MANDARIN MINING PLC
LSE : MANP

July 31, 2012 07:12 ET

Results for the Period Ended 29 February 2012

MANDARIN MINING PLC
RESULTS FOR THE PERIOD ENDED 29 FEBRUARY 2012


Chairman's statement

On  behalf  of the Board of Directors of Mandarin Mining PLC (the "Company"), I am presenting the  accounts
for the period from incorporation on 21 February 2011 to 29 February 2012.

Overview

The accounts for the period to 29 February 2012 show a gross loss of GBP279,506. This is after the costs of
admission to Plus Markets of GBP52,615 and amortisation of what unfortunately proved to be, at this  stage,
unsuccessful  investments,  totalling  GBP180,148. We  had  hoped  that  the  66.66%  investment  in  Cairo
Investments  Limited,  which  owned 30% of Rusinko Pte Ltd, would prove to be lucrative,  but  Rusinko  Pte
Limited have not yet been able to commercialise the device it has a patent for.

Financial Overview

We  extended our investment strategy at our AGM on 30 November 2011, to focus on building up businesses, or
alternatively on identifying quoted businesses that fit our criteria (this was announced in detail  to  the
Market  on  1  December 2011). We are looking to activities, or companies that provide them, that  support,
assist  or  serve natural resources industries, in particular exploration, mining and extraction resources,
transportation  and extractive industries, especially but not restricted to coal and related  products.  We
continue to research the natural resources sector in all its extractive and related activities.

Cash flow and funding

The  company  has  utilised  most  of its initial funding, by way of the  initial  share  placing  and  the
Convertible Loan Notes. However, the directors are confident that they have access to additional  funds  to
satisfy the routine expenses of the company for the next eighteen months.

Outlook

We  are  disappointed  that  the investment made last period in our subsidiary companies  has  not  yielded
positive  results  to date and, accordingly, we have considered it prudent to amortise fully  the  carrying
value  of our investments. We continue to look for new ways to enhance the value of your company, but  will
also continue to attempt to extract value from our existing investments.



Fook Meng Chan
Chairman


31 July 2012


The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Fook Meng Chan
Mandarin Mining plc
Tel:  00 65 6236 2985

Nick Michaels
Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762





PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 29 FEBRUARY 2012
 
 
                                                                                              Period to
                                                                                            29 February
                                                                                                   2012
                                                             Notes                              GBP
 Administrative expenses                                                                      (49,192)
 Expenses of admission to Plus Markets                                                        (52,615)
                                                                                      
 Operating loss                                                                              (101,807)
                                                                                      
                                                                                      
 Impairment of investment                                                                    (180,148)
 Interest receivable                                                                            6,682
 Interest payable                                                                              (4,233)
                                                                                      
 Loss on ordinary activities before taxation                                                 (279,506)
                                                                                      
 Tax on loss on ordinary activities                                                                 -
                                                                                      
 Loss for the period                                                                         (279,506)
                                                                                      
 Loss for the period                                                                  
                                                                                      
 Loss per share - Pence                                                               
 Basic and diluted                                             2                               (1.86p)
                                                                                      
                                                                                      
 The  profit  and  loss  account  has been prepared on the basis that  all  operations  are  continuing
 operations.
                                                                    
 There are no recognised gains and losses other than those passing through the profit and loss account.
                                                                    



BALANCE SHEET
AS AT 29 FEBRUARY 2012

                                                                                         2012
                                                                                 GBP              GBP
                                                                                             
Fixed Assets                                                                                 
Investments                                                                                          2
                                                                                             
Current Assets                                                                               
Debtors                                                                        27,900           
Cash at bank and in hand                                                       13,949           
                                                                                             
                                                                               41,849           
                                                                                             
Creditors:  Amounts falling                                                                  
due within one year                                                           (21,357)
                                                                                             
Net current assets                                                                               20,492
                                                                                             
Total assets less current                                                                    
liabilities                                                                                      20,494
                                                                                             
Creditors: Amounts falling due                                                               
after more than one year                                                                       (150,000)
                                                                                             
                                                                                               (129,506)
                                                                                             
                                                                                             
                                                                                             
Capital and reserves                                                                         
Called up share capital                                                                         150,000
Profit and loss account                                                                        (279,506)
                                                                                             
Shareholders' funds                                                                            (129,506)
                                                                                             
                                                                                             
                                                                                             
                                                                                             
NOTES TO THE RESULTS
FOR THE PERIOD ENDED 29 FEBRUARY 2012



1.   The financial information set out above does not constitute statutory accounts for the purpose  of
     Section 434 of the Companies Act 2006.   The financial information has been extracted from the statutory
     accounts of Mandarin Mining Plc and is presented using the same accounting policies, which have not yet
     been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 31 July
     2012.

     The preliminary announcement of the results for the period ended 29 February 2012 was approved by the
     board of directors on 31 July 2012.

2.   Earnings per share
     
     Basic  earnings per share is calculated by dividing the earnings attributable to ordinary shareholders
     by  the  weighted average number of ordinary shares during the period. The weighted average number  of
     equity shares in issue was 15,000,000 and the loss after tax was GBP 279,506.

Contact Information

  • MANDARIN MINING PLC