notes - Mauritius Housing MHC

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AUDITORS’ RESPONSIBILITIES It is our responsibility to form an independent opinion, based on our audit, on those financial statements and to report our opinion to you. BASIS OF OPINION We conducted our audit in accordance with International Standards on Auditing. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material misstatement. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion. We have no relationship with, or any interests in the Company other than in our capacity as auditors. OPINION We have obtained all the information and explanations that we have required. In forming our opinion we draw attention to the following matters: (i) We were appointed auditors on 22 February 2002 and in consequence did not report on the financial ANNUAL REPORT 2001 - 2002 (ii) statements for the year ended 30 June 2001. As part of its housing programmes, the Company has provided secured housing loans facilities to a number of low income earners. The amount outstanding, after provision for bad debts of Rs 56M, at 30 June 2002 amounted to Rs 258M and is included under secured loans in the balance sheet. The directors have assessed the recoverability of these secured loans and are of the opinion that there is enough evidence to believe that the full amount of Rs 258M is recoverable and hence the provision for bad debts made in these financial statements is adequate. We have, therefore, relied upon the directors’ assurance that the amount of Rs 258M is fairly stated in these financial statements. 30
Auditors’ report to the members of Mauritius Housing Company Limited (cont.) Opinion (cont.) In view of the significance of the above two matters we consider that they should be drawn to your attention but our opinion is not qualified in this respect. IN OUR OPINION (a) proper accounting records have been kept by the Company as far as appears from our examination of those records; and (b) the financial statements present fairly the financial position of the Company at 30 June 2002 and of its financial performance, changes in equity and cash flows for the year then ended and comply with the Mauritius Companies Act 2001 and International Accounting Standards. Grant Thornton Chartered Accountants ANNUAL REPORT 2001 - 2002 A S HAJEE ABDOULA, FCA Signing Partner Date: 18. Oct 2002 31
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 and 26: 3.8 NEW SCHEMES/ SERVICES With the
Page 27 and 28: The strength of the company is depi
Page 29: REPORT FROM THE SECRETARY TO THE ME
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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