UN-AUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER,2009
( Amount in Lacs )
S.
No
PARTICULARS
Quarter
Ended
Nine
Months Ended
Year
Ended
(Unaudited)
(Unaudited)
(Audited)
31st
Dec '09
31st Dec '08
31st
Dec '09
31st
Dec '08
31st
Mar '09
1
Income
from Operations
0.16
3.84
1.23
6.97
76.83
2
Expenditure
a)
Employees Cost
11.15
10.71
33.50
33.17
45.04
b)Depriciation
1.20
1.95
4.21
11.16
32.49
c)Other
Expenditutre
16.49
22.27
57.07
55.25
112.65
d)Total
28.84
.34.93
94.78
99.58
190.18
3
Profit
from Operations before Other Income Interest
& Exceptional Items (1-2)
(28.68)
(31.09)
(93.55)
(92.61)
(113.35)
4
Other
Income
0.05
9.53
4.58
69.56
148.88
5
Profit
before Interest & Exceptional Items (3+4)
(28.63)
(21.56)
(88.97)
(23.05)
35.53
6
Interest
-
3.83
0.01
20.77
22.17
7
Profit
after Interest but before Exceptional Items
(5-6)
(28.63)
(25.39)
(88.98)
(43.82)
13.36
8
Exceptional
Items (NPA written back)
-
-
-
(40.92)
67.47
9
Profit(+)/(Loss)(-) from Ordinary Activities
before Tax (7+8)
(28.63)
(25.39)
(88.98)
(84.74)
80.83
10
Tax
Expenses Including Fringe Benefit Tax
-
0.68
0.54
2.12
2.88
11
Net
Profit(+)/(Loss)(-) from Ordinary Activities
after Tax (9-10)
(28.63)
(26.07)
(89.52)
(.86.86)
77.95
12
Extraordinary
Items
-
-
-
-
15.59
13
Net
Profit(+) / ( Loss)(-) for the period (11-12)
(28.63)
(26.07)
(89.52)
(86.86)
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 & Diluted EPS before Extraordinary
items for the period for the year to date
and for the previous year (not to be annualized)
(0.28)
(0.26)
(0.88)
(0.85)
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 annualised)
17
Public
Shareholding
-
Number of Shares
4444883
4543966
4444883
4543966
4507450
-Percentage
of Shareholding
43.58%
44.55%
43.58%
44.55%
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
5755417
5656334
5755417
5656334
5692850
-
Percentage of shares (as a % of the total
shareholding of promoter and promoter group)
100%
100%l
100%
100%
100%
-
Percentage of shares (as a % of the total
share capital of the company)
56.42
55.45%
56.42%
55.45%
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 29th April, 2010. 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, 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 December 31,2009
begning -Nil, Received - 1, Disposed 1- Nil, Pending -Nil
.
Figures of previous period have been regrouped / reclassified
wherever necessary.
Date : 29th January, 2010
Place : New
Delhi
By
Order of the Board For INDIA
LEASE DEVELOPMENT LIMITED
