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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| India Star | LSE:INDY | London | Ordinary Share | GB00B06L4049 | ORD 0.2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4225K
India Star Energy plc
20 December 2007
India Star Energy Plc
Preliminary results for the year ended 30th June 2007
20 December 2007
I am pleased to report India Star Energy's financial results for the year ended
30th June 2007. This is my first report since being appointed to the Board in
October. The Company has continued to make progress during the period under
review.
The Company's financial performance in the year is in line with management
expectations. The post tax loss in year has been substantially reduced to
£70,584 compared to a corresponding loss post tax of £147,867 in the previous
financial year. The loss per share for the year stood at 0.04 pence compared to
0.10 pence in the previous year. The Company's net cash position as at 30 June
2007 stood at £487,201.
The Company has two principal investments which the progress in these companies
is summarised below.
Trillium North Minerals Ltd ("Trillium") (formerly known as Canadian Golden
Dragon)
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 12.07 per cent. of its current issued share capital) and a further
7 million warrants in Trillium. 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 team's proven ability to recognise
overlooked geological opportunities using advanced geological techniques.
During 2007, Trillium made new discoveries on its properties and strengthened
its management team.
At Trillium's 100% owned Vanguard Zinc-Copper-Silver-Gold Property, a zinc
discovery on the western part of the property was followed up with a large
geophysical program, funded by its new joint venture partner Everett Resources
Ltd. The initial phase of the agreement calls on Everett to spend $3 million in
exploration before 20 January 2011 to earn a 50% interest in the Vanguard
Property. In addition, from January, Everett will pay a total of $150,000 in
option payments. Everett will also issue 200,000 common shares of its stock to
Trillium in tranches of 50,000 shares.
In November 2007, Trillium announced preliminary results from the 2007 drilling
program at the Dorothy Dobie Project in Pickle Lake. Hole DOR-07-005 has
intersected visible gold in the western extension of the Golden Patricia Zone.
The visible gold occurs in a quartz vein over a drilled width of 0.25 metres
from 11.49 to 111.74 metres. True width of the visible gold zone is estimated at
0.18 metres. Further work is expected to accelerate this property in the coming
year.
Barrick Gold's former Golden Patricia Mine adjoins the Dorothy Dobie Project to
the East and produced 860,000 tons at a grade of 0.58 oz/ton gold between 1989
and 1997. The mined portion of the Golden Patricia vein averaged 0.45 metres.
Trillium's 2007 drill program was designed to confirm the presence of the
Western extension of the Golden Patricia Vein and to aid the construction of a
geological model for the property. Data from historic drilling on the property
was found to be incomplete necessitating a ground based geophysical survey
reconnaissance prior to the drill program to aid in targeting. The current
drilling has confirmed the presence of both the structure and gold
mineralisation. Follow up drilling is currently being planned for early 2008 and
will include drilling on the Golden Patricia Extension.
East West Resource Corporation ("EastWest")
EastWest was formed in 1979 and is a Canadian focussed exploration company based
in Ontario and quoted on the Toronto Ventures Exchange. India Star holds 2.5
million shares in the company (representing 1.93 per cent of its current issued
share capital). EastWest explores for copper, zinc, nickel and other precious
metals and its operations are situated on Thunder Bay, a major mining hub with
good road and rail links and a port on the north side of Lake Superior. East
West has three flagship assets plus an active portfolio of early stage projects.
* Marshall Lake, a road accessible high grade VMS copper zinc project,
Northeast of Lake Nipigon. There is a historical pre NI 43-101 resource
indicating 1.4m tons of copper, zinc, silver and gold on the property. Recent
exploration has uncovered multiple high grade copper zinc showings at, or
near, surface.
* Norton Lake, a nickel copper deposit Northwest of Lake Nipigon The
property has a NI 43-101 report indicating an initial 2.47m tonne deposit.
* Shebandowan, a series of near surface copper gold showings, west of
Thunder Bay. The property sits on the main Canadian Pacific railway line,
close to the Trans Canada Highway and is road accessible all year round. The
key land areas are called Deaty and Hamlin.
In October 2007, EastWest announced that 161 claim units have been added to the
Western side of the Marshall Lake property following encouragement received from
an airborne survey, and prospecting observations on the ground. The property now
has 965 claim units or 60 square miles. Prospecting and ground geophysics are
continuing in selected areas on the Marshall property and a 1,447m drill program
has now been completed in the Gazooma, Cherry Hill and Teck areas, which will
lead to further drilling in the future.
Further developments at the Gazooma copper zone were announced in November 2007.
This zone which was originally exposed by trenching, and later tested by diamond
drill holes GAZ-06-1, 2, 4 and GAZ-07-5, has been intersected by holes GAZ-07-08
and GAZ-07-10 at greater depth. Both holes intersected 2.88 and 9.85 metres of
stringer chalcopyrite and pyrrhotite respectively, similar to that seen in hole
GAZ-07-5. The near surface extension of the copper zone was also intersected by
GAZ-07-11 which collared in mineralization and returned 21.3 metres of stringer
chalcopyrite and pyrrhotite. The core has been processed and submitted for
analysis with results pending. The likelihood that the Gazooma copper zone
extends beyond the current drilling has been confirmed by both a deep IP
(induced polarization) anomaly which coincides with a new VTEM (helicopter borne
electromagnetic survey) anomaly. This suggests a more massive (conductive)
sulphide zone occurs down dip. Deeper drilling is planned by the company to
intersect the zone 100 metres below surface.
EastWest has also recently announced that it has placed 13,333,334 shares in the
company at 15 cents with attached warrants and a further 2,941,177 flow-through
shares at 17 cents for total gross proceeds of a maximum of $2.5-million. The
proceeds of this private placement will be used to advance the Marshall Lake
project, along with other base-metal properties in North Western Ontario, and
for general working capital purposes.
Outlook
India Star has attractive investments in companies developing precious metal
projects. Our investments are constantly under review and we are looking at
further opportunities to make investments. We look forward to the future with
confidence.
Haresh Kanabar
Chairman
INDIA STAR ENERGY PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2007
2007 2006
As restated
Notes £ £
Turnover 2 25,340 (72,709)
Cost of sales (8,610) (9,891)
Gross profit/(loss) 16,730 (82,600)
Administrative expenses (96,177) (93,578)
-------- --------
Operating loss 3 (79,447) (176,178)
Interest receivable and similar
income 4 24,163 36,101
Interest payable and similar
charges 5 (15,300) (7,790)
-------- --------
Loss on ordinary activities
before taxation (70,584) (147,867)
Tax on loss on ordinary
activities 7 - -
-------- --------
Loss on ordinary activities after
taxation 13 (70,584) (147,867)
======== ========
Loss per Share 6 Pence Pence
- Basic and diluted (0.04) (0.10)
======== ========
All of the operations are considered to be continuing.
There are no recognised gains and losses other than those passing through the
profit and loss account.
INDIA STAR ENERGY PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007
Group Group Company Company
2007 2006 2007 2006
£ £ £ £
Fixed assets
Investments 9 448,485 448,485 448,486 611,106
Current assets
Debtors 10 3,997 46,775 3,997 3,826
Cash at bank
and in hand 487,201 512,668 487,200 393,190
-------- -------- -------- --------
491,198 559,443 491,197 397,016
Creditors:
amounts falling due
within one year 11 (23,345) (21,006) (23,345) (21,006)
-------- -------- -------- --------
Net current assets 467,853 538,437 467,852 376,010
-------- -------- -------- --------
Total assets less
current liabilities 916,338 986,922 916,338 987,116
======= ======== ======= ========
Capital and reserves
Called up
share capital 12 330,000 330,000 330,000 330,000
Share premium
account 13 854,350 854,350 854,350 854,350
Profit and
loss account 13 (268,012) (197,428) (268,012) (197,234)
-------- -------- -------- --------
Shareholders'
funds -equity
interests 14 916,338 986,922 916,338 987,116
======= ======== ======== ========
The financial statements were approved by the Board and authorised for issue on 20 December
2007
H Kanabar
Director
INDIA STAR ENERGY PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
Year ended Period ended
30 June 30 June
2007 2006
As restated
Note £ £
Net cash outflow from operating
activities a (34,330) (203,905)
Returns on investments and servicing of
finance
Interest receivable and similar income 24,163 36,101
Interest payable and similar charges (15,300) (7,790)
-------- --------
Net cash inflow for returns on
investments and servicing of finance 8,863 28,311
-------- --------
Capital expenditure
Payments to acquire investments - (314,795)
-------- --------
Net cash outflow for capital expenditure
and financial investment - (314,795)
-------- --------
Net cash outflow before management of
liquid resources and financing (25,467) (490,389)
Financing
Issue of ordinary share capital - 250,000
-------- --------
Net cash inflow from financing - 250,000
-------- --------
Decrease in cash in the period (25,467) (240,389)
======== ========
INDIA STAR ENERGY PLC
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
a Reconciliation of operating loss to net cash outflow from
operating activities
2007 2006
As restated
£ £
Operating loss (79,447) (176,178)
Increase in debtors 42,778 (42,682)
Increase in creditors 2,339 14,955
-------- --------
Net cash outflow from operating
activities (34,330) (203,905)
======== ========
b Analysis of net funds At 1 July 2006 Cash flow 30 June 2007
£ £ £
Net cash:
Cash at bank and in hand 512,668 (25,467) 487,201
-------- -------- --------
Net funds 512,668 (25,467) 487,201
======== ======== ========
c Reconciliation of net cash flow to movement
in net funds 2007 2006
£ £
Decrease in cash in the (25,467) (240,389)
period
-------- --------
Movement in net funds in the period (25,467) (240,389)
Opening net funds 512,668 753,057
-------- --------
Closing net funds 487,201 512,668
======== ========
INDIA STAR ENERGY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2007
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical cost
convention and on the going concern basis.
The company has not presented its own profit and loss account as
permitted by Section 230(3) of the Companies Act 1985.
1.2 Compliance with accounting standards
The financial statements are prepared in accordance with applicable
United Kingdom Accounting Standards which have been applied
consistently.
1.3 Basis of Consolidation
The consolidated profit and loss account and balance sheet include
the financial statements of the company and its subsidiary
undertakings made up to 30 June 2007. The results of the subsidiary
acquired are included in the profit and loss account from the date
control passes. Intra-group sales and profits are eliminated fully on
consolidation.
1.4 Investments
Fixed asset investments are stated at cost less any applicable
provision for diminution in value.
1.5 Financial Instruments , Turnover and Other Debtors
Gains and losses from investments in contracts for difference where
the underlyings equity shares are quoted on recognised investment
exchanges or the AIM market of the London Stock Exchange are
recognised when the relevant contract is closed out. In addition,
unrealised losses are recognised based on the value of the relevant
open contracts at the year end. The net gain or loss arising from
investments in contracts for difference is reported as turnover. For
the year ended 30 June 2006, such gains or losses were disclosed as
other operating costs. For the year ended 30 June 2007, the Directors
consider that it is more appropriate to disclose these amounts as
turnover and the comparatives have been restated accordingly.
Cash held with the group's investment broker in order to meet margin
requirements is included within other debtors.
1.6 Foreign currencies
Transactions in foreign currencies are translated into Sterling at
the rate of exchange ruling at the date of the transaction. Monetary
assets and liabilities in foreign currencies are translated at the
rates of exchange ruling at the balance sheet date.
1.7 Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by
timing differences between the treatment of certain items for
taxation and accounting purposes. Deferred tax assets are recognised
to the extent that it is probable that future taxable profit will be
available against which the timing differences can be utilised.
1.8 Share-based payments
The Group has elected to apply FRS 20 "Share-based payment" to all
relevant share-based payment transactions granted after 7 November 2002
but not fully vested at 1 July 2006. The fair value of the option plans
is calculated using the Black-Scholes model. In accordance with FRS 20,
the resulting cost is charged to the income statement over the vesting
period of the options. The value of the charge is adjusted to reflect
expected and actual levels of option vesting.
2 Turnover
2007 2006
£ £
As restated
Sales of contracts for difference 2,224,000 2,378,962
Purchase of contracts for difference (2,198,660) (2,451,671)
--------- ---------
25,340 (72,709)
========= =========
Net gain/(loss)
3 Operating loss 2007 2006
£ £
Operating loss is stated after charging:
Auditors' remuneration (audit services) 15,000 13,500
======== ========
4 Interest receivable and similar income
Bank interest 21,878 34,324
Dividends 2,285 1,777
--------- ---------
24,163 36,101
======== ========
5 Interest payable and similar charges 2007 2006
£ £
Interest charged on open CFD position 15,300 7,790
======== ========
6 Loss per share
The calculations of earnings/(loss) per share (EPS) are based on the
following losses attributable to ordinary shareholders and the weighted
average numbers of shares:
2007 2006
Loss Weighted Per share Loss Weighted Per share
average number amount average number amount
of shares of shares
£ 000's Pence £ 000's Pence
Basic and
Diluted
EPS (70,584) 165,000 (0.04) (147,867) 155,465 (0.10)
2007 2006
7 Taxation £ £
Current tax charge - -
======== ========
Factors affecting the tax charge for the period
Loss on ordinary activities (70,584) (147,867)
before taxation
======== ========
Loss on ordinary activities before
taxation multiplied by standard rate
of UK corporation tax of 30.00% (21,175) (44,360)
Effects of: (21,175) (44,360)
Tax losses not utilised
------- -------
Current tax charge - -
======== ========
Factors that may affect future tax charges
The group has estimated losses of £268,012 available for carry forward
against future trading profits.
On the basis of these financial statements no provision has been made
for corporation tax.
8 Holding company loss for the year
As permitted by section 230 of the Companies Act 1985, the holding
company's profit and loss account has not been separately presented in
these financial statements. The loss dealt with by the holding company
for the year ended 30 June 2007 was £70,778 (2006: £147,673).
9 Fixed asset investments
Group Listed
investments
£
Cost
At 1 July 2006 and 30 June 2007 448,485
========
Market value
£
At 30 June 2007 560,580
========
At 30 June 2006 666,302
========
Company Listed Loan Investment Total
Investments to subsidiary in subsidiary
Cost £ £ £ £
At 1 July 2006 448,485 162,621 1 611,107
Repayment - (162,621) - (162,621)
-------- -------- -------- --------
At 30 June 2007 448,485 - 1 448,486
======== ======== ======== ========
The company formed a wholly owned subsidiary, Rutland Star Ventures Limited, on
16 February 2006 with £1 of issued ordinary share capital. Rutland Star Ventures
Limited is registered in England & Wales. Its principal activity is to trade
contracts for difference.
Listed investments include investments quoted on the Toronto Ventures Exchange
in Canada.
10 Debtors Group Group Company Company
2007 2006 2007 2006
£ £ £ £
Other debtors - 42,949 - -
Prepayments and accrued Income 3,997 3,826 3,997 3,826
-------- -------- -------- --------
3,997 46,775 3,997 3,826
======== ======== ======== ========
11 Creditors: amounts
falling due within one
year Group Group Company Company
2007 2006 2007 2006
£ £ £ £
Trade creditors 5,720 7,506 5,720 7,506
Accruals and deferred
income 17,625 13,500 17,625 13,500
-------- -------- -------- --------
23,345 21,006 23,345 21,006
======== ======== ======== ========
12 Share capital 2007 2006
£ £
Authorised
1,000,000,000 Ordinary shares of £0.002
each 2,000,000 2,000,000 2,000,000
======== ========
Allotted, called up and fully paid
165,000,000 Ordinary shares of £0.002 each 330,000 330,000
======== ========
At the year end none of the options granted on 22 March 2005 had been
exercised and there were 900,000 share options outstanding. These
options are exercisable up to 30 March 2008. All options vested on the
date of grant.
13 Statement of movements on reserves
Group Share premium Profit and loss
account account
£ £
Balance as at 1 July 2006 854,350 (197,428)
Retained loss for the year - (70,584)
-------- --------
Balance at 30 June 2007 854,350 (268,012)
======== ========
Company Share premium Profit and loss
account account
£ £
Balance as at 1 July 2006 854,350 (197,234)
Retained loss for the year - (70,778)
-------- --------
Balance at 30 June 2007 854,350 268,012
======== ========
14 Reconciliation of movements in shareholders' funds 2007
Group £
Loss for the financial period (70,584)
Opening shareholders' funds 986,922
--------
Closing shareholders' funds 916,338
========
2007
Company £
Loss for the Financial period (70,778)
Opening shareholders' fund 987,116
--------
Closing shareholders' 916,388
fund
========
15 Directors' emoluments 2007 2006
£ £
Aggregate emoluments 45,000 45,000
======== ========
Included in the above is an amount of £15,000 paid to S R L Accountancy &
Payroll Services Ltd in respect of services provided by S R Lakhani, a
director and shareholder in India Star Energy Plc. S R Lakhani is a
director in S R L Accountancy & Payroll Services Ltd.
16 Employees
Number of employees
The company had no employees during the year other than the directors.
17 Related party transactions
Accounting services were performed by S R L Accountancy & Payroll Services
Ltd for the company. S R Lakhani is a director of S R L Accountancy &
Payroll Services Ltd. These services were provided without any costs to
the company other than SR Lakhani's director's fees of £15,000.
18 Financial instruments
The Group's financial instruments comprise cash, debtors and creditors
that arise from its operations and contracts for difference used to invest
funds surplus to immediate operating requirements. All debtors and
creditors are due to be settled within one year and have been excluded
from the disclosures below.
Interest rate risk profile
The Group has no interest-bearing short term financial liabilities. It
earns interest on its surplus cash held on bank deposits and deposits at
FSA authorised investment brokers at variable market rates.
Currency exposures
The Group's principal currency exposure arises from its investments in
energy sector and mineral exploration companies quoted on the Toronto
Venture Exchange in Canada whose shares are traded in Canadian dollars.
The Group has not hedged against changes in the exchange rate between the
Canadian Dollar and Sterling.
Liquidity risk
The Group seeks to manage liquidity risk by ensuring sufficient liquidity
is available to meet foreseeable needs and to invest liquid funds safely
and profitably. All cash balances are immediately accessible. Liquid funds
surplus to immediate needs are invested in derivative financial
investments which are highly liquid. The Group may be called upon to make
payments to maintain the required margin in respect of such derivatives
with its investment broker. Consequently, adverse price movements in the
market for the derivative financial instruments expose the Group to
additional liquidity risk.
Market Risk
During the year the Group invested funds surplus to immediate needs in
contracts for difference, which are derivative financial instruments,
where typically the underlying equity shares are quoted on the London
Stock Exchange or AIM. The principal risk arising is a loss due to adverse
movements in the market price of the underlying share. The Group does not
insure itself against the extent of such losses by taking "stop-loss"
positions.
Fair Value of financial assets and liabilities
In the Directors' opinion, there is no material difference between book
value and the fair value of the financial assets and liabilities, except
for the company's fixed asset investments which are shown in Note 9 to the
accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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