Un-Audited Financial Results
for the Quarter ended 30th June, 2009
( Amount in Lacs )
S.
No
PARTICULARS
Quarter
Ended
Year
Ended
(Unaudited)
(Unaudited)
(Audited)
30th
June, 09
30th June, 08
31st
Mar, 08
1
Income
from Operations
0.66
0.98
51.55
2
Expenditure
a)
Employees Cost
11.10
10.96
46.58
b)Depriciation
1.20
7.26
55.21
c)Other
Expenditutre
27.92
42.11
134.89
d)Total
40.22
60.33
236.68
3
Profit
from Operations before Other Income Interest
& Exceptional Items (1-2)
(39.56)
(59.35)
(185.13)
4
Other
Income
3.90
57.07
123.27
5
Profit
before Interest & Exceptional Items (3+4)
(35.66)
(2.28)
(61.86)
6
Interest
0.01
9.86
78.93
7
Profit
after Interest but before Exceptional Items
(5-6)
(35.67)
(12.14)
(140.79)
8
Exceptional
Items
-
-
386.95
9
Profit(+)/(Loss)(-) from Ordinary Activities
before Tax (7+8)
(35.67)
(12.14)
(527.74)
10
Tax
Expenses Including Fringe Benefit Tax
0.54
0.57
2.26
11
Net
Profit(+)/(Loss)(-) from Ordinary Activities
after Tax (9-10)
(36.21)
(12.71)
(530.00)
12
Extraordinary
Item
-
-
-
13
Net
Profit(+) / ( Loss)(-) for the period (11-12)
(36.21)
(12.71)
(530.00)
14
Paid
Up Equity Share Capital (Face value Rs.10/-)
1021.30
1021.30
1021.30
15
Reserves
excluding Revaluation Reserves as per Balance
Sheet of previous Accounting year
-
-
-
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)
(0.35)
(0.12)
(5.19)
b)Basic
& Diluted EPS after Extraordinary items
for the period for the year to date and for
the previous year (not to be annualized)
(0.35)
(0.12)
(5.19)
17
Public
Shareholding
-
Number of Shares
4482579
4593216
4593216
-Percentage
of Shareholding
43.95%
45.03%
45.03%
18
Promoter
and promoter group Shareholding
a
Pledged/Encumbered
-
Number of Shares
Nil
Nil
Nil
-
Percentage of Shares (as a % of the total
Shareholding of promoter and promoter group)
Nil
Nil
Nil
-
Percentage of shares (as a % of the total
share capital of the company)
Nil
Nil
Nil
b
Non-encumbered
-
Number of Shares
5717721
5607084
5607084
-
Percentage of shares (as a % of the total
shareholding of promoter and promoter group)
100%
100%
100%
-
Percentage of shares (as a % of the total
share capital of the company)
56.05%
54.97%
54.97%
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 July, 2009. 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 ending 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 ending 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.
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) Non 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 June 30, 2009 begning
-Nil, Received - Nil, Disposed off- Nil, Pending -Nil .
Figures of previous period have been regrouped / reclassified
wherever necessary.
