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Srei Infr.regs Regulatory News (SRI)

Regulatory News for Srei Infr.regs (SRI)

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Consolidated Financial Results - 2010-11

Thu, 19th May 2011 13:45

RNS Number : 9355G

SREI Infrastructure Finance Limited

19 May 2011

	SREI INFRASTRUCTURE FINANCE LTD.
	Regd Office: 'Vishwakarma', 86C, Topsia Road (South), Kolkata - 700 046, Website: www.srei.com, Email for Investors: investor.relations@srei.com
	AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2011
			(` in Lakh)
		Accounting Year ended	Accounting Year ended
	Particulars	31-Mar-11	31-Mar-10
		(Audited)	(Audited)
	1. Income
	(a) Income from Operations	160938	92906
	(b) Other Operating Income	2229	4051
	(c) Total Income	163167	96957
	2. Expenditure
	(a) Employees Cost	12344	6259
	(b) Legal and Professional Fees	4016	3496
	(c) Operating and Other Expenses	15295	5200
	(d) Bad Debts written off	3507	2590
	(e) Provision for Standard Assets	2236	-
	(f) Provision for Bad and Doubtful Debts	2097	210
	(g) Depreciation	12409	4328
	(h) Total Expenditure	51904	22083
	3. Profit before Other Income, Interest & Finance Charges (1-2)	111263	74874
	4. Other Income	642	259
	5. Profit before Interest & Finance Charge (3+4)	111905	75133
	6. Interest & Finance Charges	83008	53367
	7. Profit from Ordinary Activities before Tax (5-6)	28897	21766
	8. Tax expenses	9279	6086
	9. Net Profit for the year (before adjustment for Minority Interest) (7-8)	19618	15680
	10. Share of Profit/(Loss) of Minority Interest	1694	94
	11. Net Profit for the year (9-10)	17924	15586
	12. Paid-up equity share capital (Face Value ` 10/- each)	50324	11629
	13. Reserves excluding Revaluation Reserve	256482	117338
	14. Earnings per share- Basic (`)	7.74	7.46
	15. Earnings per share- Diluted (`)	7.74	7.46
	16. Public shareholding (excluding Global Depository Receipts)
	- Number of Shares	270555417	81260813
	- Percentage of Shareholding	53.78	69.97
	17. Promoters and promoter group Shareholding
	(a) Pledged/Encumbered
	- Numbers of Shares	-	-
	- % of Shares (to total shareholding of promoter and promoter group)	-	-
	- % of Shares (to total share capital of the company)	-	-
	(b) Non Encumbered
	- Numbers of Shares	232509316	34871985
	- % of Shares (to total shareholding of promoter and promoter group)	100	100
	- % of Shares (to total share capital of the company)	46.22	30.02

	STATEMENT OF ASSETS AND LIABILITIES
			(` in Lakhs)
		As at	As at
	Particulars	31-Mar-11	31-Mar-10
		(Audited)	(Audited)
	Shareholders' Fund
	a) Share Capital	50324	11629
	b) Reserves and Surplus	256482	117338
	Minority Interest	7379	2361
	Loan Funds	1006410	656959
	Deferred Tax Liability (net)	10150	7363
	Total	1330745	795650
	Fixed Assets (net block)	188712	32330
	Capital/ Project Work in Progress	7450	-
	Deferred Tax Assets (net)	3583	84
	Investments	203144	67074
	Current Assets, Loans and Advances
	a) Inventories	1691	1007
	b) Sundry Debtors	22870	10844
	c) Cash & Bank Balances	31765	29097
	d) Financial & Other Current Assets	455304	340115
	e) Loans & Advances	476047	361851
		987677	742914
	Less: Current Liabilities and Provisions
	a) Liabilities	43254	39793
	b) Provisions	16707	7385
		59961	47178
	Net Current Assets	927716	695736
	Miscellaneous Expenditure (to the extent not written off or adjusted)	140	426
	Total	1330745	795650

	Segment wise Revenue, Result and Capital Employed as per Clause 41 of Listing Agreement
			(` in Lakh)
		Accounting Year ended	Accounting Year ended
	Particulars	31-Mar-11	31-Mar-10
		(Audited)	(Audited)
	1. Segment Revenue
	(a) Financial Services	139067	93734
	(b) Infrastructure Equipment Services	23273	-
	(c) Others	6093	4272
	Total	168433	98006
	Less: Inter Segment Revenue	4624	790
	Net Income from Operations	163809	97216
	2. Segment Results
	(a) Financial Services	27958	20731
	(b) Infrastructure Equipment Services	2571	-
	(c) Others	(1,136)	2494
	Total	29393	23225
	Less: Interest & Finance Charge	496	1459
	Other Un-allocable Expenditure (Net)	-	-
	Un-allocable Income	-	-
	Total Profit Before Tax	28897	21766
	3. Capital Employed
	(Segment Assets-Segment Liabilities)
	(a) Financial Services	277912	125848
	(b) Infrastructure Equipment Services	18226	-
	(c) Others	28966	10744
	(d) Un-allocable	(10919)	(5264)
	Total	314185	131328


1.	In accordance with clause 41 of the Listing Agreement, the Company has published consolidated financial results. The audited standalone financial results of the Company will, however, be available on the Company's website www.srei.com and on the websites of BSE (www.bseindia.com) and / or NSE (www.nseindia.com).

2.	The above audited consolidated financial results were reviewed by the Audit Committee at its meeting held on 19th May, 2011 and approved by the Board of Directors at their meeting held on the same date. The Statutory Auditors of the Company have audited the said results.

3.	The above audited consolidated financial results have been prepared in accordance with principles and procedures as set out in Accounting Standard-21 on 'Consolidated Financial Statements' and Accounting Standard-27 on 'Financial Reporting of Interests in Joint Ventures' notified by the Central Government under Companies (Accounting Standards) Rules, 2006.

4.	The Board of Directors of the Company at its meeting held on January 28, 2010, based on the recommendations of the Committee of Independent Directors, approved amalgamation of Quippo Infrastructure Equipment Limited (QIEL) into and with the Company in terms of a Scheme of Amalgamation ("the Scheme") under Sections 391 to 394 of the Companies Act, 1956. The Appointed Date of the amalgamation was April 01, 2010. The Hon'ble High Court at Calcutta sanctioned the Scheme vide its Order made on January 18, 2011. The Scheme became effective w.e.f. March 04, 2011 upon filing of certified copy of the Order with the Registrar of Companies, West Bengal at Kolkata. Consequently, all the assets and liabilities and the entire business of QIEL (as defined in the Scheme) stands transferred to and vested in the Company, as a going concern, with effect from the Appointed Date.
	Pursuant to the Scheme, the Company in March, 2011, issued and allotted 92,915,839 Equity Shares of ` 10/- each fully paid up as bonus shares in the ratio of 4:5 to the pre-amalgamation equity shareholders of the Company by way of capitalisation of Securities Premium and 294,025,696 Equity Shares of ` 10/- each fully paid up as consideration for the amalgamation to the shareholders of QIEL. The aforesaid 386,941,535 Equity Shares of the Company have been admitted for listing and trading on the Designated Stock Exchanges in March, 2011.
	In view of the above, the figures of current year are not comparable with those of the previous year.

5.	Pursuant to the Scheme of Amalgamation, the subsidiaries of QIEL have become the subsidiaries of the Company w.e.f. March 04, 2011, and these are, Quippo Construction Equipment Limited, Quippo Energy Private Limited, Quippo Oil and Gas Infrastructure Limited and Mumbai Futuristic Economic Zone Private Limited. Similarly, the step down subsidiaries of QIEL have become the step down subsidiaries of the Company w.e.f. March 04, 2011, and these are, Quippo Prakash Marine Holdings Pte. Ltd., Singapore, Quippo Prakash Pte. Ltd., Singapore, Quippo Holding Cooperatief U.A., Netherlands, Quippo International B.V., Netherlands, Quippo Energy Middle East Limited, Dubai, Quippo Energy Yemen Limited, Yemen, Quippo Mara Infrastructure Limited, British Virgin Islands and Kasco Steel Limited. Quippo Valuers and Auctioneers Private Limited (Formerly GoIndustry Quippo Valuers and Auctioneers Private Limited) (QVAPL) which was a 50:50 joint venture between QIEL and Go Industry Limited, UK became a Joint Venture between the Company and Go Industry Limited, UK w.e.f. March 04, 2011. Thereafter, the entire shareholding of Go Industry Limited, UK has been acquired by the Company, as a result of which QVAPL has become a 100% subsidiary of the Company w.e.f. March 31, 2011.

6.	The Company has been classified by the Reserve Bank of India (RBI) as 'Infrastructure Finance Company - Non Deposit Taking' within the overall classification of 'Non Banking Finance Company' w.e.f. 31st March, 2011.

7.	The financial results of a foreign subsidiary (including its subsidiaries), subsidiaries and joint ventures of subsidiaries have been prepared as per IFRS, generally followed in the country of their incorporation. As there are no material differences between the accounting policies, no adjustments have been considered necessary.

8.	Company's standalone financial information (` in Lakhs) is as below:
		Accounting Year ended	Accounting Year ended
	Particulars	31-Mar-11	31-Mar-10
		(Audited)	(Audited)
	Turnover	74624	47013
	Profit Before Tax	21214	14813
	Profit After Tax	13430	11149

9.	The Board has recommended a dividend of ` 0.75 per share on Equity Shares of the Company, subject to approval of the shareholders at the ensuing Annual General Meeting.

10.	Information on Investor complaints for the quarter ended 31st March, 2011 - (Nos.): Opening Balance - Nil, New - 3, Disposal - 3 and Closing Balance - Nil.

11.	Figures pertaining to previous year have been rearranged/regrouped, reclassified and restated, wherever considered necessary, to conform to the classification adopted in the current year.

			For and on behalf of the Board of Directors



	Place: Kolkata		Hemant Kanoria
	Date: 19th May, 2011		Chairman and Managing Director

This information is provided by RNS

The company news service from the London Stock Exchange

END

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