enl commercial limited annual report 2011 - Investing In Africa

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Statement of Directors’ Responsibilities In Respect of Financial Statements Company law requires the Directors to prepare financial statements for each financial year, which present fairly the financial position, financial performance and cash flow of the Company. In preparing those financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgments and estimates that are reasonable and prudent; • state whether international financing reporting standards have been followed and complied with, subject to any material departures being disclosed and explained in the financial statements; and • prepare the financial statements on a going-concern basis unless it is inappropriate to presume that the company will continue in business. The Directors confirm that they have complied with the above requirements in preparing the Company’s financial statements. The Directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy the financial position of the Company at any time and enable them to ensure that the Financial Statements comply with The Companies Act 2001. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps to prevent and detect fraud and other irregularities. The Board is responsible for the system of internal control and risk management for the Company and its subsidiaries. The Board is committed to continuously maintain a sound system of risk management and adequate control procedures with a view to safeguarding the assets of the Group. The Board believes that the Group’s systems of Internal control and risk management provide reasonable assurance that control and risk issues are identified, reported on and dealt with appropriately. ENL Limited (ENL) provides internal audit services to ENL Commercial Limited in accordance with the terms of the management contract with the company. ENL’s internal audit department also conducts regular audits at ENL Commercial Limited’s subsidiaries. ENL’s Chief Internal Auditor reports independently to the Company’s Audit and Risk Management Committee on all internal audit issues. Nothing has come to the Board’s attention, to indicate any material breakdown in the functioning of the internal controls and systems during the period under review, which could have a material impact on the business. The financial statements are prepared from the accounting records on the basis of consistent use of appropriate accounting policies supported by reasonable and prudent judgments and estimates that fairly present the state of affairs of the Group and the Company. Guy RIVALLAND Chairman Eric ESPITALIER-NOËL Director 56 ENL Commercial Limited Annual Report 2011
Other Statutory Disclosures (Pursuant to Section 221 of The Companies Act 2001 and Section 88 of The Securities Act 2005) June 30, 2011 The names of directors of subsidiaries holding office at June 30, 2011 and those who ceased to hold office during the accounting period are stated below: Axess Limited Eric Espitalier-Noël Hector Espitalier-Noël Bertrand Daruty de Grandpré Olivier Lagesse (appointed on April 12, 2011) Antoine D’Unienville (appointed on April 12, 2011) Charabia Ltd Eric Espitalier-Noël (appointed on May 25, 2011) Olivier Lagesse (appointed on May 25, 2011) Marie Thérèse Catherine Paturau (resigned on May 25, 2011) Marie Claire Régine Sauzier (resigned on May 25, 2011) Cogir Limitée Eric Espitalier-Noël (appointed on January 19, 2011) Hector Espitalier-Noel Jean Claude Roussel Giraud Benoit Doger de Spéville Hardy (appointed on January 19, 2011) Bernard Rougier Lagane Grewals Contracting Ltd Eric Espitalier-Noël Hector Espitalier-Noël M. P. Roger Espitalier-Noël Olivier Lagesse (effective July 01, 2011 Grewals (Mauritius) Limited has amalgamated with Grewals Contracting Ltd and Grewals (Mauritius) Limited now remains as the amalgamated company) Grewals (Mauritius) Limited Eric Espitalier-Noël Hector Espitalier-Noël M. P. Roger Espitalier-Noël Olivier Lagesse Yvan Mainix (resigned on September 15, 2010) Grewals Rodrigues Ltd Eric Espitalier-Noël Hector Espitalier-Noël M. P. Roger Espitalier-Noël Olivier Lagesse Packestate Limited Eric Espitalier-Noël Hector Espitalier-Noël Olivier Lagesse ENL Commercial Limited Annual Report 2011 57
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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
Page 7 and 8: Portfolio of operating companies of
Page 9 and 10: Dividend per Share (Rs) 0.80 0.80 0
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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 and 32: Corporate Information June 30, 2011
Page 33 and 34: Corporate Governance Report (contin
Page 51 and 52: Share Analysis Distribution of Shar
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Page 55 and 56: ENL Foundation (continued) 3. Eradi
Page 57: ENL Foundation (continued) Breakdow
Page 61 and 62: Other Statutory Disclosures (Pursua
Page 63 and 64: Company Secretary’s Certificate (
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Page 67 and 68: Statements of Financial Position Ju
Page 69 and 70: Statements of Comprehensive Income
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Page 73 and 74: Notes to the Financial Statements Y
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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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