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Arakan Resources Limited - Annual Financial Report

June 27, 2014

Arakan Resources Limited Audited Financial Results 2013. PR Newswire London, June 25 Arakan Resources Limited (ARK) released audited financial results for financial year 2013. Arakan Resources Limited (ARK) released today its audited financial report for the 2013 financial year ending December 31. The report includes consolidated financial statements of Arakan Resources Limited, which are comprised of the consolidated statement of financial position as at December 31, 2013 and the related consolidated statements of profit or loss and other comprehensive income, changes in shareholders' equity, and cash flows statement. The complete audited financial report was posted on the GXG site for further review. The audited financial report presents the following results CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME July 18, 2013 (date of incorporation) through December 31, 2013 Revenue - Costs and expenses Finance costs 91 Consultancy fee 64,997 Subscription fee 9,858 Incorporation fee 2,755 Share register maintenance costs 5,828 Impairment loss on goodwill 247,824 Foreign exchange loss 2,782 Other operating expenses 29,904 (364,039) Loss before taxation (364,039) Taxation - Net loss for the period and total comprehensive loss for (364,039) the period Attributable to: Owners of the parents (364,038) Non-controlling interest (1) (364,039) Total comprehensive loss attributable to:- Owners of the parents (364,038) Non-controlling interest (1) (364,039) CONSOLIDATED STATEMENT OF FINANCIAL POSITION December 31, 2013 ASSETS Non-current asset Investment in subsidiaries - Goodwill - Total non-current asset - Current assets Deposits 5,237 Prepayment 5,419 Amount due from a shareholder 2 Cash and cash equivalents 27,906 Total current assets 38,564 Total assets 38,564 EQUITY AND LIABILITIES Equity attributable owners Share capital 1,500 Accumulated losses (361,038) Non-controlling interest 1 Total equity (362,537) Current liabilities Bank overdraft 10 Accruals 12,702 Other payables 224,264 Amount due to a related party 13,383 Amount due to directors 150,742 Total liabilities 401,101 Total equity and liabilities 38,564 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Accumulated Interest Total Capital Losses US$ US$ US$ US$ Balance as at 18.07.2013 2 - - 2 (date of incorporation) Issuance of shares 1,498 - - 1,498 Contribution by non-controlling - - 2 2 interest Total comprehensive loss for the - (364,038) (1) (364,039) period Balance as at 31.12.2013 1,500 (364,038) 1 (362,537) CONSOLIDATED STATEMENT OF CASH FLOWS July 18, 2013 (date of incorporation) through December 31, 2013 Cash flows from operating activities Loss before taxation (364,039) Adjustment for:- 247,824 Impairment loss on goodwill Changes in working capital:- Decrease in deposits and prepayment 6,005 Increase in other payables and accruals 76,048 Net cash used in operating activities (34,162) Cash flows from investing activities Net cash inflow on acquisition of subsidiaries 24,999 Net cash generated from investing activities 24,999 Cash flows from financing activities Advance from directors 35,559 Issuance of shares 1,500 Net cash generated from financing activities 37,059 Net increase in cash and cash equivalents 27,896 Cash and cash equivalents at beginning of period - Cash and cash equivalents at end of period 27,896 As at December 31, 2013, the Company had net capital deficit and net current liabilities of $362,537. The financial statements have been prepared on a going concern basis as two of the shareholders and a third party have agreed to provide financial support to the company to enable the company to pay its debt as and when they fall due and not to recall the amount advance to the company until all other payables have been met. The Directors take responsibility for this announcement. For further information: Arakan Resources LimitedChristian West, Director Tel: +44 (0) 207 290 8542




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Source: PR Newswire (UK Disclosure)


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