26 October 2012 Annual Report to Shareholders ... - General Mining

generalmining.com

26 October 2012 Annual Report to Shareholders ... - General Mining

NOTES TO THE FINANCIAL STATEMENTS

GENERAL MINING CORPORATION LIMITED

FOR THE YEAR ENDED 30 JUNE 2012

ANNUAL REPORT 2012

9. CONTROLLED ENTITIES

Name of entity

Parent entity

General Mining

Corporation Limited

Provision on

intercompany loan

Forex on intercompany

loan

Percentage

owned

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2012

Class of

share

Cost of parent’s

investments

Contribution to

consolidated profit/(loss)

from operating activities

after income tax expense

Loans to controlled entities

2012 2011 2012 2011 2012 2011 2012 2011

% % $ $ $ $ $ $

- - (3,330,341) (1,722,193) 3,705,338 1,121,260

- - 2,584,078 500,316 (3,705,338) (1,121,260)

- - (169,418) 178,552 - -

Controlled entity - - - - - -

Golden Cross LLC 100 100 Ordinary 11,000 11,000 (2,548,071) (575,726) - -

11,000 11,000 (3,463,752) (1,619,051) - -

Country of Incorporation

Parent entity:

General Mining Corporation Limited

Subsidiary entity:

Golden Cross Company Limited

Australia

Mongolia

The carrying values of the controlled entities recorded in the books of the parent entity are at the lower of cost or net asset

backing of the subsidiaries at balance date.

Consolidated

10. TRADE AND OTHER PAYABLES

Current

Trade creditors and accruals 183,022 66,716

183,022 66,716

11. PROVISIONS

Provision for annual leave

Balance 1 July 27,635 11,228

Provisions made during the year (19,470) 16,407

Balance 30 June 8,165 27,635

12. SHORT-TERM BORROWINGS – (Related Parties)

Debtor loans – unsecured

Christopher Wanless 244 244

244 244

2012

$

2011

$

Page 31

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GENERAL MINING CORPORATION LTD ANNUAL REPORT 2012

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