Directors Report
The Board of Directors is pleased to present the Annual Report of Trimetys Ltd (the “Company”) and its subsidiaries (together referred to as the “Group”) for the year ended 31 December 2020.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and to enable themto ensure that the consolidated financial statements comply with the International Financial Reporting Standards and the Mauritian Companies Act 2001. They are also responsible for safeguarding the assets of theGroup andhence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors have made an assessment of the Group’s ability to continue as a going concern and have no reason to believe that the business will not be a going concern in the year ahead.
PRINCIPAL ACTIVITY
TheGroup and theCompany’s principal activities areReal Estate development, Tourism and Hospitality services, Agribusiness and operations of Sport and Leisure complexes.
RESULTS AND DIVIDENDS
AUDITORS
• The Group’s loss for the year ended 31 December 2020 is Rs 219,530,294 (2019: Loss - Rs 91,912,054). • The Company’s loss for the year ended 31 December 2020 is Rs 40,802,320 (2019: Loss - Rs 26,108,017). • The Group has declared no dividends during the year 31 December 2020 (2019 – Nil). • The Company has declared no dividends during the year 31 December 2020 (2019 – Nil). STATEMENTOFDIRECTORS’RESPONSIBILITIESINRESPECT OF THE CONSOLIDATED FINANCIAL STATEMENTS Company law requires the directors to prepare consolidated financial statements for eachfinancial yearwhichgive a true and fair view of the financial performance and financial position of theGroup. Inpreparing those consolidatedfinancial statements, the directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • statewhether International Financial Reporting Standards have been followed, subject to any material departures disclosed and explained in the consolidated f inancial statements; and • prepare the consolidatedfinancial statements on thegoing concernbasis unless it is inappropriate to presume that the Group will continue in business. The directors confirm that they have complied with the above requirements inpreparing the consolidatedfinancial statements.
The auditors, RSM(Mauritius) LLP, have indicated theirwillingness to continue in office. The fees paid to auditors for audit fees for the year ended 31 December 2020were Rs 1,091,730 (2019:Rs 990,000). Therewere no other fees paid for other non-audit services for the year.
DONATIONS
The Group and Company did not make any donations during the year under review (2019:Nil).
REMUNERATION OF DIRECTORS
Refer to Principle 4 of the Corporate governance report.
By order of the Board
Ezra Jhuboo Group Chairperson
Georges Talbotier Group CEO
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