TIDMINDY
RNS Number : 5690P
India Star Energy plc
27 March 2009
?
India Star Energy Plc ("India Star" or the "Company")
Interim Results
27 March 2009
Interim results for the six months ended 31 December 2008
India Star Energy today announces its unaudited results for the six months ended
31 December 2008. The Company continues to focus on its strategy of making
investments in mining companies and alternative sources of fuel. The Company
made a loss before tax of GBP34,255 in the six month period to 31 December 2008
compared to a loss before tax of GBP42,870 in the corresponding six months in
the previous year. The loss per share equated to 0.02p compared to 0.02p in the
previous year. As at 31 December 2008 the company has net assets of GBP490,209.
The Company has three principal investments, the progress of which is summarised
below:
New Fuels International Limited ('NFIL')
NFIL is a Seychelles based, specialised development company involved in the
creation of renewable bio-fuels and bio-energy projects. NFIL is establishing an
international consortium of investors and technology partners to replicate the
Brazilian bio-fuel model in carefully selected African countries. As an initial
strategy, NFIL is seeking to develop captive raw material feedstock through
sugar cane plantation development and small farmer development in markets that
have a competitive advantage in sugar cane production. This will be matched with
the establishment of Ethanol processing facilities based on sugar cane as a
feedstock for domestic and export consumption.
India Star has acquired an option to purchase 100 per cent, of the issued share
capital of NFIL. Under the terms of the share option agreement dated 10 July
2008, the NFIL Shareholders have agreed to grant to India Star an option to
purchase all of the Option Shares (including any additional ordinary shares
issued during the period of the option (the 'Option'). The Option to be
exercised in whole and within 12 months of entering into the Agreement. The
initial consideration paid for the Option was GBP250,000 cash upon exercise of
the Option, India Star and the NFIL Shareholders will agree the purchase price
for the Option Shares or, to the extent that no agreement is reached, the price
will be determined by an independent investment bank. The Option Shares purchase
price will be satisfied by the issue of ordinary shares of India Star Energy to
the NFIL Shareholders.
The Company is in close discussions with New Fuels International with a view to
extending the term of the option. We have experienced delays in reviewing this
opportunity due to the rapid drop in the price of oil as this has a direct
impact on the economics of alternative sources of fuel. We are however confident
that alternative fuel is the right space to be in and when market conditions
improve we will seek to pursue our strategy. The Company will announce any
amendments to this option to Shareholders, as and when appropriate.
Trillium North Minerals Ltd ('Trillium')
Trillium is quoted on the Toronto Ventures Exchange ('TVX') and is developing
its mineral rights in Ontario, Canada. India Star holds 7 million shares
(representing 11.49 per cent. of its current issued share capital).
Trillium is engaged in the acquisition, exploration and if warranted,
development of mining properties in Canada. It currently holds interests in
resource properties primarily located in Ontario and intends to seek out and
acquire additional properties, worthy of exploration and development, as its
finances permit. The exploration and development of the properties is
accomplished either through direct expenditure by the Company or joint venturing
of the property to other companies. Trillium's strategy maximises opportunity by
complementing the development of its 100% owned properties with a diverse
portfolio of joint ventures with exploration funding commitments from partners.
This strategy leverages the exploration teams' proven ability to recognise
overlooked geological opportunities using advanced geological techniques.
In December 2008, a drill program comprising four drill holes totaling 860.5
metres were completed on Trillium North Minerals Ltd's West Porcupine gold
property located 34 kilometres west of Timmins, Ontario. This property contains
a drill hole made in 1994 by Hemlo Gold Mines Inc., which intersected 11.9m @
6.5g/t Au, including 1.5m @ 43.4g/t Au The assays were performed on 30-gram
samples with fire assay method and atomic absorption finish.
The drill hole intersected silicified basalts adjacent to the Destor Porcupine
fault extension and a Quartz Eye Porphyry containing molybdenite. Quartz veins
identified by Hemlo in step-out holes 150 metres below and 400 metres on strike
produced assays of 2m @ 18.7g/t.
The purpose of the present, limited program was to test a previously untested
area on the north side of the original Quartz Eye Porphyry discovery 1,600m west
of the 1994 gold zone. Quartz veins containing pyrite were intersected, and a
number of ultramafic zones within the Destor Porcupine fault system were
identified in this program.
East West Resource Corporation ('EastWest')
EastWest is a Canadian focused exploration company based in Thunder Bay,
Ontario, formed in 1979 and is quoted on the TVX. India Star holds 2.5 million
shares in the company (representing 1.92 percent of its current issued share
capital).
EastWest explores for copper, zinc, nickel and precious metals in northwestern
Ontario. One particular focus is on the platinum group metals in association
with copper and nickel.
EastWest has three flagship assets plus an active portfolio of early stage
projects.
A detailed airborne EM and magnetic survey, and one drill hole were completed in
December 2008 over the 210 claim unit Eva Kitto property which is under option
to International Bethlehem Mining Corporation (TSX-V: IBC).
* The survey outlined a number of conductor trends in the basement rocks that may
represent key sulphur sources for the generation of nickel-copper-PGE deposits
within Proterozoic ultramafic rocks that form the Eva Kitto cone-ring intrusion.
This intrusion is 10km in diameter and is similar in size and setting as the
Talnak intrusion in Siberia that hosts some of the world class copper-nickel-PGE
deposits. The mid continental rift system located in Lake Superior to the south
of the property has a number of branch faults that are "failed arms" of the main
Rift Fault and several intrusions in the Lake Nipigon region are related to such
structures including the Seagull PGE bearing intrusion and new PGE discoveries
by Magma Metals in that area.
* The 245.36 metre hole intersected 173 metres of ultramafic rock before entering
30m into sulphide rich volcanic basement rock, before entering more ultramafic
rock where the hole stopped. This second ultramafic intercept may be a dike.
This might be an important feature for locating sulphide bodies containing
copper-nickel-PGE. Further drilling on this hole is planned for February as well
as step-out holes in this area and other new targets. International Bethlehem
Mining Corporation (TSX-V: IBC) have an option to earn a 30% interest in the
property by spending $500,000 of which $150,000 has been spent so far and the
right to earn up to 60% by spending an additional $1,000,00 within 3 years. The
Eva Kitto property is located near the town of Beardmore, Ontario next to Hwy
11, the Trans Canada gas pipeline and a rail line, approximately 180km
north-northeast of Thunder Bay, Ontario.
Outlook
Whilst commodity and alternative fuel prices are somewhat depressed we do
believe that they will recover at, which point the Board would look to build on
our existing investments.
Haresh Kanabar
Chairman
27 March 2009
Enquiries:
India Star Energy Plc
0207 297 0010
Haresh Kanabar
Chairman
W.H. Ireland Limited
0121 265 6330
Tim Cofman/Katy Birkin
India Star Energy Plc
Consolidated Income Statement
for the six months ended 31 December 2008
+--------------------------------+----------+-------+-----------+-----------+----------+
| | Note | | Unaudited | Unaudited | Audited |
| | | | 6 months | 6 months | Year |
| | | | ended | ended | ended |
| | | | 31 | 31 | 30 June |
| | | | December | December | 2008 |
| | | | 2008 | 2007 | GBP |
| | | | GBP | GBP | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| Administrative expenses | | | (37,370) | (55,763) | (85,018) |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| Loss from operations | | | (37,370) | (55,763) | (85,018) |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| Investment revenues | 5 | | 3,115 | 12,893 | 21,600 |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| Loss before taxation | | | (34,255) | (42,870) | (63,418) |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
| Loss for the period | | | (34,255) | (42,870) | (63,418) |
+--------------------------------+----------+-------+-----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+-------+-----------+-----------+----------+
+--------------------------------+----------+--------+----------+-----------+----------+
| Loss per ordinary share | | | | | |
+--------------------------------+----------+--------+----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+--------+----------+-----------+----------+
| Basic and diluted loss | 7 | | (0.02p) | (0.02p) | (0.04p) |
| per share | | | | | |
+--------------------------------+----------+--------+----------+-----------+----------+
| | | | | | |
+--------------------------------+----------+--------+----------+-----------+----------+
All losses for the period are attributable to equity shareholders of the parent.
India Star Energy Plc
Consolidated Balance Sheet
at 31 December 2008
+-------------------------------------+--------+-----------+-----------+-----------+
| | Note | Unaudited | Unaudited | Audited |
| | | 31 | 31 | 30 June |
| | | December | December | 2008 |
| | | 2008 | 2007 | GBP |
| | | GBP | GBP | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Assets | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Non-current assets | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Investments | 5 | 250,000 | - | - |
+-------------------------------------+--------+-----------+-----------+-----------+
| Available-for-sale securities | | 120,029 | 633,551 | 413,857 |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Current assets | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Cash and cash equivalents | 10 | 152,991 | 491,907 | 438,340 |
+-------------------------------------+--------+-----------+-----------+-----------+
| Trade and other receivables | | 1,395 | 5,738 | 9,088 |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Total current assets | | 154,386 | 1,131,196 | 447,428 |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Total assets | | 524,415 | 1,131,196 | 861,285 |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Liabilities | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Current liabilities | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Trade and other payables | | (34,207) | (72,662) | (42,993) |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Total liabilities | | (34,207) | (72,662) | (42,993) |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | 490,209 | 1,058,534 | 818,292 |
+-------------------------------------+--------+-----------+-----------+-----------+
| Net assets | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Equity | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Share capital | | 330,000 | 330,000 | 330,000 |
+-------------------------------------+--------+-----------+-----------+-----------+
| Share premium account | | 854,350 | 854,350 | 854,350 |
+-------------------------------------+--------+-----------+-----------+-----------+
| Available-for-sale reserve | | (328,456) | 185,066 | (34,628) |
+-------------------------------------+--------+-----------+-----------+-----------+
| Retained losses | | (365,685) | (310,882) | (331,430) |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| Equity attributable to equity | | 490,209 | 1,058,534 | 818,292 |
| holders of the parent | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
| | | | | |
+-------------------------------------+--------+-----------+-----------+-----------+
The financial statements were approved by the board of directors and authorised
for issue on 27 March 2009. They were signed on its behalf by:
H Kanabar Director
India Star Energy Plc
Consolidated Statement of Changes in Equity
for the six months ended 31 December 2008
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | Share | Share | Available- | Retained | Total |
| | capital | premium | for - sale | earnings | |
| | - | | reserve | | |
| | equity | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | GBP | GBP | GBP | GBP | GBP |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Year ended 30 June 2007 | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| At 1 July 2007 | 330,000 | 854,350 | - | (197,428) | 986,922 |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Available-for-sale | - | - | 112,095 | - | 112,095 |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Loss for the period | - | - | - | (70,584) | (70,584) |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| At 30 June 2007 | 330,000 | 854,350 | 112,095 | (268,012) | 1,028,433 |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Year ended 30 June 2008 | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| At 1 July 2007 | 330,000 | 854,350 | 112,095 | (268,012) | 1,028,433 |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Available-for-sale | - | - | (146,723) | - | (146,723) |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Loss for the year | - | - | - | (63,418) | (63,418) |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| At 30 June 2008 | 330,000 | 854,350 | (34,628) | (331,430) | 818,292 |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Six months ended 31 | | | | | |
| December 2008 | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| At 30 June 2008 | 330,000 | 854,350 | (34,628) | (331,430) | 818,292 |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Available-for-sale | - | - | (293,828) | - | (293,828) |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| Loss for the period | - | - | - | (34,255) | (34,255) |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| At 31 December 2008 | 330,000 | 854,350 | (328,456) | (365,685) | 490,209 |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
| | | | | | |
+--------------------------------+----------------+----------------+-------------------+------------------+------------------+
India Star Energy Plc
Consolidated Cashflow Statement
for the six months ended 31 December 2008
+----------------------------------------------------+--------+-----------------+--------------+---------------+
| | Note | Unaudited | | Audited |
| | | 6 months | Unaudited | Year |
| | | ended | 6 months | ended |
| | | 31 December | ended | 30 June |
| | | 2008 | 31 December | 2008 |
| | | GBP | 2007 | GBP |
| | | | GBP | |
+----------------------------------------------------+--------+-----------------+--------------+---------------+
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Net cash flow from operating activities | 10(a) | (38,464) | (8,187) | (70,461) |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Return on investments and services of finance | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Interest received | | 3,115 | 12,893 | 21,600 |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Net cash inflow from returns on investments and | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | 3,115 | 12,893 | 21,600 |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Financing activities | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Investments | | (250,000) | - | - |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Net cash (used in)/from financing activities | | (246,885) | 12,893 | 21,600 |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| (decrease) in net cash | | (285,349) | 4,706 | (48,861) |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Cash and cash equivalents at beginning of period | 10(b) | 438,340 | 487,201 | 487,201 |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| Cash and cash equivalents at end of period | 10(b) | 152,991 | 491,907 | 438,340 |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
| | | | | |
+----------------------------------------------------+--------+-----------------+---------------+---------------+
India Star Energy Plc
Notes to the consolidated interim statement
for the six months ended 31 December 2008
1. Basis of preparation
India Star Energy Plc is a public company domiciled in England and Wales and
incorporated in the United Kingdom under the Companies Act 1985. Its registered
office is Leicester Business Centre, 111 Ross Walk, Leicester, LE4 5HH.
These interim financial statements for the period ended 31 December 2008, have
been prepared on the basis of the recognition and measurement requirements of
IFRS in issue that are either endorsed by the EU and effective at 30 June 2007.
The preparation of the interim statement requires management to make judgements,
estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. Actual results may
differ from these estimates.
This interim statement has been prepared under the historical cost convention.
This interim statement is unaudited. The comparatives for the full year ended 30
June 2008 are the group's statutory accounts for that year and reported under
IFRS.
The auditor's report on those accounts was unqualified, did not include
references to any matters to which the auditors drew attention by way of
emphasis without qualifying their report and did not contain a statement under
Section 237(2)-(3) of the Companies Act 1985.
2. Significant accounting policies
Basis of accounting
The significant accounting policies that the group has applied to its financial
statements for the six months ended 31 December 2008 and which it expects to
apply in its full financial statements for the year ending 30 June 2009 are set
out below:
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the company and entities controlled directly or indirectly by the company (its
subsidiaries) made up to 30 June each year and interim financial statements made
up to 31 December. Control is achieved where the company has the power to govern
the financial and operating policies of an investee entity so as to obtain
benefits from its activities. In assessing control, potential voting rights that
presently are exercisable or convertible are taken into account. The financial
statements of subsidiaries are included from the date that control commences
until the date that control ceases.
Foreign currencies
Exchange differences arising on the settlement of monetary items, and on the
retranslation of monetary items, are included in profit or loss for the period.
Exchange differences arising on the retranslation of non-monetary items carried
at fair value are included in profit or loss for the period except for
differences arising on the retranslation of non-monetary items in respect of
which gains and losses are recognised directly in equity. For such non-monetary
items, any exchange component of that gain or loss is also recognised directly
in equity.
Financial instruments
The company classifies financial instruments, or their components parts, on
initial recognition as a financial asset, a financial liability or an equity
instrument in accordance with the substance of the contractual arrangement.
Financial assets and financial liabilities are recognised in the group's balance
sheet when the group becomes a party to the contractual provisions of the
instrument.
Investments
Investments are recognised and derecognised on a trade date where a purchase or
sale of an investment is under a contract whose terms require delivery of the
investment within the timeframe established by the market concerned, and are
initially measured at cost, including transaction costs.
Investments are classified as either held-for-trading or available-for-sale, and
are measured at subsequent reporting dates at fair value. Where securities are
held for trading purposes, gains and losses arising from changes in fair value
are included in net profit or loss for the period. For available-for-sale
investments, gains and losses arising from changes in fair value are recognised
directly in equity, until the security is disposed of or is determined to be
impaired, at which time the cumulative gain or loss previously recognised in
equity is included in the profit or loss for the period. Impairment losses
recognised in profit or loss for equity investments classified as
available-for-sale are not subsequently reversed through profit or loss.
Derivatives
The group uses derivative financial instruments for speculative purposes and
measures derivative contract at fair value. Changes in the fair value of
derivative financial instruments are recognised in the income statement as they
arise.
Trade receivables
Trade receivables are measured at initial recognition at fair value, and are
subsequently measured at amortised cost using the effective interest rate
method. Appropriate allowances for estimated irrecoverable amounts are
recognised in profit or loss when there is objective evidence that the asset is
impaired. The allowance recognised is measured as the difference between the
asset's carrying amount and the present value of estimated future cash flows
discounted at the effective interest rate computed at initial recognition.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the group after
deducting all of its liabilities.
Trade payables
Trade payables are initially measured at fair value, and are subsequently
measured at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received,
net of direct issue costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other
short-term highly liquid investments that are readily convertible to a known
amount of cash and are subject to an insignificant risk of changes in value. The
group considers all highly liquid investments with original maturity dates of
three months or less to be cash equivalents.
Provisions
Provisions are recognised when the group has a present obligation as a result of
a past event, and it is probable that the group will be required to settle that
obligation. Provisions are measured at the directors' best estimate of the
expenditure required to settle the obligation at the balance sheet date, and are
discounted to present value where the effect is material.
Investment income
Investment income relates to interest income, which is accrued on a time basis,
by reference to the principal outstanding and at the effective interest rate
applicable.
Commissions' payable
Commissions are payable to brokers upon execution of trades in derivative
financial instruments. The commissions are incurred when a trade is contracted
and are recognised immediately in the income statement.
3. Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the group's accounting policies, which are described
in note 2, management has made the following judgements that have the most
significant effect on the amounts recognised in the financial statements (apart
from those involving estimations, which are dealt with below).
Derivatives
Derivative financial instruments are valued at fair value and any resulting gain
or loss is recognised immediately in profit or loss.
Revenue recognition
Revenue is measured at the fair value of the consideration received or
receivable and represents amounts receivable for goods and services
provided in the normal course of business, net of discounts, VAT and other
sales related taxes.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation
uncertainty at the balance sheet date, that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the
next financial year, are discussed below.
Fair values of derivative assets and liabilities
All derivative assets and liabilities are valued based on available market
values.
4.Segment information
(a)Primarily business segment - The group has only one business segment,
that of investing in the
energy sector.
(b)Secondary geographical segment - The directors do not believe there is
more than one
geographical segment.
5. Investment revenues
+----------------------------------------+--+------------+--+------------+-----------+--+
| | | Unaudited | Unaudited | Audited |
| | | 6 months | 6 months | Year |
| | | ended | ended | ended |
| | | 31 December | 31 | 30 June |
| | | 2008 | December | 2008 |
| | | GBP | 2007 | GBP |
| | | | GBP | |
+----------------------------------------+--+---------------+------------+-----------+
| | | | | |
+----------------------------------------+--+---------------+------------+-----------+
| Interest on bank deposits | | 3,115 | 12,893 | 21,600 |
+----------------------------------------+--+---------------+------------+-----------+
| | | | | |
+----------------------------------------+--+---------------+------------+-----------+
| | | | | |
+----------------------------------------+--+------------+---------------+--------------+
| | | 3,115 | 12,893 | 21,600 |
+----------------------------------------+--+------------+---------------+--------------+
| | | | | |
+----------------------------------------+--+------------+--+------------+-----------+--+
Investments
+----------------------------------------+--+------------+--+------------+-----------+--+
| | | Unaudited | Unaudited | Audited |
| | | 6 months | 6 months | Year |
| | | ended | ended | ended |
| | | 31 December | 31 | 30 June |
| | | 2008 | December | 2008 |
| | | GBP | 2007 | GBP |
| | | | GBP | |
+----------------------------------------+--+---------------+------------+-----------+
| | | | | |
+----------------------------------------+--+---------------+------------+-----------+
| New Fuels International | | 250,000 | - | - |
| Limited ('NFIL') | | | | |
+----------------------------------------+--+---------------+------------+-----------+
| | | | | |
+----------------------------------------+--+---------------+------------+-----------+
| | | | | |
+----------------------------------------+--+------------+---------------+--------------+
| | | 250,000 | - | - |
+----------------------------------------+--+------------+---------------+--------------+
| | | | | |
+----------------------------------------+--+------------+--+------------+-----------+--+
6.Tax
The company and the group have incurred tax losses for the period and a
corporation tax charge is not anticipated. The amount of the unutilised tax
losses has not been recognised in the financial statements as the recovery of
this benefit is dependent on the future profitability of certain subsidiaries,
the timing of which cannot be reasonable foreseen.
7. Loss per ordinary share
The calculation of a basic loss per share of 0.02 pence (31 December 2007: loss
of 0.02 pence, June 2008: loss of 0.04 pence) is based on the loss for the
period attributable to equity holders of the India Star Energy plc of GBP34,255
(31 December 2007: loss of GBP42,870; 30 June 2008: loss of GBP63,418) and on
the weighted average number of shares in issue during the period of 165,000,000
(31 December 2007: 165,000,000; 30 June 2008: 165,000,000).
Due to the loss incurred during the year, a diluted loss per share has not been
disclosed as this would serve to reduce the basic loss per share.
8.Available-for-sale securities
The available-for-sale securities relate to two investments East West Resource
Corporation and Trillium North Minerals Ltd (formally Canadian Golden Dragon
Resources Ltd) listed on the TSX-V Canadian exchange. The investments are
classified as current assets due to their relative liquidity and are measured at
their fair value at each reporting date. Changes in fair value are recorded in
equity until they are disposed of or impairment is recognised.
9. Subsidiaries
Details of the company's subsidiaries at 31 December 2008 are as follows:
+---------------------------------------------+---------------------+--------------+------------+
| Name | Place of | Proportion |Proportion |
| | incorporation | of | of voting |
| | (or registration) | ownership |power held |
| | and operation | interest | % |
| | | % | |
+---------------------------------------------+---------------------+--------------+------------+
| | | | |
+---------------------------------------------+---------------------+--------------+------------+
| Rutland | England | 100% | 100% |
| Star | | | |
| Ventures | | | |
| Ltd | | | |
+---------------------------------------------+---------------------+--------------+------------+
All investments are held directly.
10(a) Notes to the cash flow statement
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| Net cash | | Unaudited | Unaudited | Audited |
| absorbed | | 31 | 31 | 30 June |
| by | | December | December | 2008 |
| operating | | 2008 | 2007 | GBP |
| activities | | GBP | GBP | |
| | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| Loss | | (37,370) | (55,763) | (85,018) |
| before | | | | |
| taxation | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| Operating | | (37,370) | (55,763) | (85,018) |
| cash | | | | |
| flows | | | | |
| before | | | | |
| movements | | | | |
| in | | | | |
| working | | | | |
| capital | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| (Decrease)/increase | | 7,692 | (1,741) | (5,090) |
| in receivables | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| Increase | | (8,786) | 49,317 | 19,647 |
| in | | | | |
| payables | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| Net | | (38,464) | (8,187) | (70,461) |
| cash | | | | |
| outflow | | | | |
| from | | | | |
| operations | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
| | | | | |
+-----------------------------------------------------------------------+---+-----------+-----------+----------+
Cash and cash equivalents (which are presented as a single class of assets on
the face of the balance sheet) comprise cash at bank and other short-term highly
liquid investments with a maturity of three months or less.
+---------------------------------------------+---+-----------+-----------+----------+
| (b) Cash and cash | | Unaudited | Unaudited | Audited |
| equivalents | | 31 | 31 | 30 June |
| | | December | December | 2008 |
| | | 2008 | 2007 | GBP |
| | | GBP | GBP | |
+---------------------------------------------+---+-----------+-----------+----------+
| Cash | | 152,991 | 491,907 | 438,340 |
| at | | | | |
| bank | | | | |
| and | | | | |
| in | | | | |
| hand | | | | |
+---------------------------------------------+---+-----------+-----------+----------+
| | | | | |
+---------------------------------------------+---+-----------+-----------+----------+
| Net | | 152,991 | 491,907 | 438,340 |
| cash | | | | |
| position | | | | |
+---------------------------------------------+---+-----------+-----------+----------+
| | | | | |
+---------------------------------------------+---+-----------+-----------+----------+
11. Events after the balance sheet date
Management are not aware of any events occurring between the balance sheet date
of these interim financial statements and the date of their approval that would
materially impact the information contained within these financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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