financial statements detailing FINSAC\u27s debts to the Government of Jamaica (later converted to equity

Deloitte & Touche LLP

Yale University

Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Documents (Series 1) Browse by Media Type 3-31-1999 Auditors' Report to the members of FINSAC Limited Deloitte & Touche LLP Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation Deloitte & Touche LLP, "Auditors' Report to the members of FINSAC Limited" (1999). YPFS Documents (Series 1). 9927. https://elischolar.library.yale.edu/ypfs-documents/9927 This Document is brought to you for free and open access by the Browse by Media Type at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in YPFS Documents (Series 1) by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact elischolar@yale.edu. 30FINSAC LimitedOrganisation Chart                 Appendix II31FINSAC LimitedAssistance to Companies      Appendix IIIApril1998 to March 1999Assistance to Companies Appendix III (cont’d)32FINSAC LimitedApril1998 to March 1999Assistance to Companies Appendix III (cont’d)33FINSAC LimitedApril1998 to March 1999Completed Sales                  Appendix IV34FINSAC LimitedHoldings - June 30,1999                                     Appendix V35FINSAC Limited36FINSAC LimitedYear ended March 31, 1999StatementAuditors’ Report - to the members IFinancial StatementsBalance Sheet IIProfit and Loss Account IIIStatement of Cash Flow IVNotes to the Financial Statements VAuditors’ Report and Financial StatementsAuditors’ Report37FINSAC LimitedChartered Accountants Telephone: (876) 922-6825-77 West Avenue Facsimile: (876) 922-7673Kingston GardensP.O. Box 13 Kingston 4Jamaica W.I.42B & 42C Union Street Telephone: (876) 952-4713-4Montego Bay Facsimile: (876) 979-0246Jamaica W.I.Auditors’ Report Statement I.1To the members ofFINSAC LIMITED(March 31, 1999)We have audited the financial statements set out on Statements II to V. These financial statementsare the responsibility of the directors and management.  The directors and management are required toselect suitable accounting policies and then apply them consistently, make judgements and estimatesthat are reasonable and prudent, follow applicable accounting standards and pre p a re the financialstatements on a going concern basis unless it is inappropriate to presume that the company willcontinue in business.  The directors and management are responsible for keeping proper accountingrecords, for safeguarding the assets of the company, and for the prevention and detection of fraud andother irregularities.  Our responsibility is to express an opinion on these financial statements based onour audit.We conducted our audit in accordance with standards on auditing generally accepted in Jamaica.Those standards re q u i re that we plan and perform the audit to obtain all the information andexplanations which we considered necessary to provide us with reasonable assurance that the financialstatements are free of material misstatements.  An audit includes examining, on a test basis, evidences u p p o rting the amounts and disclosures in the financial statements.  It also includes assessing theaccounting principles used and significant estimates made by directors and management, as well asevaluating the overall financial statements presentation.  We believe our audit provides a reasonable basisfor our opinion.Donald S. Reynolds, T. Sydney Fernando, Carey O. MetzAssociate: Audley L. GordonConsultants: Philmore H. Ogle, Carl M. FindlayDeloitte ToucheTohmatsuDeloitte &ToucheAuditors’ Report (cont’d)38FINSAC LimitedStatement I.2In our opinion, proper accounting records have been kept and the financial statements, which are inagreement therewith, present fairly in all material respects the state of the company’s affairs as at March31, 1999 and of its net loss and cash flows for the year then ended, and have been pre p a red inaccordance with accounting standards generally accepted in Jamaica and comply with the provisions ofthe Companies Act.The financial statements have been pre p a red on a going concern basis which contemplates therealisation of assets and the repayment of liabilities in the ordinary course of business.  However, thecompany incurred a net loss of $22.084 billion during the year, and at March 31, 1999, the company’sfinancial statements show a significant deficiency in assets (see Note 15).  The company’s ability tocontinue as a going concern is dependent on the matters as set forth in Note 15.  The financialstatements do not include any adjustments that would result if it were unable to do so.  Our opinion isnot qualified in this respect.Chartered AccountantsKingston, Jamaica,August 12, 1999Deloitte & ToucheBalance Sheet39FINSAC Limitedat March 31, 199940FINSAC LimitedProfit and Loss AccountYear ended March 31, 1999Statement of Cash Flows41FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements42FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements43FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements44FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements45FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements46FINSAC Limited Year ended March 31, 1999Notes to the Financial Statements47FINSAC LimitedYear ended March 31, 199948FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 1999Notes to the Financial Statements49FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements50FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements51FINSAC LimitedYear ended March 31, 199952FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 199953FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 1999Notes to the Financial Statements54FINSAC LimitedYear ended March 31, 199955FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 199956FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 1999Notes to the Financial Statements57FINSAC LimitedYear ended March 31, 199958FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 199959FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 199960FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 199961FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 1999Notes to the Financial Statements62FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements63FINSAC LimitedYear ended March 31, 199964FINSAC Limited Notes to the Financial StatementsYear ended March 31, 1999Notes to the Financial Statements65FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements66FINSAC LimitedYear ended March 31, 199967FINSAC LimitedNotes to the Financial StatementsYear ended March 31, 1999Notes to the Financial Statements68FINSAC Limited Year ended March 31, 1999Notes to the Financial Statements69FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements70FINSAC LimitedYear ended March 31, 1999Notes to the Financial Statements71FINSAC LimitedYear ended March 31, 1999Offices72FINSAC LimitedHead OfficeP. O. Box 5476 Knutsford BoulevardKingston 5Jamaica, W.I.Tel: (876) 906-1809Fax: (876)  906-1822Non-Performing Loan UnitThe Mutual Life Building2 Oxford RoadKingston 5Tel:  (876)  754-7060Fax: (876)  754-7079E-mail:    info@finsac.comWebsite:  www.finsac.com Auditors:        Deloitte & ToucheChartered AccountantsP. O. Box 137 West AvenueKingston GardensKingston 4Jamaica, W.I.Attorneys:   Myers Fletcher & GordonP. O. Box 16221 East StreetKingstonJamaica, W.I.

Auditors\u27 Report to the members of FINSAC Limited

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Auditors\u27 Report to the members of FINSAC Limited

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