notes - Mauritius Housing MHC

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REVIEW of the year’s performance 3.1 Gross Operating Income Operating income experienced a rise of Rs 46.4 million during the financial year 2001/02 rising from 574.3 million to Rs 620.7 million. This item consists of interest on housing loan, interest subsidy from Government in relation to Government Sponsored Loans (GSL) and interest on bank deposits. Turnover (consisting of interest on housing loan and interest subsidy from the Government) increased from Rs 541.9 million in FY 2000-2001 to Rs 549.7 million during FY 2001/02. The bulk of interest income originated from normal housing loans with a share of 79%; this result being the consequence of the rectification of the mix of normal loans and GSL in the <strong>Housing</strong> Loans Portfolio. The sharp increase in interest on bank deposits from Rs 7.2 million to Rs 40.1 million was due to the building up of fund needed to finance mainly the joint BPML/<strong>MHC</strong> construction of a residential complex at the Ebène Cybercity site. 3.2 Interest Expense Interest expense rose by 10.4% from Rs 407.4 million during the FY 2000/01 to Rs 449.8 million during FY 2001/02. ANNUAL REPORT 2001 - 2002 This rise was largely attributed to the increased amount provided for interest accrued on PEL accounts and the effect of interest provided for the last loans taken from NPF/NSF started to be felt. 3.3 Profit Net Profit increased by Rs 11.7 million for the period ended 30.06.02 i.e. a 9.8% increase over last year’s. With a realized net profit of Rs 131.6 million, dividend proposed to shareholders will increase by 14% at Rs 17.1 million. The year after year increase in the results of the operations and activities of the Company clearly shows the strength of the Company despite the ever-increasing competitive environment in which it is evolving. 18
Reserves have in consequence increased to Rs1,195 million i.e an increase of 25% over last year’s. REVIEW of the year’s performance ANNUAL REPORT 2001 - 2002 REVIEW of the year’s performance 3.4 SOME RATIOS 3.4.1 INTEREST COVER Interest Cover at 1.38 times shows how comfortable the interest expenses can be met from the total operating income. 3.4.2 CURRENT RATIO Current Ratio has improved to 2.4. This shows the ease with which the Company could meet its short-term obligations and other commitments. The improvement in the Current Ratio contributed also in the general enhancement of the corporate image. 19
Page 1 and 2: Annual Report 2001 - 2002
Page 3 and 4: CONTENTS 1. Our Vision 4 2. Our Mis
Page 5 and 6: Mission Our Mission To help as many
Page 7 and 8: REGISTERED OFFICE MHC Building, Rev
Page 9 and 10: SENIOR Management Mr. L. D UNMOLE M
Page 11 and 12: The Directors are pleased to presen
Page 13 and 14: CORPORATE Governance MHC is committ
Page 15 and 16: MANAGING DIRECTOR’S REPORT 15
Page 17: However, MHC’s dedication to plac
Page 21 and 22: 3.5.1 Loans Approved During the yea
Page 23 and 24: 3.5.5 TOTAL LOANS APPROVED - (MAURI
Page 25 and 26: 3.8 NEW SCHEMES/ SERVICES With the
Page 27 and 28: The strength of the company is depi
Page 29 and 30: REPORT FROM THE SECRETARY TO THE ME
Page 31 and 32: Auditors’ report to the members o
Page 33 and 34: BALANCE SHEET - 30 JUNE 2002 Notes
Page 35 and 36: STATEMENT OF CHANGES IN EQUITY FOR
Page 37 and 38: NOTES financial to the STATEMENTS F
Page 39 and 40: NOTES financial to the STATEMENTS (
Page 41 and 42: NOTES financial to the STATEMENTS 4
Page 45 and 46: NOTES financial to the STATEMENTS 1
Page 51 and 52: NOTES FOR THE YEAR ENDED 30 JUNE 20
Page 53 and 54: NOTES FOR THE YEAR ENDED 30 JUNE 20

notes - Mauritius Housing MHC

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