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DGR GLOBAL LIMITED — Annual Report 2003
Aug 19, 2003
64771_rns_2003-08-19_0cb21fc1-dbf0-4782-8328-02d5cc88208d.pdf
Annual Report
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BDO Kendalls
BDO Kendalls
Chartered Accountants & Advisers
www.bdokendalls.com.au [email protected]
Level 18, 300 Queen Street GPO Box 457 Brisbane Queensland 4001 Australia
Telephone + 61 7 3237 5999 Facsimile + 61 7 3221 9227
15 August, 2003
The Directors D'Aguilar Gold Limited Level 30 Riverside Centre 123 Eagle Street Brisbane Q 4000
Dear Sirs
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WORKING CAPITAL REQUIREMENTS
We have been requested by the company to review its working capital position in accordance with rule 1.3.3 of the Australian Stock Exchange listing rules.
In our opinion :
-
- The company has enough working capital to carry out it's stated objectives under the prospectus.
-
- The company's working capital after the capital raising (assuming a minimum subscription) will be at least \$1.5 million. The amount available has been determined after allowing for the first full financial year's budgeted administration costs, costs of the issue and the cost of acquiring plant, equipment and mining tenements
BDO Kendalls
BOO Kendalls
TIKendall
Partner
$\frac{1}{2}$ , $\frac{1}{2}$
J.
BALANCE SHEET AS AT 30TH JUNE 2002
| $\mathbf{\mathcal{L}}$ | Note | 2002 S |
2001 \$ |
|
|---|---|---|---|---|
| CURRENT ASSETS Stock - Fuel Stock - Processing Activities |
16,580 | 1,488 43,157 |
||
| 16,580 | 44,645 | |||
| NON CURRENT INVESTMENTS Term Deposit - Security Bonds Security Bonds - DNRM |
314,000 230,861 |
315,255 217,855 |
||
| 544,861 | 533,110 | |||
| $\overline{\mathcal{L}}$ | FIXED ASSETS Freehold Land at Cost Land at Director's Valuation Property, Plant and Equipment |
$\overline{2}$ | 634,299 | 116,748 153,252 395,000 |
| 634,299 | 665,000 | |||
| TOTAL ASSETS | 1,195,740 | 1,242,755 | ||
| € | CURRENT LIABILITIES Bank Overdraft Group Tax Clearing Trade Creditors HP - Caterpillar 977L Loan Account - AMPL Australian Resource Management (ARM) Pty Ltd |
762 39,182 2,660 83,494 |
862 1,841 35,347 14,872 3,817,325 |
|
| Goods & Services Tax Payable/(Refundable) Provision for Annual Leave |
4,413 | (5,292) 6,407 |
||
| 130,511 | 3,871,362 | |||
| NON-CURRENT LIABILITIES HP - Caterpillar 977L Liability for site restoration Loan - Western Pacific Gold Inc. |
3 | 700,000 3,860,273 |
2,948 420,000 |
|
| 4,560,273 | 422,948 | |||
| TOTAL LIABILITIES | 4,690,784 | 4,294,310 | ||
| EXCESS OF LIABILITIES OVER ASSETS | 3,495,044 | 3,051,555 | ||
Kilal $x w$
The accompanying notes form part of these financial statements.
This statement is to be read in conjunction with the compilation report.
BALANCE SHEET
AS AT 30TH JUNE 2002
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| Note | 2002 | 2001 S |
|
|---|---|---|---|
| SHARE CAPITAL AND RESERVES Issued Capital |
|||
| Ordinary Shares Issued | 209,440 | 209,440 | |
| Asset Revaluation Reserve | 3,375,392 | ||
| Accumulated Loss | 3,704,484 | 6,636,387 | |
| DEFICIENCY IN SHAREHOLDERS FUNDS | 3,495,044 | 3,051,555 | |
$\sim$
The accompanying notes form part of these financial statements.
This statement is to be read in conjunction with the compilation report.
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PROFIT AND LOSS ACCOUNT
AS AT 30TH JUNE 2002
| Note | 2002 Т |
2001 S |
|
|---|---|---|---|
| OPERATING (LOSS) Income tax attributable to operating $(\text{loss})$ |
(443, 489) | (2,058,946) | |
| OPERATING (LOSS) AFTER INCOME TAX | (443, 489) | (2,058,946) | |
| Extraordinary Items Income tax attributable to profit on extraordinary items |
3,375,392 | ||
| Profit on extraordinary items after tax | 3,375,392 | ||
| OPERATING PROFIT AND EXTRAORDINARY ITEMS AFTER INCOME TAX (Accumulated losses) at the beginning of the financial year |
2,931,903 (6,636,387) |
(2,058,946) (4, 577, 441) |
|
| TOTAL AVAILABLE FOR APPROPRIATION | (3,704,484) | (6,636,387) | |
| (ACCUMULATED LOSSES) AT THE END OF THE FINANCIAL YEAR |
(3,704,484) | (6,636,387) |
$\hat{\boldsymbol{\beta}}$
This statement is to be read in conjunction with the compilation report.
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$\frac{1}{2}$ , $\frac{1}{2}$
PROFIT AND LOSS STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2002
| $\overline{\mathcal{L}}$ | Note | 2002 \$ |
2001 S |
|
|---|---|---|---|---|
| INCOME | ||||
| Gross profit on trading | 12,432 | 1,333 | ||
| Interest received | 15,030 | 7,192 | ||
| Profit on Sale of Non-current Assets | 104,750 | |||
| Total income EXPENSES |
132,212 | 8,525 | ||
| Accountancy Fees | 10,578 | |||
| Advertising | 4,492 | |||
| Assaying & Sampling | 7,226 | 9,379 | ||
| Bank Charges | 7,326 | 8,196 | ||
| Commission Paid | 7,418 | |||
| Consultancy Fees | 1,451 | 46,040 | ||
| Depreciation | 470,108 | 563,849 | ||
| Electricity & Gas | 3,766 | 2,749 | ||
| Environmental Compliance | 483 | 1,420 | ||
| Exploration - Manumbar | 3,313 | |||
| Exploration - Other Tenements Fees & Permits |
(3, 557) | 13,634 | ||
| Freight & Cartage | (3,192) 80 |
1,636 | ||
| Fuel & Oil | 10,838 | 31,389 | ||
| Head Office Charges | 927 | |||
| Hire of Plant & Equipment | 313 | 1,889 | ||
| Insurance | 249 | 55,421 | ||
| Interest Paid | 391 | 4,391 | ||
| Leasing Charges | 2,855 | |||
| Legal Costs | 74 | 1,642 | ||
| Capital Loss on Sale of Non-current | ||||
| Assets | 96,748 | |||
| Motor Vehicle Expenses Office Amenities |
997 115 |
2,820 1,029 |
||
| Payroll Tax Penalties | (2, 418) | |||
| Penalties - Group Tax | 650 | |||
| Printing & Stationery | 59 | 608 | ||
| rocessing Activities | 26,577 | |||
| Provision for Annual Leave | (6, 407) | |||
| Provision for Site Restoration | 280,000 | |||
| Rehabilitation Expense | 137 | 1,649 | ||
| Rent, Rates & Land Tax | 9,061 | 30,557 | ||
| Repairs & Maintenance | 4,506 | 14,553 | ||
| Royalties - DME Subscriptions & Registrations |
1,132 | 2,403 1,710 |
||
| Sundry Expenses | 264,155 | 949 | ||
| Superannuation Contributions | 9,840 | 11,046 | ||
| Tailings Expense | 142 | |||
| Telephone | 7,997 | 7,506 | ||
| Tenement Fees | 47,053 | |||
| Travel & Accomodation | 20 | |||
| Vages | 124,220 | 145,798 | ||
| Wages - Intercompany Flue Dust | (53, 657) | |||
| Revaluation of assets to historic cost | (808, 533) | 1,153,376 | ||
| Total expenses | 575,701 | 2,067,471 |
This statement is to be read in conjunction with the compilation report.
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PROFIT AND LOSS STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2002
| Note | 2002 | 2001 |
|---|---|---|
| (443, 489) | (2,058,946) | |
This statement is to be read in conjunction with the compilation report.
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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2002
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| 2002 | 2001 | |||
|---|---|---|---|---|
| 1 | Statement of Accounting Policy | |||
| These financial statements are a special purpose financial report prepared for use by directors and members of the company. The directors have determined that the company is not a reporting entity. |
||||
| The statements are prepared on an accruals basis from the records of the company. They are based on historical cost and do not take into account changing money values or, except where specifically stated, current valuations of non-current assets. |
||||
| $\overline{2}$ | Property, Plant and Equipment Freehold Buildings at cost Less: Accumulated Depreciation |
50,000 10,000 |
30,000 | |
| 40,000 | 30,000 | |||
| Plant & Equipment at cost Less: Accumulated Depreciation |
1,933,382 1,614,196 |
205,000 | ||
| 319,186 | 205,000 | |||
| Site Infrastructure at cost Less: Accumulated Depreciation |
2,443,532 2,168,419 |
160,000 | ||
| 275,113 | 160,000 | |||
| Total Property, Plant and Equipment | 634,299 | 395,000 | ||
| $\left( \quad \right)$ | Liability for site restoration Liability for site restoration |
700,000 | 420,000 |
The directors of D'Aguilar Gold Pty Ltd maintains that the restoration
liability of \$700,000 rests with Maxe-tec Aust Ltd (the previous
owners) but Maxe-tec Aust Ltd contest this view. This issue has yet to be resolved.
These notes are to be read in conjunction with the compilation report.
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TRADING STATEMENT
AS AT 30TH JUNE 2002
| Note | 2002 | 2001 | |
|---|---|---|---|
| Sales - Sundry Sundry Income |
11,793 639 |
1,333 - |
|
| 12,432 | 1,333 |
This statement is to be read in conjunction with the compilation report.
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D'AGUILAR GOLD PTY LTD A.C.N. 052 354 837
STATEMENT BY DIRECTORS
The directors have determined that the company is not a reporting entity. The directors have determined that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the accounts.
In the opinion of the directors of the company:
-
- The Profit and Loss Account gives a true and fair view of the $(a)$ profit or loss of the company for the financial year; and
- $(b)$ The Balance Sheet gives a true and fair view of the state of affairs of the company as at the end of the financial year.
- $2.$ At the date of this statement, there are reasonable grounds to believe that the company can meet its debts as and when they fall due.
This statement is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:
Director
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Nicholas Mather
Director
Brian Gerry Moller
COMPILATION REPORT
TO D'AGUILAR GOLD PTY LTD
Scope
On the basis of information provided by directors of the company we have compiled in accordance with APS 9 "Statement on Compilation of Financial Reports" the special purpose financial report of the company for the period ended 30th June 2002, as set out in the attached Profit and Loss Account, Balance Sheet and Notes to and Forming Part of the Financial Statements.
The specific purpose for which the special purpose financial report has been prepared is set out in Note 1. The extent to which Accounting Standards and other mandatory professional reporting requirements or have not been adopted in the preparation of the special purpose financial report is set out in Note 1.
The directors are solely responsible for the information contained in the special purpose financial report and have determined that the accounting policies used are consistent with the financial reporting requirements of the company's constitution and are appropriate to meet the needs of the members of the company.
Our procedures use accounting expertise to collect, classify and summarise the financial information, which the directors provided into a financial report. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed.
To the extent permitted by law, we do not accept liability for any loss or damage which any person, other than the company may suffer arising from any negligence on our part. No person should rely on the special purpose financial report without having an audit or review conducted.
The special purpose financial report was prepared for the benefit of the company and the purpose identified above. We do not accept responsibility to any other person for the contents of the special purpose financial report.
Hall Chadwick
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