to, sselimited, phiroze jeejheebhoy towers, dalal street
TRANSCRIPT
Date: 05th February, 2020 LANCORFUTURe-ReADY
To,
Corporate Relationship Department,SSE Limited,Phiroze Jeejheebhoy Towers,Dalal Street,Mumbal - 532370.Scrip Code: 509048
Dear Sir/Madam,
Sub: Outcome of the Board Meeting
In Continuation to the Notice of the Board Meeting dated 24th January, 2020,we wish to inform you that the meeting of the Board of Directors held todayi.e. 05th February, 2020, the Board in the meeting held today considered thefoilowing matters
i. Approval of the Unaudited Financial Results for the Quarter andNine Months Ended 31st December, 2019,
The Board inter - alia, considered and approved the Unaudited FinancialResults both S~andalone and Consolidated for the quarter and nine monthsended 315t December, 2019. The same was also reviewed by the AuditCommittee in its meeting held today.
We are herewith enclosing the copy of the Unaudited Financial Resultsalong with the Limited Review Report of the Statutory Auditors forStandalone and Consolidated Financial Results of the Company for thequarter and nine months ended 3pt December, 2019 as required underRegulation 33 of the SEBI (Listing Obligation and DisclosureRequirements) Regulations, 2015.
ii. Appointment of Mrs N.Nagalakshmi as the Additional Director ofthe Company
The Company has received consent and declaration form Mrs NNagalakshmi for appointing her as the Additional Director of the Company.The Board after detailed deliberation passed resolution for appointing heras the Additional Director of the Company taking into consideration therecommendation of the Nomination and Remuneration Committee forappointing her as the Additional Director of the Company in the meetingheld earlier in the day.
The Brief Profile of Mrs N.Nagalakshmi is enclosed herewith.
Lanc.orHoldings LimitedVTN Square. 2nd Floor. No.S8. (Old No.104) G.N. Chetty Road.T. Nagar. Chcnnai - 600017 +914428345880-831 www.lancor.inClN:- L6S921TN1985PLC049092 GSTIN:- 33AAACD2547C1ZA
For LANCOR HOLDINGS LIMITED
<¢~~~~Company Secetary & CompIiInCe 0IIIcIr
Mem. No. A32958
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TIle meeting of the Board of Directors of the Company 1AIICOR11:00 A.M and concluded at 05:15 P.M. F U T U R E - REA D Y
Request you to kindly take the same on record as required under theprovisions of the above captioned Regulation.
thanking You,
For LANCOR HOLDINGS LIMITED
~~~~~B.VIGNESH RAMCOMPANY SECRETARY & COMPLIANCE OFFICER
Yours Faithfully,
Uft<Or HokUng:l Limitedvm Squ~(". 2nd Floor, No.S8, (Old NO.104) G.N. Chetty Road,1~"'.ol9"'"CneoNI - 600017 +91 44 28345880-831 www.lancor.lnC1N:-L.6S.?211N1985PlC049092 GSTIN:- 33AAACD254 7C1ZA
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LANCORFUTURR:-READY
BRIEF PROFILE OF MRS. N.NAGALAKSHMI
Mrs N Nagalakshmi is a Chartered Accountant and having core competency inthe areas of Finance, Accounting, Taxation and Project Management for morethan two decades. She has worked in wide range of Industries across thecountry. Presently, Mrs. Nagalakshmi is the Parter of Mis. Curiokidz.
For LANCOR HOLDINGS LIMITED
\b~~~~~Company Secretary & Comptiance Officer
Mem. No. A32958
un(.O( HoJdlngs LimitedVTrI SQu,':Hf:. 2nd Floor, No.58, (Old No.1 04) G.N. (hetty Road,T. r~ gilt. Chennal - 600017 ..91 4428345880-831 www.lancor.in(IN.- L65921 TN 1985PL(049092 GST1N:-33AAA(D2547(1 ZA
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NAYAN PARIKH & CO.(REGISTERED)
CHARTERED ACCOUNTANTS
OFFICE NO.9. 2·· FLOOR. JAIN CHAMBERS. 577. S.V. ROAD. BAN ORA (WEST). MVMBAI 400050. INDIA.
PHONE' (91·22) 2640 0358. 26400359Independent Auditor's Review Report on unaudited consolidated financial resultsfor the quarter and nine months ended on December 31, 2019 of Lancer Holdings
Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015
ToThe Board of DirectorsLancor Holdings LimitedChennai
I. We have reviewed the accompanying statement of unaudited Consolidated financialresults ("the statement") of Lancer Holdings Limited ("the Parent") and itssubsidiaries (the parent and its subsidiaries together referred to "the Group") for thequarter and nine months ended December 31, 2019, being submitted by the Parentpursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015, as amended.
This Statement, which is the responsibility of the Parent's management and approvedby the Parent's Board of Directors, has been prepared in accordance with therecognition and measurement principles laid down in Indian Accounting Standard 34
"Interim Financial Reporting" ("Ind AS 34") prescribed under Section I33 of theCompanies Act, 20 I3 ("the Act") read with the relevant rules issued thereunder andother accounting principles generally accepted in India. Our responsibility is toexpress a conclusion on the statement based on our review.
We also performed procedures in accordance with the circular issued by the SEBIunder Regulation 33(8) of the SEBI (Listing Obligation and Disclosures
Requirements) Regulations 2015, as amended, to the extent applicable.
2. We conducted our review in accordance with the Standards on Review Engagements(SRE 24 I0) "Review of Interim Financial Information performed by the IndependentAuditor of the Entity", issued by the Institute of Chartered Accountants of India. Areview of interim financial information consists of making inquiries, primarily ofpersons responsible for financial and accounting matters, and applying analytical andother review procedures. A review is substantially less in scope than an auditconducted in accordance with Standards on Auditing and consequently docs notenable US to obtain assurance that we would become aware of all significant mattersthat might be identified in an audit. Accordingly, we do not express an audit opinion
NAYAN PARIKH &. CO.
3. The statement includes the Standalone financial results of the following entities:
S. No. Name of the EntitiesSubsidiaries
I Lancer Maintenance & Services Lim ited2 Lancor Egatoor Developments Limited"3 Lancor South Chennai Developments Limited"
Partnership firm4 Central Park West Venture
"The accounts of the subsidiaries were consolidated with the Holding Company tillthe date of statement of accounts filed with the Registrar of Companies.
4. Based on our review conducted and procedures performed as stated in paragraph 2
above and based on the consideration of the review reports of the other auditorsreferred to in paragraph 6 below, nothing has come to our anent ion that causes us tobelieve that the accompanying Statement, prepared in accordance with therecognition and measurement principles laid down in the aforesaid Indian Accounting
Standard and other accounting principles generally accepted in India, has notdisclosed the information required to be disclosed in terms of Regulation 33 of theSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, asamended, including the manner in which it is required to be disclosed, or that it
contains any material misstatement.
Emphasis of Matter5. We draw your anent ion to
a) Note no. 4 regarding pending litigation relating to one of the commercial
properties accounted as investment property having carrying value of Rs.
3,260.87 lakhs.
b) Note no. 5 to the unaudited consolidated financial results relating to
circumstances which have been considered for determining the period forcapitalization of borrowing cost.
Our conclusion is not modified in respect of these matters.
6. We did not review the unaudited Standalone financial results of two subsidiariesincluded in the statement, whose unaudited standalone financial results reflect total
revenue of Rs. 135.70 lakhs and total profit! (loss) of Rs.9.90 lakhs, totalcomprehensive income of Rs. 9.90 lakhs for the quarter ended December 31, 2019and for the period from April 1,2019 to December 31, 2019, respectively, as
~
~«r..
NAYAN PARIKH & CO.considered in the unaudited consolidated financial results. This unaudited standalonefinancial results have been reviewed by other auditors whose report have beenfurnished to us by the Management and our conclusion on the Statement, in so far asit relates to the amounts and disclosures included in respect of these subsidiaries isbased solely on the reports of such other auditors and the procedures performed by usas stated in paragraph 2 above. Our conclusion on the statement is not modified inrespect of the above matter.
7. The unaudited consolidated financial results include the standalone financial resultsof two of the subsidiaries which have not been reviewed/audited whose standalonefinancial results reflect total revenue of Rs. Nil, total net loss after tax of Rs. 5.41lakhs for the period from April I, 2019 to October 31, 20 I9, respectively asconsidered in the unaudited consolidated financial results. According to theinformation and explanations given to us by the Management, the standalonefinancial results are not material to the Group.
Our Conclusion on the statement is not modified in respect of the above matter.
Place: ChennaiDated this Soh of February, 2020
•
LANCOR
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For LANCOI r I'
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,
Lancor HoldlngJ LimitedVTN Square, 2nd Floor, No.58, (Old No.1 04) G.N. Chetty Road,T. Nagar, Chennal - 600017 +91 44 28345880-831 www.lancor.inClN:- L6S921TNI 98SPLC049092 GSTlN:- 33AAAC02S47CI ZA
for ~ndon beNIII olin. 80arf ef 01,.,01. f
~o.\~ ~
NAYAN PARIKH & CO.(REGISTEREO)
CHARTERED ACCOUNTANTS
OFFICE NO.9. Z·· FLOOR. JAIN CHAM8ERS. S77. S.V. ROAD. 8ANDRA (WEST). MUM8AI 400050. INDIA.
PHONE: (91·U) 26400358. 26400359Independent Auditor'S Review Report on unaudited standalone financial results forthe quarter and nine months ended December 31, 2019 of Lancor Holdings Limited
pursuant to tbe Regulation 33 oftbe SEBI (Listing Obligations and DisclosureRequirements) Regulations, 201S
ToThe Board of DirectorsLancor Holdings LimitedChennai
I. We have reviewed the accompanying statement of unaudited standalone financial
results ("the Statement") of Lancor Holdings Limited ("the Company") for the
quarter and nine months ended December 31, 2019, being submitted by theCompany pursuant to the requirement of Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015, as amended.
2. This Statement, which is the responsibility of the Company's management and hasbeen approved by the Board of Directors, has been prepared in accordance with therecognition and measurement principles laid down in Indian Accounting Standard 34'Interim Financial Reporting' ("[nd AS 34") prescribed under Section 133 of The
Companies Act, 2013 read with the relevant rules issued thereunder and otheraccounting principles generally accepted in India. Our responsibility is to express aconclusive statement based on our review.
3. We conducted our review in accordance with Standard on Review Engagement (SRE)2410, "Review 0/ interim Financial In/ormation Performed by the IndependentAuditor of the Entity" issued by the Institute of Chartered Accountants of India. Thisstandard requires that we plan and perform the review to obtain moderate assuranceas to whether the financial statements are free of material misstatement. A review is
limited primarily to inquiries of the Company personnel and analytical proceduresapplied to financial data and thus provides less assurance than an audit. We have notperformed an audit and accordingly, we do not express an audit opinion.
4. Based on our review conducted as stated above, nothing has come to our attentionthat causes us to believe that the accompanying statement prepared in accordancewith the recognition and measurement principles laid down in the aforesaid IndianAccounting Standards and other accounting principles generally accepted in India,
has not disclosed the information required to be disclosed in terms of Regulation 33of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, asamended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
NAYAN PARIKH & CO.
Emphasis of Matter
5. We draw your attention toa) Note no. 4 regarding pending litigation relating to one of the commercial
properties accounted as investment property having carrying value of Rs.
3,260.87 lakhsb) Note no. 5 to the unaudited standalone financial results relating to
circumstances which have been considered for determining the period for
capitalization of borrowing cost.
Our conclusion is not modified in respect of these matters.
Place: ChennaiDated this 5th of February, 2020
/
LANCORF'UT\..!RE RIEADy
_l'ENDED' IIt.>.tt I,
(RS. IN lAKHS)
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SIG.BY
IDENTIFICATION
lancor Holdings LimitedVTN Square. 2nd Floor, No.58, (Old No.l04) G.N. Chetty Road,T. Nagar, Chennai ·600017 +91 44 28345880·831 www.lancor.in(IN:· L65921TN198SPLC049092 GSTIN;- 33AAACD1547C1ZA
For LANCOR HOLDINGS LIMITED
\\e.\~ ~'MALl.IKA"""I
MANAGING DIRECTOR
LANCOR..Not,,:, TM above result' wert reviewed bv 11'1,Audll CornmiUte and Il)prOYld by tne Boata of O.rectol'1 at their respective mletlngs he'" on flbruary
$, 2020. The stltUlory auditors hive C41medoullh. hlled review ot lMeresults for the quartor ,nd ninl tnOl'lths ended o.cember 31. 2019
2 Thue resuks hWt Deen ~reclin accordance ...... indian ·CCOI .. "" Stand..,. {1.AdAS) pr.wtbecI under se<U)n 133 cllM Compan.e,Ad, 2013 and oc..., ~ ~ pr.a1lCM end poIQe$ to.,.. ment ~bIt
3 AI pei'mltleo by the paragtaph " of IN I""ian Accounting SI,nd.td (Inc:! AS 108). ~bng seg.,...... It. WIgle tinanoa.I (1tj)Oft eontatnf boC'Iconsolidated tin'l'ICI.1 statementa and lepalate IiNnell' $Iatement, ot 1M ho1d1t19Comp.ny. segmtnt ,nfOl'l'Nhon need to ~ ~t$enltd only onthe blsls of con,QItd.te<l financ:i.1 ttllcmenl$ Y'hetftfOre, "Itvin, dllCk)sures ar, mad. In the consolidated nnancialatll.me.nts
.. .,. rHped dIM ongor.ng 1eg,1 mailer rtiating 10 me COfmIeIQaJ Property -Menon EIemIty, the Comp.e.n)' has .pptOacht<S 'hi Hon ole $opfe-rneeo.... by IiIO'>g • ._.. Ie ..... _ and'" mal.., pencir>g
5 The ,lowdown In property devtiopment ad VIly on some Plf1 of plOl of land 11 $(IPtNntbudur&GuCfU'l.nchetyand '1$0 ctfOp In clentanCf 5conSidered as pin 0' operating cycl, In the real "llle sector. A«4rdtngly the borrOWIng cosllncorT'd Cfutlng $ue.h period on enure prOJKlISelpi.,'lltCf The m.nagement 1$of tne Opinion tnat. nlvlng con,ldered various f"teo'" ,*111Ingto dc....tt>pmenllncIU<llng proparatocy wOlk c.rnedout tor tn.tended d'vttopment .net mat1(ot valle of prope.rty net tf'a llblt value in tiM of projectS undtft.k.en tor dlvtlopmonl WOUld Of n'o",r1hInb book va'" The au<IiiIOr$tMtG upon t!'\aI~lI.s ~
S 0'1 Septefr.b« 20 201' N Go d of tnoIiI Ns tSSUId T'JI.allOftSlaws (Amendmenf) OrGlnlnce 2019. w.ctI p«Mdes dome:Wcomp~,es Of'- opllOn 10 pay cotpOralt' Ib It re<i1.lC4CJ'Ita .ned.....April 1.:2019 JUb,lCt 10 c.ttfian COf\4lltOl'll. Consldel'lt!O INI the ComPiny hasIIIl kJs.ses,unabsorbed depreciatIon Ind unU1ill$edbalance of MAT eNdll, the company It eurrenlty In tnt process of evaluibng t",s Option
P.artic:-uJ.a1'l """'., ...... HiM~~ Ye ... """'"lL12.20tt )Il.ot..20tt 3t 12.201. 3' 12101t 31. '2 2Ot, 310) 2'"Un01<M:S11 Nlodiloed .... n ; ............ AuClftttd
01"1' ope-talJng Itlcome '1 ~321 1 G33.21 G3G 19
SlONEBY TION
lancor Holdings limitedVTN Squar~ 2nd Floor, No.58, (Old No. 104) G.N Chetty Road.T. Nagar, Chennai ·600017 +9144 28345880·831 www.lancorinClN:'l65921TN1985PlC049092 GSTIN:· 33AAACD2547C1ZA