enl commercial limited annual report 2011 - Investing In Africa

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Corporate Governance Report The Directors have pleasure in submitting to shareholders their report on corporate governance. ENL Commercial Limited is committed to the highest standard of business integrity, transparency and professionalism on all its activities to ensure that the activities within the Company and the Group are managed ethically and responsibly to enhance business value for all stakeholders. ENL Commercial Limited is fully committed to the best principles of corporate governance. This report describes the main corporate governance framework and compliance of the Company with the disclosures required under the Code of Corporate Governance for Mauritius. Holding Structure ENL Commercial Limited forms part of the ENL group and the cascade holding structure through which control of the Company is exercised has remained unchanged since the previous financial year, save for some minor changes in the number of shares owned by various companies of the Group. The ultimate holding company of ENL Commercial Limited remains L’Accord Limited, a limited-liability public company incorporated in Mauritius. The ultimate control of the Company remains with Société Carédas, a société civile. The Company’s holding structure as at June 30, 2011 was as follows: (The % disclosed relates to voting rights) Société Carédas 59.61% L’Accord Limited 76.52% La Sablonnière Limited 71.83% ENL Limited & its Subsidiaries 61.12% ENL Commercial Limited 30 ENL Commercial Limited ANNUAL REPORT 2011
Corporate Governance Report (continued) Common Directors Five Directors of the Company for the year ended June 30, 2011 were also directors of other companies within the Company’s holding structure, namely: L’Accord Limited La Sablonnière Limited ENL Limited Edouard Espitalier-Noël Eric Espitalier-Noël • • • Gilbert Espitalier-Noël Hector Espitalier-Noël • • • Gérard Garrioch Guy Rivalland Louis Rivalland Furthermore, the directorships held by the Company’s Directors in subsidiaries of the Company for the year ended June 30, 2011 were as follows: • • • Axess Limited Charabia Ltd Cogir Limitée Grewals Contracting Ltd* Grewals (Mauritius) Limited Grewals Rodrigues Ltd Packestate Limited Pack Plastics Limited Plastinax Austral Limitée Rennel Limited Edouard Espitalier-Noël Eric Espitalier-Noël • • • • • • • • • • Gilbert Espitalier-Noël Hector Espitalier-Noël • • • • • • • • Gérard Garrioch Guy Rivalland Louis Rivalland *(effective July 01, 2011 Grewals (Mauritius) Limited has amalgamated with Grewals Contracting Ltd and Grewals (Mauritius) Limited now remains as the amalgamated company) Substantial Shareholders As at June 30, 2011, the shareholders holding more than 5% of the ordinary shares of the Company were as follows: Ordinary % ENL Limited 46.34 ENL Investment Limited 14.77 ENL Commercial Limited Annual Report 2011 31
Page 1 and 2: ENL COMMERCIAL LIMITED ANNUAL REPOR
Page 3 and 4: Dear Shareholder, The Board of Dire
Page 5 and 6: ENL Commercial Limited Annual Repor
Page 7 and 8: Portfolio of operating companies of
Page 9 and 10: Dividend per Share (Rs) 0.80 0.80 0
Page 13 and 14: Directors’ Report (continued) Ass
Page 15 and 16: AXESS LIMITED ENL Commercial Limite
Page 17 and 18: CHARABIA LTD ENL Commercial Limited
Page 19 and 20: COGIR LIMITÉE ENL Commercial Limit
Page 21 and 22: GREWALS (MAURITIUS) LIMITED ENL Com
Page 23 and 24: PACK PLASTICS LIMITED ENL Commercia
Page 25 and 26: Statement of Directors’ Responsib
Page 27 and 28: PLASTINAX AUSTRAL LIMITÉE ENL Comm
Page 29 and 30: ACTIVITIES FRCI specialises in info
Page 31: Corporate Information June 30, 2011
Page 35 and 36: Corporate Governance Report (contin
Page 51 and 52: Share Analysis Distribution of Shar
Page 55 and 56: ENL Foundation (continued) 3. Eradi
Page 57 and 58: ENL Foundation (continued) Breakdow
Page 59 and 60: Other Statutory Disclosures (Pursua
Page 61 and 62: Other Statutory Disclosures (Pursua
Page 63 and 64: Company Secretary’s Certificate (
Page 65 and 66: Independent Auditors’ Report to t
Page 67 and 68: Statements of Financial Position Ju
Page 69 and 70: Statements of Comprehensive Income
Page 71 and 72: Statements of Cash Flows Year ended
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Notes to the Financial Statements Y
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Proxy Form ENL Commercial Limited I
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Notes ENL Commercial Limited Annual
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ENL Commercial Limited 7 th Floor S
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