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Delhi Wine Club
Indage Declares De Disappointing Results

Posted: Monday, 11 October 2010 11:08

Indage Declares De Disappointing Results

Financially beleaguered Indage Vintners announced the annual results, for the first time after facing the winding up proceedings, reporting a net loss of Rs 1.75 billion in the quarter ended March 2010 as against net loss of Rs 790 million during the quarter ended March 2009, with a net loss of Rs, 2.23 billion for the year ending March 2010.

For the full year, net audited loss was 3.5 times that of the previous year’s loss of about Rs.601 million. Although Sales rose 36.56% to Rs 51 million in the quarter ended March 2010 as against Rs 37.2 million during the previous quarter ended March 2009, the yearly sales plummeted 87.25% to Rs 189 million in the year ended March 2010 as against Rs 1.48 billion during the previous year, indicative of the time period during which the company suffered the unprecedented setback.

The financial results and the balance sheet signed by Ranjit Chougule, Managing Director on behalf of the Board of Directors of Indage on October 7, were submitted to the Bombay Stock Exchange on Friday last to fulfill part of the continued share listing requirements.

According to the results declared, promoters’ shareholding came down from 4.07775 million shares in March 2009 representing 26.11 % share of the total capital to 3.499 million shares worth 18.95% of the increased share capital. The promoters have pledged 99.15% of their shares as on March 2010 against 95.11% a year ago.

Indage has debts of around Rs. 4 billion. The bankruptcy proceedings were stalled for the time being, by the company agreeing to a debt restructuring plan agreed by the creditors, according to which the loan is payable back in installment in seven years. Although several creditors are upset because they were unaware of the meeting on September 16, the company had been legally correct by advertising about it in newspapers. However, it would be liable to make the payment according to the plan, if the creditors pray to the court in the ongoing case and have the liability acknowledged legally.

Interestingly, though there have been a number of complaints from the employees and creditors, the company auditors have certified that there were no investor complaints during the previous quarter-April-June 2010 and there are no complaints pending unresolved against the company.

Investors appear to be upbeat after the creditors approved the repayment plan on September 16. After touching a low of Rs. 25.10 on that day, The share price has been going up, climbing about 45% to Rs. 37.35 last Wednesday. The financial results being on expected lines did not depress the stock much and it has been hovering aound Rs. 35. However, speculation and manipulation cannot be ruled out.



Rengaswami Says:

Hi This a worst managed company and nothing else can be expected. The chowgules will never be able to raise any capital from the market in the near or distant future. They integrity is in shambles. Regards Rengaswami .

Posted @ Nomber 06, 2010 111:02


Raju Says:

No manipulation.Share prices always driven by expectations and not by reality.Everybody expecting a soothing of its problems ahead.

Posted @ October 18, 2010 13:10


Bhaskar Risbud Says:

Is it on sale? How company with such huge loss can run its activities and keep the share price surprisingly going above the loss leval.Yes manipulation.

Posted @ October 15, 2010 12:02


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