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3.5.3 Non-Subsidised/ Normal Loans Normal loans approved during the year reached Rs 313.2 million with 1,385 loans. The share of normal approved loans out of total loans was 77.06%. REVIEW of the year’s performance TOTAL NORMAL LOANS APPROVED (MAURITIUS & RODRIGUES) Financial Year Number Total (Rs) 1998/1999 1421 303,066,000 1999/2000 1560 331,853,000 2000/2001 1232 270,813,000 2001/2002 1385 313,231,000 While the number of loans approved has only slightly increased, the amount on the other hand has grown by 15.7% over the Financial Year. 3.5.4 Loans approved in Rodrigues Loans approved at our Rodrigues branch totalled Rs 6.75 million for the year and were as shown below: ANNUAL REPORT 2001 - 2002 TOTAL LOANS APPROVED - (RODRIGUES) Financial Yr Number Total (Rs) Grant 1999/2000 110 18,744,000 237,000 2000/2001 95 18,430,000 390,000 2001/2002 48 6,750,000 180,000 22
3.5.5 TOTAL LOANS APPROVED - (MAURITIUS - RODRIGUES) OVER THE YEAR Financial Year Number Total (Rs) 1998/1999 2,051 431,773,000 1999/2000 2,043 432,865,000 2000/2001 1,698 363,673,000 2001/2002 1,815 406,453,000 3.5.6 Loans Disbursed Total loan amount disbursed during the year amounted to Rs 362.33 million, with Rs 351.093 for Mauritius and Rs 11.24 million for Rodrigues. 3.6 RAISING OF FUNDS - HOUSING DEPOSIT CERTIFICATES (HDCS) The problematic issue crippling the Company for years was successfully addressed during the year. Borrowing from its traditional lenders was becoming more and more expensive and that made MHC less able to withstand competition ANNUAL REPORT 2001 - 2002 from other financial institutions. Thus, management revived the Authorisation to transact deposit-taking business initially secured from Bank of Mauritius since 1994/95. It boldly and wisely introduced the Housing Deposit Certificate (HDC) as a major funding tool for MHC in September 2001. The HDC has since enabled MHC to raise funds directly from the public and stand on its own feet regarding the funding of its operations. In fact HDC has proved to be so successful that within a few months deposits accepted exceeded expectation. As at June 2002, the Company mobilized deposits to the tune of Rs 380 million, which exceeded the targeted amount of Rs 300 million. Deposits collected from institutions amounted to Rs 32.7 million whilst individuals contributed about Rs 347 million . Hence HDCs enabled MHC for the first time since its existence to refrain from borrowing from its usual lending institutions at high rates of interest. The cost of funds improved drastically and MHC was thus able to review its mortgage interest rates for normal loans from 13/14% p.a. to 12.5% p.a. as from January 2002. This depicts the credibility of MHC in the eyes of the public, as a sound financial institution where they can invest their money safely. REVIEW of the year’s performance 23
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 and 18: However, MHC’s dedication to plac
Page 19 and 20: Reserves have in consequence increa
Page 21: 3.5.1 Loans Approved During the yea
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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