Un-Audited Financial Results for the Quarter ended 30th
September, 2008
(
Amount in Lacs )
S.
No
PARTICULARS
Quarter
Ended
Half
Year Ended
Year
Ended
Unaudited
Unaudited
(
Audited )
30th
Sep '08
30th Sep '07
Half
Year Ended '08
Half
Year Ended '07
31st
March '08
1
Net
Sales/Income from Operations
1.95
6.14
2.93
18.28
51.55
2
Other
Income
3.71
21.19
60.78
80.07
123.27
3
Total
Income(1+2)
5.66
27.33
63.71
98.35
174.82
4
Expenditure
a)
Employees Cost
10.66
10.94
21.62
22.49
46.58
b)Depriciation
1.95
27.25
9.21
43.29
55.21
c)Other
Expenditutre
31.79
49.38
73.90
69.35
134.89
d)Total
44.40
87.57
104.73
135.13
236.68
5
Interest
7.08
25.80
16.94
55.90
78.93
6
Exceptional
Items
-
-
-
-
386.95
7
Profit(+)/(Loss)(-)
from Ordinary Activities before Tax (3)-(4+5+6)
(45.82)
(86.04)
(57.96)
(92.68)
(527.74)
8
Tax
Expenses Including Fringe Benefit Tax
(0.87)
(0.72)
(1.44)
(1.27)
(2.26)
9
Net
Profit(+)/(Loss)(-) for the period (7-8)
(46.69)
(86.76)
(59.40)
(93.95)
(530.00)
10
Extraordinary
Items(net of tax expenses Rs.)
-
-
-
-
-
11
Net
Profit(+) / ( Loss)(-) for the period (9-10)
(46.69)
(86.76)
(59.40)
(93.95)
(530.00)
12
Paid
Up Equity Share Capital (Face value Rs.10/-)
1021.30
1021.30
1021.30
1021.30
1021.30
13
Reserves
excluding Revaluation Reserves as per Balance Sheet of previous Accounting year
-
-
-
-
-
14
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)
(0.46)
(0.85)
(0.58)
(0.92)
(5.20)
b)Basic
& Diluted EPS after Extraordinary items for the period for the year to date
and for the previous year (not to be annualised)
(0.46)
(0.85)
(0.58)
(0.92)
(5.20)
15
Public
Shareholding
-
Number of Shares
4593216
4808916
4593216
4808916
4593216
-Percentage
of Shareholding
45.03%
47.14%
45.03%
47.14%
45.03%
Notes:
The above results, as reviewed by Audit Committee, have been taken on
record at a meeting of the Board of Directors held on Friday the 31st October,
2008. The results will be subjected to 'Limited Review' by the Auditors.
Segment reporting as defined in Accounting Standard (AS) - 17 is not applicable,
since the entire operation of the Company relate to only one Primary reportable
segment i.e providing finance by way of Hire Purchase & Leasing Operations.
Provision
for Non-Performing Assets as required in terms of Non-Banking Financial Companies
Prudential Norms (Reserve Bank) Directions, 1988, as amended, shall be considered
in the audited accounts for the year ended March 31, 2009.
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, has not been considered in the above said un-audited results.
The
Financial Statement have been prepared on a Going Concern basis despite losses
in excess of Share Capital and Reserves. The Company has also discontinued fresh
hire purchase/leasing business. 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 Auditor's
observations in their report on Audited Accounts for the year ended 31.3.2008
relates to : (i) Preparation of Financial Statement on a Going Concern basis
despite net worth negative (ii) 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. (iii) Compliance of RBI's Prudential Norms. Management
Comments : (i) Inspite of Net Worth being negative it has been reasonably
explained in para(5) above. (ii)Overdue charges are consistently accounted
for on realization. (iii) In view of negative Net worth this has a consequential
effect.
In terms of Clause 41 of the Listing Agreement detailed number
of complaints for the quarter ended September 30,2008 begning -Nil, Received -
2, Disposed off- 2, Pending-Nil .
Figures of previous period have been
regrouped / reclassified wherever necessary.
Date : 31st October, 2008 Place : New
Delhi
By
Order of the Board For INDIA
LEASE DEVELOPMENT LIMITED
