TIDMINDY
RNS Number : 2109J
India Star Energy plc
26 March 2010
INDIA STAR ENERGY PLC
(AIM: INDY)
Interim report and financial statements for the 6 months ended 31 December 2009
Chairman's Statement
India Star Energy today announces its unaudited interim results for the six
months ended 31 December 2009. The Company continues to focus on its strategy of
making investments in mining related companies and alternative sources of fuel.
The Company made a loss before tax of GBP37,195 in the six-month period to
December 2009 compared to a loss before tax of GBP34,225 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 2009 the company has net assets of
GBP527,866.
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 continues to monitor matters closely as we have previously reported
the economics are getting harder and at present we are not able to make a
financial case for further investment in this space but of course keep it under
review.
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
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 January Trillium received notification from Manicouagan Minerals Inc.
("Manicouagan") on the final assay results from the completed diamond drill
program on the Dorothy-Dobie Lake Property located in the Pickle Lake area, in
northwest Ontario. Manicouagan completed a sixteen hole (2,292 metre)
diamond-drilling program on the Dorothy-Dobie Lake Property. Seven holes
(DOR-09-01 to 07) were drilled on the Dorothy Main Zone while nine holes
(DOB-09-08 to 16) tested the Dobie Zone. Initial assays included 1.8 metres
grading 5.15 gpt gold (DOR- 09-05) from the Dorothy Main Zone and 2.7 metres
grading 5.65 gpt gold (DOB-09-10) from the Dobie Zone.
Rainy Mountain Royalty Corporation ('Rainy Mountain')
Rainy Mountain Royalty Corporation engages in the acquisition, exploration, and
development of mineral resource properties in Canada. It primarily explores for
copper, gold, zinc, nickel, and precious metal properties, as well as platinum
group metals in northwestern Ontario. The company was formerly known as East
West Resource Corporation and changed its name to Rainy Mountain Royalty Corp.
Rainy Mountain Royalty Corp. was founded in 1979 and is based in West Vancouver,
Canada.
In January Rainy Mountain announced that, subject to regulatory approval, it has
entered into an option agreement dated 12 January 2010 with Michael Trembley
and Jacques Robert of Ontario to acquire a 234 claim unit property located
approximately 60 km north of Sault Ste. Marie and 48 km east of Batchawana Bay,
Ontario. Under the Agreement, Rainy Mountain is required to pay up to an
aggregate of $100,000 over a five year period and issue up to an aggregate of
200,000 post-consolidated shares in four equal installments over an 18 month
period.
The Property covers an 8 km strike length of carbonate altered (ankeritized)
mafic volcanics as well as a quartz feldspar porphyry, which is a typical
geological setting for Timmins - Porcupine Camp style gold deposits. At least
three parallel shear zones have been noted on the Property, as well as several
gold showings. A detailed prospecting and mapping program is planned for later
this year, followed by line cutting and a magnetic and Induced Polarization
("IP") survey. Follow-up back hoe trenching and drilling will test the
carbonated shears (particularly where sulphides are indicated by the IP survey).
The Property is accessible via highway 17 and there is a power line across the
Property.
Haresh Kanabar
Chairman
26 March 2010
India Star Energy Plc
Consolidated Income Statement
for the six months ended 31 December 2009
+----------------------------+--------+------+-----------+-----------+----------+
| | Note | | Unaudited | | Audited |
| | | | 6 months | Unaudited | Year |
| | | | ended | 6 months | ended |
| | | | 31 | ended | 30 June |
| | | | December | 31 | 2009 |
| | | | 2009 | December | GBP |
| | | | GBP | 2008 | |
| | | | | GBP | |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
| Administrative expenses | | | (37,251) | (37,370) | (60,864) |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
| Loss from operations | | | (37,251) | (37,370) | (60,864) |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
| Investment revenues | | | 56 | 3,115 | 3,409 |
+----------------------------+--------+------+-----------+-----------+----------+
| Finance cost | | | - | - | (287) |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
| Loss before taxation | | | (37,195) | (34,225) | (57,742) |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
| Loss for the period | | | (37,195) | (34,225) | (63,418) |
+----------------------------+--------+------+-----------+-----------+----------+
| | | | | | |
+----------------------------+--------+------+-----------+-----------+----------+
+----------------------------+--------+--------+---------+-----------+-----------+
| Loss per ordinary share | | | | | |
+----------------------------+--------+--------+---------+-----------+-----------+
| | | | | | |
+----------------------------+--------+--------+---------+-----------+-----------+
| Basic and diluted loss per | 2 | | (0.02p) | (0.02p) | (0.03p) |
| share | | | | | |
+----------------------------+--------+--------+---------+-----------+-----------+
| | | | | | |
+----------------------------+--------+--------+---------+-----------+-----------+
All losses for the period are attributable to equity shareholders of the parent.
India Star Energy Plc
Consolidated Balance Sheet
at 31 December 2009
+--------------------------------+-------+-----------+------------+-----------+
| | Note | Unaudited | | |
| | | 31 | Unaudited | Audited |
| | | December | 31 | 30 June |
| | | 2009 | December | 2009 |
| | | GBP | 2008 | GBP |
| | | | GBP | |
+--------------------------------+-------+-----------+------------+-----------+
| Assets | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Non-current assets | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Investments | 3 | 250,000 | 250,000 | 250,000 |
+--------------------------------+-------+-----------+------------+-----------+
| Available-for-sale securities | 4 | 218,368 | 120,029 | 149,239 |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| | | 488,368 | 379,029 | 399,239 |
+--------------------------------+-------+-----------+------------+-----------+
| Current assets | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Cash and cash equivalents | 5 | 77,005 | 152,991 | 112,454 |
+--------------------------------+-------+-----------+------------+-----------+
| Trade and other receivables | | 1,416 | 1,395 | 4,247 |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Total current assets | | 78,421 | 154,386 | 116,701 |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Total assets | | 546,789 | 524,415 | 515,940 |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Liabilities | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Current liabilities | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Trade and other payables | | (18,923) | (34,206) | (20,008) |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Total liabilities | | (18,923) | (34,206) | (20,008) |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| | | 527,866 | 490,209 | 495,932 |
+--------------------------------+-------+-----------+------------+-----------+
| Net assets | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Equity | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Share capital | | 330,000 | 330,000 | 330,000 |
+--------------------------------+-------+-----------+------------+-----------+
| Share premium account | | 854,350 | 854,350 | 854,350 |
+--------------------------------+-------+-----------+------------+-----------+
| Available-for-sale reserve | | (230,117) | (328,456) | (299,246) |
+--------------------------------+-------+-----------+------------+-----------+
| Retained losses | | (426,367) | (365,685) | (389,172) |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| Equity attributable to equity | | 527,866 | 490,209 | 495,932 |
| holders of the parent | | | | |
+--------------------------------+-------+-----------+------------+-----------+
| | | | | |
+--------------------------------+-------+-----------+------------+-----------+
India Star Energy Plc
Consolidated Statement of Changes in Equity
for the six months ended 31 December 2009
+----------------------------+---------+---------+------------+-----------+-----------+
| | | |Available- | | |
| | Share | |for - sale | | |
| | capital | Share | reserve | Retained | Total |
| | - | premium | | earnings | |
| | equity | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+----------------------------+---------+---------+------------+-----------+-----------+
| 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 |
+----------------------------+---------+---------+------------+-----------+-----------+
| | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| Year ended 30 June 2009 | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| At 1 July 2008 | 330,000 | 854,350 | (34,628) | (331,430) | 818,292 |
+----------------------------+---------+---------+------------+-----------+-----------+
| Available-for-sale | - | - | (264,618) | - | (264,618) |
+----------------------------+---------+---------+------------+-----------+-----------+
| Loss for the year | - | - | - | (57,742) | (57,742) |
+----------------------------+---------+---------+------------+-----------+-----------+
| | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| At 30 June 2009 | 330,000 | 854,350 | (299,246) | (389,172) | 495,932 |
+----------------------------+---------+---------+------------+-----------+-----------+
| | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| Six months ended 31 | | | | | |
| December 2009 | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| At 30 June 2009 | 330,000 | 854,350 | (299,246) | (389,172) | 495,932 |
+----------------------------+---------+---------+------------+-----------+-----------+
| Available-for-sale | - | - | 69,129 | - | 69,129 |
+----------------------------+---------+---------+------------+-----------+-----------+
| Loss for the period | - | - | - | (37,195) | (37,195) |
+----------------------------+---------+---------+------------+-----------+-----------+
| | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| At 31 December 2009 | 330,000 | 854,350 | (230,117) | (426,367) | 527,866 |
+----------------------------+---------+---------+------------+-----------+-----------+
| | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
| | | | | | |
+----------------------------+---------+---------+------------+-----------+-----------+
India Star Energy Plc
Consolidated Cash Flow Statement
for the six months ended 31 December 2009
+---------------------------------+-+---+--+----+----+-----------+------------+-----------+----------+
| | Note | Unaudited | | Audited |
| | | 6 months | Unaudited | Year |
| | | ended | 6 months | ended |
| | | 31 December | ended | 30 June |
| | | 2009 | 31 | 2009 |
| | | GBP | December | GBP |
| | | | 2008 | |
| | | | GBP | |
+---------------------------------+-------------+----------------+------------+----------------------+
| | | | | | |
+---------------------------------+-----+-------+----------------+------------+----------------------+
| Net cash flow from operating | 5 | | (35,504) | (38,464) | (79,008) | |
| activities | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Return on investments and | | | | | | |
| services of finance | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Interest received | | | 56 | 3,115 | 3,409 | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Interest paid | | | - | - | (287) | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Net cash inflow from returns on | | | | | | |
| investments and | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | 56 | 3,115 | 3,122 | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Financing activities | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Investments | | | - | (250,000) | (250,000) | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Net cash (used in)/from financing | | | 56 | (246,885) | (246,878) | |
| activities | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| (decrease) in net cash | | | (35,448) | (285,349) | (325,886) | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Cash and cash equivalents at | | | 112,454 | 438,340 | 438,340 | |
| beginning of period | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| Cash and cash equivalents at end | 5 | | 77,005 | 152,991 | 112,454 | |
| of period | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | |
+-----------------------------------+------+---------+-----------+------------+-----------+----------+
| | | | | | | | | | |
+---------------------------------+-+---+--+----+----+-----------+------------+-----------+----------+
India Star Energy Plc
Notes to the consolidated interim statement
for the six months ended 31 December 2009
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 2009 have
been prepared on the basis of accounting policies consistent with International
Financial Reporting Standards ("IFRS"). The financial information has been
prepared in accordance with the accounting policies as set out in the statutory
accounts for the year ended 30 June 2009 as amended for the requirements of IAS
1(revised) Presentation of Financial Statements.
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 2009 are extracted from the group's statutory accounts for that year. 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 489(2)-(3)
of the Companies Act 2006.
2. Loss per ordinary share
The calculation of a basic loss per share of 0.02 pence (31 December 2008: loss
of 0.02 pence, June 2009: loss of 0.03 pence) is based on the loss for the
period attributable to equity holders of the India Star Energy plc of GBP37,195
(31 December 2008: loss of GBP34,255; 30 June 2009: loss of GBP57,742) and on
the weighted average number of shares in issue during the period of 165,000,000
(31 December 2008: 165,000,000; 30 June 2009: 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.
3 Investments
+----------------------------------+----------+----------+----------+-------------+---------+
| | | Unaudited | Unaudited | Audited |
| | | 6 months ended | 6 months | Year |
| | | 31 December | ended | ended |
| | | 2009 | 31 | 30 June |
| | | GBP | December | 2009 |
| | | | 2008 | GBP |
| | | | GBP | |
+----------------------------------+----------+---------------------+-------------+---------+
| | | | | |
+----------------------------------+----------+---------------------+-------------+---------+
| New Fuels International Limited | | 250,000 | 250,000 | 250,000 |
| ('NFIL') | | | | |
+----------------------------------+----------+---------------------+-------------+---------+
| | | | | |
+----------------------------------+----------+---------------------+-------------+---------+
| | | | | | |
+----------------------------------+----------+ +----------+-------------+---------+
| | | | 250,000 | 250,000 | 250,000 |
+----------------------------------+----------+ +----------+-------------+---------+
| | | | | | |
+----------------------------------+----------+----------+----------+-------------+---------+
4. Available-for-sale securities
The available-for-sale securities relate to two investments Rainy Mountain
Royalty corporation ( formerly 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.
5. Notes to the cash flow statement
+-----------------------------------+--+----------------+----------------+--------------+
| (a) Net cash absorbed by | | Unaudited | | |
| operating activities | | 31 | Unaudited | Audited |
| | | December | 31 | 30 June |
| | | 2009 | December | 2009 |
| | | GBP | 2008 | GBP |
| | | | GBP | |
+-----------------------------------+--+----------------+----------------+--------------+
| Loss before taxation | | (37,251) | (37,370) | (60,864) |
+-----------------------------------+--+----------------+----------------+--------------+
| | | | | |
+-----------------------------------+--+----------------+----------------+--------------+
| | | | | |
+-----------------------------------+--+----------------+----------------+--------------+
| Operating cash flows before | | (37,251) | (37,370) | (60,864) |
| movements in working capital | | | | |
+-----------------------------------+--+----------------+----------------+--------------+
| (Decrease)/increase in | | 2,832 | 7,692 | 4,841 |
| receivables | | | | |
+-----------------------------------+--+----------------+----------------+--------------+
| Increase in payables | | (1,086) | (8,786) | (22,985) |
+-----------------------------------+--+----------------+----------------+--------------+
| | | | | |
+-----------------------------------+--+----------------+----------------+--------------+
| Net cash outflow from operations | | (35,505) | (38,464) | (79,008) |
+-----------------------------------+--+----------------+----------------+--------------+
| | | | | |
+-----------------------------------+--+----------------+----------------+--------------+
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 equivalents | | Unaudited | | Audited |
| | | 31 | Unaudited | 30 June |
| | | December | 31 | 2009 |
| | | 2009 | December | GBP |
| | | GBP | 2008 | |
| | | | GBP | |
+-------------------------------------+--+------------+----------------+--------------+
| Cash at bank and in hand | | 77,005 | 152,991 | 112,454 |
+-------------------------------------+--+------------+----------------+--------------+
| | | | | |
+-------------------------------------+--+------------+----------------+--------------+
| Net cash position | | 77,005 | 152,991 | 112,454 |
+-------------------------------------+--+------------+----------------+--------------+
| | | | | |
+-------------------------------------+--+------------+----------------+--------------+
6. Copies of the interim statement will be available on the Company's
website at www.indiastarenergy.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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