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West Pioneer Props (WPR)

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Monday 22 December, 2008

West Pioneer Props

Interim Results

RNS Number : 5537K
West Pioneer Properties Limited
22 December 2008
 



Press release  

22 December 2008



West Pioneer Properties Limited


('West Pioneer' or 'the Group')


Interim results


West Pioneer, a leading developer and operator of shopping centres in west and southern India, announces its Interim results for the six months ended 30 September 2008.


Highlights  


Continuing strong footfall numbers at Metro Junction mall in Kalyan

Nashik and Aurangabad projects progressing well

On track to meet our objective of having 4 million square feet of gross leasable area within the next 3-5 years

Indian middle class population is expected to continue to expand



Chairman's statement

I am very pleased to report the continued progress of West Pioneer The Group remains very confident that its strategy of focusing on low rent, low cost base agreements in tier 2 cities will secure long-term growth. Our Metro Junction mall at Kalyan has continued to enjoy consistently strong footfalls and the feedback from our retailers has been very positive, specifically relating the footfall conversation rate into sales. Due to the strategic benefits of Metro Junction, being the main social hub in the Kalyan area  and having the first mover advantage, occupancy has been expanding steadily with retailers continuing to express a desire to open up stores in the mall. The Group's strategic decision to acquire land in tier two cities for shopping centre or mixed mall-hotel complex developments is being rewarded as lower rents exert less pressure on existing and potential retailers. 

I am also very pleased to announce that both Nashik and Aurangabad have been progressing well and both are on track with the detailed concepts and designs for both projects completed. We are now ready to ground break on these sites subject to obtaining permission from the local authorities. However, in the current economic scenario, we believe that it would be prudent to monitor retailer sentiments before commencement of construction activity at both these sites. 

The Group has been adversely affected by the recent volatility in foreign exchange markets. Translation of its sterling and rupee asset into the Groups reporting currency of US dollars has resulted in a foreign exchange loss of $2,159,540.

Land prices throughout India have been falling over recent months. Our land acquisition department is continually evaluating opportunities in other tier 2 cities so as to be able to take best advantage of these lower prices.


The whole world was shocked by the events in late November in Mumbai, which badly affected the area south of the city. Despite the events, Metro Junction remained open for business and reported only marginally lower than average figures. I would like to thank the whole team who worked through this very difficult period. 

Outlook

Whilst India has, for the short term at least, been impacted by the current global economic downturn, the fundamentals of the Indian economy are strong.  We expect the Indian middle class population to continue to grow and fuel a further expansion in organized retail over the long term.

The Group remains confident that it has the right strategy and team in place to meet its long term objective of having 4 million square feet of gross leasable area within the next 3-5 years. 

Amit Jatia 

Chairman of West Pioneer Properties 

22 December 2008

  


For further information:

West Pioneer


Amit Jatia, Chairman

Tel: +44(0) 20 7398 7700



Libertas Capital


Aamir Quraishi / David Rae

Tel: +44 (20) 7569 9650




Media enquiries:

Abchurch Communications


Heather Salmond / Mark Dixon

Tel: +44 (0) 20 7398 7729

[email protected]  

[email protected]

www.abchurch-group.com


  

   

Report on review of interim condensed consolidated financial statements to the shareholders of West Pioneer Properties Limited


Introduction


We have reviewed the accompanying interim condensed consolidated financial statements of West Pioneer Properties Limited and its subsidiaries ('the Group') as at 30 September 2008, comprising the interim consolidated balance sheet as at 30 September 2008 and the related interim consolidated statements of income, changes in equity and cash flows for the six-month period then ended and explanatory notes. Management is responsible for the preparation and presentation of these interim condensed financial statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting as adopted by the European Union. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.


This report is made solely to the Company's shareholders, as a body. Our review has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders as a body, for review performed by us, for this report, or for conclusions we have arrived.


Scope of review


We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity.' A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing. Consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.


Conclusion


Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34. 



For Ernst & Young

Mumbai


Dated: December 20, 2008











West Pioneer Properties Limited

 INTERIM CONSOLIDATED INCOME STATEMENT

for the six month period ended 30th September 2008




For the six months ended 30th September



2008

2007


Notes

Unaudited



$

$





Revenue and other income




Property Rentals 


 570,195 

-

Property Revaluation


1,623,023

-



-

Finance and other income

5

 628,598

1,169,840





Total revenue and other income


2,821,816

1,169,840





Expenses




Administrative expenses


(1,210,251)

(771,262)

Finance costs

6

 (505,285)

(33,355)

Total expenses


(1,715,536)

(804,617)

Profit before tax


1,106,280

365,223

Income tax expense

7

 (727,766)

(4,887)





Profit after tax attributable to equity holders


378,514

360,336





Earnings per share

8



Basic 


  0.005

  0.005

Diluted


  0.005

  0.005



Nitin Dattani

Executive Director

December 20, 2008















 INTERIM CONSOLIDATED BALANCE SHEET

AS AT 30th September 2008




30th September

31st  March 



2008

2007

2008



Unaudited

Audited


Notes

$

$

$

ASSETS





 Non current assets 





 Property, plant and equipment 

10

10,433,892

14,484,640

7,972,670

 Investment property 

11

26,400,493

-   

29,624,061

 Intangible assets 


14,918

12,099

13,764

 Prepayments

14

24,718,668

6,512,928

26,771,005

 Other financial assets


245,423

1,012,614

238,048



61,813,394  

22,022,281

64,619,548

Current assets 





 Investments - held for trading

12

2,826,861

20,989,715

12,663,153

 Trade and other receivables 

13

758,878

537,567

 202,639

 Prepayments 

14

46,985

96,594

44,312

 Advance income tax


39,444

10,073

45,566

 Cash and cash equivalents 

4

12,319,092

19,334,331

 13,320,738



15,991,260

40,968,080

26,278,408

TOTAL ASSETS 


77,804,654  

62,990,361

  90,895,956






EQUITY AND LIABILITIES 





Equity attributable to the equity holders





 Issued capital 


7,996,130

7,996,130

7,996,130

 Share premium 


45,717,870

45,767,993

45,717,870

 Retained earnings 


9,578,112

257,463

 9,199,598  

 Employee equity benefits reserve


407,588

-   

-

 Foreign currency translation reserve


(6,214,270)

3,997,871

 3,571,074



57,485,430

58,019,457

  66,484,672 

 Non current liabilities 





 Interest bearing loans and borrowings 


8,032,251

2,544,976

9,840,030

 Other liabilities


653,764

449,663

432,898

 Employee benefit liability


20,519

2,547

12,046



8,706,534

2,997,186

10,284,974 

 Current liabilities 





 Trade and other payables 


4,759,968

1,543,166

 6,685,565 

 Interest bearing loans and borrowings


1,795,234

153,507

2,130,326

 Other liabilities


5,057,488

277,045

5,310,419



11,612,690

1,973,718

  14,126,310 

TOTAL LIABILITIES


20,319,224

4,970,904

24,411,284

TOTAL EQUITY AND LIABILITIES


77,804,654 

62,990,361

 90,895,956 


Nitin Dattani

Executive Director

December 20, 2008


INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30th September 2008


Attributable to equity holders of the parent


Issued

Share

Retained

Employee equity benefits

Foreign currency translation

Total


capital

premium

earnings

reserve

 reserve

equity


$

$

$

$

$

$

Balance as at 1st April 2008

8,000,664

45,717,870

9,195,064

-

3,571,074

66,484,672

Reclassification of share capital of commonly controlled subsidiaries (See Note 15)

(4,534)

-

4,534

-

-

-


7,996,130

45,717,870

9,199,598

-

3,571,074

66,484,672

Net profit for the period

-

-

378,514

-

-

378,514

Difference for currency translation (See Note 16)

-

-

-

-

(9,785,344)

(9,785,344)

Total income and expense for the period 

-

-

378,514

-

(9,785,344)

(9,406,830)

Share based payment

-

-

-

407,588

-

407,588

Balance as at 30th September 2008 (Unaudited)

7,996,130

45,717,870

9,578,112

407,588

(6,214,270)

57,485,430








Balance as at 1st April 2007

7,502,267

34,525,188

(105,140)

-

650,094

42,572,409

Reclassification of share capital of commonly controlled subsidiary (See Note 15)

(2,267)

-

2,267

-

-

-


7,500,000

34,525,188

(102,873)

-

650,094

42,572,409

Net Profit for the period

-

-

360,336

-

-

360,336 

Foreign currency translation reserve

-

-

-

-

3,347,777

3,347,777

Total income and expense for the period 

-

-

360,336

-

3,347,777

3,708,113

Issue of share capital 

496,130

-

-

-

-

  496,130

Share premium on fresh issue of capital

-

11,596,735

-

-

-

11,596,735

Share issue expenses

-

(353,930)

-

-

-

(353,930)

Balance as at 30th September 2007 (Unaudited)

7,996,130

45,767,993

257,463

-

3,997,871

58,019,457


Nitin Dattani

Executive Director

December 20, 2008

 

INTERIM CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30th September 2008



2008

Unaudited

2007

Unaudited


$

$

 Operating activities 



 Profit before tax from continuing operations 

1,106,280

365,223

 Adjustments to reconcile profit before tax to net cash flows 



 Depreciation and impairment of property, plant and equipment 

12,494

5,188 

 Share based payments expense

407,588

-

 (Increase)/decrease in fair value of investment properties 

(1,623,023)

1,762

 Net gain on sale of investments 

(22,574)

  (7,742)

 Dividend income 

(236,370)

(852,440)

(Increase)/decrease in fair value of investment

55,764

-

 Interest Income 

(354,955)

 (308,384)

 Interest expense

449,521

  33,355 

(Increase)/decrease in other assets (non-current)

(7,375)

( 64,515)

 (Increase)/decrease in prepayments (current)

(2,673)

  (49,387)

(Increase)/ decrease in trade and other receivables

(556,242)

  (330,272)

 Increase/(decrease) in trade and other payables 

(1,586,001)

677,008

 Increase/(decrease) in other liabilities current

(81,544)

137,822 

 Increase/(decrease) in other liabilities non current

322,629

(47,471)

 Income tax paid 

(10,774)

  (2,794)

 Net cash flows used in operating activities 

(2,127,255)

  (442,647)




 Investing activities 



 Proceeds from sale of held-for-trading investments 

8,925,341

44,283,251  

 Purchase of property, plant and equipment & intangible assets

(23,977)

  (52,107)

 Purchase of held-for-trading investments

(264,509)

 (38,832,937)

 (Increase)/decrease in prepayments

(2,612,179)

  39,995

 Increase/(decrease) in trade & other payables relating to construction costs

(339,596)

   -

 Investment in construction costs

(2,249,136)

  (6,574,828)

 Dividend income

236,370

852,440

 Interest received

354,955

308,384  

 Net cash flows from investing activities

4,027,269

24,198




 Financing activities


 

 Proceeds from issue of shares 

-

12,092,865 

 Transaction costs of issue of shares

-

  (393,883)

 Proceeds from borrowings

702,235

-

 Repayment of loan

(994,834)

-

 Interest paid

(449,521)

  (33,355)

 Net cash flows (used in)/from financing activities

(742,120)

11,665,627 

 Net increase/(decrease) in cash and cash equivalents

1,157,894

11,247,178

 Net foreign exchange difference

(2,159,540)

  255,866 

Cash and cash equivalents at 31st March 2008

13,320,738

7,831,087

Cash and cash equivalents at 30th September

12,319,092

  19,334,131  



Nitin Dattani

Executive Director

December 20, 2008





NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30th September 2008

 

1.    Corporate information


The interim condensed consolidated financial statements of the Group for the six months ended 30th September 2008 were authorised for issue in accordance with a resolution of the directors on 20th December 2008.


West Pioneer Properties Limited is a limited company, incorporated on 5th September 2006 and domiciled in the British Virgin Islands, whose shares are publicly traded on the Alternative Investment Market (AIM) of the London Stock Exchange. Winmore Investments Limited is the holding company of the Company.


The Company has the following wholly owned subsidiary companies



 Country of incorporation

West Brick Investment Limited ('WBIL')

Mauritius

West Brick Properties Limited ('WBPL')

Mauritius

West Pioneer Properties (India) Private Limited ('WPPIPL')

India

Westfield Entertainment Private Limited ('WEPL')

India


The Company, WBIL and WBPL are investment holding companies, having no other business activities. WPPIPL and WEPL are involved in the construction and managing of shopping malls in India.


2.    Basis of preparation and accounting policies


Basis of preparation


The interim condensed consolidated financial statements for the six months ended 30th September 2008 have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union.


The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31st March 2008.


Significant accounting policies


The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31st March 2008 except for the adoption of IFRS 2 Share-based payment, on account of the issue of equity settled share options issued to the employees during the period. The accounting policy adopted by the Group in respect of these options is as noted below:


IFRS 2 Share-based Payment


Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments ('equity-settled transactions').


Equity-settled transactions


The cost of equity-settled transactions with employees, is measured by reference to the fair value at the date on which they are granted. The fair value is determined using an appropriate pricing model, further details of which are given in Note 17.


The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award ('the vesting date'). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.


No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance and/or service conditions are satisfied.


Where the terms of an equity-settled award are modified, the minimum expense recognised is the expense as if the terms had not been modified. An additional expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification.


Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.


The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share.


3.    Seasonality of operations


The Group is engaged in the construction and operation of shopping malls and generates revenue in the form of lease rentals which are not seasonal in nature.


4.    Cash and cash equivalents                


For the purpose of the interim consolidated cash flow statement, cash and cash equivalents comprise the following



30th September


2008

2007


Unaudited


$

$

 Bank balances

9,017,869

273,368

 Short term deposits

3,301,223

19,060,763

Total

12,319,092

19,334,131


  5.    Finance and other income


Finance and other income during the period ended 30th September 2008 comprises:



30th September


2008

2007


Unaudited


$

$




Finance and other income



Dividend earned on investments 

236,370

852,440

Profit on sale of investments (net of loss)

22,574

7,742

Bank interest

354,955

308,383

Other Income

14,699

1,275


628,598

1,169,840


6.    Finance costs 


Finance costs during the period ended 30th September 2008 comprises:



30th September


2008

2007


Unaudited


$

$




Bank interest on borrowings

449,521

33,355

Change in fair value of investments

55,764

-


505,285

33,355


7.    Income taxes


The major components of the income tax expense in the interim consolidated income statement, arising from the operations of WPPIPL and WEPL which are subject to the Indian Income Tax Act, are:



30th September


2008

2007


Unaudited


$

$

Current income tax



Current income tax charge

18,726

4,887

Deferred income tax



Relating to origination and reversal of temporary differences

709,040

-

Income tax expense

727,766

4,887




8.    Earnings per share


Basic earning per share amount is calculated by dividing net profit/ (loss) after tax for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the six months.


The following reflects the income and share data used in the earning per share computations for six months ended on



30th September


2008

2007


Unaudited


$

$

Profit attributable to equity holders

378,514

360,336

Number of shares :



Weighted average number of shares for basic earnings per share

79,961,298

76,853,592

Effect of dilution

177,800

-   

Weighted average number of shares adjusted for the effect of dilution

80,139,098

76,853,592




Basic earning per share

0.005

0.005

Diluted earning per share

0.005

0.005


9.    Segmental reporting


As mentioned above, the Company, WBIL and WBPL are investment holding companies. The Company's two subsidiaries in India, WPPIPL and WEPL are involved in the construction of shopping malls and leasing commercial space therein.


The Group is primarily engaged in a single segment business of constructing and managing malls and accordingly this is the only primary reportable segment.


The Group operates only within India and has only one geographical segment.


10.    Property, plant and equipment


The reduction in Property, Plant and Equipment at 31st March 2008 as compared to 30th September 2007 is attributable to the capitalisation of the group's investment property at Kalyan in Mumbai during the six months period ended 31st March 2008.


During the six months ended 30th September 2008, there was an increase in capital work in progress on account of the ongoing construction of the Group's properties in India aggregating $ 2,471,617 (2007: $ 6,767,055).


WPPIPL has contractual commitments amounting to $ 2,848,754 (31st March 2008 - $ 4,487,989) towards construction and for the acquisition of property, plant and equipment for the projects under construction.


11.    Investment Property


The increase in the investment property from $ Nil at 30th September 2007 to $ 29.6 million at 31st March 2008 represents the capitalization of the property during the period and the revaluation gain booked on the property on 31st March 2008.

At the reporting date, the carrying value of the mall at Kalyan in Mumbai was assessed by the directors to be $ 26.4 million (equivalent to Rs. 1,250 million) as against the carrying value of $ 29.6 million (equivalent to Rs. 1,180 million) at 31st March 2008. The gain of $ 1,623,023 (equivalent to Rs 70 million) has been recorded in the consolidated income statement for the six month period ended September 30, 2008.

 

Notwithstanding this gain in the valuation of investment property indicated above, have been offset by the reduction in the value of this property in Dollar terms from $ 29.6 million to $ 26.4 million is attributable the translation loss on account of the movement in exchange rate between the United States Dollar and the Indian Rupee during the six month period ended 30th September 2008.


12.    Held-for-trading investments



30th September 

31st March 


2008

 

2007

2008


Unaudited

Audited


$

 

$

$

Investment in Fixed Maturity Plans of Mutual funds

38,335

-

9,533,655

Investment in Liquid Plus Plans of Mutual funds

2,788,526

20,989,715

3,129,498


2,826,861

 

20,989,715

12,663,153


The above investments are held-for-trading investments with a maturity from one month to three months. However, the investments can be redeemed and liquidated at any point of time till maturity.


The above investments are valued at fair value through profit and loss account.


13.    Trade and other receivables



30th September 

31st March 


2008

2007

2008


Unaudited

Audited


$

$

$

Trade receivables

531,928

-

-

Accrued income

192,601

-


Other advances

34,349

537,567

202,639


758,878

537,567

202,639


 

  14.    Prepayments



30th September 

31st March 


2008

2007

2008


Unaudited

Audited


$

$

$

Non- Current




Prepayments

24,718,668

6,512,928

26,771,005


24,718,668

6,512,928

26,771,005





Current




Prepayments

46,985

96,594

44,312


46,985

96,594

44,312






24,765,653

6,609,522

26,815,317


During the six months ended 30th September 2008, prepayments have increased on account of a payment of $ 2.55 million (equivalent to Rs 111.50 million) for acquiring leasehold rights for an additional plot of land on which the Group's mall is being constructed. The Dollar value of prepayments has however, reduced as compared to 31st March 2008 on account of the depreciation of the Indian Rupee against the United States Dollar between 31st March 2008 and 30th September 2008.


15.    Reclassification of share capital of commonly controlled subsidiaries

 

The reclassification of share capital of commonly controlled subsidiaries represents the reclassification of the share capital of WPPIPL during the period ended 30th September 2007 and of WPPIPL and WEPL during the period ended 30th September 2008 to retained earnings. These companies being under common control of the Company have been consolidated under the pooling of interests method.


16.    Foreign currency translation


The foreign currency translation gain during the period ended 30th September 2007 of $ 3.35 million is on account of the appreciation of the Indian Rupee against the United States Dollar between 1st April 2007 and 30th September 2007. The exchange rates used as at 1st April 2007 and 30th September 2007 were INR 43.44 and INR 39.81 per USD, respectively (average rate INR 40.92 per USD).


Further, the foreign currency translation loss during the period ended September 30, 2008 of $ 9.79 million is on account of the depreciation of the Indian Rupee against the United States Dollar between 31st March 2008 and 30th September 2008. The exchange rates used as at 1st April 2008 and 30th September 2008 were INR 39.9 and INR 47.35 per USD, respectively (average rate INR 42.72 per USD).


17.    Share-based payment


On 1st April 2008, 635,000 options were granted to employees of the Group (including 440,000 options granted to key management personnel) under the Employee Stock Option Plan 2007 ('the Plan'). The exercise price of the options is 81 pence and the market price of the shares on the date of grant was 112.5 pence. As per the Plan, 25% of the options vest immediately on granting and of the balance 25% vest on 1st April 2009, 2010 and 2011, equally provided the related employee is in continuous employment with the company. 


The fair value of the options granted is estimated at the date of grant using Black Scholes model, taking into account the terms and conditions upon which the options were granted. The contractual life of each option granted is 10 years from the date of grant. There are no cash settlement options. The fair value of the options granted during the six months ended 30th September 2008 was estimated on the date of grant using the following assumptions:


Dividend yield (%)

0.90

Expected volatility (%)

61.00

Risk-free interest rate (%)

4.00

Expected life (years)

6


The amount of general and administrative expenses includes an amount of $ 407,588 arising from equity settled share based payment transactions during the six months period ended 30th September 2008.


18.    Commitment and Contingencies


a. Guarantees


The Company has not provided any guarantees.


b. Contingencies 


The Group does not have any contingencies outstanding at 30th September 2008 except for WPPIL which is mentioned below:


As indicated in the Group's annual financial statements for the year ended 31st March 2008, WPPIPL is contesting the claim brought by MIP Metro Group Intellectual Property Gmbh. & Co. KG ('MIP Metro') against the use of the name 'Metro Junction' for its projects and a damage claim of $ 42,241 (31st March 2008 - $ 50,125). The change in the amount of the damage claim is entirely on account on the change in exchange rates during the period. This matter is not expected to have a material adverse impact on the Group.

 

  19.    Related parties


The following table provides the total amount of transactions, which have been entered into with the related parties during the six months ended 30th September 2008 and also the outstanding balances as at 30th September 2008.


Related Party:

April to September 2008

April to September 2007


$

$

Transactions with parent company



a. Winmore Investments Limited



Consultancy fees 

   58,031

60,061 

Amount due to related party*

29,016 

Nil 




Transactions with other related parties



a. Hardcastle Restaurants Private Limited



Receipt of Rent and Reimbursement of expenses

93,771


Reimbursement of expenses by WPPIPL

3,511

-

Amount due to related party*

27,120

5,024 




b. Hardcastle & Waud Manufacturing Company Ltd.



Payment of lease rent for Kalyan land by WPPIPL

39,452

68,927

Amount due to related party*

261,306

282,638




c. Vishwas Investment & Trading Company Private Limited



Reimbursement of expenses 

8,731

4,099

Payment of office premises rent

54,443

33,514

Security deposit paid

-

27,079

Receipt of share application money 

-


Amount due from related party*

Nil

Nil




Transactions with key managerial personnel






Consultancy 



Payment against foreign Travel

14,605

-

Payment of Flat Rent

14,630

6,280

Payment of deposit for flat

-

21,979

Short-term employee benefits

74,983

141,323

Share based payments expense on options granted

160,068

  - 

Post - employment benefits

1,487

453

Amount due from related party*

Nil

Nil

*    Balances due to/from related parties relate to balances at September 30, 2008 and September 30, 2007 respectively.


20.    Subsequent events


On 21st October 2008, the parent company of the Company, Winmore Investments Private Limited has acquired 15,130 shares of the Company, representing 0.02% of the issued share capital of the company at an average price of ₤ 0.65 per share.






This information is provided by RNS
The company news service from the London Stock Exchange
 
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