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Inter Globe Finance Ltd. Earnings Release 2020

Jun 29, 2020

61931_rns_2020-06-29_16ceefae-d2e2-46c1-a0ab-6d73f47f1c64.pdf

Earnings Release

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Dated: June 29, 2020

Ref: - IGFL/19-20

To. The Department of Corporate Services The BSE Limited PhirozeJeejeebhoy Towers Dalal Street Mumbai Samachar Marg MUMBAI - 400001

The Department of Corporate Services Calcutta Stock Exchange Limited 7, Lyons Range Murgighata, Dalhousie Kolkata - 700001

Sub: OUTCOME OF THE BOARD MEETING.

Ref: Scrip Code - 0511391 & 10019038

Dear Sir/Madam,

This is to inform you that the meeting of the Board held today i.e June 29, 2020 at 3:00 P.M. and concluded at $4:15$ P.M.

Accordingly we enclose herewith the following for the year ended 31st March, 2020

  • Audited Standalone Financial Results 1.
  • Statement of Assets & Liabilities $2.7$
  • Audit Report on the aforesaid Standalone Financial Results of the Company issued by M/s. 3. Bijan Ghosh & Associates, Statutory Auditors of the Company
  • Declaration of unmodified opinion in the Auditor's Report on Standalone Financial Results 4. of the Company.

We further inform the following:

  1. The Board has considered & approved the appointment of Mr. Shyam Sunder Somani, Partner at M/s. Ankur Kumar Gupta & Co., Chartered Accountants as the Internal Auditor of the Company for the FY 2020-2021

Kindly take the same on record.

Thanking You Yours EgithMany For Inter Globe Finance Limited Pritha Berlwal (Company Secretary) Encl: As Above

CIN - L65999WB1992PLC055265 Aloka House 1st Floor 6 B Bentinck Street, Kolkata 700001 (India) P. 91 33 2262-1971-\ 91 33 2243-0271 | F. 91 4066-1036 | E. [email protected] | W. www.igfl.co.in

T

INTER GLOBE FINANCE LIMITED

Regd Office: Aloka House, 1st floor, 6B, Bentinck Street, Kolkata-700 001 Website: www.igfl.co.in E-mail: [email protected] CIN: - L65999WB1992PLC055265

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED MARCH 31, 2020

$kln 15$

STANDALONE
Year Ended
Particulars Ouarter Ended
31-Mar-20 $31 - Dec-19$ 31-Mar-19 31-Mar-20 31-Mar-19
(Audited) (Unaudited) (Audited) (Audited) (Audited)
L. Income
Revenue from operations
(1) Interest Income 205.60 182.52 200.93 796.83 810.23
(ii) Dividend Income 9.57 0.46 13.00 5.90
(iii) Rental Income
(iv) Fees and Commission Income
Net gain on fair value changes
(v) Net gain on derognition of financial
instruments under amortized cost
(vi) category
(vii) Sale of products(including Excise Duty) 73.49 559.73
(viii) Sale of services
(ix) Other revenue from operations
Total other revenue from operations
Total Revenue from operations 215.17 182.98 200.93 883.32 1,375.86
Other Income 1.42 1.55 5.10 6.81
Total Income 215.17 184.40 202.48 888.42 1,382.67
$\overline{2}$ Expenses:
Cost of material consumed
Purchases of Stock in trade 149.79 48.46 602.73
Changes in inventories of finished
goods, stock in trade and work in
progress 167.29 123,13 (119.06) 302.30 106.01
Employee benefit expenses 32.66 35.41 50.57 138.08 143.30
Finance Costs 48.25 32.55 53.67 165.18 195.20
Depreciation, amortization &
impairment 3.43 5.42 3.96 21.13 24.60
Fees and Commission Expense 6.33 9.91
Net loss on fair value changes
Net loss on derecognition of financial
instruments under amortised cost
category
Impairment of financial instruments
Other Expenses
$\ddot{\phantom{1}}$ Other Expenses 43.94 25.29 50.59 133.56 117.60
Total other expenses 43.94 25.29 50.59 133.56 117.60
Total Expenses 295.57 221.80 189.52 815.04 1,199.35
Total Profit before exceptional and Tax
$\mathbf{3}$ (80.40) (37.40) 12.96 73.38 183.32
Exceptional items-Provision for Doubtful
4 Debts. (346.74) (380.25) (136.78)
5 Total Profit before tax (80.40) (384.14) 12.96 (306.87) 46.54
$\overline{7}$ Tax expense
8 Current Tax 18.40 49.50 18.40 49.50
9 Deffered Tax (3.35) (3.35)
10 Total Tax expenses 18.40 46.15 $\overline{a}$ 46.15
Net Profit/(Loss) for the period from
14 continuing greet on see (98.80) (384.14) (33.19) (325.27) .0.39
15 Discontinues operations before tax

Aloka House 1st Floor 6 B Bentinck Street, Kolkata 700001 (India) P. 91 33 2262-1971 \ 91 33 2243-0271 | F. 91 4066-1036 | E. [email protected] | W. www.igfl.co.in

16 Tax Expense of Discontinued operations
Net Profit/ Loss from discontinued
operations after tax
17 Share of profit (loss) of associates and
joint ventures accounted for using
19 equity method
Total profit (loss) for period
21 (98.80) (384.14) (33.19) (325.27) 0.39
Other Comprehensive Income net of
22 taxes u
Total Comprehensive Income for
23 the period (98.80) (384.14) (33.19) (325.27) 0.39
Total profit or loss, attributable to
24
Comprehensive Income for the period
attributable to owners of parent
Total profit or loss, attributable to non-
controlling interests
Total Comprehensive Income for
25 the period attributable to
Comprehensive Income for the period
attributable to owners of parent
Total comprehensive income for the
period attributable to non-controlling
26 Details of equity share capital
Paid-up equity share capital 682.23 682.23 682.23 682.23 682.23
Face value of equity share capital 10.00 10.00 10.00 10.00 10.00
28 Reserves excluding Revaluation Reserve
29 Earnings per Share
Earnings per equity share for
L. continuing operations
Basic earnings per share from
continuing operations (1.45) (5.63) (0.49) (4.77) 0.01
Diluted earnings per share from
continuing operations (1.45) (5.63) (0.49) (4.77) 0.01
Earnings per Equity Share for
ii. discontinued operations
Basic earnings per share from
continuing operations
Diluted earnings per share from
continuing operations
ii. Earnings per Equity Share
Basic earnings per share (1.45) (5.63) (0.49) (4.77) 0.01
Diluted earnings per share × ٠
30 Debt Equity Ratio
31 Debt service coverage ratio
32 2 Interest service coverage ratio
Disclosure of notes on financial
33 results

* Except EPS which is determined in Rs. & Paise

NOTES TO THE FINANCIAL RESULTS

  1. The aforesaid results for the quarter & year ended March 31, 2020 have been reviewed by the Audit Committee and thereafter approved by the board at their respective meeting held on Saturday, the 29th day of June, 2020

  2. The business of the Company falls within a single primary segement viz, 'Financial Services' and hence, the disclosure requirement of Accounting Standard-17 'Segment Reporitng' is not applicable.

CIN - L65999WB1992PLC055265

UPAKNO. 20009491ANAAOM3

Aloka House 1st Floor 6 B Bentinck Street, Kolkata 700001 (India) P. 91 33 2262-1971-\ 91 33 2243-0271 | F. 91 4066-1036 | E. [email protected] | W. www.igfl.co.in

  1. There being no subsidiary of the Company, the above results are prepared on standalone basis.
    4. Inter Globe Finance Ltd. is a Non-Banking Financial Company (NBFC) as defined under the Companies (Indian Accounting Standard) (Amendment) Rules 2016 issued by the Ministry of Corporate Affairs vide notification dated 30th March, 2016. Effective April 01, 2019 the Company adopted Ind AS hence, the Financial Results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescreibed under Section 133 of The Companies Act, 2013 read with relevant rules issued thereunder and other recognised accounting practices and policies to the extent applicable. There is a possibility that these financial results for the current and previous periods may require adjustments due to changes in the use of one or more optional exemptions from full retrospective application of certain Ind AS 101 which may arise upon finalisation of the financial

5. Reconciliation of Net Profit for the quarter ended 31 March, 2020 as reported under erstwhile Indian GAAP and Ind AS is summarized below

SI
No.		 Particulars Standalone
Quarter
ended 31st
March,
Net Profit as per Ind GAAP (247.69)
2 Ind AS Adjustments to Profit & Loss Account
Effect of the Fair Valuation of instruments 167.29
$\overline{3}$ Net Profit as per Ind AS before tax (80.40)
ä Ind AS Adjustments to Other Comprehensive
Income
Other Comprehensive Income
Total Comprehensive Income as per ind AS before
tax		 (80.40)
  1. Previous year / periods figures have been regrouped / reclassified, wherever necessary.

By order of the Board For Inter Globe Finance Limited

Navin Jain (Chairman & Managing Director) DIN - 01197626

Place:Kolkata Date: 29th June, 2020

CIN - L65999WB1992PLC055265 Aloka House 1st Floor 6 B Bentinck Street, Kolkata 700001(India) P. 91 33 2262-1971 \ 91 33 2243-0271 | F. 91 4066-1036 | E. [email protected] | W. www.igfl.co.in

AUDITED STATEMENT OF ASSETS & LIABILITIES
FOR THE YEAR ENDED 31ST MARCH, 2020
(Rs. In Lacs)
STANDALONE
Particulars AS AT
31-03-2020 31-03-2019
ASSETS
1. Financial Assets
Cash & Cash Equivalents 1.23 8.76
Bank balance other than (a) above 110.26 55.94
Derivative financial instruments
Receivables
(I) Trade Receivables 0.01
(II) Other Receivables 9.69
Loans 8,358.56 7,957.21
Investments 29.64 80.65
Other Financial Assets
2. Non Financial Asset
Inventories
Current tax assets (Net) 322.55 45.46
Deferred tax assets (Net)
Investment Property
Biological Assets other than bearer plants 1,220.45 1,522.74
Property, plant and Equipment 64.50 88.17
Capital work-in-progress
Intangible Assets under development
Goodwill
Other Intangible Assets
Other Non financial Assets(to be specified) 14,38
Total Assets 10,116.88 9,773.32
Equity and liabilities
$\mathbf{1}$
Equity
Equity attributable to owners of parent
Equity Share Capital 682.23 682.23
Other equity 8,250.09 8,578.59
Total equity attributable to owners of parent 8,932.32 9,260.82
Non controlling interest
Total equity 8,932.32 9,260.82
Liabilities
2.
2.1 Financial Liabilities
(a) Derivative financial instruments
(b) Payables
(1) Trade Payables
(i) total outstanding dues of micro and small enterprises
(ii) total outstanding dues of creditors other than micro enterprises and small
enterprises
(II) Other Payables 4.13 0.28
(i) total outstanding dues of micro and small enterprises
(ii) total outstanding dues of creditors other than micro enterprises and small
enterprises
Deat Securities
(C)
Borrowings (other than Debt Securities)
$\langle 0 \rangle$		 284.21 44.57
Deposits
${e}$		 ٠
Subordinated Liabilities
$\langle f \rangle$
Other financial liabilities
(q)		 ٠
2.2 Non Financial Liabilities ٠
Current tax liabilities (Net)
(a)		 67.90 0.39
Provisions
(b)		 B41.94 460.71
Deferred tax liabilities (Net)
Ø.		 (13.62)
(d)
Other non-financial liabilities		 6.55
Total liabilities 1,184.56 512.50
Total squitu and liabilities 10.116.00 773.51

NOTES TO THE FINANCIAL RESULTS

  1. The aforesaid results for the quarter and year ended March 31, 2020 have been reviewed by the Audit Committee and thereafter approved by the board at their respective meeting held on Monday, the 29th day of June, 2020.

  2. The aforesaid results have been subjected to Limited Review Report by the Statutory Auditors of the Company.

  3. The business of the Company falls within a single primary segement viz, 'Financial Services' and hence, the disclosure requirement of Accounting Standard-17 'Segment Reporting' is not applicable.

  4. There being no subsidiary of the Company, the above results are prepared on standalone basis.
    4. Inter Globe Finance Ltd. is a Non-Banking Financial Company (NBFC) as defined under the Companies (Indian Accounting Stand Financial Results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of The Companies Act,
    2013 read with relevant rules issued thereunder and other recognised accou these financial results for the current and previous penods may require adjustments due to changes in the use of one or more optional exemptions from
    full retrospective application of certain Ind AS 101 which may arise upo

2020 prepared under Ind AS.
6. Previous year / periods figures have been regrouped / reclassified, wherever necessary.

UDINN- $200749100000$

Place:Kolkata Date: 29th June, 2020

For and on behalf of Board of Directors For Inter Globe Finance Ltd.

(Chairman & Managing Director)

Navin Jain

CIN - L65999WB1992PLC055265

Aloka House 1st Floor 6 B Bentinck Street, Kolkata 700001 (India) P. 91 33 2262-1971 \ 91 33 2243-0271 | F. 91 4066-1036 | E. [email protected] | W. www.igfl.co.in

INTER GLOBE FINANCE LIMITED
6B BENTINCK STREET, KOLKATA-700001
CASH FLOW STATEMENT FOR THE FINANCIAL YEAR 2019-20
Particulars Current Year Current Year
2019-20 2018-19
Net Profit Before Tax and extraordinary items: 7,337,494 18,331,646
Adjustments for:
Depreciation 2,112,694 2,459,621
Dividend etc. received
Intangible Assets written off
Interest paid
Debit /credit balances and claims written off
(Profit)/Loss on sale of fixed assets 3,161 79,005
(Profit)/Loss on sale of investment
Employee compensation Expenses under ESOP
Deferred Tax Assets
Operating Profit before working capital changes 9,453,349 20,870,270
Adjustments for:
Inventories 30,229,304 10,601,423
Receivables 1,580 3,279
Loans and advances (68, 813, 015) (16, 455, 027)
Other Current Assets 2,531,394
Trade payables 4,676,913 (1,311,699)
Other current liabilities and provisions 64,229,194 176,134
Deposits
Change in Working capital 30,323,976 (4,454,496)
Cash generated from operations 39,777,325 16,415,774
Interest paid (1,464,743) (1,926,313)
Taxes Paid (1,840,000) (4,950,000)
Deffered tax Liability
Cash flow before extraordinary items 36,472,582 9,539,461
Extraordinary itemss:
Extraordinary -Net block of assets written off
Provision for doubtful debts (38,024,664) (13,678,000)
Profit on sale of investments
Prior year adjustments 2,935,895
Net cash from operating activities (1,552,082) (1, 202, 644)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets (Net of Adjustment) (2,760,060)
Change in deferred tax assets/liabilities
Sale of fixed assets 250,012 1,372,282
Preliminary Expenses to be written off
Sale/ (Purchase) of investments 5,100,917 (6, 360)
Dividend Received
Interest Received
Net cash generated from/(used in) investing 5,350,929 (1, 394, 138)
C. CASH FLOW FROM FINANCIAL ACTIVITIES
Other Loan borrowed/(repaid) (net) (338, 336) (309, 075)
loan repaid
Interest paid 1,464,743 1,926,313
Dividend paid
Provision on Standard Asset AsPer RBI (246, 293) (69, 123)
Net cash received from/ (used in) financing activities 880,114 1,548,115
Net increase in cash and cah equivalents(A+B+C) 4,678,962 (1,048,667)
Cash and cash equivalents (opening) 6,470,018 7,518,686
Cashand cash equivalents (closing) 11.148.980 6.470.018

$0050002200949$

Kolkata Tered Add

Aloka House 1st Floor 6 B Bentinck Street, Kolkata 700001 (India) P.91 33 2262-1971 \ 91 33 2243-0271 | F. 91 4066-1036 | E. [email protected] | W. www.igfl.co.in

CIN - L65999WB1992PLC055265

Bijan Ghosh & Associates CHARTERED ACCOUNTANTS C-16, Green park P. Majumder Road, Kolkata - 700 078 Phone: 2484 8879, Mobile: 93394 40467, 90517 89888 E-mail: [email protected]

INDEPENDENT AUDITOR'S REPORT

To The Board of Directors Inter Globe Finance Limited

REPORT ON STANDALONE FINANCIAL STATEMENTS.

    1. We have audited the accompanying Statement of Standalone Financial Results of INTER GLOBE FINANCE LIMITED("the Company"), for theyear ended 31st March, 2020, being submitted by the Company pursuant to the requirement of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
    1. This Statement, which is the responsibility of the Company's Management and has been approved by the Board of Directors, has been compiled from the related Standalone Financial statements which have been prepared in accordance with the Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such Standalone financial Statements.
    1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditors considers internal control relevant to the company's preparation and fair presentation of the statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Company's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimated made by the Management as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

    1. In our opinion and to the best of our information and according to the explanations given to us the Standalone Financial Statement:
  • (i) is presented in accordance with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
  • (ii) give a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in India of the net profit and other financial information of the company for the year ended 31st March, 2020.
    1. The Statement includes the result for the quarter ended 31st March, 2020, being the balancing figure between audited figures in respect of the full financial year ended 31st March, 2020 and the published year to date figures upto the third quarter of the current financial year which were subject to limited review by us.

Place: Kolkata. Date: June 29, 2020

$3184$

Dated: June 29, 2020

Ref: - IGFL/19-20

To. The Department of Corporate Services The BSE Limited PhirozeJeejeebhoy Towers Dalal Street Mumbai Samachar Marg MUMBAI-400001

The Department of Corporate Services Calcutta Stock Exchange Limited 7, Lyons Range Murgighata, Dalhousie Kolkata - 700001

Sub: DECLARATION PURSUANT TO REGULATION 33(3)(d) of SEBI (LISTING OBLIGATIONS & DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

Ref: Scrip Code - 0511391 & 10019038

Dear Sir/Madam,

I, Anirban Dutta (DIN - 00655172) of M/s. Inter Globe Finance Limited, having its Registered Office at 6B, Bentinck Street, Aloka House, First Floor, Kolkata - 700001, hereby declare that the Statutory Auditors of the Company, M/s. Bijan Ghosh & Associates, Chartered Accountants(FRN -323214E) have issued an Audit Report with unmodified opinion on Standalone Audited Financial Results for the Quarter and year ended 31st March, 2020.

This declaration is issued in compliance of Regulation 33(3)(d) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/CMD/56/2016 dated 27th May, 2016.

Kindly take the same on record.

Thanking You, Yours Faithfully, For Inter Globe Finance Limited

Anirban Dutta (Director) $(DIN - 00655172)$

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