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We can look back on FY15 with some satisfaction. In terms of the Profit and Loss account, we improved revenue by 17% to Rs 4.1 billion and posted a Group PAT of Rs 568m for the year, an increase of 21% over last year’s PAT before gains on revaluation of investment properties. In an economy that is growing at only 3.5% p.a. this feels like an encouraging performance.
These results must also be put into the context of a year in which our two major businesses learned of adverse regulatory and sector developments. The first, introduced in the Budget in April, mandated a significant drop in the interest rate cap levied on new Hire Purchase (HP) contracts, from 19% to 12%. The second involved news of a renegotiation of the terms of the Double Taxation Agreement (DTA) between Mauritius and India. This latter issue is an anticipated event as currently little official communication has been issued. The devil with DTA renegotiation is always in the detail and we, as well as our Global Business customers, await further clarification.
Extract from Group CEO'S Review
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Pages 02 – 03 Group Structure - Download
Pages 04 – 05 Financial Highlights - Download
Pages 08 – 09 Chairman's Message - Download
Pages 10 – 17 Directors' and Senior Executives' Profiles - Download
Pages 18 - 21 CEO's Review - Download
Pages 24 – 31 Corporate Governance Report - Download
Pages 32 – 35 Human Resource - Download
Pages 36 – 39 Corporate Social Responsibility - Download
Pages 40 – 44 Internal Control and Risk Management - Download
Pages 45 – 48 Other Statutory Disclosures / Directors' Report / Secretary's Certificate / Statement of Compliance - Download
52 – 126 - Financial Statements (Independent Auditors' Report / Financial Statements / Directors of Subsidiary Companies) - Download