TIDMINDY
RNS Number : 0095E
India Star Energy plc
14 December 2009
India Star Energy Plc
Preliminary results for the year ended 30 June 2009
14 December 2009
Chairman's Statement
I am pleased to report India Star Energy's financial results for the year ended
30 June 2009. The operating environment for small AIM quoted companies continues
to be challenging particularly with regard to fund raising. That said, commodity
prices have been on the rise, and that bodes well for us in the future.
The Company's corporate expenses continue to be kept to a bare minimum and this
is reflected in our financial performance, which showed a post tax loss for the
year, was GBP57,742 compared to a post tax loss of GBP63,418 in the previous
financial year. The loss per share for the year stood at 0.03 pence compared to
0.04 pence in the previous year. The Company's net cash position as at 30 June
2009 was GBP112,454. Should the Company wish to make any further investments it
will need to raise additional funds and we have been in discussions with
potential investors with a view to raising additional funds in the first quarter
of next year.
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 is to be
exercised in whole and within 12 months of entering into the Agreement. The
initial consideration paid for the Option was GBP250,000 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.
Due to market conditions we have not been able to exercise the option within the
original option period but we have negotiated an extension of the option by a
further 12 months. As announced under an amendment deed dated 29 June 2009 it
has been agreed by all parties that the exercise period of the option be
extended by 12 months to 10 July 2010. In addition the Company has negotiated an
increase from 10 to 15 per cent in the discount rate to be used to determine the
acquisition price of NFIL shares when the option is exercised.
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).
Trillium is engaged in the acquisition, exploration and if warranted,
development of mining properties in Canada. It currently holds interests in
resource properties in Ontario primarily and intends to seek out and acquire
additional properties, worthy of exploration and development, as 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
another company. The Company controls varying interests in three types of
properties, Gold/Copper/Zinc/Silver VMS geology, Platinum Group
Metal/Nickel/Copper VMS geology and Primary Gold Geology. This strategy
leverages the exploration teams' proven ability to recognise overlooked
geological opportunities using advanced geological techniques.
In April 2009 Trillium announced that that it has entered into an agreement with
Manicouagan Minerals Inc. ("Manicouagan") pursuant to which Manicouagan can earn
up to a 70 per cent. interest in three gold exploration properties in the Pickle
Lake Area, Ontario, for consideration of $2.5 million dollars in exploration and
paying all remaining option payments to the underlying vendor.
In announcing the agreement, Manicouagan noted the Pickle Lake Properties
consist of three non-contiguous claim groups known as the Pickle Lake East
Property, the Kasagiminnis Property, and the Dorothy-Dobie Lake Property.
Collectively the properties cover an area of approximately 7741 hectares or
77.41 square kilometres. The properties are located in the Pickle Lake
Greenstone Belt, which is part of the prolific Uchi Geological Subprovince.
Having historically produced over 30 million ounces of gold. The Pickle Lake
area includes four past producing mines: Golden Patricia (0.45Moz at 19.9 gpt
Au), Dona Lake (0.21Moz at 8.6gpt), Central Patricia (0.65Moz at 12.0gpt) And
Pickle Crow (1.45Moz at 16.1gpt).
East West Resource Corporation ("EastWest")
East West's exploration efforts are focused on the platinum group metals as well
as copper and nickel. It has three flagship assets in Ontario: Marshall Lake
(copper, zinc project), Norton-McFaulds (copper nickel, platinum group elements
project) and Shebandowan (gold, copper project). These three projects are joint
ventured with Marshall Lake Mining PLC, White Tiger Mining Corp. and Xstrata
Copper, respectively. In addition there are eight other projects that are funded
by joint venture partners. India Star holds 2.5 million shares in the company
(representing 1.92 per cent. of its current issued share capital).
East West Resource Corporation ("East West") announced on 31 July 2009 that it
proposed to acquire Rainy Mountain Capital Corp. ("Rainy Mountain"). East West
and Rainy Mountain have now agreed to effect the proposed transaction by way of
a private placement (the "Private Placement") pursuant to which Rainy Mountain
will subscribe for, on a post Consolidation basis, an aggregate of approximately
3,750,000 common shares (the "Shares") of East West at a price of $0.10 per
Share to result in gross proceeds of approximately $375,000 to East West. The
Shares will subsequently be distributed to the shareholders of Rainy Mountain.
Upon the distribution of the Shares to the shareholders of Rainy Mountain, the
Rainy Mountain shareholders will become shareholders of East West, following
which Rainy Mountain will be dissolved. As a capital pool company, the only
asset that Rainy Mountain has, and will contribute to East West, is its cash.
Outlook
We continue to believe in the long term prospects of our investments.
Haresh Kanabar
Chairman
Enquiries:
India Star Energy Plc
Haresh Kanabar, Chairman
0207 297 0010
W.H. Ireland Limited
Tim Cofman/Katy Birkin
0121 265 6330
INDIA STAR ENERGY PLC
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
+-----------------------------------------------------------------+--------------+--------------+
| | | Year |
| | Year | ended |
| | ended | 30 June |
| | 30 June | 2008 |
| | 2009 | GBP |
| | GBP | |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
| Administrative expenses | (60,864) | (85,018) |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
| Loss from operations | (60,864) | (85,018) |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
| Investment revenues | 3,409 | 21,600 |
+-----------------------------------------------------------------+--------------+--------------+
| Finance costs | (287) | - |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
| Loss before taxation | (57,742) | (63,418) |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
| Tax expense | - | - |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
| Loss for the year | (57,742) | (63,418) |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
+-----------------------------------------------------------------+--------------+--------------+
| Loss per ordinary share | | |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
| Basic and diluted loss per share | (0.03p) | (0.04p) |
+-----------------------------------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------------------------------+--------------+--------------+
All losses for the period are attributable to equity shareholders of the parent.
INDIA STAR ENERGY PLC
BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2009
+-----------------------------------------------------+-----------+----------------+----------------+
| | Note | Year | |
| | | ended | Year |
| | | 30 June | ended |
| | | 2009 | 30 June |
| | | GBP | 2008 |
| | | | GBP |
+-----------------------------------------------------+-----------+----------------+----------------+
| Assets | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Non-current assets | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Investments - fair value through income statement | 2 | 250,000 | - |
+-----------------------------------------------------+-----------+----------------+----------------+
| Investments - available for sale | 3 | 149,239 | 413,857 |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Total non-current assets | | 399,239 | 413,857 |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Current assets | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Cash and cash equivalents | | 112,454 | 438,340 |
+-----------------------------------------------------+-----------+----------------+----------------+
| Trade and other receivables | | 4,247 | 9,088 |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Total current assets | | 116,701 | 447,428 |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Total assets | | 515,940 | 861,285 |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Liabilities | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Current liabilities | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Trade and other payables | | (20,008) | (42,993) |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Total liabilities | | (20,008) | (42,993) |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Net assets | | 495,932 | 818,292 |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Equity | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Share capital | | 330,000 | 330,000 |
+-----------------------------------------------------+-----------+----------------+----------------+
| Share premium account | | 854,350 | 854,350 |
+-----------------------------------------------------+-----------+----------------+----------------+
| Available-for-sale reserve | | (299,246) | (34,628) |
+-----------------------------------------------------+-----------+----------------+----------------+
| Retained earnings | | (389,172) | (331,430) |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
| Equity attributable to equity holders of the parent | | 495,932 | 818,292 |
+-----------------------------------------------------+-----------+----------------+----------------+
| | | | |
+-----------------------------------------------------+-----------+----------------+----------------+
The financial statements were approved by the board of directors and authorised
for issue on 14 December 2009. They were signed on its behalf by:
H. D. Kanabar Director
Company registration number: 05143779
INDIA STAR ENERGY PLC
STATEMENT OF CHANGES OF EQUITY
AS AT 30 JUNE 2009
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| | Share | Share | Available | Retained | Total |
| | capital | premium | -for-sale | earnings | |
| | | | reserve | | |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| | GBP | GBP | GBP | GBP | GBP |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| At 1 July 2008 | 330,000 | 854,350 | (34,628) | (331,430) | 818,292 |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| Net losses on available | - | - | (264,618) | - | (264,618) |
| for sale investments | | | | | |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| Loss for the year | - | - | - | (57,742) | (57,742) |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| | | | | | |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| At 30 June 2009 | 330,000 | 854,350 | (299,246) | (389,172) | 495,932 |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
| | | | | | |
+--------------------------+----------------+------------------+------------------+-----------------+-------------+
INDIA STAR ENERGY PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | Year |
| | | Year | ended |
| | | ended | 30 June |
| | | 30 June | 2008 |
| | | 2009 | GBP |
| | | GBP | |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Net cash outflow from operating activities | | (79,008) | (70,461) |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Return on investments and servicing of finance | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Interest received | | 3,409 | 21,600 |
+----------------------------------------------------------------+--------+-------------+--------------+
| Interest paid | | (287) | - |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Net cash inflow from returns on investments and servicing of | | 3,122 | 21,600 |
| finance | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Capital expenditure and financial investments | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Purchase of investments- fair value through Income statement | | (250,000) | - |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Decrease in cash and cash equivalents | | (325,886) | (48,861) |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Reconciliation to net funds | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Cash and cash equivalents at the beginning of the year | | 438,340 | 487,201 |
+----------------------------------------------------------------+--------+-------------+--------------+
| Decrease in cash and cash equivalents | | (325,886) | (48,861) |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
| Cash and cash equivalents at the end of the year | | 112,454 | 438,340 |
+----------------------------------------------------------------+--------+-------------+--------------+
| | | | |
+----------------------------------------------------------------+--------+-------------+--------------+
Notes to the financial statements
1.Significant accounting policies
Subsidiary
The company has one subsidiary, Rutland Star Ventures Limited ("RSV"). RSV has
been dormant throughout the year and its balance sheet at 30 June 2008 and 30
June 2009 showed net liabilities of GBP79,551, all of which was owed by RSV to
the company. The directors have therefore decided not to prepare consolidated
accounts as the financial and trading position of the company is the same as the
group.
Foreign currencies
Exchange differences arising on the settlement of monetary items, and on the
retranslation of monetary items, are included in income statement for the
period. Exchange differences arising on the retranslation of non-monetary items
carried at fair value are included in income statement 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 company's
balance sheet when the company 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 fair value through the income statement or
available-for-sale, and are measured at subsequent reporting dates at fair
value. 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. Investments held at fair value through the income
statement are valued at cost if their fair value cannot be reliably measured.
Derivatives
The company 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 company'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 2009:
International Accounting Standards (IAS/IFRS)
IFRS 2 (revised 2008) Share-based payments
IFRS 3 (revised 2008) Business Combinations
IFRS 5 (revised April 2009) Non-current Assets Held for Sale and Discontinued
Operations
IFRS 7 (revised March 2009) Financial Instruments Disclosures
IFRS 8 Operating Segments
IAS 1 (revised May 2008) Presentation of Financial Statements
IAS 7 (revised April 2009) Statement of Cash Flows
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 April 2009) Impairment of Assets
IAS 38 (revised April 2009) Intangible Assets
IAS 39 (revised July 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.
The Directors anticipate that the adoption of these Standards and
Interpretations in future periods will have no material impact on the financial
statements other than in terms of presentation.
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 company
after deducting all of its liabilities.
Trade payables
Trade payables are initially measured at the invoiced amount.
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
company considers all highly liquid investments with original maturity dates of
three months or less to be cash equivalents.
Provisions
Provisions are recognised when the company has a present obligation as a result
of a past event, and it is probable that the company 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.
2. Investments - fair value through income statement
+--------------------------------------+------+------------+-------------+-----------+-------------+
| | | | | 2009 | 2008 |
+--------------------------------------+------+------------+-------------+-----------+-------------+
| | | | | GBP | GBP |
+--------------------------------------+------+------------+-------------+-----------+-------------+
| At 1 July | | | | - | - |
+--------------------------------------+------+------------+-------------+-----------+-------------+
| Additions | | | | 250,000 | - |
+--------------------------------------+------+------------+-------------+-----------+-------------+
| | | | | | |
+--------------------------------------+------+------------+-------------+-----------+-------------+
| At 30 June | | | | 250,000 | - |
+--------------------------------------+------+------------+-------------+-----------+-------------+
| | | | | | |
+--------------------------------------+------+------------+-------------+-----------+-------------+
India Star has acquired an option to purchase 100 per cent. of the issued share
capital of New Fuels International Limited ("NFIL") a Seychelles based company.
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 is to be exercised in whole by 10 July
2010. The initial consideration paid for the Option was GBP250,000 cash.
Upon the exercise of the option, India Star Energy Plc and the shareholders of
NFIL will agree the purchase price for the option shares. The purchase price
shall be the price determined less GBP500,000 and discounted by 15%. The
purchase price will be satisfied by the issue of ordinary shares by India Star
Energy Plc.
3. Investments - available-for-sale
+--------------------------------------+------+------------+--------------+------------+------------+
| | | | | 2009 | 2008 |
+--------------------------------------+------+------------+--------------+------------+------------+
| | | | | GBP | GBP |
+--------------------------------------+------+------------+--------------+------------+------------+
| At 1 July | | | | 413,857 | 560,580 |
+--------------------------------------+------+------------+--------------+------------+------------+
| Net losses transferred to equity | | | | (264,618) | (146,723) |
+--------------------------------------+------+------------+--------------+------------+------------+
| | | | | | |
+--------------------------------------+------+------------+--------------+------------+------------+
| At 30 June | | | | 149,239 | 413,857 |
+--------------------------------------+------+------------+--------------+------------+------------+
| | | | | | |
+--------------------------------------+------+------------+--------------+------------+------------+
There were no disposals of available-for-sale financial assets in 2009
or 2008
The available-for-sale securities relate to two investments East West Resource
Corporation and Trillium North Minerals Ltd listed on the TSX-V (Canadian
exchange). The investments are classified as non- 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 an
impairment is recognised.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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