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Quarterly Financial Results - HSBC InvestDirect (India) Limited

Quarterly Financial Results - HSBC InvestDirect (India) Limited

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Published by bhavnesh_mutha
Online Trading in Indian Stock Markets made easy. Call: 1800-22-4444, Click: www.HSBCInvestDirect.co.in, Visit: J.B. Nagar, Andheri (E), Mumbai - 59, India
Online Trading in Indian Stock Markets made easy. Call: 1800-22-4444, Click: www.HSBCInvestDirect.co.in, Visit: J.B. Nagar, Andheri (E), Mumbai - 59, India

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Published by: bhavnesh_mutha on Jul 30, 2010
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10/02/2010

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Unaudited Financial results for the three months ended 30 June 2010 (Standalone)
Rs. in Lakhs
Sr. No.
ParticularsFor the quarterended30 June 2010(Unaudited)For the quarterended30 June 2009(Unaudited)For the year ended31 March 2010(Audited)
(1)(2)(3)(4)(5)
1
a) Income from Operations342.64383.071,440.96   b) Other Operating Income--- 
2
Expenditure
a) Employee Cost (see Note 2)262.14139.08653.36   b) Depreciation / Amortisation31.7129.36117.29  c) Rent -23.8073.10  d) Legal & Professional Fees13.0047.2092.14  e) Shared Service charges(43.00)-77.80  f) Other Expenditure62.8284.00130.96 
Total Expenditure (a to f)326.67323.441,144.65 
3
Profit/ (Loss) from Operations before Other Income, Interest and Exceptionalitems (1-2)15.9759.63296.31 
4
Other Income0.020.019.61 
5
Profit/ (Loss) before Interest and Exceptional items (3+4)15.9959.64305.92 
6
Interest & Finance Charges0.100.010.05 
7
Profit/ (Loss) after Interest but before Exceptional items (5-6)15.8959.63305.87 
8
Exceptional items (see Note 1 & 2)109.70379.05(172.94) 
9
(Loss)/ Profit from Ordinary activities before Tax (7-8)(93.81)(319.42)478.81 
10
Less: Tax Expense (see Note 6)173.00(77.79)627.98 
11
Net Loss from Ordinary activities After Tax (9-10)(266.81)(241.63)(149.17) 
12
Extraordinary items (net of tax expense)-- - 
13
Net Loss for the period (11-12)(266.81)(241.63)(149.17) 
14
Paid up Equity Share capital (Face value Rs.10)7,078.986,983.63 7,056.68 
15
Reserves excluding revaluation reserves (as per Balance Sheetof previous accounting year)60,831.33 
16 (a)
Earnings per share-Basic and Diluted EPS before Extraordinary items(not annualised) (Rs.)(0.38)(0.35)(0.21) 
16 (b)
Earnings per share-Basic and Diluted EPS after Extraordinary items(not annualised) (Rs.)(0.38)(0.35)(0.21) 
17
Aggregate of Public shareholdings:- Number of shares (nos.)1,400,8594,287,830 5,018,330 - Percentage of shareholding1.97%6.14%7.11%
18
Promoters and Promoter Group Shareholding
a)
Pledged/ Encumbered- Number of shares---  - Percentage of shares (as a % of the total shareholding of promoter and promoter group)---  - Percentage of shares (as a % of the total sharecapital of the company)--- 
 b)
 Non-encumbered- Number of shares69,388,91465,548,44365,548,443  - 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)98.03%93.86%92.89%
Notes:
1Exceptional items comprise following:
Rs. in Lakhs
Particulars
For the quarterended30 June 2010(Unaudited)For the quarterended30 June 2009(Unaudited)For the year ended31 March 2010(Audited)
Reversalofex-gratiaandexcessmanagerialremunerationexpensesforFY2007-08 and FY 2008-09
- -
(867.07)Provision for diminution in value of Investments in subsidiary companies
109.70 (33.20)
281.88Refund of Income from The Bank of New York 
-
412.25 412.25
109.70 379.05 (172.94)
2
#
34567891011In terms of our report of even date attached.For 
B S R and CompanyFor and on behalf of the Board of Directors
Chartered Accountants
Akeel MasterManasije Mishra
Partner Managing Director and CEOMumbai29 July 2010The Company has a single reportable business segment of "Investments in Financial Intermediation and related business".TheabovefinancialresultsoftheCompanyonastandalonebasisforthequarterended30June2010havebeenreviewed and recommended by the Audit Committee and approved by the Board at its meeting held on 29 July 2010.Equityinvestorcomplaints/grievancesforthequarterended30June2010:Pendingatbeginningofthequarter-Nil,received during the quarter- 5 and resolved during the quarter - 5, unresolved at the end of the quarter - Nil.Figuresforpreviousperiods/yearhavebeenregroupedwherevernecessarytoconformtothecurrentquarter's presentation.yearendedMarch2010beenreversedtotheProfitandLossaccountasapriorperiodcreditincludedinExceptionalItemswithacorrespondingdebittoadvancesasanyexcessremunerationpaidistobeheldintrustbythedirectors.Of theabove,theCentralGovernmenthasrejectedRs.3.89lakhsandapprovalforbalanceisawaited.TheCompanyhasapplied for reconsideration of the aforesaid rejection.Employeeremunerationexpensesforthefinancialyear2007-08and2008-09includesRs.73.48lakhsandRs.44.84lakhsrespectivelyofremunerationpaidtowholetimedirectorsoftheCompanywhichareinexcessofthelimits prescribedundertheCompaniesAct,1956forwhichtheCompanyhasappliedtotheCentralGovernmentforapproval.Employeeremunerationexpensesfortheyearended31March2009includesRs.748.75lakhspaidasex-gratiatotheerstwhileManagingDirector&CEOposthisresignation.Basedonexternallegaladvice,theCompanyhastakenaviewthat this payment, not being in the nature of managerial remuneration under the Act, did not require Central Governmentapproval.However,outofabundantcaution,theCompanyhasappliedtotheCentralGovernmentforapprovalofthesame.PendingreceiptofapprovalsfromtheGovernment,theamountpaidasex-gratiaandtheamountspaidinexcessof the limits prescribed under section 198 and 309 of the Companies Act aggregating to Rs.867.07 lakhs have during theThe tax expenses for the quarter ended 30 June 2010 includes Rs.134 lakhs for prior year.
HSBC InvestDirect (India) Limited
(Formerly known as IL&FS Investsmart Ltd)
Registered Office: Dhana Singh Processor Premises, J B Nagar, Andheri-Kurla Road, Andheri (E), Mumbai - 400 059
PursuanttotheSEBI(DelistingofEquityShares)Regulations2009,theCompanyhascompliedwiththeformalitiesfodelistingofequitysharesfromtheBombayStockExchangeLimitedandTheNationalStockExchangeofIndiaLimited.TheexchangeshaveapprovedthedelistingapplicationandaccordinglytradingintheequitysharesoftheCompanyceasedon8July2010andtheyweredelistedfromtheexchanges'recordson15July2010.Theexitoptionhasbeenkeptopen,attherateofRs.400pershare,beingtheexitpricedeterminedfortheremainingpublicshareholdersfora periodofoneyearfromthedateofdelistingbytheacquirersHSBCSecuritiesandCapitalMarkets(India)PrivateLimited and HSBC Violet Investments (Mauritius) Limited.Duringthecurrentquarter,theCompanyunderthe2006ESOPscheme,issued223,000sharesattheexercisepriceof Rs.180persharetoitseligibleex-employeesoremployees/ex-employeesofitssubsidiaries.Duetotheaforesaid,theCompany's equity capital has increased by Rs.22.30 lakhs and Reserves by Rs.379.10 lakhs.TheCompanycurrentlyoperatesasanon-operativeholdingcompanyanditsprincipalactivityhasbeeninvestmentinandloansgiventosubsidiaries,anassociateandemployees'welfaretrust.TheCompanyalsoholdsacertificateoregistrationfromDelhiStockExchange("DSE")asastockbroker.TheCompanyhasappliedforsurrenderoftradingrightsonDSEandthesurrenderprocessisstillnotconcluded.ItistheunderstandingoftheCompanythatpostconclusionofthesurrenderprocesswithDSE,theCompanywouldneedtoobtainaCertificateofRegistration("CoR")fromtheReserveBankofIndia("RBI")tocarryonactivitiesasaNonBankingFinancialCompany(“NBFC”).Forthis purpose,theCompanyvoluntarilyapproachedRBIandwasadvisedtomaketheapplicationforobtainingCoR.BasedonRBI'sadvice,theCompanymadeanapplicationtoRBIinApril2009forregistrationasNBFCandhasbeen providing additional documents and information to RBI as requested and approval is yet to be received.WithaviewtoalignthebusinesswiththelongtermstrategyofHSBCInvestDirect,theBoardofDirectorsoftheCompany,videresolutionpassedon19May2010,approveddiscontinuationoftheMerchantBankingBusinessbyHSBCInvestDirectSecurities(India)Limited.(HISL)andsurrenderofitsMerchantBankingLicenceofSecuritiesandExchangeBoardofIndia.HISLcontinuestobeatradingmemberoftheBombayStockExchangeLimitedandNationalStockExchangeofIndiaLimitedintheCashandFutures&OptionsSegmentsandwillfocusitseffortsontheretailandcorporate segment.

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