UN-AUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER,
2009
( Amount in Lacs )
S.
No
PARTICULARS
Quarter
Ended
Half
Year Ended
Year
Ended
Unaudited
Unaudited
(
Audited )
30th
Sep '09
30th Sep '08
Half
Year Ended '09
Half
Year Ended '08
31st
March '09
1
Income
from Operations
0.41
1.95
1.07
2.93
76.83
2
Expenditure
a)
Employees Cost
11.25
10.66
22.35
21.62
45.04
b)
Depriciation
1.80
1.95
3.01
9.21
32.49
c)
Other Expenditutre
12.66
31.79
40.58
73.90
112.65
d)
Total
25.71
44.80
65.94
104.73
190.18
3
Profit
from Operations before Other Income, Interest
& Exceptional Items (1-2)
(25.30)
(42.45)
(64.87)
(101.80)
(113.35)
4
Other
Income
0.62
3.71
4.52
60.78
144.88
5
Profit
before Interest & Exceptional Items (3+4)
(24.68)
(38.74)
(60.35)
(41.02)
35.53
6
Interest
0.00
7.08
0.01
16.94
22.17
7
Profit
after Interest but before Exceptional items
(5-6)
(24.68)
(45.82)
(60.36)
(57.96)
13.36
8
Exceptional
Items (NPA written back)
-
-
-
-
67.47
9
Profit(+)/(Loss)(-) from Ordinary Activities
before Tax (7+8)
(24.68)
(45.82)
(60.36)
(57.96)
80.83
10
Tax
Expenses Including Fringe Benefit Tax
0.00
0.87
0.54
1.44
2.88
11
Net
Profit(+)/(Loss)(-) from Ordinary Activities
after tax (9-10)
(24.68)
(46.69)
(60.90)
(59.40)
77.95
12
Extraordinary
Items
-
-
-
-
15.59
13
Net
Profit(+) / ( Loss)(-) for the period (11-12)
(24.68)
(46.69)
(60.90)
(59.40)
62.36
14
Paid
Up Equity Share Capital (Face Value of Rs.10/-)
1021.30
1021.30
1021.30
1021.30
1021.30
15
Reserves
excluding Revaluation Reserves as per Balance
Sheet of previous Accounting year
-
-
-
-
1117.18
16
Earning
Per Share (EPS)
a)
Basic and diluted (EPS) before Extraordinary
items for the period for the year to date
and for the previous year (not to be annualized)
(0.24)
(0.46)
(0.60)
(0.58)
0.76
b)Basic
& Diluted EPS after Extraordinary items
for the period for the year to date and for
the previous year (not to be annualized)
17
Public
Shareholding
-
Number of Shares
4480041
4593216
4480041
4593216
4507450
-Percentage
of Shareholding
43.92%
45.03%
43.92%
45.03%
44.19%
18
Promoter
and promoter group Shareholding
a)
Pledged/ Encumbered
-
Number of Shares
Nil
Nil
Nil
Nil
Nil
-
Percentage of Shares (as a % of the total
shareholding of promoter and promoter group)
Nil
Nil
Nil
Nil
Nil
-
Percentage of shares (as a % of the total
share capital of the company)
Nil
Nil
Nil
Nil
Nil
b)
Non-encumbered
- Number of shares
5720259
5607084
5720259
5607084
5692850
-
Percentage of Shares (as a % of the total
shareholding of promoter and promoter group)
100%
100%
100%
100%
100%
-
Percentage of shares (as a % of the total
share capital of the company)
56.08%
54.97%
56.08%
54.97%
55.81%
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 30th October, 2009. 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, 2010.
In view of no fresh business activity, the reversal effect
of lease equalisation shall be considered in the audited accounts
for the year ended March 31, 2010.
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.
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 31.3.2009 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(6) 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 30,2009
begning -Nil, Received - 5, Disposed off- 5, Pending-Nil .
Figures have been regrouped / rearranged wherever considered
necessary.
Date : 30th October, 2009
Place : New
Delhi
By
Order of the Board For INDIA
LEASE DEVELOPMENT LIMITED
