Académique Documents
Professionnel Documents
Culture Documents
sh Larva
'Annual.
eport
C w U / " U D
ASHIANA HOUSING LTD.
Ashiana
ITM
Nurturing Smiles
UTSAV*
ASHIANA
BHIWADI
GREENWOOD
[WOOD
JMidlands
W<
JAMSHEDPUR
14000 -[
12000
10000 H
8000
6000
4000
2000 H
0
5568.71
3921.22
2006
2007
2008
2006
2007
2008
2006
2007
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
Happiness all a r o u n d
Importance to all in the organization
dignity.
Our Mantra:
Professionalism with a personal iouch because, at
our heart lie, not statistics figures or numbers, nor
stone,
Ashiana family.
CONTENTS
Ashiana Housing Ltd.
Page No.
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
35
36-37
38
39
40-46
47
48
C o m p a n y Secretary
Bhagwan Kumar
Auditors
Registered Office
65
66
67
68-76
77
78
Kolkata - 7 0 0 0 7 1
H e a d Office
Bankers
Website
www.ashianahousing.com
Registrar &
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.
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.
>
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.
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.
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
Conscious a b o u t environment. Treat sewerage and use treated water for g a r d e n i n g solid
(
Ashiana is a Brand in its areas of operations and get better price than
most of other developers.
waste
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
|*
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
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 ,
members
ORDINARY BUSINESS:
of the
C o m p a n y through
Ordinary
of
Mr. Varun G u p t a as W h o l e - t i m e
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
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 .
modification(s),
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:
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.
SUPERANNUATION FUND:
ITM
Ashiana
NOTES:
1.
2.
3.
4.
t h
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:
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.
7.
F U R T H E R T H A T Shri Varun G u p t a
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
CD
ITM
Ashiana
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
EXPLANATORY
STATEMENT
PURSUANT
TO
Board
of
Directors
of the
Company
had
s 1
July, 2 0 0 8 , a n d as
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.
Resolution as
knowledge,
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
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
PROFILE
OF
DIRECTORS
SEEKING
2.
T E R M S O F C L A U S E 4 9 O F T H E LISTING AGREEMENT.
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
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
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 . ,
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.
In terms of section
2 6 0 of the
R e n a i s s a n c e G r o u p . He is also director on t h e
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:
Ltd.,
Priyadarshanay
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.
He is
Presently h e
operations.
from
He
has
served
in
major
University.
He
majored
in
N e w York
finance
and
g r a d u a t e d with the
high
management and
Director
he
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
b a c k e d securities w h e r e he w a s underwriting
Chairman
of
Area
Committee.
Jamshedpur
Vatika Marketing
Notified
Ltd., Ashiana
Retirement
is
R e t i r e m e n t Villages Ltd.
CD
also
director on
the
Board
of A s h i a n a
Ashiana
DIRECTORS' REPORT
On Consolidated basis, the total income of your company
To the member(s),
n d
Annual
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 .
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
1.
PREVIOUS
YEAR
12725.32
5341.58
4273.91
1147.78
57.73
35.34
CO '
CURRENT
YEAR
ro
SI.
No.
Depreciation
4.
4
4216.18
1112.44
5.
516.41
143.91
6.
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.
43.24
3754.97
1011.76
9.
Proposed Dividend
281.04
133.83
10.
47.76
22.74
CO
55.19
11.
12.
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
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
Phase I
06/2007 12/2009
Phase ll&lll (To be launched in 2008-09)
the industry.
Lavasa(Pune)
Lucknow
(Retiral Home)
I Total
CD
ITM
Ashiana
SECTION80(IB) PROJECTS
1.
Name
2.
A s h i a n a Greenhill, N e e m r a n a
3.
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.
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
s t
4.
DIVIDEND
BONUS SHARES
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
CORPORATE GOVERNANCE
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
PARTICULARS OF EMPLOYEES
ITM
Ashiana
D I R E C T O R S ' R E S P O N S I B I L I T Y STATEMENT
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)
(III)
(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
Place :
Dated
New Delhi
3 0 June, 2008
th
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
4.
5.
CD
ITM
Ashiana
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.
Execution
delays
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-
ITM
Ashiana
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.
Non-Executive
& Independent
81
6.
Smt. Sonal
Mattoo
Non-Executive
& Independent
7.
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
Not Present
Present
Smt. Sonal
Mattoo
Not Present
Non-Executive
Independent
Directors
c)
,h
, h
Independent
Director
ITM
Ashiana
1.
Shri Om
Prakash Gupta
Managing
Director
2.
3.
Rs. 18.00
Lacs
Rs.18.00
Lacs
Rs.18.00
Lacs
3.
Rs.18.00
Lacs
Rs.18.00
4.
6.
Whole Time
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
3.
Audit Committee
2.
J u n . 29, 2007
3.
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.
2.
co
Sr.
No.
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 :
Sr.
No.
N a m e of D i r e c t o r s
Designation
1.
Chairman
2.
Member
3.
Member
s t
411^
Sr.
No.
N a m e of D ir ect o r s
Designation
1.
Chairman
C\i
1.
Rs. 18.00
Lacs
Director
(d)
2.
Member
3.
Member
ITM
Ashiana
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. 19,
Tues.
2006
10.30
Sept. 2 1 , Friday, No
2007
3.00
P.M.
9.
Yes
A.M.
Jan. 15,
2008
Mar. 30,
2007
Day, Date
and Time
Thursday, 1 8
11.30 AM
September, 2008
Venue
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.
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.
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.
For
the
year
Quarter Ended
April-June, 2007
29
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
4 12}--
,h
ITM
Ashiana
( 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
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.
523716
<
<
(e)
Sr.
No.
(f)
,/r
c?"
i?
#
i f
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
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
Promoter's Holding
1.
Indian Promoters
B.
Non-Promoter's Holding
12221715
65.23
2.
15491
0.08
3.
33950
0.18
C.
Others
4.
1407721
7.51
5.
Indian Public
4953416
26.44
6.
NRIs/OCBs
71089
0.38
7.
32468
0.17
18735850
100.00
Grand Total
(j)
% 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
13 |=
TM
AS HI AN A HOUSING LIMITED
(k) Share Transfer Process
5F, Everest
46/C, Chowringhee
Road
Kolkata-700 071
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
Registered Office:
(a)
Ashiana
Trade
Centre,
Jamshedpur - 831 013
(b)
(c )
413, Ashiana
Patna - 800 001
(d)
(e)
(f)
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.
03
TM
Place : Gurgaon
Date : 30th June, 2008
Vinit Bagaria
Partner
Membership No. : 500872
GD
ITM
Ashiana
(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
to in s u b - s e c t i o n ( 3 C ) of section 2 1 1 of t h e
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
s 1
March 2 0 0 8 from
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
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
evidence
supporting
the
amounts
and
read
Policies
with
and
significant
Notes
to
the
1 9 5 6 , in the manner so
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
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
of our
date..
Chartered Accountants
( 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
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
March, 2008.
not
1)
a)
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.
According
to
the
information
and
as applicable.
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
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
our opinion
and
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
4)
and
adequate
According
to
the
information
explanations
given
internal
to
us,
control
there
are
procedures
and
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
verification is r e a s o n a b l e .
b)
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
c)
that Section h a v e b e e n s o e n t e r e d .
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
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
respect o f e a c h party, h a v e b e e n m a d e a t
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
relevant t i m e .
ITM
7)
pledge
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)
of
shares,
debentures
and
other
n a t u r e of its business.
14)
8)
9)
H o w e v e r , Investments of t h e C o m p a n y a r e held
in its o w n n a m e .
a)
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
undisputed
institutions.
statutory
is
dues
including
fund,
employees'
state
16)
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)
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
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
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
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
3 0 1 o f the C o m p a n i e s Act, 1 9 5 6 .
Name of the
Statute
Nature of
the Dues
Amount
(Lacs)
Income Tax
Act, 1961
Relating
to the
year
Forum where
Dispute
Pending
20)
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)
not h a v e a c c u m u l a t e d
Chartered Accountants
year.
11)
(VINIT BAGARIA)
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
CD
ITM
Ashiana
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.)
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
B h a g w a n Kumar
Company Secretary
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
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
20
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
10,200,506
5,519,470
19.75
5.17
B h a g w a n Kumar
Company Secretary
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
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
1,500,000
1,500,000
240,000,000
1,410,840
332,416,660
133,827,500
160,000,000
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)
80,000,000
GD
ITM
Ashiana
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
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
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
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
10
50,000
520,120
50,000
520,120
100
782
Others:
i.
Quoted
Arihant Foundation Ltd.
10
100
34,186
10
100
20,942
H D F C Ltd.
10
50
84,969
10
100
782
10
17,598
10
100
18,906
31,068
10
50
10
23
280
23
280
Modern W o o l e n Ltd.
10
50
1,575
50
1,575
10
100
32,973
<22>
ITM
Ashiana
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.
10
2,500
25,000
2,500
10
50
43,732
10
132,000
330,775
132,000
330,775
10
54
3,696
54
3,696
100
21,597
Unquoted
Elite Leasings Ltd.
10
3,750
6,218
3,750
6,218
10
17,000
170,000
17,000
170,000
1,000,000
56,000,000
100
per debenture)
Series - II (paid up Rs.82,
100
1,000,000
82,000,000
3.
in Immoveable Properties:
Building at W-177, Greater Kailash - II, New Delhi
32,939,879
32,939,879
11,021,003
11,021,003
15,896,985
2,491,146
103,503,204
14,110,150
4,000,000
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
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
10
Dividend Reinvestment
HDFC Growth Fund - Dividend Reinvetsment 10
49360.9679
1,293,160
10
8387.7702
600,000
10
50000.0000
500,000
CD
ITM
Ashiana
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
150,000.0000
1,500,000
10
5460.9759
89,701
33,917.8680
473,928
10
33702.0389
900,000
79,227.8170
1,300,000
10
250,000
10
83,534.0000
1,200,000
10
1,244.0900
14,347.8390
354,847
Face
Value
Rs.
Dividend Reinvetsment
SBI Magnum Global Fund-Dividend
10
27601.4350
1,000,000
27,601.4350
1,000,000
10
40196.4800
1,000,000
40,196.4800
1,000,000
10
8472.0349
1,400,000
8,462.7970
1,100,000
10
5,244.9390
250,000
10
95,534.5000
1,100,000
10
10
57,433.3866
10
489,787.9218
10
2,000,000.0000
20,000,000
1000
33,189.4600
600,000
10
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
98,380,095"
(B)
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
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
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
10,597,571
6,354,121
2,409,467
1,452,437
11
1,019,616
12,579,802
10
601,930
31,220,407
46,974,047
216,635,988
62,540,817
227,817,692
303,318,554
28,293,279
7,306,109
>
'
To Others
Advance against land etc.
33,288
89,925
57,611,005
13,558,250
10,143,716
17,886,207
61,798,076
20,056,533
Deposits
12
2,800,481
1,617,383
132,386,566
60,514,407
CURRENT LIABILITIES
Sundry Creditors
Advance from Customers
Security deposits
31,401,280
867,585,758
23,238,986
15,202,438
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
28,103,775
13,382,750
B)
41,159,590
766,155,760
PROVISIONS
'
For Gratuity
CD
4,776,237
2,274,400
4,963,720
4,627,276
959,056,306
967,303,094
ITM
Ashiana
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)
900,000
900,000
Dividend
642,230
1,399,041
10,485,326
13,749,852
Sale (net)
693,079
1,156,121
1,725,122
Miscellaneous Income
1,844,439
3,744,125
100,000
2,620,127
46,784
136,190
6,357,810
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
Leasehold * Land*
78,806,417
11,021,003
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
67,785,414
PURCHASES
Land
Flats/ Bunglows/ Shops
<26>
ITM
Ashiana
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
481,525,981
115,286,060
396,735,838
13,498,448
366,239,921
383,237,390
29,219,095
18,827,037
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
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
NOTES ON A C C O U N T S
1)
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.
2.
INVESTMENTS:
a.)
b)
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.
FOREIGN CURRENCY T R A N S A C T I O N S :
REAL ESTATE PROJECTS
a)
b)
c)
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)
ITM
Ashiana
a)
Contested demand of
c)
3)
4)
5)
Balance
+Capital
(Rs.)
Miras Properties
Pvt. Ltd.
15/35
.15%
(20,983,923)
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
"
Share
30% of pre tax
yearly profit upto
Name of Partner cumulative
aggregate of
Rs.1250 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
65%
3 0 % of pre tax
yearly profit upto
cumulative
aggregate of
Balance
+Capital
(Rs.)
Shubhlabh Buildhome
Private Ltd.
100%
50% (9,788,906)
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/-)
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
<29>
8)
9)
Rs.15,93,030/- (Rs.17,60,109/-)
ITM
Ashiana
2006-07
(Rs.)
Rent Received
Rs 1.20 lacs
Rs.20.91 lacs
2007-08
(Rs.)
il)
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
(Rs.73.06 lacs)
Rs.67.05 lacs
Rs.Nil
Rs.101.95 lacs
Rs.77.43 lacs
Rs.5.69 lacs
Rs.Nil
Rs.30.21 lacs
Rs.319.58 lacs
Rs.6.02 lacs
iii)
as above
as above
as above
Remuneral
Remuneration
18.00
9.00
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
il)
i)
a)
2006-07
(Rs.)
Rs. in lacs
318.82
318.82
Nil
{I}
32.16
9.78
2.57
5.22
(0.10)
49.63
ITM
Ashiana
49.63
49.63
9.78
Interest Cost
2.57
5.22
Net Cost
17.57
d. Actuarial assumptions
Mortality Table (L.I.C.)
1994-96(duly modified)
8.00%
8.00%
Opening Stock
Purchases
275,025,275
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)
421,618,471
Amount
(1)
Rs,
Net Profit as per Profit &
Loss Account
Bungalows/
Shops
(Nos.)
(3)
290,001,002
131,617,469
290,001,002
4 31 K
b)
ITM
Ashiana
II.
III.
Registration No.
40864
31/03/2008
Public Issue
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
451,701
Secured Loans
7247
Unsecured Loans :
NIL
8428
136,524
Investments
531,883
(13,673)
Misc. Expenditure :
NIL
A c c u m u l a t e d Losses
NIL
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*
19.75
Dividend Rate %
N.A
+ 369,978
15
(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
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
ITM
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)
120,872,835
161,701,181
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)
175,572,949
(9,747,795)"
(14,940,866)
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
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
1.
2.
a.
b.
Vatlka
Retirement Villages
Marketing
Ltd.
Ltd.
31.03.2008
31.03.2008
9240050 Equity
50000 Equity
Shares of
Shares of
100%
100%
b.
4.
1,53,39,980
9,19,005
11,91,872
97,873
Nil
Nil
b.
Nil
Nil
N. A.
N.A.
N.A.
N.A.
b.
its investments
N.A.
N.A.
c.
N.A.
N.A.
d.
N.A.
CD
O m Prakash Gupta
Vishal Gupta
Managing Director
ITM
Ashiana
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)
(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.
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,
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
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)
(b)
(c)
Place: G u r g a o n
Date: 3 0 June, 2008
(i)
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)
(iv)
(v)
th
2)
a)
b)
c)
a)
b)
c)
s t
(vi)
{ 3 6 }
ITM
Ashiana
4)
5)
a)
b)
6)
7)
8)
9)
a)
b)
GD
21)
(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
AS AT
31.03.2008
(Rs.)
(Rs.)
AS AT
31.03.2007
(Rs.)
SOURCESOFFUNDS:
Shareholders' Funds:
Share Capital
500,000
500,000
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
243,678
283,678
Sundry Debtors
5,753,567
5,038,976
10,638,942
4,467,361
3,175,305
1,220,147
19,811,492
11,010,162
30,827,521
24,914,021
10
NOTES ON ACCOUNTS
(11,016,029)
(13,903,859)
3,097,603
2,415,873
18
19
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
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
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)
Transfer
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
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
(510,142)
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
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
10
10,160.76
114,144
10
30,120.48
500,000
10
67,995.00
1,620,529
65,906.97
1,570,529
4,582.93
150,000
500,000
10
7,060.56
500,000
10
15,546.23
600,000
24,449.88
250,000
24,449.88
250,000
123,850.67
1,250,000
10
10
10
200,000.00
2,000,000
10
15,044.20
729,495
10
23,405.17
500,000
6,217.94
101,346
10
63,977.89
750,000
63,977.89
,750,000
10
100,000.00
1,000,000
50,000.00
500,000
10
450,000.00
4,500,000
450,000.00
4,500,000
10
2,019.62
500,000
10
500,000.00
5,000,000
13,661.62
647,526
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
INVENTORIES
(As taken, valued and certified by the Management)
113,742
Shops
Maintenance Materials
TM
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
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
GD
14
15
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
340,175
340,964
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
16,836
16,836
10,675
9,260
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
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
2)
3)
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
b)
c)
EMPLOYEE BENEFITS
(a)
(b)
TAXES O N I N C O M E :
a)
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
281
50,000
48,312
169
50,000
48,481
Ashiana
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
5)
Gratuity
(Unfunded)
6)
a.
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
1.34
a)
Interest Cost
0.57
Actuarial (gain)/loss
(1.36)
Benefits (paid)
Defined Benefit obligation at year end
b.
c.
7.62
7.62
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
1.34
Interest Cost
0.57
7.62
(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)
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
(e)
f)
Remuneration
Remuneration
Remuneration
(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)
GD
ITM
Ashiana
I.
79014
31/03/2008
Public Issue
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
2,598
Secured Loans
Nil
Unsecured Loans :
Nil
99
Investments
13564
(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
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
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
TM
Ashiana
2006-2007
(Rs.)
1,386,522
(1,318,783)
23,337
Interest Income
(537,513)
(847,850)
(473,467)
(289,128)
Depreciation
558
399,408
(2,432,424)
(2,958,425)
2,265,807
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
3,166,213
(5,981,643)'
18,000"
18,000
6,171,581
(2,085,440)
4,467,361
6,552,801
10,638,942
4,467,361
Ankur Gupta
Whole time Director
Place : New Delhi
Date : 30thJune, 2008
PARTICULARS OF E M P L O Y E E S
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)
(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.
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.
GD
O m Prakash Gupta
Chairman
ITM
Ashiana
(a)
(b)
(c)
(VINIT BAGARIA)
Partner
Membership Number: 500872
Place: G u r g a o n
Date: 3 0 June, 2008
th
1.
2.
a)
b)
c)
a)
b)
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
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)
2)
3)
s t
-(50)-
b)
ITM
Ashiana
d)
e)
4)
'
5)
b)
b)
6)
7)
19)
8)
9)
a)
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
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
43,400,912
2,400,500
30,719,505
Loan Funds:
Unsecured Loans
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)
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
4,867,000
307,000
Inventories
1,857,820
b)
Sundry Debtors
2,509,815
13,000
c)
4,489,593
1,883,448
d)
10
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
4,416,345
12
15,619,539
(301,196)
2,500,658
3,300,023
258,445,696
132,611,450
22
23
Vishal Gupta
Director
Place : New Delhi
Date : 30th June, 2008
ITM
ana
2007-2008
(RS.)
2006-2007
(Rs.)
13
11,177,770
1,916,093
INCOME
Sales
1,246,000
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
1,888,364
1,472,774
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
315,801
21
10,863,191
3,356,396
(4,476,789)
144,607
15,339,980
3,211,789
15,258,073
4,703,000
919,005
2,410,216
1,000,912
919,005
2.63
1.07
13.38
0.64
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
<
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
13,000,000
8,000,000
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
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)
of
56,000,000
82,000,000
100,361,678
CD
85,105,945
ITM
Ashiana
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
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
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
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)
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
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
*
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
PROVISIONS
For Gratuity
381,252
For Taxation
197,000
201,100
23,488,740
15,767,083
CD
ITM
Ashiana
A S AT
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,
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
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
102,590
102,343
366,951
197,292
417,330
67,016
Telephone Expenses
Repairs and Maintenance:
549,402
159,441
34,665
26,976
188,268
85,852
8,000
7,000
67,344
67,344
16,836
16,836
2,000
2,000
To Others
Directors' Sitting Fees
Auditors' Remuneration :
14,271
6,285
1,724,283
349,500
273,267
64
8,126
2,352,990
315,801
315,801
21
DIRECT TAXES
Provision for :10,000
Income Tax
(4,560,000)
(10,000)
(21,789)
62,607
105,000
82,000
(4,476,789)
144,607
Deferred Tax
ITM
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)
in accordance
with the
INVENTORIES:
a)
b)
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
The Earning Per Share (EPS) has been calculated as specified in Acer
a)
2006-2007
(Rs.)
(Rs.)
15,339,980
3,211,789
240,050
240,050
b)
^007-2008
(9000000*227/366)
5,822,017
240,050
(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
3 0 % of pre-tax yearly
Balance
# Capital (Rs.)
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 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
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
2.58
1.20
0.21
(0.18)
3.81
3.81
3.81
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)
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
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.)
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
Miscellaneous Expenses
Rs.2.51 lacs
Rs.Nil
(Rs.73.06 lacs)
Rs.67.05 lacs
Interest paid
Rs.Nil
Rs.101.95 lacs
an interest
Remuneration
Rs.6.00 lacs
Director
e)
f)
9)
CD
Rs.6.00 lacs
TM
U70101WB
State Code
2002PLC94479
31/03/2008
Public Issue
Nil
Right Issue
Bonus Issue
Nil
Private Placement
Total Liabilities
258,446
Total Assets
Paid-up Capital
92,401
43,401
Secured Loans
Nil
Unsecured Loans
100,362
Deposits
22,282
142,386
Investments
15,619
Misc. Expenditure
A c c u m u l a t e d Losses
Nil
Defferred Tax
4,867
44,553
Total Expedinture
33,374
+/- Profit/Loss
Before Tax
+11,179
+/- Profit/Loss
After Tax*
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
N.A
(ITCCode)
Product Description
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
2006-2007
11,178,992
3,356,396
8,457,591
(17,818)
31,276
(23,913)
(1,400,058)
64
( Rs.)
(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)
(26,072,458)
17,818
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
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.
B h a g w a n Kumar
Company Secretary
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
AND
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.
(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
LTD.
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
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
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
2007-2008
(Rs.)
2006-2007
(Rs.)
496,448,279
INCOME
Sales
14
1,244,911,331
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
EXPENDITURE
60,473,127
26,794,263
Cost of Material
2,862,083
1,660,680
3,621,924
375,127,375
383,237,390
Purchases
18
Project Expenses
19
20
Depreciation
Other expenses
21
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
386,509,560
94,467,380
Appropriations:
Transfer to General Reserve
348,784,875
84,003,000
22
1,721,363
6,914,133
28,103,775
13,382,750
4,776,237
2,274,400
6,566,036
1,721,363
21.37
5.22
Proposed Dividend
Bhagwan Kumar
Company Secretary
Place : Gurgaon
Date : 30th June, 2008
Vishal Gupta
Jt'. Managing Director
Naval X i s h o r e
L.iVl. (F&A)
67
ITM
Ashiana
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
254,095,780
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)
II)
94,135
871,158
767,673
1,668,287
4,308,512
844,604
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
AS AT
A S AT
31.03.2008
31.03.2007
(Rs.)
(Rs.)
9,804,000
6,451,000
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
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
AS AT
31.03.2007
(Rs.)
INVENTORIES
Stock
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
144,010,431
24,196,074
Work-in-progress
68,360,013
323,451,986
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
In Current Accounts
22,232,966
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
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
12,708,962
25,740,108
63,431,692
21,825,491
3,340,776
1,904,858
157,324,970
63,477,879
Deposits
[TM
12
AS AT
31.03.2007
(RS.)
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
28,103,775
13,382,750
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
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
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
699,783
190,890
976,121
1,411,472
31,394,523
3,794,020
4,180,228
100,000
530,215
3,194,022
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
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
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
PURCHASES
Land
Flats/ Bunglows
56,810,756
26,602,533
3,662,371
191,730
60,473,127
26,794,263
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
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
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
NOTES ON A C C O U N T S
1)
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
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
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)
Contested d e m a n d of
Income tax a n d penalty
Rs.7.51 lacs
ESC
Rs.4.25 lacs
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)
4)
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)
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
GD
ITM
Ashiana
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
275,025,275
143,407,806
131,617,469
290,001,002
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
India
100%
100%
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)
ITM
Ashiana
II
III
40864
31/03/2008
Public Issue
Nil
Right Issue
Bonus Issue
129175
Private Placement
Nil
Total Liabilities
728,678
Total Assets
728,678
Paid-up Capital
180,844
496,833
Secured Loans
7,246
Unsecured Loans
18,362
Deffered
3,110
Other
22283
279,491
Investments
457,207
(10,521)
Misc. Expenditure
2501
A c c u m u l a t e d Losses
Nil
1,334,511
Total Expedinture
900,327
+/- Profit/Loss
Before Tax
+434,184
+/- Profit/Loss
After Tax*
+386,510
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 %
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
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
M Ashiana!
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)
136,080,317
180,396,395
136,080,317
180,396,395
(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
(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
87,107,695
170,632,653
234,168,501
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
PROXY FORM
I/We
Of
appoint Mr./Mrs./Miss
Of.
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
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.
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