financial position administrators provided, page-6

An interesting set of numbers in the VA "Report as to Affairs as at 19 March 2009". VA included, wrote back, impaired loans 30/06/08 (intercompany transactions/loans) for book valuation purposes than wrote them out again for estimated realisable value. View page 38 of the Annual report (AR) in Current Assets to ID Sundry Debtors being trade & other receivables; there's no comparsion for the $63,620m i.e. no intercompany transactions/loans were brought to account at 30/06/08 Balance Sheet.

Note -

VA - Sundry Debtors (including intercompany loans) at Book Value $63,620 m

AR - less impaired loans (foregiven to subsidiaries at 30/06/08) $41,352 m

VA - less Sundry Debtors
(including intercompany loans) Estimated Realisable Value $5,858 m

Leaves a balance of $16,409 m

This balance in all likelihood is further intercompany transactions/loans made in the current fiscal period. If so appears to be treated as an impaired loan/foregiven to-gether, again, with impaired loans (intercompany) made at 30/06/08. The debtors estimated realisable value of $5,858m is comparable to the Annual Report, page 38, figures being trade debtors/receivables.


Other Assets -

It is not clear what Other Assets are but one could assume this includes shares in VCR 100% owned subsidiaries.

Contingent Liabilities -

Note points 3.3 and 3.4 in the VA 1st letter to creditors in relation to the arising of contingent liablities. The Annual Report at 30/06/08 states there are no contingent liabilities at that date. Hence, these can only possibility be those liabilities in notes 23b & 24 of the AR. Note 24" Commitments for expenditure" would fall within this realm under VA points of reference 3.3 & 3.4.

These liabilities, Commitments for expenditure, would be adequately covered in the course of normal operations, a going conern e.g. non-cancelable leases appropriated over the life of the lease. They have only relevance in the current situation.


IMHO


BTW, Inventory levels of LAVD4's 170 odd & LAVD3'3 50 odd are high? Under the current/past sales history looking at something like 8 to 10 months stock supply in hand. Quite a stack IMO.

PS chickpea, VCR Ltd Australia in VA.