Balance Sheet for | ||||
PETROGRES Co Limited for the Year Ending 12/31/2014 | ||||
12/31/2014 | 12/31/2013 | |||
Amounds in usd | Amounds in usd | |||
I EQUITY AND LIABILITIES | ||||
1. Shareholders’ funds | ||||
(a) Shares Capital | 1.000.000 | 1.000 | ||
(b) Reserves and surplus | ||||
Retained Earnings | 8.994.259 | 9.994.259 | 9.025.924 | 9.026.924 |
3. Current liabilities | ||||
(a) Trade payables | 425.508 | 380.500 | ||
Total | 10.419.767 | 9.407.424 | ||
II ASSETS | ||||
Non-Current Assets | ||||
1. (a) Fixed Assets | ||||
Tangible Assets | ||||
(a)Vessels | 9.550.000 | 9.550.000 | ||
less depreciation | -2.785.000 | 6.765.000 | -2.130.000 | 7.420.000 |
(b) Furniture and Fixtures | 85.000 | 85.000 | ||
less depreciation | -42.500 | 42.500 | -34.000 | 51.000 |
6.807.500 | 7.471.000 | |||
2. Current Assets | ||||
(a) Trade receivables | 3.085.611 | 1.526.876 | ||
(b) Cash and Cash Equivalents | 526.656 | 3.612.267 | 409.548 | 1.936.424 |
Total | 10.419.767 | 9.407.424 |
Income Statement for | ||||||
PETROGRES Co Limited for the Year Ending 12/31/2014 | ||||||
usd | usd | |||||
01-12/31/2014 | 01-12/31/2013 | |||||
bbls | bbls | |||||
1 Freight Income | 70.000 | 1.320.009 | ||||
2 Sales Income grude oil | 175.000 | bbls | 13.660.728 | 127.854 | 11.403.364 | |
3 Sales Income gas oil | 7.750 | tons | 6.007.100 | 0 | ||
A. TOTAL INCOME | 19.737.828 | 12.723.373 | ||||
Cost of Goods Sold: | ||||||
Net Purchases | 13.225.637 | 7.007.600 | ||||
13.225.637 | 7.007.600 | |||||
Operating Costs | ||||||
1. Logistic & Bunkers | 2.408.820 | 1.965.864 | ||||
2. Bonus & Surveys/Clear | 539.708 | 624.502 | ||||
3. Other Vessels OPEX | 554.750 | 918.413 | ||||
3.503.277 | 3.508.779 | |||||
B. COST OF GOODS SOLD | 16.728.914 | 10.516.379 | ||||
C. GROSS MARGIN | 3.008.914 | 2.206.994 | ||||
D. Less: | ||||||
Management Expenses | 492.820 | 520.287 | ||||
Annual repairs | 0 | 452.000 | ||||
Royalties | 0 | 100.000 | ||||
E. NET OPERATING PROFIT | 2.516.094 | 1.134.707 | ||||
Depreciation | 663.500 | 663.500 | ||||
F. NET PROFIT | 1.852.594 | 471.207 | ||||
G. INCOME TAXES | 185.259 | 47.121 | ||||
H. NET PROFIT AFTER INCOME TAX | 1.667.335 | 424.086 |
PETROGRES Co Limited for the Year Ending 12/31/2014 | |||
2014 | 2013 | ||
usd | usd | ||
Net Income | 1.667.335 | 424.086 | |
Operating activities, cash flows provided by or used in: | |||
Depreciation and amortization | 663.500 | 663.500 | |
Decrease (increase) in accounts receivable | -1.558.735 | -767.244 | |
Increase (decrease) in liabilities (A/P, taxes payable) | 45.008 | 14.579 | |
Net cash flow from operating activities | 817.107 | 334.921 | |
Investing activities, cash flows provided by or used in: | |||
Investment s | 0 | 0 | |
Net cash flows from investing activities | 0 | 0 | |
Financing activities | |||
Increase Capital | 0 | 0 | |
Dividends paid | -700.000 | -200.000 | |
Net cash flows from financing activities | -700.000 | -200.000 | |
Net increase (decrease)in cash and cash equivalents | 117.107 | 134.921 | |
Cash and cash equivalents, beginning of year | 409.548 | 274.627 | |
Cash and cash equivalents, end of period | 526.655 | 409.548 |
PETROGRES Co Limited for the Year Ending (12/31/2014) | |||
Changes in Equity | |||
Capital | Reserves | Total | |
usd | usd | usd | |
Opening balance 0/01/2012 | 1.000 | 8.801.838 | 8.802.838 |
(+) Net Profit/(Net Loss) for the year | 424.086 | 424.086 | |
(-)Dividends | -200.000 | -200.000 | |
Closing Balance | 1.000 | 9.025.924 | 9.026.924 |
Opening balance 0/01/2013 | 1.000 | 9.025.924 | 9.026.924 |
(+) Net Profit/(Net Loss) for the year | 1.667.335 | 1.667.335 | |
(+)Increase Capital | 999.000 | 999.000 | |
(-)Increase Capital | -999.000 | -999.000 | |
(-)Dividends | -700.000 | -700.000 | |
Closing Balance | 1.000.000 | 8.994.259 | 9.026.924 |
NOTE NO:1 SIGNIFICANT ACCOUNTING POLICIES
(a) CONVENTION
The accounts are prepared under the historical cost convention and as a going concern.
Fixed assetsareincluded at the cost incurred at the date of acquisition.
(b) Impairment of Assets
The Company reviews the carrying values of tangible assets for any possible impairment at each Balance sheet date. Impairment loss, if any, is recognised in the year in which impairment takes Place.
(c) CAPITALISATION OF EXPENSES
In addition operating costs of newly acquired ships till the first load port or commencement of first commercial voyage in case of offshore assets are added to the cost of assets. These expenses include initial bunkers, stores, spares, interest, floating staff salaries and wages, travelling of personnel and other incidental expenses.
(d) DEPRECIATION
Depreciation is provided on ships on straight line basis at the rates over their useful lives
(e) TREATMENT OF MAJOR REPAIRS
All major repairs including special survey expenses carried out on vessels are written off to the revenue in the year of incurring the expenses. However, where such expenses are of the nature of capital expenses, the same are added to the cost of the vessel concerned.
(f) STORES AND SPARES
Stores and spares purchased are directly issued to ships and the values of such purchases are charged to the expenses account as consumed.
(g) REVENUE RECOGNITION
Revenues are recognized when (a) Realized or realizable and (b) earned.
Income from time and voyage charters is recorded on the basis of rates contracted with charterers.
For voyages in progress at the year end, the estimated net earnings are divided proportionately over the total number of days taken to complete the voyage and credit is taken for the net earnings falling within the accounting period.
Claims receivable on account of Insurance are accounted for to the extent the Company is reasonably certain of the ultimate collection.
NOTE 2: SHARE CAPITAL
Particulars | As at 12/31/2014 | As at 12/31/2013 | ||
Number | In usd | Number | In usd | |
Authorised | ||||
Equity Shares of | 1.000.000 | 1.000.000 | 1.000 | 1.000 |
1.000.000 | 1.000.000 | 1.000 | 1.000 |
NOTE 3: RESERVES AND SURPLUS
As per Balance Sheet | ||
12/31/2014 | 12/31/2013 | |
usd | usd | |
Opening balance | 9.025.924 | 8.801.838 |
(+) Net Profit/(Net Loss) for the year | 1.667.335 | 424.086 |
(-)Increase Capital | -999.000 | 0 |
(-)Dividends | -700.000 | --200.000 |
Closing Balance | 8.994.259 | 9.025.924 |
NOTE 4: OPERATING COSTS
Operating Costs | 12/31/2014 | 12/31/2013 |
usd | usd | |
Stores | 139.250 | 142.635 |
Lubricants | 63.809 | 68.992 |
Victualling Expenses | 68.410 | 63.152 |
Other Direct Floating Staff Cost | 88.500 | 84.506 |
Bunkers and Water | 1.387.902 | 1.406.703 |
Agency Fees & Port Expenses | 196.132 | 193.518 |
Spares, Running Repairs and Surveys | 217.805 | 212.459 |
Fleet Insurance and Protection Club Fees | 264.807 | 263.605 |
Brokerage and Commission | 122.210 | 117.803 |
Miscellaneous Expenses | 63.409 | 66.298 |
Employee Expenses | 891.043 | 889.108 |
3.503.277 | 3.508.779 |
NOTE 5: TRADE PAYABLES
Trade payables | |
usd | |
Prime castle ltd | 267.810 |
Insurance | 77.895 |
Brokers | 39.313 |
Employees | 39.490 |
424.508 |
INDEPENDENT AUDITORS REPORT to the Shareholders of PETROGRES Co Limited
Report on the Financial Statements
We have audited the accompanying financial statements ofPETROGRES Co Limited which comprise the statement of financial position as of 31 December 2014, the statement of comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, as adopted by the European Union, and for such internal controls as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s system of internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the CompanyPETROGRES Co Limitedas of 31 December 2014 and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards, as adopted by the European Union.
Athens,11 February 2015
DIMITRIOS TH. VERNADAKIS
Certified Public Accountant Auditor Institute of CPA (SOEL) Reg. No. 10301