MYKCO releases annual report for year March 2018

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New Zealand
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New Zealand
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INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Mykco Limited


Report on the Audit of the Financial Statements

Opinion
We have audited the financial statements of Mykco Limited ('the Company') on pages 12 to 38, which comprise the
statement of financial position as at 31 March 2018, and the statement of comprehensive income, statement of
changes in equity and statement of cash flows for the year then ended, and notes to the financial statements,
including significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of
the Company as at 31 March 2018, and its financial performance and its cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards ('NZ IFRS') and International
Financial Reporting Standards (‘IFRS’).

Our report is made solely to the Shareholders of Mykco Limited, in accordance with the Companies Act 1993. Our
audit work has been undertaken so that we might state those matters which we are required to state to them in an
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than Mykco Limited and the Shareholders of Mykco Limited, for our audit work, for our
report or for the opinions we have formed.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). Our
responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with Professional and
Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants
(‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Other than in our capacity as auditor we have no relationship with, or interests in, Mykco Limited.

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current year. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these
matters. Key audit matters are selected from the matters communicated with the Directors, but are not
intended to represent all matters that were discussed with them.

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Key Audit Matter How our audit addressed the key audit matter
Classification and Measurement of Bartercard
Trade Dollar Assets

As disclosed in notes 4(i) and 13 of the financial
statements, the carrying value of Bartercard
assets at 31 March 2018 is $696,353 (2017:
$697,122).
Valuation and presentation of the Bartercard
assets was considered a key audit matter due to
the nature and significance of these assets to
the Company's statement of financial position.



We performed the following audit procedures:
 We reviewed the following:
o The accounting opinion obtained by the
Company with respect to the classification and
measurement of its Bartercard Trade Dollar
assets at 31 March 2018, and
o The appropriateness of the Company's
accounting policy with regards to the
classification and measurement of its Bartercard
Trade Dollar assets at 31 March 2018;
 We consulted with our internal technical accounting
specialists with respect to the above;
 We obtained and reviewed the directors' impairment
assessment at 31 March 2018;
 We assessed the appropriateness of the classification of
the Bartercard assets as noncurrent, and
 Reviewed the adequacy of the Company’s disclosures
with respect to its holding of the Bartercard assets in
general, and the correction of the classification error in
the prior period.

Other Information
The Directors are responsible for the other information. The other information comprises the information included in
the Company’s annual report for the year ended 31 March 2018 (but does not include the financial statements and
our auditor’s report thereon).

Our opinion on the financial statements does not cover the other information and we do not express any form of audit
opinion or assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation of the financial
statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine is
necessary to enable the preparation of the financial statements that are free from material misstatement,
whether due to fraud or error.

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In preparing the financial statements, the Directors are responsible on behalf of the Company for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
 Conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the financial statements of the current year and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

Matters Relating to the Electronic Presentation of the Audited Financial Statements
This audit report relates to the financial statements of Mykco Limited for the year ended 31 March 2018 included on
Mykco Limited’s website. The Directors of Mykco Limited are responsible for the maintenance and integrity of Mykco
Limited’s website. We have not been engaged to report on the integrity of Mykco Limited’s website. We accept no
responsibility for any changes that may have occurred to the financial statements since they were initially presented
on the website.

The audit report refers only to the financial statements named above. It does not provide an opinion on any other
information which may have been hyper linked to or from these financial statements. If readers of this report are
concerned with the inherent risks arising from electronic data communication they should refer to the published hard
copy of the audited financial statements and related audit report dated 29 May 2018 to confirm the information
included in the audited financial statements presented on this website.

Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.

The engagement partner on the audit resulting in this independent auditor’s report is Nigel de Frere.





STAPLES RODWAY AUCKLAND
Auckland, New Zealand
29 May 2018

41
Mykco Limited
Shareholder and Statutory Information (continued)
Statement of Directors’ Security Holdings (as at 31March 2018) (continued)
The following are directorships held by the Mykco Limited Directors as at 31 March 2018:
Brent Douglas King Rewi Hamid Bugo
A.I.S. Limited
Askridge Holdings Limited
Barter Investments Limited
Chow Group limited
Corporate Holdings Limited
Equity Investment Advisers Limited
General Finance Limited
Investment Research Group Limited
King Capital & Investment Corporation
Limited
Kohaus Limited
Moneyonline Limited
Mykco Limited
Octo International Limited
Snowdon Peak Investments Limited
Sports & Education Corporation Limited
Transaction Holdings Limited
Aventura Properties Limited
Bay of Islands Property Limited
Borneo Capital Limited
Borneo Investments Limited
Corporate Holdings Limited
Delima Pelita Sdn Bhd
Didi Resources Sdn Bhd
Era Malindo Sdn Bhd
GA Sego Limited
Gading Kapital Sdn Bhd
Hurricane Geo Inspection Survey Sdn
Bhd
Ik Chin Travel Services (K) Sdn Bhd
Impian Kenyalang Sdn Bhd
Inlet Contractors Limited
Inlet Estate Limited
Mesti Perkasa Sdn Bhd
Mykco Limited
Huei Min Lim Pacific Unit Sdn Bhd
ASB Community Trust Limited
F H Holdings Limited
FH Nominees Limited
Foundation North Grants Limited
Forest Administration Limited
Hartajaya Investments Limited
Kaya Investments Limited
Max Cai Trustee Limited
Mykco Limited
Renaissance Forex Limited
Other Appointments
Asia New Zealand Foundation
Auckland Regional Amenities Funding
Board
Auckland University of Technology
Council
Foundation North (Chair)
Parklane Properties Sdn Bhd
PDB (Works) Sdn Bhd
Petra Jaya Properties Sdn Bhd
PJP Dua Sdn Bhd
Profile Equity Sdn Bhd
Property Plus Marketing Services Sdn
Bhd
Reignvest Corporation Sdn Bhd
Rekaruang Sdn Bhd
SabaConcrete Sdn Bhd
Santubong Properties Sdn Bhd
Santubong Suites Sdn Bhd
Sara Gemilang Sdn Bhd
Sarasiana Holdings Sdn Bhd (f.k.a
Semadi Subur Sdn Bhd)
Sarawak Consolidated Industries Berhad
Sarawakiana Holdings Sdn Bhd
SCIB Concrete Manufacturing Sdn Bhd
SCIB Holdings Sdn Bhd
Graeme Iain Brown SCIB Industrialised Building System Sdn
Alkaz Sdn Bhd
Asian Corn Sdn Bhd
Aventura Properties Limited
Belian Holdings Limited
Bintulu Hotel Group Sdn Bhd
Borneo Plant Technology Sdn Bhd
K2 Hotel Sdn Bhd
Keresa Mill Sdn Bhd
Keresa Plantations Sdn Bhd
Keresa Sdn Bhd
Bhd
Sego Holdings (NZ) Limited
Sego Holdings Sdn Bhd
Selwyn Residential Limited
Space Craft Sdn Bhd
Strategen Services Sdn Bhd
Syn Tai Hung Borneo Sdn Bhd
Tadika Sri Keria Sdn Bhd
Telaga Air Resourses Sdn Bhd

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Mykco Limited
Shareholder and Statutory Information (continued)
Malesiana Tropicals Sdn Bhd
Mykco Limited
Pascali Sdn Bhd
Pesaka Energy Solutions Sdn Bhd
(Formerly known as Pancar Panas Sdn
Bhd)
PFS Energy (Malaysia) Sdn
Bhd
Thriven Global Berhad
Transnational Insurance Brokers (M)
Sdn Bhd
Trombol Resort Sdn Bhd
Usaha Nusajaya Sdn Bhd
Warble Resources Sdn Bhd
Premier Space Sdn Bhd Simon John McArley
Pro-Formula Sdn Bhd
Rajang Wood Sdn Bhd
Sarawakiana Holdings Sdn
Sarawakiana Leisure Sdn Bhd
Sarawakiana Management Sdn Bhd
Sarawakiana Realty Sdn Bhd
Straits Hospitality Company Bhd
Tera Management Sdn Bhd
Waddell Holding Ltd
Waddell Holding Sdn Bhd
Waddell Holdings Pte Ltd
Beaconsfield Nominees Limited
Prospect Road Investments Limited
Prospect Road Services Limited
Mykco Limited
Directors’ Remuneration and Other Benefits
The following is the remuneration paid to the Directors of Mykco Limited for the twelve months to 31
March 2018.
Director’s fees Other Remuneration
Chew Choo Soon $6,000 Nil
Brent Douglas King $13,800 Nil
Huei Min Lim $25,013 Nil
Rewi Hamid Bugo $10,000 Nil
Graeme Iain Brown $12,750 Nil
Simon John McArley $14,663 Nil
Remuneration and Other Benefits
The Directors of Mykco Limited did not receive any other benefits from Mykco Limited in the 12 months
to 31 March 2018
Employees Remuneration (Excluding Directors)
There were no employees during the year.

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Mykco Limited
Level 7, 12-26 Swanson Street,
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145
Fax +64 9 358 3858


MYKCO Limited (MYK) releases annual report for year ended 31 March 2018

MYKCO Limited (MYK), the NZAX listed shell, has released its annual report for the year
ended 31 March 2018.

On behalf of the Board of Directors
Brent King
Chair

25 June 2018

For further information
Mr Brent King
Chair
+64 21-632-660
Brent.King@IRG.co.nz