Ethiopian Minerals Corporation
Explores, develops, and processes mineral resources including gold and tantalum.
Revenue
ETB 44.2M
FY 2015
Net Loss
ETB -83.9M
Loss
Total Assets
ETB 1.3B
FY 2015
Total Equity
ETB 601.1M
Revenue & Profitability
Revenue, cost of sales, and net profit over time
Balance Sheet
Total assets, liabilities, and equity over time
Audit Opinion Timeline
Key Audit Findings
Basis for qualified opinion from the latest audit report
#1 Could not verify the existence of inventory balance as of the balance sheet date due to late appointment as auditor and not attending year-end inventory count.
Could not verify the existence of inventory balance as of the balance sheet date due to late appointment as auditor and not attending year-end inventory count.
Could not verify the existence of inventory balance as of the balance sheet date due to late appointment as auditor and not attending year-end inventory count.
#2 Goods in Transit with a balance of Br. 11,533,771.13 has been long outstanding over years and its existence is unverifiable.
Goods in Transit with a balance of Br. 11,533,771.13 has been long outstanding over years and its existence is unverifiable.
Goods in Transit with a balance of Br. 11,533,771.13 has been long outstanding over years and its existence is unverifiable.
Amount: ETB 11.5M
#3 Long outstanding loan balance of Br. 46,020,575 has been outstanding over years and the actual existence could not be verified.
Long outstanding loan balance of Br. 46,020,575 has been outstanding over years and the actual existence could not be verified.
Long outstanding loan balance of Br. 46,020,575 has been outstanding over years and the actual existence could not be verified.
Amount: ETB 46.0M
#4 Trade and other payable includes Br. 44,747,538.88 representing receivables with credit balance which has been long outstanding.
Trade and other payable includes Br. 44,747,538.88 representing receivables with credit balance which has been long outstanding.
Trade and other payable includes Br. 44,747,538.88 representing receivables with credit balance which has been long outstanding.
Amount: ETB 44.7M
#5 Significant variation between paid up capital in the statement of financial position (Br. 462.76 million) and the paid up capital stated in the establishment regulation (Br. 4.175 billion).
Significant variation between paid up capital in the statement of financial position (Br. 462.76 million) and the paid up capital stated in the establishment regulation (Br. 4.175 billion).
Significant variation between paid up capital in the statement of financial position (Br. 462.76 million) and the paid up capital stated in the establishment regulation (Br. 4.175 billion).
Consolidated financial statements including subsidiary Afar Salt Production Share Company. The corporation has significant land use rights (freehold land) valued at Br. 647 billion on the balance sheet. EC filenames: 2015 EC = FY ended 7 July 2023.