notes - Mauritius Housing MHC

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The Flacq and the Rodrigues branches will also be upgraded to offer a better service to the clients. Decentralisation exercise was pursued during the year. MHC organized some seminars and talks with targettted groups/organizations to disseminate MHC’s activities and the products and services offered. 3.10 JOINT VENTURE WITH BUSINESS PARKS OF MAURITIUS (BPML) I will close my review with MHC’s successful teaming up with BPML in the prestigious construction project of a residential complex and a recreational complex at the Ebene Cybercity site. This shows the credibility and corporate image that the MHC enjoys as a leading housing finance in the country. In fact MHC was sollicited to share its 39 years of experience and expertise in construction/estate management, with BPML. The project comprises the construction and ultimate disposal of 210 housing units over a land of 8.44 hectares with: * 56 two-bedroom apartments; * 100 three-bedroom apartments and * 54 bungalows This strategic joint venture entails the following spillover effects to MHC: (i) (ii) (iii) short term investment yielding a good return potential clients for the purchase of the apartment/bungalows and enhancement of the Company’s image. The CyberVillage project demonstrates the Company’s proactive stance as it will pave the way to other prospective mega projects. It equally marks the MHC’s venture into an IT economy. ANNUAL REPORT 2001 - 2002 The project is targeted to be completed by June 2003. MHC and BPML have already accepted to temporarily handover the Residential Complex to the Comité Organisateur des Jeux des Iles during the games to provide accommodation to the participating athletes. This occupation will be given free of charge as MHC’s and BPML’s contribution to the games. MHC’s participation in this prestigious project at national level clearly demonstrates the credibility of the Company in the eyes of the nation and above all its ability for fulfillment. 26
The strength of the company is depicted below. REVIEW of a Financial performance FINANCIAL HIGHLIGHTS 2000/01 2001/02 Rs M Rs M Interest Income 574.33 620.74 Net Profit 119.8 131.55 Net Assets 5111.3 5792.07 Retained Earnings 634.62 729.34 Mortgage Assets 4924.1 5041 Shareholders’ Funds 1105.5 1295.4 PEL (capital deposited) 487.74 523.99 EVOLUTION OF KEY FINANCIAL ITEMS 2001/02 2000/01* 1999/00 1998/99 Rs M Rs M Rs M Rs M Total Income 650.1 609.9 598.3 616.0 ANNUAL REPORT 2001 - 2002 Net Profit 131.6 119.8 106.6 151.2 Net Assets 5792.1 5111.3 4904.6 4559.3 Mortgage Assets 5061 4924.1 4897.6 4506.2 Fixed Assets 229.7 126.4 123.2 118.9 Reserves 1195.4 1005.5 876.5 860.7 Long Term Liabilities4496.7 4005.8 3928.1 3598.6 EPS 13.2 12.0 10.7 15.1 ROCE 10.2 10.8 10.9 15.7 Current Ratio 2.4 1.7 1.1 1.1 * restated figures L D UNMOLE Managing Director 27
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 and 22: 3.5.1 Loans Approved During the yea
Page 23 and 24: 3.5.5 TOTAL LOANS APPROVED - (MAURI
Page 25: 3.8 NEW SCHEMES/ SERVICES With the
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

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