enl commercial limited annual report 2011 - Investing In Africa

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Notes to the Financial Statements Year ended June 30, 2011 5 PROPERTY, PLANT AND EQUIPMENT THE GROUP (b) 2010 Freehold Plant & Motor Furniture, land Buildings equipment vehicles fittings Total Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Cost and Valuation At July 1, 2009 83,471 84,587 101,939 117,002 35,979 422,978 Additions 69,279 66,400 7,388 21,069 5,670 169,806 Write offs - (2,201) (409) - - (2,610) Disposals - (16) (20) (11,854) (335) (12,225) At June 30, 2010 152,750 148,770 108,898 126,217 41,314 577,949 Depreciation At July 1, 2009 - 3,226 67,123 50,530 25,059 145,938 Charge for the year - 4,534 6,880 24,356 5,602 41,372 Write offs - (1,894) - - - (1,894) Disposals adjustments - (16) (16) (10,066) (164) (10,262) At June 30, 2010 - 5,850 73,987 64,820 30,497 175,154 Net Book Values At June 30, 2010 152,750 142,920 34,911 61,397 10,817 402,795 (c) (d) Additions include Rs.20m (2010: Rs.5m) of assets leased under finance leases. Leased assets included above comprise the following: Plant and equipment Motor vehicles Furniture and fittings 2011 2010 2011 2010 2011 2010 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Cost-capitalised finance leases 64,981 5,110 105,362 65,839 2,651 292 Accumulated depreciation (26,588) (1,595) (52,246) (30,471) (933) (92) Net book values 38,393 3,515 53,116 35,368 1,718 200 (e) (f) (g) Depreciation charge of Rs.73m (2010: Rs.41m) has been accounted for in other operating expenses. The group’s land and buildings were revalued at June 30, 2011 by International Valuers Ltd (Mr. Noor Dilmohamed - Certified Practising Valuer). The valuation was made on the basis of open market value and 75% of the value has been booked in the financial statements. Plant and equipment were revalued in 1995 by Engineering Technical & Management Services Ltd on a going concern basis at the depreciated replacement cost. The revaluation surplus net of deferred income taxes was credited to revaluation surplus in shareholders’ equity. If land and buildings were stated on the historical cost basis, the amounts would be as follows: 2011 2010 Rs’000 Rs’000 Land Cost 151,329 119,017 Buildings Cost 185,452 140,129 Accumulated depreciation (47,297) (14,925) Net book values 138,155 125,204 Bank borrowings are secured on some of the property, plant and equipment. 84 ENL Commercial Limited Annual Report 2011
Notes to the Financial Statements Year ended June 30, 2011 6 INTANGIBLE ASSETS (a) THE GROUP 2011 Computer Goodwill software Total Rs’000 Rs’000 Rs’000 Cost At July 1, 2010 17,974 25,515 43,489 Acquisition through business combination 132,164 5,218 137,382 Additions - 4,046 4,046 At June 30, 2011 150,138 34,779 184,917 Amortisation At July 1, 2010 - 16,277 16,277 Acquisition through business combination - 1,572 1,572 Charge for the year 796 4,108 4,904 Impairment charge 37,863 - 37,863 At June 30, 2011 38,659 21,957 60,616 Net Book Values At June 30, 2011 111,479 12,822 124,301 (b) THE GROUP 2010 Computer Goodwill software Total Rs’000 Rs’000 Rs’000 Cost At July 1, 2009 17,974 20,766 38,740 Additions - 4,749 4,749 At June 30, 2010 17,974 25,515 43,489 Amortisation At July 1, 2009 - 12,925 12,925 Charge for the year - 3,352 3,352 At June 30, 2010 - 16,277 16,277 Net Book Values At June 30, 2010 17,974 9,238 27,212 7 INVESTMENTS IN SUBSIDIARY COMPANIES THE COMPANY 2011 2010 Rs’000 Rs’000 Fair value Unquoted At July 1, 581,815 511,036 Additions 20,000 1,500 Transfer from associated companies 70,345 - Transfer from deposit on investment 57,891 - Disposal (14,086) - Fair value adjustments 87,234 69,279 At June 30, 803,199 581,815 (a) The fair value of the investments at June 30, 2011 was determined by Ernst & Young. The valuation was based on a combination of adjusted net assets, capitalised earnings and recent transaction value. ENL Commercial Limited Annual Report 2011 85
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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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