enl commercial limited annual report 2011 - Investing In Africa

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Notes to the Financial Statements Year ended June 30, 2011 31 SEGMENTAL INFORMATION (continued) THE GROUP 2010 Investment & Notes management Commercial Industry Total Rs’000 Rs’000 Rs’000 Rs’000 Segment assets 945,057 931,607 37,302 1,913,966 Investments in associates 8 - 29,946 (7,658) 22,288 Consolidated total assets 945,057 961,553 29,644 1,936,254 Segment liabilities 221,929 593,020 16,777 831,726 Additions to non current assets 5& 6 105 171,716 2,734 174,555 Property, plant and equipment written off - 716 - 716 Depreciation and amortisation 5& 6 415 41,565 2,744 44,724 Material items of income - Fair value gain on held-fortrading securities 1,490 - - 1,490 - Profit on disposal of investments 2,159 - - 2,159 Material items of expenditure Provision for guarantee - (2,939) - (2,939) Interest income 2,023 - - 2,023 Interest expense 12,042 893 17,418 30,353 32 RELATED PARTY TRANSACTIONS (a) THE GROUP Holding company Fellow subsidiaries Associates 2011 2010 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Purchase of goods and services - - 796 14,548 1,489 456 Sales of goods and services 410,371 7,655 19,479 23,713 25,033 13,699 Loans payable - 11,500 46,088 11,088 - - Loans receivable - - 106,000 17,500 - - Interest expense 496 1,376 1,296 - - - Interest income - - - 1,033 - - Amounts owed by related parties 91,376 360 12,812 7,630 5,268 3,347 Amounts owed to related parties 496 4,231 100,311 126,087 43 - Management fees 10,226 9,717 123 - - - Rental income - 1,409 - - - - Rental expense - - - 14,206 - - (b) THE COMPANY Holding company Subsidiaries Fellow subsidiaries Associates 2011 2010 2011 2010 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Loans receivable - - 24,500 17,400 - 17,500 - - Loans payable - 11,500 - - 11,088 11,088 - - Deposit on investment - - - 5,000 - - - - Amounts owed by related parties - - 33,836 16,109 8,464 6,689 - - Amounts owed to related parties - 1,641 - 62 - - - - Loans paid - - - - - - - - Interest income - - 2,445 1,123 - 1,033 - - Interest expense 496 1,376 - - - - - - Management fees 5,000 5,000 - - - - - - 106 ENL Commercial Limited Annual Report 2011
Notes to the Financial Statements Year ended June 30, 2011 32 RELATED PARTY TRANSACTIONS (continued) The sales to and purchases from related parties are made at normal market prices. Outstanding balances at the year end are unsecured, interest free (except for loans receivable and payable) and settlement occurs in cash. For the year ended June 30, 2011, the group has not recorded any impairment of receivables relating to amounts owed by related parties (2010: nil) This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. The loans receivable from subsidiaries are receivable at call. (c) Key management personnel compensation THE GROUP AND THE COMPANY 2011 2010 Rs’000 Rs’000 Directors fees 1,133 1,148 33 BUSINESS COMBINATIONS (a) Acquisition of Subsidiary During the year, the group made the following acquisitions: (1) 100% of the share capital of Charabia Ltd, a company providing interior decorating services for Rs. 20 million. (2) On July 1, 2010, the group acquired a further 21 % of the share capital of Cogir Limitée for Rs. 52.8 million and obtained control of the latter. Cogir is engaged in construction and was previously an associate of the group. (3) On July 1, 2010, the group acquired a further 24.63 % of the share capital of Plastinax Austral Ltd and obtained control of the latter. Plastinax Austral Ltd is engaged in production of sunglasses and was previously an associate of the group. Goodwill of Rs.94.3 million arising from the acquisitions of two subsidiaries is attributable to acquired customer base and synergies expected from combining the operations of the group and these companies. Additional goodwill amounting to Rs.37.9m arose due to acquisition at nil value of a subsidiary having deficit of assets. This goowill was written off during the year. None of the goodwill recognised is expected to be deductible for income tax purposes. The following table summarises the consideration paid for the acquisition of Cogir Limitée, Plastinax Austral Limitée and Charabia Ltd and the amounts of the assets acquired and liabilities assumed recognised at the acquisition date, as well as the fair value at the acquisition date of the non-controlling interests. ENL Commercial Limited Annual Report 2011 107
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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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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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Share Analysis Distribution of Shar
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ENL Foundation (continued) 3. Eradi
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enl commercial limited annual report 2011 - Investing In Africa

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