Professional Documents
Culture Documents
Nurturing
Smiles
n \( o )
Ln )t n
23rd Annual Report
Ashiana Housing Limited
Delivering Smiles....
Our Vision
To nurture an environment which brings a smile of satisfaction to people who meet us,
who live in homes built by us, work with us, supply to us & invest in us.
Our Mission
To develop & maintain homes which are functional, aesthetically pleasing, environment
friendly for the middle income group.
To create retirement communities where senior citizens can lead active, fun filled, secure
life with dignity.
Our Mantra
Professionalism with a personal touch because, at our heart lie, not statistics figures or
numbers, nor stone, brick or concrete, but our people: the Ashiana family.
Our Values
Happiness all around
Honesty in commitment
Delivery in time
Softness in behavior
Adaptability to change
Transparency
Honesty
Continuous improvement
Self-belief
pSlAshiana
. N u r t u r i a j Smiles
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From
Homes to Hospitality
THE TREEHOUSE HOTEL & CLUB
14000
12000
10000
000
6000
4000
2000
0
KMX 4 . 2 1
556ft.-1
"'3921.22
05-06
06-07
07-08 .
ISA5.UK
4000
3500 3000 2S00 2000 1500 1000 500 -
08-09
30
2839.88
21.3"
25
20 H
15 -0
IS
10
944.6S53.06
TO
05-06
U "
5.22
3.06
06-07
07-08
05-06
08-09
06-07
07-08
08-09
Particulars
2004-05
2005-06
2006-07
2007-08
2008-09
1287.80
3615.97
5341.58
12725.32
9329.20
15.94
532.63
1147.78
4273.91
3015.36
(3.12)
505.09
1112.44
4216.18
2914.64
(12.76)
459.85
968.53
369978
2597.79
EPS
Shareholder's Fund
Dividend
(0.06)*
2.45*
5.17
19.75
13.87
1855.78
2193.55
3005.5
6390.59
8988.37
53.53
107.06
. 13383
281.04
0.00
Entered into an agreement for development of group housing project in Jamshedpur at land measuring
8.69 acres.
Entered into an agreement with TATA Steel Ltd. for acquiring land measuring two acres for
development of shopping Mall, Multiplex and Hotel in Jamshedpur.
Launch of Phase 1 of Ashiana Utsav, a Retirement Housing project in Lavasa, (Pune) offering 166 units to
the public.
The Treehouse Hotel & Club became profitable in second year of its operation and achieved 71%
occupancy.
Company Secretary
Bhagwan Kumar
Auditors
Registered Office
Head Office
Bankers
Website
www.ashianahousing.com
Contents
Ashiana Housing Ltd.
Notice
Director's Report
Management Discussion & Analysis Report
Report on Corporate Governance
.
.
Auditor's Certificate
Auditor's Report
.
Balance Sheet
Profit & Loss Accounts
Schedule to the Accounts
Balance Sheet Abstract
Cash Flow Statement
Statement Pursuant to Sec. 212 of the Companies Act, 1956
Page No
1-7
8-10
10-12
13-17
18
19-21
22
23 '
24-34
35
36
38-39,
, 40-41
42
43 "
51
52
the
Accounts
53
54-55
56
.57
58-66
67
68
69
70
71
72-80
81
82
Board of Directors
OM PRAKASH GUPTA (Managing Director) is a Civil Engineer, from the renowned BITS, Pilani
('69 batch) and has a Masters from Louisiana State University (USA). A true entrepreneur who is also a
visionary, he charted the growth of the company from Patna to Jamshedpur, Delhi NCR (Bhiwadi,
Ghaziabad, Greater Noida and Gurgaon) and now to Jaipur, Jodhpur and Lavasa. His vision brought
Bhiwadi into the limelight, and he pioneered the concept of professional maintenance of mid-range
residential complexes in India. His dream project, Ashiana Utsav Retirement Resort, is yet another
pioneering idea.
VISUAL GUPTA (Joint Managing Director) is a product of Sydenham College (Mumbai) and an MBA
from FORE School of Management (Delhi). Vishal Gupta is acknowledged for his in-depth
understanding of the real estate business, customer psychology and market behaviour. He has a great
eye for detail and takes a keen interest in the conceptualizing and planning of new housing projects for
the company.
ANKUR GUPTA (Whole Time Director) is a Bachelor in Business Administration from FDU (USA) and an
M.S. in Real Estate from NYU (USA). Ankur Gupta focussed on residential projects for senior citizens
during his research work at University. His experience was put to good use at Utsav, and he is now
looking after Marketing for the company.
VARUN GUPTA (Whole Time Director) is a Bachelor in Science from Stern School of Business, NYU,
Varun majored in Finance and Management and graduated with the high academic distinction, 'Magna
Cum Laude'. ' He then joined Citigroup in Commercial Mortgage Backed Securities where he was
underwriting commercial real estate. After a year and a half of this rich experience, he has joined
Ashiana where he is looking after Land and Finance.
ASHOK MATTOO (Independent Director) is a Mechanical Engineer, has over 41 years of experience in
project planning, execution and administration. He has served in major organisations Border Roads,
BHEL, and Tata Steel. As Director, Town Services, Jamshedpur, and Chairman of the Jamshedpur
Notified Area Committee, he was responsible for the municipal services of Jamshedpur. He is a well
known sports administrator and currently treasurer of the Indian Olympic Association and Organising
Committee Commonwealth Games, New Delhi 2010.
ABHISHEK DALMIA (Independent Director) qualified as a Chartered Accountant in 1992 and started an
investment advisory business, The Renaissance Group. He is an independent director in Ashiana and
adds to the company's knowledge of the financial markets.
LALIT KUMAR CHHAWCHHARIA (Independent Director), a commerce graduate, is a practicing
consultant. He has diversified experience of 37 years in various industries, he has been associated with
Ashiana group since its inception.
SONAL MATTOO (Independent Director) is a law graduate from the National law school, Bangalore, is
a practicing lawyer with over eight years of experience. She is also a co-founder of a voluntary
organisation "Helping hands" which deals with the issues of women and senior citizens.
' C-
f..\
,**.
"ft is always a pleasure to write these few lines once a year,*fb share with you thehealth and
concerns of your company.
;
Real Estate industry has gone through difficult times lasfeyear. Sales volumes fhave -reduced
substantially, prices have fallen and financing has been difficult-with rising interest rates. )
l-ortunatelv, vour company has fared better than the overall market. .Through sales were 18%
slower-than 2007-08, yet we did not have to reduce our sales prices. Your comp'any s capability to
market to actual users has enabled it to weather the slowdown better than,the differs.
'M <~
-The economy seems to be reviving^md-.thc real estate industry is becoming-more institutionalized
with developers becoming better organized and having more robust internal processes. A new
stable government, with a strong cabinet at the centre, is expected to deliver results in all fields
with a strong impetus on infrastructure;
.
;
Ashiana has always served the middle income grpup of the society with full zeal. Your company's
end-user customer base coupled with a strong commitment to .quality, jand; transparency has
Managing Director
NOTICE
CAR: Facility of Car with driver. (Use of car for private
purpose shall be billed by the Company to the Advisor.)
rd
ORDINARY BUSINESS:
1.
2.
3.
4.
SPECIAL BUSINESS:
5.
A p p o i n t m e n t of Shri Om Prakash G u p t a to an
office or place of profit
6.
as
HOUSING:
a)
R e - a p p o i n t m e n t of S h r i V i s h a l G u p t a
Managing Director of the Company.
b)
c)
HOUSING:
a)
b)
c)
the
M E D I C A L R E I M B U R S E M E N T : E x p e n s e s actually
incurred for self and family.
the
ION Ashiana
The expenditure incurred by the Company on gas, electricity,
Water & furnishings will be valued as per Income Tax Rules,
1962.
COMMISSION: Payment of commission every year at the
rate of 0.5% of the net profits of the company calculated in
accordance with provisions of section 349 and 350 of the
Companies Act, 1956.
PROVIDENT FUND: Contribution to the Provident Fund as
per rules of the Company, subject to a ceiling of 12% of
Basic Salary.
GRATUITY: Payable as per rules of the Company but not
exceeding half month's salary for each completed year of
service.
MEDICAL REIMBURSEMENT: Expenses actually incurred
for self and family.
LEAVE TRAVEL CONCESSION: For self.and family once in
a year for any destination in India.
CLUB FEES: Fees of Club subject to a maximum of two
clubs may be allowed. Admission and Life membership fees
are not permissible.
PERSONAL ACCIDENT INSURANCE: Premium not to exceed
Rs.5,000/- per annum.
CAR: Facility of Car with driver. ( Use of car for private
purpose shall be billed by the Company to the Managing
Director.)
T E L E P H O N E : Telephone at residence. (Personal long
distance calls on telephone shall be billed by the Company
to the Managing Director.)
LEAVE: One month leave for Eleven Months of service.
Leave accumulated but not availed will be allowed to be
encashed at the end of tenure.
TERMINATION OF CONTRACT: The Company and Shri
Vishal Gupta are entitled to terminate the contract by giving
not less than Ninety days' notice to either party.
RESOLVED FURTHER THAT Shri Vishal Gupta shall not be
entitled to any sitting fees for attending the meeting of the
Board of Directors and/ or committee of Directors.
RESOLVED FURTHER THAT where in any financial year,
the company has no profits or its profits are inadequate
d u r i n g the t e r m of office of Shri V j s h a l G u p t a , the
remuneration aforesaid, shall be paid as minimum
remuneration for such year.
7.
A p p o i n t m e n t of S h r i A n k u r G u p t a as J o i n t
Managing Director of the Company.
To consider and if thought fit, to pass with or without
modification(s), the following resolution as an Special
Resolution:
"RESOLVED THAT pursuant to Sections 198, 309,310
& 316(2) read with Schedule XIII and other applicable
provisions, if any, of the Companies Act, 1956 or, any
a m e n d m e n t or, modifications thereof, consent of
members of the Company be and is hereby accorded
to the a p p o i n t m e n t of Shri A n k u r ' G u p t a as Joint
Managing Director of the Company for a period of three
years w.e.f. 1st April, 2010 on the following terms and
conditions:
b)
Free f u r n i s h e d a c c o m m o d a t i o n in c a s e the
accommodation is owned by the Company.
c)
c)
V a r i a t i o n in t h e t e r m s a n d c o n d i t i o n s of
appointment of Shri Varun Gupta as Whole Time
Director of the company.
To consider and if thought fit, to pass with or without
modification(s), the following resolution as a Special
Resolution:
"RESOLVED THAT in partial modification of the earlier
resolution passed in the 2 2 Annual General Meeting
held on 18 September, 2008 and pursuant to Sections
198, 269, 309, 310 & 316(2) read with Schedule XIII and
other applicable provisions, if any, of the Companies
Act, 1956 or, including any statutory modification or reenactment thereof consent of the members of the
Company be and is hereby accorded to the variation in
the terms of appointment of Shri Varun Gupta, Whole
Time Director of the Company with respect to his
remuneration with effect from 1 April, 2010 for the
remaining period of his tenure i.e. upto 3 0 June, 2011
on the following terms and conditions :
n d
th
5 1
th
J!IP
SBS
2.
3.
4.
n d
5.
6.
Bhagwan Kumar
C o m p a n y Secretary
7.
9.
All c o r r e s p o n d e n c e r e l a t i n g to s h a r e s m a y be
addressed to the Head office of the Company or to the
Registrar & Share Transfer Agent of the Company.
th
lh
,h
s t
th
th
th
Shri Varun Gupta has been looking after land, legal and
finance matters of the Company. Keeping in view his
qualification, knowledge, experience and contribution to
the company, the Board of Directors of the Company on the
recommendation of remuneration Committee has approved
the proposal of variation in terms of appointment and
remuneration of Mr. Varun Gupta w.e.f. 1 April 2010 for
the remaining period of current term.
s t
s l
. Bhagwan Kumar
C o m p a n y Secretary
Ashiana
Nurturing S
BRIEF PROFILE OF DIRECTORS SEEKING APPOINTMENT/
RE-APPOINTMENT AT THE 23RD ANNUAL GENERAL
MEETING AS REQUIRED IN TERMS OF CLAUSE 49 OF
THE LISTING AGREEMENT.
At the ensuing Annual General Meeting Shri Lalit Kumar
Chhawchharia and Smt. Sona) Mattoo shall retire by rotation
and being eligible offer themselves for re-appointment. A
brief profile of above directors as required under Corporate
Governance Code are as under:
1.
1.
2.
3.
4.
8.
5.
RG Woods Ltd.
6.
7.
8.
9.
3.
4.
2.
2.
5.
1uV|AshiainiaJ
Nurturing
Smiles
DIRECTORS' REPORT
To the member(s),
d
FINANCIAL RESULTS
PARTICULARS
CURRENT
YEAR
PREVIOUS
YEAR
1.
9329.20
12725.32
2.
Profit
3015.36
4273.91
3.
Depreciation
100.72
57.73
4.
Profit/(Loss) after
Depreciation but before
Taxation
before Depreciation
5.
6.
7.
8.
9.
Operations
A brief summary of on-going projects
Project Name
(Location)
Projects
Utsav'(Bhiwadi)
Phase III
11.
12.
01/2006
Completion
Size
Date
(Sq.ft.)
03/2008
224,300
2914.64
4216.18
316.86
516.41
2597.79
Aangan(Bhiwadi)
55.19
2699.79
3754.97
0.00
281.04
0.00
2500.00
06/2009
435,200
320
. Phase II
01/2008
02/2010
435,200
320
Phase III
04/2008
08/2010
400,000
280
Phase IV
Total
1270,400 920
Woodland
Phase I*
10/2005
03/2008
205,600
(Jamshedpur)
Phase II*
12/2006
12/2008
152,620
109
Total
358,220
251
102.00
For the year under review your Company has been able to
consolidate its position despite poor economic condition in
the f i n a n c i a l y e a r 2 0 0 8 - 0 9 . F i n a n c i a l Year 2 0 0 8 - 0 9
witnessed a set back in -terms of poor demand almost in
every sector of the economy. Amongst all the sectors of
the economy the real estate sector was the worst sufferer.
Decreasing disposable incomes, fall in overall demand and
overall recession in the economy gave a set back to the
industry.
The biggest achievement of your company, during 2008-09
was that it was able to maintain its momentum in terms of
c o n s t r u c t i o n a c t i v i t i e s , d e l i e v e r y of flats on t i m e , no
g ^ retrenchment of manpower and no cost cutting in terms of
142
Mangalam*"
Villas
10/2006
05/2009
119,880
74
(Jaipur)
Flats
12/2006
05/2009"
94,880
80
Total
214,760
154^1
12/2009
Greenwoods "
Phase I
12/2007
154,000
120
Phase II & I
180
Phase I
12/2007
(Jaipur)
199.79
180H
04/2007
47.76
3324.16
180
Phase I
3699.78
102.00
Units
224,300
I Total
Utsav***(Jaipur)
10.
Start
Date
Total
394,000
300
12/2009
362,600
200
362,600 200H
I Total
Amarbagh "
Phase I &IA
06/2007
12/2009
. 217,400
(Jodhpur)
Phase II
06/2008
06/2010
37,260
23
Phase III
To be launched in 2009-10
271,598
183
Total
526,258
351
Phase I
01/2009
06/2011
225,600
166
166 I
Lavasa(Pune)
rfotal
\shiana
3rahm.anan.da
Expected
to
be
launched
during
145
financial
yea
2009-10. Project shall have group housing flats on the land measuring]
8.69 acres in Jamshedpur.
Project Name
Ashiana Woodland, Jamshedpur
Ashiana Aangan,Bhiwadi
Ashiana Manglam, Jaipur
Ashiana Utsav, Jaipur
Ashiana Greenwood, Jaipur
Ashiana Amarbagh, Jodhpur
3.
7.
T h a t in v i e w of i n s u f f i c i e n t i n f o r m a t i o n f r o m the
suppliers regarding their status as SSf Units, the amount
due to Small Scale Industrial Undertaking can not be
ascertained.
b)
c)
V a l u a t i o n of i n v e n t r i e s h a v e b e e n d o n e as per
Accounting Standard as prescribed by the Institute of
Chartered Accountants of India. However, there is no
effect on the profit for the year due to change in method
of valuation of inventories from 'At Cost' to ' At Lower
of Cost and Net Realisable Value'.
8.
FIXED DEPOSITS
ACCOUNTING METHOD
s t
DIVIDEND
T h e B o a r d of D i r e c t o r s of the C o m p a n y h a s not
recommended any dividend for the Financial Year 2008
2009.
5.
nd
6.
DIRECTORS
AUDITORS
SUBSIDIARY COMPANIES
DISCUSSION AND
ANALYSIS
iOrl Ashiana
11. CORPORATE GOVERNANCE
16.
12. PARTICULARS OF CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
Your Directors are of the opinion that particulars with respect
to Conservation of Energy and Technology Absorption as
per Section 217 (1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 are not relevant in
view of the nature of business activities of the company
and hence, are not required to be given. There have been
no foreign exchange earnings whereas expenditure of Rs.
14,31,018/- (Rupees Fourteen Lacs Thirty One Thousand
Eighteen only) has been incurred in foreign currency during
the year under review.
ACKNOWLEDGEMENTS
Structure
and
Developments
(II)
(III) proper and sufficient care has been taken for the
m a i n t e n a n c e of a d e q u a t e a c c o u n t i n g r e c o r d s in
accordance with the provisions of the Companies Act,
1956, for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;
(iv) annual accounts have been prepared on a going
concern basis.
2.
3.
4.
5.
Opportunities
With the overall fall in demand in the world economy during
the last couple of years the Indian economy could not remain
unaffected. This affected adversely the demand for daily
needs. Many of the sectors of the economy faced negative
growth rate. Real estate industry was one of such sectors.
However, for those who will be able to ride the downturn,
the o p p o r t u n i t i e s will be i m m e n s e o n c e the industry
recovers, the early signs of which are already there.
The downturn will create many opportunities in the near
future. Some of the positive effects of the downturn are
listed below:
1.
2.
3.
4.
M a r k e t s will be d r i v e n by e n d u s e r s rather t h a n
.speculative investors.
j9F[Ashiana[
Nurturing
Smiles
Land Title
Land titles in India are still very unclear and it can be very
difficult to ascertain the legal ownership of land. This is
specifically true in case of agricultural land, which has
passed in current hands by way of inheritance through
generations of large families. Therefore, Ashiana follows a
s t r a t e g y of p a r t n e r i n g with local d e v e l o p e r s on duly
converted residential/commercial land for development. This
decreases the title risk substantially.
3.
12
Availability of Manpower
4.
b)
The C o m p a n y firmly b e l i e v e s in g o o d C o r p o r a t e
Governance and has made Corporate Governance a
practice and continuous process of development right
across the company. The Company's Philosophy on
corporate governance envisages the attainment of the
highest levels of transparency and accountability in the
functioning of the company and conduct of business.
The Company's corporate philosophy is focused on
its people who are the most important assets. The
company values its employee's integrity, creativity and
ability who in turn demonstrate the highest ethical
standard and responsibility towards the shareholders.
The Company believes that over a period of time all its
operations and actions must serve the underlying goal
of enhancing overall shareholder value.
2.
Executive
Non Executive
Design
ation
No. of
Board
Meetings
attended
during
2008-09
Attendance
at the last
AGM held
on18' day
of Sept. 08
Not Present
Present
Not Present
Not Present
Independent 4
Board of Directors
V
Sr. Name of
N o . Directors
Executive/
Non-Executive
of
the
Board
of
Shri 0m
No. of
Committee
Membership
2008-09
Executive
Prakash
Managing
Director
Shri Vishal
Executive
Joint
Managing
Gupta
Director
Shri Ankur
Executive
Gupta
Shri Vanjn
Whole time
director
Executive
Whole time
director
Gupta
Non-
Independent 4
Not Present
Present
Not Present
1.
Shri Om Prakash
Gupta
Executive
Dalmia
2.
Shri Lalit
Non-
3.
Executive
Kumar
Executive& director
4.
Executive
5.
6.
Shri Abhishek
Dalmia
Non-Executive &
Independent
17
7.
Non-Executive &
Independent
85
8.
Non-Executive&
Independent
N o t e : - As per c l a u s e 49 of the L i s t i n g A g r e e m e n t
membership of Audit Committee Shareholders/ Investors
Grievance Committee are required to be disclosed.
Gupta'
Shri Ashok
No. of
other
Directorship
No. of
Board
Meetings
held
during
Independent
Independent 4
Independent
Smt. Sonal ,
Non-
Mattoo
Executive& Independent 4
Independent director
c)
1uFl Ashiana
Sr.
Name
Designation
Salaries &
Allowances
Total
1.
Shri Om Prakash
Gupta
Managing
Director
Rs. 18.00
Lacs
Rs. 18.00
Lacs
2.
Jt. Managing
Director
Rs.18.00
Lacs
Rs.18.00
Lacs
3.
Whole Time
Director
Rs.18.00
Lacs
Rs.18.00
Lacs
4.
Whole Time
Director
Rs.13.50
Lacs
Rs.13.50
Lacs
No.
1.
2.
(b)
3.
4.
s 1
,h
3.
5.
6.
4.
Remuneration Committee
Audit Committee
The Company has an Audit Committee of the Board
since January 2001 which comprises of three NonExecutive Independent Directors namely Shri Lalit
Kumar Chhawchharia - Chairman, Shri Ashok Kumar
Mattoo - Member, Smt. Sonal Mattoo - Member. The
quorum of the Audit Committee is two members. The
C o m p a n y Secretary is the Secretary of the Audit
Committee. The Audit Committee meeting was held on
five times during financial year 2008-2009, the date of
which is as follows:
1.
2.
3.
4.
5.
N a m e of M e m b e r s of
Audit Committee
N o . of m e e t i n g s
attended
Name of Directors
Designation
1.
Chairman
2.
Member
3.
Member
1.
2.
3.
Sonal Mattoo
' 5.
Transfer and
Shareholders'
Grievance Committee
Investors'
Sr.
No.
Name of Directors
Designation
1.
Chairman
2.
Member
3.
Member
7.
8.
A n n u a l General Meetings
For
the
year
Venue
Date
Day
and
Time
Whether
Special
Resolution
Tuesday,
10.30 A.M.
Yes
Friday,
2.30 P.M.
No
Thursday
11.30 P.M.
=>
Means of C o m m u n i c a t i o n
The quarterly Unaudited Financial Results and Annual
Financial Results are published in leading national
n e w s p a p e r s , i.e., A s i a n A g e / B u s i n e s s S t a n d a r d /
Financial Express (English) and Khabarer Kagaj/ Kalantar
(Bengali). It is also displayed on Company's web site at
www.ashianahousing.com. The Company has not made
any representation to any Institutional Investor. The
Management's Discussion and Analysis report prepared
by the Management, forms part of the Annual Report.
Disclosures
=>
9.
CEO/CFO Certification
Shri Om Prakash Gupta, Chairman and Managing Director
and Shri Manojit Sengupta, General Manager (Finance
& Accounts) have furnished the requisite certificate to
the Board of directors under clause 49 of the Listing
Agreement.
10.
No
n d
Day, Date
and Time
Tuesday, 2 2
4.00 PM
September, 2009
Venue
Friday,
10.30 A.M.
Yes
Financial Calendar
Saturday, Yes
10.30 A.M.
Quarter Ended
3 0 July, 2008
30
lh
29
th
January, 2009
03
rd
June, 2009
Oct. - D e c , 2008
s
,h
October, 2008
Ashiana [
Smites
(g) Share P e r f o r m a n c e Chart
100
Share Price In
^urttirfng
Aprl,
08
May,
08
Security
Code No
Range
1.
523716
UPTO
500
501
TO
1000
1001
TO
2000
2001
TO
3000
3001
TO
4000
4001
TO
5000
5001
TO 10000
10001 AND ABOVE
Date of
Declaration
1.
19 September,
2006
2.
2 1 September,
2007
3.
f)
Dividend in Total
%
A m o u n t of
Dividend (Rs.)
,h
20
1,07,06,200
s t
25
1,33,82,750
1 8 September,
2008
No. of Shares
2,81,03,775
The Company has its ISIN No. INE 365D 01013 for
dematerialisation of equity shares.
Month
High
Low
April, 2008
97.80
81.65
May, 2008
89.00
69.00
June, 2008
85.90
57.10
July, 2008
72.25
55.00
August, 2008
68.00
58.00
September, 2008
63.00
32.00
October, 2008
44.00
19.50
November, 2008
36.50
22.00
December, 2008
41.10
28.00
January, 2009
41.90
24.00
February, 2009
31.65
24.50
March, 2009
36.90
27.00
Jan,
09
Feb,
09
Shareholders
Mar,
09
Shares
83.32
11.62
2.87
0.61
0.36
0.11
0.46
0.65
10,418
100.00
Sr. Shareholders
No.
% to total
22,16,142 11.8284
8,57,732
4.5780
2.2397
4,19,619
1,58,659
0.8468
1,29,766
0.6926
50,170
0.2678
3,22,491
1.7213
1,45,81,271 77.8255
1,87,35,850
100.00
No. of shares
Percentage
12299209
65.645
700
0.004
33950
0.181
Promoter's Holding
1.
Indian Promoters
B.
Non-Promoter's Holding
2.
3.
Foreign Institutional
Investors
Dec,
08
A.
15
Nov,
08
Sr.
No.
Sept,
Oct,
08
08
Month
C.
Others
4.
1423061
7.595
5.
Indian Public
4901964
26.164
6.
NRIs/OCBs
74044
0.395
7.
2922
0.016
18735850
100.00
Grand Total
(j)
( k ) Share Transfer P r o c e s s
The Company's shares being in compulsory demat list
are transferable through the depository system. Shares
in Demat Form are processed by the Registrar & Transfer
5F, Everest
46/C, Chowringhee
Road, Kolkata-700 071
Branch Offices:
(a) Ashiana Trade Centre, Aditya Pur,
Jamshedpur - 831 013
(b) Ashiana Bageecha, Bhagat Singh Colony,
Bhiwadi, Rajasthan
(c) 413, Ashiana Tower, Exhibition Road,
Patna - 800 001
(d) 604, Apex Mall, Tonk Road, Lai Kothi, Jaipur
n d
P u n e - 411045
11. A d d r e s s for c o r r e s p o n d e n c e
Shareholders are advised to correspond the Registrar
& Share Transfer Agent - M/s. Beetal Financial &
Computer Services Private Ltd. , Beetal House, 99,
Madangir, Near Dada Harsukh Dass Mandir, Behind
Local Shopping Centre, New Delhi - 110 062 for any
query regarding Share Transfer / Transmission etc.
and other related matter or may contact Mr. Bhagwan
Kumar, Company Secretary and Compliance Officer on
Phone No. 011-42654265 ; fax No. 011-42654200; and
e-mail: bhagwan@ashianahousing.com.
On behalf of the Board of Directors
AUDITORS' CERTIFICATE
To,
The Members of Ashiana Housing Limited
We have examined the compliance of conditions of Corporate Governance by M/s Ashiana Housing Limited for the year
ended 31st March, 2009 as stipulated in Clause 49 of the Listing Agreement of the said Company with Stock Exchanges.
The compliance of conditions of corporate governance is the responsibilty of the management. Our examination was limited
to procedures and implementation thereof, adopted by the Company for ensuring compliance of the conditions of corporate
governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our infomation and according to the explanations given to us, we certify that the Company has
complied with the conditions of corporate governance as stipulated in the above mentioned Listing Agreement.
As required by the Guidance Note issued by the' Institute of Chartered Accountants of India, we have to state that no investor
grievance is pending for a period exceeding one month against the company as per the records maintained by the company.
We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the company.
For B. Chhawchharia & Co.
Chartered Accountants
Place : Gurgaon
Date : 03rd June, 2009
Vinit Bagaria
Partner
F
AUDITORS' REPORT
The Members of Ashiana Housing Limited
We have audited the attached Balance Sheet of
Ashiana Housing Limited as at 31st March 2009,
and also the profit and- loss account and the cash
flow statement for the year ended on that date
annexed thereto. These financial statements are the
responsibility of the company's management. Our
responsibility is to express an opinion on these
financial statements based on our audit.
We have conducted our audit in accordance with the
auditing standards generally accepted in India. Those
Standards require that we plan and perform the audit
to obtain reasonable assurance about whether the
f i n a n c i a l s t a t e m e n t s are f r e e of m a t e r i a l
misstatement. An audit includes examining, on a test
b a s i s , e v i d e n c e s u p p o r t i n g the a m o u n t s a n d
disclosures in the financial statements. An audit also
includes assessing the accounting principles used
and significant estimates made by management, as
well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
1. As required by the Companies (Auditor's Report)
Order, 2003 issued by the Central Government of
India in terms of sub-section (4A) of section 227
of.the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred
to above, we report that:
(i) We have obtained all the information and
e x p l a n a t i o n s , w h i c h to the best of our
knowledge and belief were necessary for the
purposes of our audit;
(ii) In our opinion, proper books of account as
required by law have been kept by the company
so far as appears from our examination of
those books;
(Hi) The Balance Sheet, profit and loss account
and cash flow statement dealt with by this
report are in agreement with the books of
account;
(iv) Subject to our comments hereinafter, the
Balance Sheet, profit and loss account and
Place: Gurgaon
Date: 03rd June, 2009
(VINIT BAGARIA)
Partner
Membership
Number: 500872
lONAshiana
been given to the company listed in the
register maintained under Section 301 of
the Companies Act, 1956 is, prima facie,
not p r e j u d i c i a l to the interest of the
company.
1)
a)
b)
c)
2)
A c c o r d i n g to the i n f o r m a t i o n and
explanation given to us, all the fixed assets
and capital work in progress have not been
physically verified by the management
during the year but there is a regular
program of verification which, in our opinion,
is reasonable having regard to the size of
the Company and nature of its assets. As
explained, no material discrepancies were
noticed on such verification.
In our o p i n i o n and a c c o r d i n g to the
information and explanations given to us,
the Company has not disposed substantial
. part of its fixed assets during the year.
a)
A c c o r d i n g to the i n f o r m a t i o n a n d
explanations given to us, the management
has physically verified the inventory during
the year. In our opinion, the frequency of
verification is reasonable.
b)
c)
3)
T h e c o m p a n y ' s r e c o r d s s h o w i n g full
particulars including quantitative details
and situation of f i x e d assets is being
updated by the Company.
a)
b)
4)
5)
c)
d)
e)
A c c o r d i n g to the i n f o r m a t i o n and
explanations given to us, we are of the
opinion that the particulars of contracts and
arrangements referred to in Section 301 of
the Companies Act, 1956 that need to be
entered into the register maintained under
that Section have been so entered.
b)
In our o p i n i o n a n d a c c o r d i n g to the
information and-explanations given to us,
the t r a n s a c t i o n s that w e r e m a d e in
pursuance of contracts or arrangements
that need to be entered into the register
maintained in pursuance of Section 301 of
the Companies Act, 1956 and aggregating
during the year to Rs. 5,00,000/- or more,
in respect of each party, have been made
at prices which are reasonable having
regard to the prevailing market prices at
the relevant time.
6)
7)
8)
9)
a)
b)
Name of the
Statute
Income Tax
Act, 1961
Income Tax
Amount
(Lacs)
6.90 lacs
Relating
to the
Forum where
Dispute
year
Pending
(VINIT BAGARIA)
Partner
Membership Number: 500872
Place: Gurgaon
Date: 03rd June, 2009
lS]Ashiana]
uTtllrTIig Smifes
B A L A N C E S H E E T A S A T 3 1 S T M A R C H , 2009
SCHEDULES
(Rs.)
SOURCES OF FUNDS
Shareholders' Funds:
a) Share Capital
b) Reserves & Surplus
1
2
AS AT
31.03.2009
(Rs.)
(Rs.)
AS AT
31.03.2008
(Rs.)
898,837,621
187,358,500
451,700,506
639,059,006
187,358,500
711,479,121
Loan Funds:
Secured Loans
Deferred Tax liability
APPLICATION OF FUNDS
Fixed Assets:
a) Gross Block
b) Less: Depreciation
193,660,562
25,649,741
c)
Net Block
168,010,821
d)
7,123,532
7,518,000
7,246,541
8,428,000
913,479,153
654,733,547
153,817,424
17,958,498
168,010,821
135,858,926
665,110
481,150,630
Investments
Current Assets, Loans & Advances
a) Inventories
b) Sundry Debtors
c) Cash & Bank balances
d) Other Current Assets
e) Loans & Advances
7
8
9
10
11
577,273,271
5,220,259
110,297,335
953,189,537
161,412,195
415,315,184
31,822,337
62,540,817
303,318,554
132,386,566
12
1,807,392,597
1,543,074,895
945,383,458
959,056,306
136,524,036
531,882,359
264,317,702
(13,672,848)
913,479,153
654,733,547
21
22
Bhagwan Kumar
Om Prakash Gupta
Vishal Gupta
Manojit Sengupta
Company Secretary
Managing Director
G.M. (F&A)
INCOME
Sales
Other Income
Increase/ (Decrease) in Stock
13
14
15
EXPENDITURE
Purchases
Project Expenses
Ongoing Project Expenses Adjusted
Expenses on Employees
Depreciation
Other expenses
16
17
18
19
20
Appropriations:
Transfer to General Reserve
Proposed Dividend
Corporate Dividend Tax
Surplus Carried to Balance Sheet
Adjusted Earning Per Share
(On Shares of nominal value of Rs. 10/- each)
Basic and Diluted
2008-2009
(Rs.)
2007-2008
(Rs.)
827,046,986
105,873,419
174,543,824
1,233,494,261
39,037,654
(144,402,694)
1,107,464,229
1,128,129,221
82,541,437
190,792,214
393,652,944
57,407,341
10,071,840
81,534,154
60,473,127
366,239,921
143,407,806
39,465,213
5,772,839
91,151,844
815,999,930
706,510,750"
291,464,299
31,685,684
421,618,471
51,640,763
259,778,615
369,977,708
10,200,506
5,519,470
269,979,121
375,497,178
250,000,000
332,416,660
28,103,775
4,776,237
19,979,121
10,200,506
13.87
19.75
Place: Gurgaon
Date : 03rd June, 2009
Bhagwan Kumar
Om Prakash Gupta
Vishal Gupta
Manojit Sengupta
Company Secretary
Managing Director
G.M. (F&A)
IQlAshiana
Nurturing
Smiles
SHARE CAPITAL
Authorised :
25000000 Equity shares of Rs. 10/- each
Issued, Subscribed and Paid up :
18735850 Equity shares of Rs. 10/- each
fully paid up
AS AT
AS AT
31.03.2009
31.03.2008
(Rs.)
(Rs.)
250,000,000
250,000,000
187,358,500
187,358,500
187,358,500
187,358,500
1,500,000
1,500,000
440,000,000
240,000,000
1,410,840
332,416,660
133,827,500
250,000,000
690,000,000
19,979,121
440,000,000
10,200,506
711,479,121
451,700,506
SECUREDLOANS
I) Working Capital from :
State Bank of Bikaner & Jaipur
HDFC Bank Limited
- Secured by pledge of certain Fixed Deposit Receipts
II)
1,873,486
202,735
94,135
767,673
vehicles
2,866,166
536,051
3,721,315
4,308,512
7,123,532
7,246,541
13,408,000
10,115,000
4,460,000
Employee Benefits
1,430,000
1,687,000
7,518,000
8,428,000
GROSS BLOCK
NET BLOCK
As at
31-3-2008
Up to
31-3-2009
(Rs.)
For t h e
year
(Adjustments)
(RS.)
1,818,736 ' 2 , 6 1 9 , 1 9 6
(528,380)
3,909,552
42,505,119 69,546,218
90,881,684
5,891,058
3,258,659
(57,757)
9,091,960
81,789,724 31,912,219
5,198,396
(2,315,277)
12,073,378
1,595,228
728,385
(622,544)
1,701,069
10,372,309
7,595,031
4,246,130
555,297
(709,793)
4,091,634
1,091,837
189,326
(48,771)
1,232,392
2,859,242
3,154,293
3,386,787
(613,748)
13,992,846
3,031,114
604,028
(206,214)
3,428,928
-
10,563,918
8,188,693
COMPUTERS
2,455,619
(123,138)
8,363,166
1,704,009
1,146,322
(26,981)
2,823,350
5,539,816
4,326,676
13,862,312
6,767,283
(2,886,412)
. 17,743,183
1,525,924
(889,950)
3,462,490
14,280,693
11,035,796
153,817,424
74,391,596
(34,548,458)
193,660,562
17,958,498 10,071,840
(2,380,597)
25,649,741
665,110
1,096,011
(1,761,121)
GRAND TOTAL
154,482,534
75,487,607
(36,309,579)
137,699,214
24,268,357
(7,485,037)
As3t
31-3-2009
Up to
31-3-2008
(Rs.)
(Rs.)
100,000
71,364,954
1,760,863
(26,711,146)
*46,414,671
37,803,277
54,267,351
(1,188,944)
9,190,259
ELECTRICAL INSTALLATIONS
Particulars
As at
01.04.2008
Additions/
(Deductions)
(Rs.)
GOODWILL
100,000
BUILDING
PLANT & MACHINERY
6,030,685
VEHICLES
TOTAL
2,826,516
As at
31-3-2009
(Rs.)
(Rs.)
(Rs.)
100,000
100,000
193,660,562
17,958,498 10,071,840
(2,380,597)
25,649,741
154,482,534
16,032,994
17,958,498
5,772,839
(3,847,335)
168,010,821 135,858,926
168,010,821
665,110
-
-136,524,036
AS AT
No. of
AS AT
Shares/unit
31.03.2009
Shares/unit
31.03.2008
Nos.
(Rs.)
Face
Value
Rs.
6
Nos.
(Rs.)
INVESTMENTS
(A) LONG T E R M INVESTMENTS
1.
10
1,140,050
92,412,550
1,140,050
92,412,550
10
50,000
520,120
50,000
520,120
10
100
34,186
100
34,186
10
100
20,942
100
20,942
84,969
50
84,969
782
100
782
17,598
10
17,598
Others:
i.
Quoted
HDFC Ltd.
10
50
10
100.
20
10
100
18,906
100
18,906
10
50
31,068
50
31,068
10
-23
280
23
280
10
50
1,575
50
1,575
Nurturing Similes.
No. of
AS AT
No. of
AS AT
Shares/unit
31.03.2009
Shares/unit
31.03.2008
Nos:
(Rs.)
Nos.
(Rs.)
10
100
32,973
100
32,973
10
2,500
25,000
2,500
25,000
10
50
43,732
50
43,732
10
132,000
330,775
132,000
330,775
10
54
3,696
54
3,696
100
21,597
100
21,597
Face
Value
Rs.
Parsvnath Developers Ltd.
S.M. Telesys Ltd.
'
ii. Unquoted
2.
10
3,750
6,218
3,750
6,218
10
20,000
200,000
17,000
170,000
94,000,000
82,000,000
In Immoveable Properties:
Building at W-177, Greater Kailash - II, New Delhi
32,939,879
32,939,879
1,616,571
11,021,003
11,021,003
1,782,139
15,896,985
2,491,146
113,382,801
.103,503,204
14,114,801
14,110,150
83,083,433
77,762,930
445,747,594
433,502,264
(A)
(B) CURRENT INVESTMENTS
In Mutual Funds
Unquoted
52595.1700
1,396,664
49360.9679
1,293,160
10
11433.4800
800,000
8387.7702
600,000
10
50000.0000
500,000
50000.0000
500,000
10
57363.7700
600,000 57363.7700
600,000
10
6250.8900
97,893
5460.9759
89,701
10
33702.0389
900,000
33702.0389
900,000
10
27601.4350
1,000,000
27601.4350
1,000,000
10
40196.4800
1,000,000
40196.4800
1,000,000
10
10914.3600
1,800,000
8472.0349
1,400,000
10
1000000.0000
10,000,000
10
1000000.0000
10,000,000
Face
No. of
AS AT
No. of
AS AT
Value
Shares/unit
31.03.2009
Shares/unit
31.03.2008
Nos.
(Rs.)
Nos.
(Rs.)
1000000.0000
10,000,000
Rs.
IDFC Fixed Maturity Plan-Yearly
Series 21-Plan B-G
10
10
57433.3866
65,397,234
489787.9218
5,000,000
- 2000000.0000
20,000,000
Manager -Growth
Sunderam BNP Paribas FTP Int.
10
: -
10
10
45994.2600
. 800,000
33189.4600
600,000
38,894,557
98,380,095
3,491,521
35,403,036
98,380,095
481,150,630
531,882,359
668,079
668,079
480,482,551
531,214,280
467,217
669,862
37,902,636
99,821,550
AS AT
AS AT
31.03.2009
31.03.2008
(Rs.)
(Rs.)
180,163,307
119,891,706
INVENTORIES
Stock (As taken, valued and certified by the management)
Leasehold Land
Freehold land
37,395,080
47,394,343
86,304,721
144,010,431
233,443,282
68,360,013
Work-in-progress
Construction materials
39,966,881
35,658,691
577,273,271
415,315,184
j Q ^ Ashiana 1
Nurturing
Smiles
AS AT
AS AT
31.03.2009
31.03.2008
(Rs.)
(Rs.)
SUNDRYDEBTORS
(Unsecured, Considered Good)
Due for more than six months
1,995,888
601,930
Other Debts
3,224,371
31,220,407
5,220,259
31,822,337
305,657
885,999
Cheques/Drafts-in-hand
312,528
1,673,733
12,396,351
10,597,571
3,834,698
2,409,467
P.Y. Rs.20113839/-)
93,448,101
46,974,047
110,297,335
62,540,817
953,189,537
303,318,554
10,000,000
1,575
33,288
45,000,000
57,611,005
26,083,776
10,143,716
76,216,965
61,798,076
Deposits
4,109,879
2,800,481
161,412,195
132,386,566
50,371,613
1,337,632,435
34,534,971
38,901
3,834,698
19,413,121
1,445,825,739
41,159,590
766,155,760
23,238,986
2,105,733
2,409,467
24,129,038
859,198,574
93,041,000
62,014,000
PROVISIONS
For Taxation
For Proposed Dividend
For Corporate Dividend Tax
For Gratuity
28,103,775
4,776,237
4,208,156
4,963,720
1,543,074,895
959,056,306
2007-2008
2008-2009
(Rs.)
(Rs-)
SALES
Real Estate:
a)
163,883,511
942,572,001
b)
Ongoing Projects
661,546,904
275,025,275
c)
Transfer to Investments
1,616,571
15,896,985
827,046,986
1,233,494,261
9,632,390
13,649,281
1,146,450
900,000
14 OTHER INCOME
Interest
(Net)
113,397
642,230
66,511,268
10,485,326
2,847,579
693,079
677,238
1,156,121
Miscellaneous Income
2,386,939
1,844,439
'
2,620,127
1,761,204
18,939,428
6,357,810
1,857,526
689,241
105,873,419
39,037,654
180,163,307
119,891,706
37,395,080
47,394,343
86,304,721
144,010,431
Work-in-progress
233,443,282
68,360,013
537,306,390
379,656,493
107,399,975
97,826,517
42,992,147
77,155,206
144,010,431
'24,196,074
68,360,013
324,881,390
362,762,566
524,059,187
174,543,824
(144,402,694)
76,949,600
56,810,756
16 PURCHASES
Land
Flats/ Bunglows/ Shops *
'Includes-transfer from Fixed Assets
5,591,837
3,662,371
82,541,437
60,473,127
2008-2009
(Rs.)
2007-2008
(Rs.)
PROJECTEXPENSES
Consumption of construction materials (Indigenous)
Wages
Labour charges
Power & Fuel
Leasehold land rent and other charges
Architects' Fee and Consultancy Charges
Miscellaneous project expenses
Less: Ongoing Project Adjustment
410,349,607
62,561,705
53,191,140
5,554,148
670,000
11,905,863
23,318,768
567,551,231
376,759,017
190,792,214
314,068,375
79,309,428
40,119,812
6,472,421
491,453
5,602,878
35,461,614
481,525,981
115,286,060
366,239,921 '.
41,359,564
29,219,095
6,750,000
1,426,629
7,871,148
5,400,000
902,765
3,943,353
57,407,341
39,465,213
4,667,548
391,050
536,483
6,969,758
2,139,852
41,675,525
561,147
3,074,384
1,702,850
1,541,126
128,291
2,760,034
5,296,941
1,084,468
26,726,846
95,306
33,719,237
2,296,468
1,842,416
40,468
5,068,392
193,992
9,000
296,269
2,967,846
512,521
17,000
551,500
198,622
137,875
214,086
8,216,751
257,067
425,895
389,473
620,915
3,491,521
337,080
101,124
84,270
241,685
10,141,801
413,315
373,192
81,534,154
91,151,844
31,000,000
(910,000)
1,270,000
57,000
268,684
31,685,684
47,000,000
3,673,000
920,000
69,000
(21,237)
51,640,763
18 EXPENSES ON EMPLOYEES
Salary, Wages, bonus and allowances
(includes Gratuity Provision Rs.1005640/-;PY Rs. 17,47,284/-)
Directors' Remuneration
Contribution to Provident & Other Funds
Staff & Labour welfare expenses
19 OTHEREXPENSES
Rent
Rates and Taxes
Insurance
Travelling and Conveyance
Legal and Professional expenses
Advertisement and Business Promotion
Commission
Management Fee
Telephone, Telex & Fax
Printing & Stationery
Repairs and Maintenance :
To Machineries
To Building
To Others
Directors' Fees
Auditors' Remuneration :
For Statutory Audit
For Internal Audit
For Tax Audit
For Other Services
Miscellaneous expenses
Irrecoverable Balances Written off
Fixed Assets Written Off
Loss on Sale of Fixed assets
Items relating to previous year (Net)
Provision for Diminution in value of current Investment
20 PROVISION FOR TAXATION
Income Tax
Deferred Tax
Fringe Benefit Tax
Wealth Tax .
Income tax Adjustments
30
174,608
TAXES ON INCOME :
21
NOTES ON ACCOUNTS
a)
1)
SYSTEM OF ACCOUNTING :
The company adopts accrual basis of accounting in
the preparation of accounts.
FIXED ASSETS AND DEPRECIATION :
1.
2.
Capital work in
INVENTORIES:
INVESTMENTS:
a)
b)
b)
Ashiana
Nurturing
Smiles
b.
e x p e n s e s d u r i n g the r e p o r t i n g p e r i o d . Difference
between actual results and estimates are recognised
i n the p e r i o d i n w h i c h t h e r e s u l t s are k n o w n /
materialised.
IMPAIRMENT OF ASSETS :
Impairment Loss in the value of assets, as specified in
A c c o u n t i n g Standard -28 is r e c o g n i s e d w h e n e v e r
carrying value of such assets exceeds the market value
or value in use , whichever is higher.
2)
a)
Contested demand of
Income tax and
Rs.6.90 lacs
penalty
b)
c)
3)
4)
5)
ESIC
Rs.4.28 lacs
(Rs.4.28 lacs)
Rs.34.73 lacs
(Rs.34.73 lacs)
Provident Fund
Rs.9.72 .lacs
7)
32
(Nil)
9) T h e m e t h o d of v a l u a t i o n of I n v e n t o r i e s ' h a s been
changed from 'At Cost' to 'At Lower of Cost and net
realizable value'.
There is no effect on the profit for the year due to this
change.
10) The particulars of partnership businesses are given
below :a)
1,789
Narayan Ladha
4%
287
Suresh Kewlani
6%
429
65%
14,114,801
(5,400,000)
(Rs.) 45,000
b)
(Rs.) 6,750,000
Perquisites
Name of Partners
a)
S h o w c a u s e n o t i c e r e c e i v e d for s e r v i c e tax
Rs.267.93 lacs (Rs.118.47 lacs)
To Others
6)
(Rs.Nil)
8)
Sundry
Debtors
includes
Rs.2838289/(P.Y. Rs.734209/-) due from Ashiana Retirement
V i l l a g e s L i m i t e d , a c o m p a n y under the s a m e
management, Maximum Amount outstanding at any
time
during
the
year
is
Rs.7286680/(P.Y. Rs.5938667/-)
Rs.1,247,196
(Rs.920,824/-)
Name of Partner
30% of pre
tax yearly
profit upto Balance
cumulative
+Capital
Current
(Rs.)
Account
aggregate
of Rs.1250
lacs
Miras Properties
Pvt. Ltd.
15/35
15%
(16,509,601)
Narayan Ladha
4/35
4%
2,064,108
Suresh Kewlani
6/35
6%
3,096,159
Sunii Talwar
5/35
5%
2,580,132
Harish Talwar
5/35
5%
2,580,132
35%
65%
103,617,331
9,765,470
+Capital
(Rs.)
Shubhlabh Buildhome
50%
9,188,759
50%
83,083433
100%
c)
Rs.14,31,0167-
(Rs.15,93,030/-)
d)
i)
Remuneration
18.00
18.00
ii)
Remuneration
18.00
18.00
iii)
Remuneration
18.00
18.00
Remuneration
13.50
Nil
Transactions
a)
i)
Rs.0.40 lacs
Rs.Nil
Rs.5.52 lacs
Rs.6.00 lacs
Rs.26.72 lacs
Rs.5.02 lacs
Rs.0.60 lacs
Rs.0.60 lacs
Revenue sharing
Hire charges Received
Other Expenses
Rs.25.42 lacs
Rs.Nil
Sale of assets
Rs.58.80 lacs
Rs.Nil
Rs.Nil
Rs.2.51 lacs
ii)
2008-09
(Rs.)
2007-08
Rs. in Lacs
i)
Nil
318.82
Nil
318.82
300.00
i)
ii)
R G Woods Limited
a)
Rs.77.43 lacs
Rs.319.58 lacs
b)
ii)
Rs.1.14 lacs
Rs.0.50 lacs
Rs.10.76 lacs
Rs.6.91 lacs
2007-08
Rs. in lacs
Nil
2597.79
3699.78
187.36
-
53.53
133.83
187.36
187.36
Ashiana]
Nurturing
Smiles
(Rs, in lacs)
2008-2009
2007-2008
14.27
9.03
Employer's Contribution to
Provident & Pension Fund
Defined Benefit Plan
661,546,904
393,652,944
49.63
32.16
9.78
2.57
5.22
(0.10)
49.63
23,570,339
Add.- As per Income Tax Act:
42.08
49.63
42.08
49.63
7.02
9.78
Interest Cost
3.97
2.57
(17.61)
5.22
(6.62)
17.57
d. Actuarial assumptions
Mortality Table (L.I.C.)
1994-96
1994-96
8.00%
8.00%
4,261,210
27,831,549
7,414,711
Net Cost
267,893,960
291,464,299
Opening Stock
Purchases
(1)
2
Sales
(2)
2
Closing Stock
(2)
1
Amount
(Rs.)
191,730
(191,730)
4,834,000
(3,662,371)
4,930,000
(3,773,603)
191,730
(191,730)
(1)
17) On the basis of physical verification of assets, as specified in
Accounting Standard - 28 and cash generation capacity of those
assets, in the management perception there is no impairment of
such assets as appearing in the balance sheet as on 31.03.2009.
18) Unabsorbed MAT credit to be allowed in future years amounts to
Rs.73,024,546/19) a) Previous year figures above are indicated in brackets.
b) Previous year figure have been regrouped/rearranged,
wherever found necessary.
II.
40864
31/03/2009
Public Issue
Registration Details
State Code
21
NIL
Right Issue
NIL
Bonus Issue
NIL
Private Placement
NIL
Total Liabilities
913,479
Total Assets
913,479
Paid-up Capital
187,358
711,479
Secured Loans
7,124
Unsecured Loans
NIL
7,518
168,011
Investments
481,151
264,318
Misc. Expenditure
NIL
Accumulated Losses
NIL
932,920
Total Expedinture
+/- Profit/Loss
Before Tax
+ 291,464
+ -Profit/Loss
After Tax*
+ 259,779
13.87
Dividend Rate %
NIL
N.A
Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds
Application of Funds
Performance of Company
:
641,456
(ITC Code)
Product Description
Real Estate
Signature to Schedules 1 to 22
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place: Gurgaon
Date : 03rd June, 2009
Bhagwan Kumar
Company Secretary
Vishal Gupta
Jt. Managing Director
Manojit Sengupta
G.M. (F&A)
Place
Date
New Delhi
03rd June, 2009
|^FJAshiana[
Nurturing
Smiles'
2007-2008
( Rs. )
291,464,299
421,618,471
10,071,840
(10,879,586)
(67,771,115)
3,491,521
425,895
389,473
5,772,839
(14,570,105)
(12,027,556)
227,192,327
398,546,714
(637,875,645)
(161,958,087)
584,446,370
(323,378,810)
162,704,477
(69,004,840)
11,804,965
(20,763,810)
168,867,541
(47,994,706)
(8,958,845)
120,872,835
(8,958,845)
120*872,835
(73,726,486)
31,352,493
113,751,476
10,879,586
1,259,847
(23,747,420)
5,363,700
(268,937,459)
14,570,105
1,542,230
83,516,916
(271,208,844)
(123,009)
(26,678,544)
(2,515,146)
(12,425,720)
(26,801,553)
(14,940,866)
47,756,518
(165,276,875)
62,540,817
227,817,692
110,297,335
62,540,817
373,192
(2,620,127)
0 1 . Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivalents represent cash and bank balances only.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 03rd June, 2009
Bhagwan Kumar
Company Secretary
Vishal Gupta
Jt. Managing Director
Manojit Sengupta
G.M. (F&A)
Place : New Delhi
Date : 03rd June, 2009
2.
a.
b.
3.
31.03.2009
50000 Equity
100%
100%
Shares of
Rs. 10/- each
4.
31.03.2009
9240050 Equity
Shares of
Rs. 10/- each
27,045,765
1,000,912
1,833,147
179,603
b.
Nil
Nil
Nil
Nil
6.
b.
c.
d.
its investments
the money lent by it, and
the money borrowed by it for any purpose other
than that of meeting current liabilities.
N. A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
Om Prakash Gupta
Vishal Gupta
Managing Director
^[Ashianaf
Nurturing Smite's
DIRECTORS' REPORT
re-appointment, if made, will be within the prescribed limit
A u d i t o r s r e p o r t is s e l f - e x p l a n a t o r y a n d r e q u i r e s no
the T h i r t e e n t h A n n u a l R e p o r t , t o g e t h e r with a u d i t e d
Your directors are glad to report that during the year under
review the project Maintenance Charges & Other Income
has been recorded at Rs. 2,63,07,053 /- as compared to
Rs. 2,03,01,078/- during the previous financial year. The
Company has earned a profit, after tax, of Rs. 18,33,147/-
DIVIDEND
b)
Your directors do not recommend dividend for the year.
of the Company.
OPERATION
The main operation of your Company relates to maintenance
c)
Valuation of inventries
DIRECTORS
PARTICULARS OF EMPLOYEES
n d
A p r i l , 2 0 0 9 . An a p p l i c a t i o n u n d e r s e c t i o n 257 of the
Companies Act, 1956 has been received from a member of
the company proposing the directorship of Shri Varun Gupta.
FIXED DEPOSITS
The Company had neither invited nor accepted any deposits
from the public within the meaning of the C o m p a n i e s
(Acceptance of Deposits) Rules, 1975.
AUDITORS
Companies
(Particulars
of
Employees)
with
(II)
(III)
ACKNOWLEDGMENT
irregularities;
Vishal Gupta
Whole T i m e Director
Ankur Gupta
W h o l e T i m e Director
Smiles
the s a i d a c c o u n t s read w i t h s i g n i f i c a n t
Accounting Policies and Notes to the Accounts,
give the information required by the Companies
Act, 1956, in the manner so required and subject
to notes on schedule 18 particularly, Dues to
SSI Units, arid non-disclosure of information
under the Micro, Small and'Medium Enterprises
Development Act, 2006 (note 2) and change in
the method of accounting for inventories from
'At Cost' to 'At lower of cost and net realizable
value (note 8) give a true and fair view in
c o n f o r m i t y w i t h the a c c o u n t i n g p r i n c i p l e s
generally accepted in India:
AUDITORS' REPORT
The Members of Vatika Marketing Limited
We have audited the attached balance sheet of Vatika
Marketing Limited as at 31st March 2009, and also the profit
and loss account and the cash flow statement for the year
ended on that date a n n e x e d thereto. T h e s e financial
s t a t e m e n t s are t h e r e s p o n s i b i l i t y o f the c o m p a n y ' s
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with theauditing
standards generally accepted in India. Those Standards
require that we plan and p e r f o r m the audit to obtain
reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as
w e l l a s e v a l u a t i n g the o v e r a l l f i n a n c i a l s t a t e m e n t
p r e s e n t a t i o n . We b e l i e v e that our a u d i t p r o v i d e s a
reasonable basis for our opinion and we report that:
1.
2.
(a)
We h a v e o b t a i n e d all the i n f o r m a t i o n a n d
explanations, which to the best of our knowledge
and belief were necessary for the purposes of
our audit;
(ii)
(iii)
(iv)
(v)
(b)
(c)
Place: Gurgaon
Date: 3rd June, 2009
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 1 of our Report of even date for
the year ended 3 1 " March, 2009.
s
1)
2)
a)
b)
c)
a)
b)
In our o p i n i o n , the p r o c e d u r e s of p h y s i c a l
v e r i f i c a t i o n of i n v e n t o r i e s f o l l o w e d by the
management are reasonable and adequate in
relation to the size of the company and the nature
of its business.
its
(vi)
c)
3)
4)
5)
a)
b)
6)
7)
8)
T h e C e n t r a l G o v e r n m e n t has not p r e s c r i b e d
maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products
of the Company.
9)
a)
A c c o r d i n g to the r e c o r d s of the c o m p a n y ,
generally the company is regular in depositing
with appropriate authorities undisputed statutory
dues including provident fund, investor education
and protection fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax,
custom duty, excise duty, cess and other material
statutory d u e s , as a p p l i c a b l e , and no such
statutory dues were outstanding as at the last
day of the financial year under review for a
period of more than six months from the date
they became payable.
b)
10)
11)
12)
13)
14)
15)
16)
The Company has not taken any Term Loan during the
year concerned.
17)
18)
19)
20)
21)
Place: Gurgaon
Date: 3rd June, 2009
(3
Ashiana
BALANCE SHEET AS AT 31 ST MARCH, 2009
SCHEDULES
(Rs.)
AS AT
31.03.2009
(Rs.)
(Rs.)
AS AT
31.03.2008
(Rs.)
SOURCES OF FUNDS
Shareholders' Funds:
Share Capital
Reserves & Surplus
500,000
500,000
4,430,750
2,597,603
4,930,750
3,097,603
APPLICATION OF FUNDS
Fixed Assets
Gross Block
228,164
181,634
Less: Depreciation
110,260
83,170
Net Block
Investments
117,904
98,464
7,812,270
13,564,168
179,000
451,000
243,678
6,057,973
5,753,567
12,806,674
10,638,942
11,297,662
3,175,305
30,733,628
19,811,492
Inventories
Sundry Debtors
10
NOTES ON ACCOUNTS
30,827,521
33,912,052
(3,178,424)
(11,016,029)
4,930,750
3,097,603
18
'
19
Ankur Gupta
Whole time Director
Place : New Delhi
Date : 3rd June, 2009
2008-2009
(Rs.)
2007-2008
(Rs.)
11
24,157,076
17,762,696
INCOME
Project Maintenance Charges
Sales of Shops
297,945
Other Income
12
2,149,977
2,240,437
13
(113,742)
26,307,053
20,187,336
EXPENDITURE
Project Maintenance Expenses
14
12,724,960
8,887,454
Expenses on Employees
15
6,683,918
6,208,941
Interest- Others
380
80
27,090
23,308
4,263,931
3,681,031
23,700,279
18,800,814
2,606,774
1,386,522
Depreciation
Other expenses
16
17
773,627
194,650
1,833,147
1,191,872
179,603
97,873
2,012,750
1,289,745
100,000
1,110,142
1,912,750
179,603
36.66
23.84
Ankur Gupta
Whole time Director
Place : New Delhi
Date : 3rd June, 2009
1.
AS AT
AS AT
31.03.2009
31.03.2008
(Rs^
(Rs.)
500,000
500,000
500,000
500,000
500,000
500,000
SHARE CAPITAL
Authorised :
50000 Equity shares of Rs. 10/- each
500,000
RESERVES & SURPLUS
General Reserves :
As per last Account
Less: On adoption of statement for employees benefits (AS-15)
2,400,000
-
1,800,000
(510,142)
100,000
1,110,142
2,500,000
2,400,000
Capial Reserve
18,000
18,000
1,912,750
179,603
4,430,750
2,597,603
FIXED ASSETS
GROSS BLOCK
Particulars
As at
Additions/
01-04-08 (Deductions)
(Rs.)
(Rs.)
DEPRECIATION
NET BLOCK
As at
31-03-09
(Rs.)
Upto
31-03-08
(Rs.)
For the
year
(Rs.)
Upto
31-03-09
(Rs.)
As at
31-03-09
(Rs.)
As at
31-03-08
(Rs.)
OFFICE
EQUIPMENT
36,900
36,900
7,309
1,752
9,061
27,839
29,591
COMPUTER
116,336
46,530
162,866
60,967
22,640
83,607
79,259
55,369
28,398
28,398
14,894
2,698
17,592
10,806
13,504
TOTAL
181,634
46,530
228,164
83,170
27,090
110,260
117,904
PREVIOUS YEAR
FIGURES
182,233
181,634
59,902
23,309
(40)
83,170
98,464
VEHICLE
(599)
Face
No. of
Shares/
Unit
(No.s)
Value
(Rs.)
AS AT
No. of
AS AT
31.03.2009
(Rs.)
Shares/
Unit
(No.s)
31.03.2008
(Rs.)
42,364.27
500,000
10,160.76
114,144
10
42,364.27
500,000
10
83,016.60
1,800,000
10
10
10
10
15,546.23
600,000
10
24,449.88
250,000
10
10
10
10
87,585.07
67,995.00
1,620,529
7,060.56
500,000.00
15,546.23
600,000
24,449.88
250,000
200,000.00 2,000,000.00
19,754.98
1,419,761
63,977.89
750,000
15,044.20
729,495
23,405.17
500,000
63,977.89
750,000
10
100,000.00
1,000,000
TO
450,000.00
4,500,000
10
2,492,509
2,019.62
500,000.00
7,812,270
13,564,168
6,680,525
14,127,918
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
Unabsorbed iosses
Employee Benefits
Less : Deferred Tax Liability on Fiscal allowance of fixed assets
6
202,000
236,000
23,000
21,000
179,000
451,000
571,319
243,678
571,319
243,678
INVENTORIES
(As taken, valued and certified by the Management)
Maintenance Materials
M Ashiana
SCHEDULES TO THE ACCOUNTS
AS AT
AS AT
31.03.2009
(Rs.)
31.03.2008
(Rs.)
2,642,666
2,771,937
Others
3,415,307
2,981,630
6,057,973
5,753,567
92,173
303,111
104,790
892,655
7,140,623
5,270,767
8,126,795
1,514,702
12,806,674
10,638,942
484,470
10,106,526
-706,666
2,534,233
106,526
534,546
11,297,662
3,175,305
2,841,644
3,648,987
24,826,346
1,297,904
1,045,869
256,086
27,112,300
32,614,881
29,850,211
645,000
652,171
215,000
762,310
33,912,052
30,827,521
2008-09
2007-08
Rs.
Rs.
22,636,241
16,568,903
SUNDRY DEBTORS
(Unsecured, considered good)
CURRENT LIABILITIES
Sundry Creditors
Advance from customers
Deposit from Customers
Other liabilities
B) PROVISIONS
For Taxation
For Gratuity
1,435,956
1,520,835
1,193,793
24,157,076
17,762,696
650,769
192,474
483,536
441,362
275,960
105,876
2,149,977
537,513
473,467
487,121
674,639
12 OTHER INCOME
Interest (Includes TDS Rs.54,130/-; P.Y.Rs.26,927/-)
Profit on sale of investments
Dividend
Miscellaneous Receipts
Excess provsion for Gratuity written back
Liabilities Written Back
67,697
2,240,437
2008-2009
(Rs.)
2007-2008
(Rs.)
13 INCREASE/(DECREASE) IN STOCK
Closing Stock:
Shops
Less: Opening Stock
Shops
113,742
(113,742)
775,889
4,829,783
416,184
4,763,291
5,500
1,934,313
661,509
3,716,965
7,117
2,961,443
5,432
1,534,988
12,724,960"
8,887,454
6,237,255
5,362,114
211,909
234,754
648,560
6,683,918
6,208,941
4,750
670,500
4,192
648,205
500,000
228,112
340,175
20,224
670,106
296,343
15 EXPENSES ON EMPLOYEES
Salary, Allowances, Bonus & Gratuity
(including Provision for Gratuity Rs.165,821/- P.Y. Rs. 55,178/-)
Contribution to Provident Fund
Staff Welfare
198,267
16 OTHEREXPENSES
Rates and Taxes
Rent
Insurance
Public Relation and Communication
Printing and Stationery
Establishment Charges
Traveling & Conveyance
Telephone, Telex & Fax
Directors' Fees
Auditors' Remuneration :
For Statutory Audit
For Tax Audit
For Other Services
Irrecoverable Balances Written off
Miscellaneous expenses
Fixed Assets Written off
Items relating to previous year
634,142
156,345
20,132
790,852
235,282
10,000
66,180
16,545
4,833
9,867
1,622,463
7,000
22,040
67,344
16,836
10,675
22,807
846,664
558
1,790
4,263,931
3,681,031
390,000
272,000
102,000
9,627
86,000
27,000
67,000
14,650
773,627
194,650
17 DIRECT TAXES
Income Tax
Deferred Tax
Fringe Benefit Tax
Income tax Adjustments
Ashiana
SCHEDULES TO THE ACCOUNTS
18
NOTES ON ACCOUNTS
1)
b)
SYSTEM OF ACCOUNTING :
MISCELLANEOUS EXPENDITURE:
INVESTMENTS:
Long term investments are carried at acquisition cost
and investments intended to be held for less than one
year are classified as current investments and are
carried at lower of cost and market value.
2)
INVENTORIES:
a.
b.
b)
c)
EMPLOYEE BENEFITS
(a)
(b)
3)
a)
amount used as
numerator in
calculating basic
and diluted EPS :
Profit after tax (Rs.)
b)
weighted average
number of equity
shares used as the
denominator in
calculating EPS (Nos)
2008-2009
(Rs.)
2007-2008
(Rs.)
1,833,147
1,191,872
Opening Balance
50,000
50,000
50,000
50,000
11) The disclosures required under Accounting Standard15, Employees Benefits, notified in the companies
(Accounting Standard) Rules, 2006 are given below:
Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised
are charged off for the year are as under:
(Rs. in lacs)
TAXES ON INCOME :
2008-2009
a)
Employer's Contribution
to Provident & Pension Fund
2.12
2007-2008
1.98
4)
b)
c)
d)
Opening Stock
7.07
Interest Cost
0.61
0.57
(2.75)
(1.36)
1.34
6.52
7.62
6.52
7.62
6.52
7.62
5)
(4)
(-)
(-)
297,945
(3)
(1,374,930)
(1)
(113,742)
6)
(Rs.)
1,000,000
(900,000)
Perquisites
(Rs.)
413,203
(441,311)
Expenses recognized
during the year
Current Service Cost
1.04
1.34
Interest Cost
0.61
0.57
(2.75)
(1.36)
Net Cost
(1.10)
0.55
1994-96
1994-96
Maintenance charges
received
6.92
6.79
Rent paid
6.00
6.00
1.20
1.20
0.39
8.57
100.00
Nil
Discount rate
7.75%
(per annum) compounded
8.00%
Rate of escalation in
salary (per annum)
8.00%
5.00%
Transactions
a)
Enterprises that directly, or indirectly through one
or more intermediaries, Control or are controlled by or
are under common control with the company (including
holding companies, subsidiaries and fellow
Subsidiaries) :
(Rs. in lacs)
2008-2009 2007-2008
Ashiana Housing Ltd.
Actuarial assumptions
Mortality Table (L.I.C.)
113,742
(715,807)
Closing Stock
7.62
1.04
Reconciliation of fair
value of assets and
obligations
Present value of
obligation as at
31st March, 2008
Amount recognised in
Balance Sheet
Purchases
Sales
Defined Benefit
obligation at year end
Amount
(Rs.)
Shops
(Nos.)
Reconciliation of
opening and closing
balances of Defined
Benefit obligation
Actuarial (gain)/loss
Benefits (paid)
Deposit Given
b)
c)
Remuneration
Remu
Remuneration
Remuneration
e)
Enterprises over which any person described in (c) or (d) is able to exercise significant influence :
f)
7)
On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity
of those assets, in the management perception, there is no impairment of such assets as appearing in the balance
sheet as on 31.03.2009.
8)
The method of valuation of Inventories has been changed from 'At Cost' to 'At Lower of Cost and net realizable value'.
There is no effect on the profit for the year due to this change.
9)
a)
b)
II
Registeration No.
79014
31/03/2009
Public Issue
Sources of Funds
Application of Funds
State Code
21
Nil
Right Issue
Nil
Bonus Issue
Nil
Private Placement
Nil
Total Liabilities
4,931
Total Assets
4,931
Paid-up Capital
500
4,431
Secured Loans
Nil
Unsecured Loans
Nil
118
Investments
7812
(3,178)
Misc. Expenditure :
Nil
Accumulated Losses
Nil
Deferred Tax
Assets
179
Performance of Company
IV
26,307
Total Expedinture
23,700
+/- Profit/Loss
Before Tax
+2,607
+/- Profit/Loss
After Tax
+1,833
36.66
Dividend Rate %
Nil
Products/Services of Company
Item Code No.
(ITC Code)
Product Description
N.A
Real Estate Maintenance
Signature to Schedules 1 to 19
Ankur Gupta
Whole time Director
Place : New Delhi
Date : 3rd June, 2009
Nurturing
Smiles
2007-2008
(Rs.)
2,606,774
1,386,522
23,308
Interest Income
(650,769)
(537,513)
(192,474)
(473,467)
Depreciation
558
1,790,621
399,408
(8,254,643)
(2,958,425)
Adjusted for :
Trade and other receivables
Inventories
(327,641)
40,000
2,654,531
5,360,358
(4,137,132)
2,841,341
(243,747)
164,027
(4,380,879)
3,005,368
3,005,368
5,944,372
2,628,700
650,769
537,513
6,548,611
3,166,213
2,167,732
6,171,581
10,638,942
12,806,674
4,467,361.
10,638,942
0 1 . Proceeds from long term and other borrowings are shown net of repayment,
02. Cash and Cash equivalents represent cash and bank balances only.
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 3rd June, 2009
Ankur Gupta
Whole time Director
Place : New Delhi
Date : 3rd June, 2009
DIRECTORS' REPORT
TO THE MEMBER (S)
The Directors of your Company have pleasure in presenting
the Seventh Annual Report, together with audited statement
of accounts for the year ended 3 1 March 2009.
s 1
FINANCIAL RESULTS
During the year under review, your company has earned
an income of Rs. 9,01,85,615/- as against the income of .
Rs. 4,45,53,010/- in the previous year representing an
increase of 102%. Further, your company has recorded
Rs. 2 , 7 0 , 4 5 , 7 6 5 / - as profit after t a x as a g a i n s t Rs.
1,53,39,980/- for the previous year.
DIVIDEND
Your directors do not recommend dividend for the year.
The profits generated are being reinvested in the business
of the Company.
(II)
(III)
DIRECTORS
During the year under review no change has been made in
the directorship of the company. At the forthcoming annual
general meeting of the company Shri Ashok Kumar Mattoo
and Shri Ankur Gupta, Directors of the Company retire by
rotation and being eligible, offers them for re-appointment.
AUDITORS
M/s. B. Chhawchharia & Co., Chartered Accountants, retire
at the conclusion of forthcoming Annual General Meeting
and being eligible, offer themselves for re-appointment. The
Company has received a certificate to the effect that their
re-appointment, if made, will be within the prescribed limit
under section 224(1 B) of the Companies Act, 1956. Auditors
Report is self-explanatory and requires no comments by
the Directors.
As regards observations on dues to SSI Units and non
disclosure of information under Micro, Small and Medium
Enterprises Development Act, 2006 and change in method
of accounting for inventories from 'At Cost' to ' At Lower of
Cost and Net Realisable Value' the Board has to state
parawise:
a)
b)
c)
Om Prakash Gupta
Chairman
AUDITORS' REPORT
s t
(c)
(VINIT BAGARIA)
Partner
M e m b e r s h i p Number: 5 0 0 8 7 2
Place: Gurgaon
Date: 3rd June, 2009
2.
(ii)
1)
2)
a)
b)
c)
a)
b)
In our o p i n i o n , t h e p r o c e d u r e s of p h y s i c a l
v e r i f i c a t i o n of i n v e n t o r i e s f o l l o w e d by t h e
management are reasonable and adequate in
relation to the size of the company and the nature
of its business.
a)
(vi)
3)
b)
d)
e)
4)
5)
b)
6)
7)
8)
T h e C e n t r a l G o v e r n m e n t has not p r e s c r i b e d
maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of
the Company.
9)
a)
(VINIT BAGARIA)
Partner
Membership Number: 500872
Place: Gurgaon
Date: 3rdJune, 2009
B A L A N C E S H E E T A S A T 3 1 S T M A R C H , 2009
SCHEDULES
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
(Rs.)
162,847,177
43,400,912
(Rs.)
SOURCES OFFUNDS
Shareholders' Funds:
Share Capital
92,400,500
70,446,677
92,400,500
135,801,412
Loan Funds:
Unsecured Loans
108,014,819
100,361,678
27,207,861
22,282,606
298,069,857
258,445,696
APPLICATION OF FUNDS
Fixed Assets:
a)
Gross Block
b)
Less: Depreciation
c)
Net Block
d)
4
126,493,608
125,671,226
13,216,551
. 8,460,660
113,277,057
117,210,566
52,200,437
165,477,494
25,175,332
142,385,898
Investments
116,170,257
93,072,601
2,044,000
4,867,000
Inventories
6,069,479
1,857,820
b)
Sundry Debtors
6,994,608
2,509,815.
c)
d)
'
9
10
11
6,951,186
4,489,593
36,679,028
30,251,051
56,694,301
39,108,279
46,797,233
23,488,740
9,897,068
Miscellaneous Expenditure
12
NOTES ON ACCOUNTS
15,619,539
4,481,038
2 500 658
298,069,857
258,445,696
22
23
Gurgaon
3rd June, 2009
Om Prakash Gupta
Whole time Director
Vishal Gupta
Director
Place
Date
New Delhi
3rd June, 2009
2008-2009
(Rs.)
2007-2008
(Rs.)
13
52,681,032
11,177,770
INCOME
Sales
Project Maintenance Charges
6,091,150
1,246,000
Commission
4,016,243
3,668,106
Other Income
14
27,397,190
28,461,134
15
(376,400)
(450,000)
89,809,215'
44,103,010'
EXPENDITURE
Cost of Material
6,244,833
2,862,083
16
5,284,658
1,888,364
3,658,264
1,472,774
17,088,296
4,124,113
17
533,486
274,670
Expenses on Employees
18
10,806,994
7,014,292
Other expenses
19
10,028,028
6,830,131
4,755,891
8,457,591
58,400,450
32,924,018
31,408,765
11,178,992
Depreciation
20
21
315,801
31,408,765
10,863,191
4,363,000
(4,476,789)
27,045,765
15,339,980
22,000,000
15,258,073
1,000,912
919,005
6,046,677
1,000,912
2.93
1.45
2.63
1.07
Om Prakash Gupta
Company Secretary
Vishal Gupta
Director
Place : New Delhi
Date : 3rd June, 2009
Nurturing
Smiles
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
100,000,000
100,000,000.
92,400,500
92,400,500
SHARE CAPITAL
Authorised :
10000000 Equity shares of Rs. 10/- each
Issued, Subscribed and Paid up :
9240050 Equity shares of Rs. 10/- each, fully paid up in cash
Held by Ashiana Housing Limited, the holding company
28,000,000
13,000,000
22,000,000
15,258,073
(258,073)
50,000,000
28,000,000
14,400,000
14,400,000
6,046,677
1,000,912
70,446,677
43,400,912
UNSECURED LOANS
i)
Loans :
From Bodies Corporate
-
Holding Company
Others
10,000,000
4,014,819
From Directors
ii)
5,286,278
13,075,400
94,000,000
82,000,000
108,014,819
100,361,678
FIXED ASSETS
GROSS BLOCK
As at
01.4.08
(Rs.)
DEPRECIATION
Additions/
(Deductions)
(Rs.)
NET BLOCK
As at
31-3-09
(Rs.)
Upto
31-3-08
(Rs.)
For the
year
- (Rs.)
Upto
31-3-09
(RS.)
As at
31-3-09
(Rs.)
As at
31-3-08
(Rs.)
BUILDING
92,517,386
92,517,386
1,244,991
3,090,081
4,335,072
88,182,314
91,272,395
15,715,089
62,657
15,777,746
1,248,225
"707,116
1,955,341
13,822,405
14,466,864
FURNITURES FIXTURES
6,889,294
48,041
6,937,335
5,125,707
175,166
5,300,873
1,636,462
1,763,587
4,838,344
395,082
5,233,426
457,206
496,234
953,440
4,279,986
4,381,138
VEHICLES
ELECTRICAL INSTALLATIONS
TOTAL
316,602
28,264
28,264
288,338
5,711,113
384,531
259,030
643,561
5,067,552
5,326,582
126,493,608
8,460,660
4,755,891
13,216,551
113,277,057
117,210,566
52,200,437
24,265,902
52,200,437
25,175,332
316,602
5,711,113
125,671,226
822,382
11,072
VILLAGE CENTRE
24,265,902
27,934,535
52,200,437
TOTAL
25,175,332
27,945,607
(920,502)
52,200,437
150,846,558
28,767,989
(920,502)
178,694,045
8,460,660
4,755,891
13,216,551
63,516,896
209,980,041
(122,650,379)
150,846,558
841,482
8,457,591
(838,413)
8,460,660
GRANDTOTAL
LUCKNOW OFFICE
Face
l
Value
(Rs.)
No. of
share/Unit
Share/Unit
Nos.
INVESTMENTS
AS AT
31.03.2009
31.03.2009
(Rs.)
165,477,494
No. of
Shares/Unit
Shares/Unit
Nos.
142,385,898
AS AT
31.03.2008
31.03.2008
(R )
S
909,430
10
10
30,000
651,395
10,224
2,639,549
790,939
30,000
651,395
10,224
94,065,163
83,941,607
3,833,500
1,500,000
313,186.
5,880,600
7,682.51
439,185.37
117,320
7,000,000
116,170,257
3,430,488
112,739,769
20,996,102
7,175,346
2,639,549
790,939
3,740,000
1,500,000
313,186
7,682.51
117,320
93,072,601
3,430,488
89,642,113
59,054,958
150,281
D E F E R R E D TAX A S S E T - N e t
Deferred Tax Assets/(liabilities):
On fiscal allowances on fixed, assets
On Employee Benefits
On unabsorbed losses
AS AT
AS AT
31.03.2009
31.03.2008
( -)
(2,423,000)
259,000
4,208,000
332,000
4,535,000
2,044,000
4,867,000
INVENTORIES
(As taken, valued and certified by the Management)
Shops and others
Stores
.
Raw Material
Construction Material
225,897
105,582
5,738,000
6,069,479
8
Rs
<!!__
376,400
208,492
135,928
1,137,000
1,857,820
SUNDRYDEBTORS
(Unsecured, considered good)
Due for more than six months
Other Debts
3,927,923
3,066,685
2,509,815
6,994,608
=
2,509,815
.
Cash-in-hand
Cheques in hand
With Scheduled Banks :
In Current Account
In Fixed Deposit Account (pledged Rs.40000/-)
138,143 '
63,416
188,457
752,536
2,914,606
3,835,021
3,508,600
40,000
6,951,186
4,489,593
11,435,573
20,000,000
495,249
4,748,206
199,247
2,046,162
26,404,754
433,769
1,167,119
36,679,028
30,251,051
12,512,687
25,850,245
910,745
4,947,873
5,014,936
12,986,564
212,928
4,696,060
44,221,550
22,910,488
838,683
1,737,000
381,252
197,000
46,797,233
23,488,740
AS A T '
31.03.2009
(Rs^
AS AT
31.03.2008
(Rs.)
2,500,658
3,300,023
600,000
240,000
842,664
15,689
282,027
600,000
160,500
2,095,478
103,732
524,858
4,481,038
6,784,591
4,283,933
4,481,038
2,500,658
2008-09
(Rs.)
2007-08
(Rs.)
531,800
52,149,232
1,134,000
10,043,770
52,681,032
11,177,770
12 MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Preoperative Expenses (pending allocation)
As per the last account
Add: incurred during the year
Directors' Remuneration
Rent and Furniture Hire Charges
Interest
Printing and Stationery
Miscellaneous Expenses
Less: Transferred to Fixed Assets
SALES
Shops & Others
Rooms, Restaurant, Banquets and other services
OTHER INCOME
Interest (Includes TDS Rs.75,175/- P.Y. Rs.NIL/-)
on Fixed Deposits
Others
Dividend
Rent
Fee and Subscription
Profit on sale of Investments
Share of profit from Partnerhsip firm
Items relating to previous year
Liabilities Written Back
Miscellaneous Receipts
295,425
238,011
977,093
1,186,786
2,107,000
1,371,674
18,623,556
314,907
2,282,738
17,818
463,533
803,471
699,783
56,748
25,036,713
25,116
83,010
1,274,942
27,397,190
28,461,134
376,400
826,400
376,400
376,400
450,000
5,754,469
490,364
1,447,139
1,414,944
6,244,833
2,862,083
40,438
493,048
274,670
533,486
274,670
COST OF MATERIAL
Raw material consumed
Stores consumed
COST OF BORROWING
Interest :
To Holding Company
To Others
2008-2009
2007-2008
(Rs.)
(Rs.)
10,069,458
6,693,903
18 EXPENSES ON EMPLOYEES
Salary & Allowances
(includes Gratuity Provision Rs.4,57,431/-;PY Rs.1,23,179/-)
Contribution to Provident and other funds
Staff Welfare
59,927
11,353
677,609
309,036
10,806,994
7,014,292
1,953,637
1,115,323
19 OTHER EXPENSES
Rent
Rates and Taxes
Establishment Charges
Advertisement
199,765
8,630
25,726
25,844
1,237,017
2,085,436
4,000
75,982
252,886
102,590
558,667
366,951
692,537
417,330
Telephone Expenses
727,368
549,402
75,468
34,665
Commission
1,007,341
26,976
92,126
188,268
8,000
8,000
Auditors' Remuneration :
For Statutory Audit
100,000
67",344
25,000
16,836
14,000
2,000
76,744
14,271
Miscellaneous expenses
1,540,416
1,724,283
1,131,287
306,043
10,028,028
6,830,131
to investments
315,801
21 DIRECT TAXES
Provision for :Income Tax
1,400,000
Deferred Tax
2,823,000
(4,560,000)
140,000
105,000
4,363,000
(4,476,789)
(21,789)
2)
The Earning Per Share (EPS) has been calculated as specified in Accounting Standard - 20 on "Earning Per Share" and
related disclosures are as below :
2008-2009
2007-2008
(Rs.)
, (Rs.)
27,045,765
15,339,980
9,240,050
240,050
9,240,050
5,822,017
5,581,967
9,400,000
5,085,792
3,418,033
18,640,050
14,325,842
Share
3 0 % of pre-tax yearly
Balance
# Capital (Rs.)
65.00%
Rajkumari Garg
33.00%
11.55% .
94,065,163
8,150,605
Sangeeta'Agarwal
17.00%
5.95%
(7,772,679)
Sanjay Gupta
33.00%
11.55%
(17,598,968)
Vinod Goyal
17.00%
5.95%
(11,263,104)
On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity
of those assets, in the management perception, there is no impairment of such assets as appearing in the balance
sheet as on 31.03.2009.
5)
a.
In view of insufficient information from the suppliers regarding their status as SSI units, the amount due to Small
Scale Industrial undertaking can not be ascertained.
b.
In absence of necessary information relating to the suppliers under the Micro, Small and Medium Enterprises
Development Act, 2006, the Company is unable to identify such suppliers, hence the information required under the
said Act, can not be ascertained.
The Method of valuation of inventories has been changed from 'At Cost' to 'At Lower of Cost and net realizable value'.
There is no effect on the profit for the year due to this change.
The Company has claimed refund of Rs. 2 crores deposited with Ansal Properties & Infrastructure Limited for acquiring
13.82 acres of land in Sushant Golf City, Lucknow with interest and reimburesement of pre-operation expenses as the
said company is unable to give free and clear title of the said land. Necessary adjustments shall be made in the
accounts on finality.
8)
191
(1,316)
76,400
(526,400)
Amount
(Rs.)
15
(15)
Total Amount
(Rs.)
300,000
(300,000)
376,400
(826,400)
(-)
(-)
(-)
(-)
191
(1,125)
531,800
(1,134,000)
(-)
(-)
531,800
(1,134,000)
(191)
(76,400)
(15)
(300,000)
(376,400)
Closing Stock
9)
Parkings
(Nos.)
(-)
Purchases
Sales
Amount
(Rs.) .
The disclosures required under Accounting Standard-15, Employees Benefits, notified in the companies (Accounting
Standard) Rules, 2006 are given below:
D e f i n e d C o n t r i b u t i o n Plan
Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:
2008-09
Employer's Contribution to Provident & Pension Fund
0.60
(Rs. in lacsj
2007-08
0.11
D e f i n e d B e n e f i t Plan
The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.
Gratuity (Unfunded)
Reconciliation of opening and closing balances of Defined Benefit obligation
2.58
Defined Benefit obligation at beginning of the year
3.81
Current Service Cost
1.59
1.20
Interest Cost
0.31
0.21
Actuarial (gain)/loss
2.67
(0.18)
8.38
3.81
Benefits (paid)
Defined Benefit obligation at year end
Reconciliation of fair value of assets and obligations
Present value of obligation as at 31st March, 2008
8.38
3.81
8.38
3.81
1.59
1.20
Interest Cost
0.31
0.21
2.67
(0.18)
Net Cost
4.57
1.23
Actuarial assumptions
1994-96
1994-96
Mortality Table ( L L C . )
7.75%
8.00%
5.00%
8.00%
lQr| Ashiana]
^urturjng
Smites
The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation,
seniority, promotion and other relevant factors. The expected return on Plan Assets is based on actuarial expectations
of the average long term rate of return expected on investments of the fund during the estimated terms of the
obligations. The above information is certified by the Actuary.
10) Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures"
issued by ICAI has been identified and given below on the basis of information available with the company and the
same has been relied upon by the auditors.
Related Parties & Relationship
Transactions
a)
Enterprises that directly, or indirectly through one or more intermediaries, Control or are controlled by or are under
common control with the company (including holding companies, subsidiaries and fellow Subsidiaries) :
2008-2009
2007-2008
(Rs.)
(Rs.)
Rs.0.40 lacs
Rs.Nil
Rs.5.52 lacs
Rs.6.00 lacs
Rs.26.72 lacs
Rs.5.02 lacs
Revenue sharing
Assets purchased
"
c)
d)
Rs.58.80 lacs
Rs.Nil
Rs.0.60 lacs
Rs.0.60 lacs
Rs.25.42 lacs
Rs.Nil
Rs.Nil
Rs.2.51 lacs
Rs.100.00 lacs
(Rs.73.06 lacs)
Rs.Nil
as above
as above
Remuneration
Rs.6.00 lacs
Director
e)
f)
11) Unabsorbed MAT credit to be allowed in future years amounts to Rs. 6,61,272/-.
12) (a) Previous year figures above are given in bracket.
(b) Previous period figures are rearranged/ regrouped wherever considered necessary.
Rs.6.00 lacs
23
I.
U70101WB
State Code
2002PLC94479
31/03/2009
Public Issue
Nil
Right Issue
Bonus Issue
Nil
Private Placement
Total Liabilities
298,070
Total Assets
298,070
Paid-up Capital
92,400
70,447
Secured Loans
Nil
Unsecured Loans
108,015
Deposits
27,208
165,478
Investments
116,170
9,897
Misc. Expenditure
4481
Accumulated Losses
Nil
Defferred Tax
2,044
89,809
Total Expedinture
58,400
+/- Profit/Loss
Before Tax
+31,409
+/- Profit/Loss
After Tax*
2.93
Dividend Rate %
Registration Details
21
III
Nil
Nil
Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds
Application of Funds
Performance of Company
IV
+27,046
Nil
N.A
(ITC Code)
Product Description
Real Estate, H o s p i t a l i t y
Signature to Schedules 1 to 23
In terms of our report of even date attached herewith
Om Prakash Gupta
Company Secretary
Vishal Gupta
Director
Place : New Delhi
Date : 3rd June, 2009
2007-2008
(Rs.)
31,408, 765
11,178,992
Depreciation
4,755,891
8,457,591
Interest Income
(295,425)
(17,818)
(1,371,674)
(56,748)
34,497,557
19,562,017
(9,312,063)
(22,574,023)
Inventories
(4,211,659)
2,558,525
26,693,748
12,964,290
47,667,583
12,510,809
(3,581,087)
(308,695)
44,086,496
12,202,114
44,086,496
12,202,114
(27,847,487)
(88,797,062)
(21,725,982)
(26,072,458)
295,425
17,818
(49,278,044)
(114,851,702)
Interest Income
Net Cash from investing activities (B)
7,653,141
15,255,733
90,000,000
7,653,141
105,255,733
2,461,593
4,489,593
6,951,186
2,606,145
1,883,448
4,489,593
0 1 . Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivalents represent cash and bank balances only.
Om P r a k a s h G u p t a
V i s h a l Gupta
Company Secretary
Whole-time Director
Director
Place :
Date :
New Delhi
3rd June, 2009
accounting principles used and significant estimates made by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
We report that the consolidated financial statements have been prepared by the company in accordance with the
requirements of Accounting Standard (AS) 21,.consolidated financial statements, issued by The Institute of Chartered
Accountants of India and on the basis of separate audited financial statements of Ashiana housing Limited and its
subsidiaries included in the consolidated financial statements.
On the basis of information and explanations given to us and on the consideration of separate audit reports on individual
audited financial statements of Ashiana Housing Limited and its aforesaid subsidiaries, the said financial statements,
subject particularly to notes in Schedule '22' regarding, Dues to SSI Units and non-disclosure of information under the
Micro,
change in
inventories from 'At-Cost' to 'At lower of cost and net realizable value (note 6) give a true and fair view:
i.
in so far as it relates to the Consolidated Balance Sheet, of the state of affairs of the Company as at 31st March,
2009, and,
ii.
in so far as it relates to the Consolidated Profit & Loss Account, of the Profit for the year ended on that date.
iii.
In the case of Consolidated Cash Flow Statement, of the cash flow for the year ended on that date.
For B. CHHAWCHHARIA & CO.
Chartered
Accountants
(VINIT BAGARIA)
Partner
Place: Gurgaon
rd
Membership
Number:
500872
^[Ashiana [
Murturing
Smiles
AS AT
31.03.2009
(Rs.)
(Rs.)
AS AT
31.03.2008
(Rs.)
SOURCES OF FUNDS
Shareholders' Funds:
Share Capital
Reserves & Surplus
1
2
180,844,550
781,958,856
180,844,550
496,832,636
962,803,406
Loan Funds:
Secured Loans
Unsecured Loans
3
4
c)
Net Block
d)
7,123,532
4,014,819
APPLICATION OF FUNDS
Fixed Assets:
a) Gross Block
b) Less: Depreciation
677,677,186
7,246,541
18,361,678
11,138,351
27,207,861
5,295,000
25,608,219
22,282,606
3,110,000
1,006,444,618
728,678,011
6
321,192,923
38,976,552
280,480,873
26,502,328
282,216,371
51,872,879
253,978,545
25,512,884
334,089,250
279,491,429
406,837,984
457,206,909
Investments
Current Assets, Loans & Advances
inventories
Sundry Debtors
Cash & Bank balances
Other Current Assets
Loans & Advances
7
8
9
10
11
12
583,914,069
15,395,650
130,055,195
953,189,537
187,730,396
415,965,035
39,328,975
77,669,352
303,318,554
157,324,970
1,870,284,847
1,609,248,501
993,606,886
1,004,127,871
13
NOTES ON ACCOUNTS
BALANCE SHEET ABSTRACT AND COMPANY'S
GENERAL BUSINESS PROFILE
23
261,036,346
4,481,038
(10,520,985)
2,500,658
1,006,444,618
728,678,011
24
Place : Gurgaon
Date . : 3rd June, 2009
Vishal Gupta
Jt. Managing Director'
Manojit Sengupta
G.M. (F&A)
Place : New Delhi
Date : 3rd June, 2009
CONSOLIDATED PROFIT & LOSS ACCOUNT OF ASHIANA HOUSING LTD. & ITS SUBSIDIARIES FOR
THE YEAR ENDED 31 ST MARCH, 2009
SCHEDULES
2008-2009
(Rs.)
2007-2008
(Rs.)
1,244,9-11,331
INCOME
Sales
14
878,925,621
15
27,815,436
18,049,089
Other Income
16
131,581,929
71,550,392
17
174,167,424
(144,966,436)
1,212,490,410~
1,189,544,376
EXPENDITURE
Purchases
18
Cost of Material
Hotel and Club running Expenses
Project Expenses
19
20
Depreciation
Other expenses
21
82,541,437
60,473,127
6,244,833
2,862,083
14,416,116
3,621,924
203,517,174
375,127,375
3,658,264
1,472,774
393,652,944
143,407,806
74,095,856
52,629,801
14,854,821
14,253,738
98,698,554
101,511,763
891,679,999~
755,360,39?
320,810,411
434,183,985
36,822,311
47,358,624
283,988,100
386,509,560
272,100,000
348,784,875
315,801
22
P r o f i t after Tax
Appropriations:
Transfer to General Reserve
Surplus brought forward from previous year
6,566,036
1,721,363
28,103,775
Proposed Dividend
4,776,237
18,454,136
6,566,036
15.70
21.37
VINIT BAGARIA
Bhagwan Kumar
Om Prakash Gupta
Vishal Gupta
Manojit Sengupta
Partner
Company Secretary
Managing Director
G.M. (F&A)
Place : Gurgaon
Date ': 3rd June, 2009
iOFlAshiana
Smiles
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
250,000,000
250,000,000
187,358,500
187,358,500
SHARE CAPITAL
Authorised :
25000000 Equity shares of Rs. 10/- each
Issued, Subscribed and Paid up :
18735850 Equity shares of Rs. 10/- each
fully paid up
6,513,950
6,513,950
180,844,550
180,844,550
Capital Reserve
1,518,000
1,518,000
1,138,120
General Reserves :
As per last Account
474,348,600
642,625
(129,174,680)
272,100,000
348,784,875
746,448,600
474,348,600
14,400,000
14,400,000
18,454,136
18,454,136
781,958,856
508,720,736
SECURED LOANS
I)
1,873,486
202,735
94,135
767,673
2,866,166
536,051
254,095,780
vehicles
3,721,315
4,308,512
7,123,532
7,246,541
UNSECURED LOANS
From Bodies Corporate
- Others
4,014,819
From Directors
5,286,278
13,075,400
4,014,819
18,361,678
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
15,854,000
9,804,000
8,668,000
1,891,000
4,771,000
1,923,000
5,295,000
3,110,000
FIXED ASSETS
GROSS BLOCK
A s at
Additions/
0 1 - 0 4 - 0 8 (Deductions)
(Rs.)
(Rs.)
GOODWILL
GOODWILL ON
100,000
810,589
DEPRECIATION
A s at
31-03-09
(Rs.)
Upto
31-03-08
(Rs.)
100,000
810,589
138,932,057
3,063,727
5,709,277
For the
year
(Rs.)
NET BLOCK
Upto
31-03-09
(RS.)
A s at
31-03-09
(Rs.)
A s at
31-03-08
(Rs.)
100,000
100,000
810,589
810,589
8,244,624
130,687,433
160,818,613
11,224,482
95,434,948
46,201,902
7,001,942
12,008,771
9,358,618
7,121,205
' 20,667,999
17,158,648
3,508,346
14,579,837
11,049,300
1,875,953
7,926,794
8,480,875
38,976,552
282,216,371
253,978,545
51,872,879
25,512,884
14,854,821
38,976,552
334,089,250
279,491,429
CONSOLIDATION
BUILDING
163,882,340
1,760,863
(26,711,146)
PLANTS
53,518,366
MACHINERY
FURNITURES
16,079,553
7,316,464
5,246,437
22,242,072
6,284,018
19,010,713
6,720,935
7,083,885
27,789,204
5,083,424
9,957,243
INSTALLATIONS
TOTAL
555,297
18,088,183
2,841,410
76,398,628
9,802,747
1,476,368
25,512,884
PROGRESS
GRAND TOTAL
29,041,618
321,192,923
26,502,328
PREVIOUS YEAR
14,854,821
(2,380,597)
51,872,879
373,065,802
26,502,328
(2,681,623)
305,993,757
105,440,246
(37,230,081)
FIGURES
448,356
(48,771)
(34,548,458)
CAPITAL WORK IN
1,556,886
(889,950)
(709,793)
280,480,873
2,270,976
(233,195)
(2,886,412)
ELECTRICAL
903,551
(622,544)
(736,886)
13,890,710
3,965,775
(57,757)
(2,315,277)
AND EQUIPMENTS
VEHICLES
106,659,430
(1,188,944)
FIXTURES
OFFICE FACILITY
54,330,008
(528,380)
201,859,131
234,270,641
(130,136,015)
(2,380,597)
305,993,757
16,934,378
14,253,738
(4,685,788)
26,502,328
279,491,429
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
INVENTORIES
Stock (As taken, valued and certified by the management)
Stock in Trade
Stores
Raw Material
Maintenance Material
Leasehold Land
Freehold land
Unsold completed constructions
Work-in-progress
Construction/ Maintenance materials
376,400
225,897
208,492
105,582
135,928
571,319
243,678
180,163,307
64,655,950
37,395,080
102,630,099
86,304,721
144,010,431
233,443,282
68,360,013
45,704,881
35,344,044
583,914,069
415,965,035
SUNDRYDEBTORS
(Unsecured, Considered Good)
8,566,477
3,373,867
Other Debts
6,829,173
35,955,108
15,395,650
39,328,975
535,973
1,179,246
Cheques/Drafts-in-hand
679,055
3,318,924
22,451,580
22,232,966
3,834,698
2,409,467
102,553,889
48,528,749
130,055,195
77,669,352
953,189,537
303,318,554
To Others
1,575
232,535
65,000,000
77,611,005
36,345,330
12,640,913
81,671,837
63,499,741
4,711,654
3,340,776
187,730,396
157,324,970
Deposits
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
63,053,755
46,486,186
1,367,131,667
760,007,092
47,429,403
63,337,850
3,834,698
2,409,467
910,745
212,928
25,766,223
30,261,054
1,508,126,491
B)
902,714,577
PROVISIONS
For Taxation
95,423,000
62,426,000
28,103,775
4,776,237
6,107,282
1,609,248,501
1,004,127,871
2,500,658
3,300,023
Directors' Remuneration
600,000
600,000
240,000
160,500
Interest
842,664
2,095,478
For Gratuity
13 MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Preoperative Expenses (pending allocation)
15,689
103,732
282,027
524,858
4,481,038
6,784,591
4,283,933
4,481,038
2,500,658
2008-2009
(Rs.)
2007-2008
(Rs.)
165,500,082
922,078,231
531,800
37,822,700
661,546,904
275,025,275
51,346,835
9,985,125
14 S A L E S
a)
Completed project
Other Projects
b)
Ongoing Projects
Rooms, Restaurant, Banquets and other services
878,925,621~
1,244,911,331
26,294,601
16,855,296
1,520,835
1,193,793
27,815,436
18,049,089
^ u r t u f f n g Smites*
SCHEDULES TO THE ACCOUNTS
2008-2009
(Rs.)
2007-2008
(Rs_
10,282,729
13,929,862
16 OTHER INCOME
Interest (Net)
Income from Long Term Investment:
Rent
Dividend
Sale (net)
246,450
803,471
1,574,026
1,592,884
63,194,414
10,485,326
Commission
4,016,243
3,668,106
2,107,000
699,783
175,399
190,890
1,432,024
976,121
37,562,984
31,394,523
Miscellaneous Income
5,111,039
3,794,020
2,037,164
1,564,148
530,215
2,620,127
25,116
2,278,309
839,948
131,581,929
71,550,392
17 INCREASE/(DECREASE) IN STOCK
Closing Stock:
Leasehold Land
Freehold Land
Shops
180,163,307
64,655,950
37,395,080
102,630,099
376,400
86,304,721
144,010,431
233,443,282
68,360,013
537,306,390
380,032,893
107,399,975
97,826,517
Work-in-progress
376,400
940,142
42,992,147
77,155,206
144,010,431
24,196,074
68,360,013
324,281,390
363,138,966
524,399,329
174,167,424
(144,366,436)
76
76,949,600
56,810,756
5,591,837
3,662,371
82,541,437
60,473,127
2008-2009
(Rs.)
2007-2008
411,125,496
120,582,628
5,970,332
11,905,863
30,691,872
314,729,884
83,026,393
6,479,538
5,602,878
80,574,742
580,276,191
376,759,017
490,413,435
115,286,060
203,517,174
375,127,375
64,416,277
1,698,465
7,981,114
46,675,112
1,112,385
4,842,304
74,095,856
52,629,801
6,139,685
5,284,658
595,565
536,483
634,142
45,858
8,319,277
2,392,738
42,912,542
565,147
4,037,034
2,551,732
2,404,654
1,888,364
141,113
3,260,034
228,112
46,068
6,333,998
1,187,058
28,812,282
171,288
33,746,205
3,142,213
2,599,921
115,936
3,642,943
286,118
27,000
330,934
2,035,215
700,789
32,000
(Rs.)
19 PROJECTEXPENSES
20 EXPENSES ON EMPLOYEES
Salary, Wages, bonus and allowances
Contribution to Provident & Other Funds
Staff & Labour welfare expenses .
21 OTHER EXPENSES
Rent
Power & Fuel
Rates and Taxes
Insurance
Public Relation and Communication
Establishment Charges
Travelling and Conveyance
Legal and Professional expenses
Advertisement and Business Promotion
Commission
Management Fee
Telephone, Telex & Fax
Printing & Stationery
Repairs and Maintenance :
To Machineries
To Building
To Others
Directors' Fees
Auditors' Remuneration :
For Statutory Audit
For Internal Audit
For Tax Audit
For Other Services
Miscellaneous expenses
Irrecoverable Balances Written off
Items relating to previous year
Fixed Assets Written Off
Loss on Sale of Fixed assets
Items relating to previous year (Net)
Provision for Diminution in value of current Investment
717,680
223,622
168,420
295,663
11,199,630
1,398,221
425,895
389,473
2,301,571
3,491,521
471,768
103,124
117,942
266,631
12,505,780
436,122
176,398
373,750
98,698,554
101,511,763
32,790,000
2,185,000
1,512,000
57,000
278,311
47,086,000
(860,000)
1,092,000
69,000
(28,376)
36,822,311
47,358,624
1uH Ashiana)
N u r t u r i n g Stnifes
23
1)
NOTES ON ACCOUNTS
SIGNIFICANT ACCOUNTING POLICIES
SYSTEM OF ACCOUNTING :
The company adopts
Fixed assets are valued at cost and depreciation is provided on straight line basis
provisions of Schedule XIV to the Companies Act, 1956.
2.
Capital work in
in accordance
with the
INVENTORIES:
Inventories are valued as follows:
Raw Materials,Construction
Materials, Maintenance Materials
And Stores.
At Lower of cost and net realizable value.However, materials and other items
are not written down below cost if the constructed units/Finished Products
In which they are used are expected to be sold at or above cost. Cost is
determined on FIFO basis.
At Lower of cost and net realizable value. Cost includes direct materials,
labour and construction overheads.
Revenue in respect of projects undertaken before 31st March, 2006, is accounted for on the basis of date of
delivery of physical possession to the respective customers.
b)
Revenue in respect of other projects is recognised on the " Percentage of Completion Method" (POC) of accounting
and represents value of units contracted to be sold to the extent of actual work done against total estimated cost
of execution upon the project reaches a level as considered appropriate by the management. The estimates of
saleable areas, estimated costs and cost of completion are reviewed periodically by the management and effects
of any changes in estimates is recognised in the period such changes are determined.
c)
Sales, comprising of sale of rooms, food and beverages, club and other allied services, is recognised upon
rendering of the services.
d)
Project maintenance charges and other income is accounted for on accrual basis except where the receipt of
income is uncertain.
e)
Interest on delayed payments and other charges are accounted for on realisation.
OTHER INCOME
Other income is accounted on. accrual basis except where the receipt of income is uncertain.
TAXES ON INCOME :
a)
Current Tax is determined as the amount of tax payable in respect of taxable income for the year.
b)
Deferred Tax is recognised, subject to consideration of prudence, in respect of deferred tax Assets/Liabilities
arising on timing differences, being the difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent period. Deferred tax in respect of differential
income due to accounting of sales on percentage completion basis, being not determinate, is not recognised.
INVESTMENTS:
a)
Long term investments are carried at acquisition cost and investments intended to be held for less than one year
are classified as current investments and are carried at lower of cost and market value. Long Term Investments
which have attained the stage of permanent diminution in their value are revalued at their current value.
b)
Value of Intangible capital rights created in favour of the company in the process of Real Estate activities, being
not determinate, are not shown in the books of accounts.
Short term employee benefits are charged off at the undiscounted amount in the year in which the related service
is rendered.
(b)
Post employment and other long term employee benefits are charged off in the year in which the employee has
rendered services. The amount charged off is recognised at the present value of the amounts payable determined
using actuarial valuation techniques. Actuarial gain and losses in respect of post employment and other long term
benefits are charged to Profit and Loss Account.
USE OF ESTIMATES
The preparation of financial statements in confirmity with generally accepted accounting principles requires estimates/
exemptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and
the reported amount of revenues and expenses during the reporting period. Difference between actual results and
estimates are recognised in the period in which the results are known/ materialised.
IMPAIRMENT OF ASSETS :
Impairment Loss in the value of assets, as specified in Accounting Standard -28 is recognised whenever carrying
value of such assets exceeds the market value or value in use , whichever is higher.
SCHEDULES TO THE ACCOUNTS
2)
Contested demand of
(Rs.
7.51 lacs).
(Rs.
4.28 lacs)
Rs.
6.90 lacs
ESIC
Rs.
4.28 lacs
Rs.
34.73 lacs
Provident Fund
(Rs.
Nil)
Rs.
(Rs.
Nil)
9.72 lacs
b)
Show cause notice received for service tax Rs.267.93 lacs (Rs.118.47 lacs).
c)
Contested claim of the Government of Rajasthan for refund of State Capital Subsidy including interest Rs. 48.00
lacs (Rs. 45.75 lacs).
3)
Estimated amount of contract remaining to be executed on capital account and not provided for amounts (net of
advance) to Rs.5.20 (Rs.Nil lacs)
4)
Paid up Share Capital of the Company includes 1993100 Equity Shares, allotted pursuant to Schemes of Amalgamation
without payment being received in cash and 13382750 Equity Shares, alloted as fully paid up Bonus Shares, by
capitasation of General Reserves.
5)
a)
In view of insufficient information from the suppliers regarding their status as SSI units, the amount due to Small
Scale Industrial undertaking can not be ascertained.
b)
In absence of necessary information relating to the suppliers under the Micro, Small and Medium Enterprises
Development Act, 2006, the company is unable to identify such suppliers, hence the information required under
the said act is not given.
6)
The method of valuation of Inventories has been changed from 'At Cost' to 'At Lower of Cost and net realizable value'.
There is no effect on the profit for the year due to this change.
11 Ashiana
Nurturing
7)
Smiles
8)
(Rs. 15,93,030/-)
The earning per share has been calculated as specified in Accounting Standard 20 on "Earnings Per Share" issued
by ICAI and related disclosures are as below :
a)
b)
2008-2009
(Rs.)
2007-2008
(Rs.)
2839.88
3865.1
180.84
-
51.67
129.17
180.84
180.84
9)
Rs.14,31,0187-
(Rs. in lacs)
These accounts have been prepared as per the revised Accounting Standard (AS) 9 on "Revenue Recognition" and
the Guidance note on "Recognition of Revenue by Real Estate Developers".
Since, in terms of provisions of the Income Tax Act, 1961 the income accrues upon delivery of physical possession/
deemed possession of constructed unit and deduction u/s 80IB(10) is allowed after completion of construction, 'Net
Profit' for computing Total Income under the said Act is as follows: (Rs.)
Net Profit as per Profit & Loss Account
(Rs.)
320,810,411
661,546,904
393,652,944
267,893,960
52,916,451
11,675,921
7,414,711
4,261,210
57,177,661
10) On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation capacity
of those assets', in the management perception there is no impairment of such assets as appearing in the balance
sheet as on 31.03.2009.
11) The Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21 (AS 21) "Consolidated Financial Statements" issued by The Institute of Chartered Accountants of India. The subsidiaries
(which along with Ashiana Housing Ltd., the parent, constitute the Group) considered in the preparation of these
consolidated financial statements are:
12) a)
b)
Name
Country of
Incorporation
Percentage of
v o t i n g power as at
31st M a r c h , 2009
Percentage of
v o t i n g power as at
31st M a r c h , 2008
India
100%
100%
India
100%
100%
II
III
Registeration No.
40864
State Code
21
31/03/2009
Public Issue
Nil
Right Issue
Nil
Bonus Issue
Nil'
Private Placement
Nil
Total Liabilities
1,006,445
Total Assets
Paid-up Capital
180,845
781,959
Secured Loans
7,123
Unsecured Loans
4,015
Deffered
5,295
Other
27,208
334,089
Investments
406,838
261,037
Misc. Expenditure
4,481
Accumulated Losses
Nil
1,038,323
Total Expedinture
717,513
+/- Profit/Loss
Before Tax
+320,810
+/-, Profit/Loss
After Tax*
+283,988
15.70
Dividend Rate %
Nil
1,006,445
Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds
Application of Funds
Tax Liabilities
Performance of Company
IV
N.A
(ITC Code)
Product Description
Real Estate
Signature to Schedules 1 to 24
in terms of our report of even date attached herewith.
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary
Place : Gurgaon
Date : 3rd June, 2009
Vishal Gupta
Jt. Managing Director
Manojit Sengupta
G.M. (F&A)
Place : New Delhi
Date : 3rd June, 2009
shiana
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARCH, 2009
2008-2009
(Rs.)
2007-2008
(Rs.)
320,810,411
434,183,985
14,854,821
(10,282,729)
(65,014,890)
3,491,521
1,138,120
425,895
389,473
14,253,738
(15,125,436)
(12,557,771)
265,812,622
418,508,139
(638,170,988)
(167,949,034)
603,578,411
(1,980,380)
61,290,631
(24,588,644)
36,701,987
(348,911,258)
165,303,002
(50,680,192)
36,701,987
136,080,317
(101,620,503)
31,352,493
110,071,818
10,282,729
1,820,476
(112,544,482)
5,363,700
(292,381,217)
15,125,436
1,542,230
373,750
(2,620,127)
184,219,691
(48,139,374).,
136,080,317
51,907,013
(9,544,613)
(26,678,544)
(382,894,333) -
12,740,587
(12,425,720)
90,000,000
(36,223,157)
90,314,867
52,385,843
77,669,352
130,055,195
(156,499,149)
234,168,501
77,669,352
0 1 . Proceeds from long term and other borrowings are shown net of repayment
02. Cash and Cash equivalents represent cash and bank balances only.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
For and on behalf of the Board
Chartered Accountants
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary
Place : Gurgaon
Date : 3rd June, 2009
Om Prakash Gupta
Managing Director
Vishal Gupta
Jt. Managing Director
Manojit Sengupta
G.M. (F&A)
Place : New Delhi
Date : 3rd June, 2009
Housing
Limited
PROXY FORM
I/We
Of
appoint Mr./Mrs./Miss
Of.
of.
as my/our Proxy to attend and vote for me / us and on my behalf at the 23rd Annual General Meeting of the Company to be
held on Tuesday, the 22nd September, 2009 at 4.00
K o l k a t a - 7 0 0 017.
'
.
Affix
Signed this
day of
2009.
Re. I/
Revenue
Signature
Stamp
No of Shares
D. R ID N o
Note :
I. Any Member entitled to attend and vote at the meeting is entitled to attend and either vote in person or by
proxy and the proxy need not be a member.
2. The Proxies, in order to be effective, must be received by Company not less than 48 hours before the time of
the Meeting at the Registered Office : 5 F, Everest, 46 / C , Chowringhee Road, Kolkata - 700 071
Ashiana
Ashiana
NurturrnV'smTiVs
Housing
Limited
ATTENDANCE SLIP
T O B E H A N D E D OVER A T T H E E N T R A N C E O F T H E MEETING HALL
Name of the attending member.
(in block letters)
Members registered folio number.
Name of the Proxy (in Block letters)
(To be filled in if the proxy attends instead of the Members)
N o . of shares held
I hereby record my presence at the 23rd Annual General Meeting of the Company held at 'Kalakunj' (Basement - Kalamandir),
48, Shakespeare Sarani, Kolkata - 700 017 on Tuesday, 22nd September 2009 at 4.00 P. M.
NOTE:
iSjAshianaj
Nurturing
Smiles
NOTE :
Our Projects
BHIWADI
Greens
Bageecha
Gulmohar Park
Gardens
Villas
Rangoli
Utsav - The Retirement Resort
The Treehouse Hotel & Club
Village Centre*
Aangan*
JAIPUR
Greenwood*
Ashiana Manglam*
Utsav - The Retirement Resort*
JODHPL/R
Amarbagh*
LAVASA(PUNE)
Utsav - The Retirement Resort*
JAMSHEDPUR
Brahmananda*
Enclave
Gardens
Suncity
Trade Centre
Residency Greens
Woodlands
NEEMRANA
Greenhill
LAUNCHING SOON at JAMSHEDPUR
Commercial Project
Ashiana
Nurturing
Smiles
Head Office
ASHIANA HOUSING LIMITED
304, Southern Park, Saket District Centre,
Saket, New Delhi -110 017.
Ph: (011) 4265 4265
Web: www.ashianahousing.com