The fair value of the warrants as at 31 December 2013 has been
calculated using the Black Scholes model assuming the inputs shown
below:
Share price at year end 9.1p
Exercise price 0.5p
Expected warrant life in years 2
Risk free interest rate 1%
Expected volatility 10%
Expected dividend yield 0%
Fair value of option 6.7p
Volatility has been estimated by taking the historic volatility
in Tricor's share price over one year.
15. INVESTMENT IN SUBSIDIARY
Shares in
Subsidiaries
GBP
Cost
At 1 January 2013 3,390,123
Additions -
Disposals (3,389,625)
----------------
At 31 December 2013 498
----------------
Provision
At 1 January 2013 3,389,625
Charge -
Disposal (3,389,625)
----------------
At 31 December 2013 -
----------------
CARRYING VALUE
At 31 December 2012 498
At 31 December 2012 498
The details of the subsidiaries are as follows:
Name of Company Country Shareholdings Principal
of Activity
Incorporation
Nova East Management Singapore 100% Inactive
Pte Ltd
Nova East Capital Private Singapore 100% Dormant
Limited
Nova Mongolia Corp PTE Singapore 100% Investment
Ltd Holding Company
Nova Mongolia Corp PTE Ltd has sold 100% of this issued share
capital of Nova Logistics Holdings Limited (formally known as
Salins Limited), a company incorporated in the British Virgin
Islands, an investment holding company which in turn owns 100% of
the issued share capital of Nova Trans LLC (Formerly ZHCH Mining
LLC) ("NT"), a company incorporated in Mongolia to provide coal
transportation and logistics services in Mongolia. NT entered into
a contract with another Mongolia company on 17 January 2012 to
transport coal within Mongolia, to commence on 15 May 2012, for one
year; actual commencement took place on 5 June 2012. The contract
was terminated on 15 April 2013 and subsequently on 27 December
2013 Nova Logistics Holdings Limited and its subsidiary were sold
for a nominal amount.
16. TANGIBLE FIXED ASSETS
Trucks,
Trailers Furniture Computer
Land and and other and and
Camps Motor vehicles Other assets software Total
Cost GBP GBP GBP GBP GBP
At 1 January 2013 362,266 1,852,539 40,362 11,822 2,269,989
Additions - - - - -
Disposals (362,266) (1,852,539) (40,362) (11,822) (2,269,989)
---------------- ---------------- ---------------- ---------------- ----------------
At 31 December 2013 - - - - -
---------------- ---------------- ---------------- ---------------- ----------------
Accumulated
depreciation
At 1 January 2013 886 92,441 2,052 1,482 96,861
Charge for the year - - - - -
On Disposals (886) (92,441) (2,052) (1,482) (96,861)
---------------- ---------------- ---------------- ---------------- ----------------
At 31 December 2013 - - - - -
---------------- ---------------- ---------------- ---------------- ----------------
Net Book Value
31 December 2013 - - - - -
31 December 2012 361,380 1,760,098 38,310 10,340 2,170,128
17. INVENTORIES
Group Company
2013 2012 2013 2012
GBP GBP GBP GBP
Transportation parts and - 19,288 - -
supplies
18. TRADE AND OTHER RECEIVABLES Group Company
2013 2012 2013 2012
GBP GBP GBP GBP
Trade debtor - 609,930 - -
Loan - intercompany - - 89,570 375
Other debtors 232 287,269 296 -
Prepayments - 25,019 - 1,921
-------------- -------------- -------------- --------------
232 922,218 89,866 2,296
The Company has lent to Hoddle Limited ("Hoddle") US$500,000
(GBP320,986) on 5 January 2012, for a period of 12 months. As
security for the Loan, the Company has been granted a charge over
the entire issued share capital of Hoddle (the "Hoddle
Shares").
18. TRADE AND OTHER RECEIVABLES
The sole shareholder of Hoddle Limited is JI Won Park ("Park").
Park, a Korean citizen, is a businessman with interests in
Mongolia. He is not related to any director or substantial
shareholder of the Company. Park has also granted the Company
exclusivity with respect to the Hoddle Shares in that he has agreed
not to sell, and will terminate all discussions relating to the
sale of, any of the Hoddle Shares to any third party until 30
September 2012.
Hoddle is an investment holding company incorporated in the
British Virgin Islands. It owns 50% per cent of the entire issued
share capital of Standard MT Private Limited ("Standard"), a
company incorporated in Singapore. Standard owns 49 per cent of the
entire issued share capital of MSR LLC, a company organised and
existing under the laws of Mongolia ("MSR"). MSR owns 95 per cent
of the issued share capital if Standard Mining Trans LLC, a company
organised and existing under the laws of Mongolia ("SMT").
SMT is in the business of providing logistics services to mines
in Mongolia. SMT has signed a contract with MoEnCo LLC ("MoEnCo"),
a company incorporated in Mongolia to transport coal from its
Khushuut coal mine to a storage ground close to the border with the
People's Republic of China. MoEnCo is a subsidiary of Mongolian
Energy Corporation, SMT will commence the transportation of coal
once the Khushuut coal mine commences production of coal.
Production is expected to commence sometime in 2012.
As at the 31 December 2012, a full provision was made against
the carrying value of the amount due from Hoddle Limited. This
amount has now been fully written off.
19. CASH AND CASH EQUIVALENTS Group Company
2013 2012 2013 2012
GBP GBP GBP GBP
Bank current accounts 18,758 119,016 292 19,103
-------------- -------------- -------------- --------------
18,758 119,016 292 19,103
20. TRADE AND OTHER PAYABLES Group Company
2013 2012 2013 2012
GBP GBP GBP GBP
Trade payables 112,365 160,264 112,365 61,956
Other creditors - 96,772 - 7,262
Current portion of convertible
notes loan (Note 21) 98,235 16,721 98,235 16,721
Loans - 2,308,332 - -
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