Ashiana Annual Report 07

Ashiana
Annual
Report
2006 - 07
Our a c h i e v e m e n t in the year 2 0 0 6 - 07
handing over Phase-I
of
UTSAV - I n d i a ' s f i r s t r e t i r e m e n t r e s o r t a t B h i w a d i
AS HI AN A HOUSING LIMITED
Ashiana
Our Vision:
To continue to be known as a group that can be depended upon to offer affordable,

quality homes; and
To create a nurturing environment that will enrich and empower the lives of our
employees.
Our Mission:
To develop houses for middle income group which are environment friendly, aesthetic
and have a healthy surrounding.
To create retirement complexes around the country where senior citizens can lead act
and comfortable lives with dignity and a sense of security.
And most importantly, to see a smile of satisfaction on the faces of people who meet
live in homes built by us, supply to us, work with us and shareowners.
Values of Ashiana:
Happiness all around

i.
ii.
iii.
iv.
v.
Importance to all in the organization

Freedom to work & Speak
Being able to make a mistake
Family like working environment
Good inter personal relationship
Customer oriented approach

i.
Passion for quality
ii. Continuous improvement
iii. Honesty in commitment
iv. Delivery in time
v.
Softness in behaviour
vi. After sale service
vii. Adaptabiltiy to change
Transparency
i.
ii.
iii.
Honesty
Sharing information regularly
Self belief.
Our Mantra:
Professionalism with a personal touch because, at our heart lie, not statistics figures or numbe
nor stone, brick or concrete, but our people: the Ashiana family!
Ashiana
ASHIANA HOUSING LIMITED
CHAIRMAN'S
Greetings
LETTER TO
SHAREHOLDERS
Shareowners,
It is a great p l e a s u r e to share my t h o u g h t s and f e e l i n g s with y o u .

the C o m p a n y for the
dream taking
population
Your
shape.
of
our
Company's
Transparency,
Building
brand
Ensuring
that
to
dedicated
have
culture
class living
state
on
time
and
new Housing
not f o c u s
In
are
always
believed
at work.
Most
suppliers
that
of the
ordinary
senior
the
The
overall
employee
land
costs
developing
pleasant
have
housing
experience.
partnership with
as a good
making
to
can see the

group
the
satisfaction
increased
projects
people
To
land
develop
townships
overcome
can
land
Jaipur
in
happy
and
consultants
the
the
happiness
are
organization
treated
as
is
owners
of the
company
constantly
visible
in
office
and
we
have
very
like
results
have
customers
risen
and
have
through
needs of the organization.
and
and
projects.
and
last t w o y e a r s .
become
hurdles
c l e a r title
new housing
in
as
alone
deliver extraordinary
in
has
these
o w n e r s with
such
area
and
are
strived
the
Training
to
ranks
create
and
we
this
are
has t a k e n
utmost
have started to see healthy
results
development.
substantially
/
infrastructure
play
consultants.
managers
and
modern
children
consider themselves
commitment
&
most
and
service
everybody
company
This
the
parks
profitability
more talent to serve the growing
model to develop
partnerships
middle income
customer
short term
suppliers
and
providing
after s a l e s
of the
organization.
your company,
committed
and
on
while
i m p o r t a n c e i n t h e last t w o y e a r s a t all l e v e l a n d i t i s o n l y d u e t o t h i s t h a t w e
in
Projects as
at affordable prices to the
water distribution,
delight
delivery
employees
to the
continuously grooming
to
our activities
the
communities
power supply,
improvements
attached
and
h a v e e n j o y e d every day of my w o r k i n g with
on:
lights,
Continuous
proud
is a s e n s e of p l e a s u r e to create
environment friendly
street
customer dealings.
is
am
It
O u r effort is to p r o v i d e w o r l d
focus
Building
emotionally
years.
country.
roads,
last 2 1
Jodhpur.
a
to
very
Buying
land,
cumbersome,
maintain
the
growth,
government clearances.
am
getting
time
your
am
happy to a n n o u n c e that we
Govt,
c l e a r a n c e s for
consuming
company
sure this
and
not
has
formed
should
so
workout
have already f o r m e d four
A S H I A N A HOUSING LIMITED
1,200
Sales
(in l a c s )
Net Profit (in
lacs)
968.52
1,000
5,341.58
6,000 n
800
5,000 600
4,000 3,000
459.84
400
1,287.80
2,000 -
200
(12.75)
1,000
2005
1,400
2006
Assets
2007
1,216.66
1,000
Ik-
200 -
25%
25%
20%
15%
431.29
10% -
*A
4
279.23
Hi2005
30%
20%
800 -
400
2006
Dividend
(in l a c s )
1,200 -
600 -
2005
(200)
2006
5% 0% -
2007
2005
2007
2006
F i n a n c i a l s at a g l a n c e
( R s . In lacs)
2007
2006
Change
Total i n c o m e
5341.58
3615.97
48%
968.52
459.84
111%
18.09
8.59
2.50
2.00
1216.66
431.29
182%
3005.50
2193.55
37%
(%)
EBITDA
Net
Profit
EPS
Dividend
Total
(Rs.)
assets
Shareholder
equity
Milestones
October
achieved
2006
Opened Ashiana
November
Gymkhana,
t h e first o f its k i n d i n B h i w a d i
February
Launched
2007
Ashiana Aangan.
W h e n c o m p l e t e d i t will b e t h e
largest
real estate
Ashiana in
25% .
Bhiwadi
project of
2006
December
2006
Launched Ashiana Village M a l l ,
Commenced
t h e first m a l l t o c o m e u p
flats for A s h i a n a Utsav Phase
handing
over of
in B h i w a d i .
and G r e e n h i l l s P h a s e II
Ashiana
The
are
Jamshedpur
Ashiana
Limited
Housing
be
product
We
Pune
are
has
"Ashiana Utsav"
very
been
shortly
in
with
as
Helping our c u s t o m e r s
customer services.
Keeping this in
company
as support
Marketing
Vatika Marketing
services
brand
to
convey
my
expand
group
to many
housing
Jodhpur
more
of this
subsidiary
'Ashiana
of
have started
year.
lives
the
Utsav'.
cities
in
in
in
The
company
The
moving
Rajasthan
Rajasthan
Rajasthan
and
and
and
of our seniors
of
to
increases
is a
concept
useful
can
will
club
cum
to
at
NCR
to
(Ashiana
continuous
retirement
s l
the
has
and
100
been
retirement
over the
we
these
would
crore
resorts.
country.
managing
the
beyond
The
propose to add
which
in
Retirement
next
Lucknow
retirement
become
large
over time.
additional
hotel
provide
all
projects,
service that we have
add
specializes
of the
project
in
and
maintain
these
value
L e a s e division for w h i c h the
expected
attached
we
substantially
that we
activities
As
streams from
and
phase
this
heavenly
plans to take this
happiness.
revenue
s t
in. This approximately
response
J a i p u r (as part o f A s h i a n a M a n g a l a m )
Resale &
are
owned
name
our s e n i o r s
end
regular
infrastructure
recently a d d e d to our portfolio of
while
Gymkhana)
revenue
r e s o r t s that will
generate
response
and
a shopping
streams.
come
additional
revenue.
has been very e n c o u r a g i n g .
up
More
in
Mall
such
(Ashiana
projects
are
the future.
Limited
Limited
is a wholly o w n e d
developed
along
hopefully y o u will
wholly
your company
in
see
with
its
wholly
substantial
heartiest
&
subsidiary of the c o m p a n y and
by Ashiana
eyes of the c u s t o m e r and
Your company,
to
an
projects
projects
in the
middle income
N e e m r a n a , Jaipur and
plans to
make the
recognized
built
developing
Bhiwadi,
brand
sell or m a i n t a i n
have
also
to
portfolio
mind we a d d e d a
These
the
and
volume
rent,
We
has
Mall).
by
have
the
ready and
ready
this
business
time
is
under the
launched
your c o m p a n y will
Vatika
Limited
great feature
has
in
in
ambitions
looking forward
projects,
planned
have
near Delhi is
completely
remains
projects
Limited
Villages
Bhiwadi,
will
expectations.
The
We
n e e d s for s e n i o r c i t i z e n s
Resort at
Village
Ltd
executing
Jharkhand.
Retirement
housing
and
currently
in
Retirement Villages
Ashiana
This
for A s h i a n a
We
project
Housing
focus
NCR.
Housing.
make
owned
thanks
services
it easy for us to
subsidiaries,
improvements
sincere
The
to
in
all
top
the
has
line a n d
engaged
of this
market
been
providing
help
build
strength
to
maintenance
the A s h i a n a
new projects.
growing
bottom-line
shareowners
in
subsidiary
for
from
in the
having
strength
coming years.
maintained
would
their faith
in
and
like
the
organization.
I
would
success
like t o t a k e t h i s o p p o r t u n i t y t o t h a n k all w o r k f o r c e f r o m t h e
would
creating that
we
are today
always
keep
not' have
happiness
and
no
improving
been
all
possible.
around
success
is
us.
thank them
Our customers,
all
for
bottom of my
living
suppliers and
complete without appreciation
by
the
consultants
of their efforts.
heart without their efforts our
values
of the
have
can
made
organization
us
reach
assure you
and
where
that we will
to give the very best to y o u .

Best
wishes
OM
GUPTA
Chairman & Managing
Director
ASHIANA
HOUSING
LIMITED
21 ST A N N U A L REPORT 2006-07
Board of Directors
Mr. Om Prakash Gupta
Mr. Vishal Gupta
Mr. Ashok Kr. Mattoo
Mr. Abhishek Dalmia
Mr. Lalit Kr. Chhawchharia
Mr. Ankur Gupta
Mrs. Sonal Marwah
[Company
(Managing Director)
(Joint Managing Director)
(Whole Time Director)
Secretary)
Bhagwan Kumar
Auditors)
M/s. B. Chhawchharia & Co.
K-3/27, DLF City, Phase-ll, Gurgaon,
Haryana-122 002
Registered OfficeJ
5F, Everest, 46/C,
Chowringhee Road
Kolkata - 700 071
Head Office
Unit No. 4 & 5, 3rd Floor,
Plot No. : D-2, Southern Park,
Saket District Centre,
New D e l h i - 1 1 0 017.
Ph. No. : (011)42654265
Fax No. : (011)42654200
Bankers)
HDFC Bank Ltd.
State Bank of Bikaner & Jaipur
Punjab National Bank
Bank of Baroda
Oriental Bank of Commerce
Website
www.ashianahousing.com
Registrar & ShareTransfer Agent)

M/s. Beetal Financial & Computer
Services Pvt. Ltd.
Beetal House, 9 9 , Madangir,
Behind Local Shopping Centre,
Near Dada Harsukh Dass Mandir,
New Delhi - 1 1 0 062.
Ph. : (011)-29961281 -82
Fax: (011)-29961284
Kind A t t n . Shareholders
Ashiana Housing Ltd.
Page
Notice
1 -2
Directors' Report
of
No.
Erstwhile Ashiana Proteins Ltd.
3-5
M a n a g e m e n t Discussion & Analysis Report

Report on Corporate G o v e r n a n c e
5-7
8-13
Auditors' Report
14-16
Shareholders
are
requested
to
send
to the
17
5 , 3 r d F l o o r , Plot N o . : D - 2 , S o u t h e r n
Profit & L o s s A c c o u n t s
18
District C e n t r e , N e w Delhi -
19-29
Balance Sheet Abstract
30
Cash Flow Statement

Statement
31
pursuant
to Section 212 of the C o m p a n i e s Act, 1956

Vatika
Marketing
32
Ltd.
Directors' Report
33
Auditors' Report
34-35
Balance Sheet
36
Profit & L o s s A c c o u n t
37
Schedules to the Accounts
38-42

Ashiana
Retirement Villages
Directors' Report
45-46
Balance Sheet
47
Housing
Consolidated
Ltd.
44
Auditors' Report
Ashiana
43
48
49-54
55
Ltd.
Accounts
Auditors' Report
56
Balance Sheet
57
58
59-67
68
Cash Flow Statement
69
Proxy
F o r m , Attendance Slip
Share
H e a d O f f i c e o f t h e C o m p a n y a t Unit N o . 4 &
Balance Sheet
their
Certificate(s) of the Erstwhile Ashiana Proteins Ltd.
110 0 1 7
Park, Saket
for e x c h a n g e
t h e r e o f w i t h t h e s h a r e c e r t i f i c a t e (s) o f t h e C o m p a n y
by
virtue
Proteins
of a m a l g a m a t i o n
Ltd.
with
M/s.
pursuant to the
Order of
West
Rajasthan.
Bengal
&
of
erstwhile
Ashiana
Hon'ble
Ashiana
Housing
High
Ltd.
Courts
at
I 9 H Ashiana
ASHSANA HOUSING LIMITED

NOTICE
NOTICE
is
Meeting
LTD.
known
(INDIA)
21st
Kalamandir),
700017,
at
as
ASHIANA
48,
2007
will
at
be
2:30
P.M.
:
to
HOUSING
held
on
and
(both
&
If
Friday,
transact
the
such
the
as
2007
To
receive,
Balance
&
consider
Sheet as at 31st
Loss Account
and
and
the
Report
Auditors'
adopt
March,
for t h e
year
of
Board
the
the
Audited
ended
of
that
date
Directors'
on
and
To
declare
3.
To a p p o i n t a
Chhawchharia, who
eligible
4.
To
for
eligible
5.
To
retires
by
Lalit K u m a r
rotation
and
being
a
who
for
Director
in
retires
by
place
of
Smt.
Sonal
rotation
and
being
desiring
and
New Delhi
NOTES
1.
(Bhagwan
: 29th June, 2007
Members
are
Park,
Company
Board
Saket
017,
Kumar)
Sep.
keep
on
21st
on
days
to
the
should
before
enable
as
the
far
as
meeting.
to
notify
Plot N o .
(Pvt.)
Local
Dass
Mandir,
Members
are
requested
New
Delhi
& Share Transfer

Beetal
Ltd.,
Shopping
Company
Head Office
D-2, S o u t h e r n
Saket,
Registrar
Harsukh
the
i f a n y , a t its
Center,
Services
purpose.
information,
requested
District
15
as
of
per details
Meeting
least
the
end
information
so
the
to
the
for this
at the
at
at the
at
2007 as
any further
Behind
MEMBER
ENTITLED
AT THE
MEETING
PROXY
TO
IS
ATTEND
TO ATTEND
AND
VOTE
the
E N T I T L E D TO A P P O I N T A
AND
VOTE
INSTEAD
Financial
99,
&
Madangir,
Centre,
Near
Dada
New Delhi - 1 1 0 062.
Annual
General
HIMSELF / HERSELF AND THE PROXY NEED NOT

BE A M E M B E R OF THE
addressed
form
duly
received
at,the
not
than
less
filled
COMPANY.
up
and
Registered
48
hours
executed
Office of the
before
the
time
must
be
appointment
clause
with
49
the
details
fixed
directors
re-appointment,
of the
Stock
of
as
Listing A g r e e m e n t s
Exchanges
are
for
10.
correspondence
Members
seeking
Register
Books
shall
of
Members
required
entered
remain
closed
copy
the
of
Annual
the
relating
Head
Registrar &
to
shares
office
Share
of
the
may
be
Company
T r a n s f e r A g e n t of the
by
Share
from
holding
R&TA
shares
in
more
order of n a m e s are
enclosing
them
to
folio to facilitate
thrT
consolidate
than
one
folio
r e q u e s t e d to write
share
the
certificates
holdings
in
to
one
better service.
into
11.
annexed.
and
to
identical
enable
Members
on
The
their
at
Company
in
relevant
bring
them
Company.
meeting.
The
to
with
Meeting.
All
Proxy
Report
OF
to
4.
are
on
payable
as
A g e n t of t h e C o m p a n y , M/s.
Secretary
names
of
Sep.
the
3.
14th
or to the
Computer
of
payment
Members
be
meeting
to
ready
or to the
2.
will
their c h a n g e of a d d r e s s ,
remuneration.
By order of the
Date
of
Depositories
the
possible,
110
Place:
whose
a t Unit N o . 4 & 5 , 3 r d F l o o r ,
fix t h e i r
equity
or after 21st
shares
Company
of
on
Board
the
meeting,
be transacted
management
re-appointment.
appoint Auditors
the
the
dividend
by
m a d e on
of
hours on
Members
to
2007
respect of s h a r e s held in electronic
owners
date
the
Register
by
the
re-appointment.
appoint
Marwah,
p l a c e of Shri
be
furnished
write
D i r e c t o r in
at
dividend
business to
dividend.
September,
to
members
In
the
business
thereon.
2.
those
beneficial
2 0 0 7 , the Profit
passed
2007.
form,
1.
relating
Company's
Sep.
BUSINESS:
is
to
21st
recommended
d i v i d e n d will
the
to
inclusive).
resulution
Directors
Kolkata-
2007
days
shares
(Basement-
Sarani,
consider
September,
General
HOUSING
'Kalakunj'
Shakespeare
business
ORDINARY
M/s. A S H I A N A
LIMITED)
September,
following
that the 21st A n n u a l
members of
(formerly
FINANCE
the
hereby given
of the
Transfer
15th
the
desiring
Accounts
Company
atleast
any
are
seven
--'formation
requested
days
in
to
clarification
write
advance
to
the
before
Ashiana
the
meeting
so
as to
keep the
at the time of Annual
General
information
ready
Pvt. L t d . , P K S N i r m a a n Pvt. L t d . , B u i l d m a t T r a d e s Pvt.

L t d . , P e n g u i n e S e c u r i t i e s Pvt. L t d . , S h a d a l R e a l E s t a t e
Meeting.
Pvt. L t d . , Starpoint F i n a n c i a l S e r v i c e s Pvt. L t d . ,

1 2 . As per the
facility
provisions of the C o m p a n i e s Act,
for
making
the
shareholders
by
them.
from
13.
in
respect
Nomination
the
the
nominations
Registrar
and
is
1956
available
of the
shares
be
to
held
forms
can
obtained
Share
Transfer Agent
of
Company.
Members
dividend
who
have
not
31.03.2004,
31.03.2005
requested
make
without
any
yet
for the
encashed
financial
and
their
year ended
31.03.2006
their claims
to
the
Pvt.
Greencity
Raghuvir
Management
Pvt.
Ltd.,
Givetake
Trade
and
M e r c h a n d i s e Pvt.
Credit
L t d . , J.P.
Pvt.
Ltd.,
Raina
M a n a g e m e n t S y s t e m s Pvt.
L t d . , Priya P u r n i m a I n v e s t m e n t s Pvt. L t d . , Preeti V a n i j y a

Ltd.,
Grace
Suppliers
Pvt.
Ltd., Adonis
Niketan
Pvt. L t d . , M e l i n e x T r a e x i m Pvt. L t d . , M i n t u Textile Mills

Pvt.
L t d . , Ativir Fincon
Pvt.
Ltd.,
Samtel Vinimay
L t d . , Target T r a d e s Pvt. L t d . , P r a n a y V i n i m a y Pvt.
are
Company,
delay.
Board
Pvt.
Ltd.,
S i d h i V i n i m a y Pvt. L t d . , G e g a c o r p E n t e r p r i s e s Pvt. L t d . ,
Pitambera
Polymers
Combines
By order of the
Ltd.,
G r e e n Park Leafin Pvt. L t d . , Parichiti Textiles Pvt. L t d . ,
Pvt.
warrant(s)
to
Suppliers
Pvt.
Industries
Ltd.,
Labh
C o r p o r a t e S e r v i c e s Pvt.
Pvt.
Combines
Ltd.,
Pvt.
APSA
Ltd.,
S.P.
Pvt.
Ltd.,
Ltd., Jacob Vincom
G l y c o s i c M e r c h a n t s Pvt. L t d . , A s h i a n a H o m e s Pvt. L t d . ,
Place:
New Delhi
(Bhagwan
Date : 29th J u n e , 2007

BRIEF
PROFILE
APPOINTMENT /
Company
OF
Kumar)
Secretary
DIRECTORS
SEEKING
R E - A P P O I N T M E N T AT
THE
21 ST
R V G E n t e r p r i s e s Pvt. Ltd.,
Nirman
Pvt.
Vincom
Pvt.
Ltd.,
V y a p a r Pvt.
A s h i a n a Pvt.
Polyblends
T E R M S OF C L A U S E 4 9 O F T H E LISTING A G R E E M E N T .
Ltd.,
Compact
MEETING
AS
REQUIRED
Pvt.
Shri
Shri
Lalit K u m a r C h h a w c h h a r i a
Lalit
Kumar
company
retires
General
Chhawchharia,
by
Meetting
rotation
of the
at
the
Company
Shri
Lalit
Non
and
Independent
Chairman
Kumar
long t i m e .
the
following
Saket
Elite
He
is
associated
has been
for
Chhawchharia,
at
and
Kolkata.
experstise,
has
Kumar
other
Director,
long y e a r s of v a r i o u s
with
looking
the
Company
after legal
Keeping
the
Board
recommended
Chhawchharia
his
in
view
Natraj
of directors
directorship
Logistics
Ltd.,
Spectrum
Securities
of
in
Worldwide
Enclave
Commercials
Leather
Pvt.
Exports
Ltd.,
Liberson Agencies
and
Ltd.,
Nilachal
Pvt.
Ltd.,
C o m b i n e s Pvt.
Infrastructure
2.
Smt.
Leasings
Pvt.
Swarnim
Iron
Nirvan
and
Exim
Power
Merchandise
Ltd., Jaisukh
Pvt.
Vinimay
Script
Pvt.
Energetics
Ltd.,
Tieup
Mistyalley
Pvt.Ltd.,
Commercial
Roselab
Pvt.
Ltd.,
Ltd.,
R a i n b o w V e n t u r e s Pvt.
Ltd.,
L t d . , Citra V y a p a a r Pvt.
Pvt.
Ltd., Madhuraj
Ltd.
Marwah
Smt. S o n a l M a r w a h , Director.of the C o m p a n y , is retiring

by
rotation
at the ensuing A n n u a l G e n e r a l
the C o m p a n y and
Sonal
Advocate.
Co.
Petal
Ltd.,
Pvt.
Sonal
Ltd.,
Credit
Ltd.,
Ltd.,
Pvt.
Vinimay
Ltd.,
Commercials
Ridhi V i n i m a y Pvt. L t d . , S h e l l B u s i n e s s Pvt. L t d . , S a t y a m
Commercials
Elite
Pvt.
Consultants
Pvt.
Vintage Nirman
Law School
Ltd.,
Kamakhya
Ltd., Ashirbad
S h i v a s t h a l A s h i y a n a Pvt. L t d . , X e r x e s T r a d e r s Pvt. L t d . ,
Ltd.,
L t d . , D e b r u p C o m m e r c i a l Pvt. L t d . , Patson G l o b a l L t d . ,
Jagmag
Pvt.
Pvt.
Technosoft
Ltd., Captain
Kailashpati
Commodities
Smt.
Ltd.,
and
Trading
Ltd.,
Pvt.
his
companies:
Finance
Ltd.,
RVG
for
matters of
re-appointment.
holds
Estates
Kamper
eligible
He
Company
Lalit
is
the
of the Audit C o m m i t t e e of the C o m p a n y .
Company
Shri
Annual
the
He
experience
the
of
ensuing
is
has diversified experience of 34

industries.
Director
and
re-appointmeht.
Executive
Pvt.
Pvt.
Nirman
Vyapaar
Investments and
1.
Ltd!,
L t d . , B l a c k C a d i l l a c T r a d e Link Pvt.
Bajaj
GENERAL
Nipro Trexim
Ltd., Ashirbad
IN
ANNUAL
R V G A w a a s Pvt.
L t d . , S h a d a l P r o p e r t i e s Pvt. L t d . , K a u s h a l
Ltd.,
and
Ltd.,
Pvt.
L t d . , Nilgiri M e r c a n t i l e s Pvt. L t d . , P r o g r e s s i v e H o l d i n g s
is being
Marwah
of
India,
She
has
corporate matters.
Investor's
Audit
the
is
rich
Grievance
and
in
the
1.
Vatika Marketing
2.
Helping
Sonal
other
and
Remuneration
Marwah
Hands
of
companies:
Ltd.
(Charitable
National
Trust)
as an
experience
in
Transfer/
member
of the
Committee
holds
a n d F i n a n c e Pvt. L t d . , D a l s o n M a r k e t i n g Pvt. L t d . , Priya

V i n i y o g P v t . L t d . , R.K. F i n v e s t P v t . L t d . , K.L. I n v e s t m e n t
from
practicing
professional
Committee
and
Smt.
following
law g r a d u a t e
Bangalore
She is the Chairperson of
Committee
directors.
Meeting
eligible for r e - a p p o i n t m e n t .
of
directorship

DIRECTORS'
To
the
member(s),
Operations
Your directors have pleasure in presenting the 21st A n n u a l

R e p o r t t o g e t h e r w i t h t h e a u d i t e d s t a t e m e n t o f a c c o u n t s for
the year ending 31st M a r c h ,
1.
FINANCIAL
The
financial
31st
March,
2007.
results of the
brief s u m m a r y
Project Name
(Location)
PARTICULARS
CURRENT
PREVIOUS
YEAR
YEAR
1.
Sales and other Income
5341.58
3615.97
2.
Profit
1147.78
532.63
3.
Depreciation
35.34
27.54
1112.44
505.09
before Depreciation
Profit after Depreciation

but before Taxation
5.
Provision for Taxation
6.
Profit after Depreciation and
143.91
06/2004
09/2005
01/2006
10/2004
Green Hills
(Neemrana)
Phase II*
Phase III
Phase IV
05/2005
08/2005
10/2005
Woodland
(Jamshedpur)
Phase I
Phase II
10/2005
12/2006
Mangalam"
(Jaipur)
Villas
Flats
10/2006
12/2006
45.25
968.53
459.85
Surplus brought forward

from
8.
previous year
9.
Proposed
10.
Tax on Proposed Dividend
11.
Transfer to General Reserve
Dividend
119,880
94,880
Total
214,760 154
02/2007
04/2009
435,200 320
Expected to be launched during 2007-08.
Phase I
Phase II & III
Greenwoods*
(Jaipur)
Expected to be launched during Financial year 2007-08
Expected to be launched during financial year 2007-08. Project
(Jodhpur)
shall offer aesthetically built villas spread over 27 acres.
1011.76
465.31
** In partnership.
133.83
107.06
2.
S E C T I O N 80(IB) P R O J E C T S
Your
Directors
22.74
15.01
300.00
13,50,000 960|
Amarbagh "*
5.47
800.00
handed over to c u s t o m e r s .
have
pleasure
in
reporting
that following
projects are eligible projects for claiming d e d u c t i o n
SI.
8 0 (IB) o f t h e I n c o m e Tax A c t ,
55.19
1961
under
Project
Name
43.24
Ashiana Rangoli,
Financial
year 2006-07 took
as far as the
Rising d i s p o s a b l e
growth
Real
off f r o m w h e r e 2 0 0 5 - 0 6
estate
incomes,
industry was
had
concerned.
g o v e r n m e n t policy a n d overall
of the e c o n o m y gave a boost to the industry.

new highs in
revenues as well as
profits during the year. Total i n c o m e increased to 5 3 4 1 . 5 8

compared
representing an
to
3615.97
lacs
increase of 4 8 %
recorded
and
last
year
net profit i n c r e a s e d
Rajasthan.
Residency Greens, Jamshedpur, Jharkhand.
Ashiana
Utsav,
Ashiana
Greenhill,
Ashiana
Woodland,
3.
Bhiwadi,
Dist. A l w a r ,
Jamshedpur.
x
(Bhiwadi).
of
flats
and
undertaken before 31
basis
of date
others,
s t
in
respect
968.52
lacs
compared
110%.
to
459.84
lacs
recording
an
under taken
value
extent
of flats
on
of delivery
or after
and
others
of work done
of
projects
M a r c h , 2 0 0 6 , i s a c c o u n t e d for o n
of
physical
the respective c u s t o m e r s and sales in

increase of
Rajasthan.
Neemrana.
ACCOUNTING METHOD
Sales
the
Bhiwadi,
Ashiana
Ashiana Angan
Your c o m p a n y achieved
to
2511
74
80
Balance Surplus carried

to Balance Sheet
lacs
03/2008
12/2008
230
180
180
120
710|
66
103
83
252|
142
109
Aangan
(Bhiwadi)
Section
left
278,050
224,220
224,300
135,365
861,935
77,890
132,370
98,820
309,080
205,600
152,620
358,220
Ashiana Utsav Launching during financial year 2007-C

the Retirement
resort
* Completed and
Appropriation
No. of
Units
(Sq,.)
10/2006
04/2007
12/2007
12/2006
I Total
12/2006
06/2007
12/2007
I Total
03/2008
12/2008
I Total
43.24
Profit available for
12.
Size
Total
Taxation
7.
Completion
Date
C o m p a n y for t h e y e a r e n d e d
as follows:-
No.
4.
projects
Start
Date
Phase I*
Phase II
Phase III
Rangoli(Bhiwadi) Phase II*
(Rs. in lacs)
SI.
of o n - g o i n g
Projects
Utsav(Bhiwadi)
RESULTS
2 0 0 7 are
REPORT
on
s t
April,
2006
contracted
percentage
possession
to
respect of projects
to
represents
be
sold
completion
the
to the
basis.
Ashiana
4.
DIVIDEND
The
Board
11.
of
Directors
recommended a
Fifty
Paise)
Financial
per
Year
of
the
Company
has
CORPORATE
As required
GOVERNANCE
under clause 49 of the
Listing A g r e e m e n t with
dividend of Rs. 2.50/- (Rupee Two and
the Stock E x c h a n g e s , the Report on Corporate G o v e r n a n c e
equity
together with Auditors
share
of the
Company
for t h e
the
2006-2007.
SEBI
Code
of
Certificate
regarding
Corporate
Compliance
Governance
is
of
annexed
herewith.
5.
DIRECTORS
12.
Shri
Lalit K u m a r C h h a w c h h a r i a a n d
Directors are
General
retiring
Meeting
by
rotation
of the
Smt.
Sonal
and
are
eligible
for
in the directorship of the C o m p a n y .

AUDITORS
M/s.
B.
of the
&
Co.,
Company,
Chartered Accountants,
retire
at
the
conclusion
of
being e l i g i b l e , offer
a Certificate to the effect that their r e - a p p o i n t m e n t , if m a d e ,

be within the prescribed
of the C o m p a n i e s Act,
to
limit u n d e r S e c t i o n 2 2 4 (1B)
1956. The
r e c o m m e n d s their
Directors and the Audit
re-appointment.
has to state that in v i e w of insufficient
information
from the suppliers regarding their status as SSI units, the

a m o u n t due to Small Scale Industrial Undertaking can
are
The
Company
deposits
1988
Companies
8.
had
read
are
be given.
in
not
of
M/s.
of
that
particulars
Energy
217
the
relevant
There
foreign
13.
(1)
and
(e)
with
Technology
of the C o m p a n i e s
Companies
(Disclosure
invited
within
of
nor
the
Deposits)
accepted
meaning
Rules
of
has
currency
of the
read
with
Rules,
of
Ltd.
and
any
(I)
the
OF
of b u s i n e s s
not r e q u i r e d t o
exchange earnings
17,60,109/- has been incurred
during the year under
review.
EMPLOYEES
of
exceeding
the
your
Company
limits
Companies
laid
is
dawn
(Particulars
to
RESPONSIBILITY
Section
drawing
under
of
the
1956
Employees
217
in
the
followed
(2AA)
of the
preparation
of
accounting
by the
Companies Act,
annual
standards
accounts,
have
been
Company;
such
accounting
and
consistently
estimates
policies
have
applied
made
that
p r u d e n t so as to give
Ashiana
STATEMENT
confirm that :
applicable
Directors'
M/s.
are
no foreign
employees
DIRECTORS'
Report for the year e n d e d 31st M a r c h ,
Vatika Marketing
nature
hence,
1975.
1975.
alongwith
view of the
been
PARTICULARS
(II)
of Accounts
in
provisions of section 217(2A) of the C o m p a n i e s Act,
COMPANIES
statement
Report & Auditors'

2007
public
(Acceptance
Audited
with
1956, the Directors
neither
the
SUBSIDIARY
The
opinion
w h e r e a s expenditure of Rs.
14.
DEPOSITS
from
of the
activities of the c o m p a n y and
Pursuant
FIXED
ENERGY,
FOREIGN
not
ascertained.
7.
OF
AND
EARNINGS AND OUTGO
as per Section
1956
None
As regards A u d i t o r ' s o b s e r v a t i o n on the dues to SSI Units,
be
CONSERVATION
ABSORPTION
Conservation
remuneration
Board
OF
Particulars in the Report of the Board of Directors) Rules,
t h e m s e l v e s for r e - a p p o i n t m e n t . The C o m p a n y has received
Committee
Directors
respect
Absorption
ensuing Annual General Meeting and
will
Your
Act,
Chhawchharia
Auditors
EXCHANGE
at the ensuing A n n u a l
Company
r e - a p p o i n t m e n t . Apart f r o m the above there is no c h a n g e
6.
PARTICULARS
TECHNOLOGY
Marwah,
been
and
are
selected
judgments
reasonable
&
and
a true a n d fair v i e w of
the state of affairs of the
C o m p a n y as at 31st
Retirement Villages Limited as well as the extent of holdings
M a r c h , 2 0 0 7 and of the profit of the C o m p a n y
therein
for the year e n d e d
are
annexed
to this Account
212 of the C o m p a n i e s Act,
pursuant to
Section
(III)
9.
C H A N G E IN
proper and
the
NAME OF THE COMPANY
Housing
Housing
10.
Company
and
has
Finance
Limited
with
MANAGEMENT
been
(India)
effect f r o m
changed
from Ashiana
Limited
4th
DISCUSSION
to
Ashiana
May,
2007.
The Annual
AND
ANALYSIS
Report also contains a s e p a r a t e section on the
Directors'
Report.
which
i s a part o f
in
the
assets
(iv)
of the
detecting
annual
care
accounts
Company
CODE OF CONDUCT AND

Board
Conduct
and
Company
Ethics
and
have
15.
the
been
taken
for
accounting
the
provisions
of
for s a f e g u a r d i n g
and
for p r e v e n t i n g
other irregularities;
been
prepared
on
basis.
The
of
with
1956,
fraud
concern
has
adequate
accordance
C o m p a n i e s Act,
going
'Management Discussion and Analysis'

the
that date;
of
the
and
REPORT
sufficient
maintenance
records
N a m e of the
on
1956.
for
the
ETHICS
has
adopted
Directors
a
and
Code
of
Senior
9m Ashjala

E x e c u t i v e s of the C o m p a n y . The object of the C o d e
is to
conduct
with
the
Company's
responsibility,
honesty.
conduct
integrity,
The
in
business
Code
dealing
ethically
fairness,
sets
out
with
the
and
transparency
broad
policy
company,
and
for
fellow
one's
directors
and with the e n v i r o n m e n t in which the c o m p a n y operates.

The
code
is
available
on
the
Company's
website
(www.ashianahousina.comK
16.
thanks
appreciation
to
the
and
for p r o v i d i n g
bankers
us
wish
to
of
business
continued
of a
growing
is
population
in the w o r k i n g - a g e c a t e g o r y
massive demand
sector.
supply
This growth
in
mismatch
the
real
is
a c r o s s the
estate sector
express
on
record
its
The
India,
the
Govt,
of
organized
opportunities,
support
and
to
guidance
our
from
unprecedented
demand
sources
of
has
funding
sustainable asset class.
Large
land
private
partnership
the
models and
w a y for large
shareholders
for the
continued
support
have
in the M a n a g e m e n t .
and
trust
they
the
real
need
estate
for
as
bank acquisitions
higher bank financing
inflows from
a
by
FDI,
has
private equity
real e s t a t e f u n d .
Considerable changes in d e m a n d
D i r e c t o r s a l s o e x p r e s s t h e i r s i n c e r e t h a n k s t o all t h e
driven
and
t h e big real e s t a t e p l a y e r s , g o v e r n m e n t i n c e n t i v e s for p u b l i c
and
Company.
On
estate
levels for the c o n t i n u e d c o - o p e r a t i o n and unstinted support
reposed
industry in
Indian e c o n o m y and
Strong economic growth along with the d e m o g r a p h i c impetus
paved
The
real e s t a t e a n d c o n s t r u c t i o n
e x p e c t e d t o b e c o m e a $ 1 8 0 billion a c t i v i t y b y t h e y e a r 2 0 2 0 .
t i m e t o t i m e a n d t o t h e e m p l o y e e s o f t h e C o m p a n y a t all
e x t e n d e d to the
puts the
India at $57 billion or 6 . 2 % of the
place
of J h a r k h a n d and their a g e n c i e s
excellent
for their
industry
w o u l d c o n t i n u e for s o m e t i m e .
Government
Rajasthan and the Govt,
Research
real
ACKNOWLEDGEMENTS
grateful
estate
creating
The Board of Directors takes this opportunity to

its
Real
of middle
income groups on
pattern
improving
are due to f o c u s
life s t y l e s .
t h e s e h o u s e h o l d s are d e m o g r a p h i c a l l y y o u n g ,
Most of
enjoy double
i n c o m e s , are professionally oriented and tend to be nuclear.
behalf of the
Board
of
Directors
For t h e m ,
major portion
of lifestyle
expenditure
is the
p r e m i u m t h a t t h e y a r e w i l l i n g t o pay for t h e q u a l i t y o f living

(Om
Place :
New
Dated :
30 "July, 2007
MANAGEMENT
The
Structure
Indian
Gupta)
Chairman
,h
Industry
Prakash
Delhi
Managing
DISCUSSION
and
space.
and
Director
AND ANALYSIS
Developments
economy
T h e I n d i a n e c o n o m y c o n t i n u e d o n its s t r o n g g r o w t h t r a j e c t o r y
recording a GDP growth
rate o f 9 . 2 % i n 2 0 0 6 - 0 7 . F o r e i g n
F Y 9 5 F Y 9 6 F Y 9 7 F Y 9 8 F Y 9 9 FyOO F Y 0 1
Institutional Investors inflows remained buoyant at over U S D

8 billion.
inflows
which
outpaced
growth
For t h e first t i m e , f o r e i g n
Fli
represents
long-term
dedicated
by the services and
sector which grew 1 1 % and

per c a p i t a
income,
12.30%
manufacturing
r e s p e c t i v e l y last y e a r .
higher literacy
rates,
Source:
MOSPI.
i-SEC
FY02 FY03 FY04 FY05 FY06
Research
capital
investments to stand over U S D 1 9 billion. This
i s p r i m a r i l y led
Rising
direct i n v e s t m e n t (FDI)
increasing
Your company
development.
dream
has
been
Through
house to
middle
21
pioneer
in
the
real
years experience
in
estate
providing
income groups of the society,
our
main c u s t o m e r s are middle income groups.
Your c o m p a n y
has
groups of the
endeavored
to
provide
middle
income
a s p i r a t i o n l e v e l s a n d r a p i d u r b a n i z a t i o n h a s led t o a n i n c r e a s e
society a better lifestyle by w a y affordable and e n v i r o n m e n t
in d e m a n d and change in c o n s u m e r preferences. Apart from
friendly
housing.
t h e d e m a n d for b a s i c g o o d s , c o n v e n i e n c e a n d
luxury g o o d s
projects
like
i n c r e a s e in
company
demand
is also g r o w i n g at a fast pace.
i n c o m e s a t b o t h t h e rural a n d
e x p e c t e d to
Even
urban
with
fuel
of theme-based
housing
residential
for s e n i o r s
has filled the
of e x c i t e m e n t for d o i n g
better for t h e
seniors so that they can
enjoy the
Developments
the
life w i t h d i g n i t y .
rise f u r t h e r .
though
infrastructure
the
economy
continues to
bottlenecks,
imbalances continue to
remain
rising
m e a s u r e s that are
negative fall-out of fast
being
paced
show
inflation
promise,
and
fiscal
h u r d l e s t o w a r d s its g r o w t h .
However, t h e s e are topical and should

the
With
levels, the d e m a n d is
Success
retirement
get c o r r e c t e d g i v e n
implemented to contain
growth.
any
There
are
the year,
1.
during
many
year
accomplishments
of the
company
during
and these include
Handing
Utsav at
over of flats for the first p h a s e of A s h i a n a

Bhiwadi;
ASHIANA HOUSING
2.
Due
to
very
Ashiana
encouraging
Gymkhana to
t h e c o n s t r u c t i o n w a s still
3.
Launch
response
the
public
in
we
inOct
opened
progess;
of Ashiana A a n g a n ,
the
3.
2006 while
biggest Ashiana
free
Commenced
construction
of A s h i a n a Village Mall
at
and
new projects
the growth
have
Indians to
live a
hassle
Increased
5.
Security c o n c e r n s of the most v u l n e r a b l e social g r o u p
medical
costs;
of seniors;
6.
Proliferation
7.
Introduction of reverse mortgage and
of retirement related financial
products;
related financial
products.
by N o v e m b e r 2 0 0 8 .
Other than these accomplishments,

forged
affluent
life;
comprising
B h i w a d i , t h e first o f its kind a t B h i w a d i a n d e x p e c t e d

to finish
retired
4.
p r o j e c t i n B h i w a n i o f f e r i n g 9 6 0 units t o t h e p u b l i c ;
4.
Aspirations among
LIMITED
new partnerships were
been
planned to continue
The table
0.6
m o m e n t u m of the organization.'
below (source:
C e n s u s of India 2001)
indicates
that a m o n g t h e u r b a n I n d i a n p o p u l a t i o n a l o n e t h e r e are n e a r l y
million
seniors
living
alone and the total
addressable
p o p u l a t i o n for s e n i o r h o u s i n g is n e a r l y 3 m i l l i o n .
Geographical
expansion
Your
continues
Number
company
Bhiwadi,
Jamshedpur and
its
effort
to
expand
Neemrana.
Our
beyond
of
seniors
(Urban
in
household
population)
geographical
e x p a n s i o n plan has already t a k e n us to Jaipur, J o d h p u r and
Household size
4+
P u n e . W e a r e a l s o i n t h e p r o c e s s o f e v a l u a t i n g p r o j e c t s for
593,984
766,780
496,831
928,776
280,652
17,946
1,393,164
292,030
13,601
1,663
1,987,148
420,979
14,924
1,481
1,641,557
591,646
20,780
1,559
7+
3,488,309
1,710,463
121,846
21,281
Lucknow and
various other
Indian
e i t h e r i n d e p e n d e n t l y o r v i a tie
Senior
cities to
be
executed
ups.
housing
With the grand s u c c e s s of A s h i a n a Utsav in
Bhiwadi, your
c o m p a n y ' s b u s i n e s s m o d e l a r o u n d senior housing has been

v a l i d a t e d a n d w e a r e n o w all set t o e s t a b l i s h t h e c o m p a n y
a s a l e a d e r for s e n i o r h o u s i n g n e e d s i n t h e c o u n t r y . S e n i o r
housing
is-a
well
established
industry
in
most
of the
d e v e l o p e d w o r l d . In the US alone the industry is e s t i m a t e d

t o b e $ 2 6 billion
by A m e r i c a n Senior Housing A s s o c i a t i o n .
With nuclear families b e c o m i n g a n o r m in India, there is now

a growing
n e e d for s i m i l a r s u c h
Y o u r c o m p a n y is-an e a r l y m o v e r i n t h i s n i c h e s e g m e n t a n d
the Ashiana
brand
has
already
become s y n o n y m o u s with
q u a l i t y s e n i o r h o u s i n g . T h i s i s w h a t s o m e o f our c u s t o m e r s
have had to say about the A s h i a n a Utsav:
p r o d u c t s in the country.
A l t h o u g h a lot i s w r i t t e n a b o u t t h e rising d i s p o s a b l e i n c o m e s
At A s h i a n a , e v e r y t h i n g is p r o v i d e d tor a h a s s l e - f r e e
lifestyle
including moving
in s e r v i c e s ;
a n d r e s i d e n t i a l n e e d s o f t h e y o u n g I n d i a n s i t i s oft f o r g o t t e n
that the 60+
age group
segment
percentage terms)
(in
is the fastest growing

in
the
population
country and
Projected age distribution of the

Indian population (millions)
us a b e a u t i f u l
home which
became a
r e a s o n for u s t o s m i l e ;
shall
r e m a i n s o till t h e y e a r 2 0 5 0 .
Ashiana gave
B e a u t y of A s h i a n a f a c i l i t i e s is in t h e c o n t i n u o u s c a r e
provided;
A s h i a n a is a l w a y s e a g e r to go that extra mile to s e e

the smile of satisfaction.
<40
B 45-59
B60 +
Going f o r w a r d the thrust shall

projects
via
the
wholly
Retirement Villages
launched the
July 2 0 0 7
Limited"
second
and
projects
either
2001
2026
Source:
Census
2001
housing
T h e r e are many factors driving the need for senior housing
is
project at Jaipur in
in the
offering.
The
o t h e r l o c a t i o n s t o start s i m i l a r
subsidiary
or
will
in
tie-ups
not
only
with
other
oversee
the
but s h a l l
services to the
also
manage
residents.
additional
S o m e of the
assisted
planned
living
services
include
in I n d i a i n c l u d i n g :
1.
Increasing
rate o f n u c l e a r f a m i l i e s i n s o c i e t y ;
2.
Increasing
senior population
pension;
Pune
"Ashiana
A R V L has already
c o n s t r u c t i o n a n d d e v e l o p m e n t o f t h e real e s t a t e f o r s e n i o r s
2050
India
(ARVL).
independently
The
more senior housing
subsidiary
senior housing
another in
c o m p a n y is also evaluating
developers.
be on
owned
with
disposable
income/
1.
Dining for
2.
Primary
residents.
health
care centre with
paramedical
staff.
Ashiana

3.
C o m m u n i t y activities to
keep seniors e n g a g e d
and
Risks
and
concerns
live a v i b r a n t a n d a c t i v e r e t i r e d life
Risk is i n h e r e n t in all b u s i n e s s a c t i v i t i e s , p a r t i c u l a r l y in t h e
Other
development
activities
real e s t a t e i n d u s t r y . W h i l e risk c a n n o t b e c o m p l e t e l y w i s h e d
T h e c o m p a n y has successfully entered

commercial
into d e v e l o p m e n t o f
real e s t a t e o f w h i c h A s h i a n a V i l l a g e M a l l
is a
s h i n i n g e x a m p l e . T h i s Mall is t h e first of its kind in B h i w a d i . T h e

lease
rental f r o m the Mall s h o u l d create a steady flow of
r e v e n u e for t h e c o m p a n y .
The
c o m p a n y also
a w a y , a d e q u a t e m i t i g a t i o n p l a n s c a n b e laid out t o e f f e c t i v e l y
m a n a g e 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
Mitigation
Risks
Correction
art a c t i v i t i e s a n d s p o r t s f a c i l i t i e s i n
the
Bhiwadi. The response
real
market
a n o t h e r f e a t h e r i n t h e c a p for t h e c o m p a n y .
to
Opportunities
demand
Real estate
threats
becoming
more
plan
1. Limited
in
number of concurrently
running
estate
projects.
owners
(spread
risk w i t h
4. Promote sales on down
has a l w a y s been about location.
it's
about
Driven
by
Delay
1. Buy
in
land
banks with
where
government
b o o m i n g . Year 2 0 0 6 started on a p r o m i s i n g note w h e n the
approvals
already
available.
Government
necessary
in the e c o n o m y ,
of
construction
India
and
real
provided
development
estate
fresh
in
India
impetus
sector by
to
allowing
is
the
100%
project
for
High
economic
estate.
growth
has fuelled
Changing demographics,
in
demand
for
b o u g h t its o w n
3. Project
investor confidence which today
biggest threat to the
industry.
The
recent
rise
house
purchase
is
based
on
loans.
is
o w n e r s with
only
after
government
have
received.
been
and
2. Increased
set o f
all
approvals
improve
project
management.
management
bandwidth
and flexible talent planning.

3. Modernize
and
development
processes
project t r a c k i n g .
interest
rate c o u l d a l s o r e d u c e t h e d e m a n d f o r h o u s i n g a s m u c h o f
the
launch
planning
poses the
in
land
necessary
1. Continuously
Execution
delays
d o not a d h e r e t o q u a l i t y , t i m e a n d c o s t . S u c h i n c i d e n t s c o u l d
the
approval
approved lands.
problems in the form of number of builders/middlemen w h o

dismantle
local
clear title and
real
rising d i s p o s a b l e i n c o m e ,
b u s i n e s s has also
infrastructure sector.
the
f i s c a l i n c e n t i v e s h a v e c r e a t e d a h u g e d e m a n d for h o u s i n g .
The increase
2. Partner with
launch
f o r e i g n d i r e c t i n v e s t m e n t (FDI) u n d e r t h e a u t o m a t i c r o u t e i n
order to spur i n v e s t m e n t in the vital
partner).
payment.
But o v e r t h e
reputation.
Governmental
positive growth
risks.
l e a d i n g 2. Develop projects in multiple p h a s e s .

3 . Profit s h a r i n g a r r a n g e m e n t w i t h l a n d
lower
r e c e i v e d f r o m c u s t o m e r s h a s b e e n very e n c o u r a g i n g a n d i s
years,
known
successfully
c o m p l e t e d A s h i a n a G y m k h a n a c l u b w h i c h offers s t a t e o f t h e
and
protect the b u s i n e s s f r o m
Internal
Control
System
and
their
adequacy
Your directors,
w h o strictly a d h e r e t o q u a l i t y , t i m e a n d c o s t , d o not f o r e s e e
The C o m p a n y has proper and a d e q u a t e s y s t e m of internal
any threat to the c o m p a n y . To ensure complete customer
controls
satisfaction and
b u y i n g e x p e r i e n c e , y o u r c o m p a n y h a s set
Company's business to
up
not s e l l t h r o u g h
all
policy to
brokers/middlemen.
By
commensurate
recorded
and
lower the overall
reviewed
to
remain
connected with
their changing
our c u s t o m e r s a n d
responsive to
qualified
reported
ensure
and
instrumental
needs.
its' s i z e
and
nature
in
company and
of the
r e a s o n a b l e a s s u r a n c e that
a s s e t s are s a f e - g u a r d e d ; t r a n s a c t i o n s are
e l i m i n a t i n g t h e role o f m i d d l e m e n a n d b r o k e r s w e e f f e c t i v e l y
p u r c h a s e p r i c e for t h e c u s t o m e r a n d a l s o
with
provide
properly.
Systems
effectiveness.
experienced
The
authorized,
are
regularly
Company
professionals
has
who
are
maintaining the growth and success of the
implement the policies.
Senior housing has e m e r g e d as a profitable niche in w h i c h

your
company
has
been
able
to
build
introduction.of reverse mortgage shall open

for us
as
many seniors w h o are
currently
brand.
The
up new market
house
owners
Material
Development
Industrial
Relations front,
in
Human
including
Resources/
number of people
employed.
w o u l d b e i n t e r e s t e d t o r e l o c a t e t o c o m m u n i t i e s built t o m e e t
their
specific
needs.
Developing h u m a n resource has always been a focus area

over the y e a r s for the
Outlook
T h e future of the
real e s t a t e i n d u s t r y a s w e l l a s C o m p a n y
Company.
programs
were
and
development to
skill
ranging
from
During the year training
organizational
behavioral
is bright. The Central Govt, has o p e n e d up a new vista by
programs
a l l o w i n g FDI i n t h e real e s t a t e i n d u s t r y . Y o u r C o m p a n y h a s
managerial
effectiveness,
necessary
culture and
building functional expertise.
infrastructure
and
experience
to
develop
are
built
around
residential, c o m m e r c i a l and industrial project and is looking
the C o m p a n y maintained
for v a r i o u s o p p o r t u n i t i e s
Government
relations.
The total
in various cities of R a j a s t h a n ,
excluding
labor and
efforts to
in c o n s o n a n c e with
provide housing
Jharkhand,
Maharashtra and
other parts of the country.
the
themes
employee
thrust
programs.
for
enhancing
motivation,
quality
During the year,
harmonious and cordial
industrial
h e a d c o u n t for the year stood

workers.
areas
These
at
180
Ashiana
R E P O R T O N C O R P O R A T E G O V E R N A N C E F O R M I N G PART
(b)
OF THE DIRECTORS' REPORT

1.
Company's
The
1
Philosophy
Company
firmly
Governance and
on
Code
believes
in
of
corporate
Corporate
the
in
company.
The Company's
highest
attainment
of the c o m p a n y
2007
Directors:
and
of the
held
quarter to
quarterly
of
in
Board
and
New Delhi
its C o m m i t t e e / s a r e
and s c h e d u l e d well
in
consider
amongst
performance
of the
other
businesses,
Company
the
and financial
results. Detailed agenda notes with MlS reports, charts
levels of t r a n s p a r e n c y and accountability
the functioning
meeting
of
a d v a n c e . N o r m a l l y t h e B o a r d m e e t s a t least o n c e i n a
Philosophy on
envisages the
The
generally
has m a d e Corporate G o v e r n a n c e a
governance
attendance
Governance
good
p r a c t i c e a n d c o n t i n u o u s p r o c e s s o f d e v e l o p m e n t right
across the
Board M e e t i n g held in Financial Year 2006

and
etc.
conduct of
are circulated well
actively
business.
participate
in
in
advance.
the
The
Directors
deliberation
at
these
meetings.
The Company's corporate
its
people w h o are the
philosophy
most
is focused
important assets.
on
The
During the year,
c o m p a n y v a l u e s its e m p l o y e e s integrity, c r e a t i v i t y a n d
ability w h o
in
standard and
turn
demonstrate the
highest
28
ethical
responsibility t o w a r d s the s h a r e h o l d e r s .
Director in the
of enhancing
of
overall
t h
directors
Name of
Directors
directors.
out
Meetings were
s t
held
on
July, 2 0 0 6 , 2 7
t h
Board
Meetings and the
last A n n u a l
shareholder value.
Directors
non-executive
seven
Board
June, 2006, 3 1
J a n , 2007. The attendance of each
Designation
No. of Board Meetings

Attended during
Held during
the Year
theYear
200607
200507
Attendance
at the last
AGMheld
onlfflhday
of Sept. 06
ShriOm
Prakash
Gupta
Managing
Director
Not Present
Shri Vishal
Gupta
Jt. Managing
Director
Not Present
Shri Ankur
Gupta
Director
Not Present
Shri Ashok
Kumar
Mattoo
Independent
Director
Not Present
Shri Abhishek
Dalmia
Independent
Director
Not Present
Shri Lalit Kr.

Chhawchharia
Independent
Director
Present
Smt. Sonal
Independent
Not Present
Marwah
Director
The C o m p a n y has o p t i m u m c o m b i n a t i o n of executive

and
t h
general Meeting is detailed herein b e l o w . ;
o p e r a t i o n s and actions must serve the underlying goal
Board
five
April, 2006, 26
Oct.,2006 and 3 0
T h e C o m p a n y b e l i e v e s t h a t o v e r a p e r i o d o f t i m e all its
2.
1 h
The
of which
Board
three
Non-Executive
consists of
are
Directors,
four are
&
Directors.
N o n e of the D i r e c t o r s on the
Executive
Independent
Board
is a
m e m b e r of more than 10 C o m m i t t e e s and Chairman of

m o r e t h a n 5 C o m m i t t e e s (as s p e c i f i e d i n t h e C l a u s e
Executive
Directors
4 9 o f t h e L i s t i n g A g r e e m e n t ) , a c r o s s all t h e c o m p a n i e s
in
which
he / s h e
is
director.
The
necessary
disclosures regarding C o m m i t t e e positions have been

made by the Directors.
(a)
The
present
Directors
is as
composition
under
of
the
Board
of
Non-Executive
Independent
Directors
:-
Sr.
Name of
Executive/
No.
Directors
Non-Executive
No. of other
1.
ShriOm
Prakash Gupta
Promoters
Executive
2.
Shri Vishal
Gupta
Promoter &
Executive
3.
Shri Ashok
Kumar Mattoo
Non-Executive
& Independent
4.
Shri Abhishek
Dahlia
Non-Executive
& Independent
13
5.
Shri Lalit Kumar

Chhawchharia
Non-Executive
& Independent
80
6.
Smt. Sonal
Marwah
Non-Executive
& Independent
7.
Shri. Ankur Gupta
Promoters
Directorship
Committee
Membe
rship
_
(c)
Shareholders /
paid t o W h o l e T i m e
to
the
Non-executive
Directors and
Directors
per t e r m s
of their a p p o i n t m e n t .
The
details
of
r e m u n e r a t i o n paid to the W h o l e T i m e Directors during
N o t e : - A s per c l a u s e 4 9 o f t h e Listing A g r e e m e n t m e m b e r s h i p
Committee,
fees
R e m u n e r a t i o n to W h o l e T i m e Directors are being paid

as
Executive
of Audit
Remuneration
sitting
Investors
C o m m i t t e e are required to be d i s c l o s e d ' :
Grievance
the year are stated
herein
below :
Ashiana

Sr.
No.
Name
1.
Shri Om
Prakash
Gupta
2.
Designation
(d)
Total
Bs.9.00
Lacs
Rs. 0.75
Lacs
Rs. 9.75
Lacs
Jt.Managing
Director
Rs. 7.50
Lacs
Rs.1.88
Lacs
Shri Ankur
Whole Time
Rs. 6.00
Gupta
Director
Lacs
Gupta
3.
Other
benefits
Managing
Director
Shri Vishal
Terms
of
1. Discussion
Salaries
& Allowances
appointment
2.
To
review the quarterly,

statements
Audit
half y e a r l y
before
and
annual
submission
to
the
Board.
(b)
To
review
and
take
on
record
the
unaudited
quarterly results of the c o m p a n y before publication.
Directors
4. Oversight of the c o m p a n y ' s financial reporting process
Prakash
disclosure
o f its f i n a n c i a l
that the financial
March, 2010,
statement
information
is correct,
to ensure
sufficient and
credible.
and Shri
5. Noting
appointment and
removal
R e c o m m e n d i n g the fixation
3.
the
3. To ensure c o m p l i a n c e of Internal Control S y s t e m .
A u g u s t , 2011
Ankur Gupta is up to 3 1 * March, 2 0 1 1 .
about
of the auditors.
(a)
and
s t
periodically
Lacs
The current t e r m of a p p o i n t m e n t of Shri Om

s t
auditor,
the observation
financial
Rs. 9.38
Lacs
of Whole-time
Shri Vishal Gupta is up to 3 1
the
s y s t e m s , the scope of audit including
Rs. 6.00
G u p t a , M a n a g i n g Director is up to 3 1
with
internal control
auditors and
Committee
external
auditors.
of audit fees of
external
a l s o a p p r o v a l for p a y m e n t f o r a n y o t h e r
services.
The
C o m p a n y has an Audit
since January 2001

Executive
Committee of the
which comprises of
Independent
Directors
Mattoo - Member,
Smt. Sonal
6.
t h r e e Non
namely
Kumar Chhawchharia - Chairman,
Board
Shri
Shri A s h o k
Reviewing
with
Management
the
annual
statements before submission to the
Lalit
Kumar
4.
Remuneration
financial
Board.
Committee
Marwah - Member. The
q u o r u m of the Audit C o m m i t t e e is t w o m e m b e r s . The
The
Company
C o m m i t t e e " . T h e C o m m i t t e e c o n s i s t s o f t h r e e (3) non
Secretary
is
the
Secretary
of the
Audit
Company
C o m m i t t e e . T h e Audit C o m m i t t e e m e e t i n g w a s held o n
executive
four times during financial year 2 0 0 6 - 2 0 0 7 , the date of
to
w h i c h are as f o l l o w s
consideration
has
a duly constituted
independent directors.
finalization
of
remuneration
and
approval.
All
"Remuneration
matters
relating
committee
for their
The following
Directors
are the m e m b e r s of the R e m u n e r a t i o n C o m m i t t e e :

1.
Jun. 26, 2006
3.
Oct. 27, 2006
Sr.
2.
July 30, 2 0 0 6
4.
Jan. 30, 2007
No.
A t t e n d a n c e of the
m e m b e r s of the Audit C o m m i t t e e at
t h e s e m e e t i n g s is as u n d e r :
Sr.
Name
No.
Audit
1.
Lalit
2.
Ashok
Kumar
3.
Sonal
Marwah
of
Members
of
No.
Committee
of
meetings
Name
Designation
Directors
1.
Shri A s h o k
2.
Shri
Lalit
3.
Smt.
Sonal
Kumar Mattoo
Chairman
Member
Kumar Chhawchharia
Member
Marwah
attended
During
Kumar
of
Chhawchharia
Mattoo
the year,
the
meeting was attended
Remuneration
Committee
met t h r i c e
and
Policy
2
R e m u n e r a t i o n policy of A s h i a n a H o u s i n g Ltd.
Brief T e r m s
of
Reference
of Audit
Committee
on
The primary function of the Audit C o m m i t t e e is to assist

the
Board
of
Directors
responsibilities by
other financial
to
in
the
information
Company's
regarding finance,
fulfilling
its
reviewing the financial
any Statutory Authority
public,
provided
or to the
system
of
accounting and
terms
of
reference
inter-alia the following
of Audit
oversight
reports and
the following
is based
objectives:
To d e t e r m i n e
and
directors
the
Managing
Director,
Whole-time
r e c o m m e n d to the
remuneration
Joint
Board
package
Managing
of
of
the
Director and
directors;
by the C o m p a n y
investors
Internal
or the
Controls
legal c o m p l i a n c e s
that M a n a g e m e n t and the Board have e s t a b l i s h e d .

The
the
b y all t h e m e m b e r s .
Committee
include
To a p p r o v e
profits
in
the
e v e n t of loss or i n a d e q u a t e
any y e a r the
minimum
remuneration
payable to the M a n a g i n g Director, Joint M a n a g i n g

Director and the W h o l e - t i m e
the
limits
and
subject
to
director considering
the
parameters
as
prescribed under the provisions of the C o m p a n i e s

Act,
CD-
in
1956;
Ashiana
To c r e a t e a p e r f o r m a n c e - o r i e n t e d c u l t u r e in t h e
Company which
is
beneficial
to
For
and the business as well;

To
ensure that
system
to
is
reward,
benefit and
performance
based
and
increment
encourage
development
and
by
learning
and
identifying the scope and
support
need
of the s a m e ;
Such
5.
Venue
functions
provisions of the
and
Grievance
Day
as
required
or
year
Time
Hotel Shalimar,
Sept. 2 4 ,
Friday
2004
3, S. N. B a n e r j e e
2004
12.30
Road,
Kolkata-13
2005
Ashutosh,
Mukherjee
Investors'
Shareholders'/Investors'
Committee was reconstituted on

The following
directors are
and Shareholder's/Investors'
s t
Sept. 2 3 ,
Friday
2005
12.30
Road,
2005
Kalakunj-
2006
Kalamandir,
Grievance
Sarani,
Name
of
Directors
Sonal
Marwah
Yes
P.M.
Sept.
48,
19,
Yes
Tues.
2006
10.30
A.M.
Kolkata-17
September 2003.
m e m b e r s of the Transfer
Grievance Committee
Extra
Ordinary
General
Meeting
:
2006 Sangeet
Sr.
Yes
Kolkata-20
Committee
Transfer and
Resolution
P.M.
Hall,
Shakespeare
The
Special
2003
Listing A g r e e m e n t .
Shareholders'
Whether
Day
and
2004 Gangashahr
other
Transfer
Meetings
the
r e c o m m e n d e d by the Board of directors or under

the
General
motivational
employees;
To
Annual
its e m p l o y e e s
Designation
ndir
07
No.
Kalama-
Trust,
March
Friday
30,
10.30
2007
A.M.
Kalakunj, 48,
1.
Smt.
2.
Shri Om Prakash Gupta
Member
3.
Shri Vishal Gupta
Member
Yes
Shakespeare
Chairman
Sarani,
Kolkata-17
No resolutions requiring postal ballot as r e c o m m e n d e d

under C o m p a n i e s
(Passing
Ballot) R u l e s , 2 0 0 1
The
scope
Investors'
monitor
of
the
"Transfer
Grievance
investors'
and
Committee"
Shareholders'/
was
enlarged
grievances/complaints
along
of
Resolution
by
Postal
have been placed for s h a r e h o l d e r s '
a p p r o v a l a t t h e last A n n u a l G e n e r a l M e e t i n g .
to
with
the share transfer. The C o m m i t t e e approved the share
7.
Disclosures
Related
Party
Transactions
t r a n s f e r a t its m e e t i n g w h i c h w e r e h e l d o n c e o r t w i c e
in a m o n t h . The Transfer and S h a r e h o l d e r s ' / I n v e s t o r s '
N o n e o f t h e t r a n s a c t i o n s w i t h any o f t h e r e l a t e d
parties w e r e in potential conflict with the interests
G r i e v a n c e C o m m i t t e e also took note of the findings of
of the C o m p a n y at large. Transactions with related
a u d i t c a r r i e d out b y p r a c t i c i n g C o m p a n y S e c r e t a r y a n d
parties are d i s c l o s e d in Note No.
implemented the
to the A c c o u n t s in the A n n u a l
As
required
Stock
suggestions.
by the
Exchanges,
Secretary,
listing
Mr.
agreement executed with
Bhagwan
was appointed
as a
and
entrusted to
and
liaise w i t h t h e
No.
of shareholder's complaints
Kumar,
Company
'Compliance
Statutory
Officer'
There
162
which
all
were
been
No
non
and
Strictures
compliance
of
the
other
have
by S E B I ,
statutory
been
Stock
authority
imposed
on
Exchange(s) or
on
any
matter
relating to Capital Market.
during the
resolved to
no
penalties/strictures
the C o m p a n y
regulatory authorities.
any
year 2006-07 were
has
Penalties
provisions /requirements of Stock E x c h a n g e / S E B I .
monitor the share transfer process
received
Compliance,
12 of S c h e d u l e
Report.
Whistle
Blower
Policy
the satisfaction of the s h a r e h o l d e r s and there w a s no

pending
complaint.
A s h i a n a h a s in p l a c e a m e c h a n i s m for e m p l o y e e s
to
6.
General
Body
report
concern
about
unethical
behaviours,
actual or s u s p e c t e d f r a u d , violation of code of
Meetings
c o n d u c t of the C o m p a n y etc. T h e m e c h a n i s m also

' T h e d e t a i l s o f last t h r e e A n n u a l G e n e r a l M e e t i n g s a n d
one Extra-ordinary General Meeting
below.
are as m e n t i o n e d
provides
for
victimisation
mechanism
by the
adequate
of
and
whistle
safeguards
employees
also
who
avail
against
of the
p r o v i d e s for d i r e c t a c c e s s
blower to the
Chairman
of the

Audit C o m m i t t e e . We affirm during the financial
year ended March 3 1 , 2007,
9.
no employee was
denied access to the Audit Committee.

Compliance
with
mendatory
adoptoption
of
requirements
of
clause
of
the
C l a u s e 49 of the Listing A g r e e m e n t m a n d a t e s to
obtain
the
of the
Company
Secretary(ies)
conditions
or
practising
regarding
of
10.
General
Annual
Company
compliance
corporate
of
the
goveernance
as
Directors'
and
annex the
Report which
shareholders.
The
certificate
with
the
is sent annually to
Company
has complied
& Accounts)
Chairman
Kishore,
and
have furnished
Board
Managing
General
of directors
the
Manager
requisite
under clause 49
Shareholder's
General
Information
Meeting
s t
Day, Date
Friday, 2 1
and Time
A t 2 . 3 0 P.M.
September 2007
Venue
Kalakunj ( Basement-Kalamandir),
48, S h a k e s p e a r e Sarani, Kolkata
s t i p u l a t e d in part V I I of of C l a u s e 49 of t h e L i s t i n g
Agreement
Naval
Listing A g r e e m e n t .
(a)
a certificate either f r o m the auditors of
Gupta,
Shri
certificate to the
Listing
Agreement.
Prakash
(Finance
and
Non-mendatory
49
Certification
Om
Director and
requirements
the
CEO/CFO
Shri
(b)
all
Financial
Ashiana
with
Calendar
Housing follows the financial year from April
t o M a r c h . T h e U n a u d i t e d F i n a n c i a l R e s u l t s f o r t h e first
the mandatory requiremnets of the Cause 49 of
three quarters and the Audited
the
the year ended 3 1 " M a r c h , 2007 were taken on record
Listing
Agreement
including
certification. As rerequired
Certificate signed by
CEO/
CFO
under Clause 49,
C E O and G.M.
Financial
R e s u l t s for
and
(F&A) of
approved
by
the
Board
of
Directors
in
its
meeting(s) held on the following d a t e s :
the C o m p a n y has been placed before the Board

of directors.
Quarter
F u r t h e r , a s per t h e r e q u i r e m e n t s o f
Ended
Date of Board Meeting
Clause 49, a certificate obtined from the Auditors
April - J u n e , 2006
of the
July - S e p t e m b e r ,
Company
the conditions
certifying the
of Corporate
compliance
Governance
with
under
October -
the said clause has been provided e l s e w h e r e in

this report. Clause 49 also requires disclosures
of adoption
by the
c o m p a n y of n o n - m a n d a t o r y
requirements specified
in the said clause, the
implimentation of which
is discretionary on the
part o f t h e C o m p a n y . A c c o r d i n g l y ,
of n o n - m a n d a t o r y
requirements
(c)
s t
2006
27
, h
30
t h
March, 2007
29
, h
July, 2 0 0 6
October, 2006
January,
Closure
The
to 2 1
below:
2007
June, 2007
Company's
Register
of
Members
T r a n s f e r b o o k s will r e m a i n c l o s e d f r o m
the adoption
is given
Book
2006
December,
Year Ended 3 1
s 1
31
s 1
and
Share
15* S e p . 2 0 0 7
S e p . 2 0 0 7 (both d a y s i n c l u s i v e ) for t h e p u r p o s e
of dividend and A n n u a l General Meeting of the C o m p a n y .

Remuneration
The
(d)
Committee
Company
Committee
has constituted
consisting
directors. A detailed
of
only
Remuneration
non-executive
note on the
Dividend
(e)
Remuneration
Stock
Stock
Other
non-mandatory
requirements
are
yet to
be a d o p t e d .
8.
Means
of
Sr.
1.
Results are
newspapers,
Financial
i.e.,
Express
Kalantar (Bengali).
web
has
site
Exchanges:
Name and
published
in
leading
Asian Age/ Business

(English)
and
Standard/
2.
Kagaj/
The
not m a d e a n y r e p r e s e n t a t i o n t o a n y
The Calcutta Stock
523716
M u m b a i - 400 001
Institutional
3.
Magadh
Stock
Ashiana Plaza,
by the M a n a g e m e n t
No.
11109
Company
Report
Report.
Exchange
The Stock Exchange, M u m b a i
Association
prepared
Security
Code
Ltd.
Investor. The M a n a g e m e n t ' s D i s c u s s i o n and A n a l y s i s

the A n n u a l
the
P.J. T o w e r s , D a l a i S t r e e t
It is also d i s p l a y e d on C o m p a n y ' s
www.ashianahousing.com
of
7, Lyons Range, Kolkata 700 001
national
Khabarer
address
Exchange
Association
The quarterly Unaudited Financial Results and Annual

Financial
Exchanges
No. S t o c k
Communication
date
T h e C o m p a n y ' s e q u i t y s h a r e s a r e listed o n t h e f o l l o w i n g
C o m m i t t e e is provided e l s e w h e r e in this report.
payment
Within 30 days from the date of Annual General Meeting.
f o r m s part o f
Exchange
Ltd.9
Patna - 800 001
,h
Floor,
Budh M a r g ,
L G : 5/34
Ashiana
(f)
Dividend
paid for t h e
Dividend
in
D i v i d e n d , in
Sr.
Date
No.
Declaration
1.
24
t h
Sept., 2004
2.
23
r d
Sept., 2005
Sept., 2006
20
1,07,06,200
19
3.
(g)
th
of
(j)
last t h r e e y e a r s
Market Price Data:
Amount
10
53,53,100
10
53,53,100
'
Monthly High and
dematerialisation
Shareholders
Promoter's
1.
Indian Promoters
B.
Non-Promoter's
2.
Banks, Fis, Insurance Cos.,

(Central/State Govt.
Institutions/ Non-Govt.
Institutions
Low quotation
No.
I N E 3 6 5 D 0 1 0 1 3 for
of equity shares.
( As on 3 1 . 0 3 . 2 0 0 7 )
Sr.
No.
of shares traded in M u m b a i Stock Exchange

T h e C o m p a n y h a s its I S I N
Shareholding Pattern
No. of shares
Percentage
3491219
65.22
200
0.003
9700
0.181
Holding
Holding
3.
Foreign Institutional Investors
C.
Others
4.
Private Corporate Bodies
High
Low
5.
Indian Public
April, 2006
352.30
155.85
6.
7.
Others (shares in transit)
May, 2006
428.10
202.50
June, 2006
246.20
131.40
July, 2 0 0 6
147.90
96.05
140.55
109.70
190.50
125.00
having
its a d d r e s s a t B e e t a l
196.60
162.00
Behind
Local
Month
August,
2006
September,
October,
2006
2006
2006
240.00
160.00
December,
2006
264.70
189.45
255.20
217.10
239.40
159.10
193.45
145.25
January,
2007
February,
March,
(h)
Share
2007
2007
Performance
Grand Total
Registrar & Transfer Agent
M/s.
Beetal
(I)
Shopping
related
Demat
Dada
Centre,
99,
Ltd.,
Madangir,
Near D a d a Harsukh
Process
Form are
Harsukh
Centre,
by
250
processed
M/s
Beetal
by the
Financial
Registrar &
&
Computer
Dass Mandir,
Behind
Near
Local Shopping
N e w Delhi - 110062. Transfer of s h a r e s both
Demat and
'Transfer
200 -
and
Physical
m o d e are a p p r o v e d
Shareholders/Investors
by the
Grievance
Committee'.
50
(m)
#
<>
<>
Dematerialisation
</
dematerialised
Month
shareholders to
Distribution
of Shares
form.
No. of Shares
Liquidity
order
to
in
enable
Shanes
.the
electronic form
and to facilitate scripless t r a d i n g , the C o m p a n y
of S h a r e h o l d i n g as on 31.03.2007
Shareholders
In
hold their s h a r e s
e n l i s t e d its s h a r e s w i t h
Range
and
The S h a r e s of the c o m p a n y are compulsorily t r a d e d in

d>- J-
(i)
House,
S e r v i c e Pvt. L t d . , B e e t a l H o u s e , 9 9 , M a d a n g i r ,
c 3 00-
100.000
work.
Share Transfer
in
BC
5353100
:
are transferable through the depository s y s t e m . S h a r e s
Chart
350
34.78
T h e C o m p a n y ' s s h a r e s b e i n g i n c o m p u l s o r y d e m a t list
450 i
0.117
1861881
b y t h e C o m p a n y for r e g i s t r a t i o n o f s h a r e t r a n s f e r a n d
other
400
B
in 100
0.521
6286
N e w D e l h i 110 0 6 2 , h a s b e e n a p p o i n t e d
Transfer Agent
27909
F i n a n c i a l & C o m p u t e r S e r v i c e s Pvt.
Das Mandir,
November,
6.909
27.049
NRIs/OCBs
Sub-Total
(k)
369841
1447945
has
National Securities Depository
L t d . a n d C e n t r a l D e p o s i t o r y S e r v i c e s (India) L t d . O u t o f
Numbers
% to total
Numbers
% to total
UPTO
500
501
TO
1000
1001
TO
2001
2001
TO
3000
3001
TO
4000
4001
TO
5000
5001
TO
10000
10001 A N D ABOVE
9471
87
53
23
8
8
10
20
97.84
0.90
0.55
0.24
0.08
0.08
0.10
0.21
1088989
67516
79366
55953
28418
37643
74681
3920534
20.34
1.26
1.48
1.04
0.53
0.70
1.39
73.23
Total
10315
100.00
5353100
100.00
5 3 5 3 1 0 0 Equity S h a r e s o f t h e c o m p a n y 1 4 2 9 5 6 5 E q u i t y
shares have been dematerialised as on 3 1 . 0 3 . 2 0 0 7 .
(n)
Secretarial Audit
Report
As stipulated by the Securities and Exchange Board of

India,
M/s.
Accountants,
B.
Chhawchharia
and
Statutory Auditors
c a r r i e s out t h e S e c r e t a r i a l A u d i t t o
admitted
capital with
National
Co.
of the
Chartered
company,
reconcile the total
Securities
Depository
L i m i t e d ( N S D L ) a n d C e n t r a l D e p o s i t o r y S e r v i c e s (India)
Gp
r Ashiana

L t d . ( C D S L ) a n d t h e t o t a l i s s u e d a n d listed c a p i t a l . T h i s
(c )
4 1 3 , A s h i a n a Tower, Exhibition R o a d ,
audit i s c a r r i e d out e v e r y q u a r t e r a n d t h e R e p o r t t h e r e o n
Patna-800 001.
is submitted to the Stock E x c h a n g e s and is also placed

(d)
b e f o r e t h e A u d i t C o m m i t t e e . T h e a u d i t , inter alia c o n f i r m s
6 0 4 , Apex Mall, Tonk R o a d ,

N e a r Lai K o t h i , J a i p u r .
that t h e t o t a l listed a n d p a i d u p c a p i t a l o f t h e c o m p a n y
is in a g r e e m e n t with the aggregate of the total n u m b e r
11.
Address
for
correspondence
o f s h a r e s i n d e m a t e r i a l i s e d f o r m (held w i t h N S D L a n d
S h a r e h o l d e r s are advised to c o r r e s p o n d the
C D S L ) and the total number of shares in physical f o r m .
&
(o)
Offices
Locations
Registered Office
Head Office & Share Dept.
5F, Everest, 46/C,
Unit N o . 4 & 5 , 3
Chowringhee
D-2,
Kolkata-700
Road
071
r d
Floor, Plot No.'
S a k e t District C e n t e r ,
Share
Transfer Agent -
M/s.
Beetal
registrar
Financial
C o m p u t e r Services Private Ltd.
Madangir,
Dass Mandir,
Near Dada
Harsukh
Beetal
Behind
Local Shopping Centre,
N e w D e l h i - 110 0 6 2 for a n y
query
Transfer / Transmission
regarding
Share
a n d o t h e r r e l a t e d m a t t e r o r m a y c o n t a c t Mr.
Kumar,
S a k e t , N e w D e l h i - 110 0 1 7
&
House, 99,
Company
Secretary
and
etc.
Bhagwan
Compliance
Officer
o n P h o n e N o . 0 1 1 - 4 2 6 5 4 2 6 5 ; fax N o . 0 1 1 - 4 2 6 5 4 2 0 0 ;
Branch
Offices
and
(a)
Ashiana Trade Centre, Adityapur,
(b)
Ashiana Bageecha, Bhagat Singh Colony,
Jamshedpur-831
e-mail;
bhagwan@ashianahousing.com.
On
013;
Bhiwadi, Rajasthan;
behalf of the
Board
of Directors
(Om
Prakash Gupta)
Chairman and
Managing
Director
Place : N e w Delhi
D a t e d : 3 0 July, 2 0 0 7
t h
AUDITORS'CERTIFICATE
To,
The
We
Members
have
Ashiana
of Ashiana
Housing
Limited
examined the compliance of conditions of Corporate

Housing &
Finance
India
Ltd.) f o r t h e y e a r e n d e d
A g r e e m e n t of the said C o m p a n y with
Governance
31st M a r c h ,
by
M/s A s h i a n a
2007 as stipulated
Housing
in
Limited
(formerly
Clause 49 of the
Listing
Stock Exchanges.
The c o m p l i a n c e of conditions of corporate g o v e r n a n c e is the responsibilty of the m a n a g e m e n t . Our e x a m i n a t i o n w a s limited

t o p r o c e d u r e s a n d i m p l e m e n t a t i o n t h e r e o f , a d o p t e d b y t h e C o m p a n y for e n s u r i n g c o m p l i a n c e o f t h e c o n d i t i o n s o f c o r p o r a t e
governance.
I t i s n e i t h e r a n a u d i t nor a n e x p r e s s i o n o f o p i n i o n o n t h e f i n a n c i a l s t a t e m e n t s o f t h e C o m p a n y .
I n our o p i n i o n a n d t o t h e best o f o u r information a n d a c c o r d i n g t o t h e e x p l a n a t i o n s g i v e n t o u s , w e certify t h a t t h e C o m p a n y h a s

c o m p l i e d with t h e conditions of c o r p o r a t e g o v e r n a n c e as stipulated in the a b o v e m e n t i o n e d Listing A g r e e m e n t .
A s r e q u i r e d b y t h e G u i d a n c e N o t e i s s u e d b y t h e Institute o f C h a r t e r e d A c c o u n t a n t s o f I n d i a , w e h a v e t o s t a t e t h a t n o i n v e s t o r
g r i e v a n c e i s p e n d i n g for a p e r i o d e x c e e d i n g o n e m o n t h a g a i n s t t h e c o m p a n y a s per t h e r e c o r d s m a i n t a i n e d b y t h e c o m p a n y .
W e f u r t h e r s t a t e t h a t s u c h c o m p l i a n c e i s n e i t h e r a n a s s u r a n c e a s t o t h e f u t u r e v i a b i l i t y o f t h e c o m p a n y nor t h e e f f i c i e n c y o r
e f f e c t i v e n e s s w i t h w h i c h t h e M a n a g e m e n t h a s c o n d u c t e d t h e affairs o f t h e c o m p a n y .
For B. C h h a w c h h a r i a & C o .
Chartered
Accountants
Place : G u r g a o n
Date : 30th July, 2007
Vinit
M e m b e r s h i p No.
CD
Bagaria
Partner
:
500872

AUDITORS'
report
REPORT
are
in
agreement
with
the
books
of
account;
The
Members
(Formerly
of
Ashiana
Ashiana
Housing
Housing
&
Limited
Finance
(India)
(iv)
Limited)
We
have
audited
Ashiana
Housing
Housing
2007,
&
also
attached
(India)
the
profit
thereto.
and
loss
account
year ended
March
and
on
that
statements
management.
of
the
responsibility
is
to
company's
express
statements
based
an
on
opinion
our
of
Sheet,
We
have
conducted
auditing
Those
the
Standards
audit
our
standards
to
require
obtain
test
basis,
referred
to
in
audit
the
financial
and
significant
management,
as
(v)
the
Our
March
these
Board
the
We
reasonable
2007
of
As
Order,
of
(1)
by the
2003
India
in
issued
terms
227
of the
the
Annexure
specified
Companies
by
of
the
Central
sub-section
(vi)
In
in
1956,
statement
paragraphs
we
on
and
Further to our c o m m e n t s
with
to above,
(i)
We
we
report that:
have
obtained
explanations,
knowledge
the
(ii)
In
purposes
of
by
our
1956,
Dues
examination
of
to
given
to
as
those
to
the
been
Units
in
The
Balance
and
cash
Sheet,
case
the
best
flow
statement
dealt
with
of
our
accounts
the
said
Accounting
by
the
give
the
so
required
s c h e d u l e 21
8)
the
Policies
Accounts,
give
with
accepted
and
particularly
a
the
true
and
accounting
in
of
the
of the
balance
India:
by
sheet,
March
in
(b) i n
the
case
account,
(c)
of
of the
the
profit
profit
for t h e
on
that d a t e ;
in
the
case
of the
of the
cash
f l o w s for the
that
and
and
year
loss
ended
and
cash
flow
statement,
year
ended
on
date..
our
for
For B.
C H H A W C H H A R I A & Co.
Accountants
as
the
our
account
by
of the
2007;
(VINIT
loss
Act,
state of affairs of the c o m p a n y as at 31st
referred
from
and
us,
(note
(a) i n
books;
profit
of s u b - s e c t i o n
BAGARIA)
Place: Gurgaon
(iii)
as
to
conformity
generally
said
account
kept
appears
of
3 1
according
manner
notes on
SSI
view
to
the
principles
section
necessary
of
on
Companies
Chartered
books
as
(g)
the
none
Report)
the
best
31st
by
appointed
the
and
and
audit;
have
far
the
of
required
in
subject to
our
information
were
proper
law
so
to
belief
our o p i n i o n ,
required
the
which
and
company
all
274
significant
information
matters
in the A n n e x u r e
being
on
that
disqualified
opinion
Notes
Order.
2.
our
read
that
enclose
of
as
record
report
t e r m s of c l a u s e
and
by
for
of
the
section
representations
on
we
from
section
explanations
Government
(4A)
of
1956;
overall
(Auditor's
(3C)
directors,
taken
is
2007
of
fair
required
and
directors
and
opinion.
1.
report
standards
1956;
written
Directors,
director in
audit
believe
basis
the
information
principles
made
evaluating
of
from
on
An
accounting
by this
and
about
amounts
estimates
as
with
material
examining,
the
sub-section
basis
received
perform
of
in
On
India.
assurance
are free
presentation.
provides
and
statements.
the
well
statement
audit
plan
supporting
assessing
financial
we
includes
includes
used
our
that
in
the
the
account
the
date
accordance
loss
accounting
the
accepted
statements
evidence
disclosures
also
An
in
hereinafter,
and
dealt with
211
audit.
reasonable
whether the financial

misstatement.
audit
generally
comments
profit
with
March
the
our
comply
are the
on
to
Balance
cash flow statement

Ashiana
as at 31st
These financial
responsibility
financial
Sheet
(formerly
Limited)
flow s t a t e m e n t for the
annexed
Balance
Limited
Finance
and
cash
the
Subject
this
Date: 29
t h
June, 2007
Partner
Membership
Number:
500872

A n n e x u r e to the Auditor's
R e f e r r e d to in
paragraph
for the y e a r e n d e d
31
Report
register maintained
Companies
of our R e p o r t of e v e n date
March,
prejudicial
2007.
c)
1)
a)
The
company
showing
details
b)
full
situation
to the
to
us,
work
in
progress
by
but t h e r e
which,
all
the
the
is
in
including
of fixed
fixed
have
not
regular
is
its
assets.
As
discrepancies
d)
In
our
information
and
has
o f its f i x e d
the
loan
a)
year
having
Company and
nature
no
the
e)
on
during
to
The
In
our
our
is
to
the
us,
substantial
4)
In
and
the
our
the
c)
of
the
the
and
we
is
are
of
physical
followed
and
of the
the
were
has
company
proper
physical
not
by
5)
a)
the
covered
1956.
The
records
fixed
given
in
the
of
any
in
the
301
of
unsecured
parties
or
register
the
the
other
maintained
Companies
to
and
b)
Act,
to
the
there
commensurate
and
the
nature
purchases
with
information
are a d e q u a t e
regard
services.
of
with
of
its
inventory
to the
sale
of
During the course
h a v e not o b s e r v e d any c o n t i n u i n g
correct
According
major
in
the
301
maximum
which
company
weakness
in
the
internal
information
the
particulars
referred
into
the
In
our
opinion
and
Section
that
register
been
transactions
entered
Act,
the
reasonable
Rs.73.05
in
the
have
according
made
6)
In
and
not
our
aggregating
more,
in
been
made
at
having
opinion
in
accepted
any
under
to
the
us,
the
pursuance
need
be
in
of the
Companies
during
the year to
respect
to
of
which
the
each
are
prevailing
relevant time.
according
given
to
maintained
prices
regard
at the
and
explanations
301
or
prices
be
entered.
register
Section
1956 and
party,
balance
have
the
Rs.5,00,000/-
amount
other
of
of
to
need
maintained
so
were
and
301
explanations given to
that
into
pursuance
Register
of
and
contracts
in
1956
have
and
of
to
of c o n t r a c t s or a r r a n g e m e n t s that
loans
listed
to
information
loans
of interest and
on
we
to, the
us,
to
and
units a n d
entered
of
stocks
company was
rate
conditions
according
regard
assets
market
our opinion
been
with
that Section
lacs.
and
taken
company
arrangements
the
on
unsecured
Section
of loans given to such
In
not
procedures
of the
that
records
that
noticed
involved during the year and year end
terms
listed
section
e x p l a n a t i o n s given to us, we are of the opinion
material.
granted
under
b)
as
1956.
301
and
control
failure
adequate
opinion
discrepancies
records
Company
one
Section
opinion
size
the
maintaining
between
maintained
under
companies,
covered
of our audit,
of
business.
verification
The
has
interest,
companies
has
from
constructed
during
frequency
procedures
reasonable
The
book
of
the
and
controls.
inventories
inventory.
to
and
management
inventory
opinion,
are
its
inventory,
company
a)
the
relation to the size of the c o m p a n y and the
the
3)
us,
On the basis of our e x a m i n a t i o n of the

of
information
to
the
of
management
nature
receiving
receipt
internal
part
reasonable.
opinion,
verification
in
the
to the
company
under
the year.
the
verified
In
verification
b)
in
not
company.
per s t i p u l a t i o n
maintained
concern
such
according
disposed
given
physically
year.
regular
as
loans
material
not
According
has
of the
of the
facie,
of v e r i f i c a t i o n
noticed
and
assets
explanations
the
in
given
registers
business
2)
is
301
prima
1956.
opinion
Company
interest
amounts
regular
are,
As e x p l a i n e d to us there is no o v e r d u e a m o u n t
of
physically
verification.
c)
the
company
been
capital
reasonable
explained,
were
and
during
to
1956
applicable.
explanation
been
program
regard to the size of the

of
and
The
principal
quantitative
assets
management
our o p i n i o n ,
records
assets.
information
given
verified
maintained
particulars
and
According
has
under Section
Act,
to
to
us,
deposits from
the
the
the
information
company
public.
has

7)
In our o p i n i o n ,
system
of
8)
its
As
the c o m p a n y has an
c o m m e n s u r a t e .with
the
internal
size
and
audit
and
informed
1956
is
to
not
us
209
maintenance
(1)
(d)
of
of the
a p p l i c a b l e to
the
cost
records
13)
a)
According
to
generally
the
the
depositing
records
the
is
statutory dues
state
company,
regular
appropriate
investor education
employees'
of
company
with
undisputed
fund,
excise duty,
as
including
and
in
cess and
income
than
became
six
statutory
statutory
no
as
months
our opinion the c o m p a n y

nidhil
mutual
such
at the
last
from
the
day
of
period
of
date
15)
Cess,
not b e e n
except
as
applicable,
deposited on
as
Investments
they
As
per
detailed
Nature of
for
16)
loans taken
The
17)
the
According
the
7.51 lacs
1989-1990 Appellant Tribunal

and Asst.
Commissioner of
Income Tax
The Finance
Act, 1994
Service Tax
Forum where
Dispute
Pending
The
46.59 acs 2005-06

& 2006-07
used
19)
and
does
company
the
the
provided
any g u a r a n t e e
any
Term
and
company,
for
on
short-
long-term
working
Loan
explanations
we
report
term
basis
investment
that
have
except
capital.
20)
not
have
has
not
financial
has
shares
not
made
to
parties
the
The
company
during
not
has
the
not
companies
under section
1956.
covered
has
preferential
and
register maintained
period
company
any
by
issued
raised
financial
our
any
audit
money
year
report,
debentures.
by
public
concerned.
Additional
21)
According
given to
been
to
us,
noticed
the
information
no fraud on
or
reported
and
explanations
or by the c o m p a n y has
during
the
course
of
audit.
accumulated
incurred
any c a s h
year covered
immediately
of
During
the
our
audit
held
bank or financial
taken
information
of
in the
issues
Jamshedpur
the
explanations
not g i v e n
not
raised
company
301
Central Excise,
during
are
concerned.
the
funds
covered
Commissioner of
losses
to
permanent
18)
Income Tax
The
shares,
account of any dispute
below:
Income Tax
Act, 1961
company
in
investments.
Company
others from
has
year
sheet
no
been
have
the Dues
losses.
of the
and
by
Company
during
Excise
which
Relating
to the
year
The
other
institutions.
Sales Tax,
Amount
(Lacs)
10)
or
name.
information
allotment
Name of the
Statute
not a chit f u n d
given to us and on an overall e x a m i n a t i o n of the
W e a l t h Tax, S e r v i c e Tax, C u s t o m s Duty,

and
other
society.
and
to us, the c o m p a n y has
payable.
T h e r e are no d u e s of I n c o m e Tax,
Duty
is
fund/
debentures
its o w n
balance
b)
benefit
T h e c o m p a n y is not d e a l i n g or t r a d i n g
in
tax,
other material
the financial y e a r under r e v i e w for a

more
and
provident
protection fund,
and
outstanding
In
However,
authorities
insurance,
applicable,
dues were
debentures
securities,
sales tax, wealth tax, service tax, c u s t o m duty,
dues,
basis of security by way of
shares,
company.
14)
9)
of
securities.
business.
under Section
a d v a n c e s on the
pledge
nature
preceding
by
For
B.
CHHAWCHHARIA
&
Co.
our
Chartered
financial
Accountants
year.
11)
In
and
our opinion
not d e f a u l t e d
institution,
12)
As
to
and
explanations
per
us
in
bank
to the
us,
the
information
company
(VINIT
BAGARIA)
has
Partner
r e p a y m e n t of d u e s to a f i n a n c i a l
or
information
the
according
given to
company
debenture
Membership
holder.
and
explanations
has
not
granted
provided
any
loans
CD
Place:
Date:
Gurgaon
29th
June,
2007
Number:
500872

BALANCE SHEET AS AT 31 ST MARCH, 2007
SCHEDULES
AS AT
Rs.
AS
31.03.2007
Rs.
Rs.
300,550,470
165,824,152
AT
31,03.2006
Rs.
SOURCES OF FUNDS
Shareholders'
Share
Funds:
Capital
Reserves & Surplus .

Loan
53,531,000
247,019,470
53,531,000
219,355,152
Funds:
Secured
Loans
D e f e r r e d Tax
liability
9,496,923
9,761,687
4,755,000
3,479,000
315,067,157
232,331,075
APPLICATION OF FUNDS
Fixed
Assets:
a)
Gross
Block
b)
Less:
Depreciation
c)
Net B l o c k
d)
Capita! W o r k in Progress
Loans
Other
Loans
Less:
Net
&
42,530,464
Bank balances
Current
Assets
215,719,168
578,019,661
13,599,418
2,438,728
227,817,692
163,120,905
11
12
28,293,279
60,514,407
71,632,425
908,244,457
746,122,140
967,303,094
772,639,390
Current Assets
NOTES O N A C C O U N T S
508,930,082
7
8
10
& Advances
Current Liabilities & Provisions
BALANCE
43,129,157
598,693
121,666,220
252,459,574
& Advances
Sundry Debtors
Cash
14,599,441
121,145,282
Inventories
16,032,994
520,938
Investments
Current Assets,
57,129,905
137,178,276
(59,058,637)
(26,517,250)
315,067,157
232,331,075
21
SHEETABSTRACTAND
COMPANY'S
G E N E R A L BUSINESS PROFILE
22
T h e S c h e d u l e s r e f e r r e d a b o v e f o r m a n i n t e g r a l part o f t h e a c c o u n t s .
I n t e r m s o f o u r report o f e v e n d a t e a t t a c h e d h e r e w i t h
For B.
CHHAWCHHARIA &
CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place:
Date :
For a n d o n b e h a l f o f t h e B o a r d
Bhagwan
Kumar
Company Secretary
Gurgaon
29th June, 2007
Om Prakash Gupta
Vishal Gupta
M a n a g i n g Director
Jt. M a n a g i n g D i r e c t o r
Naval
G.M.
Place :
Date :
Kishore
(F&A)
N e w Delhi
29th J u n e , 2 0 0 7
iQr Ashiana I
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2007
SCHEDULES
2006-2007
(Rs.)
2005-2006
(Rs.)
13
496,897,256
335,545,192
14
37,261,237
26,051,791
74,686,525
111,446,248
608,845,018
473,043,231
93,082,747
I N C O M E
Sales
Other
Income
Increase in S t o c k
15
E X P E N D I T U R E
Purchases
16
26,794,263
Project
17
383,237,390
18
23,642,885
19
43,578,460
Expenses
Ongoing
Project
Expenses on
16,771,909
3,533,907
Depreciation
Other
271,211,141
16,814,531
Expenses Adjusted
Employees
expenses
2,753,833
38,713,911
497,601,436
422,533,54?
PROFIT FOR T H E Y E A R
Less:
Profit
Surplus
after
20
Tax
brought forward
from
previous year
111,243,582
50,509,690
14,391,114
4,525,000
96,852,468
45,984,690
4,324,152
547,207
101,176,620
46,531,897
80,000,000
30,000,000
13,382,750
10,706,200
2,274,400
1,501,545
5,519,470
4,324,152
18.09
8.59
Appropriations:
Transfer to
General
Reserve
Proposed
Dividend
Corporate
D i v i d e n d Tax
Surplus Carried to Balance

Earning
Sheet
Per S h a r e
(On S h a r e s of nominal value of Rs.

Basic and
10/- each)
Diluted
The S c h e d u l e s referred above form an
i n t e g r a l part o f t h e a c c o u n t s .
For B.
C H H A W C H H A R I A & CO.
VINIT BAGARIA
Partner
Place:
Date :
For a n d o n behalf o f t h e B o a r d
Bhagwan Kumar
Company Secretary
Gurgaon
29th June, 2007
Om
Prakash Gupta
Vishal Gupta
Naval
G.M.
Place :
Date :
Kishore
(F&A)
N e w Delhi
29th June, 2007
Ashiana

S C H E D U L E S TO
THE A C C O U N T S
AS AT
AS AT
31.03.2007
31.03.2006
(Rs.)
(Rs.)
70,000,000
70,000,000
SHARE CAPITAL
Authorised
7 0 0 0 0 0 0 Equity s h a r e s of Rs.
Issued,
Subscribed and
5353100
Paid
Equity s h a r e s of Rs.
10/- each
up
10/- each
f u l l y p a i d up
53,531,000
53,531,000
53,531,000
53,531,000
1,500,000
1,500,000
160,000,000
130,000,000
RESERVES & SURPLUS

Capital
Reserve
General Reserves
As
per
Add
last A c c o u n t
: Transfer from
Profit &
Profit & L o s s A / c
Loss Account
80,000,000
30,000,000
240,000,000
160,000,000
5,519,470
4,324,152
247,019,470
165,824,152
SECURED LOANS
I)
Working Capital from :

State B a n k of B i k a n e r & Jaipur
1,940,635
1,520,217
H D F C Bank Limited
4,437,007
4,050,638
871,158*
1,393,401
- S e c u r e d by pledge of certain
II)
Vehicle Loans from
Fixed
Deposit Receipts
. A B N A m r o Bank Ltd.
ICICI
1,668,285*
Bank Limited
844,602*
H D F C Bank Limited
- S e c u r e d against h y p o t h e c a t i o n of
2,532,667
9,761,687
vehicles
9,496,923
Includes Rs.
1795543/- due within
12 months
D E F E R R E D TAX LIABILITY ( N E T )
D e f e r r e d Tax L i a b i l i t y o n
Less:
Fiscal a l l o w a n c e of fixed
assets
6,330,000
4,732,000
D e f e r r e d Tax A s s e t s o n
Unabsorbed
Employee
losses
Benefits
2,000
35,000
1,573,000
1,218,000
4,755,000
3,479,000
Ashiana
SCHEDULES
5
TO
THE
AS HI AN A HOUSING LIMITED
ACCOUNTS
FIXED ASSETS
G R O S S BLOCK
As at
Additions/
01.04.2006 (Deductions)
(Rs.)
(Rs.)
Particulars
GOODWILL
100,000
DEPRECIATION
A s at
31-3-2007
(Rs.)
Up to
31-3-2006
(Rs.)
NETBLOCK
For the
year
(Rs.)
Up to
31-3-2007
(Rs.)
As at
31-3-2007
(Rs.)
A s at
31-3-2006
(Rs.)
100,000
72,315,993
827,184
218,212
1,045,396
100,000
71,270,597
100,000
6,114,649
4,146,623
(767,885)
5,200,933
(196,887)
27,674,765
4,164,323
4,781,694
22,893,071
20,131,704
8,350,555
2,155,620
1,236,201
(618,830)
229,739
(172,742)
2,212,617
6,137,938
1,190,889
4,194,245
1,943,640
2,787,315
1,493,131
302,766
99,212
419,840
(956,550)
12,298
1,406,930
242,366
1,764,369
(1,006,895)
60,400
111,510
191,256
143,154
AIR CONDITIONERS
2,048,201
625,190
2,673,391
536,785
104,339
641,124
2,032,267
1,511,416
OFFICE EQUIPMENTS
2,420,369
1,952,427
4,372,796
609,469
162,227
771,696
3,601,100
1,810,900
1,628,034
(349,088)
1,497,112
10,408,619
1,767,104
2,497,727
7,910,892
7,362,569
3,377,545
923,779
891,715
(161,092)
97,037
1,020,816
2,356,729
956,654
1,543,484
1,864,117
1,715,398
BUILDING
PLANT & MACHINERY
6,941,833
65,374,160
24,296,027
FURNITURE & FIXTURES
3,346,509
COMPUTERS
3,436,771
REFRIGERATORS
VEHICLES
9,129,673
ELECTRICAL INSTALLATIONS
1,880,433
GENERATORS
3,287,723
352,238
(232,360)
3,407,601
1,572,325
162,299
(191,140)
57,129,905
82,601,486
(2,553,115)
137,178,276
14,599,441
3,533,907
(2,100,354)
TOTAL
598,693
520,938
(598,693)
520,938
GRANDTOTAL
57,728,598
83,122,424
(3,151,808)
137,699,214
14,599,441
3,533,907
(2,100,354)
PREVIOUS YEAR FIGURES
40,093,728
18,463,483
(828,613)
57,728,598
12,170,517
2,753,833
(324,910)
CAPITAL WORK IN PROGRESS
Note:*
520,938
598,693
16,032,994 121,666,220
-
14,599,440
43,129,157
pending registration in the name of the Company

Face
Value
N o . of
AS
AT
N o . of
AS AT
Shares/unit
31.03.2007
Shares/unit
31.03.2006
Nos.
(Rs.)
Nos.
(Rs.)
Rs.
6
16,032,994 121,145,282
INVESTMENTS
(A)
LONG TERM
1. In
INVESTMENTS
Government/Trust Securities (Unquoted)
National
Saving
(Lodged
with
Certificate
3,000
S a l e s Tax A u t h o r i t y )
2 . I n fully p a i d u p E q u i t y S h a r e s :
Subsidiary
Companies
(Unquoted)
Ashiana Retirement Villages

Vatika Marketing
Ltd.
Ltd.
10
240050
2,412,550
239990
2,411,950
10
50000
520,120
48000
480,010
10
100
782
100
782
10
50
1,575
50
1,575
Others:
i.
Quoted
Ispat P r o f i l e L t d .
Modern Woolen
Ltd.
Modern Threads Ltd.
10
23
280
23
280
S.M. Telesys Ltd.
10
2500
25,000
2500
25,000
10
132000
330,775
132000
330,775
10
54
3,696
54
3,696
Spectrum C o m m e r c i a l s Ltd.
Tata T i m k e n Limited
<20>
Ashiana

SCHEDULES
TO
THE
ACCOUNTS
Face
Value
Rs.
ii.
No. of
Shares/unit
Nos.
No. of
AS AT
31.03.2007
AS AT
Shares/unit
31.03.2006
(Rs.)
Nos.
(Rs.)
3750
6,218
Unquoted
Elite L e a s i n g s L t d .
10
3750
6,218
A d i t y a p u r Toll B r i d g e C o m p a n y L i m i t e d
10
17000
170,000
1000000
56,000,000
3. In Partly p a i d D e b e n t u r e s :
Subsidiary Company
Unquoted)
Ashiana Retirement Villages Limited Zero
Percent
Unsecured
Optionally
Fully C o n v e r t i b l e
D e b e n t u r e s ( p a i d u p R s . 5 6 / - per d e b e n t u r e )
100
4. In I m m o v e a b l e Properties:
Building at W - 1 7 7 , Greater Kailash - II, New Delhi
32,939,879
Land at V a s u n d h a r a Nagar, Phase II, B h i w a d i , Rajasthan *
11,021,003
32,939,879
5. In C a p i t a l of P a r t n e r s h i p F i r m s
Ashiana
Amar
Developers
Ashiana
Amar
Infrastructures
Ashiana
Green
Wood
48,500,000
4,000,000
Developers
55,191,081
211,122,959
(A)
* T r a n s f e r f r o m stock on
1st A p r i l ,
36,203,165
2006
(B) C U R R E N T I N V E S T M E N T S
In Mutual Funds
Unquoted
F T India B l u e c h i p F u n d - D i v i d e n d R e i n v e s t m e n t
10
6066.177
231,629
5271.481
200,000
H D F C Top 2 0 0 Fund - D i v i d e n d R e i n v e s t m e n t
H D F C Capital Builder F u n d - D i v i d e n d R e i n v e s t m e n t
10
15344.115
567,793
21015.807
775,000
10
23053.112
561,297
25677.287
HDFC Growth Fund - Dividend Reinvetsment
10
117308.227
2,657,738
61986.214
1,231,442
Tata C o n t r a
10
50000.000
500,000
50000.000
500,000
S t a n d a r d C h a r t e r e d Imperial Equity F u n d - D R
10
50000.000
500,000
50000.000
500,000
SBI Blue Chip F u n d - D R
10
50000.000
500,000
50000.000
500,000
Reliance Equity F u n d - D i v i d e n d R e i n v e s t m e n t
10
150000.000
1,500,000
150000.000
1,500,000
P r u d e n t i a l ICICI I n f r a s t r u c t u r e F u n d - D i v i d e n d R e - i n v e s t m e n t 10
33917.868
473,928
28328.612
400,000
Fidelity
10
79227.817
1,300,000
33535.067
500,000
10
1244.090
250,000
1244.090
250,000
H S B C India O p p o r t u n i t i e s F u n d - D R
10
83534.000
1,200,000
83534.000
1,200,000
Reliance Short T e r m Fund - Retail Fund - G r o w t h
10
646236.810
7,500,000
13151.205
321,969
Fund -Growth
Equity
Fund-Growth
Reliance Growth
Reliance
Fund - Growth
R e i n v e t s m e n t 10
14347.839
354,847
SBI M a g n u m Global Fund-Dividend
Diverisified
10
27601.435
1,000,000
Tata
Infrastructure
Power sector -Dividend
10
40196.480
1,000,000
H D F C Index F u n d - S e r i e s Plus Plan
Fund-Gr.
10
8462.797
1,100,000
H D F C Capital Builder F u n d - G r o w t h
10
5244.939
250,000
21
750,000

HEDULES
TO
THE
ACCOUNTS
Face
N o . of
Value
Rs.
Shares/unit
Nos.
AS
AT
AS AT
Shares/unit
31.03.2006
(Rs.)
Nos.
(Rs.)
H S B C A d v a n t a g e India F u n d - D i v . R e i n
10
95534.500
1,100,000
HDFC F M P 1 3 M March 2006 (l)Retail-Gr
10
500000.000
5,000,000
H S B C Fixed Term Series-IV-Gr
10
1000000.000
10,000,000
HSBC
10
1128938.270
11,289,383
Fixed Term Series-13-Growth
N o . of
31.03.2007
Birla F l o a t i n g R a t e F u n d - S h o r t T e r m F u n d - G r o w t h O p t i o n 10
714886.040
7,790,210
Birla F l o a t i n g R a t e F u n d - L o n g T e r m F u n d - G r o w t h O p t i o n 10
1288140.800
14,113,784
Birla
10
63997.922
743,976
10
495539.910
5,000,000
10
1703114.649
19,345,994
228216.530
2,589,074
1,004,780'
2,626,059
Bond Plus Retail Plan - G r o w t h Option
Standard
chartered
Liquidity
Manager -Growth
DSP Merrill Lynch Short Term Fund
- Growth Option
DSP Merrill Lynch Floating Rate Fund
- Growth Option
10
H D F C Floating Rate Fund-Long Term Growth
10
86619.230
H D F C Floating Rate Fund-Short Term Growth
10
229328.080
JM
Floater F u n d - L o n g Term G r o w t h
10
544766.380
6,000,000
JM
Floater Fund-Short Term G r o w t h
10
175255.660
2,000,000
G r i n d l a y s Floating Rate Fund - Long T e r m Plan - G r o w t h
10
924017.410
9,702,066
G r i n d l a y s All S e a s o n s B o n d
10
100000.000
1,000,000
P r u d e n t i a l ICICI S h o r t T e r m P l a n - G r o w t h O p t i o n
10
238769.310
3,067,291
Fund - Growth Option
Prudential ICICI B l e n d e d Plan - G r o w t h
10
1477586.850
15,000,000
JM E q u i t y & D e r i v a t i v e F u n d - G r o w t h
10
440751.520
4,500,000
C h o l a F M P - S e r i e s 2 (Qrtly p l a n - l l ) C u m u l a t i v e
10
200000.000
2,000,000
HSBC
10
1000000.000
10,000,000
10
1128938.300
11,289,383
200000.000
2,000,000
500000.000
5,000,000
3031.560
3,080,490
99850.230
1,000,000
F i x e d T e r m S e r i e s -IV - G r o w t h
H S B C Fixed Term Series -13 - G r o w t h
(Instt)
S u n d a r a m Fixed Term Series -I -Growth
10
HDFC FMP Series -13M -Growth
10
P i o n e e r ITI S h o r t T e r m I n c o m e Plant - G r o w t h O p t i o n
1000
P r u d e n t i a l ICICI F l o a t i n g R a t e F u n d L o n g T e r m - G r o w t h
10
Templeton Floating Rate Income Fund - Growth Option
10
96805.420
1,000,000
T e m p l e t o n Floating R a t e I n c o m e F u n d - S h o r t T e r m - G r o w t h 10
1348984.910
15,968,496
T e m p l e t o n Floating Rate I n c o m e Fund -
10
321560.210
4,000,000
10
1019970.430
10,565,989
H D F C MF MIP-Long Term - Growth
10
50000.000
500,000
H D F C High
10
130676.820
1,500,000
10
91201.770
1,000,000
Long Term G r o w t h
H S B C Floating Rate Fund - Short Term - Growth Option
I n t e r e s t F u n d - S h o r t T e r m Plan - G r o w t h
H D F C Short Term Fund -Growth
(B)
TOTAL(A +
Aggregate
B)
amount of Quoted
Investments
Aggregate amount of Unquoted

Market value of quoted
Investments
Investments
R e p u r c h a s e price of units of m u t u a l f u n d s
41,336,615
179,516,003
252,459,574
215,719,168
362,108
362,108
252,097,466
215,357,060
336,504
360,934
44,329,517
187,947,504

SCHEDULES
TO
THE
ACCOUNTS
AS
AS AT
31.03.2006
(Rs.)
(Rs.)
INVENTORIES
S t o c k (As t a k e n , v a l u e d a n d c e r t i f i e d
Leasehold
Freehold
Unsold
by the m a n a a e m e n t t
Land
land
completed
constructions
Work-in-progress
Construction
AT
31.03.2007
materials
108,893,841
78,875,635
94,209,628
135,526,523
24,196,074
16,158,320
324,881,390
261,271,016
25,838,728
17,098,588
578,019,661
508,930,082
SUNDRY DEBTORS
(Unsecured)
D u e for m o r e t h a n six m o n t h s :
Considered
Good
Considered
Doubtful
1,019,616
Other Debts - Considered
Less:
Good
P r o v i s i o n for D o u b t f u l
551,924
100,000
1,019,616
651,924
12,579,802
1,886,804
13,599,418
2,538,728
Debts
100,000
13,599,418
2,438,728
2,485,586
667,070
889,560
565,638
6,354,121
8,210,943
CASH AND BANK BALANCES

Cash-in-hand
Cheques/Drafts-in-hand
With Scheduled Banks :
In
Current Accounts
In Unclaimed Dividend Account

In
Rs.
10
19586326/-;
389,975
P.Y. R s . 1 0 2 2 7 4 3 3 / - )
216,635,988
153,287,279
227,817,692
163,120,905
OTHER CURRENT ASSETS

Ongoing
11
1,452,437
Fixed Deposit A c c o u n t s (Pledged with Banks
Projects Adjustment Account
28,293,279
LOANS AND ADVANCES

(Unsecured,
considered
good)
Loans
To Subsidiary
Companies
To Others
Advance
against
land
etc.
7,306,109
89,925
13,040,548
13,558,250
9,076,880

HEDULES
TO
THE
ACCOUNTS
A d v a n c e s r e c o v e r a b l e in c a s h or in
or for v a l u e to
Taxation
be
advance
AS
AS AT
31.03.2006
(Rs.)
(Rs.)
kind
received
17,886,207
35,512,340
and
20,056,533
12,431,424
refundable
Deposits
12
AT
31.03.2007
1,617,383
1,571,233
60,514,407
71,632,425
C U R R E N T LIABILITIES & PROVISIONS

A ) C U R R E N T LIABILITIES
Sundry
Creditors
Advance
from
Security
Due to
Customers
deposits
subsidiary companies
Unclaimed
Dividend
Temporary
overdraft due to
Other
over issue
of c h e q u e s
31,401,280
48,278,479
867,585,758
680,476,642
15,202,438
7,104,002
153,516
2,122,434
1,452,437
758,796
270,756
liabilities
12,927,483
8,416,936
928,993,668
747,157,289
B) P R O V I S I O N S
For
Taxation
For P r o p o s e d
Dividend
For C o r p o r a t e
D i v i d e n d Tax
For
Gratuity
S A L E S
Real
18,025,000
9,655,000
13,382,750
10,706,200
2,274,400
1,501,545
4,627,276
3,619,356
967,303,094
772,639,390
2006 - 2007
2005 - 2006
435,539,004
232,531,711
33,064,973
103,013,481
Estate:
a) C o m p l e t e d Projects
E l i g i b l e P r o j e c t s U/s 8 0 I B o f t h e I n c o m e Tax A c t ,
Other
1961
Projects
b) O n g o i n g
Projects
28,293,279
496,897,256
335,545,192
15,351,757
6,413,153
900,000
900,000
14 O T H E R I N C O M E
Interest
(Net)
Income from
Rent
Investment:
(includes TDS
Rs.2,01,960/-;PY
R s . 1,99,666/-)
Dividend
Sale
(net)
R e n t ( i n c l u d e s T D S Rs 1 , 8 8 , 5 8 4 / - , P Y R s . 1 , 9 2 , 3 8 1 / - )
Lease
Rent
(includes TDS
Miscellaneous
Rs.1,34,640/-;PY
Income
Provision for Doubtful Debts Written

Profit o n s a l e o f F i x e d A s s e t s (Net)
Items
r e l a t i n g t o p r e v i o u s y e a r (Net)
Liabilities Written
Back
Back
Rs.
1,34,640/-)
'
1,399,041
517,058
13,749,852
10,842,394
1,125,122
1,093,844
600,000
600,000
3,744,125
5,319,343
100,000
46,784
16,798
136,190
108,366
349,201
37,261,237
26,051,791
Ashiana

SCHEDULES TO THE ACCOUNTS
15
2006-2007
2005-2006
(Rs.)
(Rs.)
I N C R E A S E IN S T O C K
Closing
Stock:
Leasehold
Freehold
Unsold
Land
Land
completed
construction
Work-in-progress
108,893,841
78,875,635
94,209,628
135,526,523
24,196,074
16,158,320
324,881,390
261,271,016
552,180,933
491,831,494
Less: Opening Stock :

Leasehold
land*
78,806,417
Less: Transferred to Investment on
1st A p r i l , 2 0 0 6
96,935,824
11,021,003
67,785,414
132,279,658
Freehold land*
Unsold
completed
construction
Work-in-progress
* net o f o n g o i n g p r o j e c t a d j u s t m e n t a m o u n t i n g t o R s . 3 3 , 1 6 , 0 8 3 / -
16
59,632,013
16,158,320
9,393,433
261,271,016
214,423,976
477,494,408
380,385,246
74,686,525
111,446,248
26,602,533
90,813,402
191,730
2,269,345
PURCHASES
Land
Flats/
Bunglows/
Shops
26,794,263
17
96,935;824
93,082,747*
PROJECTEXPENSES
Consumption
of construction
materials
(Indigenous)
Wages
Labour
charges
Power &
Fuel
Leasehold
land
Architects'
Fee
Miscellaneous
rent a n d o t h e r c h a r g e s
and
Consultancy
project
Charges
expenses
262,876,530
181,607,594
60,222,042
34,932,006
39,759,134
27,545,123
4,221,014
3,753,483
780,507
988,975
2,609,693
1,938,705
26,266,918
20,445,255
396,735,838
Less:
Ongoing
Project A d j u s t m e n t
13,498,448
271,211,141
383,237,390*
271,211,141
18 EXPENSES ON EMPLOYEES
Salary,
Wages,
(includes Gratuity
bonus and allowances

Provision
Rs.
21,077,037
Contribution to Provident & Other F u n d s

Staff
&
Labour welfare
14,340,305
10,07,920/-;PY Rs.7,04,199/-)
expenses
.
789,890
670,795
1,775,958
1,760,809
23,642,885
16,771,909
in Ashiana
SCHEDULES
19 OTHER
TO
THE
ACCOUNTS
2006-2007
2005-2006
(Rs.)
(Rs.)
1,275,506
1,095,823
EXPENSES
Rent
Rates and Taxes
Insurance
Travelling
and
Conveyance
310,679
209,723
2,936,597
2,820,575
3,729,368
3,482,769
1,169,288
761,979
15,306,324
18,598,995
Commission
1,717,404
2,212,374
Management
2,651,662
120,000
T e l e p h o n e , T e l e x & Fax
1,557,468
1,210,528
Printing & Stationery
1,517,990
1,029,934
561,524
554,563
Legal
and
Professional
Advertisement
and
expenses
Business
Promotion
Fee
Repairs and Maintenance :

To
Machineries
To Building
To
Others
Directors'
Auditors'
Fees
Remuneration
2,176,225
900,312
537,219
934,919
26,000
21,000
336,720
269,376
For S t a t u t o r y A u d i t
For I n t e r n a l A u d i t
16,836
16,850
For Tax A u d i t
84,180
67,344
For
Other
Services
Miscellaneous
Irrecoverable
expenses
Balances Written
Fixed Assets Written
off
Off
174,824
121,894
7,097,415
3,960,655
171,686
268,514
223,545
55,784
I t e m s r e l a t i n g t o p r e v i o u s y e a r (Net)
20 PROVISION
I n c o m e Tax
Deferred
43,578,460
38,713,911
12,250,000
4,000,000
FOR TAXATION
Tax
1,276,000
10,000
790,000
510,000
5,000
Fringe
B e n e f i t Tax
Wealth
Tax
30,000
Income
tax A d j u s t m e n t s
45,114
14,391,114
4,525,000
Ashiana

SCHEDULES TO THE A C C O U N T S
FOREIGN CURRENCY TRANSACTIONS :

Income and Expenditure in foreign currency is converted
21
NOTES ON ACCOUNTS
1)
SIGNIFICANT ACCOUNTING POLICIES
into
rupee
date
SYSTEM
accrual
OF A C C O U N T I N G
basis
of a c c o u n t i n g
The
in
company
the
I M P A I R M E N T OF A S S E T S
of
a s s e t s are v a l u e d
Accounting
at cost and
p r o v i d e d o n s t r a i g h t line b a s i s
depreciation
in a c c o r d a n c e
Capital w o r k in
1956.
Leasehold
p r o g r e s s is v a l u e d at cost.
and
Freehold
land,
work-in-progress
are v a l u e d
at
cost,
unsold
and
which
completed
construction
is
derived
at
3)
on accrual
basis.
others,
in
respect of projects
basis
of date
in
of delivery
4)
physical
on or a f t e r 1st
of A g r e e m e n t
to the
b)
for s a l e
determined
Liabilities arising
5 )
in
Deferred tax
to accounting
as the
The accounting of sales of flats and

April,
on timing
or
differences,
more
being the
subsequent
respect of differential
of sales on
2006,
has
period.
value.
done
on
have
percentage
previous year w a s being

prossession
But f o r t h i s c h a n g e ,
been
lower by
Rs.
profit
114.78
Shares,
allotted
pursuant
to
Schemes
of
vide
fresh
certificate
upon change of name,
of
incorporation,
dated 04.05.2007,
issued by the Registerar of C o m p a n i e s , West Bengal.

7)
To
8)
Others
Rs.3,30,888/-
In view of insufficient
as
current
lower of cost and
investments
market value.
and
information
regarding their status as SSI

Small
P.Y.Rs.
Scale
Industrial
(Rs.
4,08,679/-)
from the suppliers
units, the a m o u n t due to
undertaking
can
not
be
ascertained.
9)
at acquisition
Interest Income (Including T D S Rs. 3 4 , 0 7 , 1 2 9 / - ;

1 3 , 4 4 , 3 8 5 / - ) is net of I n t e r e s t :
income due
Directors' Remuneration
cost
2006-07
are
Long Term
Investments which have attained the stage of permanent

diminution
until
basis of delivery of physical
a n d i n v e s t m e n t s i n t e n d e d t o b e h e l d for l e s s t h a n o n e
carried at
been
basis, which
consequent
percentage completion
i n v e s t m e n t s are carried
classified
others contracted
Paid u p S h a r e Capital o f the C o m p a n y includes 1 9 9 3 1 0 0
Limited'
income for the year.
INVESTMENTS:
year are
(net
H o u s i n g a n d F i n a n c e (India) L i m i t e d ' t o ' A s h i a n a H o u s i n g
a m o u n t of tax
b a s i s , b e i n g not d e t e r m i n a t e , i s not r e c o g n i s e d .
Long term
not p r o v i d e d f o r a m o u n t s
1 5 . 0 5 l a c s ( R s . 7 2 lacs)
r e s p e c t of d e f e r r e d tax A s s e t s /
one
in
capital account and
Equity
i n c o m e that originate in o n e period and are c a p a b l e

reversal
A m a l g a m a t i o n without payment being received in c a s h .
difference between taxable income and accounting

of
Rajasthan
lacs.
D e f e r r e d Tax i s r e c o g n i s e d , s u b j e c t t o c o n s i d e r a t i o n
in
G o v e r n m e n t of
N a m e of the C o m p a n y has been c h a n g e d f r o m ' A s h i a n a
respect of taxable
of p r u d e n c e ,
of the
buyer upon
w h e r e the receipt of income is uncertain.
payable in
claim
for the year w o u l d
T A X E S ON I N C O M E :
is
Contested
done on the
Other income is a c c o u n t e d on accrual basis except
C u r r e n t Tax
(Nil)
to the respective c u s t o m e r s .
extent of work done
rewards wherof is transferred
a)
lacs
1st
o n p e r c e n t a g e c o m p l e t i o n b a s i s , s i g n i f i c a n t risk a n d
b)
Rs. 3.04
completion
represents the value of flats a n d others
contracted to be sold to the
excecution
(Nil)
ESIC
to be sold in respect of projects under t a k e n on or after
respective customers and sales
r e s p e c t of p r o j e c t s u n d e r t a k e n
April, 2006,
of
(Rs.7.51 lacs)
lacs
of a d v a n c e ) to Rs.
undertaken before 31st M a r c h , 2 0 0 6 , is a c c o u n t e d

the
lacs.
R s . 46.59
Estimated amount of contract remaining to be executed

on
SALES AND OTHER INCOME :
possession to the
Rs. 7.51
Service Tax
Rs. 4 3 . 5 0 lacs ( R s . 4 1 . 2 5 lacs).
Gratuity is a c c o u n t e d for
whenever
for r e f u n d o f S t a t e C a p i t a l S u b s i d y i n c l u d i n g i n t e r e s t
is d e r i v e d at F I F O b a s i s .
for on
recognised
Contested d e m a n d of
b)
GRATUITY:
Sales of flats and
is
C o n t i n g e n t Liability, not p r o v i d e d for, in r e s p e c t of :

a)
average basis, except that value of construction material
a)
-28
Income tax and penalty
construction,
Standard
or v a l u e in u s e , w h i c h e v e r is h i g h e r .
2)
INVENTORIES:
materials
carrying value of such assets exceeds the market value
is
with the
provisions of Schedule XIV to the C o m p a n i e s Act,

2.
prevailing on the
Impairment Loss in the value of assets, as specified in
FIXED A S S E T S A N D DEPRECIATION :
Fixed
rate of e x c h a n g e
transactions.
adopts
preparation
accounts.
1.
at the
of the
in their v a l u e are r e v a l u e d at their current
Salary
Provision
for Gratuity
2005-06
(Rs.)
(Rs.)
2,250,000
1,500,000
262,500
62,500
2,512,500
1,562,500
Ashiana

Related

10. T h e
particulars
below
Ashiana
of partnership
&
Relationship
Transactions
b u s i n e s s e s are given
:-
a)
Amar
Parties
Enterprises that directly,
under c o m m o n
Narayan
+ C a p i t a l (Rs.)
Share
M i r a s P r o p e r t i e s Pvt.
one or
m o r e i n t e r m e d i a r i e s , Control or are controlled by or are
Infrastructure
Name of Partners
or indirectly t h r o u g h
25%
Ltd.
holding
Subsidiaries)
10,000,000
control
with
companies,
the
company
subsidiaries
(including
and
fellow
Ladha
4%
2006-07
2005-06
Suresh
Kewlani
6%
(Rs.Lacs)
(Rs.Lacs)
Ashiana
Housing
Ltd.
65%
4,000,000
Vatika
Ashiana
Amar
Marketing
Maintenance
Share
Name of Partners
Miras
Ltd.
Developers
Rent
3 0 % of p r e t a x
y e a r l y profit upto
c u m u l a t i v e
aggregate
of
R s . 1 2 5 0 lacs
Bala
15/35
15%
4/35
4%
Properties
charges
paid
Received
Rs.
6.79
Rs.
6.72
Rs.
6.00
Rs.
6.00
Rs.
1.20
Rs.
1.20
Rs.
8.57
+Capital
nce
Hire
(Rs.)
15,000,000
charges
Received
Year end
payable
(net)
Year end
receivable
Ashiana
Retirement
(net)
Rs.21.07
R s . Nil
Villages
R s . Nil
Ltd.
Pvt. L t d .
Narayan
Ladha
Suresh
Sunil
Kewlani
Talwar
Harish
Talwar
Interest
6/35
6%
Lease
5/35
5%
600
Sales
5/35
5%
Hire
35%
Greenwood
Rs.
Received
3.28
Rs.
Rs.9.00
1.62
Rs.9.00
Rs.37.40
Rs.Nil
charges
Received
Rs.0.60
Rs.0.60
income
received
Rs.Nil
Rs.21.32
Rs.67.05
(Rs.0.04)
Rs.101.95
Rs.6.01
48,500,000
Loan
Ashiana
Rent
Other
65%
received
Developers
given
Year end
(net)
Receivable
Share
N a m e of P a r t n e r s
30%
of p r e t a x
yearly
upto
profit
cumulative
aggregate
Rs.544
Bala
Associates
+Capital
nce
(Rs.)
Bahari
of
Estates
Interest
lacs
Shubhlabh Buildhome
50%
(7,341,174)
Loan
50%
55,191,081
Year end
Travelling
Foreign Currency:
Rs. 17,60,109/-
(Rs.
9,73,555/-)
12) R e l a t e d p a r t i e s a n d t r a n s a c t i o n s w i t h t h e m a s s p e c i f i e d
in the A c c o u n t i n g
Disclosures"
given
issued
Standard
by
ICAI
18 on
"Related
has been
below on the basis of information
Parties
identified
and
available with
the c o m p a n y and the s a m e has been relied upon by the

auditors.
Received
paid/refunded
100%
ventures
(P) Ltd.
end
& Finace India. Ltd.
11) E x p e n d i t u r e in
joint
Year
payable
(net)
Receivable
Management
+ on the basis of audited Balance S h e e t as at 3 1 . 0 3 . 2 0 0 7 .
and
Fee
ii)
Ashiana
Greenwood
iii)
Ashiana
Amar
Developers
iv)
Ashiana
Amar
Infrastructure
c)
Rs.Nil
Rs.0.21
Rs.5.69
Rs.Nil
Rs.Nil
Rs.121.78
Rs.30.21
Rs.30.21
Rs.6.02
Rs.1.20
Developers
I n d i v i d u a l s o w n i n g d i r e c t l y or i n d i r e c t l y ,
an
i n t e r e s t in
the voting power of the c o m p a n y that gives t h e m control

or significant influence over the company, and
o f any s u c h
individual.
relatives

d)
Key
m a n a g e m e n t p e r s o n n e l and their relatives
Rs.
Rs.
Net Profit as per Profit &

i)
Shri Om Prakash Gupta,
2006-07
2005-06
Rs 9.75
Rs 9.38
Remuneration.
Loss
Account
Less:- Sales Real
Managing Director
ongoing
Shri Vishal Gupta,
Remuneration
Rs
9.38
Rs
6.25
Jt. Managing Director
Less:
Remuneration
Rs.6.00
Ongoing
(d) is a b l e to e x e r c i s e s i g n i f i c a n t i n f l u e n c e
delivery of physical
off i n
respect of a b o v e
parties
Standard 20
i s s u e d b y ICAI a n d
Amount
diluted
on
"Earnings
Tax A c t :
completed
(upon
possession)
Cost of Sales
15) S t o c k ,
Purchase and Sales:
calculating
Per S h a r e "
basic and
Shops
(Nos.)
(Rs.)
1,450,000
(-)
(-)
Opening Stock
EPS:
2006-2007
2005-2006
1
191,730
(4)
(2,269,345)
Purchases
Rs.
Profit/(Loss) after tax (Rs. in lacs)
'
968.52
Rs.
459.85
Sales
b)
Amount
Flats/
Bungalows/
related d i s c l o s u r e s are as b e l o w :
used as numerator in
99,764,834
Net Profit for I n c o m e Tax P u r p o s e
13) T h e e a r n i n g per s h a r e h a s b e e n c a l c u l a t e d a s s p e c i f i e d
in A c c o u n t i n g
11,478,748
Estate - ongoing
E n t e r p r i s e s o v e r w h i c h a n y p e r s o n d e s c r i b e d i n (c) o r
Amount Written
16,814,531
per I n c o m e
projects
Less:
a)
project
adjusted
99,764,834
A d d : - As
Sales Real
f)
28,293,279
Rs. Nil
Whole Time Director
e)
Estate-
projects
expenses
Shri Ankur Gupta,
111,243,582
2,215,270
W e i g h t e d a v e r a g e n u m b e r of equity s h a r e s used as the

'
d e n o m i n a t o r in calculating EPS (Nos. in lacs).
(1)
Closing Stock
53.53
(1,099,350)
53.53
191,730
(3)
(1,450,000)
14) T h e s e a c c o u n t s h a v e b e e n p r e p a r e d a s per t h e r e v i s e d
A c c o u n t i n g S t a n d a r d (AS) 9 o n " R e v e n u e R e c o g n i t i o n "
16) O n
the
basis
of
physical
verification
of a s s e t s ,
Standard
28
as
and the G u i d a n c e note on "Recognition of R e v e n u e by
specified
Real
generation capacity of those assets, in the m a n a g e m e n t
Estate
Since,
1961
in t e r m s of provisions of the
the
income
possession
80IB(10)
'Net
Developers".
of
accrues
constructed
is allowed
upon
unit
delivery
and
after c o m p l e t i o n
Profit' for c o m p u t i n g Total
A c t is as f o l l o w s : -
I n c o m e Tax A c t ,
Income
of physical
deduction
u/s
Accounting
perception there
is
no
and
impairment of such
cash
assets as
appearing in the balance sheet as on 3 1 . 0 3 . 2 0 0 7 .

17) a )
Previous
year figures
above
year
have
are
indicated
in
brackets.
of c o n s t r u c t i o n ,
under the said
in
b)
Previous
rearranged,
figure
wherever found
been
regrouped/
necessary.
Ashiana
SCHEDULES
21
I.
TO
THE
ACCOUNTS
BALANCE SHEET ABSTRACT AND COMPANY'S

Registration
Registration
Details
Balance
II.
Capital
raised during the year
(Amount in
III.
Rs. Thousand)
Position of Mobilisation and

Deployment
of funds
(Amount in
Rs. T h o u s a n d )
Sources
Funds
Application
of
of
No.
Sheet
40864
Date
State
Code
21
Issue
Nil
31/03/2007
Nil
Right
Bonus
Issue
Nil
Private
315,067
Total
Assets
315,067
53,531
Reserves & Surplus
247,019
Unsecured
Nil
Total
Liabilities
Paid-up
Capital
Secured
Loans
9,762
Deferred
Tax
4,755
Liability
Assets
Current
Assets
Accumulated
Losses
Nil
Placement
Loans
121,666
Investments
252,460
(59,059)
Misc.
Expenditure
Nil
Total
Expedinture
422,915
Nil
of Company
Turnover (Gross Revenue):
534,158
+/-
Profit/Loss
Before
* Before deducting
e x t r a o r d i n a r y tax
111,244
Tax
18.09
-Profit/Loss
After
E a r n i n g per s h a r e
IV.
PROFILE
Issue
Net
Performance
BUSINESS
Public
Fixed
Funds
GENERAL
96,852
Tax*
Dividend
Rate %
25
payment.
Generic N a m e of Three
Products/Services
of
Company
(as per m o n e t a r y t e r m s )
Item C o d e No.
(ITC
Product
S i g n a t u r e to S c h e d u l e s 1
N.A
Code)
Description
Real
Estate
to 22
I n t e r m s o f our report o f e v e n d a t e a t t a c h e d h e r e w i t h
For B.
CHHAWCHHARIA
Chartered
VINIT BAGARIA
Partner
Place:
Date :
& CO.
For a n d on behalf of t h e B o a r d
Accountants
Bhagwan
Kumar
Company
Secretary
Om Prakash Gupta
Jt.
Vishal Gupta
Naval Kishore
G . M . (F&A)
Place :
Date :
Gurgaon
29th J u n e , 2007
Go}
New Delhi
29th J u n e , 2 0 0 7
Eli Mhiiria

CASH
FLOW STATEMENT
FOR THE
YEAR
ENDED 31 ST
M A R C H , 2007
2006-2007
2005-2006
(Rs.)
CASH
FLOW
FROM
OPERATING
Net Profit b e f o r e t a x a n d
ACTIVITIES
extraordinary
( Rs. )
:
111,243,582
items
50,509,690
A d j u s t e d for :
3,533,907
2,753,833
(15,682,645)
(6,821,831)
(16,048,893)
(12,259,452)
Depreciation
Interest
Income
Income from Long Terms
Investment
Provision for doubtful
loans written
Fixed
off.
assets
written
(100,000)
back
223,545
(46,784)
(16,798)
83,122,712
34,165,442
(Profit) / L o s s on s a l e of F i x e d A s s e t s
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
A d j u s t e d for
Trade
and
:
other
receivables
Inventories
Trade
Payables
and
advances from
customers
CASH GENERATED FROM OPERATIONS

Direct T a x e s
paid / adjusted
Cash flow before extra ordinary
items
(16,869,922)
(114,356,949)
182,150,658
250,968,093
175,572,949
153,906,664
(13,871,768)
(5,938,803)
161,701,181
A
Extra Ordinary items

Net c a s h f r o m O p e r a t i n g a c t i v i t i e s (A)
CASH
(20,610,842)
(69,089,579)
147,967,861
161,701,181
147,967,861
FLOW FROM INVESTING ACTIVITIES :
Purchase
Sale
Net
of
Fixed A s s e t s
P u r c h a s e / sale of Investments
Interest
276,000
520,501
(22,990,554)
(14,878,022)
15,682,645
6,821,831
Income
Other Income from Long Term

Net C a s h
(18,463,483)
(82,523,731)
of Fixed A s s e t s
Investments
1,417,058
2,299,041
f r o m i n v e s t i n g a c t i v i t i e s (B)
(87,256,599)
(24,582,115)
264,764
(4,135,688)
CASH FLOW FROM FINANCING ACTIVITIES :

Proceeds from
Dividend
long t e r m
and
other borrowings
paid
(10,012,559)
(5,041,190)
(9,747,795)
(9,176,878)
64,696,787
114,208,868
Net C a s h u s e d in F i n a n c i n g a c t i v i t i e s (C)
N E T I N C R E A S E I N C A S H A N D C A S H E Q U I V A L E N T S (A+ B + C )
CASH AND CASH EQUIVALENTS
ATTHE BEGINNING O F T H E YEAR
C A S H A N D CASH EQUIVALENTS AT THE END OF THE YEAR

01.
P r o c e e d s f r o m l o n g t e r m a n d o t h e r b o r r o w i n g s a r e s h o w n net o f r e p a y m e n t .
02.
Cash and Cash equivalents represent cash and
In t e r m s of our report of even date a t t a c h e d

For B.
48,912,037
227,817,692
163,120,905
bank b a l a n c e s only.
herewith
C H H A W C H H A R I A & CO.
Chartered
VINIT
163,120,905
Accountants
BAGARIA
Partner
Place: Gurgaon
Date : 29th June, 2007
Bhagwan
Company
Kumar
Secretary
Om
Prakash
Managing
Gupta
Director
Vishal
Jt.
Gupta
Managing
Director
Naval
G.M.
Place :
Date :
Kishore
(F&A)
New Delhi
29th June, 2007
Ashiana
Statement pursuant to Section 212 of the Companies Act, 1956 relating to

Company's interest in the Subsidiary Companies
Ashiana
Vatika
Retirement
Villages
Ltd.
1.
Financial Year of the Subsidiary C o m p a n y ended
2.
a.
(India)
Ltd.(Holding
Company)
on
240050
in the subsidiary
The
net a g g r e g a t e
not d e a l t w i t h
a.
. b.
The
10/- each
50000
Shares
Rs.
Equity
of
10/-
100%
100%
3,211,789
(929,319)
each
profit/(Loss)
in the C o m p a n y ' s a c c o u n t s .
Rs.)
f o r t h e all p r e v i o u s f i n a n c i a l y e a r s of t h e s u b s i d i a r y
net
it became the
aggregate
dealt with
Holding
Company's subsidiary
amount of subsidiary's
2,410,216
327,192
profit/(Loss)
in the C o m p a n y ' s accounts.
a.
f o r t h e f i n a n c i a l y e a r o f t h e s u b s i d i a r y (in
b.
f o r t h e all p r e v i o u s f i n a n c i a l y e a r s o f t h e s u b s i d i a r y
since
5.
of
31.03.2007
amount of subsidiary's
f o r t h e f i n a n c i a l y e a r o f t h e s u b s i d i a r y (in
since
4.
Rs.
Extent of interest of H o l d i n g C o m p a n y at t h e e n d
of the financial y e a r of the subsidiary
3.
Equity
Shares
at the end of the financial year of the subsidiary

b.
Ltd
31.03.2007
N o . o f s h a r e s held b y A s h i a n a H o u s i n g & F i n a n c e
Marketing
it became the
Rs.)
Nil
Nil
Nil
Nil
Holding Company's subsidiary
C h a n g e s in the Holding C o m p a n y ' s interest, in the
N. A .
N. A .
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
Subsidiary between the end of the Financial Year of

the Subsidiary and the end of the Holding C o m p a n y ' s
Financial
6.
Year.
Material C h a n g e s between the end of the Financial Year

of the Subsidiary and the end of the Holding C o m p a n y ' s
f i n a n c i a l y e a r in
r e s p e c t of
a.
the
subsidiary's fixed
b.
its
investments
assets
c.
t h e m o n e y lent by it, a n d
d.
the money borrowed
by
i t for a n y p u r p o s e o t h e r
than that of meeting current liabilities.
For a n d o n
Place : New Delhi
Om
Date : 29th J u n e 2 0 0 7
Prakash
Managing
CD
behalf of the Board
Gupta
Director
Vishal
Jt.
Gupta
Managing
Director
Ashiana
VATIKA MARKETING LIMITED

DIRECTORS'
TO THE
REPORT
DIRECTORS
M E M B E R (S)
RESPONSIBILITY STATEMENT
The Directors of your C o m p a n y have pleasure in presenting
Pursuant to Section 2 1 7 (2AA) of the C o m p a n i e s Act,
the
the
Eleventh
Annual
Report,
together
s t a t e m e n t o f a c c o u n t s for t h e y e a r e n d e d 3 1
FINANCIAL
with
s t
audited
March 2007.
(I)
In
has
been
Maintenance
recorded
Rs.1,94,40,527/-
preparation
of the
at
Charges
Rs. 1,93,73,582/-
during
the
&
Other Income
as c o m p a r e d
previous financial year.
annual
standards
accounts,
have
the
been followed
by the C o m p a n y ;
Y o u r d i r e c t o r s a r e g l a d t o report t h a t d u r i n g t h e y e a r u n d e r
project
the
applicable accounting
RESULTS
review the
1956,
Directors confirm that:
(II)
Such
accounting
policies
have
been
selected
and
consistently applied and j u d g m e n t s & estimates made
to
that are r e a s o n a b l e and
The
prudent so as to give a true
during the
a n d fair v i e w o f t h e s t a t e o f a f f a i r s o f t h e C o m p a n y
f i n a n c i a l y e a r 2 0 0 6 - 0 7 a s c o m p a r e d t o profit o f R s . 7 0 4 , 7 4 6 /
a s a t 3 1 s t M a r c h 2 0 0 7 a n d o f t h e profit o r l o s s o f t h e
Company
- in the
has
incurred
loss
of
previous financial year.
Rs.929,319
R e a s o n for i n c u r r i n g
C o m p a n y for the year e n d e d
loss
w a s d u e t o rise i n staff a n d o t h e r e x p e n s e s o f t h e C o m p a n y .
(III)
Proper and
sufficient
on that date.
has
taken
D u e t o l o s s t h e d i r e c t o r s d o not r e c o m m e d d i v i d e n d f o r t h e
accordance
year.
Act,
1956, for s a f e g u a r d i n g the assets of the C o m p a n y
and
for
building
(IV)
complexes.
DIRECTORS
preventing
Annual
accounts
concern
basis.
PARTICULARS
During the y e a r under review no c h a n g e has been m a d e in

the directorship of the Company. At the forthcoming annual
meeting
c o m p a n y is
h i m s e l f for
the
provisions
and
records
of the
detecting
Shri A s h o k Kumar Mattoo,
retiring
by
rotation
re-appointment.
and
The
Director of the
being eligible,
Board
offers
recommends
his
re-appointment.
fraud
and
other
have
OF
been
prepared
CONSERVATION
TECHNOLOGY ABSORPTION AND
on
OF
FOREIGN
going
ENERGY,
EXCHANGE
EARNINGS AND OUTGO

Your Directors are of o p i n i o n that
to Conservation
of Energy,
Section 217(1)(e)
particulars with
respect
Technology Absorption
read with the C o m p a n i e s
a s per
(Disclosure of
Particulars in the Report of B o a r d of Directors) Rules

FIXED
DEPOSITS
the
public
within
(Acceptance of Deposits)
the
meaning
Rules,
of the
Companies
1975!
o f t h e C o m p a n y a n d h e n c e , not r e q u i r e d t o b e g i v e n . T h e r e
has
the
been
year
no foreign
under
exchange earnings and outgo during
review.
AUDITORS
ACKNOWLEDGMENT
M/s.
Your
B.Chhawchharia & Co., Chartered Accountants,
at the conclusion
of forthcoming Annual
General
retire
Meeting
directors
take
this
b a n k e r s for their s u p p o r t
C o m p a n y has
from time to time.
received a certificate to the effect that their
r e - a p p o i n t m e n t i f m a d e will
under section 224(1 B) of the C o m p a n i e s Act,

report
comments
is
by the
self-explanatory
and
limit
1956. The
requires
no
their appreciation
The
and
units, the
ascertained.
There
is
no
EMPLOYEES
employee
in
respect
of w h o m
particulars
p u r s u a n t t o S e c t i o n 2 1 7 (2A) o f t h e C o m p a n i e s A c t ,
read
with
Companies
(Amendments)
Rules,
(Particulars
of
guidance
to
the
Company
loyal
services
record
rendered
Your
relations continued to be excellent.
Vishal
Whole
Gupta
Time
Director
a m o u n t d u e t o S m a l l S c a l e I n d u s t r i a l U n d e r t a k i n g c a n not b e
OF
grateful
on
behalf of
Board
Units
the Board has to state that in view of insuficient information
PARTICULARS
express
staff m e m b e r s o f t h e C o m p a n y .
personnel
For a n d
regarding their status as SSI
to
Directors wish to place on
of efficient and
by the officers and

Company's
Directors.
As regards Auditor's observation on the dues to SSI

from the suppliers
opportunity
t h a n k s to the Central and State G o v e r n m e n t s and C o m p a n y ' s
a n d b e i n g e l i g i b l e , offer t h e m s e l v e s f o r r e - a p p o i n t m e n t . T h e
Auditors
1988
a r e not r e l e v a n t i n v i e w o f t h e n a t u r e o f b u s i n e s s a c t i v i t i e s
T h e C o m p a n y h a s 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 d e p o s i t s
from
in
Companies
irregularities;
The main operation of your C o m p a n y relates to m a i n t e n a n c e
general
with
accounting
for the
maintenance
of various
adequate
been
DIVIDEND
OPERATION
of
care
1956
Employees)
1999 are required to be g i v e n .
CD
Place
New Delhi
Date
29
, h
June, 2007.
Rachna
Whole
Time
Gupta
Director
Ashiana
AUDITORS: REPORT
(vi)
I n o u r o p i n i o n a n d t o t h e best o f our i n f o r m a t i o n
and according to the e x p l a n a t i o n s given to us, the
The M e m b e r s of Vatika Marketing Limited

We
have
audited
the
attached
said
balance
sheet
of Vatika
accounts
Policies
read
and
Notes
with
significant Accounting
to the A c c o u n t s ,
give the
M a r k e t i n g L i m i t e d a s a t 3 1 s t M a r c h 2 0 0 7 , a n d a l s o t h e profit
information required by the C o m p a n i e s Act,
and
in the m a n n e r so required and subject to notes on
loss a c c o u 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.
of the
These financial
company's
s t a t e m e n t s are the
management.
Our
responsibility
responsibility
schedule
is to
particularly,
Dues
to
SSI
Units
(note
2) g i v e a t r u e a n d fair v i e w in c o n f o r m i t y w i t h t h e
express an opinion on these financial statements based on

our
19
1956,
accounting principles generally accepted in
India:
audit.
(a)
in the case of the balance sheet, of the state
W e h a v e c o n d u c t e d our a u d i t i n a c c o r d a n c e w i t h t h e a u d i t i n g
of affairs of the c o m p a n y as at 3 1
standards generally accepted
2007;
require
that
we
reasonable
plan
and
assurance
statements
are free
of
includes e x a m i n i n g ,
in
India.
perform
about
the
Standards
audit
whether
material
on
Those
to
the
misstatement.
a-test basis,
obtain
(b)
financial
An
March
in t h e c a s e of t h e profit a n d l o s s a c c o u n t , of
t h e l o s s for t h e y e a r e n d e d o n t h a t d a t e .
audit
evidence supporting
the a m o u n t s and disclosures in the financial
s t
For B. C H H A W C H H A R I A & C o .
statements.
Chartered
Accountants
An audit also includes a s s e s s i n g the a c c o u n t i n g principles

used
and
significant estimates
well
as
evaluating
presentation.
reasonable
1.
We
made
the
overall
believe
that
basis for our opinion
by m a n a g e m e n t ,
financial
our
audit
and we
as
statement
provides
issued
terms
of
by the Central
sub-section
(4A)
Membership
G o v e r n m e n t of India
of
section
227
in
matters specified
in
Place:
Date:
of the
1956, we enclose in the A n n e x u r e a
s t a t e m e n t on the
paragraphs 4
a n d 5 of t h e s a i d O r d e r .
above,
(i)
we
We
have
(iv)
t h
June, 2007
R e f e r r e d to in p a r a g r a p h
a)
referred to
The
full
all
the
information
and
b)
verified
necessary
for t h e
purposes
of
audit;
to
kept by t h e c o m p a n y so far as
The
Sheet and
Balance
of those
profit a n d
c)
books;
2)
a)
verified
of account;
loss a c c o u n t dealt with
r e f e r r e d to in s u b - s e c t i o n
the C o m p a n i e s Act,
(3C) of s e c t i o n 2 1 1
assets
and
have
explanations
been
physically
discrepancies
were
noticed
on
No
such
us,
the
information
the
inventory
the
and
management
during
frequency
of
explanations
has
physically
the year.
In
our
verification
is
reasonable.
by
standards
to
opinion,
Subject to our c o m m e n t s hereinafter, the Balance

profit a n d
information
the
assets during the year.
books
report c o m p l y with the a c c o u n t i n g
assets.
A c c o r d i n g to the
given
Sheet and
showing
by the m a n a g e m e n t during the year.
d e a l t w i t h b y this r e p o r t a r e i n a g r e e m e n t w i t h t h e
this
records
quantitative details and
T h e c o m p a n y h a s not d i s p o s e d off its S u b s t a n t i a l

fixed
loss a c c o u n t
maintained
including
verification.
I n our o p i n i o n , p r o p e r b o o k s o f a c c o u n t a s r e q u i r e d
our e x a m i n a t i o n
has
to the
us,
material
appears from
of our R e p o r t of e v e n d a t e f o r
of fixed
According
and
REPORT
March, 2007.
company
given
belief w e r e
s t
particulars
situation
obtained
by l a w h a v e b e e n
(iii)
29
the year ended 3 1
report that:
500872
Gurgaon
e x p l a n a t i o n s , w h i c h t o t h e best o f o u r k n o w l e d g e
our
(ii)
Number:
ANNEXURE TO THE AUDITORS'
1)
2.
BAGARIA)
Partner
report that:
As required by the C o m p a n i e s (Auditor's Report) Order,

2003
(VINIT
b)
In
our
opinion,
verification
of
of
management
1956;
the
procedures
inventories
are
reasonable
of
followed
and
physical
by
adequate
the
in
relation to the size of the c o m p a n y and the nature

(v)
On the
basis of written
from the directors,

taken
on
record
representations
as on
by the
31st March
received
Board of Directors,
we
report that none of the directors is disqualified as

on 3 1
s t
March
2007 from
being appointed as a
d i r e c t o r in t e r m s of c l a u s e (g) of s u b - s e c t i o n
of section 274 of the C o m p a n i e s Act,
of its b u s i n e s s .
2007 and
1956;
(1.)
c)
On the basis of our e x a m i n a t i o n of the records of

inventory, we are of the opinion that the c o m p a n y
is
maintaining
proper records of inventory.
The
discrepancies noticed on verification between the

physical
material.
stocks and the
book
records were
not
Ashiana

3)
The
company
has
not t a k e n / g i v e n
unsecured
loans
on
f r o m / to c o m p a n i e s , firms and other parties covered in

the
Register
maintained
4)
In our opinion
301
of the
procedures
13)
and
us, there are a d e q u a t e internal
commensurate
with
the
size
14)
purchases of inventory and fixed
regard to the sale of constructed
5)
of
services.
However,
15)
to
are
us,
major w e a k n e s s
in
controls.
we
16)
information
of the
and
opinion
into t h e
been
explanations
that the
particulars of
17)
under that
In our o p i n i o n
and
internal
The
is
to
us,
the
a)
Government
and
has
18)
not
public.
to
not
prescribed
under Section
19)
term
basis
explanations
any
provided
to
us,
g u a r a n t e e for loans
bank or financial
institutions.
have
been
used
for
long-term
The c o m p a n y has m a d e preferential allotment of s h a r e s
the
records
of
the
company,
undisputed
fund,
investor education
employees'
sales tax,
statutory dues
state
wealth
and
The
dues,
applicable,
dues were
outstanding
1956, terms and
prejudicial to the
interest
Company
year
under
has
not
issued
any d e b e n t u r e s during
review.
20)
T h e C o m p a n y h a s not r a i s e d a n y m o n e y b y p u b l i c i s s u e
21)
According to the information and explanations given to

us,
the year under
review.
no fraud on or by the C o m p a n y has been noticed
or reported during the year.
insurance,
tax,
as
not
company.
service tax,
c u s t o m duty, excise duty, c e s s a n d other material

statutory
its
According to the information and explanations given to
the
2 0 9 ( 1 )(d)
1956 for any of the products of
provident f u n d ,
statutory
in
concerned.
section 301
generally the c o m p a n y is regular in depositing with
income tax,
and
not g i v e n
conditions whereof are
maintain a formal
has
records
appropriate authorities
protection
shares,
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 d u r i n g t h e
during
including
in
investments.
to a c o m p a n y c o v e r e d in the register m a i n t a i n e d under
Company.
According
has
by others from
of the
9)
company
m a i n t e n a n c e of cost
the
other
I n v e s t m e n t s of the C o m p a n y are held
company
short-
audit s y s t e m .
Central
or t r a d i n g
and
o f t h e c o m p a n y , w e report t h a t t h e n o f u n d s r a i s e d o n
have
according to the information
given
The Company
dealing
investment.
a c c e p t e d any deposits from the
8)
Section
not
us and on an overall examination of the balance sheet
1956 that need to be entered
register maintained
is
debentures
per i n f o r m a t i o n
year
given
so entered,
explanations
7)
As
taken
continuing failure to correct
to the
of s h a r e s ,
name.
any
contracts and a r r a n g e m e n t s referred to in Section 301
6)
company
own
assets and with
units and
The
the
According
by w a y of pledge
other securities.
T h e C o m p a n y is not a chit f u n d or a n i d h i m u t u a l b e n e f i t
D u r i n g t h e c o u r s e o f o u r a u d i t , w e h a v e not o b s e r v e d
internal
and
securities,
t h e c o m p a n y a n d t h e n a t u r e o f its b u s i n e s s w i t h r e g a r d
to
basis of security
fund/society.
and according to the information
control
under Section
1956.
the
debentures
and
as
no
Chartered
Accountants
such
at the
last
day of the financial y e a r under review for a period

of
more
became
b)
than
six
given
months
from
the
date
they
to
us,
cess,
and
no dues of sale tax,
as applicable,
deposited on
10)
which
income tax,
not
been
a c c o u n t of any d i s p u t e .
losses. The
c o m p a n y has incurred cash losses during the financial

preceding
11)
The
company
institution,
12)
As
b y o u r a u d i t but not
financial
has
immediately
year.
no
borrowings from
bank or debenture
in the
and
any financial
holder.
explanations
Membership
explanations
have
T h e c o m p a n y d o e s not h a v e a c c u m u l a t e d
year covered
BAGARIA)
Partner
information
c u s t o m s duty wealth tax, service tax, excise duty,

and
(VINIT
payable.
provided to
us
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 a n d a d v a n c e s
CD
Place:
Date:
Gurgaon
29
t h
June, 2007
Number:
500872
Ashiana

SCHEDULES
Rs.
SOURCES
AS AT
31.03.2007
Rs.
Rs.
AS AT
31.03.2006
Rs.
OFFUNDS:
Shareholders'
Share
Funds:
Capital
Reserves
&
Surplus
500,000
500,000
1,915,873
2,827,192
2,415,873
3,327,192
3
Fixed
Assets
Gross
Block
Less:
Depreciation
Net
182,233
59,902
38,565
Block
Investments
Deferred
Tax A s s e t s
Current Assets,
(Net)
122,331
145,668
15,719,401
8,600,780
478,000
22,614
Loans & Advances
Inventories
283,678
874,626
Sundry
Debtors
5,038,976
5,206,735
Bank balances
4,467,361
6,552,801
1,220,147
3,673,897
11,010,162
16,308,059
24,914,021
21,749,929
Cash &
Loans
Less:
& Advances
Current
&
Net
182,233
Liabilities
10
Provisions
Current Assets
NOTES ON A C C O U N T S
BALANCE
(13,903,859)
(5,441,870)
2,415,873
3,327,192
19
SHEET ABSTRACT AND COMPANY'S
GENERAL BUSINESS PROFILE
20
The Schedules referred above form an integral part of the accounts.

In terms of our report of even date attached herewith
For B. C H H A W C H H A R I A & C O .
VINIT BAGARIA
Partner
Place
Date
Vishal Gupta
W h o l e time Director
Rachna Gupta
Place : N e w D e l h i
Date : 2 9 t h J u n e , 2 0 0 7
Gurgaon
29th June, 2007
CD
Ashiana
SCHEDULES
2006-2007
(Rs.)
2005-2006
15,749,157
16,557,378
(Rs.)
I N C O M E
Project
Maintenance
Sales
of Shops
Other
Income
Charges
11
1,374,930
Increase / (Decrease)
12
2,249,495
2,883,149
13
(602,065)
134,753
18,771,517
19,575,280
15
10,711,160
10,476,708
16
5,740,233
4,953,747
in S t o c k
Purchase
Project
14
Maintenance
Expenses on
Interest-
Expenses
Employees
Others
Depreciation
Other
expenses
PROFIT/(LOSS)
17
FOR T H E Y E A R
134,753
4,676
2,215
23,337
17,955
3,610,894
3,181,122
20,090,300
18,766,500'
808,780
(1,318,783)
18
L e s s : D i r e c t Tax
(389,464)
104,034
(929,319)
704,746
327,192
622,446
(602,127)
1,327,192
700,000
(1,000,000)
97,873
327,192
Basic
(19.24)
14.68
Diluted
(19.24)
14.62
Balance
Transfer
brought forward from
from/(to)
General
last y e a r
Reserve
SURPLUS CARRIED TO BALANCE SHEET

E A R N I N G PER S H A R E
(on
N o m i n a l V a l u e of S h a r e s of R s .
101- e a c h )
The Schedules referred above form an

I n t e r m s o f our report o f e v e n
integral
date attached
part o f t h e a c c o u n t s .
herewith
VINIT BAGARIA
Partner
Date : 29th J u n e , 2007
For a n d o n
Vishal Gupta
behalf o f t h e B o a r d
Rachna Gupta
Date : 2 9 t h J u n e , 2007
Ashiana

AS

1.
AT
AS AT
31.03.2007
31.03.2006
(Rs.)
(Rs.)
500,000
480,000
SHARE CAPITAL
Authorised
5 0 0 0 0 (P.Y. 4 8 0 0 0 )
Equity s h a r e s of Rs.
Nil (P.Y. 2 0 0 ) P r e f e r e n c e s h a r e s o f R s .
10/- each
100/- each
20,000
500,000
500,000
500,000
480,000
I s s u e d , S u b s c r i b e d a n d Paid u p :
5 0 0 0 0 (P.Y. 4 8 0 0 0 ) E q u i t y s h a r e s o f R s .
held by A s h i a n a H o u s i n g L i m i t e d ,
1 0 / - e a c h fully p a i d u p
(formerly A s h i a n a Housing &
F i n a n c e (India) L i m i t e d , ) t h e h o l d i n g c o m p a n y
'
Nil (P.Y. 2 0 0 ) 1 % N o n c u m u l a t i v e R e d e e m a b l e P r e f e r e n c e s h a r e s
of R s .
1 0 0 / - e a c h fully p a i d up
20,000
500,000
500,000
RESERVES & SURPLUS

General
Reserves :
A s per last a c c o u n t
A d d : Transfer from
2,500,000
1,500,000
1,000,000
Profit & L o s s A / c
L e s s : T r a n s f e r to Profit &
Loss A/c
700,000
1,800,000
Capital
Reserve
2,500,000
18,000
97,973
327,192
1,915,873
2,827,192
FIXED ASSETS
GROSS
Particulars
OFFICE EQUIPMENT
COMPUTER
36,900

TOTAL
YEAR
DEPRECIATION
A s at
31-3-2007
(Rs.)
36,900
116,336
28,398
599
Upto
31-3-2006
(Rs.)
Upto
31-3-2007
(Rs.)
(Rs.)
BLOCK
A s at
31-3-2007
(Rs.)
A s at
31-3-2006
(Rs.)
1,753
5,557
31,343
33,096
18,858
42,109
74,227
93,085
28,398
9,498
2,698
12,196
16,202
18,900
599
12
28
40
559
587
182,233
182,233
36,565
23,337
59,902
122,331
94,298
87,935
182,233
18,610
17,955
36,565
FIGURES
CD
3,804
NET
For t h e
year
23,251
116,336
VEHICLE
PREVIOUS
BLOCK
A s at
Additions/
0 1 . 0 4 . 2 0 0 6 (Deductions)
(Rs.)
(Rs.)
145,668
Ashiana
AS
HEDULES TO
THE
ACCOUNTS
AT
AS
AT
31.03.2007
31.03.2006
(Rs.)
(Rs.)
500,000
500,000
500,000
500,000
1,570,529
600,000
INVESTMENTS - LONG TERM

In M u t u a l F u n d s - U n q u o t e d
Birla B o n d
Plus - G r o w t h Option
4 2 3 6 4 . 2 7 units o f R s .
Franklin
10 each
India F l e x i c a p D i v i d e n d - R e i n v e s t m e n t
30120.48
units of Rs.
10 each
D S P M L Opportunities Fund 65906.97
(PY 2 7 5 4 2 . 0 8 )
Div.Reinvestment
units of Rs.
10 each
D S P M L Tiger Fund - Div.Reinvestment

4 5 8 2 . 9 3 units of Rs.
10 each
Fidelity E q u i t y F u n d - D i v .
2 4 4 4 9 . 8 8 units of Rs.
JM
10 each
Equity & Derivative
Floating
Nil ( P Y 3 4 5 4 9 5 . 0 8 )
250,000
250,000
1,250,000
1,250,000
Fund -Growth
1 2 3 8 5 0 . 6 7 units o f R s .
Templeton
150,000
Reinvestment
10 each
Rate Income Fund -LT-Growth

units of Rs.
10 each
4,073,584
Franklin India P r i m a F u n d D i v i d e n d - R e i n v e s t m e n t
1 3 6 6 1 . 2 6 (PY 1 1 9 4 6 . 0 6 )
Birla C a s h
6217.94
units o f R s .
10 each
647,526
575,850
101,346
101,346
750,000
750,000
Plus - G r o w t h O p t i o n
units o f R s .
10 each
H D F C High Interest Fund - Short T e r m

6 3 9 7 7 . 8 9 units of Rs.
10 each
S u n d a r a m B N P Paribas Fixed T e r m Plan

5 0 0 0 0 (PY N i l )
units of Rs. 10 each
D B S C h o l a F M P - S e r i e s 6 (371
4 5 0 0 0 0 (PY N i l )
Services XXV-90Days
units of Rs.
500,000
4,500,000
Days Plan)-DP
10 each
HDFC FMP 90D March 2007

5 0 0 0 0 0 (PY Nil)
Repurchase
units of Rs.
5,000,000
10 each
Price o f u n i t s o f m u t u a l f u n d s
15,719,401
8,600,780
16,382,835
9,285,741
441,000
46,624
D E F E R R E D TAX A S S E T (NET)
Deferred
Tax A s s e t s
Unabsorbed
Employee
Less :
6
on
losses
61,000
Benefits
D e f e r r e d Tax Liability o n
Fiscal a l l o w a n c e of fixed a s s e t s
24,000
24,010
478,000
22,614
113,742
715,807
INVENTORIES
(As t a k e n , v a l u e d a n d c e r t i f i e d b y t h e M a n a g e m e n t )
Shops
Maintenance
Materials
cwu
169,936
158,819
283,678
874,626
jili Ashiana

AS
(Rs.)
(Rs.)
considered
good)
D u e for m o r e t h a n six m o n t h s
2,027,607
2,359,741
Others
3,011,369
2,846,994
5,038,976
5,206,735
95,863
143,132
1,172,724
115,071
CASH A N D BANK BALANCES

Cash-in-hand
Cheques-in-hand
With Scheduled Banks
In
Current Accounts
In F i x e d D e p o s i t A c c o u n t s ( P l e d g e d w i t h B a n k R s . 5 2 8 3 8 4 / -
AS AT
31.03.2006
SUNDRYDEBTORS
(Unsecured,
AT
31.03.2007
P.Y. R s . 5 2 1 2 6 1 / - )
2,142,303
1,238,919
1,056,471
5,055,679
4,467,361
6,552,801
290,398
2,388,947
LOANS AND ADVANCES

(Unsecured,
considered
good)
A d v a n c e s r e c o v e r a b l e in cash or in kind
o r for v a l u e t o b e
received
Deposits
Taxation A d v a n c e and
10
Refundable
106,526
106,026
823,223
1,178,924
1,220,147
3,673,897

A)
CURRENT
Sundry
LIABILITIES
Creditors
Advance
from
Deposit from
Other
customers
Customers
liabilities
420,083
746,191
559,120
329,774
20,966,040
18,022,154
2,599,788
1,633,291
24,545,031
20,731,410
880,000
B) PROVISIONS
11
For
Taxation
172,000
For
Gratuity
196,990
138,519
24,914,021
21,749,929
2006-07
2005-06
Rs,
Rs.
16,407,058
15,132,998
PROJECT MAINTENANCE CHARGES

General
Capital
Maintenance
Charges
M a i n t e n a n c e C h a r g e s (Net)
12 OTHER
(657,901)
1,424,380
15,749,157
16,557,378
847,850
790,247
INCOME
Interest ( I n c l u d e s T D S R s . 9 0 2 1 0 / - ;
P.Y.
Rs. 47904/-)
Rent
Profit on s a l e of i n v e s t m e n t s
Commission
(Includes TDS
Rs.
1 2 9 0 / - P.Y. R s . 8 1 0 7 / - )
Dividend
Miscellaneous
Receipts
Liabilities W r i t t e n
Back
GD
8,520
13,845
289,128
754,915
300,999
519,288
378,140
241,664
384,420
435,576
40,438
127,614
2,249,495
2,883,149

SCHEDULES
13
TO
THE
ACCOUNTS
2005-2006
(Rs.)
(Rs.)
I N C R E A S E / ( D E C R E A S E ) IN S T O C K
Closing
Stock:
Shops
Less:
113,742
715,807
113,742
715,807
715,807
581,054
(602,065)
134,753
Opening Stock
Shops
14
2006-2007
PURCHASE
Lease
and
Conversion
Charges
134,753
134,753
15
PROJECT MAINTENANCE EXPENSES

Consumption
Work
of Maintenance
533,625
3,276,624
Power &
Fuel
3,125,113
3,375,670
charges
2,537,381
2,280,101
Other
Charges
Maintenance
Expenses
75,068
32,962
1,194,158
977,726
10,711,160
10,476,708
5,304,773
4,584,148
EXPENSES ON EMPLOYEES
Salary, A l l o w a n c e s ,
(including
17
508,245
3,271,195
Security
Supervision
16
Materials (Indigenous)
Charges
Bonus &
Gratuity
P r o v i s i o n for G r a t u i t y R s . 5 8 4 7 1 / - P.Y.
Rs.
Contribution to Provident Fund
204,817
135,764
Staff
230,643
233,835
5,740,233
4,953,747
Welfare
OTHER EXPENSES
Rates
140,592
3,953
Rent
and Taxes
731,250
708,000
Insurance
500,998
501,082
Public Relation and C o m m u n i c a t i o n
291,120
98,291
Advertisement
Printing and Stationery
Establishment
Traveling
&
340,964
Charges
Conveyance
16,836
15,000
567,606
536,100
Donation
255,000
T e l e p h o n e , Telex & Fax
279,579
Directors'
Auditors'
For
Fees
Remuneration
Statutory Audit
Other
Services
Irrecoverable
Balances
Miscellaneous
Written
off
expenses
Items relating to previous year

Preliminary
Expenses
12,000
2,000
67,344
67,344
16,836
16,836
9,260
11,990
2,572
3,130
571,466
575,675
300
W/off
3,610,894
18
259,362
For Tax A u d i t
For
88,207
100,923
400
3,181,122
DIRECTTAXES
I n c o m e Tax
Deferred
Fringe
Income
(455,385)
62,000
Tax
B e n e f i t Tax
GEO
50,000
(3,881)
60,000
3,921
(2,085)
(389,464)
104,034
jBl Ashiana
19

2)
In
view
of
insufficient
information
from
suppliers
regarding their status as S S I units, the a m o u n t due to

1)
SIGNIFICANT ACCOUNTING
S Y S T E M OF A C C O U N T I N G
POLICIES
small
:
3)
industrial
undertaking cannot be ascertained.
T h e E a r n i n g Per S h a r e (EPS) has been c a l c u l a t e d as
The c o m p a n y adopts the accrual basis of accounting
specified
in the p r e p a r a t i o n of a c c o u n t s .
Per S h a r e " and related d i s c l o s u r e s are as below :
FIXED ASSETS A N D DEPRECIATION
the
Act,
provisions of
line
2006-2007
basis in a c c o r d a n c e with
a)
Schedule XIV to the C o m p a n i e s
a m o u n t used as
n u m e r a t o r in
1956.
Profit
investments
intended to
one year are classified
be
b)
weighted
shares
investments and
average
of equity
used
calculating
Opening
M a i n t e n a n c e M a t e r i a l s and S h o p s are v a l u e d at cost.
Add:
INCOME :
shares
a)
S a l e o f c o n s t r u c t e d unit a n d o t h e r s i s a c c o u n t e d
on
for on the
2007
basis of date of delivery of physical

to the
respective
customer.
Project maintenance charges and

accounted
for
on
basis
w h e r e the receipt of i n c o m e
is uncertain.
Interest
accounted
from
customer
is
2007
for on
basis.
Rs.
respect
of taxable
income for the
Tax
is
recognised,
of
prudence,
in
subject
to
respect
of
deferred tax Assets/Liabilities arising

differences,
being
income
in
the
and
one
accounting
period
and
are
February,
Shares of
10/200
Converted
capable
169
For D i l u t e d E P S
between
income
2007
(200X308/365)
on timing
difference
Diluted
that
than
of
in one or more s u b s e q u e n t period.
MISCELLANEOUS
EPS,
Basic
48,481
however,
EPS,
Stock,
has been
Shops
Opening
Stock
Amount
(Nos.)
(Rs)
715,807
(581,054)
( 4 )
IMPAIRMENT
OF ASSETS
Purchases
I m p a i r m e n t loss in the v a l u e of a s s e t s as specified in

A c c o u n t i n g S t a n d a r d - 28
carrying value of such
v a l u e or value in
greater
restricted to Basic
Purchase and Sales:
EXPENDITURE:
years.
48,200
wherever being
EPS.
4)
P r e l i m i n a r y E x p e n s e s is w r i t t e n off o v e r a p e r i o d of
ten
48,000
into E q u i t y o n 2 n d
consideration
reversal
281
48,312
10/- each Convertible
Preference
year.
originate
February,
e a c h in t h e ratio of 1:1
Current Tax is d e t e r m i n e d as the a m o u n t of tax
taxable
3rd
(1800X57/365)
in equity of R s .
Deferred
31
during the
Equity S h a r e s :
Gratuity is a c c o u n t e d for on accrual
b)
February,
Preference
in
shares
A d d : Potential
basis.
payable
48,000
Equity
For Basic EPS
GRATUITY :
a)
into
(200X57/365)
year on
except
48,000
during the year
2nd
Alloted
other income
accrual
in
EPS (Nos) :
Balance
converted
possession
as the
Preference
S A L E S , P R O J E C T M A I N T E N A N C E FEE A N D O T H E R
receipt
704,746
calculating
denominator
market value.
INVENTORIES:
c)
Rs.
(929,319)
after t a x ( R s . )
number
held for less t h a n
as current
are carried at lower of cost and
are
2005-2006
basic and diluted EPS :
L o n g t e r m i n v e s t m e n t s are carried at acquisition cost
b)
"Earning
Rs.
is
INVESTMENTS:
and
S t a n d a r d - 20 on
F i x e d a s s e t s are v a l u e d at cost and d e p r e c i a t i o n

provided on straight
is
recognized whenever
assets e x c e e d s the
use, w h i c h e v e r is higher.
Sales
market
Closing
Stock
(134,753)
(-)
3
1,374,930
(-)
1
(-)
113,742
(4)
(715,807)
Ashiana

5)
Remuneration of
6)
Whole Time Directors:
Salary
Rs.
900,000
Perquisites
Rs.
441,311
On the basis of physical verification of assets, as specified
(1,200,000)
(514,744)
in A c c o u n t i n g Standard - 28 and cash generating
capacity of those assets, in the m a n a g e m e n t perception, there is no impairment of such assets as appearing in
the
7)
balance sheet as on 31.03.2007.
a)
Previous
b)
Previous year figures above are given
SCHEDULES
20
TO
BALANCE
I.
year figures
THE
are
rearranged/regrouped
wherever considered
necessary,
brackets.
ACCOUNTS
SHEET ABSTRACT AND
Registration Details
COMPANY'S
Registeration
Balance
Capital
in
raised during the year
GENERAL
79014
No.
Sheet
BUSINESS
Date
PROFILE
State
Code
21
Issue
Nil
31/03/2007
Public
Issue
Nil
Right
(Amount in Rs. Thousand)
Bonus
Issue
Nil
Private
Position of Mobilisation and
Total
2,416
Total
Assets
2,416
Paid-up Capital
500
Reserves & Surplus
1,916
Secured
Nil
Unsecured
Nil
Deployment
(Amount in
Rs. Thousand)
Funds
of
of
18
of funds
Sources
Application
Liabilities
Placement
Funds
Loans
Loans
Net
Fixed A s s e t s
122
Investments
Net
Current
(13,904)
Misc.
Assets
Accumulated
Nil
Losses
15720
Expenditure
Deferred
Tax
Assets
Performance
+/-
Profit/Loss
Before
Generic N a m e of Three
+/-
1,318
After
per s h a r e
Item Code No.

(ITC
(19.24)
Profit/Loss
20,692
929
Tax
Dividend
Rate %
Nil
N.A
Code)
Product
Description
Real
Estate
Maintenance
to 20
VINIT BAGARIA
Partner
Total Expedinture
Products/Services of C o m p a n y
19,374
Tax
Basic Earning
Place
Date
478
of Company
Turnover (Gross Revenue):
IV
Nil
For a n d o n
Vishal Gupta
Gurgaon
29th June, 2007
behalf of the B o a r d
Rachna Gupta
Date : 2 9 t h J u n e , 2 0 0 7
{43}
Ashiana
ASHIANA RETIREMENT VILLAGES LIMITED

DIRECTORS'
To
the
Member(s)
REPORT
PARTICULARS OF EMPLOYEES
The Directors of your C o m p a n y have pleasure in presenting
T h e r e is no e m p l o y e e in respect of w h o m particulars pursuant
t h e Fifth A n n u a l R e p o r t , t o g e t h e r w i t h a u d i t e d s t a t e m e n t o f
t o S e c t i o n 2 1 7 (2A) o f t h e C o m p a n i e s A c t ,
a c c o u n t s for t h e y e a r e n d e d 31st M a r c h
C o m p a n i e s (Particulars of Employees) (Amendments) Rules,
FINANCIAL
2007.
1999 are required to be g i v e n .
RESULTS
During the y e a r under review, your c o m p a n y has e a r n e d an

income
of
Rs.
9,770,569/-
as
against the
R s . 1 , 3 7 2 , 3 9 6 / - in the previous year.

has
recorded
against
Rs.3,211,789/-
Rs.9,217,408/-
for the
as
income
of
Further, y o u r c o m p a n y
profit
after
previous
year.
tax
as
DIRECTORS
During
the
RESPONSIBILITY STATEMENT
Pursuant to Section 2 1 7 (2AA) of the C o m p a n i e s Act,

the
1956,
Directors confirm that:
(I)
In the
preparation
of the
annual
accounts,
the
applicable accounting standards have been followed
OPERATIONS
parnership
1956 read with
by the C o m p a n y ;
year
firm
under
as
review your
'Ashiana
d e v e l o p m e n t of approx.
28
Company
Manglam
land
(II)
Such
accounting
consistently
policies have been
applied
selected
and judgements
&
and
estimates
Jaipur. Your
made that are reasonable and prudent so as to give

a true a n d fair v i e w of the state of affairs of the
t o l a u n c h India's s e c o n d r e t i r e m e n t resort o n t h i s l a n d .
C o m p a n y a s a t 31st M a r c h 2 0 0 7 a n d o f t h e profit o r
construction
in
a
for
C o m p a n y has l a u n c h e d group housing & villas a n d p r o p o s e d
Your C o m p a n y c o m m e n c e d
Bighas
formed
Developers'
advance
loss o f t h e C o m p a n y for t h e y e a r e n d e d o n t h a t d a t e .
of Ashiana Village
Mall at B h i w a d i . Construction of A s h i a n a G y m k h a n a is at an
(III)
Proper and
stage.
sufficient care
maintenance
accordance with the
DIVIDEND
Act,
1956,
Y o u r d i r e c t o r s d o not r e c o m m e n d d i v i d e n d for t h e y e a r . T h e
Company
profits g e n e r a t e d a r e b e i n g r e i n v e s t e d i n t h e b u s i n e s s o f t h e
and
has
of adequate
b e e n t a k e n for t h e
accounting
provisions of the
for s a f e g u a r d i n g
and for p r e v e n t i n g
the
and
records
in
Companies
assets
of the
detecting
fraud
other irregularities;
Company.
(IV)
Annual
DIRECTORS
accounts have been
concern
p r e p a r e d on a going
basis.
During the year under review no c h a n g e has been m a d e in
PARTICULARS
the directorship of the Company. At the forthcoming annual
TECHNOLOGY ABSORPTION AND FOREIGN
general
EARNINGS AND OUTGO
and
meeting of t h e C o m p a n y Shri A s h o k K u m a r Mattoo
Shri A n k u r G u p t a ,
rotation
and
being
Director of the C o m p a n y
eligible,
offers
retires b y
themselves
for
re-appointment.
OF
ENERGY,
EXCHANGE
Your Directors are of opinion that particulars with respect to

Conservation
of
Energy,
Technology Absorption
P a r t i c u l a r s in t h e R e p o r t of B o a r d of D i r e c t o r s )
B.Chhawchharia & Co.,
at the conclusion
Chartered Accountants,
of forthcoming Annual
General
retire
Meeting
a n d b e i n g e l i g i b l e , offer t h e m s e l v e s for r e - a p p o i n t m e n t . T h e
C o m p a n y has
CONSERVATION
as
per
Section 217(1)(e) read with the C o m p a n i e s (Disclosure of
AUDITORS
M/s.
OF
r e c e i v e d a c e r t i f i c a t e t o t h e effect t h a t t h e i r
r e - a p p o i n t m e n t i f m a d e will
limit
are
not
relevant
in
the v i e w of the
nature
activities of the C o m p a n y and h e n c e ,

g i v e n . T h e r e has been
Rules 1988
of b u s i n e s s
be
no foreign exchange earnings and
o u t g o d u r i n g t h e y e a r u n d e r review.
ACKNOWLEDGMENT
under section 224(1 B) of the C o m p a n i e s Act, 1956. Auditors

Report is self-explanatory and requires no c o m m e n t s by the
Directors.
Your directors take this opportunity to express grateful thanks

to the Central and State G o v e r n m e n t s and C o m p a n y ' s bankers
for t h e i r s u p p o r t a n d g u i d a n c e t o t h e C o m p a n y f r o m t i m e t o
As regards Auditor's observation on the dues to SSI
Units
time.
the Board has to state that in view of insuficient information

f r o m the suppliers regarding their status as SSI
For a n d
units, the
a m o u n t d u e t o S m a l l S c a l e I n d u s t r i a l U n d e r t a k i n g c a n not b e
ascertained.
Place
Date
{44}
N e w Delhi
: 29th June, 2007
on
behalf of the
Om
Prakash
Board
Gupta
Chairman
Ashiana

AUDITORS'
REPORT
Policies
The Members of Ashiana Retirement Villages

We
have
audited the attached
schedule
thereto.
These
of
responsibility
the
financial
is to e x p r e s s an
statements based on
statements
company's
are
(a)
Our
require
generally accepted
that
we
reasonable
plan
and
assurance
statements
are free
includes examining,
the a m o u n t s and
of
the
1956,
18
particularly,
Dues
to
SSI
Units
(note
India:
in the case of the balance sheet, of the state

s t
of affairs of the c o m p a n y as at 3 1
on these financial
our a u d i t .
March
2007;
(b)
W e h a v e c o n d u c t e d our a u d i t i n a c c o r d a n c e w i t h t h e a u d i t i n g
standards
give
accounting principles generally a c c e p t e d in
the
management.
opinion
the A c c o u n t s ,
7) g i v e a t r u e a n d fair v i e w in c o n f o r m i t y w i t h t h e
t h e profit a n d loss a c c o u 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

responsibility
Notes to
in the m a n n e r so required and subject to notes on
balance sheet of Ashiana
Retirement Villages Limited as at 31 st March 2 0 0 7 , and also

annexed
and
information required by the C o m p a n i e s Act,
Limited
in
India.
perform
about
Those
the
audit
whether
material
i n t h e c a s e o f t h e profit a n d l o s s a c c o u n t , o f
Standards
the
to
and
the
obtain
profit for t h e y e a r e n d e d
financial
misstatement.
An
on
that date;
audit
Chartered
Accountants
on a test basis, evidence supporting
disclosures in the financial
statements.
An audit also includes a s s e s s i n g t h e a c c o u n t i n g principles

used and significant estimates
well
as
evaluating
presentation.
reasonable
1.
We
made by m a n a g e m e n t ,
the
overall
believe
that
b a s i s for o u r o p i n i o n
financial
our
audit
and we
as
provides
issued
terms
of
by the Central
sub-section
report t h a t :
(4A)
of
section
India
227
matters specified
in
paragraphs 4
(i)
we
We
our
(ii)
belief w e r e
all
the
a)
b)
and
in
our e x a m i n a t i o n
of those books;
profit a n d
c)
assets.
the
information
a)
progress
have
given
to
verified
books
opinion,
of account;
b)
by
report c o m p l y with the a c c o u n t i n g s t a n d a r d s
the C o m p a n i e s Act,
been
explanations
except capital
physically verified
noticed
on
No material
such verification.
us,
the
information
the
inventory
the
and
management
during
frequency
the
of
explanations
has
physically
year.
In
our
verification
is
reasonable.
Subject to our c o m m e n t s hereinafter, the Balance
referred to in s u b - s e c t i o n (3C) of s e c t i o n 211
and
all t h e f i x e d a s s e t s ,
during the year.

2)
loss a c c o u n t
loss account dealt with
showing
details and
T h e c o m p a n y h a s not d i s p o s e d off its f i x e d a s s e t s
d e a l t w i t h b y t h i s report a r e i n a g r e e m e n t w i t h t h e
profit a n d
records
quantitative
by the m a n a g e m e n t during the year.
kept b y t h e c o m p a n y s o far a s
Balance Sheet and
Sheet and
to
maintained
including
of fixed
According
work
of
has
particulars
given to us,
I n our o p i n i o n , p r o p e r b o o k s o f a c c o u n t a s r e q u i r e d
this
of our Report of e v e n d a t e for
discrepancies were
appears from
(iv)
purposes
The company
full
audit;
The
June, 2007
referred to
information
necessary for the
by law have been
(iii)
t h
the year ended 3 1 ' M a r c h , 2 0 0 7 .
e x p l a n a t i o n s , w h i c h t o t h e best o f our k n o w l e d g e
and
29
situation
obtained
500872
Gurgaon
R e f e r r e d to in p a r a g r a p h
report that:
have
Number:
ANNEXURE TO THE AUDITORS' REPORT
of the
1)
above,
Date:
in
a n d 5 of t h e s a i d O r d e r .
2.
Membership
Place:
1956, we e n c l o s e in the A n n e x u r e a
s t a t e m e n t on the
BAGARIA)
Partner
As required by the C o m p a n i e s (Auditor's Report) Order,

2003
(VINIT
statement
of
In
our
opinion,
verification
of
management
are
the
procedures
inventories
reasonable
of
physical
followed
and
by
adequate
the
in
relation to the size of the c o m p a n y and the nature
1956;
of its b u s i n e s s .
(v)
On
the basis of written
from the directors,

taken
on
record
representations received
as on
by the
31st March
Board
2007
of Directors,
3)
a)
and
we
on
31
March 2007 from being appointed as a
d i r e c t o r in t e r m s of c l a u s e (g) of s u b - s e c t i o n
of section 274 of the C o m p a n i e s Act,
(vi)
(1)
1956;
Company
Register
report that none of the directors is disqualified as

s t
The
has
not
granted
any
loans
to
c o m p a n i e s , firms and other parties covered in the

maintained
Companies Act,
b)
under Section
301
.of t h e
1956.
The c o m p a n y has taken
loans from three parties
and a c o m p a n y c o v e r e d in the register m a i n t a i n e d

under Section
301
The
maximum
and a c c o r d i n g to the e x p l a n a t i o n s given to us, the
was
Rs. 196.59
said
loans t a k e n f r o m such parties are Rs.168.02 lacs.
accounts
read
with
significant Accounting
amount
involved
1956.
I n o u r o p i n i o n a n d t o t h e best o f o u r i n f o r m a t i o n
lacs and
during the year
year-end
balances of
i
c)
Ashiana
I n o u r o p i n i o n t h e rate o f i n t e r e s t a n d o t h e r t e r m s
day of the financial year under review for a period
and conditions on which
of
loans
have
been taken
maintained
under Section 301
Act,
are,
1956
interest
d)
of the
prima
facie,
prejudicial
T h e c o m p a n y is regular in
months from
the
date
they
given to
us,
and
explanations
no dues of sale tax,
information
income tax,
and cess,
repaying the principal

has been
as applicable.
as applicable,
deposited on
regular
10)
which
have
not b e e n
account of any d i s p u t e .
T h e c o m p a n y d o e s not h a v e a c c u m u l a t e d l o s s e s .
The
As e x p l a i n e d to us there is no o v e r d u e a m o u n t of
c o m p a n y h a s not i n c u r r e d a n y c a s h
loan t a k e n f r o m t h e c o m p a n y l i s t e d i n t h e r e g i s t e r s
financial year c o v e r e d by our audit and the immediately
maintained
Act,
In
six
c u s t o m s d u t y w e a l t h t a x , s e r v i c e t a x , e x c i s e duty,
in the p a y m e n t of interest,
4)
than
payable,
to t h e
company.
a m o u n t s a s per s t i p u l a t i o n a n d
e)
b)
not
more
became
f r o m t h e p a r t i e s a n d a c o m p a n y listed i n t h e r e g i s t e r
under section 301
1956.
preceding
11)
our opinion
and according to the information
and
control
procedures c o m m e n s u r a t e with
the
size
financial
year.
our opinion and
explanations
e x p l a n a t i o n s given to us, there are a d e q u a t e internal
a c c o r d i n g to the
given
to
us,
the
information and
company
has
not
d e f a u l t e d in r e p a y m e n t of d u e s to a f i n a n c i a l i n s t i t u t i o n ,
of
t h e c o m p a n y a n d t h e n a t u r e o f its b u s i n e s s w i t h r e g a r d
In
losses during the
b a n k o r d e b e n t u r e holder,
12)
to p u r c h a s e s of the fixed assets and sale of services.
As
and
as applicable.
explanations
provided to
us
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 a n d a d v a n c e s
D u r i n g t h e c o u r s e o f our a u d i t , w e h a v e not o b s e r v e d
on the basis of security by way of pledge of s h a r e s ,
any c o n t i n u i n g failure to
debentures
internal
correct
major w e a k n e s s
in
controls.
13)
and
other securities.
T h e C o m p a n y is not a chit f u n d or a n i d h i m u t u a l b e n e f i t
fund/society.
5)
a)
According
given
to the
to
us,
we
information
and
are
opinion
of the
explanations
that
particulars of contracts or a r r a n g e m e n t s
to in Section 301
been
entered
maintained
b)
the
in
the
register
referred
required
to
be
pursuance
15)
information
contracts
or
1956 and e x c e e d i n g
reasonable
having
m a d e at price w h i c h
regard to
prevailing
6)
In our opinion
and according to the information and
explanations
accepted
7)
given
to
us,
the
any deposits from the
company
has
not
public.
business.
The
Government
has
not
prescribed
m a i n t e n a n c e o f c o s t r e c o r d s u n d e r S e c t i o n 2 0 9 ( 1 )(d)
the
9)
a)
1956 for any of the products of
Company.
According
to
the
records
of
the
including
undisputed
provident f u n d ,
protection
fund,
us and on
income tax,
sales tax,
wealth
term
18)
statutory
dues,
tax,
applicable,
dues were
outstanding
institutions.
information
and
explanations given
we
of the balance
report that the
no funds
investment.
of shares during
19)
the year under
review.
Since the c o m p a n y has issued unsecured d e b e n t u r e s ,

of d e b e n t u r e s issued
20)
The C o m p a n y
21)
has
not
during the year
According to the
in
respect
by the c o m p a n y .
raised
under
any
money
by
public
review.
information
and
explanations given
to us, no fraud on or by the C o m p a n y has been noticed

or reported during the year.
Chartered
Accountants
statutory dues
state
as
us,
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
and
insurance,
(VINIT
BAGARIA)
service tax,
Partner
c u s t o m duty, excise duty, c e s s and other material

statutory
provided to
an overall e x a m i n a t i o n
company,
investor education
employees'
i n its
concerned.
generally the c o m p a n y is regular in depositing with

appropriate authorities
shares,
any g u a r a n t e e for loans
by others from bank or financial
issue
Central
explanations
not g i v e n
no securities or c h a r g e has been c r e a t e d

n a t u r e o f its
in
investments.
r a i s e d o n s h o r t - t e r m b a s i s h a v e b e e n u s e d for l o n g -
In our o p i n i o n , the C o m p a n y has a f o r m a l internal audit

system c o m m e n s u r a t e with the size and
8)
and
has
sheet of the company,
market
prices at the relevant t i m e .
other
T h e C o m p a n y h a s not t a k e n any T e r m L o a n d u r i n g t h e
to
is
or t r a d i n g
and
I n v e s t m e n t s of the C o m p a n y are held
year
17)
t h e v a l u e of f i v e lakh r u p e e s in r e s p e c t of a p a r t y
during the year has been
As
not d e a l i n g
name.
taken
16)
arrangements
entered in the registers maintained under Section

301
However,
is
debentures
the c o m p a n y
and a c c o r d i n g to the
of
company
own
under that S e c t i o n ,
In our opinion
The
securities,
of the C o m p a n i e s Act, 1956 have
a n d e x p l a n a t i o n s given to us, a transaction m a d e

in
14)
and
no
as at the
such
last
Membership
Place:
Date:
Gurgaon
29
t h
June, 2007
Number:
500872

SCHEDULES
AS AT
31.03.2006
AS AT
31.03.2007
Rs.
Rs.
Rs.
30,719,505
24,810,216
Rs.
SOURCES OF FUNDS
Shareholders'
Share
Funds:
Capital
Reserves
Loan
&
2,400,500
2,400,500
Surplus
28,319,005
27,210,716
Funds:
Unsecured
Loans
85,105,945
3,660,608
115,825,450
30,871,324
Fixed
Assets:
a) G r o s s
Block
b) L e s s :
Depreciation
1,543,065
1,497,756
841,482
816,573
d) Capital W o r k in Progress
61,973,831
Investments
D e f e r r e d Tax A s s e t Current Assets,
a)
c) C a s h &
d) L o a n s
Less:
Net
Net
66,630,209
307,000
22,704,387
13,419,364
4,416,335
2,487,080
Debtors
13,000
1,763,542
Bank balances
1,883,448
958,948
10
9,153,094
4,706,971
& Advances
11
15,465,887
9,916,541
32,553,083
15,177,094
Current Assets
Expenditure
12
BALANCE
22,023,204
Current Liabilities & Provisions
Miscellaneous
62,675,414
Loans & Advances:
Inventories
b) Sundry
681,183
701,583
c) Net B l o c k
SHEETABSTRACTAND
3,300,023
8,126
115,825,450
30,871,324
COMPANY'S
19
referred above form an
In t e r m s of our report of even
(5,260,553)
18
GENERAL BUSINESS PROFILE
The Schedules
(17,087,196)
integral
date attached
part o f t h e a c c o u n t s
herewith
VINIT BAGARIA
Partner
Date : 29th J u n e , 2007
For a n d o n
Om
Prakash
Gupta
Vishal
behalf of the Board

Gupta
Director
Place : N e w Delhi
Date : 2 9 t h J u n e , 2007
Ashiana
SCHEDULES
2006-2007
Rs.
2005-2006
Rs.
I N C O M E
Sales
1,916,093
Profit o n s a l e o f I n v e s t m e n t s
1,400,058
C o m m i s s i o n ( i n c l u d e s T D S R s . 8 4 1 3 0 / - , P.Y.
Other
Rs. Nil)(Net)
Income
10,067,293
2,640,973
13
3,813,445
3,660,103
9,770,569
13,727,396
Cost of Sales
Cost
of
1,660,680
borrowing
Expenses on
Employees
14
4,039
288,387
15
2,222,767
1,956,205
31,276
24,166
16
2,495,411
2,311,225
6,414,173
4,579,983
3,356,396
9,147,413
Depreciation
Other
expenses
PROFIT FOR THE YEAR

Less:
17
Direct T a x e s
PROFIT AFTER
Transfer to
TAX
General
Brought forward
Reserve
from the
previous year
SURPLUS CARRIED TO BALANCE SHEET
144,607
(69,995)
3,211,789
9,217,408
4,703,000
6,641,690
2,410,216
(165,502)
919,005
2,410,216
E A R N I N G PER S H A R E
(On Shares of nominal Value of Rs.
10/- each)
Basic
Diluted
13.38
38.39
4.49
'38.39
i n t e g r a l part o f t h e a c c o u n t s .
Chartered
Accountants
VINIT BAGARIA
Partner
Om Prakash Gupta
Date
Vishal Gupta
Director
Date : 2 9 t h J u n e , 2 0 0 7
: 29th June, 2007
CD
1.
SHARE
A S AT
31.03.2007
Rs.
AS AT
31.03.2006
Rs.
4,500,000
4,500,000
2,400,500
2,400,500
CAPITAL
Authorised
4 5 0 0 0 0 Equity s h a r e s of Rs.
10/- each
I s s u e d , S u b s c r i b e d and Paid up :
2 4 0 0 5 0 Equity s h a r e s of Rs.
Out of the a b o v e ,
are held
240050
10/- e a c h fully paid up
(P.Y.239990)
by A s h i a n a Housing
Equity S h a r e s
Limited (formerly A s h i a n a
H o u s i n g a n d F i n a n c e (India) L i m i t e d ) , t h e h o l d i n g c o m p a n y
2
RESERVES & SURPLUS

General
As
Reserve
per t h e
last
account
A d d : Transfer from
Profit &
Loss Account
4,703,000
A d d : O n initial a d o p t i o n o f D e f e r r e d T a x A s s e t
Securities
Profit &
1,358,310
6,641,690
297,000
Premium Account
Loss Account
UNSECURED
8,000,000
Add: On Amalgamation
13,000,000
8,000,000
14,400,000
14,400,000
919,005
2,410,216
28,319,005
24,810,216
LOANS
i) L o a n s :
From
Bodies Corporate
Holding C o m p a n y
Others
From
ii)
Directors
1000000 Zero Percent Unsecured Optionally

of Rs.100/- each
.
(paid up
7,306,109
Fully C o n v e r t i b l e
12,303,731
752,466
9,496,105
2,908,142
Debentures
R s . 5 6 per d e b e n t u r e ) c o n v e r t i b l e t o t h e e x t e n t
o f a m o u n t p a i d u p into E q u i t y S h a r e s o f R s . 1 0 / - e a c h a t par a t t h e o p t i o n
of Debenture
Holders within Twelve years from the date of allotment or
r e d e e m a b l e after o n e y e a r f r o m t h e d a t e o f a l l o t m e n t a t t h e o p t i o n o f t h e
C o m p a n y i f o p t i o n t o c o n v e r t into E q u i t y S h a r e s i s not e x e r c i s e d b y t h e
Debenture Holder - From Holding C o m p a n y
56,000,000
85,105,945
3,660,608
Ashiana
4
FIXED A S S E T S
G R O S S BLOCK
BUILDING
Up to
31-3-06
(Rs.)
For the
year
(Rs.)
Up to
31-3-07
(Rs.)
As at
31-3-07
(Rs.)
As at
31-3-06
(Rs.)
1,463,000
810,166
23,847
834,013
628,987
652,834
2,516
14,340
(2,516)
14,340
2,447
376
(2,447)
376
13,964
69
28,125
33,200
4,115
4,400
(4,115)
1,497,756
22,023,204
AIR CONDITIONERS
ELECTRICAL INSTALLATIONS
TOTAL
61,325
40
2653
2,693
58,632
28,085
4,400
3,920
4,400
(3,920)
4,400
195
51,940
(6,631)
1,543,065
816,573
31,276
(6,367)
841,482
701,583
681,183
38,771,394
60,794,598
60,794,598 22,023,204
1,179,233
1,179,233
TOTAL
22,023,204
39,950,627
61,973,831
GRAND TOTAL
23,520,960
40,002,567
(6,631)
63,516,896
816,573
31,276
(6,367)
841,482
2,362,656
19,688,673
23,520,960
792,407
24,166
816,573
VILLAGE MALL
PREVIOUS YEAR FIGURES
As at
31-3-07
(Rs.)
1,463,000
CAPITAL WORK IN PROGRESS

ASHANA GYMKHANA
NET BLOCK
DEPRECIATION
As at Additions/
On
01.4.06 (Deductions) Amalgamation
(Rs.)
(Rs.)
(Rs.)
1,469,631
Face
N o . of
Value
Rs.
Share/Unit
Nos.
As
1,179,233
61,973,831 22,023,204
62,675,414
22,704,387
At
N o . of
A s At
31.03.2007
Rs.
Shares/Unit
Nos.
31.03.2006
RS.
INVESTMENTS
(I)
LONG TERM INVESTMENT
a)
In
Government
Securities
Unquoted
National
Saving
(Lodged with
b)
Certificate
S a l e s Tax A u t h o r i t i e s )
In fully paid
20,000
up Equity S h a r e s
Quoted
Ashiana Housing
Ltd.
10
186,113
2,639,549
10
9,835
764,832
186,113
2,639,549
( F o r m e r l y A s h i a n a H o u s i n g & F i n a n c e (1) Ltd.)

IFGL
c)
In
Refractories
a
Ltd
Partnership
M/s A s h i a n a M a n g l a m D e v e l o p e r s - I n C a p i t a l A c c o u n t
d)
In
'21
Immovable
Firm
59,367,640
3,740,000
Properties
s i n g l e r o o m Flats a t R a n g o l i - I I , a t B h i w a d i
(II) C U R R E N T I N V E S T M E N T
Unquoted
In M u t u a l Funds
F T India Life S t a g e F O F - 4 0 S p l a n
10
Grindlays Floating
10
Rate Fund-LT-Gr.
Templeton Floating Rate Income F u n d ( G R )

Templeton
Treasury
Management Account
10
(GR)
T e m p l e t o n India S h o r t T e r m I n c o m e ( G R )
DSP Merill Lynch Bond Fund (GR)
1,000
1,000
10
5192.410
- '
98,188
66,630,209
Aggregate
amount
Aggregate
amount of
Market Value
of quoted
investments
unquoted
of quoted
investments
investments
R e p u r c h a s e v a l u e of units of M u t u a l
Fund
3,404,381
63,225,828
54363.438
556,627
94167.279
1,000,000
650349.645
8,000,000
588.400
1,000,000
106.688
125,000
5192.410
98,188
13,419,364
2,639,549
10,779,815
32,695,460
27,628,475
129,854
11,166,785
A S H I A N A RETIREMENT VILLAGES LIMITED
AS AT
AS AT
31.03.2007
Rs.
31.03.2006
Rs.
(97,000)
D E F E R R E D TAX A S S E T -Net
On fiscal
On
allowances on fixed
unabsorbed
assets
losses
404,000
307,000
7
INVENTORIES
(As t a k e n , v a l u e d a n d c e r t i f i e d b y t h e M a n a g e m e n t )
Stock in T r a d e
Construction
826,400
Material
4,416,345
2,487,080
13,000
1,763,542
13,000
1,763,542
325,270
16,161
1,518,178
902,787
40,000
40,000
1,883,448
958,948
SUNDRY DEBTORS
(Unsecured,
considered
good)
D u e for l e s s t h a n six m o n t h s
2,487,080
3,589,945
CASH AND BANK BALANCES

Cash-in-hand
In
Current Account
In F i x e d Deposit A c c o u n t (pledged )
10
LOANS
& ADVANCES
(Unsecured,
considered
good)
Loans
A d v a n c e s recoverable in cash or in
11
Security
Deposit
Taxation
advances
and
kind o r f o r v a l u e t o b e r e c e i v e d
Refundables
359,247
278,904
7,667,163
3,434,300
180,949
92,608
945,735
901,159
9,153,094
4,706,971

C U R R E N T LIABILITIES
Sundry
Creditors
Advance/Deposit
Temporary
Other
8,720,917
from
Customers
21,384,395
Overdraft due to over issue
of C h e q u e s
liabilities
2,294,347
10,887,100
552,661
13,228
1,694,010
1,803,319
32,351,983
14,997,994
PROVISIONS
For
12
Taxation
MISCELLANEOUS
(To t h e
179,100
15,177,094
EXPENDITURE
e x t e n t not w r i t t e n
Preliminary
201,100
32,553,083
off or a d j u s t e d )
Expenses
Preoperative
Director's'
Expenses
8,126
(pending
Remuneration
Furniture Hire
Charges
Interest
600,000
117,600
2,189,637

Telephone
allocation)
Expenses
Miscellaneous
Expenses
122,800
86,996
182,990
3,300,023
8,126

AS
13
AS AT
2005-06
Rs.
23,913
1,057,173
OTHER INCOME
Interest (Includes T D S Rs.Nil ; PY Rs.106487/-)
Dividend
372,226
185,413
Rent
277,830
271,215
231,682
2,131,771
(Includes TDS Rs. 5 5 5 5 1 / - ; PY Rs.50734/-)
Miscellaneous
Receipts
S h a r e o f profit f r o m
Liabilities Written
14
AT
2006-07
Rs.
Partnerhsip firm
Back
2,904,894
2,900
14,531
3,813,445
3,660,103
COST OF BORROWING
Interest :
15
To
Directors
To
Others
Staff
& Allowances
Welfare
166,578
4,039
288,387
2,069,404
1,909,974
153,363
46,231
2,222,767
1,956,205
271,500
563,652
OTHER EXPENSES
Rent
Rates
and
Taxes
5,824
13,987
25,815
46,403
500,000
500,000
102,343
256,370
197,292
289,097
67,016
99,146
Furniture
90,000
84,000
159,441
81,593
85,852
1,239
Establishment
Charges
Insurance
Legal
&
Professional
Travelling
&
Expenses
Conveyance
Hire C h a r g e s
Telephone
Expenses
Repairs and
Maintenance - others
Advertisement
207,485
495
Electricity
142,421
101,213
7,000
3,000
67,344
28,060
16,836
7,015
Expense
Directors'
Sitting
Fees
Auditors' Remuneration
For
Statutory
Audit
For Tax A u d i t
For i n t e r n a l A u d i t
2,000
For
6,285
90,117
259,500
136,692
273,267
1,020
Other
Services
Miscellaneous
expenses

Loss on sa|e of Fixed A s s e t s
Preliminary
17
121,809
Salary
16
4,039
Expenses
W/off
64
8,126
8,126
2,495,411
2,311,225
DIRECT TAXES
P r o v i s i o n f o r :I n c o m e Tax
Deferred
Income
Fringe
Tax
Tax A j u s t m e n t s
B e n e f i t Tax
10,000
(10,000)
(129,995)
62,607
82,000
'60,000
144,607
(69,995)
ASHIANA RETIREMENT VILLAGES

18
1)
mSmm M m i
LIMITED
SIGNIFICANT ACCOUNTING
SYSTEM
POLICIES
OF ACCOUNTING:
The company adopts accrual
basis of accounting
in the preparation of accounts.
a)
Fixed
a s s e t s are v a l u e d
at cost and
depreciation

b)
C a p i t a l w o r k - i n - p r o g r e s s is stated
is p r o v i d e d on
s t r a i g h t line
basis
in a c c o r d a n c e
with the
1956.
at cost.
INVENTORIES:
a) Stock in T r a d e is v a l u e d at cost, w h i c h is derived on a v e r a g e basis.
b) C o n s t r u c t i o n m a t e r i a l is v a l u e d at c o s t .
INVESTMENTS:
Long term
classified
i n v e s t m e n t s are carried at acquisition cost a n d

as current
investments and
are carried at
have attained the stage of p e r m a n e n t diminution
i n v e s t m e n t s i n t e n d e d t o b e h e l d f o r less t h a n o n e y e a r a r e
lower of cost a n d
market value.
Long Term
Investments which
in their v a l u e are revalued at their current v a l u e .
a)
C u r r e n t Tax i s d e t e r m i n e d a s t h e a m o u n t o f t a x p a y a b l e i n
b)
D e f e r r e d Tax is
recognised,
subject to c o n s i d e r a t i o n
respect of t a x a b l e income for the year.
in
respect of deferred tax Assets/Liabilities
arising on timing differences, being the difference between taxable income and a c c o u n t i n g income that originate in one
period and are c a p a b l e of reversal in o n e or more s u b s e q u e n t p e r i o d .
GRATUITY:
Gratuity
is a c c o u n t e d for on
MISCELLANEOUS
Preliminary
accrual
basis.
EXPENDITURE:
E x p e n s e s are written
off o v e r a p e r i o d o f f i v e y e a r s .
INCOME
I n c o m e i s a c c o u n t e d for o n a c c r u a l b a s i s e x c e p t w h e r e r e c e i p t o f i n c o m e i s u n c e r t a i n .
IMPAIRMENT
OF ASSETS
I m p a i r m e n t loss in the v a l u e of a s s e t s as specified

value of such
2)
in A c c o u n t i n g S t a n d a r d - 28 is r e c o g n i z e d w h e n e v e r carrying
market value or value in
use, w h i c h e v e r is higher.
E s t i m a t e d a m o u n t o f c o n t r a c t s t o b e e x e c u t e d o n C a p i t a l a c c o u n t s a n d not p r o v i d e d for R s .
lacs),
3)
assets exceeds the
advance thereagainst
Rs.15.36
lacs (P.Y.4.25
7 1 . 1 7 l a c s (P.Y. 9 . 8 6
lacs).
T h e Earning Per S h a r e (EPS) has been c a l c u l a t e d as specified in A c c o u n t i n g S t a n d a r d - 20 on " E a r n i n g Per S h a r e "

and
a)
related
d i s c l o s u r e s are as below :
2005-06
(Rs.)
(Rs.)
3,211,789
9,217,408
240,050
240,050
240,050
240,050
a m o u n t used as numerator in calculating basic and diluted EPS

Profit a f t e r t a x
b)
2006-07
(Rs.)
A m o u n t u s e d a s d e n o m i n a t o r for c a l c u l a t i n g E P S .
(In
Nos.)
For Basic EPS (Nos) :

Opening
(post a m a l g a m a t i o n )
A d d : Potential Equity S h a r e s
D e b e n t u r e s convertible to the extent of a m o u n t paid
up
in equity s h a r e s at par alloted on 2 6 - 0 5 - 2 0 0 6

(10000000*56/100
475,616
*310/365)
715,666
For Diluted EPS
CD
240,050
Ashiana

4)
U n a b s o r b e d M A T credit to be a l l o w e d in f u t u r e y e a r s a m o u n t i n g to R s . 8 , 8 9 5 / -
5)
The particulars of Partnership business is given

Ashiana
Mangalam
below:
Developers
Name of the Partner
Share
3 0 % of pre-tax yearly
profit
aggregate
917.40
Ashiana
Retirement Villages
Sangeeta
Sanjay
Vinod
65.00%
59,367,640
11.55%
24,308,230
17.00%
5.95%
4,591,514
33.00%
11.55%
1,148,231
17.00%
5.95%
Agarwal
Gupta
of
lacs
Goyal
# on the basis of audited

6)
# C a p i t a l (Rs.)
33.00%
Ltd.
Rajkumari Garg
Balance
upto cumulative
591,514
Balance Sheet as at 3 1 . 0 3 . 2 0 0 7
On the basis of physical verification of a s s e t s , as specified in A c c o u n t i n g Standard - 28 and cash generating capacity
of
those assets,
in the m a n a g e m e n t p e r c e p t i o n , there is no impairment of such assets as appearing in the balance
sheet as on 3 1 . 0 3 . 2 0 0 7 .
7)
In v i e w of insufficient information
Industrial undertaking can
8)
units, the amount due to Small Scale
Stock, Purchase and S a l e s :

Shops
(Sft.).
Opening
(on
Stock
Amalgamation)
Purchases
Sales
Closing
Stock
Amount
(Rs.)
Store
Rooms
(Sft.)
Amount
(Rs.)
Parkings
(Nos.)
Total
Amount
(Rs.)
Amount
(Rs.)
728
1,288,680
2,246
898,400
15
300,000
2,487,080
(728)
(1,288,680)
(2,246)
(898,400)
(15)
(300,000)
(2,487,080)
(-)
728
(-)
1,295,593
(-)
930
(-)
(-)
(-)
1,316
(2,246)
(728)
9)
not b e a s c e r t a i n e d .
(1,288,680)
(a)
P r e v i o u s year figures a b o v e are given in bracket.
(b)
Previous
period figures are
rearranged/ regrouped
620,500
(-)
-
(-)
-
(-)
1,916,093
(-)
(-)
(-)
(-)
526,400
(898,400)
15
(15)
300,000
(300,000)
826,400
(2,487,080)
wherever considered
necessary.

SCHEDULES
19
TO
THE
BALANCE
I.
Registration
ACCOUNTS
SHEET ABSTRACT AND
Details
COMPANY'S
Registeration
GENERAL
No.
BUSINESS
PROFILE
State
Code
21
Nil
Right
Issue
Nil
Nil
Private
U70101WB
2002PLC94479
Balance
Public
(Amount in
III
Rs. Thousand)
Position of M o b i l i s a t i o n a n d
Deployment
of funds
(Amount in
Rs. Thousand)
Sources
Application
of
Funds
of Funds
Issue
Liabilities
of
Paid-up
Capital
Secured
Loans
Net
Fixed
Assets
Net
Current
Assets
Accumulated
Performance
31/03/2007
Date
Issue
Bonus
Total
Sheet
Losses
+/-
Revenue)
Profit/Loss
Before
Nil
115,825
2,401
Reserves & Surplus
28,319
Nil
Unsecured
85,106
62,675
Investments
(17,087)
Misc.
Nil
Defferred
9,771
Total
Before deducting
e x t r a o r d i n a r y tax
Generic Name of Three
+/-
+3,356
Loans
66630
Expenditure
3300
307
Tax
Expedinture
Profit/Loss
After
Tax
*
Total Assets
Company
Turnover (Gross
IV
115,825
Placement
+3,212
Tax*
Dividend
13.38
6,414
Rate %
Nil
payment.
Products/Services of C o m p a n y
Item C o d e No.
N.A
(ITC Code)
Product
I n t e r m s o f our report o f e v e n d a t e a t t a c h e d
VINIT BAGARIA
Partner
Description
Real
Estate,
Hospitality
to 19
herewith
Om Prakash Gupta
Date : 29th J u n e , 2 0 0 7
Vishal Gupta
Director
Place : New Delhi
Date : 2 9 t h J u n e , 2 0 0 7
CD
ASHIANA HOUSING LIMITED - CONSOLIDATED

AUDITORS' REPORT TO THE BOARD OF DIRECTORS OF ASHIANA HOUSING LIMITED (FORMERLY ASHIANA HOUSING
& FINANCE
( I N D I A ) L I M I T E D ) O N T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S O F M/S A S H I A N A H O U S I N G L I M I T E D
(FORMERLY ASHIANA HOUSING & FINANCE

AND ASHIANA
We
RETIREMENT VILLAGES
have audited the
F i n a n c e (India)
March,
attached
consolidated
Profit a n d
ITS S U B S I D I A R I E S V A T I K A M A R K E T I N G L I M I T E D
Balance Sheet of Ashiana
L i m i t e d ) a n d its s u b s i d i a r i e s . V a t i k a M a r k e t i n g
2 0 0 7 , the consolidated
annexed
(INDIA) LIMITED) A N D
LIMITED
Housing
Limited
(formerly Ashiana
Housing
&
Limited and Ashiana Retirement Villages Limited as at 31st
Loss Account and the Cash
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
on that date
thereto.
T h e s e financial s t a t e m e n t s are the responsibility of the C o m p a n y ' s m a n a g e m e n t . Ogr responsibility is to e x p r e s s an o p i n i o n

on these financial statements based
generally accepted in
on our audit. W e ' h a v e c o n d u c t e d
our a u d i t
in
accordance with
India. T h e s e s t a n d a r d s require that we plan a n d p e r f o r m the audit to obtain
about w h e t h e r the f i n a n c i a l s t a t e m e n t s are free f r o m material

evidence supporting the
amounts and
disclosures
auditing
standards
reasonable assurance
m i s s t a t e m e n t . An audit includes e x a m i n i n g , on a test basis,
in the financial
statements.
An
audit also
includes assessing the
accounting principles used and significant estimates made by the m a n a g e m e n t , as well as evaluating the overall financial
s t a t e m e n t p r e s e n t a t i o n . W e b e l i e v e t h a t o u r a u d i t p r o v i d e s a r e a s o n a b l e b a s i s for o u r o p i n i o n .
We
report that the c o n s o l i d a t e d
financial
requirements of Accounting Standard

A c c o u n t a n t s of India and
on the
statements
have
been
prepared
by the
(AS) 2 1 , c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ,
basis of separate audited financial
company
issued
in
by The
statements of A s h i a n a
a c c o r d a n c e with
the
Institute of C h a r t e r e d
housing
& Finance
(India)
L i m i t e d a n d its s u b s i d i a r i e s i n c l u d e d i n t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s .
On the basis of information and e x p l a n a t i o n s given to us and on the c o n s i d e r a t i o n of s e p a r a t e audit reports on
individual
a u d i t e d f i n a n c i a l s t a t e m e n t s o f A s h i a n a H o u s i n g & F i n a n c e ( I n d i a ) L i m i t e d a n d its a f o r e s a i d s u b s i d i a r i e s , t h e s a i d f i n a n c i a l
statements,
i.
s u b j e c t p a r t i c u l a r l y to
n o t e s in
Schedule '22'
regarding,
Dues to SSI Units (note 8),
g i v e a t r u e a n d fair v i e w :
i n s o far a s i t r e l a t e s t o t h e C o n s o l i d a t e d B a l a n c e S h e e t , o f t h e s t a t e o f a f f a i r s o f t h e C o m p a n y a s a t 3 1 s t M a r c h ,
2007; and,
ii.
in so far as it r e l a t e s to t h e C o n s o l i d a t e d
iii.
I n t h e c a s e o f C o n s o l i d a t e d C a s h F l o w S t a t e m e n t , o f t h e c a s h f l o w for t h e y e a r e n d e d o n t h a t d a t e .
Profit & L o s s A c c o u n t , of t h e Profit f o r t h e y e a r e n d e d on t h a t d a t e .
Chartered
Accountants
(VINIT
Place:
BAGARIA)
Gurgaon
Date: 29
t h
Partner
June, 2007
Membership
{56}
Number:
500872
iGlh Ashiana
CONSOLIDATED
31 ST
MARCH,
BALANCE
SHEET
OF
ASHIANA
HOUSING
LTD.
&
ITS
SUBSIDIARIES
AS
AT
2007
SCHEDULES
AS AT
31.03.2007
Rs.
Rs.
Rs.
AS AT
31.03.2006
Rs.
SOURCESOFFUNDS
Shareholders'
Share
Funds:
Capital
Reserves
&
Surplus
51,669,870
51,669,870
271,735,143
192,609,913
244,279,783
323,405,013
Loan
Funds:
Secured
Loans
Unsecured
Minority
9,761,687
Loans
9,496,923
21,799,836
3,660,608
31,561,523
13,157,531
3,970,000
3,456,385
358,936,536
260,915,942
Interest
22,243
D e f e r r e d T a x liability
Fixed
Assets:
a) Gross
Block
b) Less:
Depreciation
59,600,373
139,691,920
c) Net B l o c k
16,934,378
15,452,579
122,757,542
44,147,794
62,167,211
d) Capital W o r k in
21,771,897
Progress
184,924,753
65,919,691
269,496,965
232,207,802
Investments
Current Assets,
& Advances
512,291,788
581,290,280
18,651,394
9,358,683
Sundry
234,168,501
170,632,653
Debtors
Cash & Bank balances
10
Other
Current
11
Loans
& Advances
Less:
&
Net
Loans
Inventories
Current
Assets
770,224,302
Liabilities
925,881,333
12
Assets
Miscellaneous
1,024,666,538
SHEETABSTRACT AND
(98,785,205)
13
Expenditure
NOTES ON ACCOUNTS
BALANCE
77,941,178
63,477,879
Provisions
Current
28,293,279
807,443,979
(37,219,677)
3,300,023
8,126
358,936,536
260,915,942
22
COMPANY'S
G E N E R A L BUSINESS PROFILE
23
T h e S c h e d u l e s r e f e r r e d a b o v e f o r m a n i n t e g r a l part o f t h e a c c o u n t s .
I n t e r m s o f our report o f e v e n d a t e a t t a c h e d h e r e w i t h .
For B.
CHHAWCHHARIA & CO.
Chartered
For and on behalf of the Board
Accountants
VINIT BAGARIA
Partner
Bhagwan Kumar
Company
Secretary
Date : 29th J u n e , 2 0 0 7
Om Prakash Gupta
Jt.
Vishal Gupta
Naval Kishore
G.M. (F&A)
Place : N e w Delhi
Date : 29th J u n e , 2 0 0 7

CONSOLIDATED
PROFIT
&
LOSS
ACCOUNT
OF A S H I A N A
HOUSING
LTD.
&
ITS
SUBSIDIARIES
FOR
THE Y E A R ENDED 31 ST M A R C H , 2007
SCHEDULES
2006-2007
(Rs.)
2005-2006
(Rs.)
496,448,279
335,545,192
INCOME
Sales
14
Project
Maintenance
Charges
15,069,726
15,885,001
Other Income
15
45,352,910
40,691,733
I n c r e a s e / ( D e c r e a s e ) in S t o c k
16
74,084,460
111,581,002
630,955,375
503,702,928
26,794,263
93,217,500
Purchases
17
Cost of Sales
1,660,680
Project
Expenses
Project
Maintenance
Ongoing
Project
Expenses on
18
Expenses
Employees
1 9
expenses
20
PROFIT FOR T H E Y E A R
Less:
Profit
after
271,211,140
10,711,160
10,476,708
16,814,531
Expeses Adjustment
Depreciation
Other
383,237,390
21
Tax
31,605,885
23,681,861
3,588,520
2,795,954
47,929,309
.42,453,882
522,341,738
443,837,045
108,613,637
59,865,883
14,146,257
4,559,039
94,467,380
55,306,844
84,003,000
37,641,690
Appropriations:
Transfer to
General
Reserve
Minority
Interest
Surplus
brought forward
Proposed
Tax o n
1,843
previous year
Dividend
Balance Sheet
1,458,567
13,382,750
10,706,200
2,274,400
1,501,545
1,721,363
6,914,133
Per S h a r e
(On S h a r e s of n o m i n a l v a l u e of Rs.
Basic a n d
10/- each)
Diluted
18.28
integral
In t e r m s of our report of e v e n d a t e a t t a c h e d
For B.
6,914,133
Dividend
Proposed
Surplus Carried to
Earning
from
10.70
part o f t h e a c c o u n t s
herewith
CHHAWCHHARIA & CO.
Chartered
Accountants
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary
For a n d on behalf o f t h e B o a r d
Om Prakash Gupta
Vishal Gupta
Naval Kishore
G . M . (F&A)
Place :
Date
Date
: 29th June, 2007
<58>
N e w Delhi
: 29th June, 2007

AS
AS
AT
AT
31.03.2007
31.03.2006
(Rs.)
(Rs.)
70,000,000
70,000,000
53,531,000
53,531,000
SHARE CAPITAL
Authorised
7 0 0 0 0 0 0 Equity s h a r e s of Rs.
10/- each
I s s u e d , S u b s c r i b e d a n d Paid up :
5 3 5 3 1 0 0 Equity shares of Rs.
10/- each
f u l l y p a i d up
Less:
186113 Equity s h a r e s of Rs.
1,861,130
1,861,130
51,669,870
51,669,870
1,500,000
1,500,000
169,795,780
133,500,000
RESERVES & SURPLUS

Capital
Reserve
General
Reserves
As
per
Add
last A c c o u n t
: o n initial a d o p t i o n o f D e f e r r e d Tax A s s e t s i n s u b s i d a r y c o m p a n y
Less: Adjustment on A m a l g a m a t i o n
Add
Reserve
Securities
Profit &
297,000
i n s u b s i d i a r y (net)
: T r a n s f e r f r o m Profit & L o s s A / c
Capital
(1,345,910)
84,003,000
37,641,690
254,095,780
169,795,780
18,000
Premium Account
14,400,000
Loss Account
3.
SECURED LOANS
I)
Working Capital Loans from :
II)
10 each on Consolidation
14,400,000
1,721,363
6,914,133
271,735,143
192,609,913
State B a n k of Bikaner & J a i p u r
1,940,635
H D F C Bank Ltd.
4,437,007
1;520,217
'
4,050,638
Vehicle Loans from :

A B N Amro Bank Ltd.
ICICI
Bank Limited
H D F C Bank Ltd.
871,158
1,393,401
1,668,287
2,532,667
844,604
9,761,687
-Secured
by
hypothecation
* Includes Rs.
4
9,496,923
of vehicles
17,95,543/- due within
12 m o n t h s
UNSECURED LOANS
From
-
Bodies Corporate
Others
From
Directors
12,303,731
752,466
9,496,105
2,908,142
21,799,836
3,660,608
Ashiana

AS
31.03.2006
(Rs.)
(Rs.)
6,451,000
4,756,010
D E F E R R E D TAX LIABILITY (NET)

D e f e r r e d Tax
Less:
Liability o n
Employee
FIXED
Fiscal a l l o w a n c e of fixed assets
D e f e r r e d Tax A s s e t s o n
Unabsorbed
AS AT
AT
31.03.2007
losses
Benefits
847,000
81,625
1,634,000
1,218,000
3,970,000
3,456,385
ASSETS
GROSS
BLOCK
A s at
Additions/
0 1 . 0 4 . 2 0 0 6 (Deductions)
(Rs.)
(Rs.)
GOODWILL
GOODWILL ON
CONSOLIDATION
BUILDING
100,000
788,346
DEPRECIATION
NET
BLOCK
A s at
31-3-2007
(Rs.)
Upto
31-3-2006
(Rs.)
For t h e
year
(Rs.)
Upto
31-3-2007
(Rs.)
100,000
100,000
100,000
788,346
788,346
788,346
A s at
31-3-2007
(Rs.)
A s at
31-3-2006
(Rs.)
8,404,833
*65,374,160
73,778,993
1,637,350
242,059
1,879,409
71,899,584
6,767,483
24,296,027
4,146,623
(767,885)
27,674,765
4,164,323
1,236,201
(618,830)
4,781,694
22,893,071
20,131,704
FURNITURE &
FIXTURES
3,349,624
5,215,273
(199,403)
8,365,494
2,158,079
230,143
(175,189)
2,213,033
6,152,461
1,191,545
COMPUTERS
3,553,107
1,764,369
(1,006,895)
4,310,581
1,966,891
438,698
(956,550)
1,449,039
2,861,542
1,586,216
PLANT&
MACHINERY
242,366
60,400
302,766
99,212
12,298
111,510
191,256
143,154
AIR CONDITIONERS
2,076,326
658,390
2,734,716
536,825
106,992
643,817
2,090,899
1,539,501
OFFICE EQUIPMENTS
2,457,269
1,952,427
4,409,696
613,273
163,980
777,253
3,632,443
1,843,996
VEHICLES
9,158,071
1,628,034
(349,088)
10,437,017
1,776,602
894,413
(161,092)
2,509,923
7,927,094
7,381,469
ELECTRICAL
INSTALLATIONS
1,884,548
1,501,512
(4,115)
3,381,945
927,699
101,437
(3,920)
1,025,216
2,356,729
956,849
GENERATORS
3,287,723
352,238
(232,360)
3,407,601
1,572,325
162,299.
(191,140)
1,543,484
1,864,117
1,715,398
59,598,240
82,653,426
139,691,920
15,452,579
3,588,520
16,934,378
122,757,542
62,167,211
22,621,897
REFRIGERATORS
TOTAL
(2,559,746)
(2,106,721)
CAPITAL WORK
IN PROGRESS
22,621,897
40,144,007
(598,693)
62,167,211
GRAND TOTAL
82,220,137
120,237,687
(3,158,439)
201,859,131
15,452,579
1,481,799
(2,106,721)
16,934,378
184,924,753
PREVIOUS
YEAR FIGURES
42,550,682
39,709,722
(828,613)
81,431,791
13,755,331
2,777,999
(324,910)
16,208,420
Pending registration in the name of the Company.
66,767,558

AS
AS AT
31.03.2006
(Rs.)
(Rs.)
Shops
113,742
S t o c k in T r a d e
826,400
Maintenance
169,936
INVENTORIES
Stock (As t a k e n , v a l u e d and certified by the
Leasehold
Freehold
Unsold
manaqement)
Material
Land
land
completed
constructions
Work-in-progress
Construction/ Maintenance
AT
31.03.2007
HEDULES TO THE ACCOUNTS
materials
108,893,841
78,875,635
94,209,628
135,526,523
24,196,074
19,361,207
323,451,986
261,271,016
29,428,673
17,257,407
581,290,280
512,291,788
SUNDRYDEBTORS
(Unsecured)
D u e f o r m o r e t h a n six m o n t h s :
2,027,607
Considered
Good
1,019,616
Considered
Doubtful
Other Debts - Considered G o o d
3,011,664
15,604,171
6,447,019
Debts
Cheques/Drafts-in-hand
100,000
18,651,394
9,358,683
2,810,856
826,363
985,423
680,709
1,172,724

In
Current Accounts
In
Unclaimed Dividend Accounts
In Fixed
10,014,602
Deposit A c c o u n t s (Pledged with
Rs. 2,01,54,710/-;
P.Y.
Rs.
Banks
10,352,649
1,452,437
389,975
217,732,459
158,382,957
234,168,501
170,632,653
1,07,88,694/-)
OTHER CURRENT ASSETS

Ongoing
11
9,458,683
CASH A N D BANK BALANCES

Cash-in-hand
10
100,000
3,047,223
18,651,394
Less:
2,911,664
Projects Adjustment Account
28,293,279
LOANS AND ADVANCES

(Unsecured,
considered
good,
unless otherwise stated)
Loans
To
Others
Advance
against
land/building
purchase
A d v a n c e s r e c o v e r a b l e in c a s h or in
o r for v a l u e t o
Taxation
Deposits
be'received
advance
and
refundable
449,172
16,088,219
13,558,250
9,076,880
25,740,108
36,510,106
21,825,491
14,511,506
kind
1,904,858
1,754,467
63,477,879
77,941,178

A S AT
HEDULES TO THE ACCOUNTS
12
AS AT
31.03.2007
31.03.2006
(Rs.)
(Rs.)

A) C U R R E N T LIABILITIES
Sundry
Creditors
Advance
from
Security
Due to
deposits
Temprory
51,319,017
691,693,516
36,168,478
25,126,156
1,452,437
Dividend
overdraft
40,542,280
889,529,273
153,516
subsidiary companies
Unclaimed
Other
Customers
due to
over issue
of c h e q u e s
liabilities
758,796
823,417
17,117,621
11,866,774
985,787,022
780,764,259
1S,39B,100
10,714,100
13,382,750
10,706,200
B) PROVISIONS
For
Taxation
For P r o p o s e d
Dividend
For Tax o n P r o p o s e d
For
13
Dividend
Gratuity
MISCELLANEOUS
(To t h e e x t e n t
Preliminary
Furniture
807,443,979
8,126
(pending
allocation)
600,000
Remuneration
117,600
Hire Charges
2,189,637
Interest
Telephone
122,800
Preliminary
86,996
Expenses
Miscellaneous
182,990
Expenses
Expenses
S A L E S
15
1,024,666,538
off or a d j u s t e d )
C o m p l e t e d project
Other
3,757,875
EXPENDITURE
not w r i t t e n
Expenses
Directors'
b)
1,501,545
4,824,266
Expenses
Preoperative
a)
2,274,400
Projects
Ongoing
3,300,023
8,126
2006-2007
2005-2006
Rs.
Rs.
435,539,004
232,531,711
32,615,996
103,013,481
28,293,279
Projects
496,448,279
335,545,192
15,891,286
7,969,970
OTHER INCOME
Interest
(Net)
Income from Long Term Investment:

Dividend
Sale
(net)
2,149,407
944,135
15,149,910
21,664,602
Commission
2,941,972
519,288
Rent
1,411,472
1,378,904
4,180,228
7,706,690
Miscellaneous
Income
Debts Written
3,194,022
Profit on s a l e of I n v e s t m e n t
Profit o n s a l e o f F i x e d A s s e t s (Net)
46,720
I t e m s r e l a t i n g t o p r e v i o u s y e a r (Net)
136,190
Liabilities Written
100,000
Back
Back
: T f i T i
16,798
151,705
491,346
45,352,910
40,691,733

16.
2006-2007
2005-2006
(Rs.)
(Rs.)
INCREASE/ (DECREASE) IN STOCK

Closing Stock:
Leasehold Land
Freehold
Land
Shops
108,893,841
78,875,635
94,209,628
135,526,523
113,742
Unsold
completed
construction
Work-in-progress
24,196,074
19,361,207
324,881,390
261,271,016
552,294,675
495,034,381
67,785,414
96,935,824
Less: O p e n i n q Stock :
L e a s e h o l d land *
78,806,417
Leasehold Land transferred to Investment on
11,021,003
1st A p r i l , 2 0 0 6
Shop
715,807
Freehold land *
Unsold
132,279,658
completed
construction
Work-in-progress
*net o f o n g o i n g
project a d j u s t m e n t a c c o u n t i n g to Rs.
59,632,013
16,158,320
12,461,567
261,271,016
214,423,975
478,210,215
383,453,379
74,084,460
111,581,002
26,602,533
90,813,402
33,16,083/-
PURCHASES
Land
Flats/
Bunglows
191,730
2,404,098
26,794,263
93,217,500
262,876,530
181,607,594
60,222,042
34,932,006
39,759,134
27,545,122
4,221,014
3,753,483
780,507
988,975
PROJECTEXPENSES
Consumption
of construction
materials
(Indigenous)
Wages
Labour
charges
Power &
Fuel
Leasehold
land
Architects'
Fee
Miscellaneous
Less:
19
Ongoing
rent a n d
and
other c h a r g e s
Consultancy
project
Project
Charges
expenses
Expeses Adjustment
2,609,693
1,938,705
26,266,918
20,445,255
396,735,838
271,211,140
13,498,448
383,237,390
271,211,140
28,451,214
20,834,427
994,707
806,559
Salary,
Wages,
bonus and allowances
(includes Gratuity Provision

Contribution to
Staff
&
Rs10,66,391;
PY Rs.7,54,478)
Provident & Other Funds
Labour welfare
expenses
rn
2,159,964
2,040,875
31,605,885
23,681,861
Ashiana

20
2006-2007
2005-2006
(Rs.)
(Rs.)
1,378,256
1,467,475
OTHER EXPENSES
Rent
Rates and
Taxes
Insurance
Travelling
Legal
and
and
Conveyance
Professional
Advertisement and
expenses
Business
Promotion
Commission
Management
Fee
457,095
227,663
3,937,595
3,821,657
4,494,266
4,307,966
1,271,631
1,055,264
15,513,809
18,978,322
1,717,404
2,212,374
2,651,662
T e l e p h o n e , T e l e x & Fax
1,996,488
1,469,890
Printing & Stationery
1,585,006
1,230,004
Repairs and M a i n t e n a n c e :
To
Machineries
To Building
To
Others
Directors'
Fees
Auditors' Remuneration
For
Statutory Audit
For Tax A u d i t
For
Other
Irrecoverable
Services
expenses
227,935
623,071
934,919
38,000
26,000
471,408
364,780
Balances Written
off
35,672
16,850
110,276
91,195
181,109
224,001
8,728,747
4,905,470
174,258
272,224
273,567
56,804
Fixed A s s e t s Written
223,545
Off
Preliminary Exp. W/off
21
554,563
For I n t e r n a l A u d i t
Miscellaneous
561,524
1,496,794
8,126
8,526
47,929,309
42,453,882
12,260,000
4,050,000
810,615
(123,876)
934,000
630,000
PROVISION FOR TAXATION

I n c o m e Tax
Deferred
Tax
Fringe
B e n e f i t Tax
Wealth
Tax
Income
-GEO-
30,000
5,000
111,642
(2,085)
14,146,257
4,559,039
Ashiana
ASHIANA HOUSING LIMITED CONSOLIDATED

22
NOTES ON ACCOUNTS
1)
SIGNIFICANT A C C O U N T I N G POLICIES
S Y S T E M OF A C C O U N T I N G :
The company adopts
accrual basis of accounting
in the
preparation of accounts.
1.
2.
Fixed assets are v a l u e d at cost and d e p r e c i a t i o n
is provided on
1956.
Capital w o r k in
s t r a i g h t line b a s i s
in
accordance
with the
p r o g r e s s is v a l u e d at cost.
INVENTORIES:
Leasehold and
Freehold land,
unsold c o m p l e t e d c o n s t r u c t i o n , w o r k - i n - p r o g r e s s and c o n s t r u c t i o n materials are v a l u e d
at cost, w h i c h is derived at a v e r a g e basis, except that value of construction material is derived at FIFO basis.
GRATUITY :
Gratuity is a c c o u n t e d for
on accrual basis.
SALES AND OTHER INCOME :

a)
Sales of flats and others,
in
respect of projects u n d e r t a k e n
basis of date of delivery of physical

u n d e r t a k e n o n o r a f t e r 1st
extent of work done
buyer
b)
upon
Other income
on
excecution
possession to the
April, 2006,
before 31st M a r c h , 2 0 0 6 ,
respective customers and
represents the value of flats and others
percentage completion
basis,
significant
risk a n d
i s a c c o u n t e d for o n t h e
sales
in
respect of projects
contracted to be sold to the
rewards wherof is transferred to the
o f A g r e e m e n t for s a l e .
is a c c o u n t e d on accrual basis except w h e r e the
receipt of income
is u n c e r t a i n .
a)
b)
C u r r e n t Tax i s d e t e r m i n e d a s t h e a m o u n t o f t a x p a y a b l e i n
r e s p e c t o f t a x a b l e i n c o m e for t h e y e a r .
D e f e r r e d Tax i s r e c o g n i s e d ,
subject to c o n s i d e r a t i o n
arising on timing differences,
being the difference b e t w e e n taxable income and a c c o u n t i n g income that originate
in
r e s p e c t o f d e f e r r e d tax A s s e t s / L i a b i l i t i e s
in o n e period and are c a p a b l e of reversal in one or more s u b s e q u e n t p e r i o d . D e f e r r e d tax in respect of differential

income due to accounting of sales on percentage completion basis,
b e i n g not d e t e r m i n a t e ,
i s not r e c o g n i s e d .
INVESTMENTS:
L o n g t e r m i n v e s t m e n t s a r e c a r r i e d a t a c q u i s i t i o n c o s t a n d i n v e s t m e n t s i n t e n d e d t o b e h e l d for l e s s t h a n o n e y e a r a r e
classified
as current
investments and
are carried
have attained the stage of permanent diminution

FOREIGN
at lower of cost and
market value.
Long Term
Investments which
in their v a l u e are revalued at their current v a l u e .
CURRENCY TRANSACTIONS:
I n c o m e a n d E x p e n d i t u r e i n f o r e i g n currency i s c o n v e r t e d into r u p e e a t t h e rate o f e x c h a n g e p r e v a i l i n g o n t h e d a t e o f

the
transactions.
I M P A I R M E N T OF A S S E T S :
Impairment Loss in the value of assets, as specified
value of such assets e x c e e d s the market value or value in

2)
use
S t a n d a r d -28
is
recognised whenever carrying
, w h i c h e v e r is higher.
C o n t i n g e n t Liability, not p r o v i d e d for, in r e s p e c t of :

a)
Contested d e m a n d of
Income tax and penalty
R s . 7.51
lacs
( R s . 7.51
S e r v i c e Tax
Rs.46.59
lacs
(Nil)
ESIC
b)
Contested
Rs.3.04
claim
of the
R a j a s t h a n for refund
lacs
lacs).
(Nil)
of State Capital
Subsidy
including
interest
Rs. 4 3 . 5 0 lacs (Rs. 4 1 . 2 5 lacs).

3)
E s t i m a t e d a m o u n t o f c o n t r a c t r e m a i n i n g t o b e e x e c u t e d o n c a p i t a l a c c o u n t a n d not p r o v i d e d for a m o u n t s (net o f

advance) to Rs.
4)
70.86 lacs (Rs. 7 2 . 0 0 lacs).
The a c c o u n t i n g of sales of flats and others c o n t r a c t e d to be sold

1st
April, 2006,
i n r e s p e c t o f p r o j e c t s u n d e r t a k e n o n o r after
h a s b e e n d o n e o n p e r c e n t a g e c o m p l e t i o n b a s i s , w h i c h until p r e v i o u s y e a r w a s b e i n g d o n e o n
the basis of delivery of physical prossession to the respective c u s t o m e r s .

would
have been
lower by Rs.
114.78 lacs.
CD
But for t h i s c h a n g e ,
profit f o r t h e y e a r
Ashiana
5)
Paid
up
Share
Capital
of the
Company
Amalgamation without payment being

6)
includes
received
1993100
Equity
Shares,
allotted
pursuant to
S c h e m e s of
in cash.
N a m e o f t h e C o m p a n y h a s b e e n c h a n g e d f r o m ' A s h i a n a H o u s i n g a n d F i n a n c e (India) L i m i t e d ' t o ' A s h i a n a H o u s i n g

Limited' vide the fresh certificate of incorporation, c o n s e q u e n t upon c h a n g e of n a m e , d a t e d 0 4 . 0 5 . 2 0 0 7 ,
by the
7)
issued
Registerar of C o m p a n i e s , West.
Interest I n c o m e (Including T D S Rs. 3 4 , 9 7 , 3 3 9 / - ;
P.Y.Rs.
1 4 , 9 8 , 7 7 6 / - ) i s net o f
Interest :
To
8)
Others
Rs.3,35,564/-
In v i e w of insufficient information
(Rs.
6,99,281/-)
units, the a m o u n t due to
S m a l l S c a l e I n d u s t r i a l u n d e r t a k i n g c a n not b e a s c e r t a i n e d .
2006 - 2007
9)
(Rs.)
3,150,000
3,600,000
Directors' Remuneration :
Salary
262,500
62,500
441,311
735,957
3,853,811
4,398,457
P r o v i s i o n for G r a t u i t y
Perquisites
10)
E x p e n d i t u r e in Foreign C u r r e n c y :
Travelling
11)
2005 - 2006
(Rs.)
Rs.17,60,109/-
The earning
per s h a r e
i s s u e d by ICAI
a)
has been c a l c u l a t e d as s p e c i f i e d
Standard 20
9,73,555/-)
o n " E a r n i n g s Per S h a r e "
a n d r e l a t e d d i s c l o s u r e s a r e as b e l o w :
A m o u n t used as n u m e r a t o r in calculating basic a n d diluted

P r o f i t / ( L o s s ) after t a x
b)
(Rs.
Weighted average
(Rs.
2006-2007
2005-2006
Rs.
Rs.
944.67
553.07
51.67
51.67
EPS:
in lacs)
n u m b e r of equity s h a r e s used as the
d e n o m i n a t o r in calculating EPS (Nos. in lacs).
12)
These accounts have been
p r e p a r e d a s per t h e r e v i s e d A c c o u n t i n g S t a n d a r d (AS) 9 o n " R e v e n u e R e c o g n i t i o n "
and the G u i d a n c e note on "Recognition of R e v e n u e by Real

S i n c e , i n t e r m s o f p r o v i s i o n s o f t h e I n c o m e Tax A c t , 1961
of c o n s t r u c t e d
c o m p u t i n g Total
unit a n d
deduction
u/s 8 0 I B ( 1 0 )
Estate Developers".
the income a c c r u e s upon delivery of physical possession
is a l l o w e d
after c o m p l e t i o n
of c o n s t r u c t i o n ,
Rs.
Net
Profit as per Profit & L o s s A c c o u n t
Less:- Sales Real

Less:
'Net
Profit' for
Income under the
Ongoing
108,613,637
Estate- ongoing projects
project
expenses
Rs.
adjusted
28,293,279
16.814.531
11.478.748
97,134,889
A d d : - As
per
Income Tax Act:
Sales
Real
Estate - ongoing
(upon
delivery
Less:
Cost of Sales
of physical
Net Profit for I n c o m e Tax
projects completed
possession)
Purpose
97,134,889
CD
Mm Ashiana

13)
The Consolidated Financial Statements have been prepared in a c c o r d a n c e with A c c o u n t i n g Standard 21
(AS 21)
- " C o n s o l i d a t e d Financial S t a t e m e n t s " issued by T h e Institute of C h a r t e r e d A c c o u n t a n t s of India. T h e subsidiaries

(which along with Ashiana Housing & Finance
preparation
of these consolidated financial
Name
(I)
Ltd.,
the parent,
constitute the Group) considered
C o u n t r y of
P e r c e n t a g e of voting
Incorporation
'
P e r c e n t a g e of voting
power as at
power
31st M a r c h , 2 0 0 7
14)
in the
statements are:
31st
as
March.
A s h i a n a Retirement Villages Limited
India
100%
99.98%
Vatika Marketing Limited
India
100%
100%
On the basis of physical verification of a s s e t s , as specified
in A c c o u n t i n g Standard - 28 a n d cash
at
2006
generation
capacity of those assets, in the m a n a g e m e n t perception there is no impairment of such assets as appearing in the
balance sheet as on 31.03.2007.
15)
a)
Previous year figures above are indicated in
b)
Previous year figure
have
been
brackets.
regrouped/rearranged,
wherever found
necessary.
Ashiana
23
I
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE

Registeration
Registration Details
State
Code
21
Nil
Right
Issue
Nil
Nil
Private
Total Liabilities
358,937
Total
Assets
358,937
Paid-up Capital
51,670
R e s e r v e s & Surplus
271,735
Secured
Loans
9,762
Unsecured
21,800
Deffered
Tax
3,970
Balance
Public
(Amount in
III
Rs. T h o u s a n d )
P o s i t i o n of M o b i l i s a t i o n a n d
Deployment
' ( A m o u n t in
Sources
Application
of
No.
Sheet
Date
31/03/2007
Issue
Bonus
Issue
Placement
Nil
of funds
Rs. Thousand)
Funds
of Funds
Liabilities
Loans
Net
Fixed Assets
184,925
Investments
269,497
Net
Current Assets
(98,785)
Misc.
3300
Accumulated
Performance
40864
Losses
Expenditure
Nil
of Company
T u r n o v e r (Gross Revenue)
+/-
Profit/Loss
Before
556,871
Total
+ 108,614
+/After
Tax
Expedinture
Profit/Loss
448,257
+94,467
Tax*
IV
18.28
Dividend
Rate %
25
Generic N a m e of Three Products/Services of C o m p a n y

Item C o d e No.
N.A
(ITC Code)
Product Description
Real
Estate
to 23
i n t e r m s o f our report o f e v e n d a t e a t t a c h e d h e r e w i t h .
Chartered
Accountants
VINIT BAGARIA
Partner
Bhagwan
Kumar
Company Secretary
Date : 29th J u n e , 2 0 0 7
For and on
Om Prakash Gupta
Vishal Gupta
J t . M a n a g i n g Director
behalf o f t h e B o a r d
Naval Kishore
G . M . (F&A)
Place : N e w Delhi
Date : 29th J u n e , 2 0 0 7
Ashiana

CASH
FLOW S T A T E M E N T FOR THE YEAR
CASH
FLOW
Net
FROM
Profit
OPERATING
ENDED 31 ST M A R C H ,
ACTIVITIES
2007
2006-2007
2005-2006
(Rs.)
(Rs. )
before tax and e x t r a o r d i n a r y items
59,865,883
108,613,637
Depreciation
Interest
Income from
Long Terms Investment
P r o v i s i o n for d o u b t f u l
Fixed
Profit
3,588,520
Income
assets written
Loss on
loans written
back
2,795,954
(15,891,286)
(7,969,970)
(17,299,317)
(22,608,737)
(100,000)
off
223,545
sale of Fixed A s s e t s
OPERATING PROFIT BEFORE W O R K I N G CAPITAL C H A N G E S .
(46,720)
(16,798)
79,088,379
32,066,332
Trade
and
other receivables
Inventories
Trade
Payables and
(Increase)/
Decrease
advances from
in
(15,708,706)
(34,232,715)
(68,998,492)
(114,545,901)
205,395,513
263,950,559
customers
Miscellaneous expenditure
CASH GENERATED FROM OPERATIONS
flow
before
Extra
Ordinary
extra ordinary
147,246,801
(5,111,832)
180,396,395
142,134,969
180,396,395
151,139,059
(119,638,994)
(36,505,980)
items
items
Adjustment on
account of amalgamation
Net c a s h f r o m
O p e r a t i n g a c t i v i t i e s (A)
CASH
8,526
196,484,797
(16,088,402)
D i r e c t T a x e s paid / a d j u s t e d
Cash
(3,291,897)
9,004,090
of subsidiaries
FLOW FROM INVESTING ACTIVITIES :
Purchase
of
Fixed Assets
Sale of Fixed Assets

Net
Purchase/ sale
Interest
of Investments
Income
Other Income from

Net C a s h
CASH
Long Term
FLOW FROM
Proceeds from
16,798
(22,139,253)
(23,901,774)
15,891,286
7,969,970
2,149,407
944,135
(123,461,354)
(51,476,851)
Investments
f r o m i n v e s t i n g a c t i v i t i e s (B)
276,200
FINANCING ACTIVITIES :
long t e r m and
other borrowings
D i v i d e n d & D i v i d e n d Tax paid

Net C a s h u s e d i n F i n a n c i n g a c t i v i t i e s (C)
N E T I N C R E A S E I N C A S H A N D C A S H E Q U I V A L E N T S (A+ B + C )
CASH AND CASH EQUIVALENTS ATTHE BEGINNING OFTHE
18,403,992
(538,005)
11,768,662
(5,791,963)
30,172,654
(6,329,968)
93,332,240
87,107,695
170,632,653
77,300,413
234,168,501
170,632,653
YEAR
CASH AND CASH EQUIVALENTS
0 1 . Proceeds from
02. Cash
long t e r m
and
and Cash equivalents
A T T H E END OF THE Y E A R
other b o r r o w i n g s are s h o w n
represent cash and
I n t e r m s o f our r e p o r t o f e v e n d a t e a t t a c h e d
For B .
CHHAWCHHARIA
net o f r e p a y m e n t :
bank b a l a n c e s only.
herewith
& CO.
VINIT BAGARIA
Partner
Bhagwan
Kumar
Company Secretary
Om Prakash Gupta
Vishal Gupta
Naval
G.M.
Place :
Date
Date
: 29th J u n e , 2 0 0 7
<69>
Kishore
(F&A)
N e w Delhi
: 29th June, 2007
ASHIANA HOUSING LIMITED CONSOLIDATED
Ashiana Housing Limited

Registered Office: 5 F, Everest, 46 / C , Chowringhee Road, Kolkata - 700 071
PROXY
FORM
I/We
Of
being a m e m b e r ( s ) of t h e above m e n t i o n e d C o m p a n y hereby
appoint Mr./Mrs./Miss
Of
.or failing him/ her, Mr./Mrs./Miss
of.
as my/our Proxy to attend and vote for me / us and on my behalf at the 21 st Annual General Meeting of the Company to be
held on Friday, the 21 st September, 2007 at 2:30 R M. and at 'Kalakunj' (Basement - Kalamandir), 4 8 , Shakespeare Sarani,
K o l k a t a - 7 0 0 017.
Affix
Signed this
.day of.
Registered Folio No./Client ID No
2007.
Re. I/
Revenue
Stamp
No of Shares
D. R I D N o
N o t e : I. A n y M e m b e r 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 t i m e of
t h e Meeting at t h e Registered Office: 5 F, Everest, 46 / C , Chowringhee Road, Kolkata - 700 071
Ashiana
Ashiana Housing Limited
Registered Office: 5 F, Everest, 46 / C , Chowringhee Road, Kolkata - 700 071

A T T E N D A N C E
SLIP
T O B E H A N D E D O V E R A T T H E E N T R A N C E O F T H E M E E T I N G HALL
N a m e of the attending member
(in block letters)
Members registered folio number
N a m e of the Proxy (in Block letters)
(To be filled in if the proxy attends instead of the Members)
N o . of shares held
I hereby record my presence at the 21 st Annual General Meeting of the Company held at 'Kalakunj' (Basement - Kalamandir),
4 8 , Shakespeare Sarani, Kolkata - 700 017 on Friday 21 * September2007 at 2:30 R M.
Member's/Proxy's Signature
(To be signed at the t i m e of handing over the slip)
N O T E : The copy of the Annual Report may please be brought to the Meeting Hall.
A S H I A N A
J O D H P U R
ASHIANA AMARBAGH, JODHPUR

Ashiana
Amarbagh
will
add
another
colour
to
Jodhpur's landscape - A unique residential township

offering Villa style residences. Villas are designed
keeping in mind a perfect sync of comfort, style abd
aesthetic symmetry. Spread over 27 acres, Ashiana
Amarbagh is planned to have large open spaces with
over 2.3 acres of landscaped parks and plantation
Located on Pali Road near proposed new

Hig'hcourt.
Offering ony 3 bedroom exdusve Villas.
Spread over 27 acres with open green spaces.

A club with summing pool, badminton, tennis
court, cards room, banquets, restaurant etc.
1 &ASHIANA
l a n d s
PARDIH,
JAMSHEDPUR
ASHIANA WOODLANDS, JAMSHEDPUR

Ashiana Woodlands is not just a h o m e , it is a whole
new World that offers you a unique lifestyle. Located
in the foothills of the Dalma Hills in Pardih, it is one of
the
||f
most
picturesque
area
near
Jamshedpur.
Surrounded on three sides with densely w o o d e d

hills, Ashiana Woodlands is all about world-class
facilities
and
comfortable
living
with
up-market
specifications.
w Offering exclusive 3 bedroom villas, executive
floors & super deluxe apartments.
Recreational facilities like Gymnasium, Pool t a b l e ,

Swimming Pool, Badminton Court, Reading Lounge
Efficiently designed units for highest carpet area.
and Walking Track.
G Professionally landscaped large parks, fountains &
24 hour internal security with intercom.
trees all around the complex.
Ample Parking space.
J
VJLLRGE MRU
ASHIANA VILLAGE MALL, BHIWADI
The Village M a l l , heralds the business Revolution in
Bhiwadi. It is the first commercial space project by
Ashiana in Bhiwadi. It is located in the Ashiana
Village, which houses 1000 families & another 1000
families
staying
in
the
other Ashiana
projects,
ensuring a captured clientele.
4) Village Mall is the First

A
Available only on lease hold.
Mall in Bhiwadi.
Five Storey Elegant Structure with two floors for

shopping and three floors for corporate space.
' Power backup.

1
Designated elevators for shoppers, corporate space

& service staff.
Strategically located in a growing market.

A Well connected - having roads on all three sides.
Large car parking for ease of accessibility.
Beautifully designed interiors having an atrium with

glass pyramid and planned green and water bodies
ASHIANA GREENWOOD, JAIPUR
' 10 Floors with covered car parking.
A Located
'
i n Jagatpura, just 5
minutes drive from
Malviya Nagar, Jaipur.

A Over looking the shooting range and the forest land
A 3
Bedroom
Palatial
specifications.
apartments
with
up-market
u p
Projects on offer
Ashiana
W
flaxen
A
ASHIANA AANGAN, BHIWADI

Ashiana Aangan is strategically located in Bhiwadi,
Rajasthan,
offering
you
choice
of
high
rise
a p a r t m e n t s , that are efficiently designed for high

carpet
area.
The
township
caters
to
your
requirements in every single way and it's proximity to

commercial hubs of Delhi, Gurgaon and Jaipur & Delhi
International Airport gives you easy accessibility.
' S t i l t + 1 0 floors with two automatic lifts.
' S t a t e of the art maintenance facility by wholly owned

subsidiary.
>2/3 bedrooms apartment, with highest carpet area

( 7 7 % ) to super built-up area.
> 8 2 % open spaces with landscaped parks, fountains
etc.
2 0 0 0 happy Ashiana families living in the vicinity.
G o o d rental returns due to industries like Hero

Honda, Gillette, Shree Cement etc. in close proximity.
&750 watt power back-up & ample water supply.
ASHIANA MANGLAM, JAIPUR

Ashiana M a n g a l m , has got the best in t e r m s of
contemporary styling
and
high-end
maintenance.
The project is in collaboration with the Manglam

Group of Jaipur which is synonymous to trust and
reliance. This magnificent residential complex has all
the comforts of living a hassle-free life once you
become a part of it.
Located on KalwarRoad, 17 Km from M.I. Road, Jaipur.
Fully built-up complex which gives a symterical feel.
A2 & 3
\
bedroom apartments and exclusive 3
bedroom
villas.
A E f f i c i e n t l y designed units for highest carpet areas.
"Recreational facilities like Pool table, Community hall,

badminton court & reading lounge.
AProfessionally landscaped
large parks,
fountains and
trees all around the complex.

A24 hour security, 7 5 0 watt power back-up & ample water
ASHIANA UTSAV, BHIWADI &

J A I P U R - India's First
Retirement Resort
9 Location
O A S H I A
r
rJ
not retire from

and
life. You've worked

fulfilled
0 Option
about
your
needs,
On
1RE T
of
2/3
bedroom
|i
your
Secure campus with emergency

response system in each flat.
your
comforts and your peace of mind. Its time
9 24
to
enjoy
life
independently and on your own t e r m s . A life without its

hassles and in pursuit of your interests that were long
forgotten. Its time to Celebrate Life!
Ashiana Utsav, India's first Retirement Resort, a community
of 5 5 + , is the answer to all you ever wanted but was just a
dream!
Centre
with'
doctors,
hours
para
Medical
Assistance
medical
staff
and
Ambulance service.
Central Dinning hall.
Activity Center with facilities like Cards room, hobby
club, board games, library cum reading lounge etc.
Large central park with water body, walking tracks,
exercise and yoga areas f o r a healthy lifestyle.
0 Location Bhiwadi - Just 45 minutes drive from Delhi

International Airport.
Kalwar
apartments with lift.
responsibilities, now it's time to

think
Jaipur.
When you retire from work, you do
hard
Jaipur
Road, 17 kms. from M. I. Road
NA
W h e e l chair a c c e s s i b l e h o m e s .
Ashiana
(If undelivered,
pleasesendto)
A S H I A N A H O U S I N G L I M I T E D , (formerly known as Ashiana Housing & Finance (I) Limited.): 3 0 4 , S o u t h e r n Park, Saket District C e n t r e ,
S a k e t , N e w Delhi - 1 1 0 0 1 7
Ph: 011-4265 4265;
J A I P U R : 6 0 4 , A p e x M a l l , 5th floor, Lai K o t h i , Tonk R o a d , Jaipur - 3 0 2 0 1 5 .
P h : 0 1 4 1 - 40 20 4 0 0 ; B H I W A D I : A s h i a n a Bageecha, Bhagat Singh Colony, Bhiwadi, Rajasthan - 301 0 1 9 . P h : 01493-515 5 1 5 ;

JODHPUR:
Ashiana Amarbagh,
Village
Kudi
Bhagtasani,
Jodhpur
Pali
Road,
Jodhpur -
J A M S H E D P U R : Ashiana Trade Centre, Adityapur, J a m s h e d p u r - 8 3 1 0 1 3 . P h : 0 6 5 7 - 3 2 9 6 8 0 5 .

E-mail: i n v e s t o r s @ a s h i a n a h o u s i n g . c o m ; W e b : w w w . a s h i a n a h o u s i n g . c o m
342
001.
Ph:
0291-
513
3888;

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Ashiana Annual Report 07

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Ashiana

Our a c h i e v e m e n t in the year 2 0 0 6 - 07

handing over Phase-I

To continue to be known as a group that can be depended upon to offer affordable,

Happiness all around

Importance to all in the organization

Customer oriented approach

ASHIANA HOUSING LIMITED

It is a great p l e a s u r e to share my t h o u g h t s and f e e l i n g s with y o u .

can see the

needs of the organization.

have started to see healthy

more talent to serve the growing

at affordable prices to the

h a v e e n j o y e d every day of my w o r k i n g with

have already f o r m e d four

Net Profit (in

Launched Ashiana Village M a l l ,

flats for A s h i a n a Utsav Phase

service that we have

L e a s e division for w h i c h the

plans to take this

in. This approximately

recently a d d e d to our portfolio of

has been very e n c o u r a g i n g .

subsidiary of the c o m p a n y and

eyes of the c u s t o m e r and

ASHIANA HOUSING LIMITED

complete without appreciation

heart without their efforts our

to give the very best to y o u .

Chairman & Managing

(Whole Time Director)

Registrar & ShareTransfer Agent)

ASHIANA HOUSING LIMITED

Erstwhile Ashiana Proteins Ltd.

M a n a g e m e n t Discussion & Analysis Report

Balance Sheet Abstract

Cash Flow Statement

to Section 212 of the C o m p a n i e s Act, 1956

Schedules to the Accounts

Balance Sheet Abstract

Balance Sheet Abstract

Cash Flow Statement

Schedules to the Accounts

Certificate(s) of the Erstwhile Ashiana Proteins Ltd.

ASHSANA HOUSING LIMITED

: 29th June, 2007

& Share Transfer

New Delhi - 1 1 0 062.

HIMSELF / HERSELF AND THE PROXY NEED NOT

respect of s h a r e s held in electronic

that the 21st A n n u a l

ASHIANA HOUSING LIMITED

at the time of Annual

Pvt. L t d . , P K S N i r m a a n Pvt. L t d . , B u i l d m a t T r a d e s Pvt.

Pvt. L t d . , Starpoint F i n a n c i a l S e r v i c e s Pvt. L t d . ,

provisions of the C o m p a n i e s Act,

L t d . , Priya P u r n i m a I n v e s t m e n t s Pvt. L t d . , Preeti V a n i j y a

Pvt. L t d . , M e l i n e x T r a e x i m Pvt. L t d . , M i n t u Textile Mills

L t d . , Target T r a d e s Pvt. L t d . , P r a n a y V i n i m a y Pvt.

G r e e n Park Leafin Pvt. L t d . , Parichiti Textiles Pvt. L t d . ,

Ltd., Jacob Vincom

Date : 29th J u n e , 2007