Apex Mining Co.

, Inc and Subsidiaries is a domestic group of corporations

mainly operating in the Philippines. Their primary business is the mining,
milling, concentrating, converting, smelting, treating, preparing for market,
manufacturing, buying, selling, exchanging, and otherwise producing and
dealing in precious metals and other types of ores, metals, and minerals. It is a
public company, which means their shares are listed in the Philippine Stock
Exchange. It has also acquired a number of companies whose operation is in
line with the Groups business. The location of these acquisitions operation can
be found in both within and without the Philippines. Aside from mining
operations, the Group also plans to engage in Solid Waste Management
although as of December 31, 2015, it has not started in the operation. Their
financial statements are audited by the SGV Accounting firm.
The Group prepares its financial statements have been prepared in
compliance with PFRS on a historical cost basis, except for a few accounts like
Property, Plant, and Equipment; which are carried at revalued amounts, and
gold and silver bullions, metal-in-circuit, and ore stockpile inventories; which
are measured in NRV. The latter three accounts are ones we still havent
encountered, but according to our brief research on the subject, most mining
corporations have the same accounts in one form or another. The gold and
silver bullions refers to the gold and silver that have already gone through the
process and is now stored as inventory. Metal-in-circuit are those that still going
in process, similar to Work-in-Process. Finally, Ore Stockpile Inventory is akin to
the Raw Materials inventory, both of which are materials to be used in the
process to produce the final product. As far as mining companies go, it has the
usual accounts and treatments to its operations.
The Group apparently is not very liquid. According to Quick Asset ratio
for 2015 and 2014, the Group can only pay P0.17 and P0.05 quick asset for
every P1.00 of current liability, respectively. However, the Groups liquidity has
improved by 236.60% from 2014 to 2015, which can be a good change for the
Group. Although not liquid, it is very solvent boasting a ratio of P18.17 and
P11.80 Non-Current Asset for every P1.00 of Non-Current Liability. The Group
being not liquid and very solvent is justified, however, as it is in the nature of
their business. A business engaging in mining will want to invest more on its
Non-Current Assets, such as Equipment, Machineries, and Buildings, than
Current Assets, such as Trade Receivables and Short-term investments. These
can be seen in the Statement of Cash Flows, which shows that there is more
cash outflow in Financing Activities than Operating.
In conclusion, we are just awed and amaze to see such detailed and
organized financial statements. Its almost impossible for us not to look at the

amounts and become scared, but here it is, prepared and audited properly. To
actually see what it actually looks like in real life gives a sense of both anxiety
and excitement. Anxious on whether we can do the same in the future and
excitement on the many more things that we will encounter.