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  • Waz #6631

    Could you please provide an explanation for:

    1. The loan to Darryl Corps Family Trust for $628520 under non current assets.

    2. The $361840 under bad debts in the 2015 P/L.

    Thank you.


    Manning Pavement Services Pty Ltd ACN 130384593 #6641

    For 1. Manning Pavement Services (MPS) trading as Karratha Asphalt works in tandem with our related entity Karratha Earthmoving & Sand Supplies (trading name for the earthmoving business of the Darryl Corps Family Trust – have been in business for over 30 years) to provide a complete service solution to our customers. There are plant & equipment and services which are provided through these two entities. In this instance the majority of the Loan to Darryl Family Trust (KEM) is for equipment hire ($594K) for the year which was not physically paid for but recorded as loans to and from at the end of the financial year with the corresponding entry to plant hire income for MPS.

    For 2. There were several bad debts written off for the year in relation to debtors/customers who have gone into administration & liquidation. As unsecured creditors, the bad debt is recognise once we have confirmation that the likelihood of recovery is very remote. We do request for personal and directors guarantee in our credit policy but recovery is often difficult given the unsecured nature of our debt. In this instance, the bad debt related to three businesses that went bad and they were:

    Redline – $320,434 (director also went into bankruptcy as well)
    GLH Contracting – $31,971 (carried in the books since 2013)
    National Building Suppliers Group – $9,435 (January 2015)

    litesbook #6816

    Hi I have a basic question.
    The value risk ratio is greater than >95%.
    Does that imply that theres a 95% probabilty that the company will lose the investors money? Or does it mean the opposite as 5% ?

    Manning Pavement Services Pty Ltd ACN 130384593 #6819

    Hi Litesbook, under the credit info tab, there is a document that is called the Manning Pavement Services rating.png. This document shows the risk and explains there is a 95% that the investor will get all their money back.

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