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1^1 A.

sh Larva

'Annual.

eport
C w U / " U D
ASHIANA HOUSING LTD.

Ashiana

ITM

Nurturing Smiles

Our Current Projects

UTSAV*
ASHIANA

BHIWADI

JAIPUR & LAVASA

GREENWOOD
[WOOD

JMidlands
W<
JAMSHEDPUR

14000 -[
12000
10000 H
8000
6000
4000
2000 H
0

Consolidated Total Income (Rs.in lacs)


13345.10

5568.71
3921.22

2006

2007

2008

Consolidated Net Profit (Rs.in lacs) 3 3 ^ 5 ^

2006

2007

2008

Dividend (Rs.in lacs)

2006

2007

Achievements during the year 2007-08


Particulars
Total Income
Net Profit
EPS
Shareholder's Fund
Dividend

2008

(Rs. in Lacs)

2007-08

2006-07

13345.10

5568.71

140

3865.08

944.67
5.04

309
309

3234.05

109
110

20.63
6776.77
281.04

Change(%)

133.83

Handing over of flats for the second and third phases of Ashiana Utsavat Bhiwadi.
Handing over of flats of Ashiana G r e e n w o o d at N e e m r a n a .
Ashiana Treehouse - Hotel & C l u b , a 50 r o o m boutique business hotel in Bhiwadi has become
operational.
Launch of Ashiana G r e e n w o o d , a premium residential project in Jaipur offering 2 0 0 units to the
public.
Launch of Ashiana A m a r b a g h offering aesthetically built 3 4 9 villas in Jodhpur.

Our Vision
To nurture an environment which brings a smile of
satisfaction to people who meet us, who live in
homes built by us, work with us, supply to us &
invest in us.

Our Mission
To develop & maintain homes which are functional,
aesthetically pleasing, environment friendly for the
middle income g r o u p .
To create retirement communities where senior

Our Values

citizens can lead active, fun filled, secure life with

Happiness all a r o u n d
Importance to all in the organization

dignity.

Freedom to work & Speak


Being able to make a mistake

Our Mantra:
Professionalism with a personal iouch because, at
our heart lie, not statistics figures or numbers, nor
stone,

brick or c o n c r e t e / but our people: the

Ashiana family.

Family like working environment


G o o d inter personal relationship
Customer oriented a p p r o a c h
Passion for quality
Continuous improvement
Honesty in c o m m i t m e n t
Delivery in time
Softness in behavior .
After sale service
Adaptability to change
Transparency
Honesty
Sharing information regularly
Self-belief

CONTENTS
Ashiana Housing Ltd.

Page No.

Ashiana Retirement Villages Ltd.

Page N o .

Notice
Director's Report
Management Discussion &
Analysis Report
Report on Corporate Governance
Corporate Governance Certificate
Auditor's Report
Balance Sheet
Profit & Loss Accounts
Schedule to the Accounts
Balance Sheet Abstract
Cash Flow Statement
Statement Pursuant to Sec.
212 of the Com. Act, 1956

1-4
5-7

Director's Report
Auditor's Report
Balance Sheet
Profit & Loss Accounts
Schedu le to the Accou nts
Balance Sheet Abstract
Cash Flow Statement

49
50-51
52
53
54-62
63
64

7-9
10-14
15
16-18
19
20
21-31
32
33
34

Vatika Marketing Ltd.


Director's Report
Auditor's Report
Balance Sheet
Profit & Loss Accounts
Schedule to the Accounts
Balance Sheet Abstract
Cash Flow Statement

35
36-37
38
39
40-46
47
48

Ashiana Housing Ltd.


Consolidated Accounts
Auditor's Report
Balance Sheet
Profit & Loss Accou nts
Schedule to the Accounts
Balance Sheet Abstract
Cash Flow Statement

C o m p a n y Secretary

Bhagwan Kumar

Auditors

M/s. B. Chhawchharia & C o . K - 3 / 2 7 , DLF City,


Phase-ll, G u r g a o n , Haryana - 122 0 0 2

Registered Office

5F Everest 4 6 / c , Chowringhee Road

65
66
67
68-76
77
78

Kolkata - 7 0 0 0 7 1
H e a d Office

3 0 4 , Southern Park, Saket Disst. Centre, Saket,


New Delhi - 1 1 0 0 1 7 , Ph: {011) 4 2 6 5 4 2 6 5
Fax: (011) 4 2 6 5 4 2 0 0

Bankers

HDFC Bank Ltd., State Bank of Bikaner & Jaipur


Punjab National Bank, Bank of Baroda

Website

www.ashianahousing.com

Registrar &

M/s. Beetal Financial & C o m p u t e r Services Pvt. Ltd.


Beetal House, 9 9 , Madangir, Behind Local Shopping Centre
Near Dada Harsukh Dass Mandir, New Delhi - 1 1 0 0 6 2
Ph: (011) 2 9 9 6 1281 - 8 2 , Fax: (011) 2 9 9 6 1 2 8 4

Share Transfer Agent

OM PRAKASH GUPTA is a Civil Engineer, from the renowned BITS, Pilani ('69 batch) and has a
Masters from Louisiana State University (USA). A true entrepreneur who is also a visionary, he
charted the growth of the company from Patna to Jamshedpur, Delhi NCR (Bhiwadi, Ghaziabad,
Greater Noida and Gurgaon) and now to Jaipur, Jodhpur, Lucknow and Lavpsa. His vision brought
Bhiwadi into the limelight, and he pioneered the concept of professional maintenance of mid-range
residential complexes in India. His dream project, Ashiana Utsav Retirement Resort, is yet another
pioneering idea.
Om Prakash Gupta (Managing Director)

ASHOK MATTOO is a Mechanical Engineer, has over 40 years of experience in project planning,
execution and administration. He has served in major organisations Border Roads, BHEL, and Tata
Steel. As Director, Town Services, Jamshedpur, and Chairman of the Jamshedpur Notified Area
Committee, he was responsible for the municipal services of Jamshedpur. He is also currently
treasurer of the Indian Olympic Association and Commonwealth Games 2 0 1 0 .

VISHAL GUPTA is a product of Sydenham College (Mumbai) and an MBA from FORE School of
Management (Delhi), Vishal Gupta is acknowledged for his in-depth understanding of the real
estate business, customer-psychology and market behaviour. He has a great eye for detail and takes
a keen interest in the conceptualizing and planning of new housing projects f^r the company.

Vishal Gupta (Joint Managing Director)


ANKURGUPTAisa Bachelor in Business Administration from FDU (USA) and an M.S. in Real Estate
from NYU (USA), Ankur Gupta focussed on residential projects for senior citizens during his
research work at University. His experience was put to good use at Utsav, and he is now looking after
Marketing forthe company.

Ankur Gupta (Whole Time Director)


VARUN GUPTA is a Bachelor in Science from Stern School of Business, NYU, Varun majored in
Finance and Management and graduated with the high academic distinction, 'Magna Cum Laude .
He then joined Citigroup in Commercial Mortgage Backed Securities where he was underwriting
commercial real estate. After a year and a half of this rich experience, he has joined Ashiana where
he is looking after Land and Finance.
1

Varun Gupta (Whole Time Director)

Board of Directors
Sonal Mattoo (Director): A law graduate from the National law school, Bangalore, is a practicing
lawyer with over seven years of experience. She is also a co-founder of a voluntary organisation
"Helping hands" which deals with the issues of women and senior citizens.

Sonal Mattoo (Director)

ABHISHEK DALMIA qualified as a Chartered Accountant in 1992 and started an investment


advisory business, The Renaissance Group. He is an independent director in Ashiana and adds to
the company's knowledge of the financial markets.

Abhishek Dolmio (Director)

LALIT KUMAR CHHAWCHHARIA , a commerce graduate, is a practicing consultant. He has


diversified experience of 35 years in various industries, he has been associated with Ashiana group
since its inception.

Message from Managing Director andJt. Managing Director


Greetings Shareowners

>

It is pleasure for us to share with you all the partners, the health of the C o m p a n y / Grjoup, health of the
Real Estate industry in India and future of your C o m p a n y as we can foresee it.

HEALTH OF THE COMPANY/GROUP

The group's turnover has grown from Rs. 5 1 . 1 5 crores to Rs. 1 2 6 . 2 9 crores a n d pre tax profit from
Rs. 1 0 . 8 6 Crores to Rs. 4 3 . 4 1 crores.

9 We are a debt free group.

The g r o u p works based on values and principles.

Customers, share-owners, employees a n d vendors are all treated with lot of respects

The g r o u p caters mainly to middle income g r o u p which is the largest segment of buyiers of Homes.

Continuously standardizing the construction design, material and construction practices to achieve a
i

better product at economical cost.

Conscious a b o u t environment. Treat sewerage and use treated water for g a r d e n i n g solid
(

is being converted to manure, water-harvesting torecharge the underground


w a t e r t a b l e , lot of tree plantation to improve the environment.

Training at all levels is a continuous process.

Ashiana is a Brand in its areas of operations and get better price than
most of other developers.

First C o m p a n y to bring retiral housing to India in a


planned manner. First retirement resort of
640families (a Rupees 1 0 0 Crore project) _
near Delhi is ready and operational.

Ashiana trains Engineers in commercia


aspects of business and develop them
also as Marketing Managers.

House keeping at sites and offices is


given very high importance.

G r o u p provides healthy living


conditions to laborers at sites &
primary school education to their
children with schools at sites.

waste

HEALTH OF THE INDUSTRY AS A

WHOLE IN THE COUNTRY

Actual user buyer has multiplied many fold as salaries have increased and interest rates had become
reasonable except in the last one year since interest rates have been increasing. The average age of the
buyer has c o m e d o w n to 3 0 - 3 5 years from 5 0 - 5 5 years in the last 10 years.
Quality architecture, conscious professional developers, new materials, new construction methods,
d e m a n d i n g customers, exposure to the world has already revolutionized the industry in the last 10 years
a n d next ten years will change the way India lives. The business is becoming more a n d more specialized

like Residential, C o m m e r c i a l , I.T., Retail, Multiplex, Retiral Housing, SEZ, Townships etc. Each

|*

developer is specializing in his areas of interest.

0.

Those real estate developers w h o are doing quality work, delivering in time and cost conscious have a
great future
as
customer
is
looking
for quality,
cost
and
on
time
delivery.
Post completion facility management at a right price is becoming more and more critical as customer
understands the importance of the same. G o o d developers are managing post construction either
directly o r t h r o u g h professional companies.
GROUPS OUTLOOK

AND

EFFORTS

You will be pleased to know that your g r o u p is doing most of these a n d adding more facilities as per the
market conditions. O u r customers have become our main sales force which is a heartening situation.
As the Hotel Industry is developing very fast in the region, the d e m a n d for quality hotel rooms with g o o d
infrastructure is increasing. The group's hotel cum club "The Tree House Hotel & Clubs" at Bhiwadi
(earlier called Ashiana Gymkhana) is picking up business very well.
ASHIANA UTSAV - Retirement Resort at Jaipur is under construction and construction of next one at
Lavasa (near Pune) should start in O c t 0 8 . As informed to you earlier, your company will take this
business all over India as the concept becomes popular.
Your company along with its subsidiaries is growing and we may assure you that your board will put in its
best efforts to make your company, which will always look after the interest of its stake holders in the
transparent and honest way with values and principles.
We w o u l d like to convey our hearfful thanks to all the shareowners for having maintained their faith in
the organization.
It is o u r pleasure and g o o d fortune to have such wonderful work force who has m a d e it possible for the
company to progress every year. We thank them all for living by the values and principles of the
organization and creating that happiness all around us. O u r customers, suppliers and consultants have
stood by us all the time a n d helped us achieve where we are. We w o u l d like to recognize their
contribution and thank them fortheir contribution.
We may assure you that we will keep on d o i n g o u r best at all times for making this company grow as a
well known household name.
With best wishes,
Om Prakash Gupta
(ManagingDirector)

Vishal Gupta
(Jt. MANAGING Director)

Sj|

ITM

Ashiana

ASHIANA HOUSING LIMITED


NOTICE
NOTICE is h e r e b y g i v e n t h a t t h e 2 2 n d ANNUAL
GENERAL MEETING of the m e m b e r s of M/S. ASHIANA
HOUSING LIMITED will be held on Thursday, the 18th
d a y of

September,

Kalamandir),

2 0 0 8 at 'Kalakunj' ( B a s e m e n t -

48,

Shakespeare

Kolkata-700 0 1 7 at

11.30 A . M .

Sarani,

to consider and

"RESOLVED THAT

pursuant to Sections 1 9 8 , 3 0 9 ,

3 1 0 & 3 1 6 ( 2 ) r e a d with S c h e d u l e X I I I a n d other


applicable provisions, if any, of the C o m p a n i e s Act,
1 9 5 6 or, a n y a m e n d m e n t or, modifications thereof
a n d after notifying all the directors then present in
India about the meeting a n d about the resolution,
by specific notice a n d subject to a p p r o v a l of t h e

transact the following business :

members

ORDINARY BUSINESS:

of the

C o m p a n y through

Ordinary

R e s o l u t i o n , consent of the Board of Directors be

1. To receive, consider a n d a d o p t the Audited B a l a n c e


S h e e t as at 3 1 s t M a r c h , 2 0 0 8 , t h e Profit & Loss
Account for the y e a r e n d e d on that d a t e a n d the
R e p o r t of t h e B o a r d of D i r e c t o r s ' a n d A u d i t o r s '
thereon.

and is hereby accorded unanimously to the


appointment

of

Mr. Varun G u p t a as W h o l e - t i m e

Director of the C o m p a n y for a period of three years


w.e.f. 1st July, 2 0 0 8 o n the following t e r m s a n d
conditions :

BASIC SALARY:

2. To d e c l a r e dividend.
3. To appoint a Director in place of Shri A s h o k K u m a r
M a t t o o , w h o retires by rotation a n d b e i n g eligible
for r e - a p p o i n t m e n t .
4. To a p p o i n t a Director in p l a c e of Shri A b h i s h e k
D a l m i a , w h o retires by rotation a n d being eligible
for r e - a p p o i n t m e n t .

R s . 1 , 5 0 , 0 0 0 / - per m o n t h .

HOUSING:
a) T h e expenditure incurred by the C o m p a n y on
hiring unfurnished a c c o m m o d a t i o n will be subject
to a ceiling of 60 p e r c e n t of the basic salary.
b) Free furnished a c c o m m o d a t i o n

5. To appoint Auditors a n d fix their r e m u n e r a t i o n .

in case the

a c c o m m o d a t i o n is o w n e d by t h e C o m p a n y .

SPECIAL BUSINESS:
6. APPOINTMENT OF SHRI.VARUN GUPTA AS
DIRECTOR

c) In c a s e no a c c o m m o d a t i o n is provided by the
C o m p a n y , e n t i t l e m e n t t o h o u s e rent a l l o w a n c e
subject to the ceiling laid d o w n in (a) a b o v e .

To consider a n d if thought fit, to p a s s with or without

T h e expenditure incurred b y the C o m p a n y o n g a s ,

modification(s),

electricity, W a t e r & furnishings will be v a l u e d as

the

following

resolution

as

Ordinary Resolution:

"RESOLVED THAT

per I n c o m e Tax R u l e s , 1 9 6 2 .
Shri V a r u n G u p t a , w h o w a s

PROVIDENT FUND:

appointed as an Additional Director under section


2 6 0 of the C o m p a n i e s Act, 1 9 5 6 by the B o a r d of

Contribution to the Provident F u n d as per rules of

Directors of t h e c o m p a n y a n d holds office upto

the C o m p a n y , subject to a ceiling of 1 2 % of Basic

t h e d a t e of this A n n u a l G e n e r a l M e e t i n g a n d in

Salary.

respect of w h o m the C o m p a n y has received a

SUPERANNUATION FUND:

notice from a m e m b e r proposing the candidature


of Shri V a r u n G u p t a for the office of Director under
section 2 5 7 o f the C o m p a n i e s Act, 1 9 5 6 , b e a n d
is h e r e b y appointed as a Director of the C o m p a n y ,
liable to retire by rotation.

7. APPOINTMENT OF SHRI VARUN GUPTA AS


WHOLE TIME DIRECTOR
To consider a n d if thought fit, to p a s s with or without
modification(s), the following resolution as an
Ordinary Resolution:

Contribution to s u p e r a n n u a t i o n fund as per rules


of t h e C o m p a n y subject to the condition that s u c h
contribution together with Provident F u n d shall not
e x c e e d 2 5 % o f basic salary a s laid d o w n u n d e r
the I n c o m e T a x R u l e s , 1 9 6 2 .
GRATUITY:
P a y a b l e as per rules of t h e C o m p a n y but not
e x c e e d i n g half month's salary for e a c h c o m p l e t e d
y e a r of service.

ITM

Ashiana

ASHIANA HOUSING LIMITED


MEDICAL REIMBURSEMENT:

NOTES:

E x p e n s e s actually incurred for self a n d family.

1.

A MEMBER ENTITLED TO ATTEND A N D VOTE AT


T H E MEETING IS ENTITLED TO APPOINT A
PROXY TO ATTEND AND VOTE INSTEAD OF
HIMSELF/HERSELF AND THE PROXY NEED NOT
BE A MEMBER OF THE COMPANY.

2.

Proxy form duly filled up a n d e x e c u t e d must be


received at t h e Registered Office of the C o m p a n y
not less than 48 hours before the time fixed for
the m e e t i n g .

3.

T h e relevant details of directors seeking


appointment/ re-appointment as required by
clause 49 of the Listing A g r e e m e n t e n t e r e d into
with the Stock E x c h a n g e a r e a n n e x e d .

4.

T h e Register of M e m b e r s and Share Transfer


Books shall remain closed from 1 1 S e p t e m b e r ,
2008 to 18
September, 2 0 0 8 (both days
inclusive).

LEAVE TRAVEL CONCESSION:


For self a n d f a m i l y o n c e in a y e a r for a n y
destination in India.
CLUB FEES:
F e e s of Club subject to a m a x i m u m of two clubs
m a y b e a l l o w e d . Admission a n d Life m e m b e r s h i p
f e e s a r e not permissible.
PERSONAL ACCIDENT INSURANCE:
P r e m i u m not to e x c e e d Rs.1,0007- per a n n u m .
CAR:

t h

Facility of C a r with driver.

t h

TELEPHONE:
T e l e p h o n e at r e s i d e n c e . ( P e r s o n a l long distance

5.

c a l l s o n t e l e p h o n e a n d u s e o f c a r for p r i v a t e
p u r p o s e shall b e billed b y t h e C o m p a n y t o t h e
W h o l e - T i m e Director).
LEAVE:

If t h e resolution relating to d i v i d e n d on equity


shares as r e c o m m e n d e d by the Board of
Directors is p a s s e d at the m e e t i n g , p a y m e n t of
such dividend shall be m a d e on or after
18th S e p t e m b e r , 2 0 0 8 t o those m e m b e r s w h o s e
n a m e s are on the C o m p a n y ' s Register of
M e m b e r s on 1 8 S e p t e m b e r , 2 0 0 8 . In respect of
s h a r e s held in electronic f o r m , the dividend will
be p a y a b l e to t h e beneficial o w n e r s of s h a r e s
as at the end of business hours on 1 1
S e p t e m b e r , 2 0 0 8 a s per details furnished b y t h e
D e p o s i t o r i e s for this p u r p o s e .
t h

O n e m o n t h l e a v e for E l e v e n M o n t h s o f service.
L e a v e a c c u m u l a t e d but not availed will be allowed
to be e n c a s h e d at the e n d of tenure.

l h

TERMINATION OF CONTRACT:
T h e C o m p a n y a n d Shri Varun G u p t a a r e entitled
to t e r m i n a t e the contract by giving not less t h a n

6.

M e m b e r s holding s h a r e s in electronic form m a y


p l e a s e note that: (a) the dividend, w h e n d e c l a r e d ,
will be credited to their respective B a n k Accounts
as furnished to the respective Depository
Participants, through Electronic Clearing Service
( E C S ) , w h e r e this facility is available; (b) in other
cases, Bank details as furnished to the
respective Depository Participants will be printed
on t h e Dividend W a r r a n t s as per the applicable
regulations.
The
Company
shall
not
e n t e r t a i n m e n t a n y direct request from such
m e m b e r s for d e l e t i o n o f / c h a n g e of s u c h B a n k
details. Further, it m a y be noted that instructions,
if any, a l r e a d y given by the m e m b e r s in respect
of s h a r e s h e l d in p h y s i c a l f o r m will not be
automatically applicable to the dividend paid on
their holdings in electronic f o r m .

7.

M e m b e r s desiring a n y further information on the


business to be transacted at the M e e t i n g should
write to the C o m p a n y at least 15 d a y s before the

Ninety days' notice to either party.


"RESOLVED

F U R T H E R T H A T Shri Varun G u p t a

shall not be entitled to a n y sitting f e e s for attending


the meeting of the Board of Directors a n d / or
c o m m i t t e e of Directors."
" R E S O L V E D F U R T H E R T H A T t h e remuneration
aforesaid,

shall

be

paid

as

minimum

remuneration in a b s e n c e or i n a d e q u a c y of profits
for such year."
" R E S O L V E D F U R T H E R T H A T Shri Lalit K u m a r
C h h a w c h h a r i a , Director a n d Shri B h a g w a n Kumar,
C o m p a n y Secretary of the C o m p a n y be and is
h e r e b y severally authorized to sign, file all forms,
documents,

papers

etc.

with

Registrar

of

C o m p a n i e s , W e s t B e n g a l a n d to do all such acts


d e e d s , a n d things which m a y be n e c e s s a r y in this
behalf."

CD

ITM

Ashiana

ASHIANA HOUSING LIMITED


date of the meeting so as to e n a b l e the
m a n a g e m e n t to k e e p the information, as far as
possible, ready at the m e e t i n g .
8.

M e m b e r s a r e r e q u e s t e d to notify the C o m p a n y
their c h a n g e of a d d r e s s , if any, to its H e a d Office
at Unit N o . 4 & 5 , 3 Floor, Plot N o . D - 2 , S o u t h e r n
Park, S a k e t District Ce'nter, S a k e t , N e w Delhi 1 1 0 0 1 7 , or to the Registrar & S h a r e Transfer
A g e n t of the C o m p a n y , M/s. Beetal Financial &
Computer Services (Pvt.) Ltd., 9 9 , Madangir,
Behind Local Shopping Centre, N e a r D a d a
H a r s u k h D a s s Mandir, N e w Delhi - 110 0 6 2 .
r d

9.

M e m b e r s a r e r e q u e s t e d to bring their c o p y of
the Annual

Report with t h e m at the Annual

EXPLANATORY

STATEMENT

PURSUANT

TO

S E C T I O N 173 (2) O F T H E C O M P A N I E S ACT, 1956


ITEM NO. 5.
The

Board

of

Directors

of the

Company

had

appointed Mr. Varun G u p t a as an Additional Director


of the c o m p a n y with effect from I

s 1

July, 2 0 0 8 , a n d as

s u c h h e holds office u p t o t h e d a t e o f this A n n u a l


G e n e r a l M e e t i n g . A notice under section 2 5 7 of the
C o m p a n i e s Act,

1 9 5 6 has been received by the

C o m p a n y f r o m a m e m b e r signifying his intention to


p r o p o s e t h e c a n d i d a t u r e of Mr. V a r u n G u p t a as a
director of t h e c o m p a n y . T h e resolution at item n o . 6
is t h e r e f o r e r e c o m m e n d e d for a p p r o v a l of the

General Meeting.
1 0 . All c o r r e s p o n d e n c e relating t o s h a r e s m a y b e
a d d r e s s e d to the H e a d office of the C o m p a n y or
to the Registrar & S h a r e T r a n s f e r A g e n t of t h e
Company.
1 1 . M e m b e r s holding s h a r e s in m o r e t h a n o n e folio
in identical order of n a m e s a r e r e q u e s t e d to write
to R e g i s t r a r & T r a n s f e r A g e n t e n c l o s i n g their
s h a r e certificates to e n a b l e t h e m to consolidate
t h e holdings in o n e folio to facilitate b e t t e r
service.
12. M e m b e r s desiring a n y information/clarification
o n t h e A c c o u n t s a r e r e q u e s t e d t o write t o t h e
C o m p a n y in a d v a n c e at least s e v e n (7) days
before the m e e t i n g so as to k e e p the information
ready at the time of A n n u a l G e n e r a l M e e t i n g .
13. As per the provisions of the C o m p a n i e s Act, 1 9 5 6
facility for m a k i n g nominations is available to the
s h a r e h o l d e r s in r e s p e c t of t h e s h a r e s h e l d by
t h e m . Nomination forms can be obtained from
t h e Registrar a n d S h a r e T r a n s f e r A g e n t o f t h e
Company.

members by means of Ordinary

Resolution as

required under the C o m p a n i e s Act, 1 9 5 6 .


E x c e p t Shri O m P r a k a s h G u p t a , Shri V i s h a l G u p t a ,
Shri Ankur G u p t a a n d Shri V a r u n G u p t a himself, no
other director of the c o m p a n y is c o n c e r n e d or
interested in the said resolution.
ITEM NO. 6.
B o a r d o f Directors o f t h e c o m p a n y h a s a p p o i n t e d
Shri Varun G u p t a as W h o l e T i m e Director of the
c o m p a n y subject to the approval of s h a r e h o l d e r s for
a period of t h r e e y e a r s with effect from 1st July, 2 0 0 8 .
Shri V a r u n G u p t a h a s b e e n looking after l a n d a n d
finance matters of the C o m p a n y .
K e e p i n g in v i e w his q u a l i f i c a t i o n ,

knowledge,

e x p e r i e n c e a n d contribution to the c o m p a n y , the


Board of Directors of the C o m p a n y r e c o m m e n d s his
appointment a s W h o l e T i m e Director o f t h e C o m p a n y .
T h e notice together with the explanatory statement m a y

14. M e m b e r s w h o h a v e n o t y e t e n c a s h e d t h e i r
dividend warrant(s) for the financial y e a r e n d e d
31.03.2004, 3 1 . 0 3 . 2 0 0 5 , 3 1 . 0 3 . 2 0 0 6 and
3 1 . 0 3 . 2 0 0 7 a r e r e q u e s t e d t o m a k e their claims
to the C o m p a n y , without a n y delay. As per section
2 0 5 A r e a d with section 2 0 5 C o f the C o m p a n i e s
Act, 1 9 5 6 t h e d i v i d e n d w a r r a n t s w h i c h r e m a i n
u n p a i d / u n c l a i m e d for a period of s e v e n y e a r s ,
are required to be transferred to the Investor
Education and Protection Fund ( I E P F ) of the
Central Government.
By order of the Board
P l a c e : New Delhi
Date : 30th June, 2008

Bhagwan Kumar
Company

Secretary

be taken as the abstract of the terms of contract with


the W h o l e T i m e Director of the C o m p a n y together with
the m e m o r a n d u m of concern or interest of the Director
under section 3 0 2 of the C o m p a n i e s Act, 1 9 5 6 .
The

resolution

at

Item

No.7

is

therefore

r e c o m m e n d e d for a p p r o v a l o f t h e m e m b e r s b y
m e a n s of O r d i n a r y Resolution as required under t h e
C o m p a n i e s Act, 1 9 5 6 .
E x c e p t Shri O m P r a k a s h G u p t a , Shri V i s h a l G u p t a
a n d Shri Ankur G u p t a himself, no other director of t h e
c o m p a n y is c o n c e r n e d or interested in the said
resolution.

ITM

Ashiana

ASHIANA HOUSING LIMITED


BRIEF

PROFILE

OF

DIRECTORS

SEEKING

2.

Shri Abhishek Dalmia

APPOINTMENT/RE-APPOINTMENT AT THE 22ND


Shri A b h i s h e k D a l m i a is a C h a r t e r e d Accountant.

ANNUAL GENERAL MEETING AS REQUIRED IN

H e i s 3 9 y e a r s o f a g e . H e belongs t o well known

T E R M S O F C L A U S E 4 9 O F T H E LISTING AGREEMENT.

Industrial H o u s e . He h a s a brilliant educational


A t the ensuing A n n u a l G e n e r a l M e e t i n g Shri A s h o k

as well as professional track record. He is having

K u m a r M a t t o o a n d Shri A b h i s h e k D a l m i a shall retire

m o r e t h a n 17 y e a r s of rich e x p e r i e n c e of different

by rotation a n d being eligible offer t h e m s e l v e s for re-

o r g a n i s a t i o n s a t different position. H e w o r k e d

appointment. Shri V a r u n G u p t a , h a d b e e n appointed

for C a p i t a l I d e a s I n d i a L t d . , O C L I n d i a L t d . ,

as an Additional Director by the B o a r d of Directors of

K h a m m a m G r a n i t e India Ltd. at a v e r y s e n i o r

the company.

position and presently heading as C E O of

In terms of section

2 6 0 of the

C o m p a n i e s Act, 1 9 5 6 , Shri V a r u n G u p t a shall hold

R e n a i s s a n c e G r o u p . He is also director on t h e

office upto the d a t e of A n n u a l G e n e r a l M e e t i n g of the

Boards of Revathi Equipment Ltd., Rajratan

C o m p a n y . T h e C o m p a n y received a valid notice under

Global W i r e Ltd., Saffron A g e n c i e s Ltd., S h o g u n

section 2 5 7 o f the C o m p a n i e s Act, 1 9 5 6 proposing

Organics Ltd., Utkal Investments Ltd., Net

t h e c a n d i d a t u r e of Shri V a r u n G u p t a for the office of

C a r r o t s . c o m Pvt. Ltd., A s r a Plantations Pvt. Ltd.,

D i r e c t o r . A brief profile of a b o v e d i r e c t o r s u n d e r

S o h n a Agrifarms Pvt.

C o r p o r a t e G o v e r n a n c e C o d e is as under:

Agrifarms Pvt. Ltd., S u n g l o w Agriculture F a r m s

Ltd.,

Priyadarshanay

Pvt. Ltd., M o n a r c h C a t a l y s t Pvt. Ltd., Potential


1.

Shri Ashok Kumar Mattoo


S e n / i c e Consultants Pvt. Ltd., R e n a i s s a n c e A s s e t
Shri A s h o k K u m a r Mattoo is a N o n Executive &

M a n a g e m e n t C o m p a n y Pvt. Ltd.

I n d e p e n d e n t Director. He is 64 y e a r s old.

d o e s not hold a n y s h a r e in A s h i a n a Housing Ltd.

He is

Presently h e

a mechanical engineer having more than 40


3.

Shri Varun Gupta

y e a r s of vast e x p e r i e n c e in administration, project


p l a n n i n g , project e x e c u t i o n , m a i n t e n a n c e a n d

Shri Varun G u p t a h a s d o n e Bachelors in S c i e n c e

operations.

from

He

has

served

in

major

organisations like Border R o a d s , Bharat H e a v y

Stern School of Business,

University.

He

majored

in

N e w York

finance

and

g r a d u a t e d with the

high

Electricals ( B H E L ) a n d Tata S t e e l . As Deputy

management and

Director

he

a c a d e m i c distinction, ' M a g n a C u m L a u d e ' . H e

for

t h e n j o i n e d Citigroup i n c o m m e r c i a l m o r t g a g e

and

maintained

Director
the

Town

municipal

Services
services

J a m s h e d p u r . Mr. Mattoo h a s also s e r v e d as the

b a c k e d securities w h e r e he w a s underwriting

Chairman

of

Area

c o m m e r c i a l real e s t a t e . After a y e a r a n d a half of

Committee.

He is also director on the Boards of

rich e x p e r i e n c e , he joined A s h i a n a Housing Ltd.

Jamshedpur

Vatika Marketing

Notified

Ltd., Ashiana

Retirement

a n d is looking after land a n d finance m a t t e r s . H e

Villages Ltd. and Security and Intelligence

is

S e r v i c e s (I) Ltd. He is also a m e m b e r of Audit

R e t i r e m e n t Villages Ltd.

Committee and Chairman of Remuneration


C o m m i t t e e of the C o m p a n y .

CD

also

director on

the

Board

of A s h i a n a

Ashiana

ASHIANA HOUSING LIMITED

DIRECTORS' REPORT
On Consolidated basis, the total income of your company

To the member(s),

and its subsidiaries rose by 1 4 0 % to Rs. 13345.10 lacs , as


Your directors have pleasure in presenting the 2 2

n d

Annual

against Rs. 5568.71 lacs during the previous year. Further,

Report together with the audited statement of accounts for

t h e c o n s o l i d a t e d net profit i n c r e a s e d b y 3 0 9 % t o R s .

the year ending 31st March, 2008.


1.

3865.08, as compared to Rs. 944.67 lacs in the previous


year ended 3 1

FINANCIAL RESULTS

s t

March, 2008.

Operations
T h e financial results of the C o m p a n y for the year e n d e d
A brief summary of on-going projects

31st M a r c h , 2 0 0 8 are as follows:(Rs. in lacs)


PARTICULARS.

1.

Sales and other Income

PREVIOUS
YEAR

12725.32

5341.58

4273.91

1147.78

57.73

35.34

Profit before Depreciation

CO '

CURRENT
YEAR

ro

SI.
No.

Depreciation

4.
4

Profit after Depreciation


but before Taxation

4216.18

1112.44

5.

Provision for Taxation

516.41

143.91

6.

Profit after Depreciation


and Taxation

3699.78

968.53

Projects

Start
Date

Completion
Date

Size
(Sq.ft.)

No. of
Units

Phase I*
Phase II*
Phase III

12/2004
05/2005
01/2006

30/03/07
04/01/08
15/03/08

278,050
224,220
224,300

230
180
180

726570

590 |

(Location)

| Total

04/2007 04/2009
435,200
Phase I
435,200
Phase II
01/2008 12/2009
Phase III & (To be launched in 2008-09) 992,000
Phase IV
| Total
Green Hills
(Neemrana)

Phase II"
Phase III*
Phase IV

05/2005
08/2005
10/2005

Woodland

Phase I*
Phase II

10/2005
12/2006

02/11/07
02/11/07
02/11/07
I Total

7.

Surplus brought forward


from previous year

43.24

Profit available for


Appropriation

3754.97

1011.76

9.

Proposed Dividend

281.04

133.83

10.

Tax on Proposed Dividend

47.76

22.74

CO

55.19

11.

Transfer to General Reserve

12.

Balance Surplus carried


to Balance Sheet

03/2008
12/2008
I Total

3324.16

800.00

102.00

55.19

(Jaipur)

Villas
Flats

Utsav"
(Jaipur)

Phase I
Phase II

10/2006
12/2006

02/2009
02/2009
| Total

(To be launched in 2008-09)


I Total

Phase I

. 12/2007 . 12/2009

320
320
720

1862,400
74,650
132,370
98,820

13601
64
103
83

305,840

250 |

205,600
152,620

142
109

358,220

251 |

119,880
94,880

74
80

214,760

154 |

154,000
240,000

120
180

394,000

300 |

362,600

200

362,600

200 |

218,820
313,875

145
204

532,695

349 I

(Jaipur)
For the year under review your Company has registered

I Total

impressive results. Financial year 2007-08 took off from


Amarbagh *
(Jodhpur)

Phase I
06/2007 12/2009
Phase ll&lll (To be launched in 2008-09)

the industry.

Lavasa(Pune)

Expected to be launched during financial year 2008-09. Project


shall offer aesthetically built villas spread over 30 acres.

Your company achieved new highs in revenues as well as

Lucknow
(Retiral Home)

Expected to be launched during financial year 2008-09. Project


shall offer retiral homes on the land measuring 13 acres.

where 2006-07 had left as far as the real estate industry


was concerned. Rising disposable incomes, government

I Total

policy and overall growth of the economy gave a boost to

profits during the year. Total income increased to 12725.32


lacs c o m p a r e d to 5341.58 lacs recorded last year
representing an increase of 138% and net profit increased
to 3 6 9 9 . 7 8 lacs c o m p a r e d to 9 6 8 . 5 2 lacs recording an
increase of 2 8 2 % .

CD

' Completed and handed over to customers.


" In partnership
Your C o m p a n y acquired 11 acres (approx) land in Jodhpur
in the form of a p p r o v e d residential plots.

ITM

Ashiana

ASHIANA HOUSING LIMITED


2.

SECTION80(IB) PROJECTS

Your Directors have pleasure in reporting that following


projects are eligible for claiming deduction under Section
80 (IB) of the Income Tax Act, 1 9 6 1 :
Project

1.

A s h i a n a Utsav, B h i w a d i , Dist. Alwar, Rajasthan

Name

2.

A s h i a n a Greenhill, N e e m r a n a

3.

Ashiana Woodland, Jamshedpur

4.

A s h i a n a A n g a n (Bhiwadi)

5.

A s h i a n a M a n g l a m , Jaipur

6.

A s h i a n a Utsav, Jaipur

7.

A s h i a n a G r e e n w o o d , Jaipur

CO

SI.

Ashiana Amarbagh, Jodhpur

received a Certificate to the effect that their reappointment, if m a d e , will be within the prescribed limit
under Section 224 (1B) of the C o m p a n i e s Act, 1956. The
Directors a n d the Audit C o m m i t t e e r e c o m m e n d s their reappointment.
A s r e g a r d s A u d i t o r ' s o b s e r v a t i o n o n the d u e s t o S S I
Units, Board has to state that in view of insufficient
information from the suppliers regarding their status as
SSI units, the amount due to Small Scale Industrial
Undertaking can not be ascertained.
8.

9.
3.

ACCOUNTING METHOD

Sale of flats and others, in respect of projects undertaken


before 3 1 M a r c h , 2 0 0 6 , is a c c o u n t e d for on the basis of
date of delivery of physical possession to the respective
c u s t o m e r s a n d sales in respect of projects under taken
on or after 1 A p r i l , 2 0 0 6 represents the value of flats
a n d others contracted to be sold to the extent of work
done on percentage completion basis.
s t

s t

4.

DIVIDEND

The Board of Directors of the C o m p a n y has


r e c o m m e n d e d a dividend @ 15 % i.e. Rs. 1.50/- (Rupee
O n e a n d Fifty Paise) per equity share of the C o m p a n y
for the Financial Year 2 0 0 7 - 2 0 0 8 .
5.

BONUS SHARES

T h e C o m p a n y has allotted 13382750 (One Crore Thirty


T h r e e Lacs Eighty Two T h o u s a n d Seven Hundred Fifty)
equity bonus shares of Rs. 10/- ( R u p e e s Ten) each to
t h e s h a r e h o l d e r s o f t h e c o m p a n y b y c a p i t a l i z i n g its
reserves in the proportion of 5 equity shares for every 2
equity shares held by t h e m on the record date i.e. 2 2
February, 2 0 0 8 . All B o n u s s h a r e s h a v e b e e n listed on
B o m b a y Stock Exchange and are being t r a d e d .
DIRECTORS

S h r i A s h o k K u m a r M a t t o o a n d Shri A b h i s h e k D a l m i a ,
Directors are retiring by rotation at the e n s u i n g Annual
General Meeting of the C o m p a n y a n d are eligible for reappointment. Shri Varun Gupta was appointed as an
additional director of the C o m p a n y on 30"" J u n e , 2 0 0 8 . An
application under section 257 of the C o m p a n i e s Act, 1956
has been received from a member proposing the
candidature of Shri Varun G u p t a for directorship of the
Company.
7.

AUDITORS

M/s. B. C h h a w c h h a r i a & C o . , C h a r t e r e d A c c o u n t a n t s ,
A u d i t o r s of t h e C o m p a n y , retires at t h e c o n c l u s i o n of
ensuing A n n u a l General Meeting a n d being eligible, offer
t h e m s e l v e s for re-appointment. The C o m p a n y has

CD

SUBSIDIARY C O M P A N I E S

T h e Audited statement of Accounts along with Directors'


Report & Auditors' Report for the year e n d e d 31st M a r c h ,
2 0 0 8 of M/s. Vatika M a r k e t i n g L t d . a n d M/s. A s h i a n a
Retirement Villages Limited as well as the extent of
holdings
therein
are
annexed
to this A c c o u n t pursuant to
Section 2 1 2 of the C o m p a n i e s Act, 1956.
10.

MANAGEMENT DISCUSSION AND ANALYSIS


REPORT

T h e A n n u a l Report also contains a separate section on


the ' M a n a g e m e n t D i s c u s s i o n a n d A n a l y s i s ' w h i c h is a
part of the Directors' Report.
11.

CORPORATE GOVERNANCE

As required under clause 49 of the Listing Agreement with


the Stock Exchanges, the Report on Corporate Governance
together with Auditors Certificate regarding Compliance of
the S E B l C o d e o f C o r p o r a t e G o v e r n a n c e i s a n n e x e d
herewith.
12.

n d

6.

FIXED DEPOSITS

T h e C o m p a n y h a d n e i t h e r i n v i t e d nor a c c e p t e d a n y
deposits from the public within the meaning of the
C o m p a n i e s (Acceptance of Deposits) Rules 1975.

P A R T I C U L A R S O F C O N S E R V A T I O N O F ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN
E X C H A N G E EARNINGS A N D O U T G O

Your Directors are of the o p i n i o n that p a r t i c u l a r s w i t h


respect to Conservation of Energy and Technology
Absorption as per Section 217 (1)(e) of the C o m p a n i e s
Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules,
1988 are not relevant in view of the nature of business
activities of the c o m p a n y and hence, are not required to
be given. There has been no foreign e x c h a n g e earnings
w h e r e a s expenditure of Rs. 15,93,030/- (Rupees Fifteen
Lacs Ninety Three T h o u s a n d Thirty only) has been
incurred in foreign currency during the year under review.
13.

PARTICULARS OF EMPLOYEES

None of the employees of your C o m p a n y is drawing


r e m u n e r a t i o n e x c e e d i n g limits laid d a w n under the
provisions of section 217(2A) of the C o m p a n i e s Act, 1956
read w i t h t h e C o m p a n i e s ( P a r t i c u l a r s of E m p l o y e e s )
Rules, 1975.

ITM

Ashiana

ASHIANA HOUSING LIMITED


14.

D I R E C T O R S ' R E S P O N S I B I L I T Y STATEMENT

P u r s u a n t to S e c t i o n 2 1 7 (2AA) of the C o m p a n i e s Act,


1956, the Directors confirm that:
(I)

in the p r e p a r a t i o n of a n n u a l a c c o u n t s , a p p l i c a b l e
a c c o u n t i n g s t a n d a r d s h a v e b e e n f o l l o w e d b y the
Company;

(II)

such a c c o u n t i n g policies have b e e n s e l e c t e d a n d


consistently applied and judgments & estimates
made that are reasonable a n d prudent so as to give
a t r u e a n d fair v i e w of the state of affairs of the
C o m p a n y as at 31st M a r c h , 2 0 0 8 a n d of the profit
of the C o m p a n y for the year e n d e d on that date;

(III)

proper a n d sufficient care has b e e n taken for the


maintenance of adequate accounting records in
a c c o r d a n c e w i t h the p r o v i s i o n s of t h e C o m p a n i e s
Act, 1956, ' for s a f e g u a r d i n g the assets of the
C o m p a n y a n d for p r e v e n t i n g a n d d e t e c t i n g f r a u d
a n d other irregularities;

(iv)

a n n u a l a c c o u n t s have b e e n p r e p a r e d on a g o i n g
concern basis.

15.

C O D E O F C O N D U C T A N D ETHICS

T h e B o a r d of the C o m p a n y has a d o p t e d a C o d e of
Conduct and Ethics for the Directors and Senior
Executives of the Company. T h e object of the C o d e is to
conduct the C o m p a n y ' s business ethically and with
responsibility, integrity, fairness, transparency and
h o n e s t y . T h e C o d e s e t s out a b r o a d p o l i c y for o n e ' s
conduct in dealing with the company, fellow directors
a n d with the environment in which the c o m p a n y operates.
The code is available on the Company's website
( w w w . a s h i a n a h o u s i n g . c o m ).
16.

ACKNOWLEDGEMENTS

T h e Board of Directors takes this opportunity to express


its g r a t e f u l t h a n k s a n d w i s h t o p l a c e o n r e c o r d its
a p p r e c i a t i o n to the G o v e r n m e n t of India, T h e Govt, of
Rajasthan a n d the G o v t , of J h a r k h a n d a n d their a g e n c i e s
for providing us excellent business opportunities, to our
bankers for their c o n t i n u e d support a n d g u i d a n c e f r o m
time to time and to the e m p l o y e e s of the C o m p a n y at all
levels for the c o n t i n u e d c o - o p e r a t i o n a n d unstinted
support e x t e n d e d to the C o m p a n y .
T h e Directors also express their sincere thanks to all the
s h a r e h o l d e r s for the c o n t i n u e d s u p p o r t a n d .trust t h e y
have reposed in the M a n a g e m e n t .
On behalf of t h e Board of Directors

Place :
Dated

New Delhi
3 0 June, 2008
th

(Om Prakash Gupta)


Chairman and
Managing Director

M A N A G E M E N T DISCUSSION A N D ANALYSIS
Industry structure and developments
The Indian economy
The Indian economy continued on its strong growth trajectory
with positive indicators such as a stable 8-9 per cent annual
g r o w t h , rising f o r e i g n e x c h a n g e r e s e r v e s , a n d rapidly
expanding FDI inflows. India has emerged as the second
fastest growing major economy in the world. However, with
the increase in prices of crude oil all the economies of the
world are facing setback and growth in India is expected to
slowdown to around 7%. But, the real estate industry will
continue to grow as India urbanizes rapidly.
Rising per capita income, higher literacy rates, increasing
a s p i r a t i o n levels a n d rapid u r b a n i z a t i o n has led t o a n
increase in d e m a n d and change in consumer preferences.
This c a n be seen in the d e m a n d of basic goods, luxury
goods, mobile phones, and good quality homes etc. With
increase in incomes at both the rural and urban levels, the
d e m a n d is expected to rise further.
Over the past decade, India has emerged as a leader in the
global economy. It is a magnet for foreign direct investment.
Many foreign companies are starting or expanding
operations in India. The surge in foreign investment, more
joint ventures between Indian and foreign companies and
the India's domestic industries have created more
employment opportunities for India's young and educated
workforce a n d fueled the growth of the country's middle
class. It is the growing middle class that will fuel further
d e m a n d for most g o o d s , s e r v i c e s , a n d real e s t a t e a n d
consequently lead to higher growth.
Real e s t a t e i n d u s t r y
Today with a b o o m i n g e c o n o m y and an e n v i a b l e future
a h e a d , India has become a promising country to live in.
Rapid urbanization is leading to growth of nearly all cities in
India and it's not just restricted to the metros. Rising incomes,
increasing aspirations, and more choices have made
customers more d e m a n d i n g . There are more developers
today than ever before. With increasing choices, it is the
companies with good quality, strong reputation,
differentiated products, and the ability to quickly respond
to changing customer preferences that will grow and garner
a larger market share.
Developers have started offering various types of
residential a n d c o m m e r c i a l s p a c e s including integrated
townships, penthouses, bungalows, apartments, IT parks,
build-to-suit c o m p l e x e s , energy efficient buildings, malls,
etc. However, most developers are targeting the upper end
of the segment, whether it is residential, retail, or commercial
spaces. H o m e s have b e c o m e o u t ' o f reach for most
individuals of t h e country, rents are u n v i a b l e for m o s t
r e t a i l e r s , a n d o f f i c e s p a c e rentals h a v e m a d e c o s t o f
business too expensive for many. T h e challenge before
the industry is to build quality spaces at affordable prices.
Homes that are within the reach of middle class Indians.
S h o p p i n g c e n t r e s t h a t g e n e r a t e e n o u g h r e v e n u e s for
retailers to justify the rents they are paying.

ITM

Ashiana

ASHIANA HOUSING LIMITED


Your c o m p a n y h a s b e e n a p i o n e e r in t h e real e s t a t e
development and has focused on providing homes to the
Indian Middle Class. Through 22 years of experience in
building, your company has endeavored to provide a better
lifestyle with affordable, functional, and practical homes to
the middle income group of the society. Your c o m p a n y
t h r o u g h its w h o l l y o w n e d subsidiary, Vatika M a r k e t i n g
Limited, also maintains projects and ensures that Ashiana
residents live in complexes that are clean, secure, and well
kept. Maintaining complexes also gives access to current
rental/capital v a l u e s a n d c u s t o m e r p r e f e r e n c e s , w h i c h
allows for faster reactions to changing market conditions.
The boom in the industry along with the low entry barriers
has led to a huge increase in the number of players. Some
players are here for one project a n d have not delivered
anything even after taking substantial payments from their
customers. Most developers are facing time over-runs and
erosion in quality of development due to their rapid growth.
Going forward the brand and reputation of a developer will
play a key role in determining at what price and how fast a
developer can sell. Your Company has a track record of
quality and timely delivery. Prominent financial institutions
do not have a problem with providing down payment funding
to our borrowers. Ashiana enjoys excellent reputation and
brand value in all markets it operates.
As the real estate space has gotten extremely crowded,
the need to innovate is ever increasing. The market is more
competitive than ever before and differentiated products
that serve specific needs can provide the advantage needed
i n the m a r k e t p l a c e . Your c o m p a n y e n t e r e d i n t o t h e
specialized segment of retirement housing with Ashiana
Utsav, India's first retirement resort at Bhiwadi.
Success of theme-based residential projects like retirement
housing for seniors has strengthened the company's' belief
that retirement communities are very much needed a n d
desired by the people in the country. Your company is filled
with excitement to provide senior citizens with lifestyle
products, which enable them to enjoy their life with dignity.
The real estate industry is rapidly growing and
institutionalizing itself, as the Indian economy continues to
grow. H o w e v e r rising inflation a n d h i g h i n t e r e s t rates
continue to remain hurdles towards the industry's growth.
But, these are short-term in nature and will correct in the
medium term. During the short term, the companies with
good brand equity and differentiated products will continue
to grow and thrive even through challenging times.

4.

Launch of Ashiana Greenwood, a premium residential


project in Jaipur offering 200 units to the public.

5.

Launch of A s h i a n a A m a r b a g h offering aesthetically


built 349 villas in Jodhpur.

Other than these accomplishments, new partnerships were


formed and new projects have been planned to continue
the growth momentum of the organization.
Geographical expansion
Your c o m p a n y c o n t i n u e s its effort t o e x p a n d b e y o n d
Bhiwadi, J a m s h e d p u r and N e e m r a n a . Our geographical
expansion plan has already taken us to Jaipur, Jodhpur,
Pune and Lucknow. We are also in the process of evaluating
projects for various other Indian cities to be executed either
independently or in collaboration.
Senior Living
With the grand success of Ashiana Utsav in Bhiwadi, your
company's business model around senior living has been
validated and we are now all set to establish the company
as a leader in retirement housing in the country. Senior
h o u s i n g is a w e l l e s t a b l i s h e d i n d u s t r y in m o s t of the
developed world. In the US alone the industry is estimated
to be $26 billion by American Senior Housing Association.
With nuclear families becoming a norm in India, there is now
a growing need for similar such products in the country.
Your company is an early mover in this niche segment and
the Ashiana brand has already become synonymous with
quality senior housing. This is what some of our customers
have had to say about the Ashiana Utsav:

At Ashiana, everything is provided for a hassle - free


lifestyle including moving in services.

Ashiana gave us a beautiful home which became a


reason for us to smile.

Beauty of Ashiana facilities is in the continuous care


provided.

Ashiana is always eager to go that extra mile to see


the smile of satisfaction.

Going forward the thrust shall be on more senior housing


projects across the country. Your c o m p a n y has already
launched the second senior housing project at Jaipur and
another project in Lavasa near Pune is in the offering. The
company is also evaluating other locations to start similar
projects either independently or in collaboration with other
developers.
Other development activities

Developments during the year


There are many accomplishments of the company during
the year these include:
1.
Handing over of flats for the second and third phases
of Ashiana Utsav at Bhiwadi.
2.
Handing over of flats of A s h i a n a G r e e n w o o d at
Neemrana.
3.
Ashiana Treehouse - Hotel & Club, a 50 room boutique
business hotel in Bhiwadi becomes operational.

CD

The company has successfully entered into development


of commercial real estate with Ashiana Village Centre at
Bhiwadi. Ashiana Village Centre is going to be on a lease
only model and will be the first of its kind shopping cum
office complex in Bhiwadi. The rent from it should create a
steady flow of revenue for the company. The group forayed
into the Hospitality sector by launch of its first 50 room
boutique business hotel, "The Treehouse," in Bhiwadi. The

ITM

Ashiana

ASHIANA HOUSING LIMITED


T r e e h o u s e caters to the business clientele visiting the
Industrial Township. The hotel has received good response
from customers and has already started generating positive
cash flows for the company.

4. Partnering with land owners in financial structures


that link land prices to the price of apartments.
1. Buy land banks with clear title and where
Delay in
government approval is already available.
Governmental
approvals
2. Partner with local land owners with approved
necessary for
lands.
project
3. Projects are launched only after all necessary
launch
government approvals have been received.

Opportunities
High e c o n o m i c growth has fuelled the d e m a n d for real
estate. Changing demographics, rising disposable income,
and increasing aspirations have created a huge demand
for housing. The Indian Middle Class is one of the largest
and the fastest growing in the world. The Middle Segment
is going to be the largest s e g m e n t within any industry
including real estate. Your company has focused on this
segment of the market and provided them with great quality
of c o n s t r u c t i o n , timely delivery, a n d p o s t - h a n d i n g over
m a i n t e n a n c e at affordable prices. Your c o m p a n y
understands the middle class mindset, has products suited
for them, and a sales team which can sell to them. As the
middle class grows in every nook and corner of the country
with economic growth becoming widespread, opportunities
in the sector are ever increasing.
Senior housing has emerged as a profitable niche in which
y o u r c o m p a n y has b e e n a b l e t o b u i l d a b r a n d . W i t h
increasing urbanization and a c h a n g i n g culture there is
increasing demand for senior housing. The Indian senior
citizens of today are increasingly independent and do not
want to be dependent on their children. They seek a life
with dignity and a secure place, where their companionship
and medical needs are met. The market for senior housing
i s v a s t a n d p r o v i d e s g r e a t o p p o r t u n i t i e s for n a t i o n a l
expansion.
Risks and concerns
Risk is inherent in all business activities including the real
estate industry. While risk cannot be completely wished away,
adequate mitigation plans can be laid out to effectively manage
the risks. Likewise your c o m p a n y has m a d e a d e q u a t e
provisions to protect the business from known risks.
Risks
Decreasing
demand for
real estate
from
Investors.

Mitigation plan
1. Majority of customers are end users and not
investors. Majority of projects handed over are
over 95% occupied. End user demand is still
buoyant.
2. Limited number of concurrently running projects
in one location. Projects are spread out over
different locations for diversification.
3. Projects are developed in multiple phases.
4. Down payment bookings form a significant
portion of sales.

1. Selecting markets and locations that haven't


Correction
appreciated as much as other markets.
in real estate
2. New marketing strategies like EMI sharing plan,
prices.
which suit the end user.
3. Innovating products like senior housing that are
differentiated and less linked to the investor
driven market.

Execution
delays

1. Continuously improve project planning and


management.
2. Increased management bandwidth and flexible
talent planning.
3. Modernize development processes and project
tracking.
4. Increased mechanization to improve labour
output.
5. Training of labour to increase productivity.

Outlook
The future of the real estate industry as well as Company
is bright. The Central Govt, has opened up a new vista by
allowing FDI in the real estate industry. Your Company has
necessary infrastructure and experience to develop
residential, commercial and industrial project and is looking
for various opportunities in consonance with Government
efforts to provide housing in various cities of Rajasthan,
Jharkhand, Maharashtra and other parts of the country
Internal C o n t r o l S y s t e m a n d their a d e q u a c y
The Company has proper and adequate system of internal
controls c o m m e n s u r a t e with its size a n d nature of the
Company's business to provide reasonable assurance that
all assets are safe-guarded; transactions are authorized,
r e c o r d e d a n d reported properly. S y s t e m s are regularly
reviewed to ensure effectiveness. The Company has
qualified and experienced professionals who are
instrumental in maintaining the growth and success of the
company and implement the policies.
Material
Development
in
Human
Resources/
Industrial Relations front, Including number of people
employed.
Developing human resource has always been a focus area
over the years'for the Company. During the year training
programs were ranging from organizational thrust areas
a n d skill d e v e l o p m e n t t o b e h a v i o r a l p r o g r a m s . T h e s e
p r o g r a m s are built a r o u n d t h e t h e m e s for e n h a n c i n g
m a n a g e r i a l e f f e c t i v e n e s s , e m p l o y e e m o t i v a t i o n , quality
culture and building functional expertise. During the year,
the Company maintained harmonious and cordial industrial
relations. The total headcount for the year stood.at 320
excluding labor and workers.

CD-

For Ashiana H o u s i n g Limited


Om Prakash Gupta
(Managing Director)

ITM

Ashiana

ASHIANA HOUSING LIMITED


REPORT ON CORPORATE GOVERNANCE FORMING PART
OF THE DIRECTORS' REPORT
1.

( b ) Board Meeting held in Financial Year 2007 - 2008


and a t t e n d a n c e of Directors:

Company's Philosophy on Code of Governance

T h e meeting of the B o a r d a n d its C o m m i t t e e / s are


generally held in N e w Delhi a n d s c h e d u l e d well in
advance. Normally the Board meets at least once in a
quarter to consider a m o n g s t other b u s i n e s s e s , the
quarterly performance of the C o m p a n y and financial
results. Detailed agenda notes with MIS reports, charts
etc. are circulated well in advance. The Directors actively
participate in the deliberation at these meetings.

The Company firmly believes in good Corporate


Governance and has made Corporate Governance a
practice and continuous process of development right
across the company. The Company's Philosophy on
corporate governance envisages the attainment of the
highest levels of transparency and accountability in the
functioning of the company and conduct of business.
The Company's corporate philosophy is focused on its
people who are the most important assets. The company
values its employee's integrity, creativity and ability who
in turn demonstrate the highest ethical standard and
responsibility towards the shareholders. The Company
believes that over a period of time all its operations and
actions must serve the underlying goal of enhancing
overall shareholder value.
2.

During the year, five Board Meetings were held on 28*'


April, 2007, 2 9 June, 2007, 3 0 July, 2007, 2 9 Oct.,
2007, 2 4 Jan, 2008 and 0 1 ' March, 2008. The
attendance of each Director in the Board Meetings a n d
the last Annual General Meeting is detailed herein below:
th

Name of
Directors

Designation

Board of Directors
The Company has optimum combination of executive
a n d non-executive directors. T h e B o a r d consists of
eight directors out of which four are Executive Directors,
four are Non-Executive & Independent Directors. None
of the Directors on the Board is a member of more than
10 Committees and Chairman of more than 5 Committees
(as specified in the Clause 49 of the Listing Agreement),
across all the companies in which he is a director. The
necessary disclosures regarding Committee positions
have been made by the Directors.

(a) T h e p r e s e n t c o m p o s i t i o n
Directors is as under:Sr.

Name of
No. Directors

Executive/
Non-Executive

of

the

Board

No. of other
Director- Committee
ship
Membership
2

1.

Shri Om
Prakash Gupta

Executive

2.

Shri Vishal
Gupta

Executive

3.

Shri Ashok
Kumar Mattoo

Non-Executive
& Independent

4.

Shri Abhishek
Dalmia

Non-Executive
& Independent

14

5.

Shri Lalit Kumar


Chhawchharia

Non-Executive
& Independent

81

6.

Smt. Sonal
Mattoo

Non-Executive
& Independent

7.

Shri Ankur Gupta Executive

Shri Varun Gupta Executive

of

CD

th

Number of
Board Meetings
held during
theYear
20O7OB

Attendance
Number of
Board Meetings at the last
attended during AGHhekJ
on21day
theYear
ofSept 07
200703
t

Executive
Directors
ShriOm
Prakash
Gupta

Managing
Director

Present

Shri Vishal
Gupta

Jt. Managing 6
Director

Not Present

Shri Ankur
Gupta

Executive
Director

Not Present

Independent
Shri Ashok
Kumar Mattoo Director

Not Present

Shri Abhishek Independent


Director
Dalmia

Not Present

Shri Lalit Kr. Independent


Chhawchharia Director

Present

Smt. Sonal
Mattoo

Not Present

Non-Executive
Independent
Directors

c)

Note:- As per clause 49 of the Listing Agreement membership


of Audit C o m m i t t e e S h a r e h o l d e r s / Investors Grievance
Committee are required to be disclosed.

,h

, h

Independent
Director

Remuneration paid to Whole Time Directors and


sitting f e e s t o t h e N o n - e x e c u t i v e Directors
Remuneration to Whole Time Directors are being paid
as per ter ms of their a p p o i n t m e n t . The details of
remuneration paid to the Whole Time Directors during
the year are stated herein below:

ITM

Ashiana

ASHIANA HOUSING LIMITED


Sr. Name
No.

Designation Salaries & - Total


Allowances

1.

Shri Om
Prakash Gupta

Managing
Director

2.
3.

Rs. 18.00
Lacs

Shri Vishal Gupta Jt.Managing


Director

Rs.18.00
Lacs

Rs.18.00
Lacs

3.

To ensure compliance of Internal Control System.

Shri Ankur Gupta

Rs.18.00
Lacs

Rs.18.00

4.

Oversight of the company's financial reporting process


and disclosure of its financial information to ensure that
the financial statement is correct, sufficient and credible.

Noting appointment and removal of external auditors.


R e c o m m e n d i n g the fixation of audit fees of external
auditors and also approval for payment for any other
services.

6.

Reviewing with Management the annual financial


statements before submission to the Board.

Whole Time

(b) To review and take on record the unaudited quarterly


results of the company before publication.

Lacs

T e r m s of a p p o i n t m e n t of W h o l e - t i m e Directors

The current term of appointment of Shri Om Prakash Gupta,


Managing Director, Shri Vishal Gupta, Jt Managing Director
and Shri Ankur Gupta are up to 3 1 March, 2010.
s t

3.

Audit Committee

The C o m p a n y has an Audit Committee of the Board since


J a n u a r y 2001 which comprises of three Non-Executive
I n d e p e n d e n t Directors * namely Shri Lalit K u m a r
C h h a w c h h a r i a - C h a i r m a n , Shri Ashok Kumar Mattoo Member, Smt. Sonal Mattoo - Member. The q u o r u m of the
Audit Committee is two m e m b e r s . The C o m p a n y Secretary
is the Secretary of the Audit Committee. The Audit
Committee meeting was held on five times during financial
year 2 0 0 7 - 2 0 0 8 , the date of w h i c h are as follows:
1.

April 26, 2007

2.

J u n . 29, 2007

3.

July 30, 2007

4.

Oct. 29, 2 0 0 7

5.

J a n . 24, 2 0 0 8

4.

Name of M e m b e r s of
Audit Committee

No. of meetings
attended

1.

Shri Lalit Kumar Chhawchharia

2.

Shri Ashok Kumar Mattoo

co

Sr.
No.

Smt. Sonal Mattoo

Remuneration Committee
The C o m p a n y has a duly constituted " R emu n e r a t i o n
Committee". T h e Committee consists of three (3) n o n executive independent directors. All matters relating
to finalization of remuneration of directors are being
t a k e n t o the c o m m i t t e e for their c o n s i d e r a t i o n a n d
a p p r o v a l . T h e following Directors are the m e m b e r s
of the Remuneration C o m m i t t e e :

A t t e n d a n c e of the m e m b e r s of the Audit C o m m i t t e e at


these meetings is as under:

Sr.
No.

N a m e of D i r e c t o r s

Designation

1.

Shri Ashok Kumar Mattoo

Chairman

2.

Shri Lalit Kumar Chhawchharia

Member

3.

Smt. Sonal Mattoo

Member

No meeting of the Remuneration Committee held during the


financial year 2007-08.
5.

s t

T h e terms of reference of Audit Committee include interalia the fallowings:


Discussion with the auditor* periodically about the internal
control systems, the scope of audit including the
observation of the auditors.

411^

Sr.
No.

N a m e of D ir ect o r s

Designation

1.

Smt. Sonal Mattoo

Chairman

C\i

The primary function of the Audit Committee is to assist


t h e B o a r d o f D i r e c t o r s i n f u l f i l l i n g its o v e r s i g h t
responsibilities by reviewing the financial reports and
other financial information provided by the C o m p a n y to
any Statutory Authority or to the investors or the public,
the Company's system of Internal Controls regarding
finance, accounting and legal c o m p l i a n c e s that
Management a n d the B o a r d have established.

Transfer and Shareholders' / Investors' Grievance


Committee
The Transfer and Shareholders'/Investors' Grievance
Committee was reconstituted o n 1 September 2003.
T h e following directors are m e m b e r s of the Transfer
and Shareholder's/Investors' Grievance Committee:

Brief Terms of Reference of Audit C o m m i t t e e :

1.

(a) To review t h e quarterly, half y e a r l y a n d a n n u a l


financial statements before submission to the Board.

Rs. 18.00
Lacs

Director

(d)

2.

Shri Om Prakash Gupta

Member

3.

Shri Vishal Gupta

Member

The scope of the "Transfer and Shareholders'/Investors'


Grievance Committee" was enlarged to monitor
investors' grievances/complaints along with the share
transfer. The Committee approved the share transfer at
its meeting which w a s held once or twice in a month.

ITM

Ashiana

ASHIANA HOUSING LIMITED


T h e Transfer a n d Shareholders'/Investors' Grievance
Committee also took note of the findings of audit carried
out by practicing Company Secretary and implemented
the suggestions.

of the Company at large. Transactions with related


parties are disclosed in Note No. 9 of Schedule to
the Accounts in the Annual Report.
=>

As required by the listing agreement executed with Stock


Exchanges, Mr. Bhagwan Kumar, Company Secretary,
was appointed as a 'Compliance Officer' and entrusted
to monitor the share transfer process and liaise with
the regulatory authorities.
8.
There has been no complaint that has not been resolved
to the satisfaction of the shareholders nor are there
any pending complaints.
6.

The details of last three Annual General Meetings are as


mentioned below:
Venue

Date

Day
and
Time

Whether
Special
Resolution

2004 G a n g a s h a h r
2005 Hall, Ashutosh
Mukherjee Road,
Kolkata-20

Sept. 23, Friday, Y e s


2005
12.30
P.M.

2005 K a l a k u n j 2006 Kalamanmdir, 48


Shakespeare
Sarani, Kolkata

Sept. 19,

Tues.

2006

10.30

2006 Kalakunj 2007 Kalamandir, 48


Shakespeare
Sarani, Kolkata

Sept. 2 1 , Friday, No
2007
3.00
P.M.

9.

Yes

A.M.

2006 Kalakunj 2007 Kalamandir, 48


Shakespeare
Sarani, Kolkata

Jan. 15,
2008

Mar. 30,
2007

General Shareholder's Information


Annual General Meeting
th

Day, Date
and Time

Thursday, 1 8
11.30 AM

September, 2008

Venue

Kalakunj, Kalamandir, Kolkata

Financial Calendar
Ashiana Housing follows the financial year from April
to March. The Unaudited Financial Results for the first
three quarters and the Audited Financial Results for
the year ended 3 1 ' March, 2008 were taken on record
a n d a p p r o v e d b y t h e B o a r d o f D i r e c t o r s i n its
meeting(s) held on the following dates:

Yes

Friday, Yes
10.30
A.M.

No resolutions requiring postal ballot as recommended


under Companies (Passing of Resolution by Postal Ballot)
Rules, 2001 have been placed for s h a r e h o l d e r s '
approval at the last Annual General Meeting.
7.

10.
(a)

(b)
Tues.
11.30
A.M.

C E O / C F O Certification
Shri O m P r a k a s h G u p t a , C h a i r m a n a n d M a n a g i n g
Director a n d Shri Naval Kishore, General Manager
(Finance) have furnished the requisite certificate to
the Board of directors under clause 49 of the Listing
Agreement.

Extraordinary General Meeting


2007 Bengal National
2008 Chamber of
Commerce &
Industry

M e a n s of C o m m u n i c a t i o n
The quarterly Unaudited Financial Results and Annual
Financial Results are published in leading national
n e w s p a p e r s , i.e., A s i a n A g e / B u s i n e s s S t a n d a r d /
Financial Express (English) and Khabarer Kagaj/
Kalantar (Bengali). It is also displayed on Company's
w e b site at www.ashianahousing.com. The Company
has not made any representation to any Institutional
Investor. The Management's Discussion and Analysis
report prepared by the Management forms part of the
Annual Report.

General Body Meetings

For
the
year

There has been no non compliance of the provisions/


requirements of Stock Exchange/SEBI. No penalties/
strictures have been imposed on the Company by
S E B I , Stock E x c h a n g e ( s ) or any other statutory
authority on any matter relating to Capital Market.

Quarter Ended

Date of Board Meeting

April-June, 2007

30* July, 2007

July - September, 2007

29

October - December, 2007

24* January, 2008

Year Ended 3 1 March, 2008


(c)

Disclosures

,h

October, 2007

th

30 June, 2008

Book Closure
The Company's Register of Members and Share
Transfer books will remain closed from 1 1 September,
2008 to 1 8 September, 2008 (both days inclusive) for
the purpose of Annual General Meeting of the Company.
t h

None of the transactions with any of the related


parties were in potential conflict with the interests

4 12}--

,h

ITM

Ashiana

ASHIANA HOUSING LIMITED


(d) Stock Exchanges

( g ) A H L S h a r e P e r f o r m a n c e Chart V s . BSE S e n s e x

During the year Company voluntarily delisted its shares


form Magadh Stock Exchange and Kolkata Stock
Exchange. Now the Company's equity shares are listed
on the Bombay Stock Exchanges the details of which
are as follows:
Sr.
No.

N a m e a n d a d d r e s s of the
Stock E x c h a n g e

Security
C o d e No.

1.

The Stock Exchange,


Mumbai P.J. Towers, Dalai Street
Mumbai - 400 001

523716

T h e r e is no outstanding listing fees payable to Bombay


Stock Exchange.

<

<

(e)
Sr.
No.

(f)

,/r

c?"

i?

#
i f

Dividend paid for t h e last t h r e e y e a r s


Date of
Declaration

Dividend in

Total
A m o u n t of
Dividend in
Rs.

( h ) Distribution o f S h a r e h o l d i n g a s o n 3 1 . 0 3 . 2 0 0 6
Range

Shareholders

No. of Shares
UPTO

1.
2.
3.

f
v*"

rd

2 3 Sep., 2005
19 Sep., 2006
2 1 Sep., 2007
th

s t

10
20
25

53,53,100
1,07,06,200
1,33,82,750

501
1001
2001
3001
4001
5001
10001

Market Price Data: Monthly High and Low quotation


of shares traded in Mumbai Stock Exchange
The Company has its ISIN No. INE 365D 01013 for
dematerialisation of equity shares.
High

Low

April, 2007

58.25

45.75

May, 2007

53.40

53.40

J u n e , 2007

57.60

58.60

July, 2 0 0 7

74.25

55.70

August, 2007

74.85

60.60

September, 2 0 0 7

91.60

65.60

October, 2007

151.85

80.00

November, 2 0 0 7

147.40
209.10

124.30

January, 2008

215.40

139.40

February, 2008

150.00

134.00

M a r c h , 2008

132.95

78.00

8,641

TO
1000
TO
2000
TO
3000
TO
4000
TO
5000
TO
10000
A N D ABOVE

1,256
295
67
41
16
57
60
i

10,433
:

82.82
12.04
2.83
0.64
0.39
0.15
0.55
0.58
i

100.00

Sr. Shareholders
No.
A.

t-r.

22,61,969
8,86,541
4,07,527
1,63,119
1,42,279
72,624
3,97,197
1,44,04,594

1,87,35,850

i_j

12.0729
4.7318
2.1751
0.8706
0.7594
0.3876
2.1200
76.8825
- l

100.00

::

r r

No. of shares Percentage

Promoter's Holding

1.

Indian Promoters

B.

Non-Promoter's Holding

12221715

65.23

2.

Banks, FIs, Insurance Cos.,


(Central/State Govt.
Institutions/ Non-Govt.
Institutions

15491

0.08

3.

Foreign Institutional Investors

33950

0.18

C.

Others

4.

Private Corporate Bodies

1407721

7.51

5.

Indian Public

4953416

26.44

6.

NRIs/OCBs

71089

0.38

7.

Others (shares in transit)

32468

0.17

18735850

100.00

Grand Total
(j)

'Monthly High and Low price of shares on BSE have been


d i v i d e d b y 3.5 ( B o n u s S h a r e s ) for m a k i n g p r i c e d a t a
comparable with post bonus issue price on BSE.

% to total

S h a r e h o l d i n g Pattern (As on 3 1 . 0 3 . 2 0 0 8 )

r = F T :

121.40

December, 2007

500

(i)
Month

Shares

Numbers % to total Numbers

13 |=

Registrar & Transfer A g e n t :


M/s. Beetal Financial & Computer services Pvt. Ltd.,
having its address at Beetal House, 99, Madangir, Behind
Local Shopping Centre, Near Dada Harsukh Das Mandir,
New Delhi -110 062 has been appointed by the Company
for registration of share transfer and other related work.

TM

AS HI AN A HOUSING LIMITED
(k) Share Transfer Process

(o) Offices Locations

The Company's shares being in compulsory demat list


are transferable through the depository system. Shares
in Demat Form are processed by the Registrar & Transfer
Agent - M/s Beetal Financial & Computer Service Pvt.
Ltd., Beetal House, 99, Madangir, Near Dada Harsukh
Dass Mandir, Behind Local Shopping Centre,
New Delhi - 110062. Transfer of shares both by Demat
and Physical mode are approved by the 'Transfer and
Shareholders/Investors Grievance Committee'.
(I)

T h e Shares of the company are compulsorily traded in


dematerialised form. In order to enable the shareholders
to hold their shares in electronic form and to facilitate
scripless trading, the Company has enlisted its shares
with National Securities Depository Ltd. a n d Central
Depository Services (India) Ltd. Out of 18735850 Equity
Shares of the company 5348860 Equity shares have
been dematerialised as on 31.03.2008.
11.

As stipulated by the Securities and Exchange Board of


I n d i a , M/s. B . C h h a w c h h a r i a a n d C o . C h a r t e r e d
A c c o u n t a n t s , S t a t u t o r y A u d i t o r s o f the c o m p a n y ,
carries out the Secretarial Audit to reconcile the total
admitted capital with National Securities Depository
Limited (NSDL) and Central Depository Services (India)
Ltd. (CDSL) and the total issued and listed capital. This
audit is carried out every quarter and the Report thereon
is submitted to the Stock Exchanges and is also placed
before the Audit Committee. T h e audit, inter alia confirms
that the total listed and paid up capital of the company is
In agreement with the aggregate of the total number of
shares in dematerialised form (held with N S D L a n d
CDSL) and the total number of shares In physical form,

Head Office & Share Dept.:

5F, Everest
46/C, Chowringhee
Road
Kolkata-700 071

Unit No. 4&5, 3 Floor, Plot No.


D-2, Saket District Center,
Saket New Delhi - 110 017

r t

Branch Offices:

D e m a t e r i a l i s a t i o n of S h a r e s a n d Liquidity

(m) Secretarial Audit Report

Registered Office:

(a)

Ashiana
Trade
Centre,
Jamshedpur - 831 013

(b)

Ashiana Bageecha, Bhagat Singh Colony,


Bhiwadi, Rajasthan

(c )

413, Ashiana
Patna - 800 001

(d)

604, Apex Mall, Tonk Road, Lai Kothi, Jaipur

(e)

Vill. Kuri Bhagtasani, Pali Road, Jodhpur

(f)

T h e Business Centre, Office No. 2, 2 Floor,


Purushottam Plaza, Baner Road, Pune - 411045

Tower,

Aditya

Exhibition

Pur,

Road,

n d

A d d r e s s for c o r r e s p o n d e n c e
Shareholders are advised to correspond the Registrar
& Share Transfer A g e n t - M/s. Beetal Financial &
Computer Services Private Ltd. , Beetal House, 99,
Madangir, Near Dada Harsukh Dass Mandir, Behind
Local Shopping Centre, New Delhi - 110 062 for any
query regarding Share Transfer / Transmission etc.
and other related matter or may contact Mr. Bhagwan
Kumar, Company Secretary and Compliance Officer
on Phone No. 011-42654265 ; fax No. 011-42654200;
and e-mail: bhagwan@ashianahousing.com.

On behalf of the Board of Directors

(n) Compliance with Non Mandatory Requirements


The Board has already f o r m e d a R e m u n e r a t i o n
Committee. Other non-mandatory requirements are yet
to be adopted.

03

Place : New Delhi


3 0 June, 2008
Dated
th

(Om Prakash Gupta)


Chairman and
M a n a g i n g Director

TM

ASHIANA HOUSING LIMITED


AUDITORS' CERTIFICATE
To,
The Members of Ashiana Housing Limited
We have examined the compliance of conditions of Corporate Governance by M/s Ashiana Housing Limited for the year
ended 31st March, 2008 as stipulated in Clause 49 of the Listing Agreement of the said Company with Stock Exchanges.
The compliance of conditions of corporate governance is the responsibilty of the management. Our examination was limited
to procedures and implementation thereof, adopted by the Company for ensuring compliance of the conditions of corporate
governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our infomation and according to the explanations given to us, we certify that the Company has
complied with the conditions of corporate governance as stipulated in the above mentioned Listing Agreement.
As required by the Guidance Note issued by the Institute of Chartered Accountants of India, we have to state that no investor
grievance is pending for a period exceeding one month against the company as per the records maintained by the company.
We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the company.
For B. Chhawchharia & Co.
Chartered A c c o u n t a n t s

Place : Gurgaon
Date : 30th June, 2008

Vinit Bagaria
Partner
Membership No. : 500872

GD

ITM

Ashiana

ASHIANA HOUSING LIMITED

(iv) S u b j e c t t o o u r c o m m e n t s h e r e i n a f t e r , t h e

AUDITORS' REPORT

B a l a n c e S h e e t , profit a n d loss a c c o u n t a n d

T h e M e m b e r s o f A s h i a n a H o u s i n g Limited

c a s h flow s t a t e m e n t dealt with by this report

We have audited the attached Balance S h e e t of

comply with the accounting standards referred

A s h i a n a Housing Limited as at 31st M a r c h 2 0 0 8 ,

to in s u b - s e c t i o n ( 3 C ) of section 2 1 1 of t h e

a n d also t h e profit a n d loss a c c o u n t a n d t h e c a s h

C o m p a n i e s Act, 1 9 5 6 ;

f l o w s t a t e m e n t for t h e y e a r e n d e d o n t h a t d a t e
a n n e x e d thereto. T h e s e financial s t a t e m e n t s a r e the
responsibility o f t h e c o m p a n y ' s m a n a g e m e n t . O u r
responsibility is to e x p r e s s an opinion on t h e s e
financial s t a t e m e n t s b a s e d on our audit.

(v) O n t h e

basis of written

representations

received from the directors, as on 31 st M a r c h


2 0 0 8 and taken on record by the Board of
Directors, we report that n o n e of the directors
is disqualified as on 3 1

s 1

March 2 0 0 8 from

We h a v e conducted our audit in a c c o r d a n c e with the

b e i n g a p p o i n t e d as a d i r e c t o r in t e r m s of

auditing standards generally a c c e p t e d in India. T h o s e

clause (g) of sub-section (1) of section 2 7 4 of

S t a n d a r d s require that we plan a n d perform the audit

the C o m p a n i e s Act, 1 9 5 6 ;

t o obtain r e a s o n a b l e a s s u r a n c e a b o u t w h e t h e r t h e
financial

statements

are

free

of

material

misstatement. An audit includes e x a m i n i n g , on a test


basis,

evidence

supporting

the

amounts

and

disclosures in the financial s t a t e m e n t s . An audit also


includes a s s e s s i n g t h e a c c o u n t i n g principles u s e d
a n d significant e s t i m a t e s m a d e b y m a n a g e m e n t , a s
well as evaluating the overall financial statement
p r e s e n t a t i o n . W e b e l i e v e that our audit provides a
r e a s o n a b l e basis for our opinion.
1.

(vi) In our opinion a n d to the best of our information


a n d according to the explanations given to us,
the said

read

Policies

with

and

significant

Notes

to

the

Accounts, give the information required by the


C o m p a n i e s Act,

1 9 5 6 , in the manner so

required a n d subject to notes on schedule 21


particularly Dues to SSI Units (note 6) give a
true a n d fair v i e w in conformity with t h e
a c c o u n t i n g principles g e n e r a l l y a c c e p t e d in

A s required b y the C o m p a n i e s (Auditor's Report)


Order, 2 0 0 3 issued by the Central G o v e r n m e n t of
India in t e r m s of sub-section ( 4 A ) of section 2 2 7

India:
( a ) in t h e c a s e of t h e b a l a n c e s h e e t , of t h e
state of affairs of the c o m p a n y as at 31st

of t h e C o m p a n i e s Act, 1 9 5 6 , we e n c l o s e in t h e

March 2008;

A n n e x u r e a s t a t e m e n t on the m a t t e r s specified
in p a r a g r a p h s 4 a n d 5 of t h e said Order.
2.

accounts

Accounting

(b) in the c a s e of the profit a n d loss account,


of t h e profit for the y e a r e n d e d on that d a t e ;

Further to our c o m m e n t s in the A n n e x u r e referred

and

to a b o v e , we report that:
(c) in the c a s e of the c a s h flow s t a t e m e n t , of
(i) W e h a v e o b t a i n e d all t h e i n f o r m a t i o n a n d
explanations,

which

to

the

best

the c a s h flows for the y e a r e n d e d on that

of our

date..

k n o w l e d g e a n d belief w e r e n e c e s s a r y for the


purposes of our audit;
For B. C H H A W C H H A R I A & C o .
(ii) In our o p i n i o n , p r o p e r b o o k s of a c c o u n t as

Chartered Accountants

required by law h a v e b e e n kept by the c o m p a n y


s o far a s a p p e a r s f r o m our e x a m i n a t i o n o f
those books;
(VINIT B A G A R I A )

( i i i ) T h e B a l a n c e S h e e t , p r o f i t ' a n d loss a c c o u n t
a n d c a s h flow s t a t e m e n t d e a l t with b y this
r e p o r t a r e i n a g r e e m e n t with t h e b o o k s o f
account;

CD

Place: Gurgaon
Date: 30

t h

June, 2008

Partner
Membership
Number: 500872

ITM

Ashiana

ASHIANA HOUSING LIMITED


Annexure to the Auditor's Report

b e e n g i v e n t o t h e c o m p a n y listed i n t h e
register m a i n t a i n e d u n d e r S e c t i o n 3 0 1 o f

R e f e r r e d to in p a r a g r a p h 1 of our Report of e v e n d a t e
for the y e a r e n d e d 3 1

s t

t h e C o m p a n i e s Act, 1 9 5 6 is, prima facie,

March, 2008.

not
1)

a)

T h e company has maintained


showing

full

particulars

records

prejudicial

to

the

interest

of

the

company.

including
c)

q u a n t i t a t i v e d e t a i l s a n d situation of f i x e d

T h e c o m p a n y is r e g u l a r in r e c e i v i n g t h e
principal a m o u n t s a s p e r stipulation a n d

assets.

h a s b e e n regular in t h e receipt of interest,


b)

According

to

the

information

and

as applicable.

explanation given to us, all the fixed a s s e t s


d)

a n d capital work in progress h a v e not b e e n

amount of loan given to the c o m p a n i e s

during the y e a r but t h e r e is a regular

listed i n t h e r e g i s t e r s m a i n t a i n e d u n d e r

program of verification w h i c h , in our opinion,

section 3 0 1 of the C o m p a n i e s Act, 1 9 5 6 .

is r e a s o n a b l e having r e g a r d to the s i z e of

e)

the C o m p a n y a n d n a t u r e of its a s s e t s . As

concern c o v e r e d in the register m a i n t a i n e d

noticed on such verification.


In

our opinion

and

under Section 3 0 1 of the C o m p a n i e s Act,

according

a)

1956.

to the

information a n d e x p l a n a t i o n s g i v e n to us,

2)

T h e c o m p a n y h a s not t a k e n a n y u n s e c u r e d
loans from companies, parties or other

e x p l a i n e d , no material discrepancies w e r e

c)

As e x p l a i n e d to us there is no o v e r d u e

physically verified by the m a n a g e m e n t

4)

In our opinion a n d according to the information

the C o m p a n y h a s not d i s p o s e d substantial

and

part of its fixed assets during the year.

adequate

According

to

the

information

explanations

given

internal

to

us,

control

there

are

procedures

c o m m e n s u r a t e with the size of the c o m p a n y a n d

and

explanations given to u s , the m a n a g e m e n t

t h e n a t u r e o f its b u s i n e s s w i t h

regard to

h a s physically verified t h e inventory during

purchases of inventory a n d fixed assets a n d

the year. In our opinion, the f r e q u e n c y of

with r e g a r d to the sale of constructed units a n d

verification is r e a s o n a b l e .

services. During the course of our audit, we h a v e


not o b s e r v e d a n y continuing failure to correct

b)

In our opinion, the p r o c e d u r e s of physical

major w e a k n e s s in internal controls.

verification of inventories f o l l o w e d by t h e
management

are

reasonable

and

5)

a)

According

to

the

information

and

a d e q u a t e in relation to the size of t h e

explanations given to us, we are of the

c o m p a n y a n d the nature of its business.

opinion that the particulars of contracts a n d


a r r a n g e m e n t s referred to in Section 3 0 1 of

c)

On the basis of our e x a m i n a t i o n of the

the C o m p a n i e s Act, 1 9 5 6 that n e e d t o b e

records of inventory, we a r e of the opinion

e n t e r e d into t h e register m a i n t a i n e d under

that the c o m p a n y is maintaining proper

that Section h a v e b e e n s o e n t e r e d .

records of inventory. T h e discrepancies


noticed on verification b e t w e e n the physical

b)

In

our opinion

and

according

to the

stocks a n d t h e b o o k r e c o r d s w e r e not

information a n d e x p l a n a t i o n s g i v e n to us,

material.

the

transactions

that

were

made

in

p u r s u a n c e of contracts or a r r a n g e m e n t s
3)

a)

b)

T h e C o m p a n y h a s g r a n t e d u n s e c u r e d loan

t h a t n e e d t o b e e n t e r e d into t h e register

to one c o m p a n y covered in the Register

m a i n t a i n e d in p u r s u a n c e of Section 3 0 1 of

maintained

of the

t h e C o m p a n i e s Act, 1 9 5 6 a n d a g g r e g a t i n g

maximum

during t h e y e a r to R s . 5 , 0 0 , 0 0 0 / - or m o r e , in

the year was

respect o f e a c h party, h a v e b e e n m a d e a t

under Section 301

C o m p a n i e s Act,

1956.

amount

during

involved

The

R s . 7 8 . 0 6 lacs a n d y e a r e n d b a l a n c e of

prices which a r e r e a s o n a b l e having regard

loans given to such c o m p a n y w a s R s . nil.

to the prevailing market prices at the

In our opinion the rate of interest a n d other


t e r m s a n d conditions o n which loans h a s

relevant t i m e .

ITM

ASHIANA HOUSING LIMITED


6)

7)

In our opinion a n d according to the information

a n d a d v a n c e s on the basis of security by w a y of

a n d explanations given to us, the c o m p a n y h a s

pledge

not a c c e p t e d a n y deposits from the public.

securities.

I n our o p i n i o n , t h e c o m p a n y h a s a n i n t e r n a l

13)

audit s y s t e m c o m m e n s u r a t e with t h e size a n d

of

shares,

debentures

and

other

In our opinion the c o m p a n y is not a chit fund or


a nidhil mutual benefit f u n d / society.

n a t u r e of its business.
14)
8)

9)

As informed to us m a i n t e n a n c e of cost records

T h e c o m p a n y is not dealing or trading in s h a r e s ,


securities, d e b e n t u r e s a n d other i n v e s t m e n t s .

under Section 2 0 9 ( 1 ) (d) of the C o m p a n i e s Act,

H o w e v e r , Investments of t h e C o m p a n y a r e held

1 9 5 6 is not applicable to the c o m p a n y .

in its o w n n a m e .

a)

According to the records of t h e c o m p a n y ,


generally

the

company

regular

15)

A s per information a n d e x p l a n a t i o n s p r o v i d e d

in

to us, the c o m p a n y h a s not given a n y g u a r a n t e e

depositing with appropriate authorities

for loans t a k e n by others from b a n k or financial

undisputed

institutions.

statutory

is

dues

including

provident fund, investor education and


protection

fund,

employees'

state

16)

insurance, income tax, sales tax, wealth


tax, service tax, c u s t o m duty, excise duty,

T h e C o m p a n y h a s not t a k e n a n y T e r m L o a n
during the y e a r c o n c e r n e d .

17)

c e s s a n d other material statutory d u e s , a s

According t o t h e information a n d e x p l a n a t i o n s
given to us a n d on an overall e x a m i n a t i o n of the

applicable, and no such statutory d u e s

b a l a n c e s h e e t o f t h e c o m p a n y , w e report that

w e r e outstanding as at the last d a y of the

t h e no funds raised on short- t e r m basis h a v e

financial y e a r under review for a period of

b e e n u s e d for l o n g - t e r m i n v e s t m e n t e x c e p t

m o r e t h a n six m o n t h s f r o m t h e d a t e t h e y

p e r m a n e n t w o r k i n g capital.

became payable.
18)
b)

T h e c o m p a n y h a s not m a d e a n y p r e f e r e n t i a l

T h e r e are no dues of Income Tax, Sales

a l l o t m e n t of s h a r e s to parties a n d c o m p a n i e s

Tax, W e a l t h Tax, Service Tax, C u s t o m s Duty,

c o v e r e d in t h e register maintained under section

Excise Duty a n d C e s s , a s applicable, which

3 0 1 o f the C o m p a n i e s Act, 1 9 5 6 .

h a v e not b e e n deposited on account of a n y


19)

dispute e x c e p t as detailed below:

During the period c o v e r e d by our audit report,


the c o m p a n y h a s not issued a n y d e b e n t u r e s .

Name of the
Statute

Nature of
the Dues

Amount
(Lacs)

Income Tax
Act, 1961

Income Tax 7.51 lacs

Relating
to the
year

Forum where
Dispute
Pending

20)

T h e c o m p a n y h a s not raised m o n e y b y public


issues during the financial y e a r c o n c e r n e d .

1989-1990 Appellant Tribunal


Commissioner
andAsst. of
Income Tax

21)

A c c o r d i n g t o t h e information a n d e x p l a n a t i o n s
given to u s , no fraud on or by the c o m p a n y h a s
b e e n noticed or reported during t h e course of
our audit.

10)

The company does

not h a v e a c c u m u l a t e d

losses. T h e c o m p a n y h a s not incurred a n y c a s h


For B. C H H A W C H H A R I A & C o .

losses during the financial y e a r c o v e r e d by our


audit a n d t h e i m m e d i a t e l y p r e c e d i n g financial

Chartered Accountants

year.
11)

In our opinion a n d according to t h e information

(VINIT BAGARIA)

a n d explanations given to us, the c o m p a n y h a s


Partner

not defaulted in r e p a y m e n t of d u e s to a financial


institution, b a n k or d e b e n t u r e holder.
12)

Membership Number: 500872

A s p e r information a n d e x p l a n a t i o n s p r o v i d e d

Place: Gurgaon

to us the c o m p a n y h a s not g r a n t e d a n y loans

Date: 30th June, 2008

CD

ITM

Ashiana

ASHIANA HOUSING LIMITED


BALANCE SHEET AS AT 31 ST MARCH, 2008
SCHEDULES

SOURCES OF FUNDS
Shareholders' Funds:
Share Capital
Reserves & Surplus

1
.2

Loan Funds:
Secured Loans .
Deferred Tax liability

(Rs.)

AS AT
31.03.2007
(Rs.)

187,358,500
451,700,506

639,059,006

53,531,000
247,019,470

300,550,470

3
4

APPLICATION OF FUNDS
Fixed Assets:
a) Gross Block
b) Less: Depreciation
c)
d)

(Rs.)

A S AT
31.03.2008
(Rs.)

Less: Current Liabilities & Provisions


Net Current Assets

9,761,687
4,755,000

654,733,547

315,067,157

5
137,178,276
16,032,994

153,817,424
17,958,498
135,858,926
665,110

Net Block
Capital Work In Progress

Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash & Bank balances
Other Current Assets
Loans & Advances

7,246,541
8,428,000

12

121,145,282
520,938

415,315,184
31,822,337
62,540,817
303,318,554
132,386,566

578,019,661
13,599,418
227,817,692
28,293,279
60,514,407

945,383,458

908,244,457

959,056,306

(13,672,848)

967,303,094

(59,058,637)
315,067,157

654,733,547

NO.TES ON ACCOUNTS
BALANCE SHEET ABSTRACT A N D COMPANY'S
GENERAL BUSINESS PROFILE

121,666,220
252,459,574

531,882,359

6
7
8
9
10
11

136,524,036

21
22

The Schedules referred above form an integral part of the accounts.


In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner

B h a g w a n Kumar
Company Secretary

For and on behalf of the Board


O m Prakash Gupta
Managing Director

Vishal Gupta
Jt. Managing Director

Naval Kishore
G.M. (F&A)

Place :
Date :

Place: Gurgaon
Date : 30th June, 2008

CD

New Delhi
30th June, 2008

ITM

Ashiana

ASHIANA HOUSING LIMITED

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2008
SCHEDULES

2007-2008
(Rs.)

2006-2007
(Rs.)

1,233,494,261
39,037,654
(144,402,694)

496,897,256
37,261,237
74,686,525

1,128,129,221

608,845,018

60,473,127
366,239,921
143,407,806
39,465,213
5,772,839
91,151,844

26,794,263
383,237,390
16,814,531
23,642,885
3,533,907
43,578,460

706,510,750

497,601,436'

421,618,471
51,640,763

111,243,582
14,391,114

369,977,708
5,519,470

96,852,468
4,324,152

INCOME
Sales
Other Income
Increase/ (Decrease) in Stock

13
14
15

EXPENDITURE
Purchases
Project Expenses
Ongoing Project Expenses Adjusted
Expenses on Employees
Depreciation
Other expenses

16
17
18
19

PROFIT FOR THE YEAR


Less: Provision for Taxation

20

Profit after Tax


Surplus brought forward from previous year

375,497,178

101,176,620

Appropriations:
Transfer to General Reserve
Proposed Dividend
Corporate Dividend Tax

332,416,660
28,103,775
4,776,237

80,000,000
13,382,750
2,274,400

Surplus Carried to Balance Sheet

10,200,506

5,519,470

19.75

5.17

Adjusted Earning Per Share


(On Shares of nominal value of Rs. 101- each)
Basic and Diluted

The Schedules referred above form an integral part of the accounts.


In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner

B h a g w a n Kumar
Company Secretary

For and on behalf of the Board


O m Prakash Gupta
Managing Director

Vishal Gupta
Jt. Managing Director

Naval Kishore
G.M. (F&A)

Place :
Date :

Place: Gurgaon
Date : 30th June, 2008

4 20

New Delhi
30th June, 2008

ITM

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE ACCOUNTS

SHARE CAPITAL
Authorised :
25000000 (P.Y.7000000 )Equity shares of Rs. 10/- each
Issued, Subscribed and Paid up :
18735850 (P.Y.5353100) Equity shares of Rs. 10/- each
fully paid up

A S AT

AS AT

31.03.2008

31.03.2007

(Rs.)

(Rs.)

250,000,000

70,000,000

187,358,500

53,531,000

187,358,500

53,531,000

RESERVES & SURPLUS


Capital Reserve
General Reserves :
As per last Account
A d d : On adoption of statement for employees benefits (AS-15)
A d d : Transfer from Profit & Loss A/c
Less: Utilised for issue of fully paid up Bonus shares

1,500,000

1,500,000

240,000,000
1,410,840
332,416,660
133,827,500

160,000,000

Profit & Loss Account

440,000,000
10,200,506

240,000,000
5,519,470

451,700,506

247,019,470

1,873,486
202,735

1,940,635
4,437,007

94,135*
767,673*
4,308,512*

871,158*
1,668,285*
844,602*

7,246,541

9,761,687

10,115,000

6,330,000

1,687,000

2,000
1,573,000

8,428,000

4,755,000

SECUREDLOANS
I) Working Capital from :
State Bank of Bikaner & Jaipur
HDFC Bank Limited
- Secured by pledge of certain Fixed Deposit Receipts
II)

Vehicle Loans from :


ABN Amro Bank Ltd.
ICICI Bank Limited
HDFC Bank Limited
- Secured against hypothecation of vehicles

80,000,000

'Includes Rs.2178657/- due within 12 months


DEFERRED TAX LIABILITY (NET)
Deferred Tax Liability on Fiscal allowance of fixed assets
Less: Deferred Tax Assets on
Unabsorbed losses
Employee Benefits

GD

ITM

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE ACCOUNTS
5

FIXED ASSETS
DEPRECIATION

GROSS BLOCK
Particulars

As at
01.04.2007

Additions/
(Deductions)

As at
31-3-2008

Up to
31-3-2007

(Rs.)

(Rs.)

(Rs.)

(Rs.)

100,000
1,364,954

1,045,396

NET BLOCK
Up to
31-3-2008

As at
31-3-2008

As at
31-3-2007

. (Rs)

(Rs.)

(RS.)

1,057,509
(284,169)

1,818,736

100,000
69,546,218

100,000
71,270,597

For the
year
(AcJustmBnts)

GOODWILL

(RS.)

BUILDING

100,000
72,315,993

PLANT & MACHINERY

27,674,765

10,977,017
(353,014)

38,298,768

4,781,694

1,1591,881
(305,336)

6,068,239

32,230,529

22,893,071

FURNITURE & FIXTURES

8,350,555

2,287,822
(1,448,118)

9,190,259

2,212,618

550.232
(1,167,622)

1,595,228

7,595,031

6,137,937

ELECTRICAL INSTALLATIONS

3,377,545

1,007,909
(139,324)

4,246,130

1,020,816

183,399
(112,378)

1,091,837

3,154,293

2,356,729

OFFICE FACILITIES &


EQUIPMENTS

14,950,799

3,174,079
(1,369,877)

16,755,001

4,474,744

1,262,305
(1,179,107)

4,557,942

12,197,059

10,476,055

VEHICLES

10,408,61-9

5,800,470
(2,346,777)

13,862,312

2,497,726

1,127,513
(798,723)

2,826,516

11,035,796

7,910,893

137,178,276

23,603,247
(6,964,099)

153,817,424

16,032,994

5,772,839
(3,847,335)

17,958,498 1 35,858,926

121,145,282

520,938

665,110
(520,938)

665,110

665,110

520,938

137,699,214

24,268,357
(7,485,037)

154,482,534

16,032,994

5,772,839
(3,847,335)

17,958,498 136,524,036

57,728,598

83,122,424
(3,151,808)

137,699,214

14,599,441

3,533,907
(2,100,354)

16,032,994

TOTAL
CAPITAL WORK IN PROGRESS
GRANDTOTAL
PREVIOUS YEAR FIGURES

355,950
(1,306,989)

- 121,666,220

Includes Building of Rs. 65,730,110/- pending registra'an in the name of the Company.
No. of

AS AT

No. of

A S AT

Shares/unit

31.03.2008

Shares/unit

31.03.2007

Face
Value
Rs.

Nos.

(Rs.),

Nos.

(Rs-)

INVESTMENTS
(A) LONG TERM INVESTMENTS
1. In fully paid up Equity Shares:
Subsidiary Companies (Unquoted)
A s h i a n a Retirement Villages Ltd.

10

1,140,050

92,412,550

240,050

2,412,550

Vatika Marketing Ltd.

10

50,000

520,120

50,000

520,120

100

782

Others:
i.

Quoted
Arihant Foundation Ltd.

10

100

34,186

Eldco Housing Ltd.

10

100

20,942

H D F C Ltd.

10

50

84,969

Ispat Profile Ltd.

10

100

782

Larsen & Tubro Ltd.

10

17,598

Lok Housing Ltd.

10

100

18,906
31,068

Mahindra Lifespace Developers Ltd.

10

50

Modern Threads Ltd.

10

23

280

23

280

Modern W o o l e n Ltd.

10

50

1,575

50

1,575

Parsvnath Developers Ltd.

10

100

32,973

<22>

ITM

Ashiana

ASHIANA HOUSING LIMITED


Face
Value

No. of

A S AT

No. of

AS AT

Shares/unit

31.03.2008

Shares/unit

31.03.2007

Nos.

(Rs.)

Nos.

(Rs.)
25,000

Rs.

ii.

2.

S.M. Telesys Ltd.

10

2,500

25,000

2,500

Sobha Developers Ltd.

10

50

43,732

Spectrum Commercials Ltd. -

10

132,000

330,775

132,000

330,775

Timken India Ltd.

10

54

3,696

54

3,696

Unitech Limited (includes 50 bonus shares)"! 0

100

21,597

Unquoted
Elite Leasings Ltd.

10

3,750

6,218

3,750

6,218

Adityapur Toll Bridge Company Ltd.

10

17,000

170,000

17,000

170,000

1,000,000

56,000,000

In Partly paid Debentures:


Subsidiary Company ( U n q u o t e d )
Ashiana Retirement Villages Ltd. Zero Percent Unsecured Optionally
Fully Convertible Debentures
Series -1 (paid up Rs. Nil, P.Y.Rs. 56/-

100

per debenture)
Series - II (paid up Rs.82,

100

1,000,000

82,000,000

P.Y.Rs.Nil per debenture)

3.

in Immoveable Properties:
Building at W-177, Greater Kailash - II, New Delhi

32,939,879

32,939,879

Land at Vasundhara Nagar, Phase II, Bhiwadi, Rajasthan

11,021,003

11,021,003

Land at RIICO Industrial Area, Bhiwadi, Rajasthan

15,896,985
2,491,146

C o m m o n Facility Area, Utsav, Bhiwadi

. In Capital of Partnership Firms


48,500,000

103,503,204

Ashiana Amar Developers


Ashiana A m a r Infrastructure

14,110,150

4,000,000

Ashiana Green W o o d Developers

77,762,930

55,191,081

433,502,264

211,122,959

(A)
(B) CURRENT INVESTMENTS
In Mutual Funds
Unquoted
FT India Bluechip Fund -Dividend Reinvestment 10

6,066.1770

231,629

HDFC Top 200 Fund - Dividend Reinvestment 10

15,344.1150

567,793

23,053.1120

561,297

117,308.2270

2,657,738

50,000.0000

500,000

50,000.0000

500,000

HDFC Capital Builder Fund -

10

Dividend Reinvestment
HDFC Growth Fund - Dividend Reinvetsment 10

49360.9679

1,293,160

HDFC Growth Fund - Growth

10

8387.7702

600,000

Tata Contra Fund -Growth

10

50000.0000

500,000

Standard Chartered Imperial Equity Fund-DR 10

CD

ITM

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE ACCOUNTS

No. of

A S AT

No. of

AS AT

Shares/unit

31.03.2008

Shares/unit

31.03.2007

Nos.

(Rs.)

Nos.

(Rs.)

10

57363.7700

600,000

50,000.0000

500,000

Reliance Equity Fund- Dividend Reinvestment 10

150,000.0000

1,500,000

10

5460.9759

89,701

33,917.8680

473,928

Fidelity Equity Fund -Growth

10

33702.0389

900,000

79,227.8170

1,300,000

Reliance Growth Fund - Growth

10

250,000

10

83,534.0000

1,200,000

Reliance Diverisified Power sector -

10

1,244.0900

HSBC India Opportunities Fund -DR

14,347.8390

354,847

Face
Value
Rs.

SBI Blue Chip Fund -DR


Prudential ICICI Infrastructure Fund Dividend Re-investment

Dividend Reinvetsment
SBI Magnum Global Fund-Dividend

10

27601.4350

1,000,000

27,601.4350

1,000,000

Tata Infrastructure Fund -Gr.

10

40196.4800

1,000,000

40,196.4800

1,000,000

HDFC Index Fund-Series Plus Plan

10

8472.0349

1,400,000

8,462.7970

1,100,000

HDFC Capital Builder Fund - Growth

10

5,244.9390

250,000

HSBC Advantage India Fund - Div.Rein

10

95,534.5000

1,100,000

HSBC Fixed Term Series-13-Growth

10

Standard Chartered Liquidity Manager

10

57,433.3866

Sunderam BNP Paribas FTP Int.

10

489,787.9218

HDFC FMP 90D January 2008

10

2,000,000.0000

20,000,000

HSBC Advantage India Fund-Gr.

1000

33,189.4600

600,000

HDFC FMP 13M March 2006 (1) Retail-Gr

10

HSBC Fixed Term Series-IV-Gr

10

500,000.0000

5,000,000

1,000,000.0000

10,000,000

- 1,128,938.2700
5,000,000
-

11,289,383

65,397,234

Fund Quart. Series-Plan-C

98,380,095"

(B)

Aggregate amount of Quoted Investments


Aggregate amount of Unquoted Investments
Market value of quoted Investments
Repurchase price of units of mutual funds

SCHEDULES TO THE ACCOUNTS

41,336,615
252,459,574

531,882,359

TOTAL (A + B)

668,079

362,108

531,214,280

252,097,466

669,862

336,504

99,821,550

44,329,517

A S AT

AS AT

31.03.2008

31.03.2007

(Rs.)

(Rs.)

INVENTORIES
Stock (As taken, valued and certified by the management)
64,655,950

108,893,841

Freehold land

102,630,099

94,209,628

Unsold completed constructions

144,010,431

24,196,074

Work-in-progress

68,360,013

324,881,390

Construction materials

35,658,691

25,838,728

415,315,184

578,019,661

Leasehold Land

<24>

ITM

ASHIANA HOUSING LIMITED


SCHEDULES TO THE ACCOUNTS

A S AT

AS AT

31.03.2008

31.03.2007

(Rs.)

(Rs.)

SUNDRY DEBTORS
(Unsecured, Considered Good)
Due for more than six months
Other Debts

31,822,337

13,599,418

885,999

2,485,586

Cheques/Drafts-in-hand

1,673,733

889,560

With Scheduled Banks :


In Current Accounts

10,597,571

6,354,121

2,409,467

1,452,437

In Unclaimed Dividend Account


In Fixed Deposit Accounts (Pledged with Banks
Rs. 20113839/-; P. Y . R s . 19586326/-)

11

1,019,616
12,579,802

CASH A N D BANK BALANCES


Cash-in-hand

10

601,930
31,220,407

46,974,047

OTHER CURRENT ASSETS


Ongoing Projects Adjustment Account
LOANS A N D ADVANCES

216,635,988

62,540,817

227,817,692

303,318,554

28,293,279

7,306,109

>

(Unsecured, considered good)


Loans
To Subsidiary Companies

'

To Others
Advance against land etc.

33,288

89,925

57,611,005

13,558,250

Advances recoverable in cash or in kind


or for value to be received

10,143,716

17,886,207

Taxation advance and refundable

61,798,076

20,056,533

Deposits
12

2,800,481

1,617,383

132,386,566

60,514,407

C U R R E N T LIABILITIES & PROVISIONS


A)

CURRENT LIABILITIES
Sundry Creditors
Advance from Customers
Security deposits

31,401,280
867,585,758

23,238,986

15,202,438

Due to subsidiary companies

2,105,733

153,516

Unclaimed Dividend

2,409,467

1,452,437

270,756

24,129,038

12,927,483

859,198,574

928,993,668

For Taxation

62,014,000

18,025,000

For Proposed Dividend

28,103,775

13,382,750

Temptory overdraft due to over issue of cheques


Other liabilities

B)

41,159,590
766,155,760

PROVISIONS

For Corporate Dividend Tax

'

For Gratuity

CD

4,776,237

2,274,400

4,963,720

4,627,276

959,056,306

967,303,094

ITM

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE ACCOUNTS

13

2007-2008
(Rs.)

2006-2007
(Rs.)

922,078,231

435,539,004

36,390,755

33,064,973

SALES
Real Estate:
a)

Completed Projects
Eligible Projects U/s 80IB of the Income Tax Act, 1961
Other Projects*

b)

Ongoing Projects
includes transfer to Investment

275,025,275

28,293,279

1,233,494,261

496,897,256

13,649,281

15,351,757

14 OTHER INCOME
Interest

(Net)

Income from Investment:


Rent

900,000

900,000

Dividend

642,230

1,399,041

10,485,326

13,749,852

Sale (net)

693,079

Income from Revenue Sharing arrangements


Rent and hire charges

1,156,121

1,725,122

Miscellaneous Income

1,844,439

3,744,125

Provision for Doubtful Debts Written Back

100,000

Profit on sale of Fixed Assets (Net)

2,620,127

46,784

Items relating to previous year (Net)

136,190

Share of Profit from Partnership

6,357,810

Liabilities Written Back

15 I N C R E A S E / ( D E C R E A S E ) IN STOCK
Closing Stock:
Leasehold land
Freehold Land
Unsold completed construction
Work-in-progress

689,241

108,366

39,037,654

37,261,237

64,655,950

108,893,841

102,630,099

94,209,628

144,010,431

24,196,074

68,360,013

324,881,390

379,656,493

552,180,933

Less: Opening Stock :


97,826,517

Leasehold * Land*

78,806,417
11,021,003

Less: Transferred to Investment on 1st April, 2006

97,826,517

Freehold land*

77,155,206

132,279,658

24,196,074

16,158,320

324,881,390

261,271,016

524,059,187

477,494,408

(144,402,694)

74,686,525

56,810,756

26,602,533

3,662,371

191,730

60,473,127

26,794,263

Unsold completed construction


Work-in-progress
*net of ongoing project adjustment amounting to

67,785,414

Rs. 28,121,746/- (P.Y. Rs. 33,16,083/-)


16

PURCHASES
Land
Flats/ Bunglows/ Shops

<26>

ITM

Ashiana

ASHIANA HOUSING LIMITED


(Rs.)

2006-2007
(Rs.)

PROJECTEXPENSES
Consumption of construction materials (Indigenous)
Wages
Labour charges
Power & Fuel
Leasehold land rent and other charges
Architects' Fee and Consultancy Charges
Miscellaneous project expenses

314,068,375
79,309,428
40,119,812
6,472,421
491,453
5,602,878
35,461,614

262,876,530
60,222,042
39,759,134
4,221,014
780,507
2,609,693
26,266,918

Less: Ongoing Project Adjustment

481,525,981
115,286,060

396,735,838
13,498,448

366,239,921

383,237,390

29,219,095

18,827,037

SCHEDULES TO THE ACCOUNTS


17

18

EXPENSES ON EMPLOYEES
Salary, Wages, bonus and allowances
(includes Gratuity Provision Rs.17,47,284/-;PY Rs. 10,07,920/-)
Directors' Remuneration
Contribution to Provident & Other Funds
Staff & Labour welfare expenses

19 OTHER EXPENSES
Rent
Rates and Taxes
Insurance
Travelling and Conveyance
Legal and Professional expenses
Advertisement and Business Promotion
Commission
Management Fee
Telephone, Telex & Fax
Printing & Stationery
Repairs and Maintenance :
To Machineries
To Building
To Others
Directors' Fees
Auditors' Remuneration :
Foi* Statutory Audit
For Internal Audit
For Tax Audit
For Other Services
Miscellaneous expenses
Irrecoverable Balances Written off
Fixed Assets Written Off
Items relating to previous year.(Net)
20

PROVISION FOR TAXATION


Income Tax
Deferred Tax
Fringe Benefit Tax
Wealth Tax
Income tax Adjustments *

2007-2008

5,400,000
902,765
3,943,353

2,250,000
789,890
1,775,958

39,465,213

23,642,885

1,541,126
128,291
2,760,034
5,296,941
1,084,468
26,726,846
95,306
33,746,205
2,296,468
1,842,416

1,275,506
310,679
2,936,597
3,729,368
1,169,288
15,306,324
1,717,404
2,651,662
1,557,468
1,517,990

296,269
2,976,846
512,521
17,000

561,524
2,176,225
537,219
26,000

337,080
101,124
84,270
241,685
10,114,833
413,315
373,192
174,608

336,720
16,836
84,180
174,824
7,097,415
171,686
223,545

91,151,844

43,578,460

47,000,000
3,673,000
920,000
69,000
(21,237)

12,250,000
1,276,000
790,000
30,000
45,114

51,640,763

14,391,114

ITM

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE ACCOUNTS
21

NOTES ON A C C O U N T S

1)

SIGNIFICANT ACCOUNTING POLICIES

b)

S Y S T E M OF ACCOUNTING :
The company adopts accrual basis of accounting in
the preparation of accounts.
FIXED ASSETS AND DEPRECIATION :
1.

Fixed assets are v a l u e d at cost a n d depreciation is


provided on straight line basis in accordance with the
provisions of Schedule XIV to the Companies Act, 1956.

2.

Capital work in progress is valued at cost.

INVESTMENTS:
a.)

Long term investments are carried at acquisition


cost and investments intended to be held for less
than one year are classified as current investments
and are carried at lower of cost and market value.
Long Term Investments which have attained the
stage of permanent diminution in their value are
revalued at their current value.

b)

Value of Intangible capital rights created in favour


of the c o m p a n y in the p r o c e s s of Real E s t a t e
activities, being not determinate, are not shown in
the books of a c c o u n t s . .

INVENTORIES:
Leasehold and Freehold land, unsold completed
construction, work-in-progress and construction
materials are valued at cost, which is derived at
average basis, except that value of construction material
is derived at FIFO basis.

DeferredTax is recognised, subject to consideration


of p r u d e n c e , in respect of d e f e r r e d tax A s s e t s /
Liabilities arising on timing differences, being the
difference between taxable income and accounting
income that originate in one period and are capable
of reversal in o n e or m o r e s u b s e q u e n t p e r i o d .
Deferred tax in respect of differential income due
to accounting of sales on percentage completion
basis, being not determinate, is not recognised.

FOREIGN CURRENCY T R A N S A C T I O N S :
REAL ESTATE PROJECTS
a)

b)

c)

Revenue in respect of projects undertaken before


31st March, 2006, is accounted for on the basis of
date of delivery of physical possession to the
respective customers.
Revenue in respect of other projects is recognised
on the " Percentage of Completion Method" (POC)
of accounting and represents value of units
contracted to be sold to the extent of actual work
done against total estimated cost of execution upon
the project reaches a level as c o n s i d e r e d
appropriate by the management. The estimates of
saleable areas, estimated costs and cost of
completion are reviewed periodically by the
management and effects of any changes in
estimates is recognised in the period such changes
are determined.
Interest on delayed payments and other charges
are accounted for on realisation.

OTHER INCOME
Other income is a c c o u n t e d on accrual basis except
where the receipt of income is uncertain.
TAXES O N I N C O M E :
a)

Current Tax is determined as the a m o u n t of tax


payable in respect of taxable income for the year.

Income and Expenditure in foreign currency is converted


into rupee at the rate of exchange prevailing on the
elate of the transactions.
EMPLOYEE BENEFITS
(a) Short term employee benefits are charged off at
the undiscounted amount in the year in which the
related service is rendered.
(b) Post employment and other long term employee
benefits are charged off in the year in which the
employee has rendered services. The amount
charged off is recognised at the present value of
the a m o u n t s payable determined using actuarial
valuation techniques. Actuarial gain and losses in
respect of post employment and other long term
benefits are charged to Profit and Loss Account.
USE OF ESTIMATES
T h e preparation of financial statements in confirmity
with generally accepted accounting principles requires
estimates/ exemptions to be made that affect the reported
amount of assets and liabilities on the date of financial
statements and the reported amount of revenues and
expenses during the reporting period. Difference
between actual results and estimates are recognised
in the period in which the results are k n o w n /
materialised.

ITM

Ashiana

ASHIANA HOUSING LIMITED


IMPAIRMENT OF ASSETS :

b) Ashiana Amar Developers

Impairment Loss in the value of assets, as specified in


Accounting Standard -28 is recognised whenever
carrying value of such assets exceeds the market value
or value in use , whichever is higher.
2)

Contingent Liability, not provided for, in respect o f :

a)

Contested demand of

c)

3)

4)

5)

Balance

+Capital
(Rs.)

Miras Properties
Pvt. Ltd.

15/35

.15%

(20,983,923)

Income tax and penalty Rs.7.51 lacs

(Rs. 7.51 lacs).

Narayan Ladha

4/35

4%

870,954

ESIC

Rs.4.25 lacs

(Rs.3.04 lacs)

Suresh Kewlani

6/35

6%

1,306,430

Rs.34.73 lacs

(Rs.34.73 lacs)

Sunil Talwar

5/35

5%

1,088,692

Harish Talwar

5/35

5%

1,088,692

"

Additional Lease Rent


b)

Share
30% of pre tax
yearly profit upto
Name of Partner cumulative
aggregate of
Rs.1250 lacs

S h o w c a u s e notice r e c e i v e d for service tax


Rs. 118.47 lacs (Rs.46.59 lacs)
Contested claim of the Government of Rajasthan
for refund of State Capital Subsidy including interest
Rs. 45.75 lacs (Rs. 43.50 lacs).

Estimated amount of contract remaining to be executed


on capital account and not provided for amounts (net
of advance) to Rs. Nil (Rs. 15.05 lacs)

35%
Ashiana Mousing
Limited
c)

TDS

Rs.2444073/-;

103,503,204

Ashiana G r e e n w o o d Developers
Share

Name of Partner

Paid up Share Capital of the Company includes 1993100


Equity Shares, allotted pursuant to S c h e m e s of
Amalgamation without payment being received in cash
and 13382750 Equity Shares, alloted as fully paid up
Bonus Shares, by capitasation of General Reserves.
Interest Income (Including
P.Y.Rs.34,07,129/-) is net of

65%

3 0 % of pre tax
yearly profit upto
cumulative
aggregate of

Balance

+Capital
(Rs.)

Rs. 544 lacs

Shubhlabh Buildhome
Private Ltd.

100%

50% (9,788,906)

Ashiana Housing Ltd.

50%

77,762,930

Interest :
+ on the basis of audited Balance Sheet as at 31.03.2008
To Others
6)

7)

Rs.920,824

(Rs.330,888/-)

In view of insufficient information from the suppliers


regarding their status as SSI units, the amount due to
S m a l l S c a l e I n d u s t r i a l u n d e r t a k i n g c a n not b e
ascertained.
T h e particulars of partnership businesses are given
below :a)

Ashiana A m a r Infrastructure

N a m e of P a r t n e r s
Miras Properties Pvt. Ltd.

Share

+ Capital (Rs.)

25%

Narayan Ladha

4%

Suresh Kewlani

6%

65%

14,110,150

Ashiana Housing Ltd.

<29>

8)

Expenditure in Foreign Currency:


Travelling

9)

Rs.15,93,030/- (Rs.17,60,109/-)

Related parties and transactions with them as specified


in the A c c o u n t i n g S t a n d a r d 18 on " R e l a t e d Parties
Disclosures" issued by ICAI has been identified a n d
given below on the basis of information available with
the company and the same has been relied upon by the
auditors.
Related Parties & R e l a t i o n s h i p
Transactions:
a)

Enterprises that directly, or indirectly through one


or more intermediaries, Control or are controlled by
or are under c o m m o n control with the c o m p a n y
(including holding companies, subsidiaries and
fellow Subsidiaries) :

ITM

Ashiana

ASHIANA HOUSING LIMITED


2007-08
(Rs.)

2006-07
(Rs.)

Maintenance charges paid

Rs. 7.67 lacs

Rs. 6.79 lacs

Rent Received

Rs. 6.00 lacs

Rs. 6.00 lacs

Hire charges Received

Rs 1.20 lacs

Rs. 1.20 lacs

Year end payable (net)

Rs.20.91 lacs

Rs. 8.57 lacs

2007-08
(Rs.)

Vatika Marketing Ltd.:

il)

Ashiana Retirement Villages Ltd.:


Rs.Nil

Rs. 3.28 lacs

Lease Rent Received

Rs.6.00 lacs

Rs.9.00 lacs

Revenue sharing

Rs.5.02 lacs

Rs.Nil

Rs.Nil

Rs.37.40 lacs

Rs.0.60 lacs

Rs.0.60 lacs

Interest received

Sales
Hire charges Received
Other income received

Rs.2.51 lacs

Rs.Nil

Loan given / (repaid) (net)

(Rs.73.06 lacs)

Rs.67.05 lacs

Advance against bookings

Rs. 64.05 lacs

Rs.Nil

Rs. 7.19 lacs

Rs.101.95 lacs

Year end Receivable


b)

Associates and joint ventures:


Bahari Estates (P) Ltd.
Year end payable

Rs.77.43 lacs

Rs.5.69 lacs

Rs.Nil

Rs.30.21 lacs

Rs.319.58 lacs

Rs.6.02 lacs

Year end Receivable


Management Fee

iii)

Ashiana Greenwood Developers

as above

Ashiana Amar Developers

as above

iv) Ashiana Amar Infrastructure


c)

as above

Key management personnel and their relatives


Rs. In lacs
Shri Om Prakash Gupta,
Managing Director

Remuneral
Remuneration

18.00

9.00

ProfiV(Loss) after tax


b) Weighted average number of
equity shares used as the
denominator in calculating
EPS (Nos. in lacs).
Opening Balance
Bonus shares issued during
the year 2007-08 in
the ratio of 5:2

3699.78

968.52

53.53
133.83

53.53
133.83

187.36

187.36

11) Effective 1st April, 2007, employee benefit obligations have beenmeasured/ valued following the Accounting Standard 15 (revised
2005) on 'Employee Benefits' (AS) issued by the Institute of
Chartered Accountants of India. Pursuant to adoption of the AS,
the differential obligations on Employee Benefits as on that date,
amounting to Rs 1410840/- has been transferred to the General
Reserve in terms of the transitional provisions of the said standard.
The charge to the Profit and Loss account is lower by an amount
of Rs 29460/- with its consequential effect on the profit before tax
for the current year.

(Rs. In lacs)
Employer's Contribution to
Provident & Pension Fund

9.03

Defined Benefit Plan


The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises

il)

Shri Vishal Gupta,


Remuneration 18.00
7.50
Jt. Managing Director
III) Shri Ankur Gupta,
Remuneration 18.00
6.00
Whole Time Director
Enterprises over which any person described in (c) or (d) is able
to exercise significant influence :
Rs. in lacs
OPG Realtors Private Limited
Advance against bookings
Year end Payable
Karma Hospitality Private Limited

Amount used as numerator in


calculating basic and diluted EPS:

Defined Contribution Plan


Contribution to Defined Contribution Plan, recognised are charged
off for the year are as under:

Individuals owning directly or indirectly, an interest in the voting


power of the company that gives them control or significant
influence over the company, and relatives of any such individual.

i)

a)

2006-07
(Rs.)
Rs. in lacs

318.82
318.82

Nil

Amount Written off in respect of above parties


10) The earning per share has been calculated as specified in
Accounting Standard 20 on "Earnings Per Share" issued by
ICAI and related disclosures are as below :

{I}

each period of service as giving rise to additional unit of employee


benefit entitlement and measures each unit separately to build up
the final obligation.
Gratuity
(Unfunded)
(Rs. in lacs)
a. Reconciliation of opening and closing
balances of Defined Benefit obligation:
Defined Benefit obligation at
beginning of the year

32.16

Current Service Cost


Interest Cost
Actuarial (gain)/loss
Benefits (paid)
Defined Benefit obligation at year end

9.78
2.57
5.22
(0.10)
49.63

ITM

Ashiana

ASHIANA HOUSING LIMITED


b. Reconciliation of fair value of assets
and obligations:

Add:- As per Income Tax Act:


Sales Real Estate -

Present value of obligation


as at 31st March, 2008

49.63

Amount recognised in Balance Sheet

49.63

ongoing projects completed


(upon delivery of physical
possession)

c. Expenses recognized during the year

Less: Cost of Sales

Current Service Cost

9.78

Interest Cost

2.57

Actuarial (gain) / loss

5.22

Net Cost

Net Profit for Income Tax Purpose


13) Stock, Purchase and Sales:
Flats/

17.57

d. Actuarial assumptions
Mortality Table (L.I.C.)

1994-96(duly modified)

Discount rate (per annum) compounded

8.00%

Rate of escalation in salary (per annum)

8.00%

Opening Stock

12) These accounts have been prepared as per the revised


Accounting Standard (AS) 9 on "Revenue Recognition" and the
Guidance note on "Recognition of Revenue by Real Estate
Developers".
Since, in terms of provisions of the Income Tax Act, 1961 the
income accrues upon delivery of physical possession/ deemed
possession of constructed unit and deduction u/s 80IB(10) is
allowed after completion of construction, 'Net Profit' for computing
Total Income under the said Act is as follows: -

Purchases

275,025,275

Less: Ongoing project


expenses adjusted

143,407,806

191,730
(1,450,000)

Closing Stock

(Rs.)

3,662,371
(191,730)
3,773,603

Sales
(3)
1

(2,215,270)
191,730

0)

(191,730)

14) On the basis of physical verification of assets, as specified in


Accounting Standard - 28 and cash generation capacity of those
assets, in the management perception there is no impairment of
such assets as appearing in the balance sheet as on 31.03.2008.
15) Unbasorbed MAT credit to be allowed in future years amounts to
Rs.37,125,087/
16) a)

421,618,471

Less:- Sales Real Estate


- ongoing projects

Amount

(1)

Rs,
Net Profit as per Profit &
Loss Account

Bungalows/
Shops
(Nos.)

(3)

The estimates of future salary increase considered in the actuarial


valuation takes into account factors like inflation, seniority,
promotion and other relevant factors. The expected return on
Plan Assets is based on actuarial expectations of the average
long term rate of return expected on investments of the fund
during the estimated terms of the obligations. The above
information is certified by the Actuary.
Since this is the first year of adoption of the AS, only the current
years figures have been disclosed.

290,001,002

131,617,469
290,001,002

4 31 K

b)

Previous year figures above are indicated in brackets.


Previous year figure have been regrouped/rearranged,
wherever found necessary.

ITM

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE A C C O U N T S
22.
1.

II.

III.

BALANCE SHEET ABSTRACT A N D COMPANY'S GENERAL BUSINESS PROFILE


Registration Details

Registration No.

40864

Balance Sheet Date

31/03/2008

Capital raised during the year

Public Issue

(Amount in Rs. Thousand)


Position of Mobilisation and

State Code

21

NIL

Right Issue

NIL

Bonus Issue

133828

Private Placement

NIL

Total Liabilities

654,734

Total Assets

654,734

Paid-up Capital

187,358

Reserves & Surplus

451,701

Secured Loans

7247

Unsecured Loans :

NIL

Deferred Tax Liability

8428

Net Fixed Assets

136,524

Investments

531,883

Net Current Assets

(13,673)

Misc. Expenditure :

NIL

A c c u m u l a t e d Losses

NIL

Turnover (Gross Revenue):

1,272,532

Total Expedinture

850,913

Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds

Application of Funds

Performance of Company

+/- Profit/Loss
Before Tax

+ 421,618

+ -Profit/Loss
After Tax*

Earning' per share

19.75

Dividend Rate %

Item Code No.

N.A

+ 369,978

15

IV. Generic Name of Three


Products/Services of Company
(as per monetary terms)

(ITC Code)
Product Description

Real Estate

Signature to Schedules 1 to 22
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner

Bhagwan Kumar
Company Secretary

For and on behalf of the Board


O m Prakash Gupta
Managing Director

Naval Kishore
G.M. (F&A)

Vishal Gupta
Jt. Managing Director
Place :
Date :

Place: Gurgaon
Date : 30th June, 2008

CD

New Delhi
30th June, 2008

till Ashiana

ASHIANA HOUSING LIMITED

ITM

CASH FLOW STATEMENT FOR T H E YEAR ENDED 31 ST M A R C H , 2008


2007-2008
(Rs.)

2006-2007
(Rs.)

421,618,471

111,243,582

5,772,839
(14,570,105)
(12,027,556)
373,192
(2,,620,127)

3,533,907
(15,682,645)
(16,048,893)
(100,000)
223,545
(46,784)

398,546,714

83,122,712

(323,378,810)
162,704,477
(69,004,840)

(20,610,842)
(69,089,579)
182,150,658

168,867,541
(47,994,706)

(13,871,768)

Cash flow before extra ordinary items


Extra Ordinary items

120,872,835

161,701,181

Net cash from Operating activities (A)

120,872,835

161,701,181

(23,747,420)
5,363,700
(268,937,459)
14,570,105
1,542,230

(82,523,731)
276,000
(22,990,554)
15,682,645
2,299,041

(271,208,844)"

(87,256,5997

(2,515,146)
(12,425,720)

264,764
(10,012,559)

C A S H FLOW F R O M OPERATING ACTIVITIES :


Net Profit before tax and extraordinary items
Adjusted for :
Depreciation
Interest Income
Income from Long Terms Investment
Provision for doubtful loans written back
Fixed assets written off
(Profit) / Loss on sale of Fixed Assets
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
Adjusted for :
Trade and other receivables
Inventories
Trade Payables and advances from customers
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted

CASH FLOW FROM INVESTING ACTIVITIES :


Purchase of Fixed Assets
Sale of Fixed Assets
Net Purchase/ sale of Investments
interest Income
Other Income from Long Term Investments
Net Cash

from investing activities (B)

C A S H FLOW FROM FINANCING ACTIVITIES :


Proceeds from long term and other borrowings
Dividend paid
Net Cash used in Financing activities (C)

175,572,949

(9,747,795)"

(14,940,866)

NET INCREASE IN CASH A N D C A S H EQUIVALENTS (A+ B+ C)


CASH A N D CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH A N D CASH EQUIVALENTS AT T H E END OF T H E YEAR

64,696,787
163,120,905
227,817,692

(165,276,875)
227,817,692
62,540,817

0 1 . Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivalents represent cash and bank balances only.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner

Bhagwan Kumar
Company Secretary

For and on behalf of the Board


O m Prakash Gupta
Managing Director

P l a c e : Gurgaon
Date : 30th June, 2008

Vishal Gupta
Jt. Managing Director

Naval Kishore
G.M. (F&A)
Place :
Date :

<33>

New Delhi
30th June, 2008

ITM

ASHIANA HOUSING LIMITED

Statement pursuant to Section 212 of the Companies Act, 1956 relating to


Company's interest in the Subsidiary Companies
Ashiana

1.

Financial Year of the Subsidiary Company ended on

2.

a.

b.

Vatlka

Retirement Villages

Marketing

Ltd.

Ltd.

31.03.2008

31.03.2008

No. of shares held by Ashiana Housing Limited.

9240050 Equity

50000 Equity

(Holding Company) in the subsidiary at the end

Shares of

Shares of

of the financial year of the subsidiary

Rs. 10/- each

Rs. 10/- each

Extent of interest of Holding Company at the end

100%

100%

of the financial year of the subsidiary :


3.

T h e net aggregate amount of subsidiary's profit/(Loss)


not dealt with in the Company's accounts.
a.

for the financial year of the subsidiary (in Rs.)

b.

for the all previous financial years of the subsidiary


since it became the Holding Company's subsidiary

4.

1,53,39,980
9,19,005

11,91,872
97,873

The net aggregate amount of subsidiary's profit/(Loss)


dealt with in the Company's accounts.
a.

for the financial year of the subsidiary (in Rs.)

Nil

Nil

b.

for the all previous financial years of the subsidiary

Nil

Nil

since it became the Holding Company's subsidiary


5.

Changes in the Holding Company's interest, in the

N. A.

N.A.

Subsidiary between the end of the Financial Year of


the Subsidiary and the end of the Holding Company's
Financial Year.
6.

Material Changes between the end of the Financial Year


of the Subsidiary and the end of the Holding Company's
financial year in respect of
a.

the subsidiary's fixed assets

N.A.

N.A.

b.

its investments

N.A.

N.A.

c.

the money lent by it, and

N.A.

N.A.

d.

the money borrowed by it for any purpose other


N.A.

N.A.

than that of meeting current liabilities.

For and on behalf of the Board


P l a c e : New Delhi
D a t e : 30th June, 2008

CD

O m Prakash Gupta

Vishal Gupta

Managing Director

Jt. Managing Director

ITM

Ashiana

VATIKA MARKETING LIMITED


DIRECTORS' REPORT
T O T H E MEMBER (S)

DIRECTORS RESPONSIBILITY STATEMENT

The Directors of your Company have pleasure in presenting


the Twelfth Annual Report, together with audited
statement of accounts for the year ended 3 1 March 2008.

the Directors confirm that:

Pursuant to Section 217 (2AA) of the Companies Act, 1956,

s t

FINANCIAL RESULTS
Your directors are glad to report that during the year under
review the project Maintenance Charges & Other Income
has been recorded at Rs. 2,03,01,078/- as c o m p a r e d to
Rs. 1,93,73,582/- during the previous financial year. The
Company has earned a profit, after depreciation and tax, of
R s . 1 1 , 9 1 , 8 7 2 / - d u r i n g the f i n a n c i a l y e a r 2 0 0 7 - 0 8 a s
compared to loss of Rs. 9,29,319/- in the previous financial
year.
DIVIDEND
Your directors do not r e c o m m e n d dividend for the year.
The profits generated are being reinvested in the business
of the Company.
OPERATION
The main operation of your Company relates to maintenance
of various building complexes.
DIRECTORS
During the year under review no change has been made in
the directorship of the Company. At the forthcoming annual
general meeting Shri Anshumali Bajaj, and Smt. Sonal Mattoo,
Directors of the company, are retiring by rotation and being
eligible, offer themselves for re-appointment. The Board
recommends their re-appointment.
FIXED DEPOSITS
The Company had neither invited nor accepted any deposits
f r o m the public w i t h i n the m e a n i n g of the C o m p a n i e s
(Acceptance of Deposits) Rules, 1975.
AUDITORS
M/s. B.Chhawchharia & Co., Chartered Accountants, retire
at the conclusion of forthcoming Annual General Meeting
and being eligible, offer themselves for re-appointment. The
Company has received a certificate to the effect that their
re-appointment, if made, will be within the prescribed limit
under section 224(1 B) of the Companies Act, 1956. T h e
Auditors report is self-explanatory and requires no
comments by the Directors.
As regards Auditor's observation on the dues to SSI Units
the Board has to state that in view of insufficient information
from the suppliers regarding their status as SSI Units, the
amount due to Small Scale Industrial Undertaking can not be
ascertained.
PARTICULARS OF EMPLOYEES
T h e r e is no e m p l o y e e in r e s p e c t of w h o m p a r t i c u l a r s
pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (Particulars of Employees)
(Amendments) Rules, 1999 are required to be given.

(I)

In the p r e p a r a t i o n of the a n n u a l a c c o u n t s , the


applicable accounting standards have been followed
by the Company;

(II)

S u c h a c c o u n t i n g policies have b e e n s e l e c t e d a n d
consistently applied and judgments & estimates made
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company
as at 31st March 2008 and of the profit or loss of the
Company for the year ended on that date.

(III) Proper a n d sufficient c a r e has b e e n t a k e n for t h e


maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
1956, for safeguarding the assets of the C o m p a n y
a n d for p r e v e n t i n g a n d d e t e c t i n g f r a u d a n d o t h e r
irregularities;
(IV)

A n n u a l a c c o u n t s h a v e b e e n p r e p a r e d on a g o i n g
concern basis.

PARTICULARS OF CONSERVATION

OF ENERGY,

TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE


EARNINGS AND OUTGO
Your Directors are of opinion that particulars with respect
to Conservation of Energy, Technology Absorption as per
Section 217(1)(e) read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988
are not relevant in view of the nature of business activities
of the Company and hence, not required to be given. There
has been no foreign exchange earnings and outgo during
the year under review.
ACKNOWLEDGMENT
Your directors take this opportunity to e x p r e s s grateful
thanks to the Central and State G o v e r n m e n t s and
Company's bankers for their support and guidance to the
Company from time to time. The Directors wish to place on
record their appreciation of efficient a n d loyal s e r v i c e s
rendered by the officers and staff members of the Company.
Your C o m p a n y ' s p e r s o n n e l r e l a t i o n s c o n t i n u e d t o b e
excellent.
For a n d on behalf of Board

Vishal G u p t a
Whole Time Director
Place
Date

N e w Delhi
3 0 June, 2008.
th

Ankifr G u p t a
Whole Time Director

ITM

Ashiana

VATIKA MARKETING LIMITED

the said accounts read with significant


Accounting Policies and Notes to the Accounts,
give the information required by the Companies
Act, 1956, in the manner so required and subject
to notes on schedule 18 particularly, Dues to
SSI Units (note 2) give a true and fair view in
conformity with the accounting principles
generally accepted in India:

AUDITORS' REPORT
The Members of Vatika Marketing Limited
We have audited the a t t a c h e d b a l a n c e sheet of Vatika
Marketing Limited as at 31st March 2008, and also the profit
and loss account and the cash flow statement for the year
ended on that date annexed thereto. These financial
statements are the responsibility of the company's
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing
standards generally accepted in India. T h o s e Standards
r e q u i r e that w e p l a n a n d p e r f o r m t h e a u d i t t o o b t a i n
reasonable assurance about whether the financial
s t a t e m e n t s are free of material m i s s t a t e m e n t . An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as
well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion and we report that:
1.

2.

(a)

in the case of the balance sheet, of the


state of affairs of the company as at 3 1 "
March 2008;

(b)

in the case of the profit and loss account,


of the profit for the y e a r e n d e d on that
date; and

(c)

in the case of the cash flow statement, of


the cash flows for the year ended on that
date.
For B. CHHAWCHHARIA & Co.
Chartered Accountants
(VINIT BAGARIA)
Partner
Membership Number: 500872

As required by the C o m p a n i e s (Auditor's Report)


Order, 2003 issued by the Central Government of India
in t e r m s of sub-section (4A) of section 2 2 7 of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4
and 5 of the said Order.

Place: G u r g a o n
Date: 3 0 June, 2008

Further to our comments in the Annexure referred to


above, we report that:

Referred to in paragraph' 1 of our Report of even date for


the year ended 3 1 March, 2008.

(i)

We have o b t a i n e d all the i n f o r m a t i o n and


explanations, which to the best of our knowledge
and belief were necessary for the purposes of
our audit;

1)

(ii)

In o u r o p i n i o n , p r o p e r b o o k s of a c c o u n t as
required by law have been kept by the company
so far as appears from our examination of those
books;

(iii)

The Balance Sheet and profit and loss account


dealt with by this report are in agreement with
the books of account;

(iv)

Subject to our comments hereinafter, the Balance


Sheet and profit and loss account dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;

(v)

On the basis of written representations received


from the directors, as on 31st March 2008 and
taken on record by the Board of Directors, we
report that none of the directors is disqualified
as on 3 1 March 2008 from being appointed as
a director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956;

th

ANNEXURE TO THE AUDITORS' REPORT


s t

2)

a)

T h e c o m p a n y has maintained records showing


full particulars including quantitative details and
situation of fixed assets.

b)

A c c o r d i n g to the information a n d explanations


g i v e n t o us, the a s s e t s h a v e b e e n p h y s i c a l l y
verified by the management during the year. No
material discrepancies were noticed on such
verification.

c)

The company has not disposed off its Substantial


fixed assets during the year.

a)

A c c o r d i n g to the information and explanations


g i v e n t o us, the m a n a g e m e n t h a s p h y s i c a l l y
v e r i f i e d t h e i n v e n t o r y d u r i n g the year. In our
opinion, the frequency of verification is
reasonable.

b)

In our o p i n i o n , the p r o c e d u r e s of physical


verification of inventories followed by the
m a n a g e m e n t are r e a s o n a b l e and a d e q u a t e in
relation to the size of the company and the nature
of its business.

c)

On the basis of our examination of the records of


inventory, we are of the opinion that the company
is maintaining proper records of inventory. T h e
discrepancies noticed on verification between the
physical stocks and the book records were not
material.

s t

(vi)

In our opinion and to the best of our information


and according to the explanations given to us,

{ 3 6 }

ITM

Ashiana

VATIKA MARKETING LIMITED


3)

T h e c o m p a n y has not taken/given unsecured loans


from/ to companies, firms and other parties covered in
the Register m a i n t a i n e d u n d e r S e c t i o n 301 of the
Companies Act, 1956.

4)

In our opinion and according to the information and


explanations given to us, there are adequate internal
control p r o c e d u r e s c o m m e n s u r a t e with the size of
the company and the nature of its business with regard
to purchases of inventory a n d fixed assets and with
regard to the sale of constructed units and services.
During the course of our audit, we have not observed
any continuing failure to correct major w e a k n e s s in
internal controls.

5)

a)

b)

6)

A c c o r d i n g to the information and explanations


given to us, we are of the opinion that the
particulars of contracts and arrangements
referred to in Section 301 of the Companies Act,
1956 that n e e d to be entered into the register
maintained under that Section have been so
entered.
In our opinion and according to the information
a n d explanations given to us, the transactions
that w e r e m a d e in p u r s u a n c e of c o n t r a c t s or
arrangements that need to be entered into the
register maintained-in pursuance of Section 301
' of the C o m p a n i e s Act, 1956 a n d a g g r e g a t i n g
during the year to Rs.5,00,000/- or more, in respect
of each party, have been made at prices which
are reasonable having regard to t h e prevailing
market prices at the relevant time.

In our opinion and according to the information and


e x p l a n a t i o n s g i v e n t o u s , t h e c o m p a n y h a s not
accepted any deposits from the public.

7)

T h e C o m p a n y is not required to maintain a formal


internal audit system.

8)

The Central G o v e r n m e n t has not p r e s c r i b e d


maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of
the Company.

9)

a)

b)

A c c o r d i n g to the records of the c o m p a n y ,


generally the company is regular in depositing with
appropriate authorities undisputed statutory dues
including provident fund, investor education and
protection fund, employees' state insurance,
income tax, sales tax, w e a l t h tax, service tax,
custom duty, excise duty, cess and other material
statutory dues, as applicable, and no such
statutory dues w e r e outstanding as at the last
day of the financial year under review for a period
o f m o r e t h a n six m o n t h s f r o m t h e d a t e t h e y
became payable.
A c c o r d i n g to the information a n d explanations
given to us, no d u e s of sale tax, i n c o m e t a x ,

GD

customs duty wealth tax, service tax, excise duty,


a n d c e s s , as a p p l i c a b l e , w h i c h have not b e e n
deposited on account of any dispute.
10) T h e company does not have accumulated losses. T h e
company has not incurred any cash losses during the
financial year covered by our audit but has incurred
cash losses in the immediately preceding financial year.
11)

T h e company has no borrowings from any financial


institution, bank or debenture holder.

12) As per information and explanations provided to us


the company has not granted any loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.
13) The Company is not a chit fund or a nidhi mutual benefit
fund/society.
14) T h e c o m p a n y is not d e a l i n g or t r a d i n g in s h a r e s ,
securities, debentures and other investments.
However, Investments of the Company are held in its
own name.
15) As per information and explanations provided to us,
the c o m p a n y has not given any guarantee for loans
taken by others from bank or financial institutions.
16) The Company has not taken any Term Loan during the
year c o n c e r n e d .
17) According to the information and explanations given
to us a n d on an overall examination of the balance
sheet of the company, we report that the no f u n d s
raised on short- term basis have been used for longterm investment.
18) The company has not made any preferential allotment
of shares to parties a n d c o m p a n i e s c o v e r e d in the
register maintained under section 301 of the Companies
Act, 1956.
19) The Company has not issued any debentures during
the year under review.
20)

T h e C o m p a n y has not raised any money by public


issue during the year under review.

21)

According to the information and explanations given


to us, no fraud on or by the Company has been noticed
or reported during the year.
For B. C H H A W C H H A R I A & Co.
Chartered Accountants

(VINIT B A G A R I A )
Partner
Membership Number: 500872
Place: G u r g a o n
Date: 30"' June, 2008

ITM

Ashiana

VATIKA MARKETING LIMITED


BALANCE SHEET AS AT 31 ST MARCH, 2008
SCHEDULES
(Rs.)

AS AT
31.03.2008
(Rs.)

(Rs.)

AS AT
31.03.2007
(Rs.)

SOURCESOFFUNDS:
Shareholders' Funds:
Share Capital

500,000

500,000

Reserves & Surplus

2,597,603

1,915,873

3,097,603

2,415,873

APPLICATION OF FUNDS
CO

Fixed Assets
Gross Block

182,233

181,634

Less: Depreciation

59,902

83,170
98,464

122,331

13,564,168

15,719,401

451,000

478,000

Net Block
Investments

Deferred Tax Assets (Net)


Current Assets, Loans & Advances
Inventories

243,678

283,678

Sundry Debtors

5,753,567

5,038,976

Cash & Bank balances

10,638,942

4,467,361

Loans & Advances

3,175,305

1,220,147

19,811,492

11,010,162

30,827,521

24,914,021

Less: Current Liabilities


& Provisions

10

Net Current Assets

NOTES ON ACCOUNTS

(11,016,029)

(13,903,859)

3,097,603

2,415,873

18

BALANCE SHEET ABSTRACT AND COMPANY'S


GENERAL BUSINESS PROFILE

19

The Schedules referred above form an integral part of the accounts.


In terms of our report of even date attached herewith

For B. CHHAWCHHARIA & CO.


Chartered Accountants

For and on behalf of the Board

VINIT BAGARIA
Partner

Vishal Gupta
Whole time Director

Ankur G u p t a
Whole time Director
Place : New Delhi
Date : 30thJune, 2008

Place : Gurgaon
Date : 30th June, 2008

<38>

ITM

Ashiana

VATIKA MARKETING LIMITED

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2008
SCHEDULES

2007-2008
(Rs.)

2006-2007
(Rs.)

11

17,762,696

15,749,157

INCOME
Project Maintenance Charges
Sales of Shops
Other Income

12

1,374,930

2,240,437

2,249,495

(113,742)

(602,065)

20,187,336

18,771,517

13
Increase / (Decrease) in Stock

297,945

EXPENDITURE
Project Maintenance- Expenses

14

8,887,454

10,711,160

Expenses on Employees

15

6,208,941

5,740,233

80

4,676

23,308

23,337

3,681,031

3,610,894

18,800,814

20,090,300*

1,386,522

(1,318,783)

194,650

(389,464)

1,191,872

(929,319)

Interest- Others
Depreciation
Other expenses

16

PROFIT / (LOSS) FOR T H E YEAR


17

Less : Direct Tax

97,873

327,192

1,289,745

(602,127)

(1,110,142)

700,000

179,603

97,873

Basic

23.84

(19.24)

Diluted

23.84

(19.24)

Balance brought forward from last year

Transfer

from/(to) General Reserve

SURPLUS CARRIED TO BALANCE SHEET


EARNING PER SHARE :
(on Nominal Value of Shares of Rs. 10/- each)

The Schedules referred above form an integral part of the accounts.


In terms of our report of even date attached herewith

For B. CHHAWCHHARIA & CO.


Chartered Accountants

For and on behalf of the Board

VINIT BAGARIA
Partner

Vishal Gupta
Whole time Director

Place : Gurgaon
Date : 30th June, 2008

Ankur Gupta
Whole time Director
Place : New Delhi
Date : 30thJune, 2008

<39>

ITM

Ashiana

VATIKA MARKETING LIMITED


SCHEDULES TO THE ACCOUNTS

AS AT

AS AT

31.03.2008

31.03.2007

(Rs.)

(Rs.)

500,000

500,000

500,000"

500,000

500,000

500,000

500,000

500,000

1,800,000

2,500,000

S H A R E CAPITAL
Authorised :
50000 Equity shares of Rs. 10/- each

Issued, Subscribed and Paid up :


50000 Equity shares of Rs. 10/- each fully paid up
held by Ashiana Housing Limited, the holding company

RESERVES & SURPLUS


General Reserves :
As per last account
Less: On adoption of statetement for employees be befits (AS-15)

(510,142)

Less: Transfer from / (to) Profit & Loss A/c

1,110,142

(700,000)

2,400,000

1,800,000

Capital Reserve
Profit & Loss Account

18,000

18,000

179,603

97,873

2,597,603

1,915,873

FIXED ASSETS
GROSS BLOCK

Particulars

OFFICE EQUIPMENT
COMPUTER
VEHICLE
FURNITURE & FIXTURES

Upto
31-3-2007
(Rs.)

For the
year
(Rs.)

Upto
31-3-2008
(Rs.)

As at
31-3-2008
(Rs.)

As at
31-3-2007
(Rs.)

36,900

36,900

5,557

1,752

7,309

29,591

31,343

116,336

116,336

42,109

18,858

60,967

55,369

74,227

28,398

28,398

12,196

2,698

14,894

13,504

16,202

40

559

83,170

98,464

59,902

122,331

599

(599)
TOTAL

182,233

(40)
181,634

59,902

(599)
PREVIOUS YEAR
FIGURES

NET BLOCK

DEPRECIATION

As at
Additions/
As at
01.04.2007 (Deductions) 31-3-2008
(Rs.)
(Rs.)
(Rs.)

182,233

23,308
(40)

182,233

GD

36,565

23,337

ITM

Ashiana

VATIKA MARKETING LIMITED


SCHEDULES TO THE ACCOUNTS

Face

No. of

AS AT

No. of

AS AT

Value

Shares/

31.03.2008

Shares/

31.03.2007

Unit

(Rs.)

Unit

(Rs.)

(Rs.)

(No.s)

(No.s)

INVESTMENTS - LONG T E R M
In Mutuai Funds - Unquoted
Birla Bond Plus -Growth Option

10

42,364.27

500,000

42,364.27

Birla Floating Ratefund Short Term Gr.

10

10,160.76

114,144

Franklin India Flexi cap Dividend-Reinvestment

10

30,120.48

500,000

DSPML Opportunities Fund - Div.Reinvestment

10

67,995.00

1,620,529

65,906.97

1,570,529

4,582.93

150,000

500,000

DSPML Opportunities Fund - Gr.

10

7,060.56

500,000

DSPML Tiger Fund - Div.Reinvestment

10

15,546.23

600,000

24,449.88

250,000

24,449.88

250,000

123,850.67

1,250,000

Fidelity Equity Fund -Div. Reinvestment

10

JM Equity & Derivative Fund -Growth

10

DSP Merrill Lynch FMP 3M Series 3

10

200,000.00

2,000,000

Franklin India Prima Fund Dividend-Reinvestment

10

15,044.20

729,495

Birla Cash Plus -Growth Option

10

23,405.17

500,000

6,217.94

101,346

HDFC High Interest Fund - Short Term

10

63,977.89

750,000

63,977.89

,750,000

Sundaram BNP Paribas Fixed Term

10

100,000.00

1,000,000

50,000.00

500,000

DBS Chola FMP-Series 6 (371 Days Plan)-DP

10

450,000.00

4,500,000

450,000.00

4,500,000

Franklin India Prima Fund Gr.

10

2,019.62

500,000

HDFC FMP 90D March 2007

10

500,000.00

5,000,000

13,661.62

647,526

Plan Services XXV-90Days

Repurchase Price of units of mutual funds

15,719,401

14,127,918

16,382,835

AS AT
31.03.2008
(Rs.)

AS AT
31.03.2007
(Rs.)

Unabsorbed losses

236,000

441,000

Employee Benefits

236,000

61,000

21,000

24,000

451,000

478,000

243,678

169,936

243.678

283,678

SCHEDULES TO T H E ACCOUNTS

13,564,168

DEFERRED TAX (NET)


Deferred Tax Assets on

Less : Deferred Tax Liability on Fiscal allowance of fixed assets

INVENTORIES
(As taken, valued and certified by the Management)
113,742

Shops
Maintenance Materials

TM

VATIKA MARKETING LIMITED


SCHEDULES TO THE ACCOUNTS

10

SUNDRYDEBTORS
(Unsecured, considered good)
Due for more than six months
Others
CASH A N D BANK BALANCES
Cash-in-hand
Cheques-in-hand
With Scheduled Banks :
In Current Accounts
In Fixed Deposit Accounts
(Pledged with Bank Rs. 8 1 7 9 3 5 / - ; P.Y. Rs. 528389/-)
LOANS A N D ADVANCES
(Unsecured, considered good)
Advances recoverable in cash or in kind
or for value to be received
Deposits
Taxation Advance and Refundable
C U R R E N T LIABILITIES & PROVISIONS
A ) C U R R E N T LIABILITIES
Sundry Creditors
A d v a n c e from customers
Deposit from Customers
Other liabilities
B) PROVISIONS
For Taxation
For Gratuity

11

12

PROJECT MAINTENANCE CHARGES


General Maintenance Charges
Capital Maintenance Charges (Net)

A S AT

AS AT

31.03.2008

31.03.2007

(Rs.)

(Rs.)

2,771,937
2,981,630

2,027,607
3,011,369

5,753,567

5,038,976

104,790
892,655

95,863
1,172,724

8,126,795
1,514,702

2,142,303
1,056,471

10,638,942

4,467,361

2,534,233
106,526
534,546

290,398
106,526
823,223

3,175,305

1,220,147

1,045,869
256,086
27,112,300
1,435,956

420,083
559,120
20,966,040
2,599,788

29,850,211

24,545,031

215,000
762,310

172,000
196,990

30,827,521

24,914,021

2007-2008
<R8.)

2006-2007
(Rs.)

16,568,903
1,193,793

16,407,058
(657,901)

17,762,696

15,749,157

537,513

847,850

OTHER INCOME
Interest (Includes T D S Rs. 26,927/-; P.Y. Rs. 90210/-)
Rent
Profit on sale of investments

8,520

473,467

289,128

300,999

Dividend

487,121

378,140

Miscellaneous Receipts

674,639

384,420

67,697

40,438

2,240,437

2,249,495

Commission (Includes T D S Rs. Nil/- P.Y. Rs.1290/-)

Liabilities Written Back

GD

VATIKA MARKETING LIMITED


SCHEDULES TO THE ACCOUNTS

13 INCREASE/ (DECREASE) IN STOCK


Closing Stock:
Shops

14

15

Less: Opening Stock


Shops
PROJECT MAINTENANCE EXPENSES
Consumption of Maintenance Materials (Indigenous)
Work Charges
Power & Fuel (net)
Security charges
Supervision Charges
Other Maintenance Expenses

EXPENSES ON EMPLOYEES
Salary, Allowances, Bonus & Gratuity
(including Provision for Gratuity Rs.55,178/- P.Y. Rs. 58,471/-)
Contribution to Provident Fund
Staff Welfare

2007-2008

2006-2007

(Rs.)

(Rs.)

113,742
113,742

113,742

715,807

(113,742)

(602,065)

661,509
3,716,965
7,117
, 2,961,443
5,432
1,534,988

508,245
3,271,195
3,125,113
2,537,381
75,068
1,194,158

8,887,454

10,711,160

5,362,114

5,304,773

198,267
648,560

204,817
230,643

6,208,941

5,740,233

16 OTHER EXPENSES
4,192

140,592

Rent

648,205

731,250

Insurance
Public Relation and Communication

500,000
228,112

500,998

Printing and Stationery

340,175

340,964

Rates and Taxes

Establishment Charges
Traveling & Conveyance
Donation
Telephone, Telex & Fax
Directors' Fees
Auditors' Remuneration :
For Statutory Audit

20,224

16,836

670,106

567,606

255,000

296,343

279,579

7,000

12,000

67,344

67,344

For Tax Audit

16,836

16,836

For Other Services

10,675

9,260

Irrecoverable Balances Written off


Miscellaneous expenses
Fixed Assets Written off
Items relating to previous year
17

98,291

DIRECT TAXES
Income Tax
Deferred Tax
Fringe Benefit Tax
Income tax Adjustments

22,807

2,572

846,664

571,466

558

1,790

300

3,681,031

3,610,894

86,000
27,000
67,000

(455,385)
62,000

14,650

3,921

194,650

(389,464)

ITM

Ashiana

VATIKA MARKETING LIMITED


SCHEDULES TO THE A C C O U N T S

MISCELLANEOUS EXPENDITURE:

18

NOTES ON A C C O U N T S

1)

SIGNIFICANT A C C O U N T I N G POLICIES

Prelim;
ry Expenses is written off over a period of
ten y e a i s .

S Y S T E M OF ACCOUNTING :

IMPAIRMENT OF ASSETS

The company adopts the accrual basis of accounting


in the preparation of accounts.

Impairment loss in the value of assets as specified in


A c c o u n t i n g S t a n d a r d - 28 is r e c o g n i z e d w h e n e v e r
carrying value of s u c h assets e x c e e d s the m a r k e t
value or value in use, whichever is higher.

FIXED ASSETS A N D DEPRECIATION :


Fixed assets are valued at cost and depreciation is
provided on straight line basis in accordance with the
provisions of Schedule XIV to the C o m p a n i e s Act,
1956.

2)

In view of insufficient information from suppliers


regarding their status as SSI units, the amount
due to small industrial u n d e r t a k i n g c a n n o t be
ascertained.

3)

The Earning Per Share (EPS) has been calculated


as s p e c i f i e d in A c c o u n t i n g S t a n d a r d - 20 on
"Earning Per Share" and related disclosures are
as below :

INVESTMENTS:
Long term investments are carried at acquisition cost
and investments intended to be held for less than one
year are classified as current investments a n d are
carried at lower of cost and market value.
INVENTORIES:

2007-2008
(Rs.)

2006-2007
(Rs.)

amount used as
numerator in
calculating basic
and diluted E P S :
Profit after tax (Rs.) 1,191,872

(929,319)

weighted average
number of equity
shares used as the
denominator in
calculating EPS ( N o s ) :
Opening Balance
50,000

48,000

Maintenance Materials and Shops are valued at cost.


SALES, PROJECT MAINTENANCE FEE A N D OTHER
INCOME:
a)

Sale of constructed unit and others is accounted


for on the basis of date of delivery of physical
possession to the respective customer.

b)

Project maintenance charges a n d other income


are accounted for on accrual basis except where
the receipt of income is uncertain.

c)

Interest from customer is accounted for on receipt


basis.

EMPLOYEE BENEFITS
(a)

(b)

Short term employee benefits are charged off at


the undiscounted amount in the year in which the
related service is rendered.
Post employment and other long term employee
benefits are charged off in the year in which the
e m p l o y e e has r e n d e r e d s e r v i c e s . T h e a m o u n t
charged off is recognised at the present value of
the amounts payable determined using actuarial
valuation techniques. Actuarial gain and losses in
respect of post employment and other long term
benefits are charged to Profit and Loss Account.

TAXES O N I N C O M E :
a)

Current Tax is determined as the amount of tax


payable in respect of taxable income for the year.

b)

D e f e r r e d Tax is r e c o g n i s e d , subject to
consideration of prudence, in respect of deferred
tax Assets/Liabilities arising on timing differences,
being the difference between taxable income and
accounting income that originate in one period and
are capable of reversal in one or more subsequent
period.

a)

b)

A d d : Preference
shares c o n v e r t e d
into Equity shares
during the year
on 2nd February,
2007 (200X57/365)

31

Alloted during the year


on 3rd February,
2 0 0 7 (1800X57/365)
For Basic EPS

281
50,000

48,312

A d d : Potential Equity Shares


Preference Converted
into Equity on 2nd
February, 2007
(200X308/365)
For Diluted EPS

169
50,000

48,481

Diluted EPS, however, wherever being greater than


Basic EPS, has been restricted to Basic EPS

Ashiana

VATIKA MARKETING LIMITED


11)

Effective 1st April, 2007, employee benefitlobligations


have been measured/ valued following the Accounting
Standard 15 (revised 2005) on 'Employee Benefits'
(AS) issued by the Institute of Chartered Accountants
of India. Pursuant to adoption of the A S , the differential
obligations on E m p l o y e e Benefits as on that d a t e ,
amounting to Rs. 5,10,142/- has been transferred from
the G e n e r a l R e s e r v e i n t e r m s o f t h e t r a n s i t i o n a l
"provisions of the said s t a n d a r d . T h e c h a r g e to the
Profit a n d Loss a c c o u n t is l o w e r by an a m o u n t of
Rs. 50,550/- with its consequential effect on the profit
before tax for the current year.

The estimates of future salary increase considered in


the actuarial valuation takes into account factors like
inflation, seniority, promotion and other relevant factors.
T h e e x p e c t e d r e t u r n o n Plan A s s e t s i s b a s e d o n
actuarial expectations of the average long term rate of
return expected on investments of the fund during the
estimated terms of the obligations. The above
information is certified by the Actuary.
Since this is the first year of adoption of the AS, only
the current years figures have been disclosed.
4)

Stock, Purchase and Sales:

D e f i n e d C o n t r i b u t i o n Plan
Contribution to Defined Contribution Plan, recognised are
charged off for the year are as under:

Opening Stock

(Rs. in lacs)
Employer's Contribution to Provident &
Pension Fund

Shops
(Nos.)
1
(4)

Amount
(Rs.)
.113,742
(715,807)

Purchases

1.98

Sales

D e f i n e d Benefit Plan

(-)

(-)

1
(3)

297,945
(1,374,930)

(1)

(113,742)

Closing Stock

T h e present value of obligation is determined based on


actuarial valuation using the Projected Unit Credit Method,
which recognises each period of service as giving rise to
additional unit of employee benefit entitlement and measures
each unit separately to build up the final obligation.

5)

Remuneration of Whole Time Directors:


Salary
(Rs.)
900,000
(900,000)
Perquisites
(Rs.)
348,818
(441,311)

Gratuity
(Unfunded)

6)

Related parties a n d t r a n s a c t i o n s with t h e m as


specified in the Accounting Standard 18 on
"Related Parties Disclosures" issued by ICAI has
been identified and given below on the basis of
information available with the

a.

Reconciliation of opening and


closing balances of Defined
Benefit obligation at
beginning of the year:

7.07

R e l a t e d Parties & R e l a t i o n s h i p T r a n s a c t i o n s

Current Service Cost

1.34

a)

Interest Cost

0.57

Actuarial (gain)/loss

(1.36)

Benefits (paid)
Defined Benefit obligation at year end
b.

c.

31st March, 2008

7.62

Amount recognised in Balance Sheet

7.62

Expenses recognized during the year

Maintenance charges
received

7.67 lacs

Rent paid

6.00 lacs

6.00 lacs

1.20 lacs

1.20 lacs

20.91 lacs

8.57 lacs

Current Sen/ice Cost

1.34

Hire charges paid

Interest Cost

0.57

Year end receivable


(net)

Actuarial (gain) / loss


Net Cost
d.

7.62

Reconciliation of fair value of


assets and obligations:
Present value of obligation as at

Enterprises that directly, or indirectly through one


or more intermediaries, Control or are controlled
by or are under c o m m o n control with the company
(including holding c o m p a n i e s , subsidiaries a n d
fellow Subsidiaries) :
2007-2008
2006-2007
(Rs.)
(Rs.)
A s h i a n a H o u s i n g Ltd:

(1.36)
0.55

Actuarial assumptions
Mortality Table (L.I.C.)
Discount rate c o m p o u n d e d
(per a n n u m )
Rate of escalation in salary
(per annum)

1994-96
(duly modified)
8.00%
8.00%

b)

Associates a n d joint ventures

c)

Individuals o w n i n g directly or
indirectly, an interest in the
voting power of the c o m p a n y
that gives them control or
s i g n i f i c a n t influence o v e r t h e
company, a n d relatives of any
such individual.

6.79 lacs

ITM

Ashiana

VATIKA MARKETING LIMITED


d)

(e)
f)

Key management personnel and their relatives


Shri Vishal Gupta,
Director
Shri Ankur Gupta,
Director
Smt Rachna Gupta,
Director
Enterprises over which any person described in (c) or
is able to exercise significant influence :
Amount Written off in respect of above parties

Remuneration
Remuneration
Remuneration

Rs. 3.00 lacs


Rs. 3.00 lacs
Rs. 3.00 lacs

Rs. 3.00 lacs


Rs. 3.00 lacs
Rs. 3.00 lacs

(d)

7)

On the basis of physical verification of assets, as specified in A c c o u n t i n g Standard - 28 and cash generating
capacity of those assets, in the management perception, there is no impairment of such assets as appearing in the
balance sheet as on 31.03.2008.

8)
9)

Unabsorbed MAT credit to be allowed in future years amount to Rs.38,797/a)


Previous year figures are rearranged/regrouped wherever considered necessary,
b)
Previous year figures above are given in brackets.

GD

ITM

Ashiana

VATIKA MARKETING LIMITED


S C H E D U L E S TO THE A C C O U N T S
19

I.

BALANCE SHEET A B S T R A C T A N D COMPANY'S G E N E R A L BUSINESS PROFILE


Registeration No.

79014

Balance Sheet Date

31/03/2008

Capital raised during the year

Public Issue

(Amount in Rs. Thousand)


Position of Mobilisation and
Deployment of funds
(Amount in Rs. Thousand)

Registration Details

Sources of Funds

Application of Funds

State Code

21

Nil

Right Issue

Nil

Bonus Issue

Nil

Private Placement

Nil

Total Liabilities

3,098

Total Assets

3,098

Paid-up Capital

500

Reserves & Surplus :

2,598

Secured Loans

Nil

Unsecured Loans :

Nil

Net Fixed Assets

99

Investments

13564

Net Current Assets

(11,016)

Misc. Expenditure

Nil

A c c u m u l a t e d Losses

Nil

Deferred Tax
Assets

451

Performance of Company
Turnover (Gross Revenue):

20,301

Total Expedinture

18,915

+/- Profit/Loss
Before Tax

1,386

+/- Profit/Loss
After Tax

1,192

23.84

Dividend

Nil

Basic Earning per share


IV

Generic Name of Three


(as per monetary terms)

Products/Services of Company
Item Code No.
(ITC Code)
Product Description

Rate %

N.A
Real Estate M a i n t e n a n c e

Signature to Schedules 1 to 19

For B. CHHAWCHHARIA & CO.


Chartered Accountants

For and on behalf of the Board

VINIT BAGARIA
Partner
Place
Date

Vishal Gupta
Whole time Director

Gurgaon
30th June, 2008

Ankur Gupta
Whole time Director
Place
Date

GD

New Delhi
30thJune, 2008

VATIKA MARKETING LIMITED

TM

Ashiana

CASH FLOW STATEMENT FOR T H E YEAR ENDED 31 ST M A R C H , 2008


2007-2008
(Rs.)

2006-2007
(Rs.)

1,386,522

(1,318,783)

CASH FLOW F R O M OPERATING ACTIVITIES :


Net Profit / (Loss) before tax and extraordinary items
Adjusted for :
23,308

23,337

Interest Income

(537,513)

(847,850)

Income from Long Terms Investment

(473,467)

(289,128)

Depreciation

558

Fixed assets written off


(Profit) / Loss on sale of Fixed Assets

399,408

(2,432,424)

(2,958,425)

2,265,807

OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES


Adjusted for :

Trade and other receivables


Inventories
Trade Payables and other payable
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted
Cash flow before extra ordinary items

40,000

590,948

5,360,358

3,872,092

2,841,341

4,296,423

164,027

(418,220)

3,005,368

3,878,203

3,005,368

3,878,203

2,628,700

(6,829,493)

537,513

847,850

Extra Ordinary items


Net cash from Operating activities (A)
CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets
Sale of Fixed Assets
Net Purchase/ sale of Investments
Interest Income
Net Cash from investing activities (B)

3,166,213

(5,981,643)'

18,000"

C A S H FLOW F R O M FINANCING ACTIVITIES :


Proceeds from long term and other borrowings
Proceeds from issuance of share capital

18,000

Net Cash used in Financing activities (C)


NET INCREASE IN CASH A N D CASH EQUIVALENTS (A+ B+ C)

6,171,581

CASH A N D C A S H EQUIVALENTS AT T H E END OF THE YEAR

(2,085,440)

4,467,361

6,552,801

10,638,942

4,467,361

CASH AND CASH EQUIVALENTS A T T H E BEGINNING O F T H E YEAR


0 1 . Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivalents represent cash and bank balances only.
In terms of our report of even date attached herewith

For B. CHHAWCHHARIA & CO.


Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 30th June, 2008

For and on behalf of the Board


Vishal Gupta
Whole time Director

Ankur Gupta
Whole time Director
Place : New Delhi
Date : 30thJune, 2008

ASHIANA RETIREMENT VILLAGES LIMITED


DIRECTORS' REPORT
T O T H E MEMBER (S)

PARTICULARS OF E M P L O Y E E S

The Directors of your Company have pleasure in presenting


the Sixth Annual Report, together with audited statement of
accounts for the year ended 3 1 March 2008.
s t

FINANCIAL RESULTS
During the year under review, your company has earned
an income of Rs. 4,45,53,010/- as against the income of
Rs. 97,70,569/- in the previous year representing an
increase of 3 5 6 % . Further, your c o m p a n y has recorded
Rs. 1,53,39,980/- as profit after tax as against
Rs. 32,11,789/- for the previous year.

T h e r e is no e m p l o y e e in r e s p e c t of w h o m p a r t i c u l a r s
pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (Particulars of Employees)
(Amendments) Rules, 1975 are required to be given.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956,
the Directors confirm that:

OPERATIONS
Your directors are pleased to inform you that TreehouseHotel and Club (eariler called Ashiana Gymkhana), a 50
room b o u t i q u e b u s i n e s s hotel in B h i w a d i has b e c o m e
operational and is picking up business very well.
Construction of Ashiana Village Centre at Bhiwadi is at
advance stage. Ashiana Utsav- Retirement Resort at Jaipur
has been launched to the public.
DIVIDEND
Your directors do not r e c o m m e n d dividend for the year.
The profits generated are being reinvested in the business
of the Company.

(I)

In the preparation of the annual accounts, the applicable


accounting standards have been followed by the
Company;

(II)

S u c h a c c o u n t i n g policies h a v e b e e n s e l e c t e d a n d
consistently applied and judgments & estimates made
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company as
at 31st March 2 0 0 8 a n d of the profit or loss of the
Company for the year ended on that date.

(III) Proper a n d sufficient c a r e has b e e n t a k e n for t h e


maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
1956, for s a f e g u a r d i n g the assets of the C o m p a n y
a n d for p r e v e n t i n g a n d d e t e c t i n g f r a u d a n d o t h e r
irregularities;
(IV) A n n u a l a c c o u n t s h a v e b e e n p r e p a r e d on a g o i n g
concern basis.

DIRECTORS
During the year under review no change has been made in
the directorship of the company. At the forthcoming annual
g e n e r a l m e e t i n g of the c o m p a n y Shri Lalit K u m a r
C h h a w c h h a r i a a n d Shri Vishal G u p t a , Directors of the
Company retire by rotation and being eligible, offers them
for re-appointment. An application under section 257 of
the Companies Act, 1956 has been received from a
m e m b e r proposing candidature of Shri Varun G u p t a for
directorship of the Company.
AUDITORS
M/s. B.Chhawchharia & Co., Chartered Accountants, retire
at the conclusion of forthcoming Annual General Meeting
and being eligible, offer themselves for re-appointment. The
Company has received a certificate to the effect that their
re-appointment, if made, will be within the prescribed limit
under section 224(1 B) of the Companies Act, 1956. Auditors
Report is self-explanatory and requires no c o m m e n t s by
the Directors.
As regards observation on the dues to SSI Units the Board
has to state that in view of insufficient information from the
suppliers regarding their status as SSI Units the amount
due to Small Industrial Undertaking can not be ascertained.

PARTICULARS OF CONSERVATION OF ENERGY,


TECHNOLOGY ABSORPTION A N D FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Directors are of opinion that particulars with respect
to Conservation of Energy, Technology Absorption as per
Section 217(1)(e) read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988
a r e not relevant in the v i e w of t h e nature of b u s i n e s s
activities of the C o m p a n y and hence, not required to be
given. There has been no foreign exchange earnings and
outgo during the year under review.
ACKNOWLEDGMENT
Your directors t a k e this o p p o r t u n i t y to e x p r e s s grateful
thanks to the Central and State Governments and
Company's bankers for their support and guidance to the
Company from time to time.
For and on behalf of the Board

Place : New Delhi


Date : 30th June, 2008

GD

O m Prakash Gupta
Chairman

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


AUDITORS' REPORT

said accounts read with significant A c c o u n t i n g


P o l i c i e s a n d N o t e s t o the A c c o u n t s , give the
information required by the Companies Act, 1956,
in the manner so required and subject to notes on
schedule 22 particularly, Dues to SSI Units (note
5) give a true and fair view in conformity with the
accounting principles generally accepted in India:

The Members of Ashiana Retirement Villages Limited


We have audited the attached balance sheet of Ashiana
Retirement Villages Limited as at 31st March 2008, and also
the profit and loss account and the cash flow statement for
the year ended on that date annexed thereto. These financial
statements are the responsibility of the c o m p a n y ' s
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing
standards generally accepted in India. T h o s e Standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial
s t a t e m e n t s are free of material m i s s t a t e m e n t . An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as
well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion and we report that:

(a)

in the case of the balance sheet, of the state of


affairs of the company as at 3 1 March 2008;
a

(b)

in the case of the profit and loss account, of


the profit for the year ended on that date; and

(c)

in the case of the cash flow statement, of the


cash flows for the year ended on that date.
For B. CHHAWCHHARIA & Co.
Chartered Accountants

(VINIT BAGARIA)
Partner
Membership Number: 500872
Place: G u r g a o n
Date: 3 0 June, 2008
th

1.

2.

As required by the Companies (Auditor's Report) Order,


2 0 0 3 issued by the Central G o v e r n m e n t of India in
terms of sub-section (4A) of section 227 of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4
and 5 of the said Order.

ANNEXURE TO THE AUDITORS' REPORT


Referred to in paragraph 1 of our Report of even date for
the year ended 3 1 " March, 2008.
1)

a)

T h e company has maintained records showing


full particulars including quantitative details and
situation of fixed assets.

b)

According to the information a n d explanations


given to us, all the fixed assets, except capital
work in progress have been physically verified
by the management during the year. No material
discrepancies were noticed on such verification.

c)

T h e company has not disposed substantial off its


fixed assets during the year.

a)

According to the information a n d explanations


given to us, the management has physically
v e r i f i e d t h e i n v e n t o r y d u r i n g t h e year. In our
opinion, the frequency of verification is
reasonable.

b)

In our o p i n i o n , the p r o c e d u r e s of physical


verification of inventories followed by the
m a n a g e m e n t are r e a s o n a b l e a n d a d e q u a t e i n
relation to the size of the company and the nature
of its business.

a)

T h e C o m p a n y h a s not g r a n t e d a n y l o a n s t o
companies, firms and other parties covered in the
Register m a i n t a i n e d under S e c t i o n 301 of the
Companies Act, 1956.
T h e company has taken loans from three parties
and a company covered in the register maintained
under Section 301 of the Companies Act, 1956.
T h e m a x i m u m amount involved during the year
w a s Rs.213.01 lacs a n d y e a r - e n d balances of

Further to our comments in the Annexure referred to


above, we report that:
(i)

We h a v e o b t a i n e d all t h e i n f o r m a t i o n a n d
explanations, which to the best of our knowledge
a n d belief w e r e necessary for the purposes of
our audit;

(ii)

In our opinion, proper books of account as required


by law have been kept by the company so far as
appears from our examination of those books;

2)

(iii) T h e Balance Sheet and profit and loss account


dealt with by this report are in agreement with the
books of account;
(iv) Subject to our comments hereinafter, the Balance
Sheet and profit and loss account dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v)

On the basis of written representations received


from the directors, as on 31st March 2008 a n d
taken on record by the Board of Directors, we
report that none of the directors is disqualified as
on 3 1 March 2008 from being appointed as a
director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956;

3)

s t

(vi) In our opinion and to the best of our information


and according to the explanations given to us, the

-(50)-

b)

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


loans taken from such parties are Rs. 130.75 lacs.
c)

d)

e)

4)

'

5)

In our opinion the rate of interest and other terms


and conditions on which loans have been taken
from the parties and a company listed in the register
maintained under Section, 301 of the Companies
Act, 1956 are, prima facie, not prejudicial to the
interest of the company.
The company is regular in repaying the principal
amounts as per stipulation and has been regular
in the payment of interest, as applicable.
As explained to us there is no overdue amount of
loan taken from the company listed in the registers
maintained under section 301 of the Companies
Act, 1956.

In our opinion and according to the information and


explanations given to us, there are adequate internal
control p r o c e d u r e s c o m m e n s u r a t e with the size of
the company and the nature of its business with regard
to purchases of the fixed assets and sale of services.
During the course of our audit, we have not observed
any continuing failure to correct major weakness in
internal controls.
a)

b)

A c c o r d i n g to the information a n d explanations


given to us, we are of the opinion t h a t t h e
particulars of contracts or arrangements referred
to in Section 301 of the Companies Act, 1956 have
been entered in the register required to be
maintained under that Section,
In our opinion and according to the information
and explanations given to us, a transaction made
in pursuance of contracts or a r r a n g e m e n t s
entered in the registers maintained under Section
301 of the Companies Act, 1956 and exceeding
the value of five lakh rupees in respect of a party
during the year has been made at price which is
reasonable having regard to prevailing market
prices at the relevant time.

b)

day of the financial year under review for a period


o f m o r e t h a n six m o n t h s f r o m t h e d a t e t h e y
became payable,
A c c o r d i n g to the information a n d e x p l a n a t i o n s
g i v e n to us, no d u e s of sale tax, i n c o m e t a x ,
customs duty wealth tax, service tax, excise duty,
a n d c e s s , as applicable, which have not b e e n
deposited on account of any dispute.

10) The company does not have accumulated losses. T h e


company has not incurred any cash losses during the
financial year covered by our audit and the immediately
preceding financial year.
11)

In our opinion and according to the information and


explanations given to us, the c o m p a n y has not
defaulted in repayment of dues to a financial institution,
bank or debenture holder, as applicable.

12) As per information and explanations provided to us


the company has not granted any loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.
13) The Company is not a chit fund or a nidhi mutual benefit
fund/society.
14) T h e c o m p a n y is not d e a l i n g or t r a d i n g in s h a r e s ,
securities, debentures and other investments.
However, Investments of the Company are held in its
own name.
15) As per information and explanations provided to us,
the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16) The Company has not taken any Term Loan during the
year c o n c e r n e d .
17) According to the information and explanations given
to us and on an overall examination of the balance
sheet of the company, we report that the no f u n d s
raised on short- term basis have been used for longterm investment.
18) The company has made any preferential allotment of
shares to a company covered in the register maintained
under section 301 of the Companies Act, 1956, terms
and condition whereof are not prejudicial to the interest
of the company.

6)

In our opinion and according to the information and


explanations given to us, the company has not
accepted any deposits from the public.

7)

In our opinion, the Company has a formal internal audit


system commensurate with the size and nature of its
business.

19)

T h e Central- G o v e r n m e n t has not p r e s c r i b e d


maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of
the Company.

20) T h e C o m p a n y has not raised any money by public


issue during the year under review.'

8)

9)

a)

A c c o r d i n g to the records of the c o m p a n y ,


generally the company is regular in depositing with
appropriate authorities undisputed statutory dues
including provident fund, investor education and
protection fund, employees' state insurance,
income tax, sales tax, w e a l t h tax, service tax,
custom duty, excise duty, cess and other material
statutory dues, as applicable, and no such
statutory d u e s w e r e outstanding as at the last

Since the company has issued unsecured debentures,


no securities or charge has been created in respect
of debentures issued by the company.

21) According to the information and explanations given


to us, no fraud on or by the Company has been noticed
or reported during the year.
For B. CHHAWCHHARIA & Co.
Chartered Accountants

Place: G u r g a o n
Date: 3 0 June, 2008
th

51

(VINIT B A G A R I A )
Partner
Membership Number: 500872

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


BALANCE SHEET AS AT 31 ST MARCH, 2008
SCHEDULES

AS AT
31.03.2007

AS AT
31.03.2008
(Rs.)

(Rs.)

(Rs.)

135,801,412

28,319,005

(RS.)

SOURCES OF FUNDS
Shareholders' Funds:
Share Capital

92,400,500

Reserves & Surplus

43,400,912

2,400,500
30,719,505

Loan Funds:
Unsecured Loans

Security Deposit from Customers

100,361,678

85,105,945

22,282,606

16,786,000

258,445,696

132,611,450

APPLICATION OF FUNDS
Fixed Assets:
a)

Gross Block

b)

Less: Depreciation

c)

Net Block

d)

Capital Work in Progress

4
125,671,226

1,543,065

8,460,660

841,482
701,583

117,210,566
25,175,332

142,385,898

61.,973,831

62,675,414

Investments

93,072,601

66,630,209

Deferred Tax Asset - Net

4,867,000

307,000

Current Assets, Loans & Advances:


a)

Inventories

1,857,820

b)

Sundry Debtors

2,509,815

13,000

c)

Cash & Bank balances

4,489,593

1,883,448

d)

Loans & Advances

10

Less: Current Liabilities & Provisions

11

30,251,051

9,153,094

39,108,279

15,465,887

NOTES ON ACCOUNTS
BALANCE SHEET ABSTRACT A N D COMPANY'S
GENERAL BUSINESS PROFILE

15,767,083

23,488,740

Net Current Assets


Miscellaneous Expenditure

4,416,345

12

15,619,539

(301,196)

2,500,658

3,300,023

258,445,696

132,611,450

22
23

The Schedules referred above form an integral part of the accounts


In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 30th June, 2008

For and on behalf of the Board


O m Prakash Gupta
Whole time Director

Vishal Gupta
Director
Place : New Delhi
Date : 30th June, 2008

ITM

ana

ASHIANA RETIREMENT VILLAGES LIMITED


PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2008
SCHEDULES

2007-2008
(RS.)

2006-2007
(Rs.)

13

11,177,770

1,916,093

INCOME
Sales

1,246,000

Project Maintenance Charges


Commission
14

Other Income

3,668,106

2,640,973

28,461,134

5,213,503

44,553,010

9,770,569

1,660,680

EXPENDITURE
Decrease In Stock

15

450,000

Cost of Material

16

2,862,083

Power and Fuel

1,888,364

Project Maintenance Expenses

1,472,774

Rooms and Restaurant running Expenses

4,124,113

142,421

C o s t of borrowing

17

274,670

4,039

Expenses on Employees

18

7,014,292

2,222,767

8,457,591

31,276

19

6,830,131

2,352,990

33,374,018

6,414,173

11,178,992

3,356,396

Depreciation
Other expenses

PROFIT FOR T H E YEAR

315,801

LESS: EXTRA - ORDINARY ITEM

21

Less: Direct Taxes

10,863,191

3,356,396

(4,476,789)

144,607

PROFIT AFTER TAX

15,339,980

3,211,789

Transfer to General Reserve

15,258,073

4,703,000

Brought forward from the previous year


SURPLUS CARRIED TO BALANCE SHEET

919,005

2,410,216

1,000,912

919,005

2.63
1.07

13.38
0.64

EARNING PER SHARE


(On Shares of nominal Value of Rs. 10/- each)
Basic
Diluted

This Schedule referred above form an integral part of the accounts.


In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
For and on behalf of the Board

Chartered Accountants
VINIT BAGARIA
Partner

O m Prakash Gupta
Whole time Director

Vishal Gupta
Director
Place : New Delhi
Date : 30th June, 2008

Place : Gurgaon
Date : 30th June, 2008

GD

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


,

<

SCHEDULES T O T H E ACCOUNTS

AS AT
31.03.2008
(Rs.)

AS AT
31.03.2007
(Rs.)

95,500,000

4,500,000

92,400,500

2,400,500

As per the last account

13,000,000

8,000,000

A d d : Transfer from Profit & Loss Account

15,258,073

4,703,000

SHARE CAPITAL
Authorised :
9 5 5 0 0 0 0 (P.Y. 4 5 0 0 0 0 ) Equity s h a r e s o f R s . 1 0 / - e a c h
Issued, Subscribed a n d Paid up :
9 2 4 0 0 5 0 (P.Y. 2 4 0 0 5 0 )

Equity s h a r e s of R s . 1 0 / -

e a c h fully paid up in c a s h
H e l d by A s h i a n a Housing Limited, the holding c o m p a n y
RESERVES & SURPLUS
General

Reserve

297,000

A d d : On initial adoption of D e f e r r e d Tax A s s e t


Less: On adoption of statement for employees benefits ( A S - 1 5 )

Securities P r e m i u m A c c o u n t
Profit & Loss Account

(258,073)
28,000,000

13,000,000

14,400,000

14,400,000

1,000,912

919,005

43,400,912

28,319,005

5,286,278

12,303,731

13,075,400

9,496,105

UNSECUREDLOANS
i)

Loans :
From Bodies Corporate
-

Holding C o m p a n y

Others

7,306,109

F r o m Directors
ii)

1 0 0 0 0 0 0 Z e r o P e r c e n t U n s e c u r e d Optionally Fully Convertible


D e b e n t u r e s of

R s . 1 0 0 / - e a c h series - I (paid up Nil ;P.Y.Rs.56/-

per d e b e n t u r e ) convertible to t h e extent of a m o u n t paid up into


Equity S h a r e s of R s . 1 0 / - e a c h at par at t h e option

of

D e b e n t u r e Holders within T w e l v e y e a r s from the d a t e


of allotment or r e d e e m a b l e after o n e y e a r from the d a t e

of allotment at the option of the C o m p a n y if option to


convert into Equity S h a r e s is not e x e r c i s e d by the
D e b e n t u r e H o l d e r - F r o m Holding C o m p a n y

56,000,000

iii) 1 0 0 0 0 0 0 Z e r o P e r c e n t U n s e c u r e d Optionally Fully


Convertible D e b e n t u r e s of R s . 1 0 0 / - e a c h S e r i e s - II
(paid up R s . 8 2 / - per d e b e n t u r e ) convertible to the
extent of a m o u n t paid up into Equity S h a r e s of R s . 1 OAe a c h at par at t h e option of D e b e n t u r e Holders within
T w e l v e y e a r s from the d a t e of allotment or r e d e e m a b l e
after o n e y e a r from the d a t e of allotment at the option of the
C o m p a n y if option to convert into Equity S h a r e s is not
e x e r c i s e d by the D e b e n t u r e Holder - F r o m Holding C o m p a n y

82,000,000
100,361,678

CD

85,105,945

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


4

FIXED ASSETS
DEPRECIATION

GROSS BLOCK

BUILDING

As at
01A07
(Rs.)

Additions/
(Deductions)
(Rs.)

As at
31-3-08
(Rs.)

Up to
31-3-07
(Rs.)

For the
year
(Rs.)

Up to
31-3-08
(Rs.)

1,463,000

92,517,386
(1,463,000)
15,715,089
6,874,954
4,777,019
(4,400)
5,711,113

92,517,386

834,013

15,715,089
6,889,294
4,838,344

376
7,093

1,244,991
(834,013)
1,248,225
5,125,331
454,513
(4,400)
384,531

384,531

5,326,582

1,543,065

125,595,561
(1,467,400)

125,671,226

841,482

8,457,591
(838,413)

8,460,660

117,210,566

60,794,598

60,388,381
(121,182,979)
909,430
23,086,669

909,430

' 24,265,902

1,179,233

25,175,332

61,973,831

PLANT AND MACHINERY


FURNITURE & FIXTURES
OFFICE FACILITIES AND EQUIPMENTS

14,340
65,725

ELECTRICAL INSTALLATIONS.

TOTAL

NET BLOCK

'

5,711,113

As at
31-348
(Rs.)

As at
31-3-07
(Rs.)

1,244,991

91,272,395

628,987

1,248,225
5,125,707
457,206

14,466,864
1,763,587
4,381,138

13,964
58,632

701,583

CAPITAL WORK IN PROGRESS


TREE HOUSE
LUCKNOW OFFICE
VILLAGE CENTRE

1,179,233

909,430
24,265,902

TOTAL

61,973,831

84,384,480
(121,182,979)

25,175,332

GRANDTOTAL

63,516,896

209,980,041
(1,467,400)

150,846,558

841,482

8,457,591
(838,413)

8,460,660

PREVIOUS YEAR FIGURES

23,520,960

40,002,567
(6,631)

63,516,696

816,573

31,276
(6,367)

841,482

crwpnin P C T O T H F ArrmiMTc

!>UMEOULEbTUTMtAOOOUNi5

(Rs.)
5

share/Unit
Nos.

60,794,598

142,385,898
62,675,414

o f

31.03.2008

Shares/Unit

31.03.2007

(Rs.)

Nos.

(R .)
S

INVESTMENTS
(I) L O N G T E R M INVESTMENT
a) In Government Securities
Unquoted
National Saving Certificate
(Lodged with Sales Tax Authorities)
b) In fully paid up Equity Shares
Quoted
Ashiana Housing Ltd. (includes 465282 bonus shares) 10
IFGL Refractories Ltd
. 1 0
c) In a P a r t n e r s h i p Firm
M/s Ashiana Manglam Developers - In Capital Account
d) In Immovable Properties
(i) 21 nos single room Flats at Rangoli - II, at Bhiwadi
(ii) Roof rights, Ashiana Trade Centre, Jamshedpur
(iii) Shops, Ashiana Trade Centre, Jamshedpur +
(II) C U R R E N T INVESTMENT
Unquoted
In Mutual Funds
DSP Merill Lynch Bond Liquidity Fund-Regular-Growth
DSP Merill Lynch Bond Fund (GR)

Aggregate amount of quoted investments


Aggregate amount of unquoted investments
Market Value of quoted investments
Repurchase value of units of Mutual Fund
+Transferred from Fixed Assets on 01.04.2007

10
10

30,000

651,395
10,224

7,682.509
-

20,000

2,639,549
790,939

186,113
9,835

2,639,549
764,832

83,941,607

59,367,640

3,740,000
1,500,000
313,186

3,740,000

117,320
-

5192.410

98,188

93,072,601

66,630,209

3,430,488
89,642,113
59,054,958

3,404,381
63,225,828
32,695,460

150,281

129,854

ITM

ASHIANA RETIREMENT VILLAGES LIMITED


SCHEDULES TO THE ACCOUNTS

DEFERRED TAX A S S E T - N e t
On fiscal allowances on fixed assets
On unabsorbed losses

INVENTORIES
(As taken, valued and certified by the Management)
Shops and others
Stores
Raw Material
Construction Material

CASH AND BANK BALANCES


Cash-in-hand
Cheques in hand
With Scheduled Banks :
In Current Account
In Fixed Deposit Account (pledged)

*
10 L O A N S & ADVANCES
(Unsecured, considered good)
Loans
Advances recoverable in cash or in kind or for value to be received
Advances against purchase of properties
Security Deposit
Taxation Advances and Refundables

11

AS AT
31.03.2007
(Rs.)

332,000
4,535,000

(97,000)
404,000

4,867,000

307,000

376,400
208,492
135,928
1,137,000

826,400

3,589,945

1,857,820

4,416,345

2,509,815

13,000

2,509,815

13,000

188,457
752,536

325,270

3,508,600
40,000

1,518,178
40,000

4,489,593

1,883,448

199,247
2,046,162
26,404,754
433,769
1,167,119

359,247
7,667,163

30,251,051

9,153,094

5,014,936
12,986,564
212,928
4,696,060

8,720,917
4,598,395
552,661
1,694,010

22,910,488

15,565,983

SUNDRYDEBTORS
(Unsecured, considered good)
Due for less than six months

A S AT
31.03.2008
(Rs.)

180,949
945,735

C U R R E N T LIABILITIES & PROVISIONS


CURRENT LIABILITIES
Sundry Creditors
Advance / Deposit from Customers
Temporary Overdraft due to over issue of Cheques
Other liabilities
-

PROVISIONS
For Gratuity

381,252

For Taxation

197,000

201,100

23,488,740

15,767,083

CD

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED

A S AT

SCHEDULES TO THE ACCOUNTS

12

MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Preoperative Expenses (pending allocation)
As per the last account
A d d : incurred during the year
Directors' Remuneration
Furniture Hire Charges
Interest
Printing and Stationery
Miscellaneous Expenses

31.03.2008

31.03.2007

(Rs.)

(Rs.)

3,300,023
i,

Less: Transferred to Fixed Assets

SALES
Shops & Others
Rooms,. Restaurant, Banquets and other services

14 OTHER INCOME
Interest
Dividend
Rent
Fee and Subscription
Profit on sale of Investments
Share of profit from Partnerhsip firm
Items relating to previous year
Liabilities Written Back
Miscellaneous Receipts

15 DECREASE IN STOCK
Opening Stock :
Shops and others
Less: Closing Stock:
Shops and others

16 COST OF MATERIAL
Raw material consumed
Stores c o n s u m e d

600,000
160,500
2,095,478
103,732
524,858

600,000
117,600
2,189,637
122,800
269,986

6,784,591
4,283,933

3,300,023

2,500,658

3,300,023

2007 -2008
(Rs.)

2006 - 2007
(Rs.)

1,134,000
10,043,770

1,916,093

11,177,770

1,916,093

17,818
463,533
803,471
699,783
56,748
25,036,713
25,116
83,010
1,274,942

23,913
372,226
277,830
1,400,058
2,904,894
2,900
231,682

28,461,134

5,213,503

826,400

2,487,080

376,400

826,400

450,000

1,660,680

1,447,139
1,414,944
2,862,083

17 COST OF BORROWING
Interest :
t o Directors
To Others

274,670
4,039
274,670

57}=

4,039

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


SCHEDULES TO THE ACCOUNTS

18

2007-2008

2006-2007

(Rs.)

(Rs.)

6,693,903

2,069,404

EXPENSES ON EMPLOYEES
Salary & Allowances
(includes Gratuity Provision Rs.1,23,179/-;PY Nil)
Contribution to Provident and other funds
Staff Welfare

11,353
309,036

153,363

7,014,292.

2,222,767

1,115,323

271,500

19 OTHER EXPENSES
Rent
Rates and Taxes
Establishment Charges
Insurance
Advertisement
Commission

8,630

5,824

25,844

25,815

2,085,436

500,000
207,485

75,982

Legal & Professional Expenses

102,590

102,343

Travelling & Conveyance

366,951

197,292

Printing and Stationery

417,330

67,016

Telephone Expenses
Repairs and Maintenance:

549,402

159,441

To Plant and Machinery


To Building

34,665
26,976
188,268

85,852

8,000

7,000

For Statutory Audit

67,344

67,344

For Tax Audit

16,836

16,836

2,000

2,000

To Others
Directors' Sitting Fees
Auditors' Remuneration :

For internal Audit


For Other Services
Miscellaneous expenses

14,271

6,285

1,724,283

349,500
273,267

Items relating to previous year

64

Loss on sale of Fixed Assets

8,126

Preliminary Expenses Written off


6,830,131

2,352,990

20 EXTRA ORDINARY ITEM


Differential Depreciation relating to building transferred
to investments

315,801
315,801

21

DIRECT TAXES
Provision for :10,000

Income Tax
(4,560,000)

(10,000)

Income Tax Ajustments

(21,789)

62,607

Fringe Benefit Tax

105,000

82,000

(4,476,789)

144,607

Deferred Tax

ITM

ASHIANA RETIREMENT VILLAGES LIMITED


22
1)

Ashiana

NOTES ON A C C O U N T S
SIGNIFICANT ACCOUNTING POLICIES
SYSTEM OF A C C O U N T I N G :
The company adopts accrual basis of accounting in the preparation of accounts.
FIXED ASSETS A N D DEPRECIATION :
a)

Fixed assets are valued at cost a n d depreciation is provided on straight line basis
provisions of Schedule XIV to the Companies Act, 1956.

b)

Capital work-in-progress is stated at cost.

in accordance

with the

INVENTORIES:
a)

Stock of raw material and stores are carried at cost.

b)

Shops and other and Construction material is valued at cost.

INVESTMENTS:
Long term investments are carried at acquisition cost and investments intended to be held for less than one year are
classified as current investments and are carried at lower of cost and market value. Long Term Investments which
have attained the stage of permanent diminution in their value are revalued at their current value.
TAXES ON INCOME :
a)

Current Tax is determined as the amount of tax payable in respect of taxable income for the year.

b)

Deferred Tax is recognised, subject to consideration of prudence, in respect of deferred tax Assets/Liabilities
arising on timing differences, being the difference between taxable income and accounting income that originate in
one period and are capable of reversal in one or more subsequent period.

EMPLOYEE BENEFITS
a)

Short term employee benefits are charged off at the undiscounted amount in the year in which the related service
is rendered.

(b) Post employment and other long term employee benefits are charged off in the year in which the employee has
rendered services. T h e amount charged off is recognised at the present value of the amounts payable determined
using actuarial valuation techniques. Actuarial gain and losses in respect of post employment and other long term
benefits are charged to Profit and Loss Account.
SALES
(a) Sales, comprising of sale of r o o m s , food and b e v e r a g e s , club a n d other allied services, is recognised upon
rendering of the services
(b) Sale of shops and others is accounted for on the basis of date of delivery of physical possession to the respective
customer.
(c) Project maintenance c h a r g e s , a n d other income is accounted for on accrual basis except where the receipt of
income is uncertain.
(d) Interest from customer is accounted for on receipt basis.
MISCELLANEOUS EXPENDITURE:
Preliminary Expenses are written off over a period of five years.
MPAIRMENT OF A S S E T S
Impairment loss in the value of assets as specified in Accounting Standard - 28 is recognized whenever carrying value
of such assets exceeds the market value or value in use, whichever is higher.

GD

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


2)

The Earning Per Share (EPS) has been calculated as specified in Acer

7 Standard - 20 on "Earning Per Share" and

related disclosures are as below :

a)

2006-2007

(Rs.)

(Rs.)

15,339,980

3,211,789

240,050

240,050

amount used as numerator in calculating basic and diluted EPS


Profit after tax (Rs.)

b)

^007-2008

Amount used as denominator for calculating EPS. (In Nos.)


Fo, :\ ...,c EPS ( N o s ) :
opening
Add: Alloted during the year on 18-08-2007
5,581,967

(9000000*227/366)

5,822,017

240,050

Add: Potential Equity Shares


Debentures convertible to the extent of amount paid up
in equity shares at par alloted on 18-08-2007
5,085,792

(10000000*82/100 *227/366)
Debentures convertible to the extent of amount paid up
in equity shares at par alloted on 26-05-2006

3,418,033

(10000000*90/100 *139/365)
Debentures convertible to the extent of amount paid up
in equity shares at par alloted on 26-05-2006
(10000000*56/100 *310/365)
For Diluted EPS
3)

4,756,164

14,325,842

4,996,214

The particulars of Partnership business is given below:


Ashiana Mangalam Developers
Share

Name of the Partner

3 0 % of pre-tax yearly

Balance

# Capital (Rs.)

profit upto cumulative


aggregate of
917.40 lacs
65.00%

Ashiana Retirement Villages Ltd.


Rajkumarl Garg

33.00%

83,941,607

11.55%

16,794,184

S a n g e e t a Agarwal

17.00%

5.95%

(3,319,926)

Sanjay Gupta

33.00%

11.55%

(8,955,389)

Vinod Goyal

17.00%

5.95%

(6,810,351)

# on the basis of audited Balance Sheet as at 31.03.2008


4)

On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity
of

those assets, in the management perception, there is no impairment of such assets as appearing in the balance

sheet as on 31.03.2008.
5)

In view of insufficient information from the suppliers regarding their status as SSI units, the amount due to Small Scale
Industrial undertaking can not be ascertained.

CD

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


6)

Stock, Purchase and Sales:


Amount
(Rs.)

Shops
(Sft.)

Total A m o u n t
(Rs.)

1,316

526,400

15

300,000

826,400

(2,246)

(898,400)

(15)

(300,000)

(2,487,080)

(-)

(-)

(-)

(728)

(1,295,593)

1,134,000
(725,000)

(-)
-

(-)

1,125
(930)

(-)
(-)

(-)

(-)

(-)

(-)

300,000
(300,000)

376,400
(2,487,080)

Purchases

7)

Amount
(Rs.)

(728)

Closing Stock

Parkings
(Nos.)

(1,288,680)

Opening Stock

Sales

Store Rooms A m o u n t
(Sft.)
(Rs.)

(-)
-

191
(2,246)

76,400
(898,400)

15
(15)

1,134,000

Effective 1st April, 2007, employee benefit obligations have been measured/ valued following the Accounting Standard
15 (revised 2005) on 'Employee Benefits' (AS) issued by the Institute of Chartered Accountants of India. Pursuant to
adoption of the AS, the differential obligations on Employee Benefits as on that date, amounting to Rs 258073/- has
been transferred from the General Reserve in terms of the transitional provisions of the said standard. The charge to
the Profit and Loss account is lower by an amount of Rs 176821/- with its consequential effect on the profit before tax
for the current year.
D e f i n e d C o n t r i b u t i o n Plan
Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:
(Rs. in lacs)
0.11

Employer's Contribution to Provident & Pension Fund

Defined Benefit Plan


T h e present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.
Gratuity
(Unfunded)
a.

Reconciliation of opening and closing balances of Defined Benefit obligation


Defined Benefit obligation at beginning of the year
Current Service Cost
Interest Cost
Actuarial (gain)/loss
Benefits (paid)
Defined Benefit obligation at year end

2.58
1.20
0.21
(0.18)
3.81

Value of assets and obligations


Present value of obligation
as at 31st March, 2008

3.81

Amount recognised in Balance Sheet

3.81

Expenses recognized during the year


Current Service Cost
Interest Cost
Actuarial (gain) / loss
Net Cost
d.

1.20
0.21
(0.18)
1.23

Actuarial assumptions
Mortality Table ( L L C . )
Discount rate (per annum) compounded
Rate of escalation in salary (per annum)

1994-96 (duly modified)


8.00%
8.00%

The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation,
seniority, promotion and other relevant factors. The expected return on Plan Assets is based on actuarial e>; ;sctations
of the average long term rate of return e x p e c t e d on investments of the fund during the e s t i m a t e d t e r m s of the
obligations. The above information is certified by the Actuary.
Since this is the first year of adoption, of the AS, only the current years figures have been disclosed.

61

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


8)

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures"
issued by ICAI has been identified and given below on the basis of information available with the company and the
same has been relied upon by the auditors.
Related Parties & Relationship
Transactions
a)

Enterprises that directly, or indirectly through one or more intermediaries, Control or are controlled by or are under
common control with the company (including holding companies, subsidiaries and fellow Subsidiaries) :
2007-2008

2006-2007

(Rs.)

(Rs.)

Ashiana Housing Ltd


Rs.Nil

Rs. 3.28 lacs

Lease Rent paid

Rs.6.00 lacs

Rs.9.00 lacs

Revenue sharing

Rs.5.02 lacs

Rs.Nil

Rs.Nil

Rs.37.40 lacs

Hire charges paid

Rs.0.60 lacs

Rs.0.60 lacs

Miscellaneous Expenses

Rs.2.51 lacs

Rs.Nil

(Rs.73.06 lacs)

Rs.67.05 lacs

Interest paid

Fixed assets purchased

Loan received / (repaid) (net)


Advance against bookings
Year end payable
b)

Rs.Nil

Rs. 7.19 lacs

Rs.101.95 lacs

Associates and joint ventures


as above

Ashiana Mangalam Developers


c)

Rs. 64.05 lacs

Individuals owning directly or indirectly,


in

an interest

the voting power of the company that gives

them control or significant influence over the


company, and
d)

relatives of any such individual.

Key management personnel and their relatives


Shri Om Prakash Gupta,

Remuneration

Rs.6.00 lacs

Director
e)

Enterprises over which any person described in (c)


or

f)
9)

(d) is able to exercise significant influence :

Amount Written off in respect of above parties

(a) Previous year figures above are given in bracket.


(b) Previous period figures are rearranged/ regrouped wherever considered necessary.

CD

Rs.6.00 lacs

TM

ASHIANA RETIREMENT VILLAGES LIMITED


23
I.

BALANCE SHEET A B S T R A C T A N D COMPANY'S GENERAL BUSINESS PROFILE


Registeration No.

U70101WB
State Code
2002PLC94479

Balance Sheet Date

31/03/2008

Capital raised during the year

Public Issue

Nil

Right Issue

(Amount in Rs. Thousand)

Bonus Issue

Nil

Private Placement

Position of Mobilisation and

Total Liabilities

258,446

Total Assets

Paid-up Capital

92,401

Reserves & Surplus

43,401

Secured Loans

Nil

Unsecured Loans

100,362

Deposits

22,282

Net Fixed Assets

142,386

Investments

Net Current Assets

15,619

Misc. Expenditure

A c c u m u l a t e d Losses

Nil

Defferred Tax

4,867

Turnover (Gross Revenue):

44,553

Total Expedinture

33,374

+/- Profit/Loss
Before Tax

+11,179

+/- Profit/Loss
After Tax*

Earning per share

2.63

Dividend Rate %

Registration Details

21

Nil
:

90,000
258,446

Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds

Application of Funds

93073
:

2501

Performance of Company

:'

+15,340

Nil

* Before deducting extra ordinary tax payment.


IV

Generic Name of Three Products/Services of Company


(as per monetary terms)

Item Code No.

N.A

(ITCCode)
Product Description

Real Estate, Hospitality

Signature to Schedules 1 to 23
In terms of our report of even date attached herewith

O m Prakash Gupta
Whole time Director

VINIT BAGARIA
Partner
Place : Gurgaon
Date : 30th June, 2008

Vishal Gupta
Director
Place : New Delhi
Date : 30th June, 2008

GD

ITM

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


C A S H FLOW STATEMENT FOR T H E YEAR E N D E D 31ST M A R C H , 2008
2007-2008
(Rs.)

2006-2007

11,178,992

3,356,396

8,457,591
(17,818)

31,276
(23,913)
(1,400,058)
64

( Rs.)

C A S H FLOW FROM OPERATING ACTIVITIES :


Net Profit before tax and extraordinary items
Adjusted for :
Depreciation
Interest Income
Income from Long Terms Investment
(Profit) / Loss on sale of Fixed Assets
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES

(56,748)
19,562,017

1,963,765

(22,574,023)
2,558,525

(5,942,902)

Adjusted for :
Trade and other receivables
Inventories
Trade Payables and other payable
CASH GENERATED FROM OPERATIONS

12,964,290

(1,929,265)
17,353,989

12,510,809

11,445,587

(308,695)

(177,183)

12,202,114

11,268,404

12,202,114

11,268,404

(88,797,062)

(40,002,567)

200
(51,810,787)

Direct Taxes paid / adjusted


Cash flow before extra ordinary items
Extra Ordinary items
Net cash from Operating activities (A)
C A S H FLOW F R O M INVESTING ACTIVITIES :
Purchase of Fixed Assets
Sale of Fixed Assets

(26,072,458)
17,818

Net Purchase/ sale of Investments


Interest Income
Net Cash from investing activities (B)
CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from long term and other borrowings
Proceeds from issuance of share capital

23,913

(114,851,702)

(91,789,241)

15,255,733
90,000,000

81,445,337

105,255,733

81,445,337

2,606,145
1,883,448

924,500
958,948
1,883,448

Net Cash used in Financing activities (C)


NET INCREASE IN CASH A N D CASH EQUIVALENTS (A+ B+ C)
CASH A N D CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH A N D CASH EQUIVALENTS A T T H E END OF THE YEAR

4,489,593

0 1 . Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivalents represent cash and bank balances only.

In terms of our report of even date attached herewith


For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner

B h a g w a n Kumar
Company Secretary

For and on behalf of the Board


Om Prakash Gupta
Managing Director

P l a c e : Gurgaon
Date : 30th June, 2008

Vishal Gupta
Jt. Managing Director

Naval Kishore
G.M. (F&A)
Place :
Date :

CD

New Delhi
30th June, 2008

ASHIANA HOUSING LIMITED - CONSOLIDATED


AUDITORS' REPORT TO T H E B O A R D OF DIRECTORS OF ASHIANA HOUSING LIMITED ON T H E CONSOLIDATED
FINANCIAL STATEMENTS OF M/S ASHIANA HOUSING LIMITED

AND

ITS SUBSIDIARIES VATIKA M A R K E T I N G

LIMITED A N D ASHIANA RETIREMENT VILLAGES LIMITED


We have audited the attached consolidated Balance Sheet of Ashiana Housing Limited and its subsidiaries Vatika Marketing
Limited and Ashiana Retirement Villages Limited as at 31st March, 2008, the consolidated Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis,
evidence supporting the a m o u n t s and disclosures in the financial statements.

An audit also includes assessing the

accounting principles used and significant estimates made by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
We report that the c o n s o l i d a t e d financial s t a t e m e n t s have b e e n p r e p a r e d by the c o m p a n y in a c c o r d a n c e with the
requirements of Accounting Standard (AS) 2 1 , consolidated financial statements, issued by T h e Institute of Chartered
Accountants of India and on the basis of separate audited financial statements of A s h i a n a Housing Limited a n d its
subsidiaries included in the consolidated financial statements.
On the basis of information and explanations given to us and on the consideration of separate audit reports on individual
audited financial statements of Ashiana Housing Limited and its aforesaid subsidiaries, the said financial statements,
subject particularly to notes in Schedule '22' regarding, Dues to SSI Units (note 8), give a true and fair view:
i.

in so far as it relates to the Consolidated Balance Sheet, of the state of affairs of the Company as at 31st March,
2008; and,

ii.

in so far as it relates to the Consolidated Profit & Loss Account, of the Profit for the year ended on that date.

iii.

In the case of Consolidated Cash Flow Statement, of the cash flow for the year ended on that date.

For B. CHHAWCHHARIA & CO.


Chartered Accountants

(VINIT B A G A R I A )
Partner
Membership Number: 500872

Place: G u r g a o n
Date: 3 0 June, 2008
th

CD

ITM

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED


CONSOLIDATED BALANCE SHEET OF ASHIANA HOUSING
31 ST MARCH, 2008
SCHEDULES
(Rs.)

LTD.

& ITS SUBSIDIARIES AS AT

AS AT
31.03.2008
(RS.)

(Rs.)

AS AT
31.03.2007
(RS.)

SOURCES OF FUNDS
Shareholders' Funds:
Share Capital
Reserves & Surplus

180,844,550
496,832,636

51,669,870
271,735,143
323,405,013

677,677,186
Loan Funds:
Secured Loans
Unsecured Loans

7,246,541
18,361,678

Security Deposit From Customers


Deferred Tax liability

APPLICATION OF FUNDS
Fixed Assets:
a) Gross Block
b) Less: Depreciation
c)
d)

Net Block
Capital Work in Progress

Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash & Bank balances
Other Current Assets
Loans & Advances
Less: Current Liabilities & Provisions
Net Current Assets
Miscellaneous Expenditure .

25,608,219
22,282,606
3,110,000

31,561,523
16,786,000
3,970,000

728,678,011

375,722,536

280,480,873
26,502,328

139,691,920
16,934,378

253,978,54T
25,512,884

122,757,542
62,167,211
279,491,429

184,924,753

457,206,909

269,496,965

7
8
9
10
11

415,965,035
39,328,975
77,669,352
303,318,554
157,324,970

581,290,280
18,651,394
234,168,501
28,293,279
63,477,879

12

993,606,886
1,004,127,871

925,881,333
1,007,880,538

13

NOTES ON ACCOUNTS
BALANCE SHEET ABSTRACT AND COMPANY'S
GENERAL BUSINESS PROFILE

9,761,687
21,799,836

(10,520,985)
2,500,658

(81,999,205)
3,300,023

728,678,011

375,722,536

23
24

The Schedules referred above form an integral part of the accounts.


In terms of our report of even date attached herewith.
For B. CHHAWCHHARIA & C O .
For and on behalf of the Board

Chartered Accountants
VINIT BAGARIA
Partner

Bhagwan Kumar
Company Secretary

O m Prakash Gupta
Managing Director

Vishal Gupta
Jt. Managing Director

Naval Kishore
G..M. (F&A)
Place : New Delhi
Date : 30th June, 2008

Place : Gurgaon
Date : 30th June, 2008
j

66

ASHIANA HOUSING LIMITED - CONSOLIDATED


C O N S O L I D A T E D PROFIT & L O S S A C C O U N T OF A S H I A N A H O U S I N G LTD. & ITS SUBSIDIARIES FOR
T H E YEAR ENDED 31 ST MARCH, 2008
SCHEDULES

2007-2008
(Rs.)

2006-2007
(Rs.)

496,448,279

INCOME
Sales

14

1,244,911,331

Project Maintenance Charges

15

18,049,089

15,069,726

Other Income

16

71,550,392

45,352,910

17

(144,966,436)

74,084,460

1,189,544,376

630,955,375

Increase/ (Decrease) in Stock

EXPENDITURE
60,473,127

26,794,263

Cost of Material

2,862,083

1,660,680

Rooms & Resturant Running exp

3,621,924

375,127,375

383,237,390

Purchases

18

Project Expenses

19

Project Maintenance Expenses


Ongoing Project Expeses Adjustment
Expenses on Employees

20

Depreciation
Other expenses

21

PROFIT FOR T H E YEAR


Less: Extra ordinary Item

1,472,774

10,711,160

143,407,806

16,814,531

52,629,801

31,605,885

14,253,738

3,588,520

101,511,763

47,929,309

755,360,391

522,341,738

434,183,985

108,613,637

315,801
47,358,624

14,146,257

Profit after Tax

386,509,560

94,467,380

Appropriations:
Transfer to General Reserve

348,784,875

84,003,000

Less: Direct Taxes

22

Surplus brought forward from previous year

1,721,363

6,914,133

28,103,775

13,382,750

Tax on Proposed Dividend

4,776,237

2,274,400

Surplus Carried to Balance Sheet

6,566,036

1,721,363

21.37

5.22

Proposed Dividend

Earning Per Share


(On Shares of nominal value of Rs. 10/- each)
Basic and Diluted

The Schedules referred above form an integral part of the accounts


In terms of our report of even date attached herewith

For B. CHHAWCHHARIA & C O .


Chartered Accountants
VINIT BAGARIA
Partner

Bhagwan Kumar
Company Secretary

For and on behalf of the Board


O m P r a k a s h Gupta
Managing Director

Place : Gurgaon
Date : 30th June, 2008

Vishal Gupta
Jt'. Managing Director

Naval X i s h o r e
L.iVl. (F&A)

Place : New Delhi


Date : 30th June, 2008

67

ITM

Ashiana

ASHIANA HOUSING LIMITED CONSOLIDATED


SCHEDULES TO THE ACCOUNTS

A S AT
31.03.2008
(RS.)

AS AT
31.03.2007
(RS.)

250,000,000

70,000,000

187,358,500

53,531,000

S H A R E CAPITAL
Authorised :
25000000 (P.Y. 7000000) Equity shares of Rs. 10/- each
Issued, Subscribed and Paid up :
18735850 (P.Y. 5353100) Equity shares of Rs. 10/- each
fully paid up
Less: 651395 (P.Y.186113) Equity shares of Rs. 10 each on Consolidation

6,513,950

1,861,130

180,844,550

51,669,870

1,518,000

1,518,000

RESERVES & SURPLUS


Capital Reserve
General Reserves :
As per last Account

254,095,780

A d d : on initial adoption of Deferred Tax Assets in subsidary company


Less: On adoption of statement for employees benefits (AS-15)
Less: Utilised for issue of fully paid up Bonus shares
A d d : Transfer from Profit & Loss A/c

Securities Premium Account


Profit & Loss Account

169,795,780]
297,000

642,625
(129,174,680)
348,784,875

84,003,000

474,348,600

254,095,780

14,400,000
6,566,036

14,400,000
1,721,363

496,832,636

271,735,143

1,873,486

1,940,635

202,735

4,437,007

SECUREDLOANS
I)

Working Capital Loans from :


State Bank of Bikaner & Jaipur
HDFC Bank Ltd.

II)

Vehicle Loans from :


A B N Amro Bank Ltd.
ICICI Bank Limited

94,135

871,158

767,673

1,668,287

HDFC Bank Ltd.

4,308,512

844,604

- Secured by hypothecation of vehicles

7,246,541

9,761,687

5,286,278

12,303,731

UNSECUREDLOANS
From Bodies Corporate
- Others
Debenture Holder - From Holding Company
From Directors

GD

13,075,400

9,496,105

18,361,678

21,799,836

ITM

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED


.

AS AT

A S AT

31.03.2008

31.03.2007

(Rs.)

(Rs.)

9,804,000

6,451,000

SCHEDULES TO THE ACCOUNTS

D E F E R R E D TAX LIABILITY (NET)


Deferred Tax Liability on Fiscal allowance of fixed assets
Less: Deferred Tax Assets on

U n a b s o r b e d losses

4,771,000

847,000

Employee Benefits

1,923,000

1,634,000

3,110,000

3,970,000

FIXED A S S E T S
NET B L O C K

DEPRECIATION

GROSSBLOCK
As at
Additions/
0 1 . 0 4 . 2 0 0 7 (Deductions)
(Rs.)
(Rs.)

As at
31-3-2008
(Rs.)

Up to
31-3-2007
(Rs.)

For the
year
(Rs.)

Up to
31-3-2008
(Rs.)

As at
31-3-2008
(Rs.)

As at
31-3-2007
(Rs.)

GOODWILL

100,000

100,000

100,000

100,000

GOODWILL ON
CONSOLIDATION

788,346

22,243

810,589

810,589

788,346

BUILDING

73,778,993

92,873,336
(2,769,989)

'163,882,340

1,879,409

2,302,500
(1,118,182))

3,063,727

160,818,613

71,899,584

PLANT&
MACHINERY

27,674,765

26,692,106
(353,014)

54,013,857

4,781,694

2,840,106
(305,336)

7,316,464

46,697,393

22,893,071

8,365,494

. 9,162,776
(1,448,717)

16,079,553

2,213,034

5,675,563
(1,167,662)

6,720,935

9,358,618

6,152,460

OFFICE FACILITY AND


EQUIPMENTS

15,169,760

7,951,098
(1,374,277)

21,746,581

4,529,503

1,737,428
(1,183,507)

5,083,424

16,663,157

10,640,257

VEHICLES

10,437,017

5,800,470
(2,346,777)

13,890,710

2,509,922

1,130,211
(798,723)

2,841,410

11,049,300

7,927,095

3,377,545

6,719,022
(139,324)

9,957,243

1,020,816

567,930
(112,378)

1,476,368

8,480,875

2,356,729

139,691,920

149,221,051
(8,432,098)

280,480,873

16,934,378

14,253,738
(4,685,788)

26,502,328

253,978,545

122,757,542

62,167,211

85,049,590
(121,703,917)

25,512,884

25,512,884

62,167,211

FURNITURE &
FIXTURES

ELECTRICAL
INSTALLATIONS
TOTAL

CAPITAL WORK
IN PROGRESS
LUCKNOW OFFICE
VILLAGE CENTRE

GRAND TOTAL

201,859,131

234,270,641
(130,136,015)

305,993,757

16,934,378

14,253,738
(4,685,788)

26,502,328

279,491,429

PREVIOUS
YEAR FIGURES

81,431,791

123,124,991
(3,158,439)

201,398,343

15,452,579

3,588,520
(2,106,721)

16,934,378

184,924,753

Note: Includes building of Rs. 65730110/- pending registration in the name of the Company

GD

|TM

ASHIANA HOUSING LIMITED - CONSOLIDATED


SCHEDULES TO THE ACCOUNTS

AS AT
31.03.2007
(Rs.)

INVENTORIES
Stock

(As taken, valued and certified by the management)

113,742

Stock in Trade

376,400

826,400

Stores

208,492

Shops

Raw Material

135,928

Maintenance Material

243,678

169,936

64,655,950

108,893,841

Leasehold Land

A S AT
31.03.2008
(Rs.)

Freehold land

102,630,099

94,209,628

Unsold completed constructions

144,010,431

24,196,074

Work-in-progress

68,360,013

323,451,986

Construction/ Maintenance materials

35,344,044

29,428,673

415,965,035

581,290,280

SUNDRY DEBTORS
(Unsecured, Considered Good)
Due for more than six months:
Other Debts

Cheques/Drafts-in-hand

39,328,975

18,651,394

1,179,246
3,318,924

2,810,856
2,158,147

With Scheduled Banks :

In Current Accounts

22,232,966

In Unclamied Dividend Accounts


In Fixed Deposit Accounts

10,014,602

2,409,467

1,452,437

48,528,749

217,732,459

77,669,352

234,168,501

303,318,554

28,293,279

OTHER CURRENT ASSETS


Ongoing Projects Adjustment Account

11

3,047,223
15,604,171

C A S H A N D B A N K BALANCES
Cash-in-hand

10

3,373,867
35,955,108

LOANS A N D ADVANCES
(Unsecured, considered g o o d , unless otherwise stated)
Loans
To Others

232,535

449,172

77,611,005

13,558,250

or for value to be received

12,708,962

25,740,108

Taxation advance and refundable

63,431,692

21,825,491

3,340,776

1,904,858

157,324,970

63,477,879

Advance against land/building purchase


Advances recoverable in cash or in kind

Deposits

[TM

ASHIANA HOUSING LIMITED - CONSOLIDATED


SCHEDULES TO THE ACCOUNTS

12

AS AT
31.03.2007
(RS.)

C U R R E N T LIABILITIES & PROVISIONS


A)

CURRENT LIABILITIES
Sundry Creditors
Advance from Customers
Deposit from Customer
Unclaimed Dividend

40,542,280
889,529,273

63,337,850

19,382,478

2,409,467

1,452,437
823,417

30,261,054

17,271,137

902,714,577

969,001,022

For Taxation

62,426,000

18,398,100

For Proposed Dividend

28,103,775

13,382,750

For Tax on Proposed Dividend

4,776,237

2,274,400

For Gratuity

6,107,282

4,824,266

1,004,127,871

1,007,880,538

Other liabilities

B)

46,486,186
760,007,092

212,928

Temprory overdraft due to over issue of cheques

13

AS AT
31.03.2008
(Rs.)

PROVISIONS

MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Preoperative Expenses (pending allocation)
As per the last account
Directors' Remuneration
Furniture Hire Charges
Interest
Printing and Stationery
Telephone Expenses
Miscellaneous Expenses
Less Transferred To Fixes assets

14

600,000

600,000

160,500

117,600

2,095,478

2,189,637

103,732

122,800

86,996

524,858

182,990

6,784,591

3,300,023

4,283,933

2,500,658

3,300,023

2007-2008

2006-2007

(Rs.)

(Rs.)

922,078,231

435,539,004

SALES
a)

Completed project
Other Projects

b)

Ongoing Projects
Rooms, Restaurant, Banquets and other sen/ices

15

3,300,023

37,822,700

32,615,996

275,025,275

28,293,279

9,985,125

1,244,911,331

496,448,279

16,855,296

16,407,058

1,193,793

(657,901)

18,049,089

15,749,157

PROJECT MAINTENANCE C H A R G E S
General Maintenance Charges
Capital Maintenance Charges (Net)

TM

ASHIANA HOUSING LIMITED - CONSOLIDATED


SCHEDULES TO THE ACCOUNTS

16

2007-2008
(Rs.)

2006-2007
(Rs.)

13,929,862

15,891,286

OTHER INCOME
Interest
Income from Long Term Investment:
Rent
Dividend
Sale (net)
Commission

803,471

1,592,884

2,149,407

10,485,326

15,149,910

3,668,106

2,941,972

Fee & Subscription

699,783

Income from Revenue Sharing arrangements

190,890

Rent and hire charges

976,121

1,411,472

Share of profit from partnership


Miscellaneous Income

31,394,523

3,794,020

4,180,228

100,000

530,215

3,194,022

Provision for Doubtful Debts Written Back


Profit on sale of Investment
Profit on sale of Fixed Assets (Net)
Items relating to previous year (Net)
Liabilities Written Back

2,620,127

46,720

25,116

136,190

839,948

151,705

71,550,392

45,352,910

64,655,950

108,893,841

102,630,099

94,209,628

17 INCREASE/ (DECREASE) IN STOCK


Closing Stock:
Leasehold Land
Freehold Land
Shops
Unsold completed construction
Work-in-progress

376,400

113,742

144,010,431

24,196,074

68,360,013

324,881,390

380,032,893

552,294,675

97,826,517

67,785,414

Less: Openinq Stock :


Leasehold land*
Shop
Freehold land*
Unsold completed construction
Work-in-progress

940,142

715,807

77,155,206

132,279,658

24,196,074

16,158,320

324,281,390

261,271,016

524,399,329

478,210,215

(144,366,436)

74,084,460

*net of ongoing project adjustment amounting to Rs.28,121,746/- (P.Y.Rs.33,16,083/-)


18

PURCHASES
Land
Flats/ Bunglows

56,810,756

26,602,533

3,662,371

191,730

60,473,127

26,794,263

ASHIANA HOUSING LIMITED - CONSOLIDATED

Ashiana
i

2007-2008
(Rs.)

2006-2007

PROJECT EXPENSES
Consumption of construction materials (Indigenous)
Wages
Security Charges
Power & Fuel
Supervision Charges
Architects' Fee and Consultancy Charges
Miscellaneous project expenses

314,729,884
83,026,393
43,081,255
6,479,538
496,885
5,602,878
36,996,602

262,876,530
60,222,042
39,759,134
4,221,014
780,507
2,609,693
26,266,918

Less: Ongoing Project Expeses Adjustment

490,413,435
115,266,060

396,735,838
13,498,448

375,127,375

383,237,390

46,675,112
1,112,385
4,842,304

28,451,214
994,707
2,159,964

52,629,801

31,605,885

2,404,654
1,888,364
141,113
3,260,034
228,112
46,068
6,333,998
1,187,058
28,812,282
171,288
33,746,205
3,142,213
2,599,921

1,378,256

4,494,266
1,271,631
15,513,809
1,717,404
2,651,662
1,996,488
1,585,006

330,934
2,035,215
700,789
32,000

561,524
1,496,794
623,071
38,000

471,768
103,124
117,942
266,631
12,505,780
436,122
176,398
373,750

SCHEDULES TO THE ACCOUNTS

19

m1

TM

EXPENSES ON EMPLOYEES
Salary, W a g e s , bonus and allowances
Contribution to Provident & Other Funds
Staff & Labour welfare expenses
OTHER EXPENSES
Rent
Power & Fuel
Rates and Taxes
Insurance
Public Relation and Communication
Establishment Charges
Travelling and Conveyance
Legal and Professional expenses
Advertisement and Business Promotion
Commission
Management Fee
Telephone, Telex & Fax
Printing & Stationery
Repairs and Maintenance :
To Machineries
To Building
To Others
Directors' Fees
Auditors' Remuneration :
For Statutory Audit
For Internal Audit
For Tax Audit
For. Other Services
Miscellaneous expenses
Irrecoverable Balances Written off
Items relating to previous year
Fixed Assets Written Off
Preliminary Exp. W/off
PROVISION FOR TAXATION
Income Tax
Deferred Tax
Fringe Benefit Tax
Wealth Tax
Income tax Adjustments

(Rs.)

457,095
3,937,595

471,408
35,672
110,276
181,109
8,728,747
174,258
273,567
223,545
8,126

101,511,763

47,929,309

47,086,000
(860,000)
1,092,000
69,000
(28,376)

12,260,000
810,615
934,000
30,000
111,642

47,358,624

14,146,257

ITM

ASHIANA HOUSING LIMITED - CONSOLIDATED


23

NOTES ON A C C O U N T S

1)

SIGNIFICANT ACCOUNTING POLICIES

miS^MmkdMkdMm

SYSTEM O F A C C O U N T I N G :
The company adopts accrual basis of accounting in the preparation of accounts.
FIXED ASSETS A N D DEPRECIATION :
1.

Fixed assets are valued at cost a n d depreciation is provided on straight line basis
provisions of Schedule XIV to the Companies Act, 1956.

2.

Capital work in

in accordance

with the

progress is valued at cost.

INVENTORIES:
Leasehold and Freehold land, unsold completed construction, work-in-progress and construction materials are valued
at cost, which is derived at average basis, except that value of construction material is derived at FIFO basis.
REAL ESTATE PROJECTS A N D S A L E S
a)

Revenue in respect of projects undertaken before 31st March, 2006, is accounted for on the basis of date of
delivery of physical possession to the respective customers.

b)

Revenue in respect of other projects is recognised on t h e " Percentage of Completion Method" (POC) of accounting
and represents value of units contracted to be sold to the extent of actual work done against total estimated cost
of execution upon the project reaches a level as considered appropriate by the management. The estimates of
saleable areas, estimated costs and cost of completion are reviewed periodically by the management and effects
of any changes in estimates is recognised in the period such changes are determined.

c)

Sales, comprising of sale of rooms, food and beverages, club and other allied services, is recognised upon
rendering of the services.

d)

Project maintenance charges and other income is accounted for on accrual basis except where the receipt of
income is uncertain.

e)

Interest on delayed payments and other charges are accounted for on realisation

OTHER INCOME
Other income is accounted on accrual basis except where the receipt of income is uncertain.
TAXES O N I N C O M E :
a)

Current Tax is determined as the amount of tax payable in respect of taxable income for the year.

b)

Deferred Tax is recognised, subject to consideration of prudence, in respect of deferred tax Assets/Liabilities
arising on timing differences, being the difference between taxable Income and accounting Income that originate
In one period and are capable of reversal In one or more subsequent period. Deferred tax In respect of differential
Income due to accounting of sales on percentage .completion basis, being not determinate, Is not recognised.

NVESTMENTS:
a)

Long term investments are carried at acquisition cost and investments intended to be held for less than one year
are classified as current investments and are carried at lower of cost and market value. Long Term Investments
which have attained the stage of permanent diminution in their value are revalued at their current value.

b)

Value of Intangible capital rights created in favour of the company in the process of Real Estate activities, being
not determinate, are not shown in the books of accounts.

FOREIGN CURRENCY T R A N S A C T I O N S :
Income and Expenditure in foreign currency is converted into rupee at the rate of exchange prevailing on the date of
the transactions.

GD

[TM

ASHIANA HOUSING LIMITED - CONSOLIDATED

WiE^tmtoJmmHmm

EMPLOYEE BENEFITS
(a)

Short term employee benefits are charged off at the undiscounted amount in the year in which the related service
is rendered.

(b)

Post employment and other long term employee benefits are charged off in the year in which the employee has
rendered services. The amount charged off is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gain and losses in respect of post employment and other
long term benefits are charged to Profit and Loss Account.

USE OF ESTIMATES
T h e preparation of financial statements in confirmity with generally accepted accounting principles requires estimates/ exemptions to be m a d e that affect the reported amount of assets and liabilities on the date of financial
statements and the reported amount of revenues and expenses during the reporting period. Difference b e t w e e n
actual results and estimates are recognised in the period in which the results are known/ materialised.
IMPAIRMENT OF A S S E T S :
Impairment Loss in the value of assets, as specified in.Accounting Standard -28 is recognised whenever carrying
value of such assets exceeds the market value or value in use , whichever is higher.
2)

Contingent Liability, not provided for, in respect o f :


a)

Contested d e m a n d of
Income tax a n d penalty

Rs.7.51 lacs

ESC

Rs.4.25 lacs

(Rs. 7.51 lacs).


(Rs.3.04 lacs)

Additional Lease Rent

Rs.34.73 lacs

(Rs.34.73 lacs)

b)

Show cause notice received for service tax Rs. 118.47 lacs (Rs.46.59 lacs)

c)

Contested claim of the Government of Rajasthan for refund of State Capital Subsidy including interest
Rs. 45.75 lacs (Rs. 43.50 lacs).

3)

Estimated a m o u n t of contract remaining to be e x e c u t e d on capital account and not provided for a m o u n t s


(net of advance) to Rs. Nil (Rs.15.05 lacs)

4)

Paid up Share Capital of the C o m p a n y includes 1993100 Equity S h a r e s , allotted pursuant to S c h e m e s of


Amalgamation without payment being received in cash and 13382750 Equity Shares, alloted as fully paid up
Bonus Shares, by capitasation of General Reserves.

5)

In view of insufficient information from the suppliers regarding their status as SSI units, the amount due to Small
Scale Industrial undertaking can not be ascertained.

6)

Expenditure in Foreign Currency:


Travelling

7)

Rs.15,93,030/-

(Rs.17,60,109/-)

T h e earning per share has been calculated as specified in Accounting Standard 20 on "Earnings Per Share"
issued by ICAI and related disclosures are as below :
2006-2007
2Q07-2QP3
(Rs.)
(Rs.)
a) Amount used as numerator in calculating basic and diluted EPS:
Profit/(Loss) after tax
b)

(Rs. in lacs)

3865.1

944.67

51.67

51.67

129.17

129.17

180.84

180.84

Weighted average number of equity shares used as the denominator


in calculating EPS (Nos. in lacs).
Opening Balance
Bonus shares issued during the year 2007-08 in the ratio of 5:2

GD

ITM

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED


8)

These accounts have been prepared as per the revised Accounting Standard (AS) 9 on "Revenue Recognition"
and the Guidance note on "Recognition of Revenue by Real Estate Developers".
Since, in terms of provisions of the Income Tax Act, 1961 the income accrues upon delivery of physical possession/
deemed possession of constructed unit and deduction u/s 80IB(10) is allowed after completion of construction,
'Net Profit' for computing Total Income under the said Act is as follows: (Rs.)

(Rs.)

421,618,471

Net Profit as per Profit & Loss Account


Less:- Sales Real Estate- ongoing projects

275,025,275

Less: Ongoing project expenses adjusted

143,407,806

131,617,469
290,001,002

Add:- As per Income Tax Act:


Sales Real Estate - ongoing projects completed
(upon delivery of physical possession)
Less: Cost of Sales
290,001,002

Net Profit for Income Tax Purpose


9)

10)

The Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21 (AS 21)
- "Consolidated Financial Statements" issued by The Institute of Chartered Accountants of India. The subsidiaries
(which along with Ashiana Housing Ltd., the parent, constitute the Group) considered in the preparation of these
consolidated financial statements are:
Name

C o u n t r y of
Incorporation

P e r c e n t a g e of
voting power as at
31st March, 2008

P e r c e n t a g e of
voting power as at
31st March, 2007

Ashiana Retirement Villages Limited

India

100%

100%

Vatika Marketing Limited

India

100%

100%

On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation
capacity of those assets, in the management perception there is no impairment of such assets as appearing in the
balance sheet as on 31.03.2008.

11) a)
b)

Previous year figures above are indicated in brackets.


Previous year figure have been regrouped/rearranged, wherever found necessary.

ITM

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED


SCHEDULES TO THE ACCOUNTS
24
I

II

III

BALANCE SHEET A B S T R A C T A N D COMPANY'S GENERAL BUSINESS PROFILE


Registeration No.

40864

Balance Sheet Date

31/03/2008

Capital raised during the year

Public Issue

Nil

Right Issue

(Amount in Rs. Thousand)

Bonus Issue

129175

Private Placement

Nil

Position of Mobilisation and

Total Liabilities

728,678

Total Assets

728,678

Paid-up Capital

180,844

Reserves & Surplus

496,833

Secured Loans

7,246

Unsecured Loans

18,362

Deffered

3,110

Other

22283

Net Fixed Assets

279,491

Investments

457,207

Net Current Assets

(10,521)

Misc. Expenditure

2501

A c c u m u l a t e d Losses

Nil

Turnover (Gross Revenue) :

1,334,511

Total Expedinture

900,327

+/- Profit/Loss
Before Tax

+434,184

+/- Profit/Loss
After Tax*

+386,510

Earning per share

21.37

Dividend

15

Registration Details

21

State Code

Nil

Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds

Application of Funds

Tax Liabilities

Performance of Company

IV

Rate %

Generic Name of Three Products/Services of Company


(as per monetary terms)

Item Code No.


(ITC Code)'
Product Description

N.A
Real Estate

Signature to Schedules 1 to 24
in terms of our report of even date attached herewith.
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner

B h a g w a n Kumar
Company Secretary

For and on behalf of the Board


O m Prakash Gupta
Managing Director

Place : Gurgaon
Date : 30th June, 2008

Vishal Gupta
Jt. Managing Director

Naval Kishore
G.M. (F&A)
Place : New Delhi
Date : 30th June, 2008

4 ii Y

ASHIANA HOUSING LIMITED - CONSOLIDATED

M Ashiana!

C A S H FLOW STATEMENT FOR T H E YEAR ENDED 31 ST M A R C H , 2008


2007-2008
(RS.)

2006-2007
(Rs.)

434,183,985

108,613,637

14,253,738
(15,125,436)
(12,557,771)
373,750
(2,620,127)

3,588,520
(15,891,286)
(17,299,317)
(100,000)
223,545
(46,720)

418,508,139

79,088,379

(348,911,258)
165,303,002
(50,680,192)

(15,708,706)
(68,998,492)
205,395,513
(3,291,897)

184,219,691
(48,139,374)

196,484,797
(16,088,402)

Cash flow before extra ordinary items


Extra Ordinary items

136,080,317

180,396,395

Net cash from Operating activities (A)

136,080,317

180,396,395

Other Income from Long Term Investments

(112,544,482)
5,363,700
(292,381,217)
15,125,436
1,542,230

(119,638,994)
276,200
(22,139,253)
15,891,286
2,149,407

Net Cash from investing activities (B)

(382,894,333)

(123,461,354)

12,740,587
(12,425,720)
90,000,000

18,403,992
11,768,662

90,314,867

30,172,654

NET INCREASE IN CASH A N D CASH EQUIVALENTS (A+ B+ C)


(156,499,149)
CASH AND CASH EQUIVALENTS A T T H E BEGINNING OF THE YEAR
234,168,501
CASH A N D CASH EQUIVALENTS A T T H E END OF THE YEAR
77,669,352
0 1 . Proceeds from long term and other borrowings are shown net of repayment

87,107,695
170,632,653
234,168,501

C A S H FLOW FROM OPERATING ACTIVITIES :


Net Profit before tax and extraordinary items
Adjusted for :
Depreciation
Interest Income
Income from Long Terms Investment
Provision for doubtful loans written back
Fixed assets written off
(Profit) / Loss on sale of Fixed Assets

OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES


Adjusted for :
Trade and other receivables
Inventories
Trade Payables and advances from customers
(Increase)/ Decrease in Miscellaneous expenditure
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted

CASH FLOW FROM INVESTING ACTIVITIES :


Purchase of Fixed Assets
Sale of Fixed Assets
Net Purchase/ sale of Investments
Interest Income

C A S H FLOW F R O M FINANCING ACTIVITIES :


Proceeds from long term and other borrowings
Dividend paid
Proceeds from issuance from share capital
Net Cash used in Financing activities (C)

02. Cash and Cash equivalents represent cash and bank balances only.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
For and on behalf of the Board

Chartered Accountants
VINIT BAGARIA
Partner
Place
Date

B h a g w a n Kumar
Company Secretary

O m Prakash Gupta
Managing Director

Naval Kishore
G.M. (F&A)

Vishal Gupta
Jt. Managing Director
Place
Date

Gurgaon
30th June, 2008

<78>

New Delhi
30th June, 2008

Ashiana Housing Limited


Registered Office : 5 F, Everest, 46 /C, Chowringhee Road, Kolkata - 700 071

PROXY FORM
I/We
Of

being a member(s) of the above mentioned Company hereby

appoint Mr./Mrs./Miss
Of.

or failing him/ her, Mr./Mrs./Miss

of.
as my/our Proxy to attend and vote for me / us and on my behalf at the 22nd Annual General Meeting of the Company to be
held on Thursday, the 18th September, 2008 at 11.30 A.M. and at 'Kalakunj' (Basement - Kalamandir), 48, Shakespeare
Sarani, Kolkata - 700 017.
Signed this

day of.

2008.

Signature
Registered Folio No./Client ID No

Affix
Re. I/
Revenue
Stamp

No of Shares

D. P. ID No
Note : I. Any Member entitled to attend and vote at the meeting is entitled to attend and either vote in person or by
proxy and the proxy need not be a member.
2. The Proxies, in order to be effective, must be received by Company not less than 48 hours before the time of
the Meeting at the Registered Office : 5 F, Everest, 46 /C, Chowringhee Road, Kolkata - 700 071

o
Ashiana

Ashiana Housing Limited


Registered Office : 5 F, Everest, 46 /C, Chowringhee Road, Kolkata - 700 071

ATTENDANCE SLIP
TO BE HANDED OVER AT THE ENTRANCE OF THE MEETING HALL
Name of the attending member.
(in block letters)
Members registered folio number...^
Name of the Proxy (in Block letters)
(To be filled in if the proxy attends instead of the Members)
No. of shares held
I hereby record my presence at the 22nd Annual General Meeting of the Company held at 'Kalakunj' (Basement - Kalamandir),
48, Shakespeare Sarani, Kolkata - 700 017 on Thursday 18th September 2008 at 11.30 A.M.

Member's/ Proxy's Signature


(To be signed at the time of handing over the slip)

NOTE : The copy of the Annua) Report may please be brought to the Meeting Hall.

ITM

Ashiana
Nurturing Smites
(Itundelivered, please send to)
ASHIANA HOUSING LIMITED:
304, Southern Park, Saket District Centre, Saket, New Delhi-110017, Ph:011 -4265 4265
E-mail: lnve8tors@a8hlanahoiislng.com; Web: www.ashianahousing.com