Quarterly Result
- Audited Financial Results for
the quarter and year ended 31 March 2010
| Audited
Financial Results for The Quarter and Year Ended 31st
March, 2010 |
| (Rs.
in lacs) |
|
Particulars |
Consolidated
|
Standalone |
Quarter
ended |
Year
ended |
Quarter ended |
Year ended |
31st March,
2010 |
31st March,
2009 |
31st March,
2010 |
31st March,
2009 |
31st March,
2010 |
31st March,
2009 |
31st March,
2010 |
31st March,
2009 |
(Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
1.
|
Income From Operations |
20,162.85 |
16,642.97 |
65,658.80 |
57,469.34 |
19,556.70 |
16,340.21 |
63,653.11 |
56,927.84 |
| 2. |
Other Operating Income |
1,485.24 |
1,351.50 |
6,277.77 |
5,436.80 |
1,485.24 |
1,346.54 |
6,277.77 |
5,413.07 |
| |
Total Operating Income (A) |
21,648.09 |
17,994.47 |
71,936.57 |
62,906.14 |
21,041.94 |
17,686.75 |
69,930.88 |
62,340.91 |
| 3. |
Staff Cost |
2,617.67 |
2,912.28 |
10,533.55 |
9,992.15 |
2,617.67 |
2,912.28 |
10,533.55 |
9,992.15 |
| 4. |
Depreciation |
777.61 |
987.90 |
3,278.58 |
3,423.90 |
777.61 |
987.90 |
3,278.58 |
3,423.90 |
| 5. |
Brokerage & Commission |
1,657.69 |
1,040.73 |
5,021.72 |
4,657.35 |
1,657.69 |
1,009.03 |
5,021.72 |
4,625.65 |
| 6. |
Bad Debts Written-off |
1,418.27 |
1,917.71 |
4,083.48 |
4,151.19 |
1,355.96 |
1,916.52 |
4,001.85 |
4,151.19 |
| 7. |
Other Operative & Administrative
Expenses |
2,158.71 |
1,811.16 |
5,838.38 |
5,982.41 |
2,060.61 |
1,751.99 |
5,536.11 |
5,806.76 |
| |
Total Operating Expenditure (B) |
8,629.95 |
8,669.78 |
28,755.71 |
28,207.00 |
8,469.54 |
8,577.72 |
28,371.81 |
27,999.65 |
| 8. |
Profit From Operations Before
Other Income & Interest (A-B) |
13,018.14 |
9,324.69 |
43,180.86 |
34,699.14 |
12,572.40 |
9,109.03 |
41,559.07 |
34,341.26 |
| 9. |
Other Income |
79.95 |
70.86 |
370.01 |
207.50 |
79.95 |
70.86 |
370.01 |
207.50 |
| 10. |
Profit Before Interest & Tax |
13,098.09 |
9,395.55 |
43,550.87 |
34,906.64 |
12,652.35 |
9,179.89 |
41,929.08 |
34,548.76 |
| 11. |
Interest & Finance Charges |
8,872.37 |
8,200.49 |
32,504.56 |
28,802.59 |
8,604.36 |
8,061.07 |
31,624.96 |
28,536.23 |
| 12. |
Profit Before Tax |
4,225.72 |
1,195.06 |
11,046.31 |
6,104.05 |
4,047.99 |
1,118.82 |
10,304.12 |
6,012.53 |
| 13. |
Tax Expense (Includes Deferred Tax) |
1,579.90 |
451.63 |
3,914.20 |
2,124.21 |
1,515.36 |
438.55 |
3,658.09 |
2,108.29 |
| 14. |
Profit After Tax |
2,645.82 |
743.43 |
7,132.11 |
3,979.84 |
2,532.63 |
680.27 |
6,646.03 |
3,904.24 |
| 15. |
Share of Minority Interest in Profit / (Loss) |
29.43 |
15.85 |
126.40 |
17.79 |
- |
- |
- |
- |
| 16. |
Profit After Tax & Minority Interest |
2,616.39 |
727.58 |
7,005.71 |
3,962.05 |
2,532.63 |
680.27 |
6,646.03 |
3,904.24 |
| 17. |
Paid-up Equity Capital (Face Value of Rs.10/-Each) |
2,177.71 |
2,177.71 |
2,177.71 |
2,177.71 |
2,177.71 |
2,177.71 |
2,177.71 |
2,177.71 |
| 18. |
Reserves & Surplus |
- |
- |
33,048.95 |
27,474.52 |
- |
- |
32,670.78 |
27,277.64 |
| 19. |
Earning Per Share |
|
|
|
|
|
|
|
|
| |
- Basic (In Rs.) |
11.59 |
3.13 |
28.96 |
15.04 |
11.20 |
2.91 |
27.31 |
14.69 |
| |
- Diluted (In Rs.) |
11.56 |
3.12 |
28.90 |
15.01 |
11.18 |
2.90 |
27.25 |
14.66 |
| 20. |
Public Shareholding |
|
|
|
|
|
|
|
|
| |
- Number Of Shares |
10,961,317 |
11,099,318 |
10,961,317 |
11,099,318 |
10,961,317 |
11,099,318 |
10,961,317 |
11,099,318 |
| |
- Percentage of Shareholding |
50.33% |
50.97% |
50.33% |
50.97% |
50.33% |
50.97% |
50.33% |
50.97% |
| 21. |
Promoters and promoter group Shareholding |
|
|
|
|
|
|
|
|
| |
a) Pledged/
Encumbered |
|
|
|
|
|
|
|
|
| |
- Number of Shares |
- |
- |
- |
- |
- |
- |
- |
- |
| |
- % of Shares (to total shareholding of promoter and
promoter group) |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| |
- % of Shares (to total share capital of the Company) |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| |
b) Non-encumbered |
|
|
|
|
|
|
|
|
| |
- Number of Shares |
10,815,823 |
10,677,822 |
10,815,823 |
10,677,822 |
10,815,823 |
10,677,822 |
10,815,823 |
10,677,822 |
| |
- % of Shares (to total shareholding of promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| |
- % of Shares (to total share capital of the Company) |
49.67% |
49.03% |
49.67% |
49.03% |
49.67% |
49.03% |
49.67% |
49.03% |
| Statement of Assets
and Liabilities as at 31st March, 2010 |
| (Rs. in lacs) |
| Particulars |
Consolidated |
Standalone |
| As
at |
As
at |
| 31st
March, 2010 |
31st
March, 2009 |
31st
March, 2010 |
31st
March, 2009 |
| (Audited) |
(Audited) |
(Audited) |
(Audited) |
| Shareholders' Funds |
|
|
|
|
| (a)
Share Capital |
13,787.91 |
13,787.91 |
13,787.91 |
13,787.91 |
| (b)
Reserves and Surplus |
33,048.95 |
27,474.52 |
32,670.78 |
27,277.64 |
| Total Shareholders'
Funds |
46,836.86 |
41,262.43 |
46,458.69 |
41,065.55 |
| Mezzanine Capital |
- |
185.92 |
- |
185.92 |
| Minority Interest |
522.96 |
417.65 |
- |
- |
| Loan Funds |
365,433.13 |
250,657.23 |
356,709.07 |
247,139.14 |
| Deferred Tax Liability |
4,789.02 |
4,963.42 |
4,791.55 |
4,967.66 |
| Total |
417,581.97 |
297,486.65 |
407,959.31 |
293,358.27 |
| |
|
|
|
|
| Fixed Assets |
20,795.87 |
23,819.78 |
20,795.87 |
23,819.78 |
| Investments |
1,911.64 |
2,903.96 |
3,021.58 |
4,213.84 |
| Current Assets,
Loans and Advances |
|
|
|
|
| (a)
Assets on Finance |
330,136.73 |
204,591.19 |
318,158.65 |
198,026.85 |
| (b)
Stock-in-trade |
17.17 |
- |
17.17 |
- |
| (c)
Sundry Debtors |
710.81 |
655.28 |
744.65 |
655.28 |
| (d)
Cash & Bank Balances |
97,090.65 |
90,247.13 |
96,845.68 |
89,899.68 |
| (e)
Other Current Assets |
36.18 |
44.71 |
36.18 |
44.71 |
| (f)
Loans and Advances |
15,596.77 |
12,986.41 |
16,225.26 |
13,705.07 |
| Less: Current Liabilities
and Provisions |
|
|
|
|
| (a)
Current Liabilities |
43,401.68 |
35,348.42 |
42,689.12 |
34,615.90 |
| (b)
Provisions |
5,312.17 |
2,413.39 |
5,196.61 |
2,391.04 |
| Total Net Current
Assets, Loans and Advances |
394,874.46 |
270,762.91 |
384,141.86 |
265,324.65 |
| Total |
417,581.97 |
297,486.65 |
407,959.31 |
293,358.27 |
Notes
: |
| 1. |
The audited financial results have
been reviewed by the Audit Committee and taken on record
and approved by the Board of Directors of the Company
at its Meeting held on 31st May, 2010. |
| 2. |
The consolidated financial statements
have been prepared in accordance with the Accounting
Standard 21 (Consolidated Financial Statements) and
comprise of the financial results of Magma Fincorp Limited
and its subsidiary Magma ITL Finance Limited. Magma
Consumer Finance Private Limited has ceased to be a
subsidiary of the Company and accordingly not considered
for consolidation for the quarter and year ended 31st
March, 2010. |
| 3. |
The Board of Directors at their
meeting considered and recommended an Equity Dividend
@ 20% i.e. Rs. 2/- per Equity Shares of Rs.10/- each
and a Preference Dividend of 9.7%, 5% and 3.68% for
the financial year 2009-10 and @ 0.5% on 21,09,199 Cumulative
Non-Convertible Redeemable Preference Shares of Rs.100/-
each for the financial year 2008-09, subject to approval
of the Shareholders. In accordiance with the terms of
the issuance, the Board of Directors recommended payment
of differential dividend of Rs. 19.48 Lacs on 65,00,999
Cumulative Non-Convertible Redeemable Preference Shares
of Rs. 100/- each for the financial years 2006-07, 2007-08
and 2008-09 representing difference of dividends payable
as per dollar-denominated value of the preference shares,
over the dividends paid on rupee-denominated value of
preference shares subject to approval of the Shareholders. |
| 4. |
The Company is engaged primarily
in the business of financing and only in India and as
such no separate information as per Accounting Standard
17 (Segment Reporting) is required to be furnished. |
| 5. |
The Company has allotted on 30th
April, 2010, 20,00,000 Warrants to one of the Promoter
entities carrying an option / entitlement to subscribe
to equivalent number of Equity Shares at a price of
Rs. 250/- per Equity Share, on a future date not exceeding
18 months from the date of issue of such Warrants in
terms of provisions of SEBI Guidelines for Preferential
Issue (Chapter VII of the SEBI (Issue and Disclosure
Requirements) Regulations, 2009). |
| 6. |
The Company has, for augmenting
capital adequacy and long term resources, allotted on
12th May, 2010, 40,67,220 Equity Shares to Qualified
Institutional Buyers (QIBs) in the Qualified Institutions
Placement under chapter VIII of the SEBI (Issue of Capital
and Disclosure Requirements) Regulations, 2009 at a
price of Rs. 301/- per Equity Share (including premium
of Rs. 291/- per share) aggregating to Rs. 12,242.33
Lacs. Further, the Company has allotted on preferential
basis on 25th May, 2010, 25,260 Equity Shares under
Employee Stock Option Plan (ESOP) pursuant to SEBI (ESOS
and ESPS) Guidelines, 1999 to the eligible employees
of the Company. The total paid-up Equity Share Capital
of the Company stands increased to 2,58,69,620 Equity
Shares of Rs.10/- each aggregating to Rs. 2,586.96 Lacs. |
| 7. |
During the quarter, no complaints
received. There were no investor complaints pending
on 31st March, 2010. |
|
By order of the Board
For Magma Fincorp Limited
|
Place : Kolkata - 700
016
Dated : 31st May, 2010 |
Sanjay
Chamria
Vice Chairman & Managing Director
|
Registered
Office : Magma House, 24 Park Street, Kolkata - 700
016 |
|
|
|