REG - Indus Gas Limited - Interim Financial Statements
30/12/2021 07:00
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RNS Number : 9820W Indus Gas Limited 30 December 2021
Indus Gas Limited and its subsidiaries
("Indus" or the "Company")
Unaudited Condensed Consolidated Interim Financial
Statements for the six month period ended 30 September 2021
Indus Gas Limited (AIM:INDI.L), the oil & gas exploration and development
company, is pleased to report its unaudited interim results for the six
month period ending 30 September 2021.
Consolidated reported adjusted revenues, operating profit and profit before
tax for the interim period ending 30 September 2021 were US$ 27.11m (US$
23.21m interim 2020), US$ 23.34m (US$ 21.17m interim 2020) and US$ 22.97m (US$
20.92m interim 2020) respectively. The Company has continued to make
provisions for a notional deferred tax liability of US$ 6.09m (US$ 1.48m
interim 2020), in accordance with IFRS requirements. The Company continues to
realize US$5 per mmbtu in respect of its existing gas sales contract.
Following the approval from the Directorate General of Hydrocarbons (DGH) and
government for the integrated Field Development Plan ("FDP") for the SSG
(Pariwar) & SSF (B&B) discoveries, production from the SSG and SSF
fields has now commenced, representing another major milestone in the
Company's development. The Petroleum & Natural Gas Regulatory Board
(PNGRB) have re-invited bids for the laying of a gas pipeline from the gas
processing facility for the evacuation of gas from RJ-ON/6 Block.
Commenting, Peter Cockburn, Chairman of Indus, said:
"While the pandemic continues to present operational challenges, revenues in
the interim period recovered to the comparable pre pandemic level achieved in
2019. This is testament to the dedication and skill of the team on-site whose
safety remains our top priority. The Company continues to anticipate a step
change in revenues once the additional gas supplies commence through the new
pipeline."
For further information, please contact:
Indus Gas Limited
Peter Cockburn
Jonathan Keeling +44 (0) 20 7877 0022
Arden Partners plc
Antonio Bossi / Steve Douglas (Corporate Finance) +44 (0) 20 7614 5900
James Reed-Daunter (Equity Sales)
a Unaudited Condensed Consolidated Statement of Financial Position
(All amounts in US$, unless otherwise stated)
Notes As at As at As at
30 September 2021 30 September 2020 31 March 2021
(Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 6 1,097,162,179 1,042,615,854 1,080,954,065
Tax assets 979,498 864,660 916,330
Other assets 567 562 567
Total non-current assets 1,098,142,244 1,043,481,076 1,081,870,962
Current assets
Inventories 7,074,881 6,917,524 8,538,264
Prepayments 617,930 70,897 -
Trade and other receivables 12,010,459 21,210,322 32,954,081
Receivable from related party 8 126,453,576 71,130,610 124,394,123
Cash and cash equivalents 4,877,577 1,455,261 995,765
Total current assets 151,034,423 100,784,614 166,882,233
Total assets 1,249,176,667 1,144,265,690 1,248,753,195
LIABILITIES AND EQUITY
Shareholders' equity
Share capital 3,619,443 3,619,443 3,619,443
Additional paid-in capital 46,733,689 46,733,689 46,733,689
Currency translation reserve (9,313,782) (9,313,782) (9,313,782)
Merger reserve 19,570,288 19,570,288 19,570,288
Retained earnings 233,611,037 208,256,336 216,743,618
Total shareholders' equity 294,220,675 268,865,974 277,353,256
LIABILITIES
Non-current liabilities
Long term debt, excluding current portion 7 199,541,249 216,368,550 207,959,625
Payable to related parties, excluding current portion 8 583,933,798 493,183,415 592,508,798
Deferred tax liabilities (net) 115,751,586 94,988,359 109,653,312
Provision for decommissioning 1,968,008 1,792,200 1,912,427
Deferred revenue 25,563,995 25,563,995 25,563,995
Total non-current liabilities 926,758,636 831,896,519 937,598,157
Current liabilities
Current portion of long term debt 7 20,841,609 34,682,010 24,490,194
Current portion payable to related parties 8 345,698 345,816 349,019
Trade and other payables 1,932,963 3,398,285 3,885,483
Deferred revenue 5,077,086 5,077,086 5,077,086
Total current liabilities 28,197,356 43,503,197 33,801,782
Total liabilities 954,955,992 875,399,716 971,399,939
Total liabilities and equity 1,249,176,667 1,144,265,690 1,248,753,195
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in US $, unless otherwise stated)
Notes Six months ended Six month ended
30 September 2021 30 September 2020
Unaudited Unaudited
Revenue 27,114,413 23,213,326
Cost of sales (3,777,098) (1,458,977)
Administrative expenses (372,083) (586,360)
Profit from operations 22,965,232 21,167,989
Foreign exchange gain/(loss), net 461 (452,778)
Interest income - 209,418
Profit before tax 22,965,693 20,924,629
Income taxes
-Deferred tax charge (6,098,274) (1,483,524)
Profit for the period (attributable
16,867,419
19,441,105
to the shareholder of the Group)
Total comprehensive income for the period (attributable to the shareholders of 16,867,419 19,441,105
the Group)
Earnings per share 9
Basic 0.09 0.11
Diluted 0.09 0.11
(The (The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Changes in Equity
(All amounts in US $, unless otherwise stated)
Common Stock Number Amount Additional paid-in capital Currency translation reserve Merger reserve Retained earnings Total stockholders' equity
Balance as at 1 April 2021 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 216,743,618 277,353,256
Profit for the period - - - - - 16,867,419 16,867,419
Total comprehensive income for the period - - - - - 16,867,419 16,867,419
Balance as at 30 September 2021 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 233,611,037 294,220,675
Balance as at 1 April 2020 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 188,815,231 249,424,869
Profit for the period - - - - - 19,441,105 19,441,105
Total comprehensive income for the period - - - - - 19,441,105 19,441,105
Balance as at 30 September 2020 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 208,256,336 268,865,974
(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 ended Six months ended
30 September 2021 30 September 2020
(Unaudited) (Unaudited)
(A) Cash flow from operating activities
Profit before tax 22,965,693 20,924,629
Adjustments
Unrealised exchange gain (461) (21,692)
Interest income - (209,418)
Depreciation 3,388,575 846,919
Changes in operating assets and liabilities
Inventories 1,463,383 717,897
Trade receivables 20,898,031 5,107,746
Trade and other payables 3,498,515 -
Other current and non-current assets (572,339) (16,289)
Provisions for decommissioning 55,577 92,991
Other liabilities (1,955,840) 353,980
Cash generated from operations 49,741,134 27,796,763
Income taxes (paid)/refund (63,168) 1,164,877
Net cash generated from operating activities 49,677,966 28,961,640
(B) Cash flow from investing activities
Purchase of property, plant and equipment (17,366,652) (51,215,789)
Interest received - 209,418
Net cash used in investing activities (17,366,652) (51,006,371)
(C) Cash flow from financing activities
Repayment of long term debt from banks (12,168,000) (3,600,000)
Proceed from Related Party (8,575,000) 34,200,000
Payment of interest (7,687,963) (7,392,831)
Net cash (used in)/generated from financing activities (28,429,963) 23,207,169
Net change in cash and cash equivalents 3,881,351 1,162,438
Cash and cash equivalents at the beginning of the period
995,765 284,619
Effect of exchange rate change on cash and cash equivalents 461 (8,204)
Cash and cash equivalents at the end of the period 4,877,577 1,455,261
(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 $, unless otherwise stated)
1. INTRODUCTION
Indus Gas Limited ("Indus Gas" or "the Company") was incorporated in the
Island of Guernsey on 4 March2008 pursuant to an Act of the Royal Court of the
Island of Guernsey. The Company was set up to act as the holding company of
iServices Investments Limited. ("iServices") and Newbury Oil Co. Limited
("Newbury"). iServices and Newbury are companies incorporated in Mauritius and
Cyprus, respectively. iServices was incorporated on 18 June 2003 and Newbury
was incorporated on 17 February 2005. The Company was listed on the
Alternative Investment Market (AIM) of the London Stock Exchange on 6 June
2008. Indus Gas through its wholly owned subsidiaries iServices and Newbury
(hereinafter collectively referred to as "the Group") is engaged in the
business of oil and gas exploration, development and production.
Focus Energy Limited ("Focus"), an entity incorporated in India, entered into
a Production Sharing Contract("PSC") with the Government of India ("GOI") and
Oil and Natural Gas Corporation Limited ("ONGC") on 30 June 1998 for petroleum
exploration and development concession in India known as RJ-ON/06 ("the
Block"). Focus is the Operator of the Block. On 13 January 2006, iServices and
Newbury entered into an interest sharing agreement with Focus and obtained a
65 per cent and 25 per cent share respectively in the Block. The balance 10
per cent of participating interest is owned by Focus. The participating
interest explained above is subject to any option to acquire 30 pct
Participating Interest exercised by ONGC in respect of discoveries. ONGC has
already exercised 30 pct PI option for SGL field as further explained in Note
3).
2. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements are for the
six months ended 30 September 2021 and are presented in United States Dollar
(US$), 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 2021.
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 2021.
These unaudited condensed consolidated interim financial statements are for
the six months ended 30 September 2021 and have been approved for issue by the
Board of Directors.-
3. JOINTLY CONTROLLED ASSETS
The Group participates in an unincorporated joint arrangement with Focus
wherein the Group's interest in this arrangement was classified as jointly
controlled assets. Following implementation of IFRS 11: Joint Arrangements,
the Group's interest in this arrangement is now classified as 'Joint
operation'. All rights and obligations in respect of exploration, development
and production of oil and gas resources under the 'Participating 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.
The block is divided into 3 fields- SGL, SSF and SSG. 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 had reduced 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
get a 30 per cent share in the production of gas subject to recovery of
contract costs as per PSC as explained below .
The allocation of the production from the field to each participant in any
year is determined on the basis of the respective proportion of each
participant's cumulative unrecovered contract costs as at the end of the
previous year or where there is no unrecovered contract cost at the end of
previous year on the basis of participating interest of each such participant
in the field. For recovery of past contract cost, production from the field is
first allocated towards exploration and evaluation cost for the block and
thereafter towards development cost.
On the basis of above, gas production for the period ended 30 September 2021
is shared between Focus, iServices and Newbury in the ratio of 10 percent, 65
percent and 25 percent respectively. ONGC will not be entitled to any
participating interest in the production until the full exploration and
development cost is recovered by other participants.
The aggregate amounts relating to jointly controlled assets, liabilities,
expenses and commitments related thereto that have been included in the
consolidated financial statements are as follows:
Particular Period ended Period ended Year ended
30 September 2021 30 September 2020 31 March 2021
(Unaudited) (Unaudited) (Audited)
Non-current assets 1,097,162,176 1,042,615,854 1,080,954,065
Current assets 133,528,427 78,048,134 132,932,387
Non-current liabilities 1,968,004 1,792,200 1,912,427
Current liabilities - - -
Expenses (net of finance income) 3,498,515 1,632,460 2,732,049
Commitments - - -
Further, the SSF and SSG field has also received its declaration of
commerciality on 24th November 2014. Subsequent to the declaration of
commerciality for SSF and SSG discovery, ONGC did not exercise the option to
acquire 30 percent in respect of SSG and SSF field. The participating interest
in SSG and SSF field between Focus, iServices and Newbury will remain in ratio
of 10 percent, 65 percent and 25 percent respectively for exploration,
evaluation and development cost, and production revenue for SSF and SSG in the
block.
4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these unaudited condensed interim consolidated financial
statements, the significant judgments made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
consistent with those that applied to the consolidated financial statements as
at and for the year ended 31 March 2021.
5. SEGMENT REPORTING
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the management in order
to allocate resources to the segments and to assess their performance. The
Group considers that it operates in a single operating segment being the
production and sale of gas.
6. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Cost Land Extended well test equipment Development Assets Production Assets Bunk Houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2021 1,67,248 4,914,434 862,379,376 258,573,672 7,869,575 4,917,035 1,695,265 2,894,389 1,143,410,994
Additions - 258,301 19,711,928 91,111,073 - - - 54,105 111,135,407 (91,111,073)
-
Disposals/Transfers - (91,111,073) - - -
Balance as at 30 167,248 5,172,735 790,980,231 349,684,745 7,869,575 4,917,035 1,695,265 2,948,494 1,163,435,328
September 2021
Accumulated depreciation
Balance as at 1 April 2021 - 2,673,660 - 47,378,610 6,018,596 4,702,682 1,683,377 - 62,456,925
Depreciation for the period - 1,00,223 - 3,500,156 100,811 113,117 1,917 - 3,816,224
Balance as at 30 September 2021 - 2,773,883 - 50,878,766 6,119,407 4,815,799 1,685,294 - 66,273,149
Carrying value
As at 30 September 2021 167,248 2,398,852 790,980,231 298,805,979 1,750,168 101,236 9,971 2,948,494 1,097,162,179
Cost Land Extended well test equipment Development Assets Production assets Bunk houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2020 167,248 4,875,084 778,586,474 241,020,061 7,869,575 4,917,035 1,695,265 1,728,736 1,040,859,478
Additions - 10,829 63,036,866 - - - - 82,130 63,129,825
Disposals/Transfers - - - - - - - -
Balance as at 30 167,248 4,885,913 841,623,340 241,020,061 7,869,575 4,917,035 1,695,265 1,810,866 1,103,989,303
September 2020
Accumulated depreciation
Balance as at 1 April 2020 - 2,472,112 - 45,713,555 5,893,195 4,438,082 1,649,747 - 60,166,691
Depreciation for the period - 99,987 - 846,921 110,734 132,300 16,816 - 1,206,756
Balance as at 30 September 2020 - 2,572,099 - 46,560,476 6,003,929 4,570,382 1,666,563 - 61,373,448
Carrying value
As at 30 September 2020 167,248 2,313,814 841,623,340 194,459,585 1,865,646 346,653 28,702 1,810,866 1,042,615,854
Cost Land Extended well test equipment Development Production assets Bunk houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2020 167,248 4,875,084 778,586,474 241,020,061 7,869,575 4,917,035 1,695,265 1,728,736 1,040,859,478
Additions - 39,344 101,349,205 - - - - 1,165,653 102,554,202 (2,691)
Disposals/Transfers - (17,556,303) 17,553,612
Balance as at 31 March 2021 167,248 4,914,428 862,379,376 258,573,673 7,869,575 4,917,035 1,695,265 2,894,389 1,143,410,989
Accumulated depreciation
Balance as at 1 April 2020 - 2,472,112 - 45,713,555 5,893,195 4,438,082 1,649,747 - 60,166,691
Depreciation for the year - 201,548 - 1,665,054 125,401 264,600 33,630 - 2,290,233
Balance as at 31 March 2021 - 2,673,660 - 47,378,609 6,018,596 4,702,682 1,683,377 - 62,456,924
Carrying value
As at 31 March 2021 167,248 2,240,768 862,379,376 211,195,064 1,850,979 214,353 11,888 2,894,389 1,080,954,065
Borrowing costs capitalised for the period ended 30 September 2021 amounted to
US$ 7,788,003 (30 September 2020: US$ 23,126,508 and 31 March 2021: US$
47,894,782). The production from SSG and SSF field have already commenced.
7. LONG TERM DEBT FROM BANKS
Maturity 30 September 2021 30 September 2020 31 March 2021
(Unaudited) (Unaudited) (Audited)
Non-current portion of long term debt 2024 49,507,554 66,330,532 57,979,631
Current portion of long term debt from banks 17,269,609 31,071,853 20,923,919
Total 66,777,163 97,402,385 78,903,550
Current interest rates are variable and weighted average interest for the
period was 6.70 per cent per annum (30 September 2020: 6.74 per cent per annum
and 31 March 2021: 6.75 per cent per annum). The fair value of the above
variable rate borrowings is considered to approximate their carrying amounts.
The term loans are secured by following: -
· First charge on all project assets of the Group both present and
future, to the extent of SGL Field Development and to the extent of capex
incurred out of this facility in the rest of RJ-ON/6 field.
· First charge on the current assets (inclusive of condensate
receivable) of the Group to the extent of SGL field.
· First Charge on the entire current assets of the SGL Field and to the
extent of capex incurred out of this facility in the rest of RJON/6 field.
From Bonds
Maturity 30 September 2021 30 September 2020 31 March 2021
(Unaudited) (Unaudited) (Audited)
Non-current portion of long term debt 2023 150,033,695 150,038,018 149,979,995
Current portion of long term debt from banks 3,572,000 3,610,157 3,566,275
Total 153,605,695 153,648,175 153,546,270
The Group has issued USD 150 million notes which carries interest at the rate
of 8 per cent per annum. These notes are unsecured notes and are fully
repayable at the end of 5 years i.e., December 2022, further interest on these
notes is paid semi-annually.
8. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have been summarised
in the table below:
Nature of the relationship Related Party's Name
I. Holding Company Gynia Holdings Ltd.
II. Ultimate Holding Company Multi Asset Holdings Ltd. (Holding Company of GyniaHoldings Ltd.)
III. Enterprise over which Key Management Personnel (KMP) exercise control Focus Energy Limited
(with whom there are transactions)
Disclosure of transactions between the Group and related parties and the
outstanding balances as of 30 September 2021 and 30 September 2020 are as
follows:
Transactions during the period
Particulars Period ended Period ended
30 September 2021 30 September 2020
Transactions with the Holding Company
Amount Received (8,575,000) 34,200,000
Interest - 14,700,709
Transactions with KMP
Short term employee benefits 132,947 112,874
Entity over which KMP exercise control
Cost incurred by the Focus on behalf of the group in respect of the Block 9,276,547 39,277,690
Remittances 11,336,000 50,850,000
10. PAYABLE/RECEIVABLE TO RELATED PARTIES
Particulars As at As at As at
30 September 2021 30 September 2020 31 March 2021
Entity over which KMP exercise control
Receivable to Focus Energy Limited 126,453,576 71,130,610 124,394,123
Payable with the Holding Company
Payables to Gynia Holding Limited* 583,933,798 493,183,415 592,508,798
Payable to KMP
Employee obligation 345,698 345,816 349,019
*including interest
Directors' remuneration
Directors' remuneration is included under administrative expenses, evaluation
and exploration assets or development assets in the unaudited consolidated
financial statements allocated on a systematic and rational manner.
Amount receivable from Focus
Amount receivable from Focus represents amounts paid to them in respect of the
Group's share of contract costs, for its participating interest in Block
RJ-ON/6.
Liability payable to Gynia
*Borrowings from Gynia Holdings Ltd. carries interest rate of 6.5 per cent per
annum compounded annually., Gynia has agreed not to charge interest on the
outstanding balance for the period April 2021 to September 2021. 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.
9. 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 2021 30 September 2020
Profit attributable to shareholders of Indus Gas Limited, for basic and 16,867,419 19,441,105
dilutive
Weighted average number of shares (used for basic profit per share) 182,973,924 182,973,924
No. of equivalent shares in respect of outstanding options - -
Diluted weighted average number of shares (used for diluted profit per share 182,973,924 182,973,924
Basic earnings per share (US$) 0.09* 0.11*
Diluted earnings per share (US$) 0.09* 0.11*
*Rounded off to the nearest two decimal places.
10. COMMITMENTS AND CONTINGENCIES
At 30 September 2021, the Group had capital commitments of US$Nil (30
September 2020: US$ Nil;31 March 2021: US$Nil) in relation to property, plant
& equipment - development/producing assets, in the Block.The Group has no
contingencies as at 30 September 2021(30 September 2020: Nil;31 March 2021:
Nil).
11. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies are consistent
with those disclosed in the consolidated financial statements as at and for
the year ended 31 March 2021.
12. INCOME TAX CREDIT
Indus Gas profits are taxable as per the tax laws applicable in Guernsey where
zero per cent tax rate has been prescribed for corporates. Accordingly, there
is no tax liability for the Group in Guernsey. iServices and Newbury being
participants in the PSC are covered under the Indian Income tax laws as well
as tax laws for their respective countries. However, considering the existence
of double tax avoidance arrangement between Cyprus and India, and Mauritius
and India, profits in Newbury and iServices are not likely to attract any
additional tax in their local jurisdiction. Under Indian tax laws, Newbury and
iServices are allowed to claim the entire expenditure in respect of the Oil
Block incurred until the start of commercial production(whether included in
the exploration and evaluation assets or development assets) as deductible
expense in the first year of commercial production or over a period of 10
years. The Group has opted to claim the expenditure in the first year of
commercial production. As the Group has commenced commercial production for
SGL field in 2011 and has generated profits in Newbury and iServices, the
management believes there is reasonable certainty of utilisation of such
losses in the future years and thus a deferred tax asset has been created in
respect of these.
13. BASIS OF GOING CONCERN ASSUMPTION
As at 30 September 2021, the Group had current liabilities amounting to US$
28,193,356 majorities of which is towards current portion of borrowings from
banks and related parties. As at 30 September 2021, the amounts due for
repayment (including interest payable) within the next 12 months for long term
borrowings are US$ 20,841,609 which the Group expects to meet from its
internal generation of cash from operations.
The Group is contemplating to raise funds which will be used for planned
capital expenditures (including the exploration, appraisal and development of
assets).
Further, there is no significant impact of Covid-19 on the company's ability
to continue as going concern considering that the entity is in the business of
essential services
14. 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 categorized as follows:
30 September 2021 30 September 2020 31 March 2021
Non-current assets
Loans 567 562 567
- Security deposits
Current assets
-Trade receivables 12,010,459 21,210,322 32,908,490
-Cash and cash equivalents 4,877,577 1,455,261 995,765
Total financial assets 16,888,603 22,666,145 33,904,822
Financial liabilities measured at amortised cost
Non-current liabilities
- Long term debt from banks 199,541,249 216,368,550 207,959,625
- Payable to related parties 583,933,798 493,183,415 592,508,798
Current liabilities
- Current portion of long term debt 20,841,609 34,682,010 24,490,194
- Current portion of payable to related parties 345,697 345,816 349,019
- Accrued expenses and other liabilities 1,932,963 3,398,285 3,850,242
Total financial liability measured at amortized cost 806,595,316 747,978,076 829,157,878
The fair value of the financial assets and liabilities described above closely
approximates their carrying value on the statement of financial position
dates.
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. END IR BLBDDLSDDGBCRecent news on Indus Gas
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