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Mauritius Post and Cooperative Bank MAUBANK LTD Financial Statements Year Ended 30 June 2016 1 MauBank Ltd Content Pages Corporate information 2 – 5 Directors’ report 6 – 12 Corporate governance report 13 – 26 Statement of compliance under Section 75(3) of the Financial Reporting Act 2004 27 – 28 Statement of management’s responsibility for financial reporting 29 Report from the secretary 30 Independent auditors’ report 32 – 33 Statements of financial position 34 – 35 Statements of profit or loss and other comprehensive income 36 – 37 Statements of changes in shareholders’ equity 38 – 42 Statements of cash flows 43 Notes to the financial statements 44 – 145 Management discussion and analysis 146 – 168 Administrative information 169 – 181 2 MauBank Ltd CORPORATE INFORMATION DIRECTORS: Non-Executive Directors Appointed on Resigned on Ms Sumputh Vijaya Kumaree 09 March 2015 20 January 2016 Mr Kripa Youdishteer 13 March 2015 20 January 2016 Mr Gokhool Ashvin Jain 09 March 2015 20 January 2016 Mr Goburdhun Dineshing 23 June 2011 20 January 2016 Mr Codabux Muhammad Javed 13 March 2015 20 January 2016 Mr Goburdhun Goolabchund 13 February 2015 20 January 2016 Mr Moteea Giandev 29 December 2003 20 January 2016 Mr Nicolas Jean Marie Cyril 13 March 2015 - Dr Paligadu Dharamraj 07 March 2015 - Mr Lalloo Said 20 January 2016 - Mr Putchay Vassoo Allymootoo 20 January 2016 - Mr Gokhool Ashvin Jain 22 March 2016 - Mr Nilamber Anoop Kumar 22 March 2016 - 3 MauBank Ltd CORPORATE INFORMATION (Contd) Executive Directors Appointed on Resigned on Mr Sridhar Nagarajan 24 September 2015 - KEY MANAGEMENT TEAM Position Mr Sridhar Nagarajan Chief Executive Officer (As from 24 September 2015) Mr Yougeshsingh Toynoo (Asish) Chief Financial Officer (As from 03 October 2016) Mr Damodarsingh Mohadeb (Deepak) Financial Controller (As from 03 February 2016) Mr Mardaymootoo Pillay Chedumbrum (Nanda) Executive Head – Operations (As from 03 February 2016) Mr Yasdeo Rawoteea (Rajesh) Executive Head – Information & (As from 20 May 2016) Technology Services Mr Steven Howard Parish Executive Head – Human Resources (As from 03 February 2016) Mr Nirish Beeharry Executive Head – Consumer Banking (As from 03 February 2016) Mr Vishuene Vydelingum Executive Head – Corporate Banking and (As from 01 July 2016) Treasury Mrs Iqra Maudarbocus Executive Head – Legal & Compliance (As from 03 February 2016) Mr Ramesh Motee Chief Risk Officer (As from 03 February 2016) Mr Hurrydutt Rambojun Head of Internal Audit (As from 03 February 2016) Mrs Luximon-Mathur Jessma Compliance and Money Laundering (As from 03 February 2016) Reporting Officer Mr Soobroyen Dheebaven Manager - Compliance (As from 03 February 2016) 4 MauBank Ltd CORPORATE INFORMATION (Contd) SECRETARY: (From 30 June 2015 to 13 July 2015) Mr Sanraj Luximon C/o MauBank Ltd 25 Bank Street Cybercity Ebene 72201 Republic of Mauritius (From 17 July 2015 to 22 January 2016) Mr Ganeshanlall Cheeneebash John Kennedy Avenue Vacoas Republic of Mauritius (As from 25 January 2016) Prime Partners Ltd 15th, Air Mauritius Centre 6, President John Kennedy Street Port Louis (As from 27 October 2016) Mrs Ashiti Prosand C/o MauBank Ltd 25 Bank Street Cybercity Ebene 72201 Republic of Mauritius REGISTERED OFFICE: MauBank Building 25 Bank Street Cybercity Ebene 72201 Republic of Mauritius 5 MauBank Ltd CORPORATE INFORMATION (Contd) LEGAL ADVISERS: Me S. Cheetoo Attorney At Law Hennessy Tower Pope Hennessy Street Port Louis Republic of Mauritius Me Dheerendra Kumar Dabee, G.O.S.K, S.C Solicitor-General State Law Office Jules Koenig Street Port Louis Republic of Mauritius Me (Mrs) Anju K. Ghose Attorney At Law Suite 03, 6th Floor, Hennessy Tower Pope Hennessy Street Port Louis Republic of Mauritius Me Preetam Chuttoo Attorney At Law 2nd Floor, Astor Court Georges Guibert Street Port Louis Republic of Mauritius Me Ravin Chetty 5 St James Court St Denis Street Port Louis Republic of Mauritius AUDITORS: Deloitte 7th Floor, Standard Chartered Tower 19-21 Bank Street Cybercity Ebene 72201 Republic of Mauritius 6 MauBank Ltd DIRECTORS’ REPORT The Board of Directors of MauBank Ltd (formerly known as Mauritius Post and Co-operative Bank Ltd), the “Bank”, is pleased to present its thirteenth Annual Report together with the financial statements of the Bank and its subsidiary for the financial year ended 30 June 2016. The financial statements have been prepared in accordance with the requirements set out in the Bank of Mauritius Guideline on Public Disclosure of Information, the International Financial Reporting Standards, the Financial Reporting Act 2004, the Mauritius Companies Act 2001 and the Banking Act 2004. The Bank and its subsidiary are collectively referred to as the “Group”. TRANSFER OF UNDERTAKING On 04 January 2016, MauBank Ltd (formerly known as Mauritius Post and Cooperative Bank “MPCB”) acquired the assets and liabilities of the National Commercial Bank Ltd (NCB) from MauBank Holdings Ltd pursuant to a transfer of undertaking carried out as per the provisions of Section 32 A of the Banking Act 2004. Subsequently, following the transfer, MPCB changed its name to MauBank Ltd (“MauBank”). GLOBAL ECONOMIC OUTLOOK The world economy is increasingly at risk of stalling. China’s growth is estimated this year by 0.2% to 6.5% as the service sector compensated for a downturn in manufacturing. But the country’s deceleration continues to hit trade partners around the world. Jitters about the fate of the world’s second-largest economy have roiled global markets in the past year. China’s slowdown, along with the commodity-price downswing and the U.S. Federal Reserve’s move to start raising interest rates, packed a triple-punch to most emerging and developing economies around the world. Investors pulled out their cash in droves, pushing down exchange rates and equity prices, and raising bond premiums. China’s troubles also slashed trade and investment in many of those countries and spurred broader concerns about growth prospects in advanced economies. Recessions in Russia and Brazil are proving to be deeper and longer than anticipated after political problems compounded the effects of a plunge in commodity prices. Dozens of other oil exporters - from Venezuela to Canada, Saudi Arabia to Nigeria - are also facing sharp slowdowns Europe and Japan, meanwhile, can’t seem to escape from low growth despite aggressive central-bank actions that have pushed rates into uncharted negative territory. Greece’s long-festering debt problems, a mounting refugee crisis and the U.K.’s Brexit from the European Union risk wreaking havoc on the Eurozone and beyond. Although central banks are pressing the easy-money accelerator, other financial leaders have so far failed to deliver on promises to boost economic growth through coordinated measures.1 1 Source: IMF World Economic Outlook 7 MauBank Ltd DIRECTORS’ REPORT (Contd) REVIEW OF THE MAURITIAN ECONOMY Gross Domestic Product (GDP) at current market prices is forecasted to grow by 3.9% in 2016, higher than the 3.5% growth observed in 2015. On the basis of information gathered on key sectors of the economy and the performance of the first quarter of 2016, Gross Value Added (GVA) at current basic prices is expected to grow by around 3.9% in 2016, higher than the 3.0% growth in 2015. Exclusive of sugar industry, the growth rate would be 3.9%. The main contributors to the 3.9% growth in GVA at basic prices would be: “Financial and insurance activities” (0.6 percentage point), “Accommodation and food service activities” (0.4 percentage point), “Information and communication”, “Wholesale & retail trade; repair of motor vehicles and motorcycles” and “Professional, scientific and technical activities” each contributing 0.3 percentage point. GDP at current market prices would reach Rs 436,848 million, 7.0% higher than the figure of Rs 408,308 million in 2015. GVA at current basic prices in 2016 is expected to reach around Rs 387,973 million compared to Rs 361,962 million in 2015, representing a nominal increase of 7.2%. Taxes on products (net of subsidies) is expected to increase by around 5.5% to reach Rs 48,875 million from Rs 46,346 million in 2015. The main assumptions used for the forecast of 3.9% GVA growth in 2016 are as follows: (i) Agriculture, forestry and fishing: to recover by 4.5%, after the contraction of -0.3% observed in 2015. Within the sector, a. “Sugarcane”: a local sugar production of around 400,000 tonnes, resulting in a growth of 9.6% compared to -6.2% in 2015, and b. “Other Agriculture”: to expand by 3.0% compared to 1.6% in 2015. (ii) Manufacturing: to recover by around 1.3%, following the no growth recorded in 2015. Within the sector, a. “Sugar milling” ” to grow by around 10.0%, after the negative growth of -8.9% in 2015. This expansion would be due to a local sugar production of 400,000 tonnes and the refining of 60,000 tonnes of imported raw sugar. In 2015, the local sugar production was 366,070 tonnes and 70,000 tonnes of raw sugar were imported for refining; b. “Food processing” to expand by a rate of 2.0% after a growth of 3.0% in 2015; c. “Textile manufacturing” to grow by 0.2%, as opposed to the -2.8% growth observed in 2015; and d. “Other manufacturing” is expected to rebound by 1.3% following the contraction of -0.2% registered in 2015. Activities of Export Oriented Enterprises (EOEs) are expected to decline by -0.3% after a contraction of -3.1% in 2015. (iii) Construction: to recover by 1.6% after five consecutive years of contraction. (iv) Transportation and storage: to grow by 3.7%, higher than the 3.4% growth in 2015. (v) Accommodation and food service activities: to grow by around 6.9% based on a forecast of around 1,240,000 tourist arrivals in 2016 compared to 1,151,723 in 2015.
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