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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Indus Gas Ltd Ord Gbp0 01 | AQSE:INDI.GB | Aquis Stock Exchange | Ordinary Share | GG00B39HF298 | Ordinary Shares 1p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -5.56% | 8.50 | 7.00 | 10.00 | 9.00 | 7.50 | 9.00 | 97,024 | 12:36:01 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Nov 2023 to Nov 2024
TIDMINDI
RNS Number : 8953W
Indus Gas Limited
15 December 2023
Indus Gas Limited and its subsidiaries
("Indus" or the "Company")
Unaudited Condensed Consolidated Interim Financial
Statements for the six-month period ended 30 September 2023
Indus Gas Limited (AIM: INDI), an oil & gas exploration and development company, is pleased to report its interim results for the six-month period ending 30 September 2023.
Consolidated reported adjusted revenues, operating profit and profit before tax for the interim period ending 30 September 2023 were US$ 26.18m (US$ 27.42m interim 2022), US$ 22.61m (US$ 22.72m interim 2022) and US$ 22.63m (US$ 22.68m interim 2022) respectively.
The Company has continued to make provision for a notional deferred tax liability of US$ 9.88m (US$ 9.95m interim 2022), in accordance with IFRS requirements.
The Company is currently producing from the SGL field as well as the SSF & SSG fields. All gas production from the three fields is currently being sold to GAIL. The Petroleum & Natural Gas Regulatory Board ("PNGRB") is undertaking consultations for deciding on the pipeline route for evacuation of the gas from the SSG and SSF fields.
The gas price for RJ-ON/6 block effective from 1 April 2023 has been agreed to be as per the domestic gas price on Gross Calorific Value ("GCV") basis as notified by petroleum planning and analysis cell of the Government of India. The floor price will continue at US$ 4.5146 per MMBTU on GCV being the existing price of US$ 5 per MMBTU on Net Calorific Value ("NCV") basis.
Jonathan Keeling, Chairman of Indus Gas, commented:
"The Company is well positioned given the strong demand for gas in India and the positive pricing environment.
"The Company welcomed the Gas Price formula revision of domestic gas as announced by Government of India, which was effective from April 2023."
For further information, please contact:
Indus Gas Limited
Jonathan Keeling +44 (0) 20 81333375
Executive Chairman
Strand Hanson Limited (Nominated & Financial Adviser and Broker)
Ritchie Balmer, Rory Murphy +44 (0) 20 7409 3494
Hot Features
Premium
Notes As at As at As at
30 September 30 September 31 March
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 6 1,257,875,924 1,189,884,758 1,223,434,478
Tax assets 1,427,667 1,431,777 1,140,605
Other assets 7,886 549 7,891
Total non-current assets 1,259,311,477 1,191,317,084 1,224,582,974
-------------- -------------- --------------
Current assets
Inventories 7,841,685 6,516,961 9,932,047
Prepayments - 3,715,982 -
Trade and other receivables 5,689,457 7,081,049 6,640,424
Receivable from related party 106,832,686 108,775,152 107,348,170
Cash and cash equivalents 4,796,883 4,122,096 11,765,514
Total current assets 125,160,711 130,211,240 135,686,155
-------------- -------------- --------------
Total assets 1,384,472,188 1,321,528,324 1,360,269,129
============== ============== ==============
LIABILITIES AND EQUITY
Shareholders' equity
Share capital 3,619,443 3,619,443 3,619,443
Additional paid-in capital 46,733,689 46,733,689 46,733,689
Currency translation reserve (9,313,782) (9,313,782) (9,313,782)
Merger reserve 19,570,288 19,570,288 19,570,288
Retained earnings 295,579,974 264,787,793 282,833,686
Total shareholders ' equity 356,189,612 325,397,431 343,443,324
-------------- -------------- --------------
(All amounts in US$, unless otherwise stated)
a Unaudited Condensed Consolidated Statement of Financial Position
LIABILITIES
Non-current liabilities
Long term debt, excluding
current portion 7 163,715,686 27,200,889 175,475,431
Payable to related parties,
excluding current portion 9 647,962,891 627,488,125 633,924,200
Deferred tax liabilities (net) 154,280,157 130,350,919 144,392,951
Provision for decommissioning 1,881,607 1,920,701 1,894,795
Deferred revenue 30,311,748 25,563,995 30,311,748
Total non-current liabilities 998,152,089 812,524,629 985,999,125
-------------- -------------- --------------
Current liabilities
Current portion of long-term
debt 7 28,253,210 176,433,130 28,458,200
Current portion payable to
related parties 9 338,019 9225 333,611
Trade and other payables 1,539,258 2,086,823 2,034,869
Deferred revenue - 5,077,086 -
Total current liabilities 30,130,487 183,606,264 30,826,680
-------------- -------------- --------------
Total liabilities 1,028,282,576 996,130,893 1,016,825,805
-------------- -------------- --------------
Total liabilities and equity 1,384,472,188 1,321,528,324 1,360,269,129
============== ============== ==============
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in US $, unless otherwise stated)
Notes Six months ended Six months ended
30 September 30 September
2023 2022
Unaudited Unaudited
-------------------------- ------ ------------------------------------- -------------------------------------
Revenue 26,180,911 27,416,956
Cost of sales (3,184,107) (4,282,747)
Administrative expenses (385,179) (405,865)
Profit from operations 22,611,625 22,728,344
------------------------------------- -------------------------------------
Foreign exchange gain/(loss),
net 21,869 58,132
Interest income - -
Profit before tax 22,633,494 22,786,476
------------------------------------- -------------------------------------
Income taxes
Provision for Deferred tax
charge (9,887,206) (9,952,486)
------------------------------------- -------------------------------------
Profit for the period (attributable 12,746,288 12,833,990
to the shareholder of the
Group)
----------- -----------
Total comprehensive income
for the period (attributable
to the shareholders of
the Group) 12,746,288 12,833,990
----------- -----------
Earnings per share 10
Basic 0.07 0.07
Diluted 0.07 0.07
(The (The accompanying notes are an integral part of these Unaudited Condensed Consolidated
Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Changes in Equity
(All amounts in US $, unless otherwise stated)
Common Stock Additional Currency Merger (Accumulated Total
Number Amount paid-in translation reserve Profits)/ stockholders'
capital reserve Retained equity
earnings
Balance as at
1
April 2023 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 282,833,686 343,443,324
--------------- ------------ ---------- ----------- ------------- ----------- ------------- ----------------
Profit for the
period - - - - - 12,746,288 12,746,288
--------------- ------------ ---------- ----------- ------------- ----------- ------------- --------------
Total
comprehensive
income for
the period - - - - - 12,746,288 12,746,288
--------------- ------------ ---------- ----------- ------------- ----------- ------------- ----------------
Balance as at
30
September
2023 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 295,579,974 356,189,612
--------------- ------------ ---------- ----------- ------------- ----------- ------------- ----------------
Balance as at 1
April 2022 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 251,953,803 312,563,441
------------------------ ------------ ---------- ----------- ------------ ----------- ------------ ------------
Profit for the period - - - - - 12,833,990 12,833,990
------------------------ ------------ ---------- ----------- ------------ ----------- ------------ ------------
Total comprehensive
income for the period - - - - - 12,833,990 12,833,990
------------------------ ------------ ---------- ----------- ------------ ----------- ------------ ------------
Balance as at 30
September 2022 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 264,787,793 325,397,431
------------------------ ------------ ---------- ----------- ------------ ----------- ------------ ------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in US $, unless otherwise stated)
Six months
Six months ended ended
30 September 30 September
2023 2022
(Unaudited) (Unaudited)
---------------------------------- -------------------- ---------------------------------------- -----------------
(A) Cash flow from operating
activities
Profit before tax 22,633,494 22,786,476
Adjustments
Unrealised exchange loss/ (gain) (21,869) (58,132)
Depreciation 2,832,274 3,697,287
Changes in operating assets and
liabilities
Inventories 2,090,362 2,942,792
Trade receivables 980,864 11,254,024
Trade and other payables 2,845,043 3,996,329
Other current and non-current
assets (29,924) (1,945,215)
Provisions for decommissioning (13,190) (66,625)
Other liabilities (491,168) 251,975
---------------------------------------- -----------------
Cash generated from operations 30,825,886 42,858,911
Income taxes paid/refund (287,062) (217,791)
---------------------------------------- -----------------
Net cash generated from operating
activities 30,538,824 42,641,120
---------------------------------------- -----------------
(B) Cash flow from investing
activities
Purchase of property, plant and
equipment (A) (10,988,404) (8,647,153)
Interest received - -
Net cash used in investing
activities (10,988,404) (8,647,153)
---------------------------------------- -----------------
(C) Cash flow from
financing
activities
Repayment of long-term debt from banks (12,168,000) (8,568,000)
Proceeds from Related Party (6,500,000) (18,250,000)
Payment of interest (7,872,920) (7,564,013)
Net cash used in financing activities (26,540,920) (34,382,013)
------------------------------------ -----------------------------
Net change in cash and cash equivalents (6,990,500) (388,046)
Cash and cash equivalents at the beginning
of the period 11,765,514 4,452,010
Effect of exchange rate change on cash
and cash equivalents 21,869 58,132
------------------------------------ -----------------------------
Cash and cash equivalents at the end
of the period 4,796,883 4,122,096
------------------------------------ -----------------------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in US $, unless otherwise stated)
1. INTRODUCTION
Indus Gas Limited ("Indus Gas" or "the Company") was incorporated in the Island of Guernsey on 4 March 2008 pursuant to an Act of the Royal Court of the Island of Guernsey. The Company was set up to act as the holding company of iServices Investments Limited. ("iServices") and Newbury Oil Co. Limited ("Newbury"). iServices and Newbury are companies incorporated in Mauritius and Cyprus, respectively. iServices was incorporated on 18 June 2003 and Newbury was incorporated on 17 February 2005. The Company was admitted to trading on the AIM of the London Stock Exchange on 6 June 2008. Indus Gas, through its wholly owned subsidiaries iServices and Newbury (together the "Group"), is engaged in the business of oil and gas exploration, development and production.
Focus Energy Limited ("Focus"), an entity incorporated in India, entered into a Production Sharing Contract("PSC") with the Government of India ("GOI") and Oil and Natural Gas Corporation Limited ("ONGC") on 30 June 1998 for petroleum exploration and development concession in India known as RJ-ON/06 ("the Block"). Focus is the Operator of the Block. On 13 January 2006, iServices and Newbury entered into an interest sharing agreement with Focus and obtained a 65 per cent and 25 per cent share respectively in the Block. The balance 10 per cent of participating interest is owned by Focus. The participating interest explained above is subject to any option to acquire 30 per cent Participating Interest exercised by ONGC in respect of discoveries. ONGC has already exercised 30 per cent PI option for SGL field (as further explained in Note 3).
2. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2023 and are presented in United States Dollar (US$) , which is the functional currency of the parent company and other entities in the Group. They have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards as adopted by the European union, and should be read in conjunction with the consolidated financial statements and related notes of the Group for the year ended 31 March 2023.
The unaudited condensed consolidated interim financial statements have been prepared on a going concern basis. The accounting policies applied in these unaudited condensed consolidated interim financial statements are consistent with the policies that were applied for the preparation of the consolidated financial statements for the year ended 31 March 2023.
These unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2023 and have been approved for issue by the Board of Directors.-
3 . JOINTLY CONTROLLED ASSETS
As explained above, the Group through its subsidiaries iServices and Newbury has an "Interest sharing arrangement" with Focus in the block, which under IFRS 11 Joint Arrangements, is classified as a 'Joint operation'. All rights and obligations in respect of exploration, development and production of oil and gas resources under the 'Interest sharing agreement' are shared between Focus, iServices and Newbury in the ratio of 10 per cent, 65 per cent and 25 per cent respectively.
Under the PSC, the GOI, through ONGC has an option to acquire a 30 per cent participating interest in any discovered field, upon such successful discovery of oil or gas reserves, which has been declared as commercially feasible to develop.
The block is divided into 3 fields - SGL, SSG and SSF.
The SGL field received its declaration of commercial discovery on 21 January 2008. Subsequent to the declaration of commercial discovery in SGL field, ONGC exercised the option to acquire a 30 per cent participating interest in the discovered fields on 6 June 2008. The exercise of this option would reduce the interest of the existing partners proportionately.
However, on exercise of this option, ONGC is liable to pay its share of 30 per cent of the SGL field development costs and production costs incurred after 21 January 2008 and in order to be entitled to their 30 per cent share in the production of gas subject to recovery of contract costs as explained below.
The allocation of the production from the field to each participant in any year is determined on the basis of the respective proportion of each participant's cumulative unrecovered contract costs as at the end of the previous year or where there is no unrecovered contract cost at the end of previous year on the basis of participating interest of each such participant in the field.
On the basis of the above, gas production for the period ended 30(th) September 2023 continues to be shared between Focus, iServices and Newbury in the ratio of 10 percent, 65 percent, and 25 percent, respectively. ONGC will not be entitled to any participating interest in the production until the full exploration and development cost is recovered by other participants.
The aggregate amounts relating to jointly controlled assets, liabilities, expenses, and commitments related thereto that have been included in the consolidated financial statements are as follows:
Particular Period ended Period ended Year ended
30 September 30 September 31 March
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
---------------------------- ------------------ ------------------ ----------------
Non-current assets 1,257,875,924 1,189,884,758 1,223,434,478
Current assets 114,674,371 115,292,113 111,000,741
Non-current liabilities 1,881,607 1,920,700 1,894,797
Expenses (net of finance
income) 2,845,043 3,996,329 6,342,915
Further, the SSF and SSG field has also received its declaration of commerciality on 24th November 2014. Subsequent to the declaration of commerciality for SSF and SSG discovery, ONGC did not exercise the option to acquire 30 percent in respect of SSG and SSF field. The participating interest in SSG and SSF field between Focus, iServices and Newbury will remain in ratio of 10 percent, 65 percent and 25 percent respectively for exploration, evaluation and development cost, and production revenue for SSF and SSG in the block.
4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these unaudited condensed interim consolidated financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were consistent with those that applied to the consolidated financial statements as at and for the year ended 31 March 2023.
5. SEGMENT REPORTING
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the management in order to allocate resources to the segments and to assess their performance. The Company considers that it operates in a single operating segment being the production and sale of gas.
6. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Cost Land Extended Development Production Bunk Houses Vehicles Other Capital Total
well test Assets Assets assets work-in-progress
equipment
---------------------- -------- ------------ ------------------- ------------ ------------- ----------- ---------- ----------------- --------------
Balance as at
1 April 2023 167,248 9,131,202 878,686,884 393,696,456 7,869,575 4,963,923 1,695,265 3,024,746 1,299,235,299
37,568,922
Additions - 44,140 (12,688,624) 3,639 - - - 1,243 37,617,944
Disposals/Transfers - - 12,688,624 - - - - -
---------------------- --------
Balance as at
30
September 2023 167,248 9,175,342 903,567,182 406,388,719 7,869,575 4,963,923 1,695,265 3,025,989 1,336,853,243
---------------------- -------- ------------ ------------------- ------------ ------------- ----------- ---------- ----------------- --------------
Accumulated depreciation
Balance as at
1 April 2023 - 3,129,668 - 59,656,825 6,412,709 4,916,324 1,685,294 - 75,800,820
Depreciation for
the period - 211,426 - 2,832,274 97,768 34,625 406 - 3,176,499
---------------------- -------- ------------ ------------------- ------------ ------------- ----------- ---------- ----------------- --------------
Balance as at
30 September 2023 - 3,341,094 - 62,489,099 6,510,477 4,950,949 1,685,700 - 78,977,319
---------------------- -------- ------------ ------------------- ------------ ------------- ----------- ---------- ----------------- --------------
Carrying value
As at 30 September
2023 167,248 5,834,248 903,567,182 343,899,621 1,359,0984 12,974 9,565 3,025,989 1,257,875,924
---------------------- -------- ------------ ------------------- ------------ ------------- ----------- ---------- ----------------- --------------
Cost Land Extended Development Production Bunk Vehicles Other Capital Total
well test Assets Assets Houses assets work-in-progress
equipment
---------------------- -------- ---------- -------------- ------------ ---------- ---------- ------------- ----------------- --------------
Balance as at
1 April 2022 167,248 5,172,729 865,416,249 329,916,943 7,869,575 4,917,035 1,695,265 2,978,870 1,218,133,914
Additions - 162,004 44,341,029 66,383,013 - 46,888 - 26,293 110,959,227
Disposals/Transfers - (66,383,013) - - - (66,383,013)
---------------------- --------
Balance as at
30
September 2022 167,248 5,334,733 843,374,265 396,299,956 7,869,575 4,963,923 1,695,265 3,005,163 1,262,710,128
---------------------- -------- ---------- -------------- ------------ ---------- ---------- ------------- ----------------- --------------
Accumulated depreciation
Balance as at
1 April 2022 - 2,898,821 - 53,213,090 6,217,173 4,897,781 1,683,377 - 68,910,242
Depreciation for
the period - 108,295 - 3,697,139 97,770 10,007 1,917 - 3,915,128
---------------------- -------- ---------- -------------- ------------ ---------- ---------- ------------- ----------------- --------------
Balance as at
30 September 2022 - 3,007,116 - 56,910,229 6,314,943 4,907,788 1,685,294 - 72,825,370
---------------------- -------- ---------- -------------- ------------ ---------- ---------- ------------- ----------------- --------------
Carrying value
As at 30 September
2022 167,248 2,327,617 843,374,265 339,389,727 1,554,632 56,135 9,971 3,005,163 1,189,884,758
---------------------- -------- ---------- -------------- ------------ ---------- ---------- ------------- ----------------- --------------
Cost Land Extended Development Production Bunk Vehicles Other Capital Total
well test assets houses assets work-in-progress
equipment
--------------------- -------- ------------ ------------------- ------------ ------------ ---------- ---------- ----------------- ----------------
Balance as at
1 April 2022 167,248 5,172,729 865,416,249 329,916,943 7,869,575 4,917,035 1,695,265 2,978,870 1,218,133,914
Additions - 3,958,473 77,050,148 - - 46,888 - 45,876 81,101,385
Disposals/Transfers - - (63,779,513) 63,779,513 - - - - -
--------------------- --------
Balance as at
31 March 2023 167,248 9,131,202 878,686,884 393,696,456 7,869,575 4,963,923 1,695,265 3,024,746 1,299,235,299
--------------------- -------- ------------ ------------------- ------------ ------------ ---------- ---------- ----------------- ----------------
Accumulated depreciation
Balance as at
1 April 2022 - 2,898,821 - 53,213,090 6,217,173 4,897,781 1,683,377 - 68,910,242
Depreciation for
the period - 230,847 - 6,443,735 195,536 18,543 1,917 - 6,890,578
--------------------- -------- ------------ ------------------- ------------ ------------ ---------- ---------- ----------------- ----------------
Balance as at
31 March 2023 - 3,129,668 - 59,656,825 6,412,709 4,916,324 1,685,294 - 75,800,820
---------------------- -------- ------------ ------------------- ------------ ------------ ---------- ---------- ----------------- ----------------
Carrying value
As at 31 March
2023 167,248 6,001,534 878,686,885 334,039,630 1,456,864 47,599 9,971 3,024,749 1,223,434,478
--------------------- -------- ------------ ------------------- ------------ ------------ ---------- ---------- ----------------- ----------------
Borrowing costs capitalised for the period ended 30 September 2023 amounted to US$ 28,614,875 (30 September 2022: US$ 28,074,577 and 31 March 2023: US$ 55,091,974 ).
7. LONG TERM DEBT FROM BANKS
Maturity 30 September 30 September 31 March
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
------------------------------ ----------- -------------- -------------- ------------
Non-current portion of
long-term debt 2024 4,063,925 27,200,889 15,859,060
Current portion of long-term
debt from banks 23,915,432 22,665,893 24,155,800
Total 27,979,357 49,866,782 40,014,860
------------------------------------------- -------------- -------------- ------------
Current interest rates are variable and weighted average interest for the period was 6.80per cent per annum (30 September 2022:6.75 per cent per annum and 31 March 2023: 6.76 per cent per annum). The fair value of the above variable rate borrowings is considered to approximate their carrying amounts.
The term loans are secured by following: -
-- First charge on all project assets of the Group both present and future, to the extent of SGL Field Development and to the extent of capex incurred out of this facility in the rest of RJ-ON/6 field .
-- First charge on the current assets (inclusive of condensate receivable) of the Group to the extent of SGL field.
-- First Charge on the entire current assets of the SGL Field and to the extent of capex incurred out of this facility in the rest of RJON/6 field.
From Bonds
Maturity 30 September 30 September 31 March
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
---------------------------------- ----------- -------------- -------------- ---------------
Non-current portion of long-term 2023 - - -
debt
Current portion of long-term - 153,767,237 -
debt
Non-current portion of long-term
debt 2027 159,651,761 - 159,608,734
Current portion of long-term
debt 4,337,778 - 4,302,400
Total 163,989,539 153,767,237 163,911,134
----------------------------------------------- -------------- ------------------ ------------
The Group has issued US Dollar 160.00 million bonds which carries interest at the rate of 8 per cent per annum, for the purpose of re-financing the bonds which were repayable in December 2022. These bonds are unsecured bonds and are fully repayable at the end of 5 years i.e., November 2027, further interest on these notes is paid semi-annually.
8. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have been summarised in the table below:
Nature of the relationship Related Party's Name
----------------------------------------- -----------------------------------
I. Holding Company Gynia Holdings Ltd.
II. Ultimate Holding Company Multi Asset Holdings Ltd. (Holding
Company of Gynia Holdings Ltd.)
III.Enterprise over which Key Management Focus Energy Limited
Personnel (KMP) exercise control (with
whom there are transactions)
----------------------------------------- -----------------------------------
Disclosure of transactions between the Group and related parties and the outstanding balances as of 30 September 2023 and 30 September 2022are as follows:
Transactions during the period
Particulars Period ended Period ended
30 September 2023 30 September
2022
-------------------------------- --- ------------------- --------------
Transactions with the Holding
Company
Amount Received (6,500,000) (18,250,000)
Interest 20,538,691 -
Transactions with KMP
Short term employee benefits 90,382 69,055
Entity over which KMP exercise
control
Cost incurred by the Focus
on behalf of the group in
respect of the Block 7,815,484 12,952,972
Remittances 7,300,000 1,320,000
------------------------------------- ------------------- --------------
09.PAYABLE/RECEIVABLE TO RELATED PARTIES
Particulars As at As at As at
30 September 30 September 31 March
2023 2022 2023
---------------------------- ------------------ ------------------ ------------
Entity over which KMP
exercise control
Receivable to Focus Energy
Limited 106,832,686 108,775,152 107,348,170
Payable with the Holding
Company
Payables to Gynia Holding
Limited* 647,962,891 627,488,125 633,924,200
Payable to KMP
Employee obligation 338,019 9,225 333,611
*Including interest
Directors' remuneration
Directors' remuneration is included under administrative expenses, evaluation and exploration assets or development assets in the unaudited consolidated financial statements allocated on a systematic and rational manner.
Amount receivable from Focus
Amount receivable from Focus represents amounts paid in advance to them in respect of contract costs in Block RJ-ON/6.
Liability payable to Gynia
Borrowings from Gynia Holdings Ltd. carries interest rate of 6.5 per cent per annum compounded annually. The outstanding balance was made subordinate to the loans taken from the banks and therefore, is payable subsequent to repayment of bank loan in year 2024.
10. EARNINGS PER SHARE
The calculation of the earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares issued during the period.
Calculation of basic and diluted earnings per share is as follows:
Period ended Period ended
30 September 30 September
2023 2022
------------------------------------- -------------- --------------
Profit attributable to shareholders
of Indus Gas Limited, for
basic and dilutive 12,746,288 12,833,991
Weighted average number of
shares (used for basic profit
per share) 182,973,924 182,973,924
No. of equivalent shares - -
in respect of outstanding
options
Diluted weighted average
number of shares (used for
diluted profit per share 182,973,924 182,973,924
Basic earnings per share
(US$) 0.07* 0.07*
Diluted earnings per share
(US$) 0.07* 0.07*
-------------------------------------- -------------- --------------
* Rounded off to the nearest two decimal places.
11. COMMITMENTS AND CONTINGENCIES
At 30 September 2023, the Group had capital commitments of US$ Nil (30 September 2022: US$ Nil;31 March 2023: US$ Nil) in relation to property, plant & equipment - development/producing assets, in the Block. The Group has no contingencies as at 30 September 2023 (30 September 2022: Nil;31 March 2023: Nil).
12. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 March 2023.
13. INCOME TAX CREDIT
Indus Gas profits are taxable as per the tax laws applicable in Guernsey where zero per cent tax rate has been prescribed for corporates. Accordingly, there is no tax liability for the Group in Guernsey. iServices and Newbury being participants in the PSC are covered under the Indian Income tax laws as well as tax laws for their respective countries. However, considering the existence of double tax avoidance arrangement between Cyprus and India, and Mauritius and India, profits in Newbury and iServices are not likely to attract any additional tax in their local jurisdiction. Under Indian tax laws, Newbury and iServices are allowed to claim the entire expenditure in respect of the Oil Block incurred until the start of commercial production (whether included in the exploration and evaluation assets or development assets) as deductible expense in the first year of commercial production or over a period of 10 years. The Group has opted to claim the expenditure in the first year of commercial production. As the Group has commenced commercial production for SGL field in 2011 and has generated profits in Newbury and iServices, the management believes there is reasonable certainty of utilisation of such losses in the future years and thus a deferred tax asset has been created in respect of these.
14 . BASIS OF GOING CONCERN ASSUMPTION
As at 30 September 2023, the Group had current liabilities amounting to US$ 30,130,487 the majority of which is towards current portion of borrowings from banks and bonds. As at 30 September 2023, the amounts due for repayment (including interest payable) within the next 12 months for long term borrowings were US$ 28,253,210 which the Group expects to meet from its internal generation of cash from operations.
Further, there is no significant impact of Covid-19 on the Company's ability to continue as going concern considering that the entity is in the business of essential services
15. FINANCIAL INSTRUMENTS
A summary of the Group's financial assets and liabilities by category is mentioned in the table below. The carrying amounts of the Group's financial assets and liabilities as recognized at the end of the reporting periods under review may also be categorized as follows:
30 September 30 September 31 March
2023 2022 2023
----------------------------------------------- ------------- ---------------- ------------
Non-current assets
Loans
- Security deposits 7,886 549 7,891
Current assets
-Trade receivables 5,689,457 7,081,049 6,598,149
-Cash and cash equivalents 4,796,883 4,122,096 11,765,514
----------------------------------------------- ------------- ---------------- ------------
Total financial assets 10,494,226 11,203,694 18,371,554
----------------------------------------------- ------------- ---------------- ------------
Financial liabilities measured
at amortized cost
Non-current liabilities
- Long term debt from banks 163,715,686 27,200,889 175,475,431
- Payable to related parties 647,962,891 627,488,125 633,924,200
Current liabilities
- Current portion of long-term
debt 28,253,210 176,433,130 28,458,200
- Current portion of payable
to related parties 338,019 9,225 333,611
* Accrued expenses and other liabilities 1,539,258 2,086,824 1,550,911
----------------------------------------------- ----------------- ------------ ------------
Total financial liability
measured at amortized cost 841,809,064 833,218,193 839,742,353
----------------------------------------------- ----------------- ------------ ------------
The fair value of the financial assets and liabilities described above closely approximates their carrying value on the statement of financial position dates.
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END
IR FFAFWLEDSESE
(END) Dow Jones Newswires
December 15, 2023 02:00 ET (07:00 GMT)
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