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Page Report of the Directors Independent Auditor's Report Balance Sheets Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements 2 5 6 7 8 9 10 11...

REPORT OF THE DIRECTORS...

The directors submit their report together with the audited financial statements for the year ended 31 December 2009. Principal activities and geographical analysis of operations The Company and its subsidiaries are mainly engaged as global traders in marine fuel products. An analysis of the Group's performance for the year by business and geographical segments is set out in note 30 to the financial statements. Results and appropriations The results of the Group for the year are set out in the consolidated income statement on page 7. The directors will not be recommending any dividend at the annual general meeting on 23 April 2010. Reserves Movements in the reserves of the Group and the Company during the year are set out in the consolidated statement of changes in equity, notes 21 and 22 to the financial statements. Donations No charitable and other donations were made by the Group during the year. Property, plant and equipment Details of the movements in property, plant and equipment of the Group and the Company are set out in note 15 to the financial statements. Share capital Details of the movements in share capital of the Company are set out in note 20 to the financial statements. Directors The directors who held office during the year and up to the date of this report were Executive director Clyde Michael Bandy Non-executive directors Vivian Pearl Johnston Chandran1 Masanobu Takagi Fuminobu Oda Harrison Chang1 Sharon Stacey Johnston Chandran1 Raymond Joseph Bartoszek2 Alexander Frank Beard2 Mark Jonathan Catton2...

Independent non-executive directors Michael Lim Choo San Philip Calvin Anderson Peter Michael Meade...

1 Resigned with effect from the date ("Effective Date") of the posting of the circular required to be issued by the Board of Directors of the Company in connection with the mandatory general offer made by DBS Bank Ltd., for and on behalf of Singfuel Investment Pte. Ltd., pursuant to Rule 14 of the Singapore Code on Takeovers and Mergers. Appointed with effect from the Effective Date....

In accordance with Article 119 of the Company's Articles of Association, Mr. Fuminobu Oda and Mr. Philip Calvin Anderson shall retire b...

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