Uganda Clays Limited Annual Report and Financial Statements for the Year Ended 31 December 2013
Total Page:16
File Type:pdf, Size:1020Kb
Annual Report For the year ended 31st December 2013 Uganda Clays Limited Annual Report and Financial Statements For the year ended 31 December 2013 Vision: To be the preferred provider of building products. Mission: We commit to providing quality building products in a profitable and sustainable operation driven by productive staff. Table of contents Page Company information 3-8 Report of the directors 19 Statement of directors’ responsibilities 21 Report of the independent auditors 22 Financial statements: Statement of comprehensive income 23 Statement of financial position 24 Statement of changes in equity 25 Statement of cash flows 26 Notes to the financial statements 27-65 1 Uganda Clays Limited - Annual Report and Financial Statements for the year ended 31 December 2013 Uganda Clays Limited Annual report and Financial Statements For the year ended 31 December 2013 U G A N D A C L A Y S L I M I T E D ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 12 September 2014 NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Shareholders of Uganda Clays Ltd in respect of the year ended 31 December 2013 will be convened and held on Friday 17 October 2014 at 2:30 pm at the Kampala Sheraton Hotel, Rwenzori Ball Room. Agenda 1. To receive and confirm the minutes of the meeting held on 30 August 2013. 2. To receive and consider the Directors’ report and audited financial statements for the year ended 31 December 2013, together with the report of the auditors. 3. To rotate and elect Directors in accordance with Article 59 of the Articles of Association of the Company and determine their remuneration. 4. To appoint auditors for the next year ending 31 December 2014 and authorize the Directors to fix their remuneration. It is proposed to pass a resolution to appoint M/s Jim Roberts & Associates as external auditors of the Company for the financial year 2014, and to authorize the Board of Directors to fix the auditors’ remuneration. 5. To consider any other business for which notice has been given to the Secretary at least 48 hours before the meeting. Lex Uganda Advocates & Solicitors COMPANY SECRETARY Note: 1. A shareholder who is unable to attend the AGM may appoint a proxy to attend the meeting on his or her behalf. Proxy forms are in the Annual Report to be sent out to the Members. 2. Duly completed proxy forms must be delivered to the Company’s head office at Kajjansi or faxed to +256 414 200167, to be received at least 48 hours before the meeting. 2 Uganda Clays Limited - Annual Report and Financial Statements for the year ended 31 December 2013 Board of Directors Dr Martin Aliker Mrs Lillian Sebugenyi Dr Ijuka Kabumba Mr Richard Byarugaba Director Director & Former Chairman Mukasa Chairman of the Board Director and Current Appointed Appointed Audit Committee Chairperson of the Board Appointed on 17 July 2007 24 August 2010 and re- and re-appointed on 30 Director and Chairman of the appointed on 30 August Audit Commitee August 2013. He is the former Board Audit Committee 2013. He is also Chairman of Appointed 24 July 2009 and re- Managing Director of the Appointed on 29 October Hima Cement Ltd and Vice- appointed on 30 August 2013. National Insurance Corporation 2010 and re-appointed on Chairman of the National Mrs Mukasa is an entrepreneur and currently a professor 30 August 2013. He is a Insurance Corporation Ltd. and a Pharmacist. She is of Public Administration at former Managing Director of He is also chairman of several a former proprietor of City Nkumba University. the National Social Security other companies. He has Pharmacy and currently owns Fund, Nile Bank and Global served on many Boards of and manages an information Trust Bank. He is a member leading companies in Uganda technology firm specialising in of the Institute of Certified including Stanbic Bank Ltd records management. Public Accountants of and Monitor Publications Ltd. Uganda. Resigned on 21 March 2014. Mr Bernard Katureebe Eng. Martin Kasekende Mr David Nambale Mrs Agnes Kunihira Director Director Director Director Appointed 24 August 2012. Appointed 20 April 2012. He His is the Chairman of the Appointed 24 August 2012. Appointed 24 August 2012. is a director at the National Board Administration and He was the Corporation She is a member of the Board Insurance Corporation Ltd Technical Committee, and Secretary of the National of Directors of the National and a Partner in the law firm acted as Managing Director Social Security Fund. Social Security Fund. She of ENS Africa Uganda. He is of the Company from May He is also a former has expertise in Board and an Advocate of the High Court 2013 to August 2014. He Company Secretary of the strategic leadership, social of Uganda and a Solicitor is the Minister of Lands, Microfinance Support Centre systems audit, and contract of England and Wales. He Agriculture and Environment Ltd. He is a partner in the safety management. She has formerly worked with in the Buganda Government law firm of Nambale, Nerima is also a social worker and DentonWildeSapte, a leading and also Chairman of & Company Advocates and community educator. international law firm in Buganda Land Board. He is an Advocate of the High London. a registered engineer. He Court of Uganda. a former General Manager of National Housing and Vacated office on 21 March Construction Corporation. He 2014. is a former Board member of NSSF, Housing Finance Bank Ltd and Private Sector Foundation. 3 Uganda Clays Limited - Annual Report and Financial Statements for the year ended 31 December 2013 Board of Directors Mr. Joseph Tukuratiire Mr. Richard Bigirwa Mr Musa Okello Mr Charles Rubaijaniza Director Director Director Former Managing Appointed 30 August 2013. He Appointed 21 March 2014. Appointed 21 March 2014. Director is a financial consultant. He is He is a member of the Board He is a member of the Board formerly Principal Assistant of Directors of the National of Directors of the National Former Managing Director. He City Treasurer at Kampala Social Security Fund. He was Social Security Fund. He is resigned on 30 April 2013. City Council. He has taught a member of the Board of the General Secretary NUEIL/ finance courses at Uganda Directors of DFCU Bank. He National Organisation of Management Institute as is the Secretary General of Trade Unions {NOTU} and Associate Consultant. He has the Bottling, Bankers, Millers its representative to the East worked as a Consultant with and Allied Workers Union. He African Trade Union Council. Acclaim Africa. He is active is a member of the Central He is the Chairman PSI dealer in company stocks, Organisation of Free Trade Uganda. He is also Church Government securities and Unions. Minister of the Redeemed money markets. Church. 44 Uganda Clays Limited - Annual Report and Financial Statements for the year ended 31 December 2013 Management Team Mr. George Inholo Managing Director/ CEO Mr. Peter Kiwanuka Ms. Jacqueline Kiwanuka Mr. John Gitta Human Resources and Finance Manager Production Manager Administration Manager Mr. Nazarious Rukanyangira Mr. Richard Mugabyomu Ms. Sepiranza Mayanja Marketing and Sales Internal Audit Manager Information Technology Manager Manager 5 Uganda Clays Limited - Annual Report and Financial Statements for the year ended 31 December 2013 Corporate Information Auditors Lawyers & Company Secretary Registrars Ernst & Young Lex Uganda Advocates, Solicitors Deloite (U) Ltd Plot 18 Clement Hill Road 8th Floor Communications House Rwenzori House P.O. Box 7215 Plot 1 Colville Street 1 Lumumba Avenue Kampala P.O. Box 22490, Kampala P.O. Box 10319 Uganda Tel: 0414 232733/344172 Kampala, Uganda Fax: 0414 254721 Email: [email protected] Website: www.lexuganda.com A member firm of TERRALEX Security Central Depository Agents/Brokers Baroda Capital Markets (U) Ltd Africa Alliance (Uganda) Ltd P.O. Box 7197 Kampala Workers House, 6th Floor Tel:+256 414 233680/3 Plot 1 Pilkington Road Fax: +256 414 258363 Tel: +256 414 235 577 Email: bob [email protected] Fax: +256 414 235575 Email: [email protected]. Crane Financial Brokers (U) Ltd Plot 20/38 Kampala Road Renaissance Capital Ltd. P.O. Box 22572 Kampala Plot 3 Kololo Hill Lane Tel:+256 414 341414/345345 P.O. Box 893 Kampala Fax: +256 414 231578 Tel: +256 312 264775/76 Fax: +256 312 264755 Equity Stock Brokers (U) Ltd Email: [email protected] Orient Plaza Plot 6/6A Kampala Road P.O. Box 3072 Kampala Crested Stocks and Securities Tel; +256 414 236012/3/4/5 Limited Fax: +256 414 348039 6th Floor Impala House Email: [email protected] Plot 13-15 Kimathi Avenue P.O. Box 31736 Kampala Dyer & Blair (Uganda Ltd) Tel: +256 414 230900 Rwenzori House Ground Floor Fax +256 414 230612 P.O. Box 36620 Kampala Email: [email protected] TeL: 256 414 233050 www.crestedsecurities.co. Email: [email protected] Registered Office Uganda Clays Limited Plot 22/2 Kitende, Kajjansi Kampala-Entebbe Road 6 Uganda Clays Limited - Annual Report and Financial Statements for the year ended 31 December 2013 Summary of Shareholders Range ID Description No. of Investors No Of Shares Percent Holding Held 1 Below100,000,000 shares 4,590 446,576,909 49.62% 2 Between 100,000,001 - 200,000,000 1 160,783,091 17.86% shares 3 Between 200,000,001 - 300,000,000 1 292,640,000 32.52% shares 4,592 900,000,000 100.00% Nationality Category No. of Members No. of Shares Percent Holding East African Corporate 146 702,028,864 78.00% Individual 2,390 184,044,097 20.45% 2,536 886,072,961 98.45% Foreign Corporate 2 237,594 0.03% Individual 113 13,689,445 1.52% 115 13,927,039 1.55% Grand Totals: 2,651 900,000,000 100.00% 7 Uganda Clays Limited - Annual Report and Financial Statements for the year ended 31 December 2013 Summary of Shareholders Analysis of Shareholding Distribution of Shares as at 29 August 2014 UGANDA CLAYS LIMITED - TOP 20 INVESTORS Name & Postal Address Shares Held NATIONAL SOCIAL SECURITY FUND C/O STANDARD CHARTERED BANK UG P.O.