I asked dnhh some queries on MIIF financial statements his replies are below:
this post is to be private.
Just from reading the income statement, B/S and cash flow statement.
1st is their revenue is too little. So it is not the total real revenue.
2005 revenue: 17,721.
Trade debtor and other receivables: 39,132.(see note 10: trade receivables — 11,800, distribution receivables — 12,899, interests receivables — 5,271, other receivable — 9,161)
It does not match. For a normal company, there is receivables because credits sale is made so the company is waiting to receive their cash from customers. Since MIFF is a fund, things are different. I do not understand how the revenue and trade debtor come about.
* Spend some time reading the note 2. Summary of significant accounting policies. Should have some explaination.
For 2005 cash flow, you are basically right. After netting off here and there the cash inflow of 11,727 basically from issuing of shares for performance fee of 28,140.
28,140 is cash inflow when money is paid for the shares.(not sure by who)
For Q12006. The cash inflow is basically coming from collection of debtor — 22,826. (trade receivable decrease from 39,132 to 16,312)
To understand the whole FS of MIIF, you need to know when and how MIIF is form, how and revenue from where, fair value of financial assets thru profit and loss(I do think some revenue do come from here, it is the way of accounting for revenue).
I do not understand MIIF. I can say that there is cash inflow in 1Q2006. But that 22,826 is questionable as well. Since MIIF is a fund, which mean cash inflow is not evenly distribute thru out the year. Check 2006 year end cash flow, anything can’t hide much by then.(2005 seem to be a fake year, paying dividend just to make investors happy)