confidence - Investing In Africa

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Report of the Auditors to the Shareholders of State Bank of Mauritius Ltd.We have audited the financial statements of the Groupand of the Bank for the year ended 30 June 2005 setout on pages 26 to 73.24This report is made solely to thecompany's shareholders, as a body,in accordance with section 205 ofthe Companies Act 2001. Our auditwork has been undertaken so thatwe might state to the company'sshareholders those matters we arerequired to state to them in anauditor's report and for no otherpurpose. To the fullest extentpermitted by law, we do not acceptor assume responsibility to anyonereport of the auditorsto the shareholders ofstate bank of mauritius ltd.other than the company and thecompany's shareholders as a body,for our audit work, for this report, orfor the opinions we have formed.Respective responsibilities ofdirectors and auditorsThe directors are responsible forkeeping proper accounting recordswhich disclose with reasonableaccuracy at any time the financialposition of the Group and of theBank. The directors are responsiblefor the preparation of financialstatements which give a true and fairview of the financial position,financial performance and cash flowsof the Group and of the Bank, andcomply with the provisions of theBanking Act 2004 and of theCompanies Act 2001 applicable tobanks. They are also responsible forsafeguarding the assets of the Groupand of the Bank and hence for takingsteps for the prevention and detectionof fraud and other irregularities. It is ourresponsibility to form an independentopinion, based on our audit, on thosefinancial statements and to report ouropinion to you.Basis of opinionWe conducted our audit in accordancewith International Standards onAuditing. An audit includesexamination, on a test basis, ofevidence relevant to the amounts anddisclosures in the financial statements.It also includes an assessment of thesignificant estimates and judgementsmade by directors in the preparationof the financial statements, and ofwhether the accounting policies areappropriate to the Group’s and theBank’s circumstances, consistentlyapplied and adequately disclosed.We planned and performed ouraudit so as to obtain all theinformation and explanations whichwe considered necessary in order toprovide us with sufficient evidence togive reasonable assurance that thefinancial statements are free frommaterial misstatements. In forming
Report of the Auditors to the Shareholders of State Bank of Mauritius Ltd.our opinion we also evaluated theoverall adequacy of the presentationof information in the financialstatements. We believe that ouraudit provides a reasonable basis forour opinion.We have no relationship with, orinterests in, the Bank or any of itssubsidiaries, other than in ourcapacities as auditors and taxadvisers, and arm's length dealingswith the Group and the Bank in theordinary course of business.• the financial statements give atrue and fair view of the financialposition of the Group and of theBank as at 30 June 2005 and ofthe results of their operations andtheir cash flows for the year thenended in accordance withInternational Financial ReportingStandards, and comply with theprovisions of the Banking Act 2004and of the Companies Act 2001applicable to banks, as well as theregulations and guidelines ofBank of Mauritius.OpinionThe information and explanationscalled for and given to us by theofficers or agents of the Group and ofthe Bank were satisfactory.In our opinion:• proper accounting records havebeen kept by the Group and theBank as far as appears from ourexamination of those records; and25Actual Kemp Chatteris SignatureDeloitteChartered AccountantsKemp 3rd Floor, Chatteris Cerné Deloitte HouseChartered La Chaussée Accountants3rd Port Floor, Louis, Cerné Mauritius. HouseLa ChausséePort Louis, MauritiusActual Signature Chandra K. Gujadhur, FCASigning PartnerS.R. Konfortion, FCASigning PartnerDate: September 28, 2005
Page 5 and 6: embracing change with confidencecon
Page 7: Corporate ProfileSBM Group offers a
Page 10 and 11: key financial indicatorsRestated*20
Page 12 and 13: Caution regardingforward-looking st
Page 14: confidence to move with the times
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Page 23 and 24: Statement of Management’s Respons
Page 28 and 29: Financial StatementsBalance Sheets
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Page 32 and 33: Financial StatementsCash Flow State
Page 34 and 35: Financial StatementsNotes to the Ac
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confidence to meet today’s challe
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Management Discussions & AnalysisRA
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Management Discussions & AnalysisOp
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Management Discussions & AnalysisFI
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Corporate Governance ReportSBM has
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Corporate Governance ReportCorporat
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confidence to foster growth
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Board of DirectorsHarel, Antoine L.
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Board CommitteesRemuneration Commit
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Directors of SubsidiariesSBM LEASE
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Executive ManagementCHIEF EXECUTIVE
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Executive ManagementExecutive Manag
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Group Addresses136CORPORATE OFFICES
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