,347.00 (1,254,737.00)
- -
(13,975.00) (192,869.00)
- -
465,204.00 (605,075.00)

MAP Technologies

2015 2014

843.00 16,711.00
17,747.00 11,143.00
1,005,706.00 1,196,879.00
50,930.00 67,906.00
 - -
1,075,226.00 1,292,639.00

- -
- -
921,749.00 123,486.00
162,383.00 38,220.00
51,490.00 85,995.00
2,508,646.00 1,294,428.00
3,644,268.00 1,542,129.00
4,719,494.00 2,834,768.00

300,000.00 300,000.00
150,000.00 -
11,920,482.00 6,365,617.00
12,370,482.00 6,665,617.00
(7,797,652.00) (3,918,638.00)
4,572,830.00 2,746,979.00

75,545.00 36,389.00

- -
75,545.00 36,389.00

71,120.00 51,400.00
71,120.00 51,400.00
146,665.00 87,789.00
4,719,495.00 2,834,768.00
1.00 -

2015 2014

3,644,268.00 1,542,129.00
71,120.00 51,400.00
 51.24 30.00

3,644,268.00 1,542,129.00
71,120.00 51,400.00
51.24 30.00

- -
3,573,148.00 1,490,729.00
- -

146,665.00 87,789.00
4,719,494.00 2,834,768.00
0.03 0.03

4,719,494.00 2,834,768.00
12,370,482.00 6,665,617.00
0.38 0.43

146,665.00 87,789.00
4,719,494.00 2,834,768.00
0.03 0.03

146,665.00 87,789.00
12,370,482.00 6,665,617.00
0.01 0.01

5,463,648.00 4,858,573.00
4,719,494.00 2,834,768.00
1.16 1.71

5,463,648.00 4,858,573.00
12,370,482.00 6,665,617.00
 0.44 0.73

8,401,882.00 9,244,413.00
14,481,236.00 13,886,254.00
0.58 0.67

11,104,404.00 13,201,672.00
14,481,236.00 13,886,254.00
0.77 0.95

5,463,648.00 4,858,573.00
14,481,236.00 13,886,254.00
0.38 0.35

14,481,236.00 13,886,254.00
4,719,494.00 2,834,768.00
3.07 4.90

14,481,236.00 13,886,254.00
1,075,226.00 1,292,639.00
13.47 10.74

14,481,236.00 13,886,254.00
3,644,268.00 1,542,129.00
3.97 9.00

5,463,648.00 4,858,573.00
4,719,494.00 2,834,768.00
1.16 1.71

0.38 0.35
3.07 4.90
0.12 0.07

0.38 0.35
12,370,482.00 6,665,617.00
0.00 0.00
 4,719,494.00 2,834,768.00
12,370,482.00 6,665,617.00
0.38 0.43
0.12 0.07
0.05 0.03

2015 2014
51.24 30.00
51.24 30.00
- -
0.03 0.03
0.38 0.43
0.03 0.03
0.01 0.01
0.44 0.73
0.58 0.67
0.77 0.95
0.38 0.35
3.07 4.90
13.47 10.74
3.97 9.00
0.12 0.07
0.05 0.03

2015 2014
14,481,236.00 13,886,254.00
(6,079,354.00) (4,641,841.00)
8,401,882.00 9,244,413.00
#REF! #REF!

5,463,648.00 4,858,573.00
235,712.00 428,581.00

5,699,360.00 5,287,154.00