QUALITY BEVERAGES LIMITED
ANNUAL REPORT: 2012-12-31
The Board of Directors is pleased to present the Annual Report of Quality Beverages Limited (the'Company') for the year ended 31 December 2012.
LEGAL FORM AND PRINCIPAL ACTIVITY
The Company was incorporated on 23r d February 1954 as a private company and was converted into apublic company on 5t h April 1 972. The Company was admitted to the Development & Enterprise Market ofthe Stock Exchange of Mauritius in August 2006.
The principal activity of the Company consists of bottling and distribution of carbonated soft drinks and hasremained unchanged during the year.
The group has increased its year on year turnover by 4%. However, the loss after tax has increased fromRs11.5m to Rs50m. This loss has been driven principally from a fall in sales volume resulting from priceincreases driven by the water levy on drinks together with subsidiary losses resulting from higher costsconsequential to the introduction of a billboard tax on outdoor media.
The beverage industry remains highly competitive. However, the company has reiniforced its managementstructure with the recruitment of a General Manager and the new management team is implementingcorrective measures which should deliver better results in 2013.
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS
Company law requires the Directors to prepare financial statements for each financial year, which presentfairly the financial positions, financial performances and cash flows of the Company. In preparing thosefinancial 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
The Directors are responsible for keeping proper accounting records, which disclose with reasonableaccuracy at any time, the financial position of the Company and to enable them to ensure that the financialstatements comply with the Companies Act 2001. They are also responsible for safeguarding the assets ofthe Company and hence for taking reasonable steps for the prevention and detection of fraud and otherirregularities.
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 paid to the Auditors were:
On behalf of the Board, we wish to express our sincere appreciation and gratitude to Management and stafffor 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 28 March 2013
Bashirally A Currimjee, G.O.S.K.
Azim R Currimjee