Financial Statements - The United Basalt Products Ltd

All associates are incorporated in
the Republic of Mauritius except
for Prochimad Mines et Carrières
SARL which is incorporated in
the Republic of Madagascar.
Financial Statements
Year ended June 30, 2009 (cont’d...)
9. INVESTMENT IN ASSOCIATES (cont’d...)
Class of % Holding
Particulars of interests in the Group’s associate companies: Shares 2009 2008
Produits Basaltiques du Nord Ltée Ordinary 46.0 46.0
Prochimad Mines et Carrières SARL Ordinary 34.0 34.0
Pre-mixed Concrete Ltd Ordinary 30.0 30.0
Sud Concassage Ltée Ordinary 25.0 25.0
Cement Transport Ltd Ordinary 25.0 25.0
Compagnie Mauricienne d’ Entreprise Ltée Ordinary 20.0 -
Compagnie des Transports Reunis Ltée Ordinary 30.0 30.0
Compagnie d’ Exploitation Agricole Ltée Ordinary - 20.0
The Group
The following is a summary of aggregated 2009 2008
financial information of the Group’s associates: Rs’000 Rs’000
Total revenues 840,825 711,630
Total results 64,443 68,431
Total assets 441,335 709,160
Total liabilities 124,867 260,279
10. AVAILABLE-FOR-SALE INVESTMENTS
The Group
Quoted Unquoted Total Total
2009 2008
Rs’000 Rs’000 Rs’000 Rs’000
At July 1, 59,422 11,939 71,361 108,004
Additions - - - 545
Disposals - - - (35,405)
Fair value adjustments (16,830) - (16,830) (1,783)
At June 30, 42,592 11,939 54,531 71,361
The Company
At July 1, 52,412 11,886 64,298 100,941
Additions - - - 545
Disposals - - - (35,405)
Fair value adjustments (16,830) - (16,830) (1,783)
At June 30, 35,582 11,886 47,468 64,298
The loan receivable is
unsecured, bears no interest
and has no repayment terms.
Unused tax losses of the Group that have
not been recognised as deferred tax
assets amounted to Rs 23m (2008:
Rs 37m). Deferred tax assets have not
been recognised in respect of the losses
due to the unpredictability of future profit
streams to utilise these losses.
11. OTHER FINANCIAL ASSET
12. TAXATION
60 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 61
The Group and
The Company
2009 2008
Rs’000 Rs’000
Loan receivable from associate company 13,795 -
The Group The Company
2009 2008 2009 2008
(a) In the income statements: Rs’000 Rs’000 Rs’000 Rs’000
Income tax on the adjusted profit for the year
at 15% (2008: 15%) 24,315 19,270 20,017 16,531
(Over)/under provision of income tax in previous year (187) 1,303 - 903
Over provision of deferred tax in previous years (788) (28) (538) -
Share of tax of associates 5,966 3,987 - -
Deferred tax charge/(credit) (see note (d) below) 131 (925) 279 (706)
Charge for the year 29,437 23,607 19,758 16,728
(b) In the balance sheets:
At July 1, 19,270 16,869 16,531 15,089
Payment during the year (21,031) (17,745) (16,570) (15,479)
Tax withheld (1,388) (427) (1,177) -
Income tax charge 24,128 20,573 20,017 16,921
At June 30, 20,979 19,270 18,801 16,531
(c) Deferred tax:
The amounts presented in the balance sheets are
as follows:
Deferred tax assets 3,391 2,889 1,598 1,339
Deferred tax liabilities (203) (358) - -
Net deferred tax assets 3,188 2,531 1,598 1,339
(d) Movement in deferred tax:
At July 1, 2,531 1,578 1,339 633
Over provision of deferred tax in previous years 788 28 538 -
Deferred tax (charge)/credit (131) 925 (279) 706
At June 30, 3,188 2,531 1,598 1,339
(e) Deferred tax assets and liabilities are attributable to the following:
Deferred tax liabilities
- Accelerated capital allowances (14,618) (15,752) (14,243) (14,102)
Deferred tax assets
- Employee benefit obligations 11,706 11,420 9,874 9,332
- Provision for bad debts 5,283 5,933 5,150 5,375
- Provision for obsolete stock 817 930 817 734
17,806 18,283 15,841 15,441
Net deferred tax assets 3,188 2,531 1,598 1,339