UN-AUDITED FINANCIAL RESULTS
FOR THE QUARTER AND YEAR ENDED 31ST MARCH,2010
( Amount in Lacs )
S.
No
PARTICULARS
Quarter
Ended
Year
Ended
Year
Ended
(Unaudited)
(Unaudited)
(Audited)
31st
Mar '10
31st Mar '09
31st
Mar '10
31st
Mar '09
1
Income
from Operations
0.13
10.07
0.00
76.83
2
Expenditure
a)
Employees Cost
12.91
11.86
46.41
45.04
b)Depriciation
1.86
0.50
6.07
32.49
c)Other
Expenditutre
12.48
11.40
70.23
112.65
d)Total
27.25
.23.76
122.71
190.18
3
Profit
from Operations before Other Income Interest
& Exceptional Items (1-2)
(27.12)
(13.69)
(121.91)
(113.35)
4
Other
Income
6.06
81.14
10.65
148.88
5
Profit
before Interest & Exceptional Items (3+4)
(21.06)
67.45
(111.26)
35.53
6
Interest
0.05
1.39
0.05
22.17
7
Profit
after Interest but before Exceptional Items
(5-6)
(21.11)
66.06
(111.31)
13.36
8
Exceptional
Items (Excess provision for NPA written back)
0.00
(5.97)
0.00
67.47
9
Profit(+)/(Loss)(-) from Ordinary Activities
before Tax (7+8)
(21.11)
60.09
(111.31)
80.83
10
Tax
Expenses Including Fringe Benefit Tax
-
0.75
0.54
2.88
11
Net
Profit(+)/(Loss)(-) from Ordinary Activities
after Tax (9-10)
(21.11)
59.34
(111.85)
77.95
12
Extraordinary
Items
-
-
-
15.59
13
Net
Profit(+) / ( Loss)(-) for the period (11-12)
(21.11)
(59.34)
(111.85)
62.36
14
Paid
Up Equity Share Capital (Face value of Rs.10/-)
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)
(0.21)
(0.58)
(1.10)
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
4444183
4507450
4444183
4507450
-Percentage
of Shareholding
43.57%
44.19%
43.57%
44.19%
18
Promoter
and promoter group Shareholding
a
Pledged/Encumbered
-
Number of Shares
Nil
Nil
Nil
Nil
-
Percentage of Shares (as a % of the total
Shareholding of promoter and promoter group)
Nil
Nil
Nil
Nil
-
Percentage of shares (as a % of the total
share capital of the company)
Nil
Nil
Nil
Nil
b
Non-encumbered
-
Number of Shares
5756117
5692850
5756117
5692850
-
Percentage of shares (as a % of the total
shareholding of promoter and promoter group)
100%
100%
100%
100%
-
Percentage of shares (as a % of the total
share capital of the company)
56.43%
55.81%
56.43%
55.81%
Notes:
The above results, duly reviewed by the Audit Committee
and taken on record by the Board of Directors at its meeting
held on Thursday, the 13th May, 2010. Statutory Auditors have
carried out the limited review.
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, will be considered
in the Audited accounts for the year ended 31.03.2010
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 March 31,2010 Begning
-Nil, Received - 1, Disposed off -1, Pending -Nil .
Figures have been regrouped / reclassified wherever considered
necessary.
