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DIRECTORS’ & SUBSTANTIAL INTERESTS DIRECTORS’ INTERESTS: In accordance with the provisions of Section 64 of the Securities Industry Act 1981 and the provisions of our Listing Agreement with the Stock Exchange, particulars of the interest of each Director in the Share Capital of the Company are set out below: Directors Ordinary Shares E. Carrington Nil R. Bertrand Nil A. Goyal Nil L. Dupres Nil H. Hosein Nil A. Ramcharan Nil C.H. Wayne Manning Nil S. Bachew Nil L. Parmasar Nil SUBSTANTIAL INTERESTS: A substantial interest means a holding of 5% or more of the issued share capital of the Company. No. of % of Issued Shares Share Capital Trinidad Cement 8,531,977 71.1% Limited Republic Bank 1,529,953 12.75% Limited -1162 Colonial Life Ins. 670,646 5.59% Co. Trinidad Ltd. CONTRACTS No Director of the Company had any material interest in any contract relating to the business of the Company during or at the end of the financial year. DIRECTORS’ REPORT The Directors present their Report to the Members together with the Financial Statements for the year ended 31st December, 2010. FINANCIAL RESULTS Turnover 138,525 Net Profit for the year (7,690) Translation Difference (85) Dividends Nil Retained Earnings Carried Forward 84,428 DIVIDENDS The Board of Directors does not consider it prudent to approve a dividend for 2010, in light of the net losses recorded for the year. DIRECTORS In accordance with Clause 4.6.1 of By Law No. 1, Ms. Eutrice Carrington, Mr. Hollis Hosein and Mr. C.H. Wayne Manning retire by rotation and being eligible, offer themselves for reelection for a period up to the conclusion of the third Annual Meeting following. In accordance with Clause 4.4.2 of By Law No. 1, Mr. Lincoln Parmasar, having been appointed by the Board to fill a casual vacancy, is subject to re-election at the Annual Meeting for a period up to the conclusion of the third Annual Meeting following. AUDITORS The Auditors, Ernst & Young retire and being eligible, offer themselves for re-election. BY ORDER OF THE BOARD ISHA REUBEN-THEODORE Company Secretary 8 BUILD TO LAST FOR GENERATIONS
INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF READYMIX (WEST INDIES) LIMITED We have audited the accompanying consolidated financial statements of Readymix (West Indies) Limited and its subsidiaries (“the Group”) which comprise the consolidated statement of financial position as at 31 December 2010 and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2010, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Emphasis of matter Without qualifying our opinion, we draw attention to Note 26 in the consolidated financial statements which indicates that subsequent to year end, on 14 January 2011, the ultimate parent company, Trinidad Cement Limited, publicly declared a moratorium on all debt service obligations due by all entities in the Trinidad Cement Limited Group, inclusive of Readymix (West Indies) Limited and its subsidiaries. Subsequent to the declaration date, debt service payments falling due have not been made. This condition, along with the matters set forth in the Note 26, indicates the existence of a material uncertainty that may impact the Group’s ability to continue as a going concern. Chartered Accountants 5-7 Sweet Briar Road St. Clair, Port-Of-Spain Trinidad, West Indies 17 May 2011 9 BUILD TO LAST FOR GENERATIONS
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