Opermin Zambia Ltd

Management Accounts
for December 2017 & Twelve months year-to-date
Opermin Zambia Ltd Page 02
Statement of Financial Position as at 31/12/2017

Note ZMK ZMK

EQUITY AND LIABILITIES
Share Capital
Share Capital / Members Contribution 15,000
Revaluation Surplus - 15,000
Retained Income
Retained Income / (Accumulated Loss) 2,810,914
Net Profit/Loss this year 13,385,827 16,196,741
Shareholders
Capital Reserves -

Long Term Borrowings

Lease-Finance-Resemin [8] 1,820,337
Lease-Finance-Opermin [8] 3,276,540
Lease-Finance-ATLAS COPCO [8] 20,130,879
25,227,756
41,439,497
Current Liabilities [11]
Trade Payables [3] 2,632,153
Salary & Wages Control [4] 722,709
Provisions [5] 256,703
Short Term Loan [10] 1,926,000
VAT-Control Account [6] 841,795 6,379,360
Total Equity and Liabilities 47,818,858

ASSETS
Fixed Assets
Plant & Equipment Assets - Net Value 36,675,942
Motor Vehicles - Net Value 950,600
Computer Equipment - Net Value 203,458
Furniture & Fittings - Net value 357,804
38,187,804
Current Assets [11]
Inventory 41,230
Barclays Bank-Kwacha 2,744
Barclays Bank-Dollar 12,903
First National Bank-Kwacha 114,403
First National Bank-Dollar 484,945
Trade Receivables [9] 7,930,284
Sundry Receivables [7] 1,024,545
Taxation Claimable 20,000 9,631,054
Total Assets 47,818,858
 Page 03
Opermin Zambia Ltd
NOTES TO THE MANAGEMENT ACCOUNTS FOR DECEMBER 2017

Notes below are cross referenced to Notes Columns on both Income Statement and Statement of Financial Position.

[1] INCOME STATEMENT-Sales ZMK

Sales revenue for the month is down by 23% compared to last month. This is mainly due to reduction in the
secondary development activities
[2] INCOME STATEMENT- Cost of Sales
The cost of sales for the month stands at 55% compared to 40% last month. This is due to reduction in production
[3] STATEMENT OF FINANCIAL POSITION … Trade Payables
……. Detailed schedule attached. 2,632,153

[4] STATEMENT OF FINANCIAL POSITION … Salaries Control Account

PAYE(Outstaning liabilities as at 31st December 2017) 200,050
PAYE(Payable by 10th January 2018) 364,133
NAPSA(Payable by 10th January 2018) 158,527

722,709

[5] STATEMENT OF FINANCIAL POSITION … Provisions

These being liabilities incurred now but payable at some future time.
PROVISION -Gratuity 256,703
256,703

[6] STATEMENT OF FINANCIAL POSITION … VAT

VAT(Payable by 16th January 2018) 841,795

[7] STATEMENT OF FINANCIAL POSITION … Sundry Receivables

Being receivable from the sale of Asset( Loader 007) USD 102,250@10.02 1,024,545

[8] STATEMENT OF FINANCIAL POSITION … Long Term borrowing

Being a Boomer (S1D)-Finance Lease from Atlas Copso-Sweden 1,592,067
Contract No 209035( UDS 158,888.94@10.02)
Being a Boomer (S1D)-Finance Lease from Atlas Copso-Sweden
Contract No 209376( USD 599,469.61@10.02) 6,006,685
Being a Boomer (S1D)-Finance Lease from Atlas Copso-Sweden
Contract No 209523( USD 383,026.55@10.02) 3,837,926
Being a Loader (ST130)-Finance Lease from Atlas Copso-Sweden
Contract No 210301( USD 435506.95@10.02) 4,363,780
Being a Mine Truck (S1D)-Finance Lease from Atlas Copso-Sweden
Contract No 209897( USD 432,177.76@10.02) 4,330,421
Being a Jumbo (CAT O2)-Finance Lease from Opermin-Peru
Contract No 1( USD 327,000@10.02) 3,276,540

Being a New Raptor 550( USD 181,670.33@10.02) Resemin 1,820,337

25,227,756

[9] STATEMENT OF FINANCIAL POSITION … TRADE RECEIVABLE

……. Detailed schedule attached. 7,930,284

7,930,284

[10] STATEMENT OF FINANCIAL POSITION … Short Term Loan

Being a soft loan obtained from Better Now Finance ( USD 200,000@10.02) 2,004,000
2,004,000
[11] STATEMENT OF FINANCIAL POSITION … Current Ratio/Acid Test Ratio
This stands at 1:0.66. This means that the company can meet its current obligation
Opermin Zambia Ltd Page 4
Supplier Age Analysis as at 31/12/2017
Name 120+ Days 90 Days 60 Days 30 Days Current Total Due
ANSULTECH 11,737 11,737
ATLAS COPCO 590,370 505,232 1,095,602
ACCS 53,008 26,680 79,688
BARLOWORLD 64,808 30,540 12,167 16,809 124,324
CH SERVICES 844 73,546 119,368 193,759
CYDON INVESTMENTS 62,408 62,408
ERICKAT 13,000 13,000
DELDEN 5,303 3,698 9,000
IGNEED 20,880 16,704 37,584
INDUSTRIAL RUBBER 638 47,051 47,688 95,376
JOSH 11,219 28,035 39,254
LAWMIK 9,280 9,280
KAMZ 101,000 101,000
KAL TIRE 173,370 173,370
LIQUID ROCK 6,211 38,077 62,060 106,348
MAMA AFRICA 9,866 16,999 1,200 28,065
NEMCHEM 2,560 2,560
ONE STOP PROCUREMENT 2,894 940 3,834
OSCILATORIA 17,400 9,280 26,680
PANORAMA SECURITY 9,428 9,428 18,856
PROGRESS 11,532 17,423 5,043 33,997
PI-HAHIROTH 9,900 9,900
RESEMIN 9,549 33,168 8,276 5,570 56,562
SEMUNJE 43,500 43,500
S&H 5,220 8,120 13,340
SULWATI EMPIRE 16,936 16,936
THOBEKA ENTERPRISES 63,765 97,208 160,973
TIGER PAINT 20,711 20,711
TRYSOME 10,043 6,266 28,199 44,508
GRAND TOTAL : 80,568 40,406 118,792 1,175,486 1,216,901 2,632,153
3% 1% 4% 45% 47%
Opermin Zambia Ltd Page 5
Trade Receivables Age Analysis as at 31/12/2017
Name 120+ Days 90 Days 60 Days 30 Days Current Total Due
MOPANI COPPER MINE - - 7,930,284 7,930,284
KONKOLA COPPER MINE - - - -
BELLY LTD - -

GRAND TOTAL : - - - - 7,930,284 7,930,284