GREAT EASTERN ENERGY CORPORATION LIMITED Report on review of interim financial information
To the Board of Directors of
Great Eastern Energy Corporation Limited
Introduction
We have reviewed the accompanying interim condensed financial statements of Great Eastern Energy Corporation Limited (the "Company") which comprise of the interim condensed statement of financial position as at 30 September 2021 and the related interim condensed statements of Profit or loss, other comprehensive income, changes in equity and cash flows for the six-month period then ended and explanatory notes. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting, issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting, issued by the IASB.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
Per Pravin Tulsyan
Partner
Membership Number: 108044
UDIN: 21108044AAAAKT4233
Place of Signature: Gurugram
Date: November 10, 2021
Great Eastern Energy Corporation Limited Interim Condensed Financial Statements For the six months ended 30 September 2021
Great Eastern Energy Corporation Limited
(all amounts in US Dollars unless otherwise stated)
Interim condensed statement of financial position
Notes | |
ASSETS | |
Non-current assets | |
Property, plant and equipment | 8 |
Right-of-use asset | 9 |
Capital work-in-progress (including wells in progress) | 10 |
Intangible assets | 11 |
Prepayments
Trade and other receivables
Deferred tax asset (net)
Tax assets (net)
Total non-current assets
Current assets
Trade and other receivables
Liquid investments
Prepayments
Restricted deposits with banks
Cash and cash equivalents
Total current assets
Total assets
Equity
Issued capital
Share premium
Other reserves
Retained earnings
Total equity attributable to Equity holders of the Company Liabilities
Non-current liabilities
Interest bearing loans and borrowings | 13 |
Employee benefit liabilities | |
Provisions | 15 |
Total non-current liabilities | |
Current liabilities | |
Interest bearing loans and borrowings | 13 |
Trade and other payables |
Employee benefit liabilities
Income tax payable (net)
Total current liabilities
Total liabilities
Total equity and liabilities
As at
30 September 2021 31 March 2021
(Unaudited) (Audited)
133,317,686 136,683,681
1,320,5091,378,217
7,584,6577,780,454
90,59396,075
70,43180,397
151,329143,734
875,2421,048,025
17,99410,934
143,428,441 147,221,517
1,372,8761,271,395
5,612,8856,014,361
184,951111,219
1,615,9631,654,037
121,58237,886
8,908,2579,088,898
152,336,698 156,310,415
13,306,00713,306,007
91,006,85891,006,858
(36,001,904) (35,026,844)
22,483,65421,138,336
90,794,615 90,424,357
48,445,79251,498,429
659,380581,338
272,723275,543
49,377,895 52,355,310
7,312,2419,079,209
3,895,3933,645,753
817,020725,824
139,53479,962
12,164,188 13,530,748
61,542,083 65,886,058
152,336,698 156,310,415
The accompanying notes form an integral part of the interim condensed financial statements.
On behalf of Board of Directors
Prashant Modi | S. Sundareshan |
Managing Director & Chief Executive Officer | Director |
Place: New Delhi | Place: New Delhi |
Date: 10 November 2021 | Date: 10 November 2021 |
Great Eastern Energy Corporation Limited (all amounts in US Dollars unless otherwise stated)
Interim condensed Statement of Profit or Loss | ||||
For the six months ended | ||||
30 September | ||||
Note | 2021 | 2020 | ||
(Unaudited) | (Unaudited) | |||
Revenue from operations | 19 | 13,256,217 | 11,915,574 | |
Other income | 164,174 | 337,173 | ||
13,420,391 | 12,252,747 | |||
Employee benefit expenses | (2,119,939) | (2,018,206) | ||
Other expenses | (4,547,750) | (3,853,304) | ||
Finance income | 58,773 | 83,036 | ||
Finance costs | (2,936,495) | (3,664,590) | ||
Depletion, depreciation and amortisation | 8(a),9,11 | (2,042,313) | (1,975,539) | |
Exchange fluctuation gain / (loss) (net) | (22,846) | (891,114) | ||
(11,610,570) | (12,319,717) | |||
Profit/(Loss) before tax | 1,809,821 | (66,970) | ||
Income tax (expense) / credit | ||||
Current tax | 12 | (308,250) | - | |
Deferred tax | 12 | (162,802) | 87,178 | |
Profit for the period | 1,338,769 | 20,208 | ||
Profit attributable to: | ||||
Equity holders of the Company | 1,338,769 | 20,208 | ||
Earnings per share (Face value of Rs 10 Each) | ||||
Basic | 0.0225 | 0.0003 | ||
Diluted | 0.0225 | 0.0003 |
The accompanying notes form an integral part of the interim condensed financial statements.
On behalf of Board of Directors
Prashant Modi | S. Sundareshan |
Managing Director & Chief Executive Officer | Director |
Place: New Delhi | Place: New Delhi |
Date: 10 November 2021 | Date: 10 November 2021 |
Great Eastern Energy Corporation Limited (all amounts in US Dollars unless otherwise stated)
Interim condensed statement of other comprehensive income | ||||
For the six months ended | ||||
30 September | ||||
2021 | 2020 | |||
(Unaudited) | (Unaudited) | |||
Profit for the period | 1,338,769 | 20,208 | ||
(A) | 1,338,769 | 20,208 | ||
Other comprehensive income/ (loss) | ||||
Other comprehensive income to be reclassified to profit or loss in subsequent | ||||
periods: | ||||
Foreign currency translation adjustment | (942,202) | 1,874,857 | ||
Other comprehensive income not to be reclassified to profit or loss in | ||||
subsequent periods: | ||||
Remeasurement gain/ (losses) on defined benefit plan | (37,117) | 18,097 | ||
Tax on Remeasurement gain/ (losses) on defined | ||||
benefit plan | 10,808 | (5,270) | ||
Total other comprehensive income/ (loss) for the period | (B) | (968,511) | 1,887,684 | |
Total comprehensive income for the period | (A+B) | |||
370,258 | 1,907,892 | |||
Total comprehensive income attributable to: | ||||
Equity holders of the Company | 370,258 | 1,907,892 |
The accompanying notes form an integral part of the interim condensed financial statements.
On behalf of Board of Directors
Prashant Modi | S. Sundareshan |
Managing Director & Chief Executive Officer | Director |
Place: New Delhi | Place: New Delhi |
Date: 10 November 2021 | Date: 10 November 2021 |
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Great Eastern Energy Corporation Ltd. published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 05:56:07 UTC.
