notes - Mauritius Housing MHC

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NOTES financial to the STATEMENTS FOR THE YEAR ENDED 30 JUNE 2002 (b) Cash and cash equivalents 2002 2001 Rs’000 Rs’000 Cash at bank and in hand 5,595 6,557 Short term bank deposits 726,276 223,400 Bank overdrafts (102,655) (63,535) Cash and cash equivalents 629,216 166,422 23. COMMITMENTS 2002 2001 Rs’000 Rs’000 (a) Loans approved but not yet disbursed 117,771 98,339 (b) Business Parks of Mauritius Limited (BPML) and the Company will jointly develop/manage an integrated residential and recreational complex, on a plot of land of 9.8 hectares belonging to BPML, within the business zone of Ebène Cybercity. The total cost of project is estimated at around Rs 495 M and the financing and return will be shared equally by both parties. 24. TAXATION Further to The Mauritius Housing Corporation (Transfer of Undertaking) Act 1989, all rights and priviledges of the Mauritius Housing Corporation have been transferred to Mauritius Housing Company Ltd. The provisions of this Act has also ANNUAL REPORT 2001 - 2002 dispensed the Company from any income tax liability. 54
NOTES financial to the STATEMENTS FOR THE YEAR ENDED 30 JUNE 2002 25. FINANCIAL SUMMARY Restated Restated 2002 2001 2000 1999 1998 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Share capital 100,000 100,000 100,000 100,000 100,000 Net profit 131,554 119,838 106,609 151,215 131,485 Retained earnings 729,341 634,622 598,410 606,976 475,761 Other reserves 466,058 320,269 278,088 253,712 150,948 Dividends 17,102 15,000 15,000 20,000 15,000 26. CONTINGENCIES (a) There exists a dispute between the Company and the National Housing Development Company Ltd (NHDC) in respect of the rate of interest applicable on the amount payable to NHDC regarding loans granted to common NHDC/MHC clients. Provision has been made in these financial statements at the rate of 8% as compared to 9% claimed by NHDC. At the date of the audit, the matter is still under consideration by the Company and NHDC. ANNUAL REPORT 2001 - 2002 (b) At 30 June 2002, the Company has no material litigation or claims outstanding, pending or threatened against it, which would have a material adverse effect on the Company’s financial position or financial results. 27. REPORTING CURRENCY The financial statements are presented in Mauritian Rupees since this is the currency in which the majority of the Company’s transactions are denominated. 28. CHANGE IN LEGISLATION The Companies Act 1984 was repealed as from 1 December 2001 and was replaced by the Companies Act 2001. 55
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 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: NOTES FOR THE YEAR ENDED 30 JUNE 20
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notes - Mauritius Housing MHC

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