NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
8. INVESTMENT IN SUBSIDIARIES (Continued)
During the year, the Company entered into a non-cash transaction with Cap Tamarin Ltée. The redemption of shares for the value of Rs 274,000,000 forms part of the overall transaction of transferring several portions of land from Cap Tamarin Ltée to Trimetys Ltd. The shares have been offset against Investment in subsidiaries and is currently included in the trade and other receivables balance of the Company at year end, until the transfer is effected. The Company also acquired shares in Integral Construction Enterprise Ltd, a newly set up subsidiary.
2020
2020
2019
2019
Name of subsidiary
Holding Country of Incorporation
Issued Capital
% holding
Issued Capital
% holding
Le Poulet Fermier Ltée
Direct Direct
Mauritius Mauritius
15,114,000
100% 15,114,000
100% 100%
Les Salazes Ltée
25,000
100%
25,000
Sakoa Management Co Ltd
Mauritius
60,100,000
100% 60,100,000
100%
Direct
CCMIC Ltée
Direct Direct
Mauritius Mauritius
10,000 25,000
67%
10,000 25,000
67%
Anse Ally Ltee
100%
100%
Mourouk Ebony Management Ltd
Indirect
Mauritius
10,000
100%
10,000
100%
Trimetys Hospitality Ltd Trinidad Residences Ltée
Direct Direct
Mauritius Mauritius
10,000
100%
10,000
100%
54,010,000
50% 54,010,000
50%
Immobilier Conseil Engineering Ltd Trinidad Villas Ltée
Mauritius
25,000
100%
25,000
100%
Direct
Direct Direct Direct
Mauritius Mauritius
10,000 10,000
50% 40%
10,000 10,000
50% 40% 100% 100% 100% 100% 100%
Imagine Promotion ltee
Cap Tamarin Ltée
Mauritius 1,172,410,000
100% 1,446,430,000
Riverloft Ltée
Indirect Indirect Indirect Indirect Indirect Indirect Indirect
Mauritius Mauritius Mauritius Mauritius Mauritius Mauritius Mauritius
10,000 10,000 10,000 10,000
100% 100% 100% 100%
10,000 10,000 10,000 10,000
Forever Young Ltd
Tetris Development Ltée
Villas MG Ltée
Angie Promotion Ltée
5,000
50%
5,000
50%
Villas Aloues Ltée
10,000 10,000
100% 100%
10,000 10,000
100% 100%
Opatio Ltée
Integral Construction Enterprise Ltd
Direct
Mauritius
1,000
100%
-
-
Details of the Company’s direct subsidiaries are as follows:
(i) The above shares are ordinary shares denominated in Mauritian Rupees (Rs).
(ii) No assets and liabilities were acquired, and no goodwill arose in relation to these transactions.
(iii) All the undertakings of the subsidiaries are included in the consolidation. The proportion of voting rights in the subsidiary undertakings held directly by the parent does not differ from the proportion of ordinary shares held." (iv) Trinidad Residences Ltée, Trinidad Villas Ltée, Imagine Promotion Ltée and Angie Promotion Ltée are managed and controlled by Trimetys Ltd and Cap Tamarin Ltée respectively and are thus deemed subsidiaries to be consolidated by the Group.
Impairment of investment in subsidiaries
Investment insubsidiaries isreviewedfor impairmentwhenevereventsorchanges incircumstances indicatethatthecarryingamountmay notberecoverable. An impairment loss is recognisedfor theamountbywhichtheasset'scarryingamountexceeds its recoverableamount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.
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