IAS 16 Property plant and equipment

IAS 16 Property plant and equipment" and IAS 38--"intangible assets" the amendments clarify the requirements of revaluation model recongnizing that the restatement of accumulated depreciation (amortisation) is not always proportionate to the change in the gross carrying amount of the asset.

IAS 24--"related party disclosures"--the definition of a related party is extended to include a management etintity that provides key management personnel services to the reporting entity. either directly or indirectly.

IAS 40--Investment property clarifies that an entity should assess whether an acquired property is an investment property under IAS 40 and perform a separate assessment under IFRS 3 to determine whether the acquisition constitutes a business combination.

Standards issued but not yet effective

In addition to the above mentioned standards, the following standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company's financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. Further, the Company has chosen not to early adopt the amendments and revisions to the International Financial Reporting Standards which have been published and are mandatory for compliance for the Company with effect from future dates.

IFRS 9 Financial Instruments

FRS 9, as issued, reflects the first phase of the IASB.s work though the adoption dated is subject to the recently issued Exposure Draft on the replacement of IAS 39 and applies to classification and measurement of financial assets and liabilities as defined in IAS 39. The standard was initially effective for annual periods beginning on or after 1 January 2013, but amendments to IFRS 9 Mandatory Effective Date of IFRS 9 and Transition Disclosures, issued in December 2011. moved the mandatory effective date to 1 January 2015

However, on 19 November 2013, the IASB issued IFRS9 Financial Instruments (Hedge Accounting and amendments to IFRS 9) to include the new general hedge accounting model. In its February 2014 meeting, the IASB decided that IFRS 9 would be mandatorily effective for years ending on or after 31 December 2018

29 Approval of the financial statements have been approved by the Board of Directors on DD MM 1436H corresponding to DD DD 2015