SOAP & ALLIED INDUSTRIES LTD
ANNUAL REPORT: 2012-12-31
REPORT FROM THE BOARD OF DIRECTORS
The Directors of Soap & Allied Industries Limited {'the Company~) have the pleasure in submitting their Annual Report together with the Audited Financial Statements for the year ended 31 December 2012.
Legal Form and Principal Activity
The Company was incorporated on 27 January 1965 as a private company and was converted into a public company on 14 June 1973. The Company was admitted to the Development Enterprise Market (DEM) of the Stock Exchange of Mauritius (SEM) in August 2006.
The principal activity of the Company is the manufacture of soap, detergent and cosmetic products. The Company amalgamated with its wholly owned subsidiary Sail Distributors Ltd effective on 01 January 2012, Soap & Allied Industries Limited being the surviving company.
The Company’s Brands
Products / BrandsLaundry Soap / National, Mont B1eu & Super National
Toilet Soap / Eve, Malaica, Smart, Safeguard, Beba and Savon Coquillage
Detergents / Crest, Fairy, Zip, Blue Magic, Mr Crest and Flash
Cosmetics / Eve, Aquaman and Olivier de Lagrange
Rice / Cercle Vert. Neesa
Results
With effect from 1st January 2012 the subsidiary, Sai l Distributors Ltd has been amalgamated with the Company. For better comparison, financial figures for the Group are presented.
The Group registered a turnover of Rs 469.1 M in the year 2012 compared to Rs 460.4 M in the year 2011. The Company's turnover for the year under review stood at Rs 469.1 M compared to Rs 416.9 M in the year 2011. The Group recorded a net profit after tax of Rs 5.5 M in the year 2012 after an exceptional profit Rs 21.9 M on disposal of non-core assets as compared to a net profit after tax of Rs 5.1 M in the year 2011 after an exceptional profit Rs 22.6 M. Whilst the company's profit after tax for the year 2012 stood at Rs 31.9 M after an exceptional profit of Rs 48.3 Mon disposal of non-core assets, the net profit after tax for the year 2011 amounted to Rs 15.3 M after an exceptional profit Rs 22.6 M.
The graph below illustrates the trend in turnover for the previous five years:
Statement of Directors' Responsibilities in respect of the Financial Statements
Company law requires the Directors to prepare financial statements for each financial year, which present fairly the financial positions, financial performances and cash flows of the Company. In preparing those financial statements, the Directors are required to:
· select suitable accounting policies and then apply them consistently;
· make judgements and estimates that are reasonable and prudent;
· state whether applicable Accounting Standards have been followed and complied with, subject to any material departures disclosed and explained in the financial statements; and
· prepare the financial statements on the 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 financial
statements.
The Directors are responsible for keeping proper accounting records, which disclose with reasonable
accuracy at any time, the financial position of the Company and to 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 for the prevention and detection of fraud and other irregularities.
DONATIONS From the Company
2012 2011
Rs Rs
Non-political I charitable donations 24,990 5,840
Auditors
The Auditors, Messrs. Deloitte have expressed their willingness to continue in office and a resolution proposing their re-appointment will be submitted to the Annual Meeting.
The fees payable to the auditors, for audit and other services are:
The Company
2012 2011
Rs Rs
Audit fees 440,000 440,000
Other services 30,000 30,000
Acknowledgements
On behalf of the Board, we wish to express our sincere appreciation and gratitude to Management and Staff for their hard work, dedication, commitment and loyalty to the Company.
We also wish to thank our fellow members of the Board for their support and contribution.
Signed on behalf of the Board of Directors on 25 March 2013.
Bashirally A Currimjee G.O.S.K. Ashraf M Currimjee
Chairman Managing Director