notes - Mauritius Housing MHC

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The Companies Act 1984 was repealed as from 1 December 2001 and was replaced by the Companies Act 2001.
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