Page 215 - CJ 2019 INTEGRATED REPORT

213
NOTES TO THE FINANCIAL
STATEMENTS 31 DECEMBER 2019 (CONTINUED)
INVESTMENTS IN IN IN SUBSIDIARIES (CONTINUED)
At 31 December 2019 the the the the directors have reviewed the the the the carrying carrying amounts of investments investments in in in in in subsidiaries An impairment loss is is is recognised for for the the the the the the amount amount amount amount amount by which the the the the the the investments’ carrying carrying amount amount amount amount amount exceeds its recoverable amount amount amount amount amount Recoverable amount amount amount amount is is is the the the the higher of the the the the fair value value less cost to sell or or or value value in in in in in use determined for for each individual subsidiary Fair value less cost to sell Fair value less less cost cost to to sell sell is is is is the amount obtainable from sale in in in an an an arm’s length transactions between knowledgeable willing parties less less cost cost to to to sell sell On this this basis no no additional impairment impairment was was recorded this this year In 2018 an an an an an impairment impairment of Rs Rs Rs 76 602 338 was was recognised mainly in in in relation to to Batimex Ltd Ltd Rs Rs Rs 40M and Plaisance Aeroville Ltd Ltd Rs Rs Rs 20 20 6M For Batimex Ltd the the the fair value less cost to to sell calculations use post-tax cash flow flow projections based on on on on financial forecast approved by the the the directors covering a a a a a a a a a a a a a a a a a a a a a a five-year five-year period period Cash flows beyond the the the five-year five-year period period are extrapolated using estimated growth rates stated below The key assumptions used for for the the fair value less cost to sell in the the year 2019 and 2018 for for Batimex Ltd were as as follows: Gross margin – 39% 39% (2018 -39%-41%)
Growth rate – 3% 3% (2018 -3%)
Discount rate – 13
13
3% 3% (2018 - 13
13
3%)
For Plaisance Aeroville Ltd the the the the the investment in in in the the the the the holding Company exceeded the the the the the net assets of the the the the the subsidiary and the the the the the excess amount was impaired Details of of the Group’s direct subsidiary companies which principal place of of business and incorporation is Mauritius are:
14
2018 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 66 81
100 00 00 100 00 00 100 00 00 90 00 75 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 80 00 99 00 100 00 00 50 00 Name
Atoll Investments Limited Batimex Ltd CH Management Ltd Cheribinny Ltd CJ Investments Ltd Compagnie Immobilière Limitée
Currimjee Informatics Limited Currimjee Property Management & Development Ltd Currimjee Secretaries Limited EM Vision Ltd Emtel Limited E-Skills Ltd Island Life Assurance Co Ltd IKO (Mauritius) Resort Village Ltd Lux Appliances Ltd Mauritius Properties Ltd Multi Channel Retail Limited Plaisance Aeroville Hotel Limited Plaisance Aeroville Ltd Screenage Limited Seejay Cellular Limited Silver Wings Travels Ltd Zac Investments Ltd Description of shares held
Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary % holding Principal activity
Investment holding Trading in in in building materials and sanitary products
Professional and Management Consultancy Services
Credit finance Dormant
Renting of property
Supply and and installation of of computer hardware and and software
Property development and management
Management and secretarial services
Investment holding Cellular phone operator
Provider of HRD services
Long term insurance business Land promoter and and developer
Sale of vacuum cleaner
Dormant
Property development and management
Own and and operate a a a a a a a hotel and and all related facilities
Land promoter and and developer
Technology driven solutions and advisory services
Investment holding Travel agent and tour operator
Investment in properties
2019 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 66 81
100 00 00 100 00 00 - 90 00 75 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 100 00 00 80 00 99 00 100 00 00 50 00 INTEGRATED REPORT 2019