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Public company info - Asia Coal Ltd. , 00835.HK
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Asia Coal Ltd., 00835.HK - Company Profile
Chairman ZHU Xinjiang
Share Issued (share) 9,608,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Coal
Corporate Profile Business Summary: Asia Coal is mainly engaged in coal and energy related business with a strategy of developing its business across the whole supply chain of coal, including coal mining, production, trading and distribution, as well as coal gasification.In June 2014, the Company announced the commencement of its coal trading business and the discontinuation of the beauty business. Performance for the year: For the year ended 31st March 2018, the Group’s consolidated revenue was approximately HK$4,744,000, representing a 58% decrease as compared to the previousfinancial year. Loss attributable to owners of the Company decreased to approximately HK$37 millionfrom HK$57 million as recorded in the previous financial year. Business Review： Coal Mining As disclosed in the Company’s annual report for the year ended 31st March 2017, fullimpairment loss of the mining right licenses has been recognised according to HKAS 36“Impairment of Assets” in previous financial years. After seeking legal advice and assessing the viability of developing potential projectswith the mining right licenses in light of the current challenging market and businessconditions in Mongolia, the Directors consider no reversal of the impairment loss of themining right licenses is appropriate in the year, because of the followings: • there has been no change on the Mining Prohibition Law (the “MPL”) whichsignificantly restricts the Group from mining exploration activities; • the compensation investigation of any enforcement is still in progress by theMinerals Authority of Mongolia (the “Authority”) and the related departments, andaccordingly, the amount and timing of any compensation cannot be determined; • the legal and political environment of Mongolia remains uncertain; and • there are no precedent cases of compensation being paid by the Authority in respectof expropriated areas of mining activities. The Directors will continue to review the carrying amount of the mining rights andassess the recoverable amount by taking into account, among others, the overall marketconditions for coal and any impact arising from the MPL. If the compensation amountand timing of receipt under the MPL could be accurately determined, the reversal of theimpairment loss of the mining right licenses may be recognised as income immediately. Coal Trading Revenue contributed by the coal trading segment for the year amounted toHK$4,744,000, representing a decrease of 58% as compared to the previous financialyear. The gross profit generated by this segment decreased by HK$309,000 toapproximately HK$208,000. The gross profit margin of this segment decreased slightlyfrom 5% of the previous financial year to 4% for the year. As the business environmentwas difficult with keen competition, the Group will closely review the marketdevelopment and seek for the best opportunities for the Group. The Group has concentration of credit risk as the whole amount of trade receivables wasdue from the Group’s major customers within the coal trading segment. The managementhas assessed and considered that the actual future cash flows are less than expected, fullprovision loss on trade receivables of HK$2,001,000 has been recognised as at 31st March 2018. The Group will identify new customers to minimize the risk of overreliance on the existing major customers. Prospects: Subsequent to the end of the reporting period, the Group has expanded its coal trading business. The Group will continue to evaluate potential coal mining and other tradingbusiness opportunities, as well as to explore opportunities for acquisition of assets and/or business with sufficient operations and/or asset value to warrant the continued listingof the shares on the Stock Exchange.

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