HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix A
Summary of entities in the HWE
Administration Group
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
No Entity ACN Class Order Subject to Active Dormant Business Unit(s) Nature of Business Registered Office Operation Company Bank/Bond acquisition date Holder Cross (Date acquired Guarantee 100% shareholding) 1 Henry Walker Eltin Group Limited 007 710 483 Yes Yes Yes Yes Corporate Listed Holding entity – Level 3 13-15 Lyonpark 23 October 1970 ultimate parent company Road, North Ryde NSW 2113 2 ACN 009 366 036 Pty Ltd 009 366 036 No Provides some No Holding Co Mining Australia Was the Eltin listed holding Level 3 13-15 Lyonpark 5 May 1999 bilateral entity Road, North Ryde NSW guarantees to 2113 certain banks 3 Bridge Autos Pty Ltd 009 625 816 No Yes Yes No Bridge Autos Ran motor dealership in Level 3 13-15 Lyonpark 18 September 1989 Northern Territory Road, North Ryde NSW 2113 (Trading from 1 Stuart Highway Darwin) 4 Bulumba Pty Ltd 008 060 240 No Yes Yes No Land Holds interest (units) in Level 3 13-15 Lyonpark 20 December 1994 Ascot Fields development Road, North Ryde NSW 2113 5 Capnorth Developments Pty Ltd 009 640 251 No Yes Yes No Corporate Vehicle for provision of Level 3 13-15 Lyonpark 9 March 1988 loans to employees share Road, North Ryde NSW scheme 2113 6 Castlemaine Wastewater 081 417 030 No No Yes No Simon Neg – water Holds water infrastructure Level 3 13-15 Lyonpark 28 January 1988 Treatment Pty Ltd assets at Castlemaine and Road, North Ryde NSW Bendigo 2113 7 Castleton Pty Ltd 009 210 664 No Yes Yes No N/A Holds small equity parcels Level 3 13-15 Lyonpark 5 May 1999 Road, North Ryde NSW 2113 8 Dover Investments Pty Ltd 009 637 914 No No Yes No Land Holds interest in Bayview Level 3 13-15 Lyonpark 31 March 2004 Haven development in the Road, North Ryde NSW Northern Territory 2113 9 Eltin International Pty Ltd 009 211 456 No No No Holding Co Mining International Holds interest in AMS Level 3 13-15 Lyonpark 5 May 1999 Ghana Road, North Ryde NSW 2113 10 Eltin Open Pit Operations Pty Ltd 008 918 278 No Yes Yes No Mining Australia Old Eltin entity – all Eltin Level 3 13-15 Lyonpark 5 May 1999 companies slowly being Road, North Ryde NSW exited as projects complete. 2113 Trustee of MEUT 11 Eltin Surface Mining Pty Ltd 062 450 113 No Yes No Yes Mining Australia Old Eltin entity – all Eltin Level 3 13-15 Lyonpark 5 May 1999 companies slowly being Road, North Ryde NSW exited as projects complete. 2113 12 Eltin Underground Operations Pty 008 906 849 No Yes No Yes Mining Australia Old Eltin entity – all Eltin Level 3 13-15 Lyonpark 5 May 1999 Ltd companies slowly being Road, North Ryde NSW exited as projects complete. 2113 13 Henry Walker Eltin Contracting 009 625 138 Yes Yes Yes No Mining Aus and Main operating entity for Level 3 13-15 Lyonpark 30 June 1999 Pty Ltd Civil Mining Australia and Civil Road, North Ryde NSW MS and EP 2113 14 Henry Walker Eltin Environmental 009 627 490 Yes Provides some Yes No Simon Eng – water Owns Aldinga South Level 3 13-15 Lyonpark 5 December 1996 Pty Ltd bilateral Australia water Road, North Ryde NSW guarantees to infrastructure 2113 certain banks 15 Henry Walker Underground Pty 007 649 274 Yes Yes Yes No Mining Australia Original Underground Level 3 13-15 Lyonpark 12 January 1995 Ltd Mining entity. Some residual Road, North Ryde NSW jobs – being run down 2113
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No Entity ACN Class Order Subject to Active Dormant Business Unit(s) Nature of Business Registered Office Operation Company Bank/Bond acquisition date Holder Cross (Date acquired Guarantee 100% shareholding) 16 HWE Civil Pty Ltd 106 551 302 No No No Yes Civil Not used Level 3 13-15 Lyonpark 3 October 2003 Road, North Ryde NSW 2113 17 HWE Cockatoo Pty Ltd 009 639 285 No Yes Yes No Mining Australia Joint Venture vehicle for Level 3 13-15 Lyonpark 11 November 1989 Cockatoo Island project Road, North Ryde NSW 2113 18 HWE Finance Pty Ltd 009 593 668 No Yes Yes No Corporate Finance vehicle borrows Level 3 13-15 Lyonpark 15 June 1983 externally and provides Road, North Ryde NSW intercompany loans – 2113 Goods and Services tax effective mechanism 19 HWE Land Pty Ltd 009 614 788 No Yes Yes No Land Land holder/developer Level 3 13-15 Lyonpark 1 November 1985 Farrar/Katherine Northern Road, North Ryde NSW Territory 2113 20 HWGL Services Pty Ltd 009 615 436 No Yes Yes No Corporate Administration entity – pays Level 3 13-15 Lyonpark 30 September 1982 corporate staff, holds leases Road, North Ryde NSW in North Ryde and Darwin 2113 etc 21 HWIO Pty Ltd 072 445 179 Yes Yes No Yes N/A Once held plant at Yandi Level 3 13-15 Lyonpark 12 January 1996 Road, North Ryde NSW 2113 22 Inventive Pty Ltd 009 639 310 No Yes No Yes Land Trustee of land-holding trust Level 3 13-15 Lyonpark 6 November 1987 Road, North Ryde NSW 2113 23 LSM Projects Pty Ltd 106 580 134 No No No Yes LSM Not used Level 3 13-15 Lyonpark 7 October 2003 Road, North Ryde NSW 2113 24 Northaust Auto Hire Pty Ltd 009 639 490 No No No Yes N/A Once held Avis franchise for Level 3 13-15 Lyonpark 3 June 2003 Darwin – business sold Road, North Ryde NSW 2113 25 Simon Engineering (Australia) Pty 000 117 000 No Yes Yes No Simon Eng Main Simon operating entity Level 3 13-15 Lyonpark 1 May 2000 Ltd Road, North Ryde NSW 2113 26 Simon Engineering (Australia) 000 142 165 No Yes No Holding Co Simon Eng Simon Engineering holding Level 3 13-15 Lyonpark 1 May 2000 Holdings Pty Ltd entity Road, North Ryde NSW 2113
A2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix B
Henry Walker Eltin Group Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
B.1 Background and statutory information
Company Henry Walker Eltin Group Limited ACN 007 710 483 Former names Henry Walker Group Limited- (19/12/1986 to 18/11/1999) Henry &Walker Limited (18/3/1981 to 18/12/1986) Hollandia Limited (23/10/1970 to 17/3/1981) Registered office Level 3 13-15 Lyonpark Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Stephen Doheny - GE Commercial Gwyn Morgan- WBC Chris Alexander- HSBC Bank Craig Gee- Komatsu Finance Scott Allan – Orica (QBE) David Jay- Employees Phill Kerr- ANZ Bruce Watson- Employees (CFMEU) Brad Jones- United Mining
The largest ten shareholdings of HWE Group Limited as at the date of the Administrators’ appointment, representing 22.63% of total holdings, are summarised below.
Name Holding % National Nominees Limited 3.58 Toyota Tsusho Investment 3.23 ANZ Nominees Limited 2.92 Excess Pty Limited (Related entity - Neville Walker) 2.52 Exact Pty Limited (Related entity - Frazer Henry) 2.46 JP Morgan Nominees Australia 2.39 Citicorp Nominees Pty Limited 1.73 Westpac Custodian Nominees limited 1.61 UBS Private Clients Australia 1.21 Argo Investments Limited 0.98
Source: Computershare
B1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
The Directors and officers of the HWE during the 12 month period prior to our appointment are listed below.
Director Secretary Appointed Resigned
Neville John Walker 17 March 1981 N/A Frazer Earl Henry 17 March 1981 N/A Andrew Hamish Gidley-Baird 22 November 2001 N/A Bruce Maxwell James 14 June 2002 26 October ‘04 Anthony John Haraldson 4 September 2002 N/A Andrew Charles Price 12 December 2002 N/A Louise Hicks 20 January 1995 N/A Source: ASIC Company Searches
B.2 Financial performance
B.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Henry Walker Eltin Group Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 18,632 3,871 40,295 EBITDA (19,290) (6,261) 39,008 EBIT (19,444) (6,374) 38,946 Profit Before Tax (consolidated controlled entities) (21,128) (7,743) 37,841 Share of net profit of associates & Joint Ventures 83 0 0 Total Profit Before Tax (21,045) (7,743) 37,841 Net Profit After Tax (21,088) (8,340) 34,731
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
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B.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Henry Walker Eltin Group Limited 2002 2003 2004 Statement of Financial Position $’000 $’000 $’000 Current Assets Cash 7,227 17,358 35,878 Receivables 791 7,563 39,221 Investments - - - Inventories 260 291 1,183 Other - 120 - Total Current Assets 8,279 25,332 76,282 Non Current Assets Investments 106,962 98,481 88,624 Property, Plant and Equipment 1,681 907 - Intangibles - - - Other 71,586 73,975 88,524 Total Non Current Assets 180,229 173,363 177,148 Total Assets 188,508 198,695 253,431 Current Liabilities Creditors and Borrowings 667 2,862 5,220 Provisions (405) - - Total Current Liabilities 262 2,862 5,220 Non Current Liabilities - - - Creditors and Borrowings 38,449 36,676 28,954 Provision - 17,691 12,704 Total Non Current Liabilities 38,449 54,367 41,658 Total Liabilities 38,711 57,229 46,878 Net Assets 149,797 141,466 206,553
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
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B.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Henry Walker Eltin Group Limited Summarised Report as to affairs as at 31 January 2005 Book RATA McN+ Value ERV ERV Notes $’000 $’000 $’000 ASSETS Cash at bank 1,833 1,833 - 1 Trade & other debtors 12,319 - 2,770 Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 88,621 88,621 3,889 2 Intercompany loans 143,786 107,764 2,438 3 Other Assets 11,566 11,476 0 258,107 209,694 9,097 LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 4 Bank debt - - 33,754 5
Class Order Trade and other creditors 100 100 139,109 7 Contingent liabilities 12,773 12,773 12,742 Intercompany creditors 29,846 29,846 61,071 6 NET ASSETS (LIABILITIES) 215,388 166,975 (403,752)
Source: Directors’ Report as to Affairs
Notes: 1. Cash held on appointment was set-off by bank creditors against existing claims. 2. The majority of the Group’s subsidiaries are insolvent. We therefore consider investments in subsidiaries to be substantially overstated by Directors. 3. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 4. HWE Group Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 5. Bank claims represent the Administrators current estimate of amounts due to the banks. These claims are contingent upon the level of guarantees and performance bonds that are ultimately drawn upon. 6. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
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7. As a party to the ASIC Class Order, creditors of HWE Contracting Pty Ltd, HWIO Pty Ltd, HW Environmental Pty Ltd and HW Underground Pty Ltd are entitled to claim against the assets of HWE Group Ltd.
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Appendix C
ACN 009 366 036 Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
C.1 Background and statutory information
Company A.C.N. 009 366 036 Pty Ltd ACN 009366 036 Former names Eltin Pty Ltd (18/10/1999 to 1/6/2000) Eltin Limited (5/5/1989 to 27/10 1989) MRSA Eltin Group Ltd (31/1/1989 to 4/5/1989) Officers 12 months prior to Neville John Walker (Appointed 31/8/2000) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 31/8/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002 resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 6/9/1999) Shareholders Henry Walker Eltin Group Ltd (100% shareholder – 74,929,584 shares) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
C.2 Financial performance
C.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
ACN 009 366 036 (Formerly Eltin Pty Limited) 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 12,570 3,221 10,000 EBITDA 11,332 2,222 10,436 EBIT 11,332 2,222 10,436 Profit Before Tax (consolidated controlled entities) 11,328 2,222 10,436 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 11,328 2,222 10,436 Net Profit After Tax 10,377 1,763 10,451
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
C1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
C.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
ACN 009 366 036 Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - 1 5 Receivables 4,401 157 - Investments - - - Inventories - - - Other - - -
Total Current Assets 4,401 158 5
Non Current Assets Investments 14,407 14,407 14,157 Property Plant and Equipment - - - Intangibles - - - Other 98,624 101,180 107,571
Total Non Current Assets 113,031 115,586 121,728
Total Assets 117,432 115,744 121,733
Current Liabilities Creditors and Borrowings - - 15 Provisions 1,198 1,993 751
Total Current Liabilities 1,198 1,993 767
Non Current Liabilities Creditors and Borrowings 10,939 10,018 16,782 Provision - - -
Total Non Current Liabilities 10,939 10,018 16,782
Total Liabilities 12,137 12,011 17,549
Net Assets 105,294 103,733 104,184
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
C2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
C.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
ACN 009 366 036 Pty Limited - Summarised Report as to Affairs as at 31 January 2005
Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank 1 1 - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 14,157 14,157 - 1 Intercompany loans 109,965 82,474 33,471 2 Contingent assets 159 159 - 124,282 96,791 33,471
LIABILITIES UNSECURED CREDITORS Cross-guarantee Bond holders - - - Bank debt - - 25,160 3
Class order Trade creditors - - - Employee unsecured claims - - - Liquidated damages claims - - - Contingent liabilties 492 492 492 Intercompany creditors 12,540 12,540 -
NET ASSETS (LIABILITIES) 111,250 83,759 7,819 Source: Directors’ Report as to Affairs
Notes:
1. The majority of the Group’s subsidiaries are insolvent. We therefore consider investments in subsidiaries to be substantially overstated by Directors. 2. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 3. ACN 009 366 036 Pty Ltd has provided bilateral guarantees for a number of banks although it is not a guarantor of the bondholders or their syndicate facility.
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Appendix D
Bridge Autos Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
D.1 Background and statutory information
Company Bridge Autos Pty Ltd ACN 009 625 816 Former names Bridge Autos (Darwin) Pty Ltd (27/11/1987 to 25/10/1989) Prion Investments Pty Ltd (28/11/1984-27/11/1987) Officers 12 months prior to Neville John Walker (Appointed 12/11/1987) Administration Andrew Charles Price (Appointed 23/1/03) Directors Frazer Earl Henry (Appointed 12/11/1987) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Limited (100% Shareholder 50,000 shares) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC
D.2 Financial performance
D.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Bridge Autos Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 93,414 95,243 92,329 EBITDA 3,228 3,607 2,328 EBIT 2,974 3,408 2,096 Profit Before Tax (consolidated controlled entities) 2,665 3,019 1,703 Share of net profit of associates & Joint Ventures 0 (148) (4) Total Profit Before Tax 0 2,871 1,699 Net Profit After Tax 1,865 2,010 1,188 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
D1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
D.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Bridge Autos Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 3,213 2,885 3,107 Receivables 6,140 5,530 3,513 Investments - - - Inventories 5,030 4,686 10,924 Other 147 193 265
Total Current Assets 14,530 13,294 17,809
Non Current Assets Investments 184 214 354 Property Plant and Equipment 801 718 1,050 Intangibles - - - Other 1,180 2,195 986
Total Non Current Assets 2,165 3,127 2,390
Total Assets 16,695 16,421 20,199
Current Liabilities Creditors and Borrowings 7,397 4,177 10,375 Provisions 419 393 389
Total Current Liabilities 7,816 4,570 10,764
Non Current Liabilities - - - Creditors and Borrowings 4,503 5,432 4,262 Provision 160 194 259
Total Non Current Liabilities 4,663 5,626 4,521
Total Liabilities 12,479 10,196 15,285
Net Assets 4,216 6,225 4,914
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
D2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
D.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Bridge Autos Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000 Cash at bank 2,821 2,821 - 1 Trade & other debtors 2,327 2,327 - Inventory 3,303 3,050 - Plant & equipment 1,068 950 - Land & buildings - - - Investment in subsidiaries 288 274 250 Intercompany loans 68 51 - Other assets 1,349 1,268 12,000 2 Assets subject to specific charge 7,031 7,031 Amounts owing to specific chargehold (7,031) (7,031) 11,224 10,741 12,250
LIABILITIES EMPLOYEE PRIORITY CLAIMS 828 828 500
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 3 Bank debt - - 33,754 4
Class order Preferential creditors 537 537 - 5 Trade creditors 319 319 319 Contingent liabilties 945 945 945 Intercompany creditors 2,762 2,762 - 6
NET ASSETS (LIABILITIES) 5,833 5,350 (189,441) Source: Directors’ Report as to Affairs
Notes: 1. Cash held on appointment was swept by creditor banks to collateralise Group guarantee exposure. 2. The sale of the business was completed on 6 May 2005, which realised goodwill of $12 million. 3. Bridge Autos Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 4. Bank claims represent the Administrators current estimate of amounts due to the banks. These claims are contingent upon the level of guarantees and performance bonds that are ultimately drawn upon. 5. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
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6. Toyota has a bank guarantee in respect of its exposure and is therefore unlikely to have a claim against the company.
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Appendix E
Bulumba Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
E.1 Background and statutory information
Company Bulumba Pty Limited ACN 008 060 240 Former names RossAir Maintenance Pty Ltd (23/5/1990 to 29/1/1995) Rossair Flying Centre Pty Ltd (21/7/1987 to 22/5/1990) Jetoaco Pty Ltd (19/12/1984 to 20/7/1987) Officers 12 months prior to Neville John Walker (Appointed 17/3/1981) Administration Andrew Hamish Gidley-Baird (Appointed 22/11/2001) Directors Anthony John Haraldson (Appointed 4/9/2002) Andrew Charles Price (Appointed 12/12/2002) Frazer Earl Henry (Appointed 17/3/1981) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 20/1/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC Chris Alexander- HSBC Bank Phill Kerr- ANZ
E.2 Financial performance
E.2.1 Recent trading performance The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Bulumba Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 0 1 1 EBITDA 0 1 1 EBIT 0 1 1 Profit Before Tax (consolidated controlled entities) 0 0 1 Share of net profit of associates & Joint Ventures 901 (88) 13 Total Profit Before Tax 901 (87) 14 Net Profit After Tax 634 (61) 10
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
E1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
E.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Bulumba Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables 268 - - Investments - - - Inventories - - - Other - - -
Total Current Assets 268 - -
Non Current Assets Investments 1,770 781 794 Property Plant and Equipment - - - Intangibles - - - Other 2,012 2,912 962
Total Non Current Assets 3,782 3,693 1,756
Total Assets 4,050 3,693 1,756
Current Liabilities Creditors and Borrowings - - 500 Provisions - - -
Total Current Liabilities - - 500
Non Current Liabilities Creditors and Borrowings 3,155 2,859 912 Provision - - -
Total Non Current Liabilities 3,155 2,859 912
Total Liabilities 3,155 2,859 1,412
Net Assets 895 834 344 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
E2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
E.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Bulumba Pty Limited - Summarised Report as to Affairs as at 31 January 2005
Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors 993 993 993 Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 821 1,984 1,007 Intercompany loans - - - Other assets - - - 1,814 2,977 2,000
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754 2
Class order Trade creditors - - - Tax liabilties 18 18 18 Intercompany creditors 1,412 1,412 - 3
NET ASSETS (LIABILITIES) 384 1,547 (197,945) Source: Directors’ Report as to Affairs
Notes: 1. Bulumba Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 2. Banks claims represent the Administrators current estimate of amounts due to the banks. These claims are contingent upon the level of guarantees and performance bonds that are ultimately drawn upon. 3. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including cost and interest).
E3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix F
Capnorth Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
F.1 Background and statutory information
Company Capnorth Developments Pty Ltd ACN 009 640 251 Former names Wyelkece Pty Ltd (24/12/1987 to 14/3/1988) Officers 12 months prior to Neville John Walker (Appointed 15/6/1989) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 15/6/1989) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC Chris Alexander- HSBC Bank Phill Kerr- ANZ
F.2 Financial performance
F.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Capnorth Developments Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 0 0 0 EBITDA 0 (4) (39) EBIT 0 (4) (39) Profit Before Tax (consolidated controlled entities) 0 (4) (39) Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 0 (4) (39) Net Profit After Tax 0 (4) (39)
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
F1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
F.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Capnorth Developments Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 176 191 - Receivables - - - Investments - - - Inventories - - - Other - - -
Total Current Assets 176 191 -
Non Current Assets Investments - - - Property Plant and Equipment - - - Intangibles - - - Other 1,107 1,096 -
Total Non Current Assets 1,107 1,096 -
Total Assets 1,283 1,287 -
Current Liabilities Creditors and Borrowings - - - Provisions - - -
Total Current Liabilities - - -
Non Current Liabilities Creditors and Borrowings 1,283 1,291 42 Provision - - -
Total Non Current Liabilities 1,283 1,291 42
Total Liabilities 1,283 1,291 42
Net Assets - ( 4) ( 42) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
F2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
F.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Capnorth Developments Pty Limited Summarised Report as to Affairs as at 31 January 2005
Book Value RATA ERV $'000 McN+ ERV Notes ASSETS $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans - - - Other assets ------
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754 2
Class order Trade creditors - - - Tax liabilties - - - Intercompany creditors 42 42 - 3
NET ASSETS (LIABILITIES) 42 42 (199,927) Source: Directors’ Report as to Affairs
Notes: 1. Capnorth Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 2. Banks claims represent the Administrators current estimate of amounts due to the banks. These claims are contingent upon the level of guarantees and performance bonds that are ultimately drawn upon. 3. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including cost and interest).
F3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix G
Castlemaine Wastewater Treatment Pty
Limited (Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
G.1 Background and statutory information
Company Castlemaine Wastewater Treatment Pty Ltd ACN 081 417 030 Former names Officers 12 months prior to Neville John Walker (Appointed 28/1/1988) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 28/1/1988) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 28/1/1998) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ A committee of creditors was created at the first creditors meeting committee that was held on 8 February 2005. The committee was subsequently deemed not to be validly constituted and accordingly was disbanded.
G.2 Financial performance
G.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Castlemaine Wastewater Treatment Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 4,459 4,707 4,834 EBITDA 1,682 2,260 2,113 EBIT 788 1,308 1,150 Profit Before Tax (consolidated controlled entities) 367 981 956 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 367 981 956 Net Profit After Tax 245 687 669
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
G1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
G.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Castlemaine Wastewater Treatment Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 416 1,195 883 Receivables 969 427 938 Investments - - - Inventories - - - Other 21 24 22
Total Current Assets 1,405 1,646 1,842
Non Current Assets Investments - - - Property Plant and Equipment 22,210 21,535 20,723 Intangibles - - - Other 670 590 394
Total Non Current Assets 22,880 22,125 21,117
Total Assets 24,286 23,771 22,958
Current Liabilities Creditors and Borrowings 668 188 291 Provisions - - -
Total Current Liabilities 668 188 291
Non Current Liabilities Creditors and Borrowings 20,817 21,677 21,092 Provision 1,581 - -
Total Non Current Liabilities 22,398 21,677 21,092
Total Liabilities 23,066 21,865 21,383
Net Assets 1,219 1,906 1,575 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
G2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
G.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Castlemaine Wastewater Treatment Pty Limited - Summarised Report as to Affairs as at 31 January 2005
Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank 970 970 970 Trade & other debtors 955 954 - Inventory - - - Plant & equipment 14,157 2,000 1,000 Land & buildings - - - Investment in subsidiaries - - - Intercompany loans 504 378 - Contingent assets 1,692 1,692 - 18,278 5,994 1,970
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - - 1 Bank debt - - -
Class order Trade creditors - - - Tax liabilties 194 194 - Intercompany creditors 19,949 19,949 19,445 2 Other creditors 54 54 54
NET ASSETS (LIABILITIES) (1,919) (14,203) (17,529) Source: Directors’ Report as to Affairs
Notes: 1. Castlemaine Wastewater Treatment Pty Ltd is not a guarantor of the syndicate or bondholder facilities. 2. As a non-guarantor company, intercompany claims can be made against Castlemaine Wastewater Treatment Pty Ltd.
G3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix H
Castleton Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
H.1 Background and statutory information
Company Castleton Pty Ltd ACN 009 210 664 Former names Officers 12 months prior to Neville John Walker (Appointed 15/12/2004) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 7/1/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 20/8/1999) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
H.2 Financial performance
H.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Castleton Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 233 0 0 EBITDA 233 114 (44) EBIT 233 114 (44) Profit Before Tax (consolidated controlled entities) 233 114 (44) Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 233 114 (44) Net Profit After Tax 233 80 (44)
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
H1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
H.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Castleton Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables - - - Investments - - - Inventories - - - Other - - -
Total Current Assets - - -
Non Current Assets Investments - 114 70 Property Plant and Equipment - - - Intangibles - - - Other 36 - -
Total Non Current Assets 36 114 70
Total Assets 36 114 70
Current Liabilities Creditors and Borrowings - - - Provisions - - -
Total Current Liabilities - - -
Non Current Liabilities Creditors and Borrowings 452 450 450 Provision - - -
Total Non Current Liabilities 452 450 450
Total Liabilities 452 450 450
Net Assets (416) (336) ( 380) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
H2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
H.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Castleton Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans - - - Other assets ------
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754
Class order Trade creditors - - - Contingent liabilties 34 34 - Intercompany creditors 382 382 382 Other creditors - - -
NET ASSETS (LIABILITIES) (416) (416) (200,309) Source: Directors’ Report as to Affairs
Notes: 1. Castleton Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors.
H3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix I
Dover Investments Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
I.1 Background and statutory information
Company Dover Investments Pty Ltd ACN 009 637 914 Former names Officers 12 months prior to Andrew Charles Price (Appointed 18/12/2002) Administration Directors Frazer Earl Henry (Appointed 28/11/1992) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 14/6/2002) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ A committee of creditors was created at the first creditors meeting committee that was held on 8 February 2005. The committee was subsequently deemed not to be validly constituted and accordingly was disbanded.
I.2 Financial performance
I.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Dover Investments Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 11,092 23,579 17,075 EBITDA 106 328 227 EBIT 106 328 227 Profit Before Tax (consolidated controlled entities) (652) (585) (391) Share of net profit of associates & Joint Ventures (373) (1,418) 1,326 Total Profit Before Tax (1,025) (2,003) 934 Net Profit After Tax (319) (1,796) 698
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
I1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
I.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Dover Investments Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 1 1 18 Receivables 539 6,387 651 Investments - - - Inventories 1,052 1,045 - Other - - -
Total Current Assets 1,592 7,434 669
Non Current Assets Investments - - 1,079 Property Plant and Equipment - - - Intangibles - - - Other 7,452 1,071 709
Total Non Current Assets 7,452 1,071 1,789
Total Assets 9,044 8,504 2,457
Current Liabilities 55 6,617 443 Provisions (389) - -
Total Current Liabilities (334) 6,617 443
Non Current Liabilities Creditors and Borrowings 8,275 2,752 2,307 Provision 297 124 -
Total Non Current Liabilities 8,572 2,877 2,307
Total Liabilities 8,238 9,494 2,749
Net Assets 806 (990) ( 292) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
I2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
I.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Dover Investments Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank 1 1 - 1 Trade & other debtors 650 650 650 Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 1,492 2,327 2,349 Intercompany loans 1 1 1 Contingent assets 39 39 - 2,183 3,018 3,000
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - - 2 Bank debt - - -
Class order Trade creditors 3 3 3 Contingent liabilties - - - Intercompany creditors 2,149 2,149 2,149 3
NET ASSETS (LIABILITIES) 31 866 848 Source: Directors’ Report as to Affairs
Notes: 1. Cash held on appointment was set-off by bank creditors against existing claims. 2. Dover Investments Pty Ltd is not a guarantor of the syndicate or bondholder facilities. 3. As a non-guarantor company, intercompany claims can be made against Dover Investments Pty Ltd.
I3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix J
Eltin International Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
J.1 Background and statutory information
Company Eltin International Pty Ltd ACN 081 417 030 Former names Eltin Developments Pty Ltd (5/5/1992 to 3/11/1994) Kerb QIC & Co. Pty Ltd (23/12/1987 to 4/5/1992) Pulse Mining Systems (WA) Pty Ltd (22/12/1986 to 22/12/1987) Mikana Pty Ltd (Unknown to 21/12/1986) Officers 12 months prior to Neville John Walker (Appointed 15/12/2004) Administration Andrew Charles Price (Appointed 18/12/2002)) Directors Frazer Earl Henry (Appointed 7/1/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 20/8/1999) Shareholders A.C.N. 009 366 036 Pty Ltd (100% Shareholding) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
J.2 Financial performance
J.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Eltin International Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 0 0 0 EBITDA 0 (2,400) 0 EBIT 0 (2,400) 0 Profit Before Tax (consolidated controlled entities) 0 (2,400) 0 Share of net profit of associates & Joint Ventures 5,664 4,123 3,995 Total Profit Before Tax 5,664 1,723 0 Net Profit After Tax 5,663 1,723 0
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
J1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
J.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Eltin International Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables - - - Investments - - - Inventories - - - Other - - -
Total Current Assets - - -
Non Current Assets Investments 39,869 37,502 10,068 Property Plant and Equipment - - - Intangibles - - - Other 2,035 1,991 -
Total Non Current Assets 41,905 39,494 10,068
Total Assets 41,905 39,494 10,068
Current Liabilities Creditors and Borrowings - - - Provisions - - -
Total Current Liabilities - - -
Non Current Liabilities Creditors and Borrowings 33,424 33,379 30,969 Provision - - -
Total Non Current Liabilities 33,424 33,379 30,969
Total Liabilities 33,424 33,379 30,969
Net Assets 8,481 6,114 ( 20,900) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
J2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
J.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Eltin International Pty Limited Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 6,689 3,600 1,800 1 Intercompany loans - - - Other assets - - - 6,689 3,600 1,800
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - - Bank debt - - -
Class order Trade creditors - - - Tax liabilties - - - Intercompany creditors 30,969 30,969 30,969 Other creditors - - -
NET ASSETS (LIABILITIES) (24,280) (27,369) (29,169) Source: Directors’ Report as to Affairs
Notes: 1. Some of the sale proceeds from the disposal of AMS Ghana paid to HWE contracting Pty Ltd in satisfaction of intercompany claim.
J3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix K
Eltin Open Pit Operations Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
K.1 Background and statutory information
Company Eltin Open Pit Operations Pty Ltd ACN 008 918 278 Former names MRSA Earthmoving Pty Ltd (5/2/1983 to 4/5/1989) Palill Pty Ltd (6/5/1980 to 4/2/1983) Officers 12 months prior to Neville John Walker (Appointed 15/12/2004) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 7/1/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 20/8/1999) Shareholders A.C.N. 009 366 036 Pty Ltd (100% Shareholding) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
K.2 Financial performance
K.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Eltin Open Pit Operations Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 0 0 0 EBITDA (1,035) (2) 509 EBIT (1,035) (2) 509 Profit Before Tax (consolidated controlled entities) (1,035) (2) 509 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax (1,035) (2) 509 Net Profit After Tax (707) (1) 509
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
K1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
K.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Eltin Open Pit Operations Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables - - - Investments - - - Inventories - - - Other - - -
Total Current Assets - - -
Non Current Assets Investments - - - Property Plant and Equipment - - - Intangibles - - - Other 10,250 10,250 40
Total Non Current Assets 10,250 10,250 40
Total Assets 10,250 10,250 40
Current Liabilities Creditors and Borrowings - - - Provisions 131 129 -
Total Current Liabilities 131 129 -
Non Current Liabilities - - - Creditors and Borrowings 10,587 10,590 - Provision - - -
Total Non Current Liabilities 10,587 10,590 -
Total Liabilities 10,718 10,719 -
Net Assets (468) (469) 40 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
K2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
K.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Eltin Open Pit Operations Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 40 30 - Intercompany loans - - - Other assets - - - 40 30 -
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754
Class order Trade creditors - - - Tax liabilties - - - Intercompany creditors - - - Other creditors - - -
NET ASSETS (LIABILITIES) 40 30 (199,927) Source: Directors’ Report as to Affairs
Notes: 1. Eltin Open Pit Operations Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors.
K3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix L
Eltin Surface Mining Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
L.1 Background and statutory information
Company Eltin Surface Mining Pty Ltd ACN 062 450 113 Former names Eltin Highwall Mining Pty Ltd (17/2/1994 to 24/8/1995) Bradberry Pty Ltd (17/12/1993 to 16/2/1994) Officers 12 months prior to Neville John Walker (Appointed 15/12/2004) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 7/1/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 20/8/1999 Shareholders A.C.N. 009 366 036 Pty Ltd (100% Shareholding) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen – US Noteholders committee Rick Drury – NAB Stephen Edds – CBA Gwyn Morgan - WBC
L.2 Financial performance
L.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Eltin Surface Mining Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 128,552 70,754 78,948 EBITDA 18,567 1,957 4,650 EBIT (798) (9,469) 1,884 Profit Before Tax (consolidated controlled entities) (1,125) (9,469) 1,884 Share of net profit of associates & Joint Ventures 4,368 5,299 5,136 Total Profit Before Tax 3,243 (4,170) 7,020 Net Profit After Tax 2,701 5,004 5,911
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
L1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
L.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Eltin Surface Mining Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables 10,861 - - Investments - - - Inventories 70 - - Other - - -
Total Current Assets 10,931 - -
Non Current Assets Investments 5,508 3,373 24 Property Plant and Equipment 39,973 27,521 - Intangibles - - - Other 2,924 7,040 10,028
Total Non Current Assets 48,404 37,934 10,052 - - - Total Assets 59,336 37,934 10,052
Current Liabilities Creditors and Borrowings 704 - 265 Provisions 9 10 -
Total Current Liabilities 713 10 265
Non Current Liabilities - - - Creditors and Borrowings 37,156 24,058 10 Provision 12,605 - -
Total Non Current Liabilities 49,761 24,058 10
Total Liabilities 50,474 24,069 275
Net Assets 8,862 13,866 9,776 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
L2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
L.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Eltin Surface Mining Pty Limited Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 1,503 1,503 - Intercompany loans 12,540 9,405 - Contingent assets 5 5 - 14,048 10,913 0
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754
Class order Contingent creditors 1,380 1,380 - Employee unsecured claims - - - Liquidated damages claims - - - Intercompany creditors 300 300 -
NET ASSETS (LIABILITIES) 12,368 9,233 (199,927)
Source: Directors’ Report as to Affairs
Notes: 1. Eltin Surface Mining Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors.
L3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix M
Eltin Underground Operations Pty Ltd
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
M.1 Background and statutory information
Company Eltin Underground Operations Pty Ltd ACN 008 906 849 Former names Eltin Pty Ltd (2/1/1980 to 4/5/1989) Officers 12 months prior to Neville John Walker (Appointed 15/12/2004) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 7/1/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 20/8/1999) Shareholders A.C.N. 009 366 036 Pty Ltd (100% Shareholding) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
M.2 Financial performance
M.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Eltin Underground Operations Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 42,230 22,305 116 EBITDA 6,598 542 1,166 EBIT 3,202 (2,196) 3 Profit Before Tax (consolidated controlled entities) 3,202 (2,196) 3 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 3,202 (2,196) 3 Net Profit After Tax 2,242 (1,537) 1,835 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
M1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
M.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Eltin Underground Operations Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables 3,204 - - Investments - - - Inventories - - - Other - - -
Total Current Assets 3,204 - -
Non Current Assets Investments - - - Property Plant and Equipment 8,773 6,567 - Intangibles - - - Other 3,307 5,560 7,730
Total Non Current Assets 12,080 12,127 7,730
Total Assets 15,285 12,127 7,730
Current Liabilities Creditors and Borrowings - - - Provisions 9 4 -
Total Current Liabilities 9 4 -
Non Current Liabilities Creditors and Borrowings 6,018 6,228 - Provision 1,826 - -
Total Non Current Liabilities 7,844 6,228 -
Total Liabilities 7,853 6,232 -
Net Assets 7,432 5,895 7,730 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
M2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
M.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Eltin Underground Operations Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans 975 - - 1 Other assets - - - 975 --
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 2 Bank debt - - 33,754
Class order Trade creditors - - - Contingent liabilties - - - Intercompany creditors - - - Other creditors - - -
NET ASSETS (LIABILITIES) 975 - (199,927) Source: Directors’ Report as to Affairs
Notes: 1. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 2. Eltin Underground Operations Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors.
M3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix N
Henry Walker Eltin Contracting Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
N.1 Background and statutory information
Company Henry Walker Eltin Contracting Pty Ltd ACN 009 625 138 Former names Henry & Walker Contracting Pty Ltd (21/8/1984 to 14/10/1993) Officers 12 months prior to Neville John Walker (Appointed 21/8/1984) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 21/8/1984) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen – US Noteholders committee Rick Drury – NAB Stephen Edds – CBA Stephen Doheny – GE Commercial Colin Saunders – Employees (AMWU) Pamela Maiden – Focused Recruitment Richard Sullivan – BP Australia Melinda Coniglio – Compass Group Gwyn Morgan – WBC Shane Groves – Casewest Jason Warners – Komatsu Australia Corporate Finance Anne Louie – ATO David Tilbrook – Emeco International Ian Laws – Joest Australia Pty Ltd Pat Caputo – Elastomers Australia Paul Owen – Caterpillar Financial Australia Ltd Karl Ottogali – Extraman Julie Glover – J Blackwood & Son Ltd Andrew Thackray – Ausco Building Systems Ltd Richard Orman – Employee Dean Grondal – Maxim Litigation Consultants Liz Kane – Westrac Equipment Pty Ltd Gary Nicholas – Terex Australia
N1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
N.2 Financial performance
N.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Capnorth Developments Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 617,955 566,643 536,085 EBITDA 29,795 25,604 44,766 EBIT (8,972) (17,069) (2,387) Profit Before Tax (consolidated controlled entities) (24,040) (30,209) (14,987) Share of net profit of associates & Joint Ventures (23) (598) 184 Total Profit Before Tax (24,063) (30,806) (14,803) Net Profit After Tax (16,947) (17,567) (6,815)
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
N2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
N.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Henry Walker Eltin Contracting Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 72,623 45,146 31,403 Receivables 85,707 99,711 124,839 Investments - - - Inventories 77,606 20,017 28,557 Other 3,028 2,437 4,803
Total Current Assets 238,963 167,311 189,601
Non Current Assets Investments 604 54 238 Property Plant and Equipment 111,942 141,320 148,204 Intangibles - 10,148 8,769 Other 45,452 26,723 18,894
Total Non Current Assets 157,998 178,245 176,105
Total Assets 396,961 345,556 365,706
Current Liabilities Creditors and Borrowings 134,968 110,648 126,122 Provisions 10,581 10,230 11,161
Total Current Liabilities 145,548 120,878 137,283
Non Current Liabilities Creditors and Borrowings 205,466 217,844 228,991 Provision 23,656 2,062 1,475
Total Non Current Liabilities 229,121 219,906 230,466
Total Liabilities 374,670 340,784 367,749
Net Assets 22,291 4,772 (2,043) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
N3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
N.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Henry Walker Eltin Contracting Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Sale of business - - Confidential 1 Cash at bank 48,332 48,209 9,076 Trade & other debtors 87,484 85,450 30,000 Inventory 25,592 16,507 - Plant & equipment 116,527 116,336 - Land & buildings 392 350 - Investment in subsidiaries - - 10,000 Intercompany loans 47,019 37,038 9,000 2 Contingent assets 18,631 8,549 12,000 Assets subject to specific charge 22,186 18,914 - Amounts owing to specific chargeholders (20,051) (20,051) - 346,112 311,302 70,076
LIABILITIES EMPLOYEE PRIORITY CLAIMS 23,790 23,790 10,000
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 3 Bank debt - - 33,754
Class order Trade creditors 124,763 124,763 139,109 5 Operating lease liabilities 123,073 123,073 - Tax liabilties 2,844 2,844 12,742 Intercompany creditors 220,577 220,577 61,071 4 NET ASSETS (LIABILITIES) (148,935) (183,745) (352,773)
Source: Directors’ Report as to Affairs
Notes: 1. Estimate of overall sale proceeds for HWE Mining, which may vary materially. We have sought to allocate value from the sale between different classes of assets. 2. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 3. HWE Contracting Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 4. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
N4 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
5. As a party to the ASIC Class Order, creditors of HWE Group Ltd, HWIO Pty Ltd, HW Environmental Pty Ltd and HW Underground Pty Ltd are entitled to claim against the assets of HWE Contracting Pty Ltd.
N5 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix O
Henry Walker Environmental Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
O.1 Background and statutory information
Company Henry Walker Environmental Pty Ltd ACN 009 6627 490 Former names EMRS Pty Ltd (30/7/1993 to 1/7/1997) Hilltan Pty Ltd (30/5/1985 to 29/7/1993) Officers 12 months prior to Neville John Walker (Appointed 25/6/1996) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 25/6/1996) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 23/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
O.2 Financial performance
O.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Henry Walker Environmental Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 15,210 6,296 0 EBITDA 755 (118) 0 EBIT 595 (271) 0 Profit Before Tax (consolidated controlled entities) 595 (271) 0 Share of net profit of associates & Joint Ventures 2 0 0 Total Profit Before Tax 597 (271) 0 Net Profit After Tax 419 (190) 0
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
O1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
O.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Henry Walker Environmental Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 61 60 - Receivables 1,349 793 - Investments - - - Inventories (416) (582) - Other - - -
Total Current Assets 994 271 -
Non Current Assets Investments 1 - - Property Plant and Equipment 2,664 2,486 - Intangibles - - - Other 22,874 19,694 -
Total Non Current Assets 25,538 22,180 -
Total Assets 26,532 22,452 -
Current Liabilities Creditors and Borrowings 1,379 527 - Provisions 49 76 -
Total Current Liabilities 1,428 604 -
Non Current Liabilities Creditors and Borrowings 25,413 22,703 855 Provision 357 - -
Total Non Current Liabilities 25,770 22,703 855
Total Liabilities 27,197 23,307 855
Net Assets (665) (855) (855) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
O2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
O.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Henry Walker Environmental Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors 30 30 - Inventory - - - Plant & equipment 2,198 2,000 2,000 Land & buildings - - - Investment in subsidiaries - - - Intercompany loans 18,025 13,519 2,663 Other assets 2 2 - 20,255 15,551 4,663
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754
Class order Trade creditors 15 15 139,109 3 Tax liabilties 37 37 12,742 Intercompany creditors 20,748 20,748 61,071 2 Other creditors - - - NET ASSETS (LIABILITIES) (545) (5,249) (408,186)
Source: Directors’ Report to Affairs
Notes: 1. Henry Walker Environmental is subject to the ASIC Class Order. Therefore banks and bondholders have a claim against its assets. 2. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest). 3. As a party to the ASIC Class Order, creditors of HWE Group Ltd, HWE Contracting Pty Ltd, HWIO Pty Ltd and HW Underground Pty Ltd are entitled to claim against the assets of HWE Environmental Pty Ltd.
O3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix P
Henry Walker Underground Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
P.1 Background and statutory information
Company Henry Walker Underground Pty Ltd ACN 007 649 274 Former names Henry Walker Roxbury Mining Pty Ltd (30/1/95 to 5/12/95) Rossair Pty Ltd (2/4/1965 to 29/1/1995) Officers 12 months prior to Neville John Walker (Appointed 13/1/1995) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 13/1/1995) Previous Directors Bruce Maxwell James (Appointed 3/10/2003, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 13/1/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
P.2 Financial performance
P.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Henry Walker Underground Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 0 0 0 EBITDA 0 0 (21) EBIT 0 0 (21) Profit Before Tax (consolidated controlled entities) 0 0 (21) Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 0 0 (21) Net Profit After Tax 0 0 (21)
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
P1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
P.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Henry Walker Underground Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables - - - Investments - - - Inventories - - - Other - - -
Total Current Assets - - -
Non Current Assets Investments - - - Property Plant and Equipment - - - Intangibles - - - Other 21 21 -
Total Non Current Assets 21 21 -
Total Assets 21 21 -
Current Liabilities Creditors and Borrowings - - - Provisions - - -
Total Current Liabilities - - -
Non Current Liabilities Creditors and Borrowings - - - Provision - - -
Total Non Current Liabilities - - -
Total Liabilities - - -
Net Assets 21 21 - Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
P2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
P.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Henry Walker Underground Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans - - - Other assets ------
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754
Class order Trade creditors - - 139,109 2 Contingent liabilties - - 12,742 Intercompany creditors - - 61,071 Other creditors - - -
NET ASSETS (LIABILITIES) 0 0 (412,849) Source: Directors’ Report as to Affairs
Notes: 1. Henry Walker Underground Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 2. As a party to the ASIC Class Order, creditors of HWE Group Ltd, HWE Contracting Pty Ltd, HWIO Pty Ltd and HWE Environmental Pty Ltd are entitled to claim against the assets of HWE Underground Pty Ltd.
P3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix Q
HWE Civil Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Q.1 Background and statutory information
Company HWE Civil Pty Ltd ACN 106 551 302 Former names Officers 12 months prior to Neville John Walker (Appointed 23/11/2004) Administration Andrew Charles Price (Appointed 3/10/2003) Directors Frazer Earl Henry (Appointed 23/11/20030) Previous Directors Bruce Maxwell James (Appointed 3/10/2003, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 3/10/2003) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ A committee of creditors was created at the first creditors meeting committee that was held on 8 February 2005. The committee was subsequently deemed not to be validly constituted and accordingly was disbanded.
Q.2 Financial performance
Q.2.1 Recent trading performance
At no point did the company trade. Therefore there are no statements of financial performance.
Q.2.2 Financial position
The company has no assets or liabilities other than share capital. Therefore a statement of financial position is not provided.
Q.3 Report as to Affairs
The company has no assets or liabilities other than share capital. Therefore a summarised Report as to Affairs is not provided.
Q1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix R
HWE Cockatoo Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
R.1 Background and statutory information
Company HWE Cockatoo Pty Ltd ACN 009 639 285 Former names Agserv Industries Pty Ltd (13/10/1989 to 16/3/2000) Bridge Autos Machinery Pty Ltd (13/1/1988 to 13/10/1989) Irresistible Pty Ltd (6/11/1987 to 13/1/1988) Officers 12 months prior to Neville John Walker (Appointed 21/12/1987) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 21/12/1987) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ No Creditors’ Committee committee
R.2 Financial performance
R.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
HWE Cockatoo Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 8,835 7,611 9,572 EBITDA 3,467 635 764 EBIT 3,467 (94) (672) Profit Before Tax (consolidated controlled entities) 3,467 (94) (672) Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 3,467 (94) (672) Net Profit After Tax 2,424 163 (390) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
R1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
R.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
HWE Cockatoo Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables 151 392 486 Investments - - - Inventories - - - Other 208 150 279
Total Current Assets 359 543 765
Non Current Assets Investments - - - Property Plant and Equipment 1,715 7,789 9,295 Intangibles - - - Other 8,361 1,531 989
Total Non Current Assets 10,076 9,320 10,283
Total Assets 10,436 9,862 11,048
Current Liabilities Creditors and Borrowings 825 1,702 2,225 Provisions 5 162 985
Total Current Liabilities 830 1,865 3,210
Non Current Liabilities Creditors and Borrowings 1,750 - 5,230 Provision 21 - -
Total Non Current Liabilities 1,772 - 5,230
Total Liabilities 2,601 1,865 8,440
Net Assets 7,834 7,998 2,608 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
R2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
R.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
HWE Cockatoo Pty Limited Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors 900 900 - Inventory 1,352 1,352 - Plant & equipment 9,668 9,668 - 1 Land & buildings - - - Investment in subsidiaries 672 672 - Intercompany loans 989 741 - 2 Other assets 1,348 353 - 14,929 13,686 0 LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 3 Bank debt - - 33,754
Trade creditors - - - Employee unsecured claims - - - Liquidated damages claims - - - Contingent liabilties 2,370 2,370 2,370 Intercompany creditors 10,017 10,017 - 4
NET ASSETS (LIABILITIES) 2,542 1,299 (202,297)
Source: Directors’ Report as to Affairs
Notes: 1. Plant and equipment is likely to be sold with other mining assets and proceeds pooled for all Mining Pool creditors. 2. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 3. HWE Cockatoo Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 4. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
R3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix S
HWE Finance Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
S.1 Background and statutory information
Company HWE Finance Pty Ltd ACN 009 593 668 Former names Kenworth Trucks (N.T.) Pty Ltd (1/9/1976 to 21/6/2000) Kenworth Trucks Sales & Service (NT) Pty Ltd (18/4/1975 to1/9/1976) Sweeper Services Pty Ltd (30/6/1967 to 18/4/1975) Officers 12 months prior to Neville John Walker (Appointed 1/7/1982) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 1/7/1982) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC Chris Alexander- HSBC Bank Phill Kerr- ANZ
S.2 Financial performance
S.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
HWE Finance Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 21,407 18,416 15,261 EBITDA 20,206 18,927 15,256 EBIT 20,206 18,927 15,256 Profit Before Tax (consolidated controlled entities) 1,673 628 (704) Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 1,673 628 (704) Net Profit After Tax 1,170 439 (532)
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
S1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
S.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
HWE Finance Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 27,207 15,325 17,714 Receivables 3,050 4,999 11,346 Investments - - - Inventories - - - Other 160 10,719 13,789
Total Current Assets 30,416 31,043 42,848
Non Current Assets Investments - - - Property Plant and Equipment - - - Intangibles - - - Other 231,034 204,918 202,899
Total Non Current Assets 231,034 204,918 202,899
Total Assets 261,450 235,961 245,747
Current Liabilities Creditors and Borrowings 3,111 2,343 57,215 Provisions - - -
Total Current Liabilities 3,111 2,343 57,215
Non Current Liabilities Creditors and Borrowings 256,921 232,102 187,548 Provision 41 - -
Total Non Current Liabilities 256,963 232,102 187,548
Total Liabilities 260,074 234,444 244,762
Net Assets 1,376 1,517 985 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
S2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
S.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
HWE Finance Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000 Cash at bank 2,414 2,414 5,083 Trade & other debtors 1,074 8 - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans 272,355 186,260 33,200 1 Other assets 21,821 18,629 - 2 297,664 207,311 38,283
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders 177,349 177,349 166,173 3, 4 Bank debt 30,000 30,000 33,754 4
Trade creditors 8,265 8,265 - Contingent liabilties 431 431 - Intercompany creditors 86,409 86,347 49 5 Other creditors - - -
NET ASSETS (LIABILITIES) (4,790) (95,081) (161,693) Source: Directors’ Report as to Affairs
Notes: 1. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 2. Security deposit set-off BNP Paribas. 3. HWE Finance Pty Ltd is the principal borrower of funds advanced by banks and bondholders. 4. $207,349 of the Directors RATA balance of $214,331 relates to amounts owning to bondholders and the syndicate of banks. 5. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
S3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix T
HWE Land Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
T.1 Background and statutory information
Company HWE Land Pty Ltd ACN 009 614 788 Former names Henry and Walker- S.B.S. Pty Ltd (29/2/1984 to 30/6/1999) Manu Pty Ltd (19/8/1981 to 28/2/1984) Officers 12 months prior to Neville John Walker (Appointed 9/3/1984) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 9/3/1984) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC
T.2 Financial performance
T.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
HWE Land Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 6,103 8,789 3,853 EBITDA (34) 6,674 29 EBIT (40) 6,668 24 Profit Before Tax (consolidated controlled entities) (862) 6,040 (146) Share of net profit of associates & Joint Ventures 102 2,557 0 Total Profit Before Tax (759) 8,567 (146) Net Profit After Tax (468) 8,103 1,403
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
T1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
T.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
HWE Land Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 318 162 13,223 Receivables 3,835 5,652 2,615 Investments - - - Inventories 1,128 1,703 3,741 Other - 247 27
Total Current Assets 5,280 7,764 19,605
Non Current Assets Investments 6,102 - - Property Plant and Equipment 27 21 14 Intangibles - - - Other 14,167 26,713 1,718
Total Non Current Assets 20,297 26,734 1,732
Total Assets 25,577 34,498 21,337
Current Liabilities Creditors and Borrowings 1,627 1,489 5,910 Provisions - - -
Total Current Liabilities 1,627 1,489 5,910
Non Current Liabilities Creditors and Borrowings 22,350 24,065 10,081 Provision 759 - -
Total Non Current Liabilities 23,109 24,065 10,081
Total Liabilities 24,737 25,554 15,991
Net Assets 840 8,944 5,347 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
T2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
T.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
HWE Land Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank 1,333 1,333 - 1 Trade & other debtors 64 64 - Inventory - - 5,000 Plant & equipment 12 12 - Land & buildings 3,789 4,928 - Investment in subsidiaries - - - Intercompany loans 1,042 782 42 2 Other assets - - - 6,240 7,119 5,042
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 3 Bank debt - - 33,754
Preferential creditors 310 310 310 Trade creditors 250 250 250 Contingent liabilties 678 678 678 Intercompany creditors 643 643 -
NET ASSETS (LIABILITIES) 4,359 5,238 (196,123) Source: Directors’ Report as to Affairs
Notes: 1. Cash held on appointment was set-off by bank creditors against existing claims. 2. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 3. HWE Land Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors.
T3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix U
HWGL Services Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
U.1 Background and statutory information
Company HWGL Services Pty Ltd ACN 009 615 436 Former names Northern Mining Investments Pty Ltd (13/2/1990 to 26/6/1991) Henry & Walker Pipelines Pty Ltd (24/9/1982 to 12/2/1990) Gander Pty Ltd (14/10/1981 to 23/9/1982) Officers 12 months prior to Neville John Walker (Appointed 16/11/1981)) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 16/11/1981) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC Chris Alexander- HSBC Bank Phill Kerr- ANZ
U.2 Financial performance
U.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
HWGL Services Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 9,867 1 0 EBITDA (2,302) (128) 0 EBIT (2,302) (128) 0 Profit Before Tax (consolidated controlled entities) (2,302) (128) 0 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax (2,302) (128) 0 Net Profit After Tax (1,652) (89) 0
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
U1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
U.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
HWGL Services Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 1,032 (12) 43 Receivables 1,254 25 - Investments - - - Inventories - - - Other - - -
Total Current Assets 2,286 13 43
Non Current Assets Investments 1 - - Property Plant and Equipment - - - Intangibles - - - Other 8,564 6,953 -
Total Non Current Assets 8,565 6,953 -
Total Assets 10,851 6,965 43
Current Liabilities Creditors and Borrowings 1,643 - - Provisions 640 - -
Total Current Liabilities 2,283 - -
Non Current Liabilities Creditors and Borrowings 10,111 9,697 2,775 Provision 400 - -
Total Non Current Liabilities 10,511 9,697 2,775
Total Liabilities 12,793 9,697 2,775
Net Assets (1,943) (2,732) ( 2,732) Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
U2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
U.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
HWGL Services Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank 43 43 - 1 Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans - - - Other assets - - - 43 43 -
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 2 Bank debt - - 33,754
Class order Trade creditors - - - Tax liabilties - - - Intercompany creditors 2,775 2,775 - 3 Other creditors - - -
NET ASSETS (LIABILITIES) (2,732) (2,732) (199,927) Source: Directors’ Report as to Affairs
Notes: 1. Cash held on appointment was set-off by bank creditors against existing claims. 2. HWGL Services Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 3. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
U3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix V
HWIO Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
V.1 Background and statutory information
Company HWIO Pty Ltd ACN 072 445 179 Former names Henry Walker Iron Ore Pty Ltd (15/1/1996 to 22/1/1996) Henry Walker Iron Pty Ltd (12/1/1996 to 14/1/1996) Officers 12 months prior to Neville John Walker (Appointed 6/2/1996) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 12/1/1996) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 12/1/1996) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC Chris Alexander- HSBC Bank Phill Kerr- ANZ
V.2 Financial performance
V.2.1 Recent trading performance
At no point did the company trade. Therefore there are no statements of financial performance.
V.2.2 Financial position
The company has no assets or liabilities other than share capital. Therefore a statement of financial position is not provided.
V1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
V.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
HWIO Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans - - - Other assets ------
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 1 Bank debt - - 33,754
Class order Trade creditors - - 139,109 2 Tax liabilties - - 12,742 Intercompany creditors - - 61,071 Other creditors - - - NET ASSETS (LIABILITIES) 0 0 (412,849)
Source: Directors’ Report as to Affairs
Notes: 1. HWIO Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 2. As a party to the ASIC Class Order, creditors of HWE Group Ltd, HWE Contracting Pty Ltd, HW Underground Pty Ltd and HW Environmental Pty Ltd are entitled to claim against the assets of HWIO Pty Ltd.
V2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix W
Inventive Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
W.1 Background and statutory information
Company Inventive Pty Ltd ACN 009 639 910 Former names Officers 12 months prior to Neville John Walker (Appointed 21/12/1987) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 21/12/1987) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC Chris Alexander- HSBC Bank Phill Kerr- ANZ
W.2 Financial performance
W.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Inventive Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 6,669 980 11,469 EBITDA 442 974 3,849 EBIT 112 721 3,263 Profit Before Tax (consolidated controlled entities) 112 721 3,263 Share of net profit of associates & Joint Ventures 0 0 Total Profit Before Tax 112 721 Net Profit After Tax 72 487 3,263
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
W1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
W.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Inventive Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 282 1,135 388 Receivables - 8 10,299 Investments - - - Inventories - - - Other - - -
Total Current Assets 282 1,144 10,687
Non Current Assets Investments 1 - - Property Plant and Equipment 6,960 7,790 - Intangibles - - - Other 215 - 343
Total Non Current Assets 7,175 7,790 343 - - - Total Assets 7,457 8,934 11,030
Current Liabilities Creditors and Borrowings 10 1 68 Provisions 284 - -
Total Current Liabilities 294 1 68
Non Current Liabilities Creditors and Borrowings 7,041 8,396 10,913 Provision - - -
Total Non Current Liabilities 7,041 8,396 10,913
Total Liabilities 7,335 8,397 10,980
Net Assets 122 537 50 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
W2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
W.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Inventive Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank 130 130 - 1 Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans 9 7 - Other assets - - - 139 137 -
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 2 Bank debt - - 33,754
Class order Trade creditors 57 57 57 Tax liabilties - - - Intercompany creditors - - - Other creditors - - -
NET ASSETS (LIABILITIES) 82 80 (199,984) Source: Directors’ Report as to Affairs
Notes: 1. Cash held on appointment was set-off by bank creditors against existing claims. 2. Inventive Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors.
W3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix X
LSM Projects Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
X.1 Background and statutory information
Company LSM Projects Pty Ltd ACN 106 580 134 Former names Officers 12 months prior to Neville John Walker (Appointed 23/11/2004) Administration Andrew Charles Price (Appointed 7/10/2003) Directors Frazer Earl Henry (Appointed 23/11/2004) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 7/10/2003) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ A committee of creditors was created at the first creditors meeting committee that was held on 8 February 2005. The committee was subsequently deemed not to be validly constituted and accordingly was disbanded.
X.2 Financial performance
X.2.1 Recent trading performance
At no point did the company trade. Therefore there are no statements of financial performance.
X.2.2 Financial position
The company has no assets or liabilities other than share capital. Therefore a statement of financial position is not provided.
X.3 Report as to Affairs
The company has no assets or liabilities other than share capital. Therefore a summarised Report as to Affairs is not provided.
X1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix Y
Northaust Auto Hire Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Y.1 Background and statutory information
Company Northaust Auto Hire Pty Ltd ACN 009 69 490 Former names Hazcorn Pty Ltd (13/11/1987 to 8/11/1988) Officers 12 months prior to Edmund John Bailey (Appointed 14/12/1987) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 6/8/1999) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/2/1995) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Chris Alexander- HSBC Bank Phill Kerr- ANZ
Y.2 Financial performance
Y.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Northaust Auto Hire Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 45 148 3 EBITDA 29 143 0 EBIT 29 143 0 Profit Before Tax (consolidated controlled entities) 28 143 0 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 28 143 0 Net Profit After Tax 20 100 0
Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
Y1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Y.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Northaust Auto Hire Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 97 143 43 Receivables 6 - - Investments - - - Inventories - - - Other - - -
Total Current Assets 103 143 43
Non Current Assets Investments - - - Property Plant and Equipment - - - Intangibles - - - Other - - -
Total Non Current Assets - - -
Total Assets 103 143 43
Current Liabilities Creditors and Borrowings 3 - 43 Provisions 5 - -
Total Current Liabilities 8 - 43
Non Current Liabilities Creditors and Borrowings 75 43 - Provision - - -
Total Non Current Liabilities 75 43 -
Total Liabilities 83 43 43
Net Assets 21 100 - Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
Y2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Y.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Northaust Auto Hire Pty Limited Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV ASSETS $'000 $'000 $'000
Cash at bank 101 101 101 Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries - - - Intercompany loans - - - Other assets - - - 101 101 101
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - - Bank debt - - -
Class order Trade creditors - - - Tax liabilties 17 17 17 Intercompany creditors 43 43 43 Other creditors - - -
NET ASSETS (LIABILITIES) 41 41 41 Source: Directors’ Report as to Affairs.
Y3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix Z
Simon Engineering (Australia) Pty Limited
(Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Z.1 Background and statutory information
Company Simon Engineering (Australia) Pty Ltd ACN 000 117 000 Former names Henry Simon (Australia) Pty Ltd (Unknown dates) Mcnamee Industries Pty Ltd (19/5/1953 to Unknown) Officers 12 months prior to Neville John Walker (Appointed 27/4/2000) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 27/4/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 27/4/2000) Shareholders Simon Engineering (Australia) Holdings Pty Ltd (100% Shareholding) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Stephen Doheny- GE Commercial Gwyn Morgan- WBC Chris Alexander- HSBC Bank William Thompson- Employees Bill Shorten-Employees (AWU) Chris Flatt- Employees (ETU) Glenn Thompson- Employee (AMWU) Phill Kerr- ANZ
Z.2 Financial performance
Z.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Simon Engineering (Australia) Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 131,972 122,028 250,143 EBITDA 1,046 7,601 1,798 EBIT 123 6,981 793 Profit Before Tax (consolidated controlled entities) (215) 6,903 387 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax (215) 6,903 387 Net Profit After Tax (867) 4,824 345
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
Z1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Z.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Simon Engineering (Australia) Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash 4,255 7,497 8,656 Receivables 12,613 25,557 44,702 Investments - - - Inventories 3,640 (4,219) 19,484 Other 184 78 153
Total Current Assets 20,693 28,913 72,995
Non Current Assets Investments - - 30 Property Plant and Equipment 2,384 2,300 10,567 Intangibles - - 3,803 Other 6,962 4,272 19,901
Total Non Current Assets 9,346 6,571 34,301
Total Assets 30,039 35,484 107,296
Current Liabilities Creditors and Borrowings 11,985 14,847 48,472 Provisions 2,835 3,060 5,691
Total Current Liabilities 14,821 17,907 54,163
Non Current Liabilities Creditors and Borrowings 7,389 4,792 45,130 Provision 188 320 193
Total Non Current Liabilities 7,577 5,112 45,323
Total Liabilities 22,397 23,019 99,486
Net Assets 7,641 12,465 7,810 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
Z2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Z.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Simon Engineering (Australia) Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Sale of business - - 15,000 1 Cash at bank 4,750 4,750 - 2 Trade & other debtors 39,201 27,668 15,000 Inventory 11,959 7,767 - Plant & equipment 4,790 10,000 3,000 Investment in subsidiaries / associate 59 - - Intercompany loans 13,127 9,846 - 3 Contingent assets 5,907 1,832 - 79,793 61,863 33,000
LIABILITIES EMPLOYEE PRIORITY CLAIMS 4,948 4,948 5,000
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 4 Bank debt - - 33,754
Class order Trade creditors 33,238 33,238 19,546 Contingent liabilties 119 119 119 Intercompany creditors 35,488 35,488 - 5 Damages claims - - 10,000
NET ASSETS (LIABILITIES) 6,000 (11,930) (201,592) Source: Directors’ Report as to Affairs
Notes: 1. We have not sought to allocate sale of business proceeds. 2. Cash held on appointment was set-off by bank creditors against existing claims. 3. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 4. Simon Engineering (Australia) Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 3. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
Z3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix AA
Simon Engineering (Australia) Holdings
Pty Limited (Administrators Appointed)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
AA.1 Background and statutory information
Company Simon Engineering (Australia) Holdings Pty Ltd ACN 000 142 165 Former names Mcnamee Holdings Ltd (29/10/1954 to 30/11/1976) Officers 12 months prior to Neville John Walker (Appointed 9/5/2000) Administration Andrew Charles Price (Appointed 18/12/2002) Directors Frazer Earl Henry (Appointed 9/5/2000) Previous Directors Bruce Maxwell James (Appointed 14/6/2002, resigned 26/10/2004) Secretary Louise Karen Hicks (Appointed 9/5/2000) Shareholders Henry Walker Eltin Group Ltd (100% Shareholder) Registered office Level 3, 13-15 Lyon Park Road, North Ryde NSW 2113 Members of creditors’ Evan Flaschen- US Noteholders committee Rick Drury- NAB Stephen Edds- CBA Gwyn Morgan- WBC Chris Alexander- HSBC Bank Phill Kerr- ANZ
AA.2 Financial performance
AA.2.1 Recent trading performance
The company’s trading performance for the financial years ended 30 June 2002, 2003 and 2004 is summarised below.
Simon Engineering (Australia) Holdings Pty Limited 2002 2003 2004 Statement of Financial Performance $’000 $’000 $’000 Revenue – ordinary activities incl outside equity interests 0 0 5,000 EBITDA 0 0 5,000 EBIT 0 0 5,000 Profit Before Tax (consolidated controlled entities) 0 0 5,000 Share of net profit of associates & Joint Ventures 0 0 0 Total Profit Before Tax 0 0 5,000 Net Profit After Tax 0 0 5,000
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
AA1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
AA.2.2 Financial position
The company’s financial position as at 30 June 2002, 2003 and 2004 is summarised below.
Simon Engineering (Australia) Holdings Pty Ltd 2002 2003 2004 Statement of financial position $'000 $'000 $'000 Current Assets Cash - - - Receivables - - - Investments - - - Inventories - - - Other - - -
Total Current Assets - - -
Non Current Assets Investments 8,763 8,763 8,763 Property Plant and Equipment - - - Intangibles - - - Other - - 5,000
Total Non Current Assets 8,763 8,763 13,763
Total Assets 8,763 8,763 13,763
Current Liabilities Creditors and Borrowings - - - Provisions - - -
Total Current Liabilities - - -
Non Current Liabilities - - - Creditors and Borrowings 1,265 1,265 4,265 Provision - - -
Total Non Current Liabilities 1,265 1,265 4,265
Total Liabilities 1,265 1,265 4,265
Net Assets 7,498 7,498 9,498 Source: Statutory Accounts
The financial data has been provided by the HWE Administration Group staff and has not been verified by the Administrators.
AA2 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
AA.3 Report as to Affairs
A summary of the RATA, together with the Administrators’ estimated realisable value (“ERV”) is summarised in the table below.
Simon Engineering (Australia) Holdings Pty Limited - Summarised Report as to Affairs as at 31 January 2005 Book Value RATA ERV McN+ ERV Notes ASSETS $'000 $'000 $'000
Cash at bank - - - Trade & other debtors - - - Inventory - - - Plant & equipment - - - Land & buildings - - - Investment in subsidiaries 8,763 8,763 - 1 Intercompany loans 5,000 3,750 - 2 Other assets - - - 13,763 12,513 -
LIABILITIES EMPLOYEE PRIORITY CLAIMS - - -
UNSECURED CREDITORS Cross-guarantee Bond holders - - 166,173 3 Bank debt - - 33,754
Class order Trade creditors - - - Tax liabilties - - - Intercompany creditors 4,265 4,265 - 4 Other creditors - - -
NET ASSETS (LIABILITIES) 9,498 8,248 (199,927) Source: Directors Report as to Affairs
Notes: 1. The majority of the Group’s subsidiaries are insolvent. We therefore consider investments in subsidiaries to be substantially overstated by Directors. 2. The majority of the Group’s subsidiaries are insolvent. We therefore consider recoveries from intercompany loans to be substantially overstated by Directors. 3. Simon Engineering (Australia) Holdings Pty Ltd is a guarantor of exposure to banks and bondholders, and has a contingent liability for the whole of the amounts due to those creditors. 4. The claims of many intercompany creditors are contractually barred from being proven until certain lenders have been paid in full (including costs and interest).
AA3 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix AB
Schedule of Financial Creditors
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Bondholders General Electric Capital Assurance Co. GE Capital Life assurance Company of New York First Colony Life Insurance Company (Genworth) Allstate Life Insurance Company Massachusetts Mutual Life Ins. Co. MassMutual Asia Limited C.M. Life Ins. Co c/o Mass Mutual Life Ins. Co. Fort Dearborn Life Ins. Co. The Guardian Life Ins. Co of America The Guardian Ins. & Annuity Co. Nationwide Indemnity Co. Nationwide Mutual Fire Ins. Co. Pacific Life Insurance Company United of Omaha Life Insurance Co.
Banks Westpac Banking Corporation National Australia Bank Commonwealth Bank of Australia HSBC ANZ Banking Group BNP Paribas Deutsche
Leasing and other Chubb GE Capital Cat Finance Komatsu
AB1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix AC
Table of inter-company loans
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Henry Walker Eltin Group - Intercompany loans Book Values ($'000) – net of set-off Intercompany Loans Debtors Henry Dover HWE HWE HWE HWE Inventive Simon ACN Eltin Eltin Open Eltin Walker Investments Cockatoo Finance Land Contracting Holdings 009 366 Underground Pit Surface Eltin 036 Operations Operations Mining Group Creditors Ltd Totals Henry Walker Eltin Group Ltd 989 750 10,478 975 40 13,232 Bridge Autos 2,762 2,762 Bulumba 1,412 1,412 Capnorth Developments 42 42 Castlemaine WW 1,949 18,000 19,949 Dover Investments 2,107 42 2,149 Henry Walker Environmental 0 Henry Walker Underground 0 HWE Civil 0 HWE Cockatoo 0 HWE Finance 69,497 250 69,747 HWE Land 0 HWE Contracting 1 74,894 9 63,086 137,990 HWGL Services 2,775 2,775 HWIO 0 Inventive 0 LSM Projects 0 Northaust Auto Hire 43 43 Simon Holdings 0 Simon Australia 23,952 3,735 27,687 ACN 009 366 036 12,540 12,540 Eltin Underground Operations 0 Eltin Open Pit Operations 0 Castleton 382 382 Eltin International 30,969 30,969 Eltin Surface Mining 0 Totals 80,587 1 989 98,846 1,042 18,000 9 3,735 104,915 975 40 12,540 321,679
Source: Directors' Report as to Affairs
Note: Class Order group companies highlighted in grey above AC1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix AD
Estimated distribution to creditors –
proposed DOCA and liquidation
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
HWE Administration Group Comparison of Administrators' estimated outcomes to creditors
Liquidation Group DOCA % distribution % distribution
Class order companies Henry Walker Eltin Group Limited 32.2% 55.8% Henry Walker Eltin Contracting P/L 32.2% 55.8% Henry Walker Environmental P/L 32.2% 55.8% Henry Walker Underground P/L 32.2% 55.8% HWIO P/L 32.2% 55.8%
Other Mining Pool companies HWE Cockatoo P/L 1.9% 55.8% Eltin Underground Operations P/L 0.0% 55.8% Eltin Surface Mining P/L 5.8% 55.8%
Non-core asset companies Bridge Autos P/L 5.3% 10.0% Bulumba P/L 1.0% 10.0% Capnorth Developments P/L 0.0% 10.0% Castlemaine Wastewater Treatment P/L 15.2% 10.0% Dover Investments P/L 100.0% 100.0% HWE Civil P/L 0.0% 10.0% HWE Finance P/L 18.5% 20.0% HWE Land P/L 2.5% 10.0% HWGL Services P/L 0.0% 10.0% Inventive P/L 0.0% 10.0% LSM Projects P/L 0.0% 10.0% Northaust Auto Hire P/L 100.0% 100.0% Simon Engineering (Australia) P/L 4.2% 10.0% Simon Engineering (Australia) Holdings P/L 0.0% 10.0% ACN 009 366 036 P/L 63.5% 100.0% Eltin Open Pit Operations P/L 0.0% 10.0% Castleton P/L 0.0% 10.0% Eltin International P/L 5.8% 10.0%
(Note: Percentages represent Administrators' estimated payment of creditors' debt. For example, in Henry Walker Eltin Group Ltd the Administrators estimate creditors will receive 33.2 cents in the dollar in liquidation and 55.8 cents in the dollar under a DOCA.)
AD1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix AE
Schedule of creditor guarantees
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
HWE Administration Group Guarantees issued to financiers
USD Syndicate Deutsche ANZ (inc. BNP WBC NAB HSBC CBA CAT Komatsu GE Aust Notes Facility Esanda) (Aust &(Aust & ) NZ NZ) Henry Walker Eltin Group Ltd 333333333333 Bulumba Pty Ltd 3333°333°3°° Capnorth Developments Pty Ltd 3333°333°3°° Castlemaine Wastewater Treatment Pty °°°°°°°°°°°° Ltd HWE Civil Pty Ltd °°°°°°°°°°°° HWE Finance Pty Ltd 3333°333°3°° HWGL Services Pty Ltd 3333°333°3°° HWIO Pty Ltd 3333°333°3°° Inventive Pty Ltd 3333°333°3°° LSM Projects Pty Ltd °°°°°°°°°°°° Northaust Auto Hire Pty Ltd °°°°°°°°°°°° Simon Holdings 3333°333°3°° Simon Engineering 3333°333°3°3 Bridge Autos Pty Ltd 3333°333°3°° Dover Investments Pty Ltd °°°°°°°°°°°° HWE Land Pty Ltd 3333333333°3 ACN 009 366 036 Pty Ltd °°°3°333°3°° Castleton Pty Ltd 3333°333°3°° Eltin International Pty Ltd °°°°°°°°°°°° Eltin Open Pit Operations Pty Ltd 33°3°333°3°° Eltin Surface Mining Pty Ltd 3333°333°3°° Eltin Underground Operations Pty Ltd 3333°333°3°° Henry Walker Eltin Contracting Pty Ltd 3333333333°° Henry Walker Environmental Pty Ltd °°°3°333°3°° Henry Walker Underground Pty Ltd 3333333333°3 HWE Cockatoo Pty Ltd 3333°333°3°°
AE1 HWE05C-439AReportAppendices(V3)-A0305-GRC.doc HWE Administration Group (Administrators Appointed) Report to Creditors June 2005
Appendix AF
Administrators’ proposed DOCA
(DOCA)
HWE05C-439AReportAppendices(V3)-A0305-GRC.doc