enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
9 INVESTMENTS IN FINANCIAL ASSETS (continued)
(c)
The changes in level 3 instruments for the year ended June 30, 2011 and 2010 were as follows:
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
Opening balance 699,467 699,467 690,731 690,731
Acquisition through business combination 19,416 - - -
Disposals (66) - - -
Transfers to non-current assets classified
as held for sale (note 15) (690,731) - (690,731) -
Closing balance 28,086 699,467 - 690,731
(d)
Available for sale financial assets include the following:
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
Equity securities at fair value:
- Official market - 298,290 - 298,290
- DEM listed - 528,260 - 528,260
- Unquoted 28,086 8,736 - -
28,086 835,286 - 826,550
The fair value of the securities at June 30, 2011 has been determined by Ernst & Young using various
bases of valuation and assumptions based on adjusted earnings and on their adjusted net assets.
Some of the quoted securities have been valued at their closing market prices.
The investments in financial assets are denominated in Mauritian rupees.
(e)
(f)
Bank borrowings are secured on some investments of the group.
None of the financial assets are impaired.
10 DEPOSIT ON INVESTMENTS
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
Equity securities at fair value:
At July 1, 52,891 - 57,891 -
Transfer to investments in subsidiary companies (52,891) - (57,891) -
Additions 9,321 52,891 9,321 57,891
At June 30, 9,321 52,891 9,321 57,891
Deposits on investments relate to application monies in companies in respect of which share have not
yet been alloted at June 30, 2011.
ENL Commercial Limited
Annual Report 2011
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