Audited Financial Results for the year ended 30th June, 2008
(
Amount in Lacs )
S.
No
PARTICULARS
Quarter Ended ( Unaudited )
Year Ended ( Audited )
30th June '08
30th June '07
31st March '08
1
Net
Sales/Income From Operations
0.98
12.14
51.55
2
Other
Income
57.07
58.87
123.87
3
Total
Income (1+2)
58.05
71.01
174.82
4
Total Expenditure: a) Staff Cost b) Depreciation c) Other
Expenditure d) Total
10.96 7.26 42.11 60.33
11.54 16.04 19.97 47.55
46.58 55.21 234.89 236.68
5
Interest
9.86
30.10
78.93
6
Exceptional
Items
-
-
386.95
7
Profit/(Loss)
from Ordinary Activities Before Tax (3) - (4+5+6)
(12.14)
(6.64)
(527.74)
8
Fringe
Benifit Tax
(0.57)
(0.55)
(2.26)
9
Net
Profit (+) / (Loss) (-) for the period (7-8)
(12.71)
(7.19)
(530.00)
10
Extraordinary
items (net of tax expenses Rs.)
-
-
-
11
Net
Profit (+) / (Loss) (-) for the period (9-10)
(12.71)
(7.19)
(530.00)
12
Paid
Up Equity Share Capital (Face Value Rs. 10/-)
1021.30
1021.30
1021.30
13
Reserves
excluding Revaluation Reserves Including Balance sheet of previous accounting
year
-
-
-
14
Earning
Per Share (EPS)
a)
Basic and Diluted EPS before Extraordinary items for the period for the year to
dateand for the previous year (not to be annulized)
(0.12)
(0.07)
(5.20)
b)
Basic and Diluted EPS after Extraordinary items for the period for the year to
dateand for the previous year (not to be annulized)
(0.12)
(0.07)
(5.20)
12
Public
Shareholding - Number of Shares -Percentage of Shareholding
4593216 45.03%
4593416 45.03%
4593216 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 Saturday
the 2nd August, 2008. These 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 operations 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 financial results.
Then
financial Statement have been preparedon 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 realization of the assets will be able to generate enough funds to
pay off its liabilities. In view of the above the accounts have been prepared
on the assumption that the Company with continue as Going Concern.
The Auditor's
observations in their report on Audited Accounts for the year ended 31.3.2008
relates to (i) Preparation if Financial Statement on a going concern basis despite
net worth negative (ii) Overdue charges on hire purchase/lease rental/receivables/loans
against hypothecation and bills discounted respectively are accounted for on realisation
basis in view of significant uncertainties, instead of on accrual basis.
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 June 30, 2008 begning - Nill, Received - 2, Disposed off
- 2, Pending - Nill.
Figures for the previous year have been regrouped
/ reclassified wherever necessary.
Place : New Delhi Date : 2nd August, 2008
By
Order of the Board For INDIA LEASE DEVELOPMENT LIMITED
