AUDITED FINANCIAL STATEMENTS FOR

THE YEAR ENDED

31st DECEMBER 2020

PRIME BRAND DISTRIBUTION COMPANY LIMITED
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31st DECEMBER 2020

COMPANY’S INFORMATION

REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS.

PRIME BRAND LIMITED

P.O. Box 76085

Dar es Salaam

AUDITOR

SILAS & ASSOCIATES

Certified Public Accountants & Auditor

(In Public Practice) PF NO 285

Third Floor, CCT Church House, Hospital Road, P. O. Box 2829, Dodoma

Tel: 262320051; 0737-916-995; 0693-022-282; www.silasassociates.co.tz

Dodoma

TANZANIA

FINANCIAL & TAX CONSULTANTS

BOSTON CONSULTANTING GROUP

TAX & FINANCIAL CONSULTANTS
P.O.BOX 14162,
DAR ES SALAAM,
TANZANIA.

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PRIME BRAND DISTRIBUTION COMPANY LIMITED
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31st DECEMBER 2020

Third Floor, CCT Church House, Hospital Road, P. O. Box 2829, Dodoma
Tel: 262320051; 0737-916-995; 0693-022-282; www.silasassociates.co.tz
Website: https://www.silasassociates.co.tz

REPORT OF THE INDEPENDENT AUDITORS

To: PRIME BRAND DISTRIBUTION COMPANY LIMITED

P.O. Box 76085

Dar es Salaam

Report on the Financial Statements

We have audited the accompanying financial statements of PRIME BRAND
DISTRIBUTION COMPANY LIMITED as at 31 December 2020. The Company did not
operate any business during the year stated above.

Directors’ responsibility for the financial statements

The Directors are responsible for the preparation and fair presentation of these
financial statements in accordance with International Financial Reporting Standards
and with the requirements of the Tanzanian Companies Act 2002.

Auditor’s responsibility
Our responsibility is to express an opinion on these 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 financial statements are
free from material misstatement.
We planned our audit work so as to obtain the information and explanations from the
management in order to enable us assess the evidence before us and be able to form
our opinion basing on the data collected by our team of Auditor during the course of
audit work, vis-à-vis the freedom of the Financial Statements from material miss-
statements whether caused by fraud or other irregularities or errors. In forming our
opinion, we also evaluated the overall accuracy of the presentation of the information
in the financial statements

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PRIME BRAND DISTRIBUTION COMPANY LIMITED
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31st DECEMBER 2020
Opinion

In our opinion, the financial statements give a true and fair view of the financial position of
PRIME BRAND DISTRIBUTION COMPANY LIMITED as at 31st December 2020, and of its
financial performance and cash flows for the year then ended in accordance with
International Financial Reporting Standards for Small and Medium sized Entities (IFRS for
SMEs).

...........................................Silas A.H. Mwakibinga - CP 11/029 ACPA (T)-PP

Engagement Partner; Dar es Salaam

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PRIME BRAND DISTRIBUTION COMPANY LIMITED
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31st DECEMBER 2020

The directors submit their report and the audited financial statements for the year ended 31st December
2020, which disclose the state of affairs of the Company.

INCORPORATION

The Company was incorporated in Tanzania under the Companies Act, 2002 as a private Company Limited
by shares on………………….., with registration number…………….…. The registered office of the company is
indicated on page 1.

Also, the company is Licensed by Tanzania Business Registration and License Agency (BRELA) as well as
Tanzania Revenue Authority (TRA) to carry out general merchandize business.

COMPANY'S VISION

The vision of the Company is to create a business world full of prosperity, meaning and connection for
all. Delivering measurable results to clients employees and vendors.

COMPANY'S MISSION

The Company's mission is;

  To implant a work model that facilitate the efficient adaptation to the new requirement of
the market and to insure every single business we work with generates a return on investment
from marketing spend. And the work should be closely with business through marketing
process from marketing strategy development and to implement a complete plan which are
right for business goals.

PRINCIPAL ACTIVITIES

The principal activity of the Company is finding products – market fit, conducting market research,
developing a content market machine, building a community and influencing word of mouth. But The
Company did not operate any duties during the year.

COMPOSITION OF BOARD OF DIRECTORS

The details of the Directors of the Company for the period under review and at the date of this
report who, except as otherwise stated, served throughout the period are as follows:

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PRIME BRAND DISTRIBUTION COMPANY LIMITED
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31st DECEMBER 2020

Name Position Nationality

AHMED MOHAMED BAGHOZAH

Director Tanzanian

WARDA SALIM BAFADHIL

Director Tanzanian

RUWAIDAH FAROUGH BAGHOZAH

Director Tanzanian

CORPORATE GOVERNANCE

The Directors takes overall responsibility for the Company, including responsibility for identifying
key risk areas, considering, and monitoring investment decisions, considering significant financial
matters, and reviewing the performance of management against budgets and business plans. The
Directors is also responsible for ensuring that a comprehensive system of internal control policies
and procedures is operative, and for compliance with sound corporate governance principles.

The Company is committed to the principles of effective corporate governance. The Directors also
recognize the importance of integrity, transparency and accountability

CAPITAL STRUCTURE AND SHAREHOLDING

AUTHORISED, CALLED UP & FULLY PAID SHARED

Authorized Shared

The total Authorized Share Capital of the company is 500,000,000 TZS ordinary shares made of
50,000 shares each valued 10,000 TZS.

DIRECTORS SHAREHOLDING

Name Number of Shares

AHMED MOHAMED BAGHOZAH 15,000

WARDA SALIM BAFADHIL 25,000

RUWAIDAH FAROUGH BAGHOZAH 10,000

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PRIME BRAND DISTRIBUTION COMPANY LIMITED
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31st DECEMBER 2020

1.1 BUSINESS GOVERNANCE

The shareholders are committed to the principles of good governance and recognizes the need to
conduct the business in accordance with generally accepted best practice. In so doing they
therefore confirm that:

 It retains full and effective control over the business and monitor executive management;
 There are management committees in place for critical functions such as quality
management, marketing and strategic planning;
 There are regular reviews of financial and operational results;
 It accepts and exercises responsibility for strategic and policy decisions, the approval of
budgets and the monitoring of performance; and
1.2 MANAGEMENT OF THE BUSINESS
The business is under the supervision of the Company and the day to day management is
entrusted to the key management team of the Business under the Company.

The organization structure of the business comprises of the following departments:

 Finance
 Operation
 Administration
All departments are headed by managers who eventually report to the Company.

1.3 RISK MANAGEMENT AND INTERNAL CONTROL

The Company accepts final responsibility for the risk management and internal control systems
of the Business. It is the task of management to ensure that adequate in operational control
systems are developed and maintained on an ongoing basis in order to provide reasonable
assurance regarding:

 The effectiveness and efficiency of operations;

 The safeguarding of the business assets;
 Compliance with applicable laws and regulations;
 The reliability of accounting records;
 Business sustainability under normal as well as adverse conditions; and
 Responsible behaviors towards all stakeholders.

CORPORATE SOCIAL RESPONSIBILITY

The Business has a strong commitment to the communities around the operating environment and
aim to address issues of prime local concern such as education, health, infrastructure
development, environment protection and water supply programs among others. Corporate social
responsibility is firmly embedded in our mission, values and behaviors in the whole Business and
the region at large.

The Business is also committed on environmentally protection programs and operations by

reducing its operations impact on the environment by complying with applicable environmental

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PRIME BRAND DISTRIBUTION COMPANY LIMITED
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31st DECEMBER 2020
laws, regulations and standards, implementing waste minimization programs to eliminate or
reduce wastes and emissions and conserving energy materials through resource management.

2.ACCOUNTANT & TAX CONSULTANCY

SILAS & ASSOCIATES has expressed their willingness to continue in office and are eligible for
appointment. A resolution proposing re-appointment as AUDITOR of the company will be put to
the Annual General Meeting.

BOSTON CONSULTING GROUP has expressed their willingness to continue in office and are eligible
for appointment. A resolution proposing re-appointment as ACCOUNTANT & TAX CONSULTANCY of
the company will be put to the Annual General Meeting.

Approved by the shareholder and signed on his behalf by

……………………………………………………… ……………………….. ………………….

NAME OF DIRECTOR SIGNATURE DATE

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 PRIME BRAND DISTRIBUTION COMPANY LIMITED
DECLARATION OF HEAD OF FINANCE OF PRIME BRAND DISTRIBUTION COMPANY LIMITED

The National Board of Accountants and Auditors (NBAA) according to the

power conferred under the Auditors and Accountants (Registration) Act.
No. 33 of 1972, as amended by Act No. 2 of 1995, requires financial
statements to be accompanied with a declaration issued by the Head of
Finance/Accounting responsible for the preparation of financial statements
of the entity concerned.

It is the duty of a Professional Accountant to assist the Board of

Directors/Management to discharge the responsibility of preparing
financial statements of an entity showing true and fair view of the entity
position and performance in accordance with applicable International
Accounting Standards and statutory financial reporting requirements. Full
legal responsibility for the preparation of financial statements rests with
the Board of Directors/Governing Body as under Directors Responsibility
statement on an earlier page.

I………………………………………………………… being the Accountant of PRIME BRAND

DISTRIBUTION COMPANY LIMITED hereby acknowledge my responsibility of
ensuring that financial statements for the year ended 31st December, 2020
have been prepared in compliance with applicable accounting standards
and statutory requirements.
I thus confirm that the financial statements give a true and fair view
position of PRIME BRAND DISTRIBUTION COMPANY LIMITED as on that date and
that they have been prepared on the basis of properly maintained financial
records.

Signature: .................................

Position: Accountant.

NBAA Membership No:……………………….

Date: ......................................

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