enl commercial limited annual report 2011 - Investing In Africa

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Notes to the Financial Statements Year ended June 30, 2011 19 RETIREMENT BENEFIT OBLIGATIONS (continued) (b) (v) Other post retirement benefits (continued) Amounts for the current and previous four years are as follows: THE GROUP 2011 2010 2009 2008 2007 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Present value of unfunded obligations (41,894) (12,348) (11,916) (12,090) (11,790) Liability experience loss/(gain) during the year 884 320 (9) 207 48 (vi) The principal actuarial assumptions used for accounting purposes were: THE GROUP 2011 2010 % % Discount rate 10.0 10.0 Future salary increases 8 - 8.5 8.0 Future pension increase 4.0 0.0 20 DEFERRED INCOME THE GROUP 2011 2010 Rs’000 Rs’000 At July 1, - - Acquisition through business combination 773 - Release to statement of comprehensive income (163) - At June 30, 610 - 21 TRADE AND OTHER PAYABLES THE GROUP THE COMPANY 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 Trade payables 324,851 79,969 - - Accruals and other payables 120,015 88,423 2,476 3,513 444,866 168,392 2,476 3,513 Trade and other payables are denominated in Mauritian rupees and their carrying amounts approximate their fair values. 22 AMOUNTS PAYABLE TO GROUP COMPANIES 2011 2010 Loans Others Total Total THE GROUP Rs’000 Rs’000 Rs’000 Rs’000 Holding company - 15,035 15,035 15,731 Fellow subsidiaries 146,088 287 146,375 137,175 146,088 15,322 161,410 152,906 100 ENL Commercial Limited Annual Report 2011
Notes to the Financial Statements Year ended June 30, 2011 22 AMOUNTS PAYABLE TO GROUP COMPANIES 2011 2010 Loans Others Total Total THE COMPANY Rs’000 Rs’000 Rs’000 Rs’000 Holding company - - - 13,141 Subsidiary companies - - - 62 Fellow subsidiaries 11,088 - 11,088 11,088 11,088 - 11,088 24,291 Group payables are denominated in Mauritian rupees and their carrying amounts approximate their fair values. 23 INCOME TAX EXPENSE THE GROUP THE COMPANY 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 Liability At July 1, 5,558 4,460 78 414 Acquisition through business combination 1,062 - - - (Over)/under provision (402) 126 - (35) APS (2,799) 30 - 30 Charge for the year 11,252 7,680 96 77 Paid during the year (11,498) (6,738) (90) (408) At June 30, 3,173 5,558 84 78 Charge Current tax on adjusted profits for the year at 15 % (2010: 15 %) 11,252 7,680 96 77 (Over)/under provision (402) 126 - (35) APS overpaid - 30 - 30 Deferred tax (note 18) (685) (414) - - 10,165 7,422 96 72 The tax on the group’s and company’s results before tax differs from the theoretical amount that would arise using the basic tax rate as follows: THE GROUP THE COMPANY 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 Profit before tax 100,428 33,921 30,471 26,872 Tax calculated at 15% (2010: 15%) 15,064 5,088 4,571 4,031 Tax effect of: - Income not subject to tax (18,821) (7,179) (8,583) (7,056) - Expenses not deductible for tax purposes 5,824 4,070 4,108 3,132 - Alternative minimum payment 10 - - - - Tax losses for which no deferred tax asset was recognised - 165 - - - Other tax allowances 1,434 - - - - Consolidation adjustment 6,426 3,278 - - - Tax losses generated in the year 39 1,022 - - - Utilisation of previously unrecognised tax losses - 106 - - - Deferred tax not recognised - 32 - - - (Over)/under provision from previous year (402) 126 - (35) - Effect of tax of associated companies 591 714 - - Tax charge 10,165 7,422 96 72 ENL Commercial Limited Annual Report 2011 101
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ENL COMMERCIAL LIMITED ANNUAL REPOR
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Dear Shareholder, The Board of Dire
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ENL Commercial Limited Annual Repor
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Portfolio of operating companies of
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Dividend per Share (Rs) 0.80 0.80 0
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ENL Commercial Limited Annual Repor
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Directors’ Report (continued) Ass
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AXESS LIMITED ENL Commercial Limite
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CHARABIA LTD ENL Commercial Limited
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COGIR LIMITÉE ENL Commercial Limit
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GREWALS (MAURITIUS) LIMITED ENL Com
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PACK PLASTICS LIMITED ENL Commercia
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Statement of Directors’ Responsib
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PLASTINAX AUSTRAL LIMITÉE ENL Comm
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ACTIVITIES FRCI specialises in info
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Corporate Information June 30, 2011
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Corporate Governance Report (contin
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Page 115 and 116: Proxy Form ENL Commercial Limited I
Page 117 and 118: Notes ENL Commercial Limited Annual
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