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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 |
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 FR TPBRTMMTBBLP
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