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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Indus Gas Limited | LSE:INDI | London | Ordinary Share | GG00B39HF298 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.50 | -3.03% | 48.00 | 40.80 | 49.80 | 48.00 | 48.00 | 48.00 | 968 | 10:08:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drilling Oil And Gas Wells | 63.04M | 30.88M | 0.1688 | 2.93 | 90.57M |
From Apr 2019 to Apr 2024
TIDMINDI
RNS Number : 2884Z
Indus Gas Limited
14 December 2017
Unaudited Condensed Consolidated Interim Financial Statements
Indus Gas Limited and its subsidiaries
Six months ended 30 September 2017
Indus Gas Limited (AIM:INDI.L), an oil & gas exploration and development company with assets in India, is pleased to report its interim results for the six month period ending 30 September 2017.
Consolidated reported adjusted revenues, operating profit and profit before tax for the interim period ending 30 September 2017 were US$ 29.39m (US$ 27.39 interim 2016),US$ 25.63m (US$ 22.33m interim 2016) and US$ 23.63m (US$ 22.61m interim 2016) respectively.
The Company has continued to make provision for a notional deferred tax liability of US$ 7.92m (US$ 9.94m interim 2016), in accordance with IFRS requirements.
The Integrated Field Development Plan for the SSG (Pariwar) & SSF (B&B) area of 2,000 km2 was approved by the Directorate General of Hydrocarbons (DGH) and Ministry of Petroleum and Natural Gas (MoP&NG). The revised Field Development Plan ('FDP') in respect of the SGL area for the enhancement of production to about 90mmscfd has been approved by the Management Committee having representative of MoP&NG, DGH & Contractors/Companies.
The Company continues to realise US$5 per mmBtu in respect of its existing gas sales contract. Discussions for the second contract with GAIL and RRVUNL for the additional gas supplies to the 160 MW turbine at Ramgarh are expected to be finalized in first quarter of 2018. The gas turbine has been procured by RRVUNL and the gas price needs to be mutually agreed. Discussions are also being held for finalising the gas pipeline to evacuate additional gas supply from the Non-SGL area of the block.
Commenting, Peter Cockburn, Chairman of Indus, said:
"The approval of integrated FDP for SSG and SSF and revised FDP of SGL is a major milestone achieved by the company in this period. The revenues are now expected to increase substantially once the additional gas supplies commence."
For further information please contact:
Indus Gas Limited
Peter Cockburn
Bruce McNaught +44 (0) 20 7877 0022
Arden Partners plc
Steve Douglas +44 (0) 20 7614 5900
Unaudited Condensed Consolidated Statement of Financial Position
(All amounts in US$, unless otherwise stated)
Hot Features
Premium
Notes As at As at
30 September 30 September As at
2017 2016 31 March
2017
(Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets
Intangible assets: exploration
and evaluation assets 7
Property, plant and equipment 8 684,756,815 599,706,703 639,862,170
Tax assets 2,264,090 1,962,498 2,165,313
Other assets 885 885 885
Total non-current assets 687,021,790 601,670,086 642,028,368
-------------- -------------- -------------
Current assets
Inventories 5,860,552 4,549,391 5,581,503
Trade receivables 11,879,600 2,973,857 2,045,252
Recoverable from related party - 12,003,316 -
Other current assets 74,368 7,204,623 38,784
Cash and cash equivalents 1,674,929 10,316,555 11,401,788
Total current assets 19,489,449 37,042,742 19,067,327
-------------- -------------- -------------
Total assets 706,511,239 638,717,828 661,095,695
============== ============== =============
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 (9,313,781) (9,313,781) (9,313,781)
Merger reserve 19,570,288 19,570,288 19,570,288
Retained earnings 84,357,719 55,923,065 68,639,613
Total shareholders' equity 144,967,358 116,532,704 129,249,252
-------------- -------------- -------------
LIABILITIES
Non-current liabilities
Long term debt , excluding current
portion 9 151,559,044 262,221,896 239,647,360
Provision for decommissioning 1,426,125 1,218,750 1,321,033
Deferred tax liabilities (net) 66,768,667 50,387,937 58,848,114
Payable to related parties,
excluding current portion 11 171,354,704 132,271,106 149,071,994
Deferred revenue 25,563,995 25,563,995 25,563,995
-------------- -------------- -------------
Total non-current liabilities 416,672,535 471,663,684 474,452,496
-------------- -------------- -------------
Current liabilities
Current portion of long term
debt 9 116,535,739 44,923,382 46,614,354
Current portion payable to related
parties 11 23,137,203 299,187 5,570,622
Accrued expenses and other liabilities 121,318 221,785 131,885
Deferred revenue 5,077,086 5,077,086 5,077,086
-------------- -------------- -------------
Total current liabilities 144,871,346 50,521,440 57,393,947
-------------- -------------- -------------
Total liabilities 561,543,881 522,185,124 531,846,443
-------------- -------------- -------------
Total liabilities and equity 706,511,239 638,717,828 661,095,695
============== ============== =============
(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 month ended
Six months ended 30 September
30 September 2017 2016
Unaudited Unaudited
------------------------------------------- ----- ------------------ -------------------
Revenue 29,391,480 27,393,016
Cost of sales (2,688,457) (4,013,643)
Administrative expenses (1,071,345) (1,048,144)
Profit from operations 25,631,678 22,331,229
------------------ -------------------
Foreign exchange gain/(loss),
net (1,993,054) 277,888
Interest income 45 50
Profit before tax 23,638,669 22,609,167
------------------ -------------------
Income taxes
-Deferred tax charge (7,920,563) (9,942,407)
Profit for the period (attributable
to the shareholder of the
Group) 15,718,106 12,666,760
------------------ -------------------
Total comprehensive income
for the period (attributable
to the shareholders of the
Group) 15,718,106 12,666,760
------------------ -------------------
Earnings per share (periodic) 12
Basic 0.09 0.07
Diluted 0.09 0.07
------------------ -------------------
(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)
Share capital Additional Currency Merger Retained Total
Number Amount paid-in translation reserve earnings stockholders'
capital reserve equity
Balance as at 1
April
2017 182,973,924 3,619,443 46,733,689 (9,313,781) 19,570,288 68,639,613 129,249,252
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
Profit for the
period - - - - - 15,718,106 15,718,106
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
Total
comprehensive
income for the
period - - - - - 15,718,106 15,718,106
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
Balance as at 30
September 2017 182,973,924 3,619,443 46,733,689 (9,313,781) 19,570,288 84,357,719 144,967,358
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
Balance as at 1
April
2016 182,973,924 3,619,443 46,733,689 (9,313,781) 19,570,288 43,256,305 103,865,944
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
Profit for the
period - - - - - 12,666,760 12,666,760
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
Total
comprehensive
income for the
period - - - - - 12,666,760 12,666,760
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
Balance as at 30
September 2016 182,973,924 3,619,443 46,733,689 (9,313,781) 19,570,288 55,923,065 116,532,704
------------------ ------------ ---------- ----------- ------------- ----------- ----------- ----------------
(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 2017 2016
(Unaudited) (Unaudited)
----------------------------------------------- --- --------------------------- -----------------
(A) Cash flow from operating activities
Profit before tax 23,638,669 22,609,167
Adjustments
Unrealised exchange loss/ (gain) 1,993,054 (277,888)
Interest income (45) (50)
Depreciation 2,215,281 3,747,737
Changes in operating assets and liabilities
Inventories (279,049) (435,784)
Trade receivables (9,834,346) 292,881
Trade and other payables 2,899,807 4,405,728
Other current and non-current assets (35,584) (6,965,744)
Provisions for decommissioning 105,092 86,024
Other liabilities 96,745 (159,410)
--------------------------- -----------------
Cash generated from operations 20,799,624 23,302,661
Income taxes paid (98,780) (227,060)
--------------------------- -----------------
Net cash generated from operating
activities 20,700,844 23,075,601
--------------------------- -----------------
(B) Cash flow from investing activities
Purchase of property, plant and equipment
(A) (18,271,141) (50,680,860)
Interest received 35 50
--------------------------- -----------------
Net cash used in investing activities (18,271,106) (50,680,810)
--------------------------- -----------------
(C ) Cash flow from financing activities
Repayment of long term debt from banks (20,828,000) (14,569,586)
Repayment to/ Proceeds from Related
Party 17,209,839 218,269
Payment of interest (8,539,329) (9,114,813)
--------------------------- -----------------
Net cash generated from/(used in)
financing activities (12,157,490) (23,466,160)
--------------------------- -----------------
Net change in cash and cash equivalents (9,727,752) (51,071,374)
--------------------------- -----------------
Cash and cash equivalents at the beginning
of the period 11,401,788 61,081,916
Effect of exchange rate change on
cash and cash equivalents 893 306,014
--------------------------- -----------------
Cash and cash equivalents at the end
of the period 1,674,929 10,316,555
--------------------------- -----------------
Cash and cash equivalents comprises
of
--------------------------- -----------------
balances with banks 1,674,929 10,316,555
--------------------------- -----------------
(A) The purchase of property, plant and equipment above, includes additions to exploration and evaluation assets amounting to US$ 13,623,183 (previous period: US$ 18,009,154) transferred to development cost, as explained in Note 7.
(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 $, unless otherwise stated)
1. INTRODUCTION
Indus Gas Limited ("Indus Gas" or "the Company") was incorporated in the Island of Guernsey on 4 March 2008 pursuant to an Act of the Royal Court of the Island of Guernsey. The Company was set up to act as the holding company of iServices Investments Limited. ("iServices") and Newbury Oil Co. Limited ("Newbury"). iServices and Newbury are companies incorporated in Mauritius and Cyprus, respectively. iServices was incorporated on 18 June 2003 and Newbury was incorporated on 17 February 2005. The Company was listed on the Alternative Investment Market (AIM) of the London Stock Exchange on 6 June 2008. Indus Gas through its wholly owned subsidiaries iServices and Newbury (hereinafter collectively referred to as "the Group") is engaged in the business of oil and gas exploration, development and production.
Focus Energy Limited ("Focus"), an entity incorporated in India, entered into a Production Sharing Contract ("PSC") with the Government of India ("GOI") and Oil and Natural Gas Corporation Limited ("ONGC") on 30 June 1998 for petroleum exploration and development concession in India known as RJ-ON/06 ("the Block"). Focus is the Operator of the Block. On 13 January 2006, iServices and Newbury entered into an interest sharing agreement with Focus and obtained a 65 per cent and 25 per cent share respectively in the Block. Consequent to this, the Group acquired an aggregate of 90 per cent participating interest in the Block and the balance 10 per cent of participating interest is owned by Focus. The participating interest explained above is subject to any option exercised by ONGC in respect of individual wells (already exercised for SGL field as further explained in Note 4).
2. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2017 and are presented in United States Dollar (US$), 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 2017.
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 2017.
These unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2017 and have been approved for issue by the Board of Directors.
3. STANDARDS AND INTERPRETATIONS ISSUED BUT NOT EFFECTIVE AND YET TO BE APPLIED BY THE GROUP
Summarised in the paragraphs below are standards, interpretations or amendments that have been issued prior to the date of approval of these consolidated financial statements and endorsed by EU and will be applicable for transactions in the Group but are not yet effective. These have not been adopted early by the Group and accordingly, have not been considered in the preparation of the consolidated financial statements of the Group.
Management anticipates that all of these pronouncements will be adopted by the Group in the first accounting period beginning after the effective date of each of the pronouncements. Information on the new standards, interpretations and amendments that are expected to be relevant to the Group's consolidated financial statements is provided below.
- IFRS 9 Financial Instruments Classification and Measurement
In July 2014, the International Accounting Standards Board issued the final version of IFRS 9, Financial Instruments. The standard reduces the complexity of the current rules on financial instruments as mandated in IAS 39. IFRS 9 has fewer classification and measurement categories as compared to IAS 39 and has eliminated the categories of held to maturity, available for sale and loans and receivables. Further it eliminates the rule-based requirement of segregating embedded derivatives and tainting rules pertaining to held to maturity investments. For an investment in an equity instrument which is not held for trading, IFRS 9 permits an irrevocable election, on initial recognition, on an individual share-by-share basis, to present all fair value changes from the investment in other comprehensive income. No amount recognized in other comprehensive income would ever be reclassified to profit or loss. It requires the entity, which chooses to measure a liability at fair value, to present the portion of the fair value change attributable to the entity's own credit risk in other comprehensive income.
IFRS 9 replaces the 'incurred loss model' in IAS 39 with an 'expected credit loss' model. The measurement uses a dual measurement approach, under which the loss allowance is measured as either 12 month expected credit losses or lifetime expected credit losses. The standard also introduces new presentation and disclosure requirements.
This standard is effective for reporting periods beginning on or after 1 January 2018 with early adoption permitted. The management is currently evaluating the impact that this new standard will have on its consolidated financial statements.
- IFRS 15 Revenue from Contracts with Customers
The International Accounting Standards Board (IASB) has published a new standard, IFRS 15 Revenue from Contracts with customers. This standard replaces IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers, and SIC-31 Revenue- Barter Transactions involving advertising services. It sets out the requirements for recognising revenue that apply to contracts with customers, except for those covered by standards on leases, insurance contracts and financial instruments. The new standard establishes a control-based revenue recognition model and provides additional guidance in many areas not covered in detail under existing IFRSs, including how to account for arrangements with multiple performance obligations, variable pricing, customer refund rights, supplier repurchase options, and other common complexities.
This standard is effective for reporting periods beginning on or after 1 January 2018 with early adoption permitted. It applies to new contracts created on or after the effective date and to the existing contracts that are not yet complete as of the effective date.
The management is currently evaluating the impact that this new standard will have on its consolidated financial statements.
- IFRS 16 Leases
On 13 January 2016, the IASB issued the final version of IFRS 16, Leases. IFRS 16 will replace the existing leases Standard, IAS 17 Leases, and related interpretations. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The Standard also contains enhanced disclosure requirements for lessees. The effective date for adoption of IFRS 16 is annual periods beginning on or after 1 January 2019 (but not yet endorsed in EU), though early adoption is permitted for companies applying IFRS 15 Revenue from Contracts with Customers.
Management is currently evaluating the impact that this new standard will have on its consolidated financial statements.
4. JOINTLY CONTROLLED ASSETS
As explained above, the Group through its subsidiaries 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 had 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.
Subsequent to the declaration of commercial discovery in SGL field on 21 January 2008, ONGC had 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.
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 are entitled to a 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 are no unrecovered contract cost at the end of previous year on the basis of participating interest of each such participant in the field. For recovery of past contract cost, production from the field is first allocated towards exploration and evaluation cost and thereafter towards development cost.
On the basis of above, gas production for the period ended 30 September 2017 is shared between Focus, iServices and Newbury in the ratio of 10 percent, 65 percent and 25 percent respectively.
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 2017 30 September 31 March 2017
2016
(Unaudited) (Unaudited) (Audited)
------------------------------------ ------------------- ------------- ---------------
Non-current assets 684,756,815 599,706,703 639,862,170
Current assets 5,860,552 16,552,707 5,581,503
Non-current liabilities 1,426,125 1,218,750 1,321,033
Current liabilities 22,699,519 299,187 5,250,197
Expenses (net of finance
income) 2,899,807 4,405,728 11,456,179
Commitments - - -
----------------------------------- -------------------- ------------- ---------------
The GOI, through ONGC, has option to acquire similar participating interest in any such future successful discovery of oil or gas reserves in the Block that has been declared as commercially feasible to develop.
5. 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 2017.
6. SEGMENT REPORTING
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker 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 extraction and production of gas.
7. INTANGIBLE ASSETS: EXPLORATION AND EVALUATION ASSETS
Intangible assets comprise of exploration and evaluation assets. Movement in intangible assets was as under:
In tangible assets:
exploration and
evaluation assets
------------------------------------------- -------------------------------------------
Balance at 01 April 2016 -
Additions (A) 18,009,154
Transfer to development assets (B) (18,009,154)
Balance at 30 September 2016 -
-------------------------------------------
Balance at 01 April 2016 -
Additions (A) 28,719,544
Transfer to development assets (B) (28,719,544)
-------------------------------------------
Balance at 31 March 2017 -
-------------------------------------------
Balance at 01 April 2017 -
Additions (A) 13,623,183
Transfer to development assets (B) (13,623,183)
Balance as at 30 September 2017 -
(A) The above includes borrowing costs of US$ 211,423 for the period ended 30 September 2017 (30 September 2016: US$ 133,303 and 31 March 2017: US$ 859,043). The weighted average capitalisation rate on funds borrowed generally is 6.31 per cent per annum (30 September 2016: 5.89 per cent per annum and 31 March 2017: 6.17 per cent per annum).
(B) On 19 November 2013, Focus Energy Limited submitted an integrated declaration of commerciality (DOC) to the Directorate General of Hydrocarbons, ONGC, the Government of India and the Ministry of Petroleum and Natural Gas. Upon submission of DOC, exploration and evaluation cost incurred on SSF and SSG field was transferred to development cost. Focus continues to carry out further appraisal activities in the Block, and exploration and evaluation cost incurred subsequent to 19 November 2013, to the extent considered recoverable as per DOC submitted by Focus, is immediately transferred on incurrence to development assets.
Subsequently on 16 August 2017, the management committee of the block (RJ/ON-06) approved the revised field development plan for SGL field , which allows for a higher gas production. Also on 23 June 2017, the management committee of the block (Rjon-06) approved the integrated field development plan for SSG-1 and SSF-2 field area .
8. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Cost Land Extended Development/ Bunk Vehicles Other Capital Total
well test Production houses assets work-in-progress
equipment assets
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Balance as
at 1 April
2017 167,248 4,120,043 668,879,209 5,926,920 4,734,619 1,576,976 1,317,908 686,722,923
Additions - 198,669 47,332,757 7,370 29,689 10,216 43,795 47,622,496
-------------- ----------
Balance as
at 30
September
2017 167,248 4,318,712 716,211,966 5,934,290 4,764,308 1,587,192 1,361,703 734,345,419
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Accumulated depreciation
Balance as
at 1 April
2017 - 1,870,614 34,233,251 5,388,608 3,867,798 1,500,482 - 46,860,753
Depreciation
for the
period - 150,381 2,215,281 193,711 99,563 68,915 - 2,727,851
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Balance as
at 30
September
2017 - 2,020,995 36,448,532 5,582,319 3,967,361 1,569,397 - 49,588,604
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Carrying
value
As at 30
September
2017 167,248 2,297,717 679,763,434 351,9710 796,947 17,795 1,361,703 684,756,815
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Land Extended Development/ Bunk Vehicles Other Capital Total
well test Production houses assets work-in-progress
Cost equipment assets
Balance as
at 1 April
2016 167,248 3,737,654 580,789,054 5,917,523 4,576,803 1,506,289 1,227,969 597,922,540
Additions - 382,389 88,090,155 9,397 157,816 70,687 89,939 88,800,383
Disposals - - - - - - - -
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Balance as
at 31 March
2017 167,248 4,120,043 668,879,209 5,926,920 4,734,619 1,576,976 1,317,908 686,722,923
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Accumulated
Depreciation
Balance as
at 1 April
2016 - 1,629,759 23,880,916 5,015,047 3,502,013 1,452,850 35,480,585
Depreciation
for the year - 240,855 10,352,335 373,561 365,785 47,632 11,380,168
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Balance as
at 31 March
2017 - 1,870,614 34,233,251 5,388,608 3,867,798 1,500,482 - 46,860,753
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Carrying
value as
at 31 March
2017 167,248 2,249,429 634,645,958 538,312 866,821 76,494 1,317,908 639,862,170
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Cost Land Extended Development/ Bunk Vehicles Other Capital Total
well test Production Houses assets work-in-progress
equipment assets
Balance as
at 1 April
2016 167,248 3,737,654 580,789,054 5,917,523 4,576,803 1,506,289 1,227,969 597,922,540
Additions - 133 41,593,793 - - 7,541 2,092 41,603,559
--------------
Balance as
at 30
September
2016 167,248 3,737,787 622,382,847 5,917,523 4,576,803 1,513,830 1,230,061 639,526,099
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Accumulated depreciation
Balance as at 1
April 2016 1,629,759 23,880,916 5,015,047 3,502,013 1,452,850 - 35,480,585
Depreciation
for the
period - 126,783 3,747,737 201,751 226,856 35,684 - 4,338,811
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Balance as
at 30
September
2016 - 1,756,542 27,628,653 5,216,798 3,728,869 1,488,534 - 39,819,396
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Carrying
value
As at 30
September
2016 167,248 1,981,245 594,754,194 700,7250 847,934 25,296 1,230,061 599,706,703
-------------- ---------- ---------- ------------- ---------- ---------- ---------- ----------------- ------------
Borrowing costs capitalised for the period ended 30 September 2017 amounted to US$ 14,289,270 (30 September 2016: US$13,657,072 and 31 March 2017: US$ 27,753,096).
9. LONG TERM DEBT
From banks
Maturity 30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Unaudited) (Audited)
--------------------- ----------- ------------- ------------- ------------
Non-current portion
of long term debt 2018/2021 151,559,044 189,051,995 168,252,860
Current portion of
long term debt 40,405,397 42,301,806 44,069,933
Total 191,964,441 231,353,801 212,322,794
---------------------------------- ------------- ------------- ------------
Current interest rates are variable and weighted average interest for the year was 6.31per cent per annum (30 September 2016: 5.89 per cent per annum and 31 March 2017: 6.17 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-Sep-17 30-Sep-16 31-Mar-17
(Unaudited) (Unaudited) (Audited )
--------------------------------------- ---------- ------------ ------------ -----------
Non-current portion of long term debt 2018 - 73,169,901 71,394,500
Current portion of long term debt 76,130,342 2,621,576 2,544,421
Total 76,130,342 75,791,477 73,938,921
--------------------------------------------------- ------------ ------------ -----------
During the year ended 31 March 2016, the Group has issued SGD 100 million (US$ 74.18 million) notes under the US$ 300 million MTN programme carries interest rate of 8 per cent per annum. These notes are unsecured notes and are fully repayable at the end of 3 years i.e. April 2018. Interest on these notes is paid semi-annually.
10. 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.)
------------------------------------ -----------------------------------
II III. Enterprise over which Focus Energy Limited
Key Management 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 2017, 30 September 2016 and 31 March 2017 are as follows:
Transactions during the period
Particulars Period ended Period ended
30-Sep-17 30-Sep-16
------------------------------------------------------------- ------------- -------------
Transactions with the Holding Company
Amount Received 17,209,839 -
Interest paid 5,072,871 4,163,497
Transactions with KMP
Short term employee benefits 150,013 94,587
Entity over which KMP exercise control
Share of cost incurred by the Focus in respect of the Block 33,727,257 28,451,839
Remittances 16,870,000 48,013,950
-------------------------------------------------------------- ------------- -------------
11. RELATED PARTY PAYABLES
Amount outstanding towards related parties
Particulars As at As at As at
30 September 2017 30 September 2016 31 March 2017
------------------------------------------- ------------------- ------------------- ---------------
Entity over which KMP exercise control
Payable/(Advance) to Focus Energy Limited 22,699,519 (12,003,316) 5,250,197
Payable with the Holding Company
Payables to Gynia Holding Limited* 171,354,704 132,271,106 149,071,994
Payable to KMP
Employee obligation 437,684 299,187 320,425
*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.
Advance for expenditure/Liability payable to Focus
Liability payable to Focus represents amounts due to them in respect of the Group's share of contract costs, for its participating interest in Block RJ-ON/6 pursuant to the terms of Agreement for Assignment dated 13 January 2006 and its subsequent amendments from time to time.
The management estimates the current borrowings to be repaid on demand within twelve months from the statement of financial position date and these have been classified as current borrowings.
Liability payable to Gynia
* Borrowings from Gynia Holdings Ltd. carries interest rate of 6.5 per cent per annum compounded annually. During the current year, the entire outstanding balance (including interest) was made subordinate to the loans taken from the banks and therefore, is payable along with related interest subsequent to repayment of bank loan in year 2024.
Interest capitalised on loans above have been disclosed in notes 7 and 8.
12. 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 2017 30 September
2016
--------------------------- ------------------- --------------
Profit attributable
to shareholders of Indus
Gas Limited, for basic
and dilutive 15,718,106 12,666,760
Weighted average number
of shares (used for
basic profit per share) 182,973,924 182,973,924
Diluted weighted average
number of shares (used
for diluted profit per
share 182,973,924 182,973,924
Basic earnings per
share (US$) 0.09* 0.07*
Diluted earnings per
share (US$) 0.09* 0.07*
---------------------------- ------------------- --------------
*Rounded off to the nearest two decimal places.
13. COMMITMENTS AND CONTINGENCIES
At 30 September 2017, the Group had capital commitments of US$ Nil (30 September 2016: US$ Nil; 31 March 2017: US$ Nil) in relation to property, plant & equipment - development/producing assets, in the Block.
The Group has no contingencies as at 30 September 2017 (30 September 2016: Nil; 31 March 2017: Nil).
14. 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 2017.
15. 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 Company has opted to claim the expenditure in the first year of commercial production. As the Group has commenced commercial production 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.
16. BASIS OF GOING CONCERN ASSUMPTION
As at 30 September 2017 The Group has current liabilities amounting to US$ 144,871,346 the majority of which is towards SGD 100 million bond repayment due in April 2018, current portion of borrowings from banks and related parties, primarily to Focus. As at 31 March 2017, the amounts due for repayment (including interest payable) within the next 12 months for long term borrowings are US$ 116,535,739 which the Group expects to meet from its internal generation of cash from operations and by raising additional funds through debt/bond.
17. 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 recognised at the end of the reporting periods under review may also be categorised as follows:
30 September 2017 30 September 2016 31 March 2017
------------------------------------------------------ ------------------ ------------------ --------------
Non-current assets
-Security Deposit 885 885 885
Current assets
-Trade receivables 11,879,600 2,973,857 2,045,252
-Cash and cash equivalents 1,674,929 10,316,555 11,401,788
------------------------------------------------------ ------------------ ------------------ --------------
Total financial assets under loans and receivables 13,555,414 13,291,297 13,447,925
------------------------------------------------------ ------------------ ------------------ --------------
Financial liabilities measured at amortised cost:
Non-current liabilities
- Long term debt 151,559,044 262,221,896 239,647,360
- Payable to related parties 171,354,704 132,271,106 149,071,994
Current liabilities
* Current portion of Long term debt 116,535,739 44,923,382 46,614,354
- Payable to related parties 23,137,203 299,187 5,570,622
* Accrued expenses and other liabilities 121,318 221,785 131,885
------------------------------------------------------ ------------------ ------------------ --------------
Total financial liability measured at amortised cost 462,708,008 439,937,356 441,036,215
------------------------------------------------------ ------------------ ------------------ --------------
The fair value of the financial assets and liabilities described above closely approximates their carrying value on the statement of financial position dates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKNDDOBDDOBD
(END) Dow Jones Newswires
December 14, 2017 02:00 ET (07:00 GMT)
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