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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:0743R India Star Energy plc 31 March 2008 India Star Energy Plc ("India Star" or the "Company") Interim results for the six month period ended 31 December 2007 31 March 2008 Chairman's Statement I am pleased to report India Star's interim results for the six month period ended 31 December 2007. During this period the Company has continued to work and identify opportunities for investment that have the potential for significant growth. We would expect that in the second half we will be in a position to make further investments and add to our existing portfolio. These interim statements for the six months ended 31 December 2007 are the first that the Company has prepared under International Financial Reporting Standards ("IFRS") and include reconciliations to the previously reported numbers prepared under United Kingdom Generally Accepted Accounting Principles ("UK GAAP"). The Company has reduced its losses before tax to £34,290 from £45,419 in the previous corresponding period. As at 31 December, the net assets of the Company stood at £1,058,534 of which £491,907 was held in cash. The Company has two principal investments. The progress in these companies is summarised below. 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 (TSX Venture Exchange: EWR), announced in March 2008 that helicopter borne VTEM electromagnetic and magnetic surveys have been completed and preliminary data has been received covering a 30 kilometre strike length on its claims subject to an Option and Joint Venture Agreement with Temex Resources Corp. The preliminary data reveals several discrete airborne EM conductors and Temex and East West are currently reviewing this data in order to prioritize up to 10 potential drill targets. Ground geophysical surveys will be conducted where warranted and diamond drilling is planned to test the new targets. The priority airborne targets to be tested resemble targets similar to the Noront nickel-copper-platinum group element discoveries (Eagle One and Eagle Two) however a number of targets also resemble volcanogenic massive sulphide (VMS) deposits similar to the discoveries near McFaulds Lake made since 2003. The Company also announced that in addition to the 333 claim unit property subject to the terms of an Option and Joint Venture Agreement with Temex announced in February 2008, an additional 238 claim units were staked on a syndicated 50:50 basis to extend coverage based on the results of the airborne survey and to extend coverage on a number of other magnetic features. These features are believed to represent geological environments favourable for the formation of magmatic nickel-copper-platinum group element deposits. Trillium North Minerals Ltd ("Trillium") (formerly known as Canadian Golden Dragon) 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. Toronto-based Trillium is a gold-focused exploration company with properties located in the pre-eminent gold camps in Northern Ontario. These include the Dorothy- Dobie and Kasagiminnis properties in the Pickle Lake region of Ontario, and the West Porcupine property in Timmins. The Company also holds interests in other precious and base metal properties of note such as the Norton and Vanguard properties in the Thunder Bay mining division. Trillium's strategy is focused on leveraging the ability of its talented exploration team to recognize geological opportunities that have been previously overlooked. Its shareholder value maximization strategy includes complementing the development of its 100%-owned properties with a diverse portfolio of joint ventures that have exploration funding commitments from its partners. The Pickle Lake properties are located in one of Ontario's historic gold camps, whose geology rivals that of the famous Timmins Camp. Trillium's experienced team of geologists guided by expert knowledge of ore deposit models, have astutely deployed modern, cutting edge geophysical and geological techniques to identify targets with high mineral potential. All of Trillium's properties and projects are in Canada, which rates very low on the political risk spectrum and is considered mining friendly Outlook India Star has the right strategy to deliver value to our shareholders and we look forward to the future with confidence. Haresh Kanabar Chairman 31 March 2008 India Star Energy Plc Consolidated Income Statement for the six months ended 31 December 2007 Note Unaudited Unaudited Unaudited 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2007 2006 2007 £ £ £ (Loss)/gain from derivatives trading 4 - (13,705) 25,340 Commissions payable - (3,912) (8,610) Net (loss)/income from trading activities - (17,617) 16,730 Administrative expenses (55,763) (45,297) (96,177) Loss from operations (55,763) (62,914) (79,447) Investment revenues 5 12,893 11,945 24,163 Finance costs - (6,301) (15,300) Loss before taxation (42,870) (57,270) (70,584) Loss for the period (42,870) (57,270) (70,584) Loss per ordinary share Basic and diluted loss per share 7 (0.02p) (0.03p) (0.04p) All losses for the period are attributable to equity shareholders of the parent. India Star Energy Plc Consolidated Statement of Recognised Income and Expense for the six months ended 31 December 2007 Unaudited Unaudited Unaudited 6 months ended 6 months ended Year ended 31 December 31 December 30 June 2007 2006 2007 £ £ £ Loss for the period (42,870) (57,270) (70,584) Fair value gains on available-for-sale securities 8,580 11,751 45,939 Total recognised income and expense for the period (34,290) (45,519) (24,645) attributable to equity shareholders All losses for the period are attributable to equity shareholders of the parent. Gains and losses arising from changes in fair value of available-for-sale securities 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 profit or loss for the period. India Star Energy Plc Consolidated Balance Sheet at 31 December 2007 Note Unaudited Unaudited Unaudited 31 December 31 December 30 June 2007 2006 2007 £ £ £ Assets Current assets Cash and cash equivalents 12(b) 491,907 413,267 487,201 Trade and other receivables 5,738 93,577 3,997 Available-for- sale securities 8 633,551 590,783 624,971 Derivative assets 9 - 20,392 - Total current assets 1,131,196 1,118,019 1,116,169 Total assets 1,131,196 1,118,019 1,116,169 Liabilities Current liabilities Trade and other payables (72,662) (46,069) (23,345) Total liabilities (72,662) (46,069) (23,345) 1,058,534 1,071,950 1,092,824 Net assets Equity Share capital 330,000 330,000 330,000 Share premium account 854,350 854,350 854,350 Available-for-sale reserve 13 185,066 142,298 176,486 Retained losses (310,882) (254,698) (268,012) Equity attributable to equity holders of the parent 11 1,058,534 1,071,950 1,092,824 The financial statements were approved by the board of directors and authorised for issue on 28 March 2008. They were signed on its behalf by: H Kanabar Director India Star Energy Plc Consolidated Cash Flow Statement for the six months ended 31 December 2007 Note Unaudited Unaudited Unaudited 6 months 6 months Year ended ended Ended 31 December 31 December 30 June 2007 2006 2007 £ £ £ Net cash absorbed by operating activities 12(a) (8,187) (105,045) (34,330) Investing activities Interest received 12,893 11,945 24,163 Net cash used in investing activities 12,893 11,945 24,163 Financing activities Interest paid on bank overdraft - (6,301) (15,300) Net cash (used in)/from financing activities - (6,301) (15,300) Net (decrease)/increase in cash and cash 4,706 (99,401) (25,467) equivalents Cash and cash equivalents at beginning of period 12(b) 487,201 512,668 512,668 Cash and cash equivalents at end of period 12(b) 491,907 413,267 487,201 India Star Energy Plc Notes to the consolidated interim statement for the six months ended 31 December 2007 1. Basis of preparation The AIM Rules for Companies require that the annual consolidated financial statements of the company for the year ending 30 June 2008 be prepared in accordance with International Financial Reporting Standards adopted for use in the European Union ("EU") ("IFRS"). Consequently these interim financial statements has been prepared on the basis of the recognition and measurement requirements of IFRS in issue that are either endorsed by the EU and effective (or available for early adoption) at 30 June 2008, the group's first annual reporting date at which it is required to use IFRS. Based on these IFRS, the directors have made assumptions about the accounting policies expected to be applied when the first annual IFRS financial statements are prepared for the year ending 30 June 2008. IAS 34 "Interim financial reporting" has not been early adopted. An explanation of how the transition to IFRS has affected the reported financial position and financial performance of the group is included within note 15. This includes reconciliations of equity and profit or loss for the comparative periods under UK Generally Accepted Accounting Practice ("UK GAAP") to those reported for the periods under IFRS. The preparation of the interim statement requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. This interim statement has been prepared under the historical cost convention. This interim statement is unaudited. The comparatives for the full year ended 30 June 2007 are not the group's statutory accounts for that year as they are restated under IFRS. A copy of the statutory accounts for that year, which were prepared under UK GAAP, have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 237(2)-(3) of the Companies Act 1985. 2. Significant accounting policies Basis of accounting The significant accounting policies that the group has applied to its financial statements for the six months ended 31 December 2007 and which it expects to apply in its full financial statements for the year ending 30 June 2008 are 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 and interim financial statements made up to 31 December. 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. 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 net profit or loss 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 profit or loss for the period. Impairment losses recognised in profit or loss for equity investments classified as available-for-sale are not subsequently reversed through profit or loss. 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. Trade receivables Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. 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 fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Equity instruments Equity instruments issued by the company 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). Revenue recognition Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. 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. Gains and losses on derivatives trading Unaudited Unaudited Unaudited 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2007 2006 2007 £ £ £ (Decrease)/increase in the fair value of trading investments - (46,081) 25,340 disposed of Increase in the fair value of trading investments held at year end - 32,376 - - (13,705) 25,340 5. Investment revenues Unaudited Unaudited Unaudited 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2007 2006 2007 £ £ £ Interest on bank deposits 12,893 11,440 21,878 Dividends from equity investments - 505 2,285 12,893 11,945 24,163 6. Tax The company and the group have incurred tax losses for the period and a corporation tax charge is not anticipated. The amount of the unutilised tax losses has not been recognised in the financial statements as the recovery of this benefit is dependent on the future profitability of certain subsidiaries, the timing of which cannot be reasonable foreseen. 7. Loss per ordinary share The calculation of a basic loss per share of 0.02 pence (31 December 2006: loss of 0.03 pence (restated 30 June 2007: loss of 0.04 pence) is based on the loss for the period attributable to equity holders of the India Star Energy plc of £42,870 (31 December 2006: loss of £57,270; 30 June 2007: loss of £70,584) and on the weighted average number of shares in issue during the period of 165,000,000 (31 December 2006: 165,000,000; 30 June 2007: 165,000,000). Due to the loss incurred during the year, a diluted loss per share has not been disclosed as this would serve to reduce the basic loss per share. 8. Available for sale securities The available-for-sale securities relate to two investments East West Resource Corporation and Trillium North Minerals Ltd (formally Canadian Golden Dragon Resources Ltd) listed on the (TSX-V Canadian exchange). The investments are classified as current assets due to their relative liquidity and are measured at their fair value at each reporting date. Changes in fair value are recorded in equity until they are disposed off or impairment is recognised. 9. Derivatives The group trades in contracts for difference with a view to making profits through favourable future market movements. Open positions are valued at fair value by taking a readily available market price. At 31 December 2007, the group had no open positions (31 December 06: £20,392 asset and 30 June 2007: £nil). 10. Subsidiaries Details of the company's subsidiaries at 31 December 2007 are as follows: Name Place of incorporation (or Proportion of Proportion of voting registration) and operation ownership interest % power held % Rutland Star Ventures Ltd England 100% 100% All investments are held directly. 11. Consolidated movement in equity Unaudited Unaudited Unaudited 31 December 2007 31 December 2006 30 June 2007 £ £ £ Opening equity 1,092,824 1,117,469 1,117,469 Loss for the period (42,870) (57,270) (70,584) Increase in value of 8,580 11,751 45,939 available-for-sale securities Closing equity 1,058,534 1,071,950 1,092,824 12. Notes to the cash flow statement (a) Net cash absorbed by operating activities Unaudited Unaudited Unaudited 31 December 2007 31 December 2006 30 June 2007 £ £ £ Loss before taxation (55,763) (62,914) (79,447) Operating cash flows before (55,763) (62,914) (79,447) movements in working capital Increase/(decrease) in (1,741) (67,194) 42,778 receivables Increase/(decrease) in 49,317 25,063 2,339 payables Net cash outflow from (8,187) (105,045) (34,330) operations Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. (b) Cash and cash equivalents Unaudited Unaudited Unaudited 31 December 31 December 30 June 2007 2006 2007 £ £ £ Cash at bank and in hand 491,907 413,267 487,201 Bank overdraft - - - Net cash position 491,907 413,267 487,201 13. Available-for-sale reserve The available-for-sale reserve arises upon revaluation of available-for-sale securities at their fair value. 14. Events after the balance sheet date Management are not aware of any events occurring between the balance sheet date of these interim financial statements and the date of their approval that would materially impact the information contained within in these financial statements. 15. Explanation of transition to IFRS This is the time that the group has presented its financial statements under IFRS. The following disclosures are required in the year of transition. The last audited financial statements under UK GAAP were for the year ended 30 June 2007 and the date of transition to IFRSs was therefore 1 July 2006. (a) Reconciliation of consolidated balance sheet at 1 July 2006 from UK GAAP to IFRS Unaudited Effect of transition to Unaudited UK GAAP IFRS IFRS Notes £ £ £ Assets Non-current assets Investments (i) 448,485 (448,485) - 448,485 (448,485) - Current assets Cash and cash equivalents 512,668 - 512,668 Trade and other receivables 46,775 11,982 58,757 Available for sale securities (i) - 579,032 579,032 Total current assets 559,443 591,014 1,150,457 Total assets 1,007,928 142,529 1,150,457 Liabilities Current liabilities Trade and other payables 21,006 - 21,006 Derivative liabilities (ii) - 11,982 11,982 Total liabilities 21,006 11,982 32,988 Net assets 986,922 130,457 1,117,469 Equity Share capital 330,000 - 330,000 Share premium account 854,350 - 854,350 Available for sale reserve (i) - 130,547 130,547 Retained losses (197,428) - (197,428) Total equity 986,922 130,547 1,117,469 (b) Reconciliation of consolidated balance sheet at 31 December 2006 from UK GAAP to IFRS Unaudited Restated Effect of Unaudited transition to Unaudited UK GAAP IFRS IFRS Notes £ £ £ Non-current assets Investments (i) 448,485 (448,485) - Total non-current assets 448,485 (448,485) - Current assets Cash and cash equivalents 413,267 - 413,267 Trade and other receivables 93,577 - 93,577 Available for sale securities (i) - 590,783 590,783 Derivative assets (ii) - 20,392 20,392 Total current assets 506,844 611,175 1,118,019 Total assets 955,329 162,690 1,118,019 Current liabilities Trade and other payables 46,069 - 46,069 Total liabilities 46,069 - 46,069 Net assets 909,260 162,690 1,071,950 Equity Share capital 330,000 - 330,000 Share premium account 854,350 - 854,350 Available for sale reserve (i) - 142,298 142,298 Retained earnings (275,090) 20,392 (254,698) Equity attributable to equity holders of the 909,260 162,690 1,071,950 parent (c) Reconciliation of consolidated balance sheet at 30 June 2007 from UK GAAP to IFRS Unaudited Effect of Audited transition to Unaudited UK GAAP IFRS IFRS Notes £ £ £ Assets Non-current assets Investments (i) 448,485 (448,485) - Total non-current assets 448,485 (448,485) - Current assets Cash and cash equivalents 487,201 - 487,201 Trade and other receivables 3,997 - 3,997 Available for sale securities (i) - 624,971 624,971 Total current assets 491,198 624,971 1,116,169 Total assets 939,683 176,486 1,116,169 Current liabilities Trade and other payables 23,345 - 23,345 Total liabilities 23,345 - 23,345 Net assets 916,338 176,486 1,092,824 Equity Share capital 330,000 - 330,000 Share premium account 854,350 - 854,350 Available for sale reserve (i) - 176,486 176,486 Retained losses (268,012) - (268,012) Equity attributable to equity holders of the 916,338 176,486 1,092,824 parent (d) Reconciliation of the UK GAAP consolidated statement of profit and loss to the IFRS consolidated income statement for the 6 months ended 31 December 2006 Unaudited Restated Effect of Unaudited transition to Unaudited UK GAAP IFRS IFRS Notes £ £ £ (Loss)/gain from derivatives trading (ii), (iii) (46,081) 32,376 (13,705) Commissions payable (iii) (3,912) (3,912) Net (loss)/income from trading activities (49,993) 32,376 (17,617) Administrative expenses (45,297) - (45,297) Loss from operations (95,290) 32,376 (62,914) Investment revenues 11,945 - 11,945 Finance costs (6,301) - (6,301) Loss before tax (89,646) 32,376 (57,270) Loss before tax (89,646) 32,376 (57,270) Tax - - - Loss for the period (89,646) 32,376 (57,270) (e) Reconciliation of the UK GAAP consolidated statement of profit and loss to the IFRS consolidated income statement for the year ended 30 June 2007 Unaudited Effect of Audited transition to Unaudited UK GAAP IFRS IFRS Notes £ £ £ Gains less losses from derivatives trading (iii) 25,340 25,340 Commissions payable (iii) (8,610) (8,610) Net (loss)/income from trading activities 16,730 - 16,730 Administrative expenses (96,177) - (96,177) Loss from operations (79,447) - (79,447) Investment revenues 24,163 - 24,163 Finance costs (15,300) - (15,300) Loss before tax (70,584) - (70,584) Tax - - - Loss for the period (70,584) - (70,584) (f) Notes to reconciliations explaining the transition to IFRS i. Equity investments were previously recognised under UK GAAP at cost on acquisition, less any provision for impairment. Under IFRS, these investments are classified as available-for-sale securities and are recognised initially at cost and subsequently at fair value. Any gains or losses arising due to movements in the fair values of these investments are recorded directly in equity until the investment is either disposed of or impaired. Upon disposal or impairment, any accumulated gains/losses on available-for-sale securities are transferred to the income statement. ii. Derivatives contracts are valued at their fair value and any gain or loss taken immediately through profit and loss. Any open positions are recognised in the balance sheet at their fair value at the balance sheet date. iii. Under the previous reporting framework, India Star recognised the gains or losses on trading of derivatives as turnover, with commissions being recognised as cost of sales. Under IFRS, these have been reclassified to reflect the nature of the incomes and expenses. This information is provided by RNS The company news service from the London Stock Exchange END IR FKFKPPBKDPNB
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