(Closed annual account as at 31/12/2016)Paris, on 9 June 2017
Within the frame of the execution of the mission which was entrusted to us by your General Manager,
we are hereby presenting our report concerning the financial year ending 31 December 2016 relating to :
- Control of the annual accounts of BANQUE MISR, as attached to this report
- Justification of our assessment
The financial statements were approved by the General Management and it is within our duty that we express our opinion on the basis of this audit.
I - Opinion on the annual accounts
We conducted our audit in accordance with applicable professional standards in force in France;
those standards that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit involves performing procedures, using sample
techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in
the financial statements. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made, as well as the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the
financial position of the Company at 31 December 2016 and the results of its operations for the year
then ended in accordance with French accounting principles.
II - Justification of our assessments
In accordance with the requirements of article L 823-9 of the Commercial Code relating to the justification
of our assessments, we inform you the following assessments:
Depreciation of accounts receivable:
As indicated in the parts A and 2 of the appendix of the financial statements, the Company establishes
depreciations in order to cover the credit risk that may jeopardize the activities. In the context of our
assessment of significant estimations for the accounts closing, we examined the control system related to
the credit risk follow up and on the counterparts, the collection risk assessment and the credit coverage in
assets by using the depreciations on an individual basis.
Country risk provisioning and social commitments:
The company establishes provisions to cover the social commitments and country risk. We examined the
assessment methods of the commitments as well as the hypothesis and the used parameters. We also
checked the appropriateness of the information provided by the part 2 of the appendix.
These assessments relate in particular to the accounting principles followed and significant estimates
adopted as well as the presentation of the financial statements, taken as a whole.
The statutory auditors
SOFIDEEC Baker Tilly
Pierre FAUCON Younès BOUJJAT Etienne de BRYAS