Notes:

1. The above results were, duly reviewed by Audit Committee taken on record by the Board of Directors at its meeting held on Friday, the 12th August, 2011. Statutory Auditors have carried out the Limited Review.
2. 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.
3. 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.
4. The Company has also discontinued fresh hire purchase/leasing business. The Financial Statement have been prepared on a Going Concern basis despite Cumlative losses.The Management is of the view that the Company by the realization of the assets will be able to generate enough funds to pay off its entire Liabilites. In view of above the accounts have been prepared on the assumption that the Company will continue as a Going Concern.
5. (i)In view of no fresh business activity, the reversal effect of lease equalisation shall be considered in the audited accounts for the financial year ending 31st March, 2012 .
   (ii)Provision for Non-Performing Assets as required in terms of Non-Banking Companies Prudential Norms (Reserve Bank) Directions, 1988, as amended, shall be considered in the audited accounts for the year ending 31st March, 2012.
   
6. The Auditor's observations in their report on Audited Accounts for the year ended 31st March, 2010 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) Non Compliance of RBI's Prudential Norms.
   Management Comments :
   (i) Inspite of Net Worth being negative it has been reasonably explained in para(4) above.
   (ii)Overdue charges are consistently accounted for on realization.
   (iii) In view of negative Net worth this has a consequential effect.
7. In terms of Clause 41 of the Listing Agreement detailed number of complaints for the quarter ended June 30, 2011 Begining -Nil, Received - Nil, Disposed off-Nil,Pending -Nil.
8. (a) Pursuant to order passed by the Hon'ble High Court of Delhi at New Delhi vide its order dated 22nd March,2011 approving the scheme of Amalgamation, with the appointed date of 01.04.2009 and effective date 29.04.2011, MGF Services Limited (Transferor Company) has been merged with the India Lease Debelopment Limited (Transferee Company). The Transferee Company alloted 44,99,991 Equity Share to the shareholders of the Transferor Company in the ratio of 3 (Three) Equity Shares of Rs.10- each held in the Transferee Company i.e. India Lease Development Limited for every 2 (Two) Equity Shares of Rs. 10/- each held in the Transferor Company i.e. MGF Services Limited. The Company had been accorded approval for listing of 44,99,991 equity shares on Bombay Stock Exchange Limited. (The fraction, if any, arising out of application of exchange ratio had been ignored.)
   (b) The above financial data includes the figures of the erstwhile MGF Services Limited.
9. In View of amalgamation, as stated above, the financial figures are not comparable with the corresponding period in the last year/quarter.
10. Figures have been regrouped / reclassified wherever considered necessary.