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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 : 4414K
India Star Energy plc
19 December 2008
India Star Energy ("India Star" or the "Company")
Preliminary results for the year ended 30 June 2008
19 December 2008
I am pleased to report India Star Energy's financial results for the year ended 30 June 2008. The last 12 months have been somewhat
difficult for small quoted companies investing in commodities and we have seen some sharp falls in certain commodity prices largely as a
result of uncertainty on growth of the economies across the globe. We have tried to diversify our investments and the company bought an
option to acquire the entire issued capital of New Fuels International Limited ("NFIL"), a Seychelles based company, just after our year end
in July 2008.
The Company continues to focus on minimising its operating costs and our financial performance for the year was in line with our
expectations. The post tax loss for the year was £63,418 compared to a post tax loss of £70,584 in the previous financial year. The loss per
share for the year stood at 0.04 pence compared to 0.04 pence in the previous year. The Company's net cash position as at 30 June 2008 was
£438,340.
The Company has three principal investments, the progress of which are 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 £250,000 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.
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) and a further 7 million warrants in Trillium
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.
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.
EastWest's most substantial exploration effort continued on the Marshall Lake copper, zinc, silver and gold property with drill programs
conducted in May to June 2008. These efforts were directed at the Gazooma, North
Gazooma, Teck Hill and Cherry Hill areas where extensive copper mineralization exists. Ground IP surveys were carried out in the fall of
2007 and winter of 2008. Subsequent to an initial test of VTEM airborne survey in early 2007, the entire property was flown in September.
The surveys produced a large number of quality anomalies, and helped map out the geometry and extent of mineralization. In the eastern
portion of the property near surface anomalies were found in 2 distinct geological environments; in a gabbroic intrusion in contact with
iron formation with potential Co-Ni-PGE mineralization; and within the volcanic pile in proximity to sulphide facies banded iron formation
south of Main and Billiton occurrences, an area likely to host zinc rich massive sulphide deposits. In addition, deep anomalies were
detected beneath the Gazooma and Teck zones.
Outlook
India Star has attractive investments in companies developing precious metal projects and alternative sources of fuels. We believe that
these investments will provide a good return over the long term.
Haresh Kanabar
Chairman
INDIA STAR ENERGY PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
Year
Year ended
ended 30 June
30 June 2007
2008 £
£
(Loss)/gain from derivatives trading - 25,340
Commissions payable - (8,610)
Net (loss)/income from trading activities - 16,730
Administrative expenses (85,018) (96,177)
Loss from operations (85,018) (79,447)
Investment revenues 21,600 24,163
Finance costs - (15,300)
Loss before taxation (63,418) (70,584)
Tax expense - -
Loss for the period (63,418) (70,584)
Loss per ordinary share
Basic and diluted loss per share (0.04p) (0.04p)
All losses for the period are attributable to equity shareholders of the parent.
INDIA STAR ENERGY PLC
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2008
Note Year
ended Year
30 June ended
2008 30 June
£ 2007
(as restated)
£
Assets
Non-current assets
Available-for- sale securities 5 413,857 560,580
Current assets
Cash and cash equivalents 438,340 487,201
Trade and other receivables 9,088 3,997
Total current assets 447,428 491,198
Total assets 861,285 1,051,778
Liabilities
Current liabilities
Trade and other payables (42,993) (23,345)
Total liabilities (42,993) (23,345)
Net assets 818,292 1,028,433
Equity
Share capital 330,000 330,000
Share premium account 854,350 854,350
Available-for-sale reserve (34,628) 112,095
Retained earnings (331,430) (268,012)
Equity attributable to equity 818,292 1,028,433
holders of the parent
The financial statements were approved by the board of directors and authorised for issue on 18 December 2008. They were signed on its
behalf by:
H. D. Kanabar Director
INDIA STAR ENERGY PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2008
Share capital Share premium Available -for-sale Retained earnings Total
reserve
£ £ £ £ £
At 1 July 2006 330,000 854,350 - (197,428) 986,922
Fair value gains net of tax:
- Available-for-sale - - 112,095 - 112,095
As restated 330,000 854,350 112,095 (197,428) 1,099,017
Loss for the year - - - (70,584) (70,584)
At 30 June 2007 330,000 854,350 112,095 (268,012) 1,028,433
Fair value losses net of tax:
- Available-for-sale - - (146,723) - (146,723)
Loss for the year - - - (63,418) (63,418)
330,000 854,350 (34,628) (331,430) 818,292
INDIA STAR ENERGY PLC
CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
Year
Year ended
ended 30 June
30 June 2007
2008 £
£
Net cash flow from operating activities (70,461) (34,330)
Return on investments and servicing of
finance
Interest received 21,600 24,163
Interest paid - (15,300)
Net cash inflow from returns on investments 21,600 8,863
and servicing of finance
Decrease in net cash (48,861) (25,467)
Reconciliation to net funds/(debts)
Net cash at 1 July 487,201 512,668
Decrease in net cash (48,861) (25,467)
Cash and cash equivalents at end of period 438,340 487,201
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 Rose Walk, Leicester, LE4 5HH.
The group has historically prepared its audited financial statements on the basis of UK generally accepted accounting policies ('UK
GAAP'). In the current year the group has adopted International Financial Reporting Standards ('IFRS') for the first time as the group is
required to present its annual consolidated financial statements in accordance with accounting standards adopted for use in the European
Union including International Accounting Standards ('IAS') and interpretations issued by the International Accounting Standards Boards. The
financial statements include reconciliations of the group equity from UK GAAP to IFRS at the date of transition of 1 July 2006 and a
comparative balance sheet date of 30 June 2007 reconciliation of the group's results for the comparative year ended 30 June 2007.
2. Significant accounting policies
These financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European
Union and IFRIC interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The financial
statements have been prepared under the historical cost convention and a summary of the more important accounting policies is 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. 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.
First time adoption of International Financial Reporting Standards ('IFRS')
In preparing these financial statements, the group has elected to apply certain exemptions available under IFRS 1 'First-time Adoption
of International Financial Reporting Standards'.
In accordance with IFRS 1, the group has taken the exemption not to restate the comparatives for IAS 32 'Financial Instruments:
Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition and Measurement'. Comparative information in respect of these is
presented on a UK GAAP basis as previously reported.
Financial instruments
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 the income
statement 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 income statement for the period. Impairment losses recognised in the income statement for equity
investments classified as available-for-sale are not subsequently reversed through the income statement.
Derivatives
The group uses derivative financial instruments for speculative purposes and measures derivative contracts at fair value. Changes in the
fair value of derivative financial instruments are recognised in the income statement as they arise.
The use of financial derivatives is governed by the group's policies approved by the board of directors, which provide written
principles on the use of financial derivatives.
New Standards and Interpretations
The IASB and IFRIC have issued the following standards and interpretations which are in issue but not in force at 30 June 2008:
International Accounting Standards (IAS/IFRS)
IFRS 1 (revised May 2008) First-time adoption of International Financial Reporting Standards
IFRS 2 (revised 2008) Share-based payment
IFRS 3 (revised 2008) Business Combinations
IFRS 5 (revised May 2008) Non-current Assets Held for Sale and Discontinued Operations
IFRS 8 Operating Segments
IAS 1 (revised May 2008) Presentation of Financial Statements
IAS 16 (revised May 2008) Property, plant and equipment
IAS 19 (revised May 2008) Employee benefits
IAS 20 (revised May 2008) Government Grants and Disclosure of Government Assistance
IAS 23 (revised May 2008) Borrowing Costs
IAS 27 (revised May 2008) Consolidated and Separate Financial Statements
IAS 28 (revised May 2008) Investments in Associates
IAS 29 (revised May 2008) Financial Reporting in Hyperinflationary Economies
IAS 31 (revised May 2008) Interest in Joint Ventures
IAS 32 (revised 2008) Financial Instruments
IAS 36 (revised May 2008) Impairment of Assets
IAS 38 (revised May 2008) Intangible Assets
IAS 39 (revised May 2008) Financial Instruments: Recognition and Measurement.
IAS 40 (revised May 2008) Investment Property
IAS 41 (revised May 2008) Agriculture
International Financial Reporting Interpretations Committee (IFRIC)
IFRIC 12 Service Concession Arrangements
IFRIC 13 Customer Loyalty Programmes
IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.
Trade receivables
Trade receivables are measured at the invoiced amount. Appropriate allowances for estimated irrecoverable amounts are recognised in the
income statement when there is objective evidence that the asset is impaired.
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 the invoiced amount.
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on 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.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net
carrying amount.
Dividend income from investments is recognised when the shareholders' rights to receive payment have been established.
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. Segmental 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. Available-for-sale financial assets
2008 2007
£ £
At 1 July 560,580 448,485
Net gains/(losses) transfer to equity (146,723) 112,095
At 30 June 413,857 560,580
There were no disposals of available-for-sale financial assets in 2008 or 2007
The available-for-sale securities relate to two investments East West Resource Corporation and Trillium North Minerals Ltd (formerly
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.
6. Post balance sheet event
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 £250,000 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.
Since the balance sheet date, there has been a significant decline in the value of the company's investments in Trillium North Minerals
Limited and East West Resource Corporation. At 30 June 2008 the fair value of these investments was £413,857. At 16 December 2008, the
value of these investments had fallen to £64,322.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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