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OLYMPIA CAPITAL CORPORATION LIMITEDREPORT OF THE DIRECTORSfor the year ended 31 December 20068. DirectorsThe directors of the company during the accounting period and up to the date of this report were asfollows:P K MuiruriM M W MatuS K BhavaniL D LekalakeS A LakhaniP O M P MothibatselaOupaKenyanKenyanIndianMotswanaKenyanMotswana9. SecretaryThe secretary of the company is PricewaterhouseCoopers (Pty) Ltd, whose business and postaladdresses are:Plot 50371Fairground Office ParkGaboronePO Box 294Gaborone10. AuditorsBDO Spencer Steward will continue in office in accordance with section 121 of the Companies Act.6.6.
REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OFOLYMPIA CAPITAL CORPORATION LIMITEDReport on the Financial StatementsWe have audited the accompanying financial statements of Olympia Capital Corporation Limited set out on pages48to 24, 26 which comprises the balance sheet as at 31 December 2006, and the income statement, statement ofchanges in equity, and cash flow statement for the year then ended, and a summary of significant accounting policiesand other explanatory notes.Directors Responsibility for the Financial StatementsThe directors are responsible for the preparation and fair presentation of these financial statements in accordancewith International Financial Reporting Standards and in compliance with the Companies Act in Botswana (Cap 42:01).The responsibility includes:♦ designing, implementing and maintaining internal controls relevant to the preparation and fair presentation offinancial statements that are free from material misstatement, whether due to fraud or error;♦ selecting and applying appropriate accounting policies; and♦ making accounting estimates that are reasonable in the circumstances.Auditors ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our auditin accordance with International Standards on Auditing. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance whether the financial statements arefree from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditors' judgement, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,the auditors consider the internal controls relevant to the entity's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by management,as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of OlympiaCapital Corporation Limited as of 31 December 2006, and of its financial performance and its cash flows for the yearthen ended in accordance with International Financial Reporting Standards.Report on Other Legal and Regulatory requirementsIn accordance with Section 129 of the Companies Act in Botswana (Cap 42:01), we confirm that:♦ we have satisfied ourselves as to the existence of securities; and♦ in our opinion, it appears that the company has kept proper books of accounts with which the financialstatements are in agreement.BDO Spencer StewardCertified Public AccountantsGaboroneRegistered Accountants and Auditors 14 March 20077.7.
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