ADVANCE PAINT & CHEMICAL (THAILAND) PUBLIC COMPANY LIMITED

Transcription

1 FINANCIAL STATEMENTS AND REPORT OF CERTIFIED PUBLIC ACCOUNTANT EXPRESSED IN THAI BAHT

2 BALANCE SHEETS AS AT DECEMBER 31, 2009 AND 2008 Notes ASSETS CURRENT ASSETS Cash and cash equivalents 8 11,975 28,325 Trade accounts receivable - net 9 699,733 1,632,089 Other accounts receivable - related company ,277 74,609 Inventories - net ,709 1,927,245 Other current assets - net 204, ,935 Total current assets 1,826,317 4,285,203 NON-CURRENT ASSETS Fixed deposit pledged as collateral , ,000 Property, plant and equipment - net 12 55,548,517 57,556,151 Other non-current assets 36,000 36,000 Total non-current assets 55,855,322 57,855,151 TOTAL ASSETS 57,681,639 62,140,354

3 BALANCE SHEETS AS AT DECEMBER 31, 2009 AND 2008 Notes LIABILITIES NET CAPITAL DEFICIENCY CURRENT LIABILITIES Bank overdraft and short-term loan 13-50,033,385 from financial institution Trade accounts payable 454, ,195 Loan and accrued interest expenses - related person ,033,228 12,825,442 Loan and accrued interest expenses - other person 14 54,032,301 - Accrued expenses 6,294,481 5,027,508 Other current liabilities 702, ,029 Total current liabilities 76,516,327 69,144,559 CAPITAL DEFICIENCY Share capital Authorized shares 418,980,025 ordinary shares of 1 each 418,980, ,980,025 Issued and paid - up shares 222,692,675 ordinary shares of 1 each 222,692, ,692,675 Deficit (241,527,363) (229,696,880) Capital deficiency (18,834,688) (7,004,205) LIABILITIES NET CAPITAL DEFICIENCY 57,681,639 62,140,354

4 STATEMENTS OF INCOME Notes Revenues Sales 3,889,416 10,411,239 Other income - related company ,919,148 1,438,685 Other income 209, ,632 Gain on disposal of equipment 219,625 - Total revenues 7,237,721 12,677,556 Expenses Cost of sales 6,497,290 11,282,343 Selling expenses 271, ,177 Administrative expenses 6,317,297 5,520,719 Management's remuneration 1,765,000 2,107,000 Loss on impairment of property, plant and equipment - 21,184,274 Total expenses 14,850,691 40,430,513 Loss before finance costs (7,612,970) (27,752,957) Finance costs (4,217,513) (4,312,492) Net loss (11,830,483) (32,065,449) Basic loss per share Basic loss per share (0.0531) (0.1441) Basic weighted average number of ordinary shares (shares) 222,692, ,532,120 Diluted loss per share Diluted loss per share 19 (0.0531) (0.1441) Diluted weighted average number of ordinary shares (shares) 222,692, ,532,120

5 STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Note Issued and paid-up share capital Surplus on asset revaluation Deficit Net Balance as at January 1, ,453,175 1,738,127 (197,631,431) 26,559,871 Revaluation surplus of land and property - written off - (1,738,127) - (1,738,127) Common stock from exercised of warrant 239, ,500 Net loss - - (32,065,449) (32,065,449) Balance as at December 31, ,692,675 - (229,696,880) (7,004,205) Balance as at January 1, 2009, As previously reported 222,692,675 - (232,264,114) (9,571,439) Prior year adjustment ,567,234 2,567,234 Balance as at January 1, 2009, As restated 222,692,675 (229,696,880) (7,004,205) Net loss - - (11,830,483) (11,830,483) Balance as at December 31, ,692,675 - (241,527,363) (18,834,688)

6 STATEMENTS OF CASH FLOWS Cash flows from operating activities Net loss (11,830,483) (32,065,449) Adjustments to reconcile net loss to net cash used in from operating activities Depreciation 2,007, ,274 Doubtful debts - 30,589 Loss on impairment of fixed assets - 21,184,274 Write off complimentary goods 366,548 - Loss on obsolescence of inventories 210,295 - Reversal of accrued expenses - (341,431) Gain on disposal of equipment (219,625) - Interest expenses 4,217,513 4,312,492 Operation loss before change in operting assets and liabilities (5,248,119) (6,163,251) Operating assets (Increase) Decrease Trade accounts receievable 932,356 2,141,554 Other account receivable - related company (7,668) 67,205 Inventories 889,241 2,222,665 Other current assets - net 51, ,513 Other non-current assets - (14,999) Operating liabilities Increase (Decrease) Trade accounts payable (258,189) (483,635) Accrued expenses 1,994,603 1,234,838 Other current liabilities 156,282 (77,578) Cash paid from operating activities (1,489,730) (931,688) Cash paid for interest expenses (1,462,227) (3,063,910) Net cash used in operating activities (2,951,957) (3,995,598) Cash flows from investing activities Proceed from disposal of equipment 219,626 - Increase in restricted deposit with financial institutions (7,805) (63,000) Net cash provided by (used in) investing activities 211,821 (63,000)

7 STATEMENTS OF CASH FLOWS Note Cash flow from financing activities Increase (Decrease) in overdrafts and short-term loan from financial institution 7 (50,033,385) 145,188 Proceeds from loans from director 2,298,945 11,944,920 Cash paid for loans from director (1,037,387) (9,400,000) Increase in loan from other person 51,495,613 - Increase in liability under discounted trade receivables - 3,580,201 Decrease in liability under discounted trade receivables - (2,500,165) Proceeds from exercised of warrant - 239,500 Net cash provided by financing activities 2,723,786 4,009,644 Net increase in cash and cash equivalents (16,350) (48,954) Cash and cash equivalents at the beginning of the years 28,325 77,279 Cash and cash equivalents at the end of the years 11,975 28,325