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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » HDEV Serious loss

HDEV Serious loss

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1HDEV Serious loss Empty HDEV Serious loss Thu Oct 27, 2011 7:55 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/2191319697452_.pdf

2HDEV Serious loss Empty Re: HDEV Serious loss Thu Oct 27, 2011 10:18 pm

mark

mark
Expert
Expert
@rijayasooriya wrote:http://www.cse.lk/cmt/upload_cse_announcements/2191319697452_.pdf

they may come up with a right issue Rolling Eyes

3HDEV Serious loss Empty Re: HDEV Serious loss Fri Oct 28, 2011 12:16 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Anyone know reason for this loss?

4HDEV Serious loss Empty Re: HDEV Serious loss Tue Nov 01, 2011 11:54 pm

mark

mark
Expert
Expert
@rijayasooriya wrote:Anyone know reason for this loss?

they have given the measures to recoup the losses,but not the way how the lost,i think its totally operational loss..

last financials

http://www.cse.lk/cmt/upload_report_file/542_1313748614536.pdf


*The company had obtained loans from the Government of Sri Lanka to settle the above. Interest is payable to the Government of Sri Lanka, as per the settlement agreement dated 28th June 1995 at the average treasury bill rate on 30th June each year. As per the letter issued by the Ministry of Finance if the interest is not paid on due dates, it will be added to the capital outstanding. The Government may at any time require the company to convert the balance of any amount due to the Government into ordinary shares, as stated in the settlement agreement.

*Pending Litigations as at the Balance Sheet Date
-see financials

*Going Concern
These financial statements have been prepared on the assumption that the company is a going concern i.e. as continuing in operation for the foreseeable future. It is therefore assumed that the company has neither the intention nor the necessity of liquidating or of curtailing materially the scale of its operation. The Government of Sri Lanka (GoSL) has opposed the winding up action in the District Court with Attorney General appearing for the GoSL (DC Colombo Case No.217/Co). There is also provision in the settlement agreement which states that the GoSL may convert the outstanding loan of Rs.10,198,305,000 into equity at any time after July 1997 and such a course of action will prevent erosion of the stated capital. Further, the GoSL has not made any claim on the loan to date.Taking such into consideration, the directors have assessed and are confident that the company will be able to continue its operations for the foreseeable future; hence adoption of the going concern assumption in preparation of these financial statements is considered appropriate.

5HDEV Serious loss Empty Re: HDEV Serious loss Wed Nov 02, 2011 12:01 am

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@mark wrote:
@rijayasooriya wrote:Anyone know reason for this loss?

they have given the measures to recoup the losses,but not the way how the lost,i think its totally operational loss..

last financials

http://www.cse.lk/cmt/upload_report_file/542_1313748614536.pdf


*The company had obtained loans from the Government of Sri Lanka to settle the above. Interest is payable to the Government of Sri Lanka, as per the settlement agreement dated 28th June 1995 at the average treasury bill rate on 30th June each year. As per the letter issued by the Ministry of Finance if the interest is not paid on due dates, it will be added to the capital outstanding. The Government may at any time require the company to convert the balance of any amount due to the Government into ordinary shares, as stated in the settlement agreement.

*Pending Litigations as at the Balance Sheet Date
-see financials

*Going Concern
These financial statements have been prepared on the assumption that the company is a going concern i.e. as continuing in operation for the foreseeable future. It is therefore assumed that the company has neither the intention nor the necessity of liquidating or of curtailing materially the scale of its operation. The Government of Sri Lanka (GoSL) has opposed the winding up action in the District Court with Attorney General appearing for the GoSL (DC Colombo Case No.217/Co). There is also provision in the settlement agreement which states that the GoSL may convert the outstanding loan of Rs.10,198,305,000 into equity at any time after July 1997 and such a course of action will prevent erosion of the stated capital. Further, the GoSL has not made any claim on the loan to date.Taking such into consideration, the directors have assessed and are confident that the company will be able to continue its operations for the foreseeable future; hence adoption of the going concern assumption in preparation of these financial statements is considered appropriate.
Thanks.

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