enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
22 AMOUNTS PAYABLE TO GROUP COMPANIES
2011 2010
Loans Others Total Total
THE COMPANY Rs’000 Rs’000 Rs’000 Rs’000
Holding company - - - 13,141
Subsidiary companies - - - 62
Fellow subsidiaries 11,088 - 11,088 11,088
11,088 - 11,088 24,291
Group payables are denominated in Mauritian rupees and their carrying amounts approximate their
fair values.
23 INCOME TAX EXPENSE
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
Liability
At July 1, 5,558 4,460 78 414
Acquisition through business combination 1,062 - - -
(Over)/under provision (402) 126 - (35)
APS (2,799) 30 - 30
Charge for the year 11,252 7,680 96 77
Paid during the year (11,498) (6,738) (90) (408)
At June 30, 3,173 5,558 84 78
Charge
Current tax on adjusted profits for
the year at 15 % (2010: 15 %) 11,252 7,680 96 77
(Over)/under provision (402) 126 - (35)
APS overpaid - 30 - 30
Deferred tax (note 18) (685) (414) - -
10,165 7,422 96 72
The tax on the group’s and company’s results before tax differs from the theoretical amount that would
arise using the basic tax rate as follows:
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
Profit before tax 100,428 33,921 30,471 26,872
Tax calculated at 15% (2010: 15%) 15,064 5,088 4,571 4,031
Tax effect of:
- Income not subject to tax (18,821) (7,179) (8,583) (7,056)
- Expenses not deductible for tax purposes 5,824 4,070 4,108 3,132
- Alternative minimum payment 10 - - -
- Tax losses for which no deferred tax asset
was recognised - 165 - -
- Other tax allowances 1,434 - - -
- Consolidation adjustment 6,426 3,278 - -
- Tax losses generated in the year 39 1,022 - -
- Utilisation of previously unrecognised tax losses - 106 - -
- Deferred tax not recognised - 32 - -
- (Over)/under provision from previous year (402) 126 - (35)
- Effect of tax of associated companies 591 714 - -
Tax charge 10,165 7,422 96 72
ENL Commercial Limited
Annual Report 2011
101