Indian Rest. Share Discussion Threads

[the big fella] 11/7/2008 09:10

NTV

You make some good points and to be honest at this juncture it makes little difference. There is clearly someone with a truck load of shares wanting out (can't blame them) that keeps lowering their sale limit. No takers so the price will keep falling. It requires the management to put their hands in their pocket and demonstrate they are committed to the success of this business.
If they honestly think that in this climate adding on a couple of units is price sensitive information they are tugging their own chains.
I have spoken with Amit a few times. My impression is he is a salesman but unfortunately with little substance.
I should have listened but hey life will go on.

[ntv] 11/7/2008 09:06

just doesn't add up does it

[ntv] 11/7/2008 09:05

look at the end of the recent interim a/c's they state liabilities aquired as
£679k
look at the rns statement in connection with the purchase and you will see it clearly states that nett liabilities aquired are £280k

[stuart14] 11/7/2008 08:16

Were the creditors not mentioned as part of the deal for the Mela Group?

[stuart14] 11/7/2008 08:11

I'll call Haresh today Will see what he says. I don't like their attitude to investors simple as that.

[ntv] 11/7/2008 07:39

stuart14
they might well have the cash in the bank but don't you think all those creditors need paying
now if you were a trade creditor you would want paying?
that absorbs all the cash does it not?
when the businesses were run before they had hardly any,creditors, so why now?

there was no goodwill on the proforma balance sheet and that was just a few months ago
that was approved by all the various parties was it not?
why don't you want to speak amit again?

[stuart14] 11/7/2008 07:29

NTV, Amit is now on holiday for 2 weeks, after my conversation with him yesterday i don't think we'll be speaking for a while. Maybe someone else can call Haresh up, see what he has to say.

They still have the £2.3 million in cash, but i agree for the turnover the debt they took on seems high

[tenapen] 11/7/2008 06:36

Important questions NTV keep going.

[brasso3] 10/7/2008 23:06

NTV

You sound desperate! Get a life!

[ntv] 10/7/2008 21:46

how can a proforma balnce sheet be so different from the latest one?

[ntv] 10/7/2008 21:42

directors salaries eating at the rate of over £350k per annum, mkt cap£770k

[ntv] 10/7/2008 21:36

are they defeered consideration payments?
where did £3m worth of goodwill come from?
ok £2.8m

[ntv] 10/7/2008 21:33

stuart14/tbf/cc
look at the comparible balance sheets
plse explain how the trade and payables have risen so much?

[ntv] 10/7/2008 21:20

the interim balance sheet is nothing like the proforma?
why?

[ntv] 10/7/2008 21:19

trade payables have increased by 80%
how?

[ntv] 10/7/2008 21:18

check out the proforma balance sheet on page 72 of intial doc
where have all our assets gone?

[ntv] 10/7/2008 20:44

what are other payables in a resturant business?
£2.8m of what?

[ntv] 10/7/2008 20:43

now strip out the goodwill for the business
ask yourself
would you pay £1m pounds each of these outlets
you don't own the freehold and you have to take on the debt as well

now you stripped out the goodwill you will see a totally different balance sheet

a business with huge debts which we as share holders paid £100,000 for plus diluting amout of shares for an initial £1.38m was it not?
now you can see what iam banging on about and how we got screwed
that is why the share price is so low

how can a resturant business with just 3 outlets have £2.8m in trade debt
thats an awful lot food and new cutlery that has been purchased!
what else is in there?
there is no break down
ask yourself why?

[ntv] 10/7/2008 20:19

the above contains factual imformation taken only from the RNS announcements


now

if you take out the cash which was in ios which was approx £2.4m
you will get balance sheet that looks rather like this

goodwill £2.803m
ppe £497,000
total £3.203m

inentories £24,000
trade and receiables £374,000

total current assets £398,000

liabilities
trade and other paybles (£2.871m)
obligations under finance (£55,000)

total liabilities (£2.926m)

[ntv] 10/7/2008 20:07

The Vendors have given an indemnity that the net liabilities of the Mela Group
at Completion will not exceed £280,000.

[ntv] 10/7/2008 19:29

interims

ASSETS
Non-current assets
Goodwill 4 2,803 - -
Property, plant and equipment 497 - -

3,300 - -
Current assets - -
Inventories 24 - -
Trade and other receivables 374 28 29
Cash and cash equivalents 2,267 2,625 2,537

2,665 2,653 2,566
LIABILITIES
Current liabilities
Trade and other payables (2,871) (142) (142)
Obligations under finance (55) - -
leases

2,926 (142) (142)

Net current assets 3,039 2,511 2,424

Non-current liabilities
Obligations under finance - - -
leases

NET ASSETS 3,039 2,511 2,424

[ntv] 10/7/2008 18:45

finals

Indian Restaurants Group Plc
Balance sheet as at 30 September 2007

2007
2006
£
£

Fixed assets
Tangible assets -
1,141
____________
____________
-
1,141

Current assets
Debtors 28,660
24,404
Cash at bank and in hand 2,537,590
2,800,000
____________
____________
2,566,250
2,824,404

Creditors:
amounts falling due within one year (142,381)
(186,777)
____________
____________
Net current assets 2,423,869
2,637,627
____________
____________
Net assets 2,423,869
2,638,768
____________
____________

Capital and reserves
Called up share capital 947,917
947,917
Share premium account 2,990,775
2,990,775
Profit and loss account (1,514,823)
(1,299,924)
____________
____________
Shareholders' funds 2,423,869

[johnma] 10/7/2008 16:43

Big Brian - we are all still in an holding in pain. What a lot of people forget a year ago there were two funds had over 1 million shares who sold out to our guys.

Check for the holding in Company RNS.