UN-AUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER,2011
( Amount in Lacs )
S.
No
PARTICULARS
Quarter
Ended
Nine
Months Ended
Year
Ended
(Unaudited)
(Unaudited)
(Audited)
31st
Dec '11
30th
Sep '11
31st
Dec '10
31st
Dec '11
31st
Dec '10
31st
Mar '11
1
Income
from Operations
0
33.73
0.07
33.73
77.38
130.79
2
Expenditure
a)
Employees Cost
14.38
14.95
11.59
41.84
35.46
53.83
b)Depriciation
0.51
0.96
0.00
2.22
4.75
8.97
c)Other
Expenditutre
14.97
23.50
18.75
71.46
68.05
319.52
d)Debts/Advances
written off
0
0
0
0
212.99
0
e)Total
29.86
39.41
30.34
115.52
321.25
382.32
3
Profit
(+) / Loss (-) from Operations before Other
Income Interest & Exceptional Items (1-2)
(29.86)
(5.68)
(30.27)
(81.79)
(243.87)
(251.53)
4
Other
Income
27.36
13.35
10.85
72.38
16.14
36.23
5
Profit(+)
/ Loss (-) before Interest & Exceptional
Items (3+4)
(2.50)
7.67
(19.42)
(9.41)
(227.73)
(215.30)
6
Interest
0
0
0
0
0.10
0.10
7
Profit
(+) / Loss (-) after Interest but before Exceptional
Items (5-6)
(2.50)
7.67
(19.42)
(9.41)
(227.83)
(215.40)
8
Exceptional
Items (NPA written back)
0
154.64
7.59
154.64
347.35
604.24
9
Profit(+)/(Loss)(-) from Ordinary Activities
before Tax (7+8)
(2.50)
162.31
(11.83)
145.23
119.52
388.84
10
Tax
Expenses
0
0
0
0
0
0.
11
Net
Profit(+)/(Loss)(-) from Ordinary Activities
after Tax (9-10)
(2.50)
162.31
(11.83)
145.23
119.52
388.84
12
Extraordinary
Items
0
0
0
0
0
77.77
13
Net
Profit(+) / ( Loss)(-) for the period (11-12)
(2.50)
162.31
(11.83)
145.23
119.52
311.07
14
Paid
Up Equity Share Capital (Face value of Rs.10/-)
1471.30
1471.30
1021.30
1471.30
1021.30
1021.30
15
Reserves
excluding Revaluation Reserves as per Balance
Sheet of previous Accounting year
-
-
-
-
-
1253.27
16
Earning
Per share (EPS)
a)
Basic & Diluted EPS before Extraordinary
items for the period for the year to date
and for the previous year (not to be annualized)
(0.02)
1.10
(0.12)
0.99
1.17
2.65
b)Basic
& Diluted EPS after Extraordinary items
for the period for the year to date and for
the previous year (not to be annualised)
17
Public
Shareholding
-
Number of Shares
4844618
4849208
4427502
4844618
4427502
4427502
-Percentage
of Shareholding
32.96%
32.99%
43.41%
32.96%
43.41%
43.41%
18
Promoter
and promoter group Shareholding
a
Pledged/Encumbered
-
Number of Shares
-
-
-
-
-
-
-
Percentage of Shares (as a % of the total
Shareholding of promoter and promoter group)
-
-
-
-
-
-
-
Percentage of shares (as a % of the total
share capital of the company)
-
-
-
-
-
-
b
Non-encumbered
-
Number of Shares
9855673
9851083
5772798
9855673
5772798
5772798
-
Percentage of shares (as a % of the total
shareholding of promoter and promoter group)
100%
100%
100%
100%
100%
100%
-
Percentage of shares (as a % of the total
share capital of the company)
67.04%
67.01%
56.59%
67.04%
56.59%
56.59%
Notes:
The above results were, duly reviewed by Audit Committee,
and taken on record by the Board of Directors at its meeting
held on Tuesday the 14th February, 2012. Statutory Auditors
have carried out the Limited Review.
Segment reporting as defined in Accounting Standard (AS)
- 17 is not applicable, since the entire operations of the
Company relate to only one primary reportable segment i.e
providing finance by way of Hire Purchase & Leasing Operations.
In compliance of Accounting Standard 'AS - 22' on Accounting
for taxes on Income issued by the Institute of Chartered Accountants
of India and considering brought forward unabsorbed tax losses/depreciation/calculation
of deferred/provisions for taxation, if any, will be considered
in the Audited accounts for the year ending 31st March,2012.
The Company has also discontinued fresh hire purchase/leasing
business. The Financial Statement have been prepared on a
Going Concern basis despite Cumulative losses.
The Management is of the view that the Company by realizaion
of the assets will be able to generate enough funds to pay
off its entire liabilities.In view of the above the accounts
have been prepared on the assumption that the Company will
continue as a Going Concern.The accumulated losses as on 30th
September, 2011 amounted to Rs.1857.03 lacs against Share
Capital and Reserves of Rs.2724.57 lacs.
(i) In view of no fresh business activity, the reversal
effect of lease equalisation shall be considered in the audited
accouts for the financial year ending 31st March, 2012
(ii) Provision for Non-Performing assets as required in terms
of Non Banking Financial Companies Prudential Norms (Reserve
Bank) Direction, 1988, as amended, has not been considered
in above financial results for the quarter ended December
31,2011 and the final effect will be provided in the audited
accounts for the financial year ending 31st March 2012
The Auditor's observations in their report on Audited Accounts
for the year ended 31st March,2011 relates to :
(i) Preparation of Financial Statement on a Going Concern
Basis.
(ii) Provision in long term investments not provided for.
(iii) Overdue charges on hire purchase/lease rentals/receivables/loans
against hypothecation and bills discounted respectively are
accounted for on realization basis in view of significant
uncertainties, instead of on accrual basis.
(iv) Non Compliance of RBI's Prudential Norms.
Management Comments :
(i) It has been reasonably explained in para (4) above.
(ii) Diminution in value is not of permanent nature as such
no provision for the shortfall has been considered necessary.
(iii)Overdue charges are consistently accounted for on realization.
(iv) In the near future company will be able to comply with
the same..
In terms of Clause 41 of the Listing Agreement detailed
number of complaints for the quarter ended December 31,2011
Begning -Nil, Received - 1, Disposed off-1, Pending -Nil .
The above financial data include the figures of the erstwhile
MGF Services Limited.
In view of amalgamation, as stated above , the financial
figures are not comparable with the corresponding period in
the last quarter.
Figures have been regrouped / reclassified wherever considered
necessary.
Place : New Delhi Date : 14th February, 2012
By
Order of the Board For INDIA
LEASE DEVELOPMENT LIMITED
