enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
33 BUSINESS COMBINATIONS (continued)
(b)
Disposal of Subsidiary
On December 31, 2010, the group disposed of its holding in Anthurium and Orchids Limited and
Exotiflors Limited, a wholly owned subsidiary of the latter.
Anthurium and Orchids Limited was engaged in the rental of shadehouses and it realised an operating
profit of Rs.284,105 for the period from July 1, 2010 to December 31, 2010 (operating loss of
Rs 562,736 for the year ended June 30, 2010).
Exotiflors Limited is a dormant company and it incurred an operating loss of Rs. 10,619 for the period
from July 1, 2010 to December 31, 2010 (operating loss of Rs. 742,722 for the year ended June 30,
2010).
Consideration received
Rs’000
Sales proceeds 13,700
Cash and cash equivalents disposed 947
The details of assets and liabilities disposed and the consideration are as follows:
Carrying amount of net assets
14,647
Rs’000
Property plant and equipment 8,934
Investment in securities 66
Trade and other receivables 2,502
Trade and other payables (1,986)
Overdraft (947)
Net assets disposed of 8,569
Gain on disposal
Consideration received 13,700
Net assets disposed of (8,569)
Gain on disposal 5,131
ENL Commercial Limited
Annual Report 2011
109