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Ashiana

Nurturing

Smiles

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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

Importance to all in the organization

Delivery in time

Freedom to work & Speak

Softness in behavior

Being able to make a mistake

After sale service

Family like working environment

Adaptability to change

Good inter personal relationship


Customer oriented approach

Transparency
Honesty

Passion for quality

Sharing information regularly

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

Treehouse Hotel, Bhiwadi

Consolidated Total Income (Rs.in lacs)

14000
12000
10000
000
6000
4000
2000
0

KMX 4 . 2 1

556ft.-1
"'3921.22

05-06

06-07

07-08 .

Consolidated Net Profit (Rs.in lacs)

Consolidated EPS (in Rs.)

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

5 years - Financial Highlights (Stand alone)


(Rs. in Lacs)
Sr. No

Particulars

2004-05

2005-06

2006-07

2007-08

2008-09

1287.80

3615.97

5341.58

12725.32

9329.20

Sales and other income

Profit before Depreciation

15.94

532.63

1147.78

4273.91

3015.36

Profit/(Loss) after Depreciation but


before Taxation

(3.12)

505.09

1112.44

4216.18

2914.64

Profit/(Loss) after Depreciation and


Taxation

(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

*Recasted for m a k i n g it comparable w i t h post bonus issue capital.

Achievements during the year 2008-09

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.

Achieved highest ever construction of 9.4 lacs sq. ft.

Launch of Phase 1 of Ashiana Utsav, a Retirement Housing project in Lavasa, (Pune) offering 166 units to
the public.

Completion of project Ashiana Woodland Phase-2 at Jamshedpur.

The Treehouse Hotel & Club became profitable in second year of its operation and achieved 71%
occupancy.

Company Secretary

Bhagwan Kumar

Auditors

M/s. B. Chhawchharia & Co. K-3/27, DLF City,


Phase-II, Gurgaon, Haryana - 122 002

Registered Office

5F Everest 46/c, Chowringhee Road


Kolkata - 700 071, Ph: (033) 2288 2281
Fax: (033) 2288 4774 ,

Head Office

304, Southern Park, Saket Disst. Centre, Saket,


New Delhi - 110 017, Pfi: (011) 4265 4265
Fax: (011) 4265 4200

Bankers

HDFC Bank Ltd., State Bank of Bikaner & Jaipur


Punjab National Bank

Website

www.ashianahousing.com

Registrar & Share Transfer Agent

M/s. Beetal Financial & Computer Services Pvt. Ltd.


Beetal House, 99, Madangir, Behind Local
Shopping Centre Near Dada Harsukh Dass Mandir,
New Delhi - 110 062 Ph: (011) 2996 1281 - 82,
Fax: (011) 2996 1284

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

Vatika Marketing Ltd.


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

38-39,
, 40-41
42
43 "
51
52

Ashiana Retirement Villages Ltd.


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

the

Accounts

53
54-55
56
.57
58-66
67
68

Ashiana Housing Ltd. - Consolidated


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

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.

Our People Our Assets


OUR MANAGEMENT TEAM

"-'Greetings Share Owners',

' 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

Jt. 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

NOTICE is hereby given that the 2 3 Annual General Meeting


of the members of M/s. ASHIANA HOUSING LIMITED will
be held on Tuesday, the 2 2 day of September, 2009 at
'Kalakunj' (Basement-Kalamandir), 48, Shakespeare Sarani,
Kolkata-700.017 at 4.00 P.M. to consider and transact the
following business:
n d

TELEPHONE: Telephone at residence. (Personal long


distance calls on telephone for private purpose shall
be billed by the Company to the Advisor.)
CLUB FEES: Fees of Club subject to a maximum of two
clubs may be allowed. Admission and Life membership
fees are not permissible.

ORDINARY BUSINESS:
1.

To receive, consider and adopt the Audited Balance


Sheet as at 31st M a r c h , 2 0 0 9 , the Profit & Loss
Account for the year ended on that date and the Report
of the Board of Directors' and Auditors' thereon.

2.

To appoint a Director in place of Shri Lalit Kumar


C h h a w c h h a r i a , who retires by rotation a n d being
eligible for re-appointment.

3.

To appoint a Director in place of Smt. Sonal Mattoo,


who retires by rotation and being eligible for reappointment.

4.

To appoint Auditors and fix their remuneration.

TRAVEL : For self and family once in a year for any


destination in India.
RESOLVED. FURTHER THAT Shri Vishal Gupta, Joint
Managing Director, Shri Ankur Gupta, Whole Time
Director, Shri Lalit Kumar Chhawchharia, Director and
Shri B h a g w a n Kumar, C o m p a n y Secretary of the
Company be and are hereby severally authorized to
sign, file all forms, documents, papers etc. with the
Central Government and the Registrar of Companies,
West Bengal and to do all such acts deeds, and things
which may be necessary in this behalf."

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

To consider and if thought fit, to pass with or without


modification(s), the following resolution as a Special
Resolution:

To consider and if thought fit, to pass with or without


modification(s), the following resolution as 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, m o d i f i c a t i o n s thereof, c o n s e n t of
members of the Company be and is hereby accorded
to the r e - a p p o i n t m e r i t of Shri V i s h a l G u p t a as
Managing Director of the Company for a period of three
years w.e.f. 1st April, 2010 on the following terms and
conditions :

" R E S O L V E D THAT pursuant to the provisions of


section 314(1 B) of the C o m p a n i e s Act, 1956 a n d
subject to the approval of Central Government consent
of the Company be and is hereby accorded to Shri Om
Prakash Gupta, to hold an office or place of profit as
Advisor of the Company for a period of 5 years with
effect from 0 1 April, 2010 on the following terms:
s t

B A S I C SALARY: Rs. 2 , 5 0 , 0 0 0 / - per month with 1 0 %


increment every year.

BASIC SALARY: Rs. 2,00,000/- per month

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.

The expenditure incurred by the Company on hiring


unfurnished accommodation will be subject to a ceiling
of 60 percent of the basic salary.

b)

Free furnished a c c o m m o d a t i o n in case


accommodation is owned by the Company.

c)

In case no accommodation is provided by the Company,


entitlement to house rent allowance subject to the
ceiling laid down in (a) above.

HOUSING:
a)

The expenditure incurred by the Company on hiring


unfurnished accommodation will be subject to a ceiling
of 60 percent of the basic salary.

b)

Free furnished a c c o m m o d a t i o n in case


accommodation is owned by the Company.

c)

In case no accommodation is provided by the Company,


entitlement to house rent allowance subject to the
ceiling laid down in (a) above.

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.

RESOLVED FURTHER THAT Shri Ankur Gupta, Whole Time


Director, Shri Lalit Kumar Chhawchharia, Director and Shri
Bhagwan Kumar, Company Secretary of the Company be
and are hereby severally authorized to sign, file all forms,
documents^ papers etc. with the Registrar of Companies,
West Bengal and to do all such acts deeds, and things
) which may be necessary in this behalf."

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:

BASIC SALARY: Rs. 2,00,000/- per month


HOUSING:
a)

The expenditure incurred by the Company on hiring


unfurnished accommodation will be subject to a
ceiling of 60 percent of the basic salary.

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)

In case no accommodation is provided by the


Company, entitlement to house rent allowance
subject to the ceiling laid down in (a) above.

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 the 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.
M E D I C A L R E I M B U R S E M E N T : 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 Joint
Managing Director.)

TELEPHONE: Telephone at residence. (Personal long


distance calls on telephone shall be billed by the
Company to the Joint Managing Director.)

c)

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.

The expenditure incurred by the Company on gas,


electricity, water & furnishings will be valued as per
Income Tax Rules, 1962.

TERMINATION OF CONTRACT: The Company and Shri


Ankur Gupta are entitled to terminate the contract by
giving not less than Ninety days' notice to either party.

COMMISSION: Payment of commission every year at


the rate of 0.5% of the net profits of the company
calculated in accordance with the provisions of section
349 and 350 of the Companies Act, 1956.

RESOLVED FURTHER THAT Shri Ankur 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 during the term of office of Shri Ankur Gupta,
the remuneration aforesaid, shall be paid as minimum
remuneration for such year.
RESOLVED FURTHER THAT Shri Vishal Gupta, Joint
Managing Director, Shri Lalit Kumar Chhawchharia,
Director and Shri Bhagwan Kumar, Company Secretary
of the Company be and are hereby severally authorized
to sign, file all forms, documents, papers etc. with the
Registrar of Companies, West Bengal and to do all
such acts, deeds and things which may be necessary
in this behalf."
8.

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 :

In case no accommodation is provided by the


Company, entitlement to house rent allowance
subject to the ceiling laid down in (a) above.

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.
M E D I C A L R E I M B U R S E M E N T : 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 Whole
Time Director.)
TELEPHONE: Telephone at residence. (Personal long
distance calls on telephone shall be billed by the
Company to the Whole Time Director.)

n d

th

5 1

th

BASIC SALARY: Rs. 2,00,000/- per month


HOUSING:
a)
b)

The expenditure incurred by the Company on hiring


unfurnished accommodation will be subject to a
ceiling of 60 percent of the basic salary.
F r e e f u r n i s h e d a c c o m m o d a t i o n i n c a s e the
accommodation is owned by the Company.

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
Varun Gupta are entitled to terminate the contract by
giving not less than 'Ninety days' notice to either party.
RESOLVED FURTHER THAT Shri Varun 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 during the term of office of Shri Varun Gupta,
the remuneration aforesaid, shall be paid as minimum
remuneration.
RESOLVED FURTHER THAT Shri Vishal Gupta, Joint
Managing Director, Shri Ankur Gupta, Whole Time
Director, Shri Lalit Kumar Chhawchharia, Director and

J!IP
SBS

Shri B h a g w a n Kumar, C o m p a n y Secretary of the


Company be and are hereby severally authorized to
sign, file alj forms, documents, papers etc. with the
Registrar of Companies, West Bengal and to do all
such acts deeds, and things which may be necessary
in this behalf."
NOTES:
1.

A MEMBER ENTITLED TO ATTEND AND VOTE AT


THE MEETING IS ENTITLED TO APPOINT A PROXY
T O ATTEND A N D V O T E I N S T E A D O F H I M S E L F /
HERSELF AND THE PROXY NEED NOT BE A MEMBER
OF THE COMPANY.

2.

Proxy f o r m duly filled up a n d e x e c u t e d must be


received at the Registered Office of the Company not
less than 48 hours before the time fixed for the meeting.

3.

The relevant details of directors seeking appointment/


re-appointment as required by clause 49 of the Listing
Agreement entered into with the Stock Exchange are
annexed.

4.

The Register of Members and Share Transfer Books


shall remain closed from 1 4 September, 2009 to 2 2
September, 2009 (both days inclusive).
m

n d

5.

M e m b e r s desiring any further information on the


business to be transacted at the Meeting should write
to the Company at least 15 days before the date of the
meeting so as to enable the management to keep the
information, as far as possible, ready at the meeting.

6.

Members are requested to notify the Company their


change of address, if any, to its Head Office at Unit
No. 4&5, 3 Floor, Plot No. D-2, Southern Park, Saket
District Center, Saket, New Delhi - 110017, or to the
Registrar & Share Transfer Agent of the Company, M/
s. Beetal Financial & Computer Services (Pvt.) Ltd.,
99, Madangir, Behind Local Shopping Centre, Near
Dada Harsukh Dass Mandir, New Delhi - 110 062.
rd

13. Members who have not yet encashed their dividend


warrant(s) for the financial year ended 31.03.2004,
31.03.2005, 31.03.2006, 31.03.2007 and 31.03.2008
are requested to make their claims to the Company,
without any delay.
By order of the Board

Place: New Delhi


Date : 04th July, 2009

Bhagwan Kumar
C o m p a n y Secretary

EXPLANATORY STATEMENT PURSUANT TO SECTION


173 (2) OF THE COMPANIES ACT, 1956
ITEM NO. 5.
Shri Om Prakash Gupta was re-appointed as Managing
Director of the C o m p a n y by the s h a r e h o l d e r s of the
Company at their Extraordinary General Meeting held on
30th March, 2007 for a period of 3 years with effect from
01/04/2007 to 31/03/2010. Now, the term of his appointment
is going to expire on 31st March, 2010.
Shri Om Prakash Gupta has expressed his unwillingness
to continue as Managing Director of the Company after the
expiry of his present term and also indicated to step down
from the directorship of the Company. Keeping in view the
association of Shri Om Prakash Gupta with the Company,
his vast experience in real estate industry and his technical
q u a l i f i c a t i o n , the B o a r d of Directors of the C o m p a n y
requested him to associate himself with the Company as
Advisor after the expiry of current term so that the Company
can benefit with his e x p e r i e n c e and s o u n d t e c h n i c a l
knowledge which he accepted.

11. Members desiring any information/clarification on the


Accounts are requested to write to the Company in
advance at least seven (7) days before the meeting
so as to keep the information ready at the time of Annual
General Meeting.

Shri Om Prakash Gupta is a civil engineering graduate from


BITS, Pilani. He has done Masters in civil engineering from
USA and has around 28 years of rich experience in the
business of real estate. He is 61 years of age. Keeping in
view his qualification, vast experience & expertise in real
estate industry and contribution in the present growth of
the company, the Board of Directors has approved the
appointment of Shri Om Prakash Gupta as Advisor of the
Company with effect from 1st April, 2010 at its meeting held
on 0 4 July, 2009. Since the Company would be receiving
expert advise and guidance from Shri Om Prakash Gupta
from time to time, the Board has proposed to make payment
of remuneration in the form of monthly payment as also
various prquisites. Payment of such monthly remuneration
and provisions of perquisites to Shri Om Prakash Gupta
require approval of shareholders and also the approval of
the Central Government under section 314 of the Companies
Act, 1956.

12. As per provisions of the Companies Act, 1956 facility


for making nominations is available to the shareholders
in respect of the shares held by them. Nomination forms

The resolution at item no. 5 is therefore recommended for


approval of the members by means of Special Resolution
as required under the Companies Act, 1956.

7.

Members are requested to bring their copy of the Annual


Report with them at the Annual General Meeting.

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.

10. Members holding shares in more than one folio in


identical order of names are requested to write to
Registrar and Share Transfer Agent enclosing their
share certificates to enable them to consolidate the
. holdings in one folio to facilitate better service.

can be obtained from the Registrar and Share Transfer


Agent of the Company.

th

Except Shri Om Prakash Gupta himself, Shri Vishal Gupta,


Shri Ankur Gupta and Shri Varun Gupta no other director of
the c o m p a n y is c o n c e r n e d or i n t e r e s t e d in the s a i d
resolution.
ITEM NO. 6.
Shri Vishal Gupta was appointed as Jt. Managing Director
of the company by the shareholders of the company at
their 2 0 Annual general meeting held oh 1 9 day of
September, 2006 for a period of 5 years with effect from
01/09/2006 to 31/08/2011. Further, the terms of appointment
and remuneration of Shri Vishal Gupta was modified by the
shareholders of the Company at their Extra Ordinary General
meeting held on 3 0 March, 2007 for a period of three
years with effect from 1 April 2007. Now, the term of his
appointment is going to expire on 31st March, 2010.
th

lh

done research for many residential projects specifically


for seniors housing. He is actively associated with Ashiana
for the last 9 years.
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 approved his appointment as Joint Managing
Director of the Company.
Except Shri Om Prakash Gupta, Shri Vishal Gupta, Shri
Ankur Gupta himself, and Shri Varun Gupta, no other director
of the company is concerned or interested in, the said
resolution.

,h

s t

Shri Vishal Gupta is a commerce graduate and has done


MBA from Fore School of Management. He is associated
with Ashiana for the last 15 years and actively involved in
finance, project execution and general administration. He
has been instrumental in present growth 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 approved his appointment as Managing Director
of the Company.
Except Shri Om Prakash Gupta, Shri Vishal Gupta himself,
Shri Ankur Gupta, and Shri Varun Gupta, no other director
of the c o m p a n y is concerned or interested in the said
resolution.
The notice together with the explanatory statement may be
taken as abstract of the terms of contract with the Whole
Time Director of the Company together with the memorandum
of concern or interest of the Director under section 302 of
the Companies Act, 1956.
The resolution at Item No.6 is therefore recommended for approval of the members by means of Special Resolution
as required under the Companies Act, 1956.
ITEM NO. 7.
Shri Ankur Gupta was appointed as Whole Time Director of
the company by the shareholders of the company at their
2 0 Annual general meeting held on 19 day of September,
2006 for a period of 5 years with effect from 01/04/2006 to
3 1 / 0 3 / 2 0 1 1 . F u r t h e r , the t e r m s o f a p p o i n t m e n t a n d
remuneration of Shri Ankur Gupta was modified by the
shareholders of the Company at their Extra Ordinary General
meeting held on 3 0 March, 2007 for a period of three
years with effect from 1 April 2007. Now, the term of his
appointment is going to expire on 31st March, 2010.
,h

th

th

The notice together with the explanatory statement may be


taken as abstract of the terms of contract with the Joint
M a n a g i n g Director of the C o m p a n y t o g e t h e r with the
memorandum of concern or interest of the Director under
section 302 of the Companies Act, 1956.
The resolution at Item No. 7 is therefore recommended for
approval of the members by means of Special Resolution
as required under the Companies Act, 1956.
ITEM NO. 8.
Shri Varun Gupta was appointed as Whole Time Director of
the company by the shareholders of the company at their
2 2 Annual general meeting held on 18 day of September,
2008 for a period of 3 years with effect from 01/07/2008 to
30/06/2011.
n d

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

Except Shri Om Prakash Gupta, Shri Vishal Gupta, Shri


Ankur Gupta, and Shri Varun Gupta himself, no other director
of the c o m p a n y is concerned or interested in the said
resolution.
The notice together with the explanatory statement may be
taken as abstract of the terms of contract with the Whole
Time Director of the Company together with the memorandum
of concern or interest of the Director under section 302 of
the Companies Act, 1956.
The resolution at Item No. 8 is therefore recommended for
approval of the members by means of Special Resolution
as required under the Companies Act, 1956.

s l

Shri Ankur Gupta has done bachelor in business


Administration from Fairleigh Dickinson University (USA)
and M S in Real Estate from New York University. He has

By order of the Board

Place : New Delhi


Date : 04th July, 2009

. 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.

Shri Lalit Kumar Chhawchharia


Shri Lalit Kumar Chhawchharia, Director of the company
retires by rotation at the ensuing Annual General
M e e t i n g of the C o m p a n y a n d is e l i g i b l e for reappointment. Shri Lalit Kumar Chhawchharia, a Non
Executive and Independent Director, is the Chairman
of the Audit C o m m i t t e e of the C o m p a n y . He has
diversified experience of 37 long years of various
industries. He is associated with the Company for long
time. He has been looking after legal matters of the
Company at Kolkata. Keeping in view his experience
a n d e x p e r t i s e , the B o a r d o f the C o m p a n y h a s
recommended his re-appointment. Shri Lalit Kumar
Chhawchharia holds directorship in following other
companies:

25. Raghuvir Suppliers Pvt. Ltd.


26. Greencity Management Pvt. Ltd.
27. Greenpark Leafin Pvt. Ltd.
28. Parichiti Textiles Pvt. Ltd.
29. Givetake Trade and Credit Pvt. Ltd.
30. Raina Merchandise Pvt. Ltd.
3 1 . Vijaypath Trade Link Pvt. Ltd.
32. Vijaypath Combine Pvt. Ltd.
33. Priya Purnima Investments Pvt. Ltd.
34. Preeti Vanijya Pvt. Ltd.
35. Grace Suppliers Pvt. Ltd.
36. Melinex Traexim Pvt. Ltd.
37. Mintu Textile Mills Pvt. Ltd.
38. Ativir Fincon Pvt. Ltd.
39. Samtel Vinimay Pvt. Ltd.

40. Target Trades Pvt. Ltd.


4 1 . Pranay Vinimay Pvt. Ltd.
42. Sidhi Vinimay Pvt. Ltd.
43. Gegacorp Enterprises Pvt. Ltd.
44. Pitambera Polymers Industries Pvt. Ltd.

1.

Ashiana Retirement Villages Ltd.

45. APSA Combines Pvt. Ltd.

2.

Vatika Marketing Ltd.

46. Labh Combines Pvt. Ltd.

3.

Karma Hospitality Ltd.

47. S.P. Corporate Services Pvt. Ltd.

4.

OPG Realtors Ltd.

8.

5.

RG Woods Ltd.

49. Glycosic Merchants Pvt. Ltd.

6.

Spectrum Commercials Ltd.

50. Ashiana Homes Pvt. Ltd.

7.

Kamper Finance and Securities Ltd:

5 1 . RVG Enterprises Pvt. Ltd.

8.

Elite Logistics Ltd.

52. RVG Awaas Pvt. Ltd.

Elite Leasings Ltd.

53. RVG Nirman Pvt. Ltd.

9.

Jacob Vincom Pvt. Ltd.

10. Patson Global Ltd.

54. Shadal Proprties Pvt. Ltd.

11. Worldwide Leather Exports Ltd.

55. Kaushal Vincom Pvt. Ltd.

12. Saaket Estates Ltd.

56. Nipro Trexim Pvt. Ltd.

13. Kusum dealcom Pvt. Ltd.

57. Kamakhya Vyapar Pvt. Ltd.

14. Liberson Agencies Pvt. Ltd.

58. Ashirbad Nirman Pvt. Ltd.

15. Nirvan Merchandise Pvt. Ltd.

59. Ashirbad Ashiana Pvt. Ltd.

16. Nilgiri Mercantiles Pvt. Ltd.

60. Black Cadillac Trade Link Pvt. Ltd.

17. Ambe Properties Pvt. Ltd.

6 1 . Bajaj Polyblends Pvt. Ltd.

18. Dalson Marketing Pvt. Ltd.

62. Captain Commercials Pvt. Ltd.

19. Priya Viniyog Pvt. Ltd.

63. Compact Vyapaar Pvt. Ltd.

20. K.L. Investment Pvt. Ltd.

64. Energetics Investments and Consultants Pvt. Ltd.

2 1 . PKS Nirmaan Pvt. Ltd.

65. Jaisukh Tieup Pvt. Ltd.

22. Penguine Securities Pvt. Ltd.

66. Monogram Dealcom Pvt. Ltd.

23. Shadal Real Estate Pvt. Ltd.

67. Mistvalley Trading Pvt. Ltd.

24. Starpoint Financial Services Pvt. Ltd.

68. Petal Vinimay Pvt. Ltd.

69. Roselab Commodities Pvt. Ltd.

3.

70. Shivasthal Ashiyana Pvt. Ltd.

Shri Vishal Gupta has done his Master degree in


Business Administration. He is associated with the
c o m p a n y for m o r e t h a n 1 5 y e a r s . H e has v a s t
experience and expertise of real estate industry. He is
also on the Board of Ashiana Retirement Villages Ltd.,
Vatika Marketing Ltd., O P G Realtors Ltd., K a r m a
Hospitality Ltd., RG Woods Ltd., and Hemie Estates
Pvt. Ltd. He is holding 2661712 (14.21%) shares in
Ashiana Housing Ltd.

7 1 . Xerxes Traders Pvt. Ltd.


72. Vintage Nirman Pvt. Ltd.
73. Rainbow Ventures Pvt. Ltd.
74. Ridhi Vinimay Pvt. Ltd.
75. Shell Business Pvt. Ltd.
76. Satyam Combines Pvt. Ltd.
77. Citra Vyapaar Pvt. Ltd.
78. Madhuraj Infrastructure Pvt. Ltd.

4.

79. Apsa Realtors Pvt. Ltd.

8 1 . BG Estates Pvt. Ltd.


82. Hemie Estates Pvt. Ltd.
83. Jagdamba Telecom Pvt. Ltd.
84. Ritu Collections Pvt. Ltd.
85. Rukmini Vitrak Pvt. Ltd.
Smt. Sonal Mattoo
Smt. Sonal Mattoo, Director of the Company, is retiring
by rotation at the ensuing Annual General Meeting of
the Company and is being eligible for re-appointment.
Smt. Sonal Mattoo is a law graduate from National Law
S c h o o l of India, B a n g a l o r e a n d p r a c t i c i n g as an
Advocate. She has rich professional experience in
corporate matters. She is Chairman of the Transfer/
Investor's Grievance Committee and member of the
Audit Committee and Remuneration Committee of the
directors. Smt. Sonal Mattoo holds directorship in the
following other companies:
1.

Vatika Marketing Ltd.

2.

Helping Hands (Charitable Trust)

Shri Ankur Gupta


Shri Ankur Gupta has done Bachelor in Business
Administration from Fairleigh Dickinson University
(USA) and MS in Real Estate fro New York University.
He has done research for many residential projects
especially for seniors' housing. He is 32 years of age.
He has around 9 years of experience. He is also a
director on the Board of Ashiana Retirement Villages
Ltd., Vatika Marketing Ltd., OPG Realtors Ltd., Karma
Hospitality Ltd., and Hemie Estates Pvt. Ltd. He is holding
3918496 (20.91%) shares in Ashiana Housing Ltd.

80. Natraj Technosoft Pvt. Ltd.

2.

Shri Vishal Gupta

5.

Shri Varun Gupta


Shri Varun Gupta has done Bachelors in Science from
Stern School of Business, New York University. He
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 rich experience he
joined Ashiana Housing Ltd. and is looking after land
and finance matters. He is also a director on the Board
of Ashiana Retirement Villages Ltd. and RG Woods
Ltd. He is holding 3922997 (20.94%) shares in Ashiana
Housing Ltd.

1uV|AshiainiaJ
Nurturing

Smiles
DIRECTORS' REPORT

To the member(s),
d

Your directors have pleasure in presenting the 23' Annual


Report together with the audited statement of accounts for
the year ending 31st March 2009.
1.

FINANCIAL RESULTS

The financial results of the 'Company for the year ended


31st March, 2009 are as follows:(Rs. in lacs)
SI.
No.

PARTICULARS

CURRENT
YEAR

PREVIOUS
YEAR

1.

Sales and other Income

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.

Provision for Taxation

6.

Profit /(Loss) after


Depreciation and Taxation

7.

8.

9.

wages paid to the employees. Your company was able to


maintain its turnover at a satisfactory level and during the
financial year 2008-09 the total income of the company
was Rs. 9329.20 lacs as compared to Rs. 12725.32 lacs
recorded in last financial year representing a fall of 2 7 %
and net profit was at Rs. 2597.79 lacs compared to 3699.78
lacs recording a fall of 30%.

Surplus brought forward


from previous year
Profit available for
Appropriation
Proposed Dividend

On Consolidated basis, during the year 2008-09 the total


income of your company and its subsidiaries was at Rs.
10383.23 lacs, as against Rs. 13345.10 lacs during the
previous year. Further, the consolidated net profit was at
Rs. 2839.88 as compared to Rs. 3865.08 lacs in the previous
year ended 3 1 ' March, 2008.
s

Operations
A brief summary of on-going projects
Project Name
(Location)

Projects

Utsav'(Bhiwadi)

Phase III

11.

12.

Tax on Proposed Dividend


Transfer to General
Reserve
Balance Surplus carried
to Balance Sheet

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

(Expected to be bunched launched ii 2009-10)

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

To be launched in 2009-10 240,000

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

Phase II & III

(To be launched in 2009-10


225,600

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.

Completed and handed over to customers.


* In partnership
" " I n partnership with Ashiana Retirement Villages Ltd. a 100% subsidiary of Ashian;
housing Ltd.

Your Company has acquired 2.00 acres approx. land at


Sonary, J a m s h e d p u r pending execution of S u b - L e a s e
Agreement from Tata Steel Ltd. for developing it as Shopping
cum multiplex cum commercial complex.
2.

Section 80(IB) Projects

Your Directors have pleasure in reporting that following


projects are eligible for claiming deduction under Section
80 (IB) of the Income Tax Act, 1961:
SI.

Project Name
Ashiana Woodland, Jamshedpur
Ashiana Aangan,Bhiwadi
Ashiana Manglam, Jaipur
Ashiana Utsav, Jaipur
Ashiana Greenwood, Jaipur
Ashiana Amarbagh, Jodhpur

3.

7.

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 as under:
a)

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)

In absence of necessary information relating to the


s u p p l i e r s u n d e r the M i c r o , S m a l l a n d M e d i u m
Enterprises Development Act, 2006; the Company is
unable to identify such suppliers, hence the information
required under the said Act can not be ascertained.

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

Sale of flats and others, in respect of projects undertaken


before 3 1 ' March, 2006, is accounted for on the basis of
date of delivery of physical possession to the respective
customers and sales in respect of projects under taken on
or after 1 April, 2006 represents the value of flats and
others contracted to be sold to the extent of work done on
percentage completion basis.
s

s t

For sales realized on percentage completion, an amount


equivalent to the sale amount is debited to " O n g o i n g
Project A d j u s t m e n t A c c o u n t " u n d e r Other C u r r e n t
Assets within Current Assets. The amount stands in this
account till possession of the unit is given to the customer.
At possession, the amount is adjusted with Advance from
Customer.
.
4.

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.

FURTHER ISSUE OF SHARES

The Board of Directors of the Company at its meeting held


on 2 April, 2009 has resolved to augment resources of the
company by way of rights issue of shares to the tune of
10.50 crores. Approval from the members of the company
was obtained in the extra ordinary general meeting held on
0 2 May, 2009. The company is in the process of finalisation
of letter of offer to be filed with Securities & Exchange
Board of India (SEBI). '
n d

nd

6.

DIRECTORS

There are eight directors on the Board of the Company and


there is no change in the directorship during the year under
review.
Shri Lalit Kumar Chhawchharia and Smt. Sonal Mattoo,
Directors are retiring by rotation at the ensuing Annual
General Meeting of the Company and are eligible for reappointment.

AUDITORS

M/s. B. C h h a w c h h a r i a & Co., Chartered A c c o u n t a n t s ,


Auditors of the Company, retires at the conclusion of ensuing
Annual General Meeting and being eligible, offer them 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 (1B) of the Companies
A c t , 1 9 5 6 . T h e D i r e c t o r s a n d the A u d i t C o m m i t t e e
recommends their re-appointment.

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.
9.

SUBSIDIARY COMPANIES

As on date there are two subsidiaries of the Company


namely Vatika Marketing Ltd. and A s h i a n a Retirement
Villages Ltd.
The Audited statement of Accounts along with Directors'
Report & Auditors' Report for the year ended 31st March,
2009 of M/s. Vatika Marketing Ltd. and M/s. A s h i a n a
Retirement Villages Limited as well as the extent of holdings
therein are annexed to this Account pursuant to Section
212 of the Companies Act, 1956. Further, in accordance
with Accounting Standard - 21 , a consolidated Financial
Statement of the Company and its subsidiaries forms part
of this Annual Report.
10. M A N A G E M E N T
REPORT

DISCUSSION AND

ANALYSIS

The Annual Report also contains'a separate section on the


'Management Discussion and Analysis' which is a part of
the Directors' Report.

iOrl Ashiana
11. CORPORATE GOVERNANCE

15. CODE OF CONDUCT AND ETHICS

As required under clause 49 of the Listing Agreement with


the Stock Exchanges, the Report on Corporate Governance
together with Auditors Certificate regarding Compliance of
the SEBI Code of Corporate" G o v e r n a n c e is a n n e x e d
herewith.

The Board of the Company has adopted a Code of Conduct


and Ethics for the Directors and Senior Executives of the
C o m p a n y . T h e o b j e c t of the C o d e is to c o n d u c t the
C o m p a n y ' s business ethically and with responsibility,
integrity, fairness, transparency and honesty. The Code
sets out a broad policy for one's conduct in dealing with
the company, fellow directors and with the environment in
which the company operates. The code is available on the
Company's website (www.ashianahousing.com ).

A certificate from M/s. B. Chhawchharia & Co., Chartered


A c c o u n t a n t s c o n f i r m i n g c o m p l i a n c e of c o n d i t i o n s of
corporate Governance as stipulated under clause 49 is
also annexed to the Report on 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

The Board of Directors takes this opportunity to express its


grateful thanks and wish to place on record its appreciation
to the Government of India, The Govt, of Rajasthan and the
Govt, of Jharkhand and their agencies for providing us
excellent business opportunities, to our bankers for their
continued support and guidance from time to time and to the
employees of the Company at all levels for the continued
c o - o p e r a t i o n a n d u n s t i n t e d s u p p o r t e x t e n d e d t o the
Company.
The Directors also express their sincere thanks to all the
shareholders for the continued support and trust they have
reposed in the Management.
On behalf'of the Board of Directors

13. PARTICULARS OF EMPLOYEES


N o n e of the e m p l o y e e s of your C o m p a n y is d r a w i n g
r e m u n e r a t i o n e x c e e d i n g limits laid d a w n u n d e r the
provisions of section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees ) Rules,
1975.
14. DIRECTORS'RESPONSIBILITY STATEMENT

Place : New Delhi


D a t e d : 0 3 June, 2009
rd

(Om Prakash Gupta)


Chairman and
Managing Director

MANAGEMENT DISCUSSION AND ANALYSIS REPORT


Industry

Structure

and

Developments

The Indian Economy


Pursuant to Section 217 (2AA) of the Companies Act, 1956,
the Directors confirm that:
(I)

in the preparation of annual a c c o u n t s , applicable


a c c o u n t i n g s t a n d a r d s have b e e n f o l l o w e d by the
Company;

(II)

such accounting policies have been selected and


consistently applied and judgments & estimates made
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company as
at 31st March, 2009 and of the profit of the Company
for the year ended on that date;

(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.

The World has witnessed the worst ever recession during


the year. The fall of the old banks and financial institutions
h a v e f u r t h e r d e e p e n e d the c r i s i s p a r t i c u l a r l y in the
developed countries. Government of various countries have
come out with stimulus packages to cushion the impact of
recession and absorb some of the losses. The financial
architecture of the whole world has been dealt a large
blow. Even though the Indian banking industry has been
largely protected from the impact, availability of credit has
substantially declined.
India has been no exception from the adverse effects of
the g l o b a l e c o n o m i c r e c e s s i o n . T h e r e i s a n o v e r a l l
slowdown in demand across India as has been experienced
by Industry Players. The worst effected industries have
been real estate and construction, and export oriented
industries. However, Indian banking sector due to the
conservative and pragmatic policies of the government of
India and the RBI has not been so affected by the slowdown
as its counterparts in the developed countries. Various
positive and timely steps initiated by the Govt, of India and

RBI h a v e r e s u l t e d in c o n t r o l l i n g inflation well a b o v e


expectations. Availability of funds has started improving
since April, 2009 with a complimentary decline in interest
rates. Installation of the stable government at the centre
and the continuity of reforms are expected to certainly help
the country to face the situation more effectively. It is widely
expected that India is in a much better position than many
other economies to achieve an early and fast revival.
Real Estate Industry
The Indian real estate sector plays a significant role in the
country's economy. The real estate sector is second only
to agriculture in terms of e m p l o y m e n t generation and
contributes heavily towards the gross domestic product
( G D P ) . A l m o s t five per cent of the c o u n t r y ' s G D P is
contributed to by the housing sector. In the next five years,
this contribution to the GDP is expected to rise to 6 per
cent. According to industry players, housing accounts for
4.5 per cent of gross domestic product (GDP) with urban
housing accounting for 3.13 per cent.
It is expected that faster economic growth in India would
result in the improvement of property markets. Almost 80
per cent of real estate developed in India is residential
space, the rest comprising of offices, shopping malls, hotels
and hospitals. According to the Tenth Five-Year-Plan, there
is a shortage of 2.24 crores dwelling units. Thus, over the
next 10 to 15 years, 8 to 9 crores housing dwelling units
will have to be constructed with a majority of them catering
to middle and lower income groups.
2008-09 was probably one of the worst years for the real'
estate industry in the recent past. High interest rates, job
insecurity, and uncertainty about the economy and prices
led to home buying decision being d e f e r r e d . With the
economy reviving and interest rates falling, the market is
expected to improve with demand returning and home buyers
making their decisions faster.
G o v e r n m e n t Initiatives- Providing the Road A h e a d
The government has introduced many progressive reform
measures to unlock the potential of the sector and also
meet increasing demand levels. The government's recently
announced stimulus package, coupled with the Reserve
Bank of India's (RBI) move allowing banks to provide special
treatment to the real estate sector, is likely to impact the
Indian real estate sector in a positive way. RBI has decided
t o e x t e n d e x c e p t i o n a l c o n c e s s i o n a l t r e a t m e n t t o the
commercial real estate exposure and restructured it to June
30, 2009.
The government has recently a n n o u n c e d an economic
stimulus package keeping in mind the impact of the global
slowdown on the Indian real estate sector. Public sector
banks and private sector banks have announced a package
for home loan borrowers in various categories. This is
expected to increase borrowing for homes and in turn give
a boost to the realty sector.

Indian real estate companies have witnessed growth in


business in the last few years. Amount of building has
significantly manifolds over the last five years. However,
they have not been accompanied with similar developments
in urban infrastructure. The government needs to provide
better infrastructure in the cities that can support our rapidly
urbanizing population.
D e v e l o p m e n t s during the year
There are many accomplishments of the company during
the year the biggest of these include:
1.

Entered into an agreement for development of group housing


project in Jamshedpur at land measuring 8.69 acres.

2.

Entered into an agreement with TATA Steel Ltd. for


acquiring land measuring two acres for development
of shopping Mall, Multiplex and Hotel in Jamshedpur.

3.

Achieved highest ever construction of 9.4 lacs sq. ft.

4.

Launch of Phase 1 of Ashiana Utsav, a Retirement


Housing project in Lavasa, (Pune) offering 166 units
to the public.

5.

Completion of project Ashiana Woodland Phase-2 at


Jamshedpur.

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.

Exit of developers who entered the market during the


boom but have very little experience, expertise or
capabilities.

2.

Decrease in land prices as a result of the decline in


property prices and a decrease in demand for land
due to the exit of many developers.

3.

Markets and customers giving better value to


companies with delivery track records, high quality
developments, and transparency.

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.

Ashiana has conserved cash and has an unlevered balance


sheet that gives its financial strength to capitalize on the
upcoming opportunities. Rather than borrowing land and
creating land bank for 50 years, Ashiana spent resources
on creating execution capabilities, and institutionalizing
processes that will provide the foundations for growth in
the future.

j9F[Ashiana[
Nurturing

Smiles

Ashiana has an enviable track record in delivering projects


and did record construction in 2008-09. The customer base
of Ashiana is largely end users as the homes built by us are
functional and practical designed with the occupant in mind
and are constructed with utmost care for quality.
The Indian home owner has become far more sophisticated
and demanding and has the freedom to choose from a
multitude of offerings. It is imperative for developers to
provide differentiated products serving the various needs
and demands of the consumer. Senior housing has emerged
as a profitable niche in which your company has been able
to build a brand. Even in the regular housing space, your
company is constantly innovating to provide better products
at various price points.
The downturn will create opportunities for companies that
h a w c o m p e W w e products, tmancsaL strength, a n d high
brand equity. A s h i a n a has the s t r e n g t h s to grab the
opportunities that will be presented.
Risks and c o n c e r n s
1.

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

There is an acute shortage of skilled manpower in the


country. This is the case for both skilled labour as well as
g r a d u a t e s in all f i e l d s . W i t h g r o w t h r e q u i r e m e n t of
manpower will increase manifold and skilled manpower
even more. One of the steps taken by Ashiana to mitigate
this risk is to train unskilled labour to become skilled masons,
bar binders, electricians, and carpenters etc. Another step
taken by Ashiana is to systemize internal processes to
become more efficient by simplifying otherwise complex
tasks.
Outlook
The real estate sector in India has a s s u m e d growing
importance with the liberalization of the economy. India
continues to face an acute shortage of housing units. Based
on the 10th Gol Five "Year Plan (2002-2007), the housing
shortage is estimated at approximately 2.24 crore dwelling
units. However, 2008-09 saw the worst ever global recession
in world history and the Indian real estate sector went through
its worst ever period since the reforms of 1991.

Increase in Interest Rates

The interest rates have declined in the recent period with


the RBI following an expansionary monetary policy. Interest
rates are directly linked to the capacity of the buyers to pay
and purchase as most home purchases are funded through
home loans. With the government's fiscal deficit budgeted
to expand manifold there is a risk that government borrowing
will crowd out the availability of credit for individuals and
the private sector. This may lead to an increase in interest
rates which will have a negative impact on the real estate
sector.
2.

4.

Increasing Construction Costs

The year 2008-09 saw an increase in both material and


labour costs. The material costs are highly related to the
commodity cycle and is subject to its volatility, which was
the probably the highest ever in 2008-09. Labour, cost rose
with a hike in minimum wages in Rajasthan and Jharkhand.
Cost of manpower is expected to increase at a very fast
pace across the country. To combat the same, Ashiana has
started mechanizing many construction processes. Plant &
machinery purchase is rising every year with different types
of machines from batching plant to material hoists being
used to improve efficiencies.

T h e d o w n t u r n will c r e a t e its o w n o p p o r t u n i t i e s for


c o m p a n i e s w h o are f i n a n c i a l l y s o u n d w i t h a r o b u s t
business model. Ashiana is one of the few companies in
this space who have been conservative and avoided buying
l a n d in u n v i a b l e l o c a t i o n s at u n r e a s o n a b l e p r i c e s .
Opportunities will come in the form of cheaper land and
customers demanding quality and transparency. Demand
will be driven by end users instead of investors. Ashiana
is in a strong position to grab these opportunities.
Internal Control Systems and their adequacy
The Company has proper and adequate system of internal
controls commensurate with its size and nature of the
Company's business to provide reasonable assurance that
all assets are safe-guarded; transactions are authorized,
recorded and reported properly. Systems are regularly
r e v i e w e d to ensure e f f e c t i v e n e s s . The C o m p a n y has
q u a l i f i e d a n d e x p e r i e n c e d p r o f e s s i o n a l s w h o are
instrumental in maintaining the growth and success of the
company and implement the policies.
Material developments in Human Resources/
Industrial Relations front, including number of people
employed.
Developing human resource has always been a focus area
over the years for the Company. During the year training
programs were ranging from organizational thrust areas
and skill d e v e l o p m e n t to behavioral p r o g r a m s . These
p r o g r a m s are built a r o u n d the t h e m e s for e n h a n c i n g
managerial effectiveness, employee motivation, quality
culture and building functional expertise. During the year,
the Company maintained harmonious and cordial industrial
relations. The total headcount for the year stood at 216
excluding labor and workers.

REPORT ON CORPORATE GOVERNANCE FORMING PART


OF THE DIRECTORS' REPORT
1.

b)

Company's Philosophy on Code of Governance

The meeting of the Board and its Committee/s are


generally held in New Delhi and scheduled well in
advance. Normally the Board meets at least once in a
quarter to consider amongst other businesses, the
quarterly performance of the Company and financial
results. Detailed agenda notes with MIS reports, charts
etc. are circulated well in advance. T h e Directors
a c t i v e l y p a r t i c i p a t e in the d e l i b e r a t i o n at t h e s e
meetings. During the year, four Board Meetings were
held on 30th June, 2008, 30th July, 2008, 30th October,
2008, and on 29th January, 2009.

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.

Board Meeting held in Financial Year 2008 - 2009


a n d attendance of Directors:

The attendance of each Director in the Board Meetings


is detailed herein below:
Name of
Director

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

The Company has optimum combination of executive


and non-executive directors. The Board consists of
e i g h t d i r e c t o r s out o f w h i c h f o u r a r e E x e c u t i v e
Directors, four are N o n - E x e c u t i v e & Independent
Directors. None of the Directors on the Board is a
member of more than 10 Committees and Chairman of
more than 5 Committees (as specified in the Clause 49
of the Listing Agreement), across all the companies in
which he is a director. The necessary disclosures
regarding Committee positions have been made by the
Directors.
(a)

The present composition


Directors is as under:-

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-

Kumar Mattoo ExecutiveS. director


Independent
Shri Abhishek Non-

Independent 4

Not Present

Present

Not Present

Executive & director

1.

Shri Om Prakash
Gupta

Executive

Dalmia

2.

Shri Vishal Gupta Executive

Shri Lalit

Non-

3.

Shri Ankur Gupta

Executive

Kumar

Executive& director

4.

Shri Varun Gupta

Executive

5.

Shri Ashok Kumar Non-Executive


Mattoo
& Independent

6.

Shri Abhishek
Dalmia

Non-Executive &
Independent

17

7.

Shri Lalit Kumar


Chhawchharia

Non-Executive &
Independent

85

8.

Smt. Sonal Mattoo

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)

Remuneration paid to Whole Time Directors and


sitting fees to the Non-executive Directors
Remuneration to Managing Directors and Whole Time
Directors is being paid as p e r ' t e r m s of their
appointment. The details of remuneration paid to the
Whole Time Directors during the year are seated herein
below:

1uFl Ashiana
Sr.

Name

Designation

Salaries &
Allowances

Total

1.

Shri Om Prakash
Gupta

Managing
Director

Rs. 18.00
Lacs

Rs. 18.00
Lacs

2.

Shri Vishal Gupta

Jt. Managing
Director

Rs.18.00
Lacs

Rs.18.00
Lacs

3.

Shri Ankur Gupta

Whole Time
Director

Rs.18.00
Lacs

Rs.18.00
Lacs

4.

Shri Varun Gupta

Whole Time
Director

Rs.13.50
Lacs

Rs.13.50
Lacs

No.

1.

2.

Discussion with the auditor, periodically about the


internal control systems, the scope of audit including
the observation of the auditors.
(a)

To review the quarterly, half yearly and annual


financial statements before submission to the
Board.

(b)

To review a n d take on record the u n a u d i t e d


quarterly results of the company before
publication.

(d) Terms of a p p o i n t m e n t of W h o l e - t i m e Directors

3.

To ensure compliance of Internal Control System.

The current term of appointment of Shri Om Prakash


G u p t a , M a n a g i n g Director, Shri Vishal G u p t a , Jt
Managing Director and Shri Ankur Gupta, Whole Time
Director are up to 3 1 March, 2010, and the current
term of Shri Varun Gupta, Whole Time Director, is upto
3 0 June, 2011.

4.

Oversight of the company's financial reporting process


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

s 1

,h

3.

5.

Noting appointment and removal of external auditors.


Recommending the fixation of audit fees of external
auditors and also approval for payment for any other
services.

6.

Reviewing with M a n a g e m e n t the annual financial


statements before submission to the Board.

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.

April 25, 2008

2.

June 30, 2008

3.

July 30, 2008

4.

Oct. 30, 2008

5.

Jan. 29, 2009

The Company has a duly constituted "Remuneration


Committee". The Committee consists of three (3) non
executive independent directors. All matters relating
to finalization of remuneration of directors are being
taken to the committee for their consideration and
approval. The following Directors are the members of
the Remuneration Committee:
Sr.
No.

Attendance of the members of the Audit Committee at


these meetings is as under:
Sr.
No.

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.

Shri Ashok Kumar Mattoo

Chairman

2.

Shri Lalit Kumar Chhawchharia

Member

3.

Smt. Sonal Matoo

Member

1.

Lalit Kumar Chhawchharia

During the financial year 2008-09 Remuneration Committee

2.

Ashok Kumar Mattoo

held its one meeting.

3.

Sonal Mattoo

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


The primary function of the Audit Committee is to assist the
Board of Directors in fulfilling its oversight responsibilities
by reviewing the financial reports and other financial
information provided by the Company to any Statutory
Authority or to the investors or the public, the Company's
system of Internal Controls regarding finance, accounting
and legal compliances that Management and the Board have
established.
The terms of reference of Audit Committee include inter-alia
the followings

' 5.

Transfer and
Shareholders'
Grievance Committee

Investors'

The Transfer and Shareholders'/Investors' Grievance


Committee was reconstituted on 1 September 2003.
The following directors are members of the Transfer
and Shareholder's/Investors' Grievance Committee:
s t

Sr.
No.

Name of Directors

Designation

1.

Smt. Sonal Mattoo

Chairman

2.

Shri Om Prakash Gupta

Member

3.

Shri Vishal Gupta

Member

T h e s c o p e o f the " T r a n s f e r a n d S h a r e h o l d e r s ' /


Investors' Grievance C o m m i t t e e " w a s enlarged to
monitor investors' grievances/complaints along with the
share transfer. The Committee approved the share
transfer at its meeting which was held once or twice in
a month. The Transfer and Shareholders'/Investors'
Grievance Committee also took note of the findings of
audit carried out by practicing Company Secretary and
implemented the suggestions.
As required by the listing agreement executed with
Stock E x c h a n g e s , Mr. B h a g w a n Kumar, C o m p a n y
Secretary, was appointed as a 'Compliance Officer'
and entrusted to monitor the share transfer process
and liaise with the regulatory authorities.

7.

8.

General Body Meetings


The details of last three Annual General Meetings and
Extra Ordinary General Meetings are as mentioned below:

A n n u a l General Meetings
For
the
year

Venue

Date

Day
and
Time

Whether
Special
Resolution

200546 Kalakunj - Kalamandir, Sept. 19,


48, Shakespeare Sarani, 2006
Kolkata

Tuesday,
10.30 A.M.

Yes

200647 Kalakunj - Kalamandir, Sept. 21,


48, Shakespeare Sarani, 2007
Kolkata

Friday,
2.30 P.M.

No

2007-08 Kalakunj - Kalamandir, Sept. 18,


48, Shakespeare Sarani, 2008
Kolkata

Thursday
11.30 P.M.

None of the transactions with any of the related


parties were in potential conflict with the interests
of the Company at large. Transactions with related
parties are disclosed in Note No. 21 (12) of Schedule
to the Accounts in the Annual Report.

=>

There has been no non compliance of the provisions


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

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.

There has been no complaint that has not been resolved


to the satisfaction of the shareholders nor are there
any pending complaints.
6.

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.

General Shareholder's Information


(a) Annual General Meeting

No

n d

Day, Date
and Time

Tuesday, 2 2
4.00 PM

September, 2009

Venue

Kalakunj, Kalamandir, Kolkata

Extra Ordinary General Meeting


b)
2006-07 Kalakunj - Kalamandir, March 30,
48, Shakespeare Sarani, 2007
Kolkata

Friday,
10.30 A.M.

Yes

2007-08 Bengal National Chamber January 15, Tuesday,


Yes
of Commerce & Industry, 2008
11.30 A.M.
23 R N Mukherjee Road,
Kolkata-700001
2009-10 Kalakunj - Kalamandir, May 02,
48, Shakespeare Sarani, 2009
Kolkata

Financial Calendar

Saturday, Yes
10.30 A.M.

No resolutions requiring postal ballot as recommended


under Companies (Passing of Resolution by Postal Ballot)
R u l e s , 2 0 0 1 h a v e b e e n p l a c e d for s h a r e h o l d e r s '
approval at the last Annual General Meeting.

Ashiana Housing follows the financial year from April


to March. The Unaudited Financial Results for the
first three quarters and the Audited Financial Results
for the year ended 3 1 March, 2009 were taken on
record and approved by the Board of Directors in its
meeting(s) held on the following dates:
s1

Quarter Ended

Date of Board Meeting

April - June, 2008

3 0 July, 2008

July - Sept., 2008

30

lh

29

th

January, 2009

03

rd

June, 2009

Oct. - D e c , 2008
s

Year Ended 3 1 " March,


2009

,h

October, 2008

Ashiana [
Smites
(g) Share P e r f o r m a n c e Chart

(c) Book Closure


The Company's Register of Members and Share
T r a n s f e r b o o k s will r e m a i n c l o s e d f r o m 14th
September, 2009 to 22nd September, 2009 (both
days inclusive) for the purpose of Annual General
Meeting of the Company.

100
Share Price In

^urttirfng

(d) Stock Exchanges


The Company's equity shares are listed on the
Bombay Stock Exchanges the details of which are
as follows:

Aprl,
08

May,
08

Jun, Jul, 08 Augt,


08
08

Name and address of the


Stock Exchange

Security
Code No

Range

1.

The Stock Exchange,


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

523716

UPTO
500
501
TO
1000
1001
TO
2000
2001
TO
3000
3001
TO
4000
4001
TO
5000
5001
TO 10000
10001 AND ABOVE

( e ) Dividend paid for the last three years


Sr.
No.

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

Numbers % to total Numbers


8,680
1,211
299
64
37
11
48
68

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.

Banks, FIs, Insurance Cos.,


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

3.

Foreign Institutional
Investors

Market Price Data:

Monthly High and.Low quotation of shares traded in


Mumbai Stock Exchange

Dec,
08

(i) Shareholding Pattern (As on 31.03.2009)

A.

15

Nov,
08

(h) Distribution of Shareholding as on 31.03.2009

Sr.
No.

There is no outstanding listing fees payable to Bombay


Stock Exchange.

Sept,
Oct,
08
08
Month

C.

Others

4.

Private Corporate Bodies

1423061

7.595

5.

Indian Public

4901964

26.164

6.

NRIs/OCBs

74044

0.395

7.

Others (shares in transit)

2922

0.016

18735850

100.00

Grand Total

(j)

Registrar & Transfer Agent :


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

( 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

Agent - M/s Beetal Financial & Computer Service Pvt.


Ltd., Beetal House, 99, Madangir, Near Dada Harsukh
Dass Mandir, Behind Local Shopping Centre, New Delhi
- 110062. T r a n s f e r of s h a r e s both by D e m a t a n d
Physical mode are approved by the 'Transfer and
Shareholders/Investors Grievance Committee'.
(I)

(o) Offices Locations


Registered Office:

Head Office & Share


Dept.:

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

Unit No. 4&5, 3'" Floor,


Plot No. D-2
Saket District Center,
Saket, New Delhi - 110017

Dematerialisation of Shares and Liquidity


The Shares of the company are compulsorily traded in
dematerialised form. In order to enable the shareholders
to hold their shares in electronic form and to facilitate
scripless trading, the Company has enlisted its shares
with National Securities Depository Ltd. and Central
Depository. Services (India) Ltd. Out of 18735850 Equity
Shares of the company 55646*02 Equity shares have
been dematerialised as on 31.03.2009.

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

(m) Secretarial Audit Report


As stipulated by the Securities and Exchange Board of
I n d i a , M/s. B. C h h a w c h h a r i a a n d C o . C h a r t e r e d
A c c o u n t a n t s , Statutory A u d i t o r s of the c o m p a n y ,
carries out the Secretarial Audit to reconcile the total
admitted capital with National Securities Depository
Limited (NSDL) and Central Depository Services (India)
Ltd. (CDSL) and the total issued and listed capital. This
audit is carried out every quarter and the Report thereon
is submitted to the Stock Exchanges and is also placed
before the Audit Committee. The audit, inter alia confirms
. that the total listed and paid up capital of the company is
in agreement with the aggregate of the total number of
shares in dematerialised form (held with NSDL and
CDSL) and the total number of shares in physical form.
(n) C o m p l i a n c e with Non M a n d a t o r y R e q u i r e m e n t s
The Board has already formed a Remuneration
Committee. Other non-mandatory requirements are yet
to be adopted.

(e) Vill. Kuri Bhagtasani, Pali Road, Jodhpur


(f) The Business Centre, Office No. 2,
2

n d

Floor, Purushottam Plaza, Baner Road,

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

Place : New Delhi


Dated : 03rd June, 2009

(Om Prakash Gupta)


C h a i r m a n and
M a n a g i n g Director

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

Membership No. : 500872

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

cash flow statement dealt with by this report


comply with the accounting standards referred
to in sub-section (3C) of section 211 of the
Companies Act, 1956;
(v) On the basis of w r i t t e n r e p r e s e n t a t i o n s
received from the directors, as on 31st March
2009 and taken on record by the Board of
Directors, we report that none of the directors
is disqualified as on 3 1 March 2009 from
being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956;
s t

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


and according to the explanations given to us,
the said a c c o u n t s read with s i g n i f i c a n t
A c c o u n t i n g P o l i c i e s a n d N o t e s to the
Accounts, give the information required by the
C o m p a n i e s Act, 1956, in the m a n n e r so
required and subject to notes on schedule 21
particularly Dues to SSI Units and nondisclosure of information under the- Micro,
Small and Medium Enterprises Development
Act, 2006 (note 6) and change in the method
of accounting for inventories from 'At Cost' to
'At lower of cost and net realizable
value
(note 9) give a true and fair view in conformity
with the a c c o u n t i n g p r i n c i p l e s g e n e r a l l y
accepted in India:
(a) in the case of the balance sheet, of the
state of affairs of the company as at 31st
March 2009;
(b) in the case of the profit and loss account,
of the profit for the year ended on that date;
and
(c) in the case of the cash flow statement, of
the cash flows for the year ended on that
date. .
For B. CHHAWCHHARIA & Co.
Chartered Accountants

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.

Annexure to the Auditor's Report


Referred to in paragraph 1 of our Report of even date
for the year ended 3 1 March, 2009.
s t

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)

In our opinion, the procedures of physical


verification of inventories followed by the
management
are
reasonable
and
adequate in relation to the size of the
company and the nature of its business.

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.

On the basis of our examination of the


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

a)

The Company has granted unsecured loan


to one company covered in the Register
m a i n t a i n e d u n d e r S e c t i o n 301 of the
C o m p a n i e s Act, 1956. T h e m a x i m u m
a m o u n t i n v o l v e d d u r i n g the y e a r was
Rs.100 lacs and year end balance of loans
given to such company was Rs. 100 lacs.

b)

In our opinion the rate of interest and other


terms and conditions on which loans has

4)

5)

c)

The company is regular in receiving the


principal amounts as per stipulation and
has been regular in the receipt of interest,
as applicable.

d)

As explained to us there is no overdue


amount of loan given to the companies
listed in the registers maintained under
section 301 of the Companies Act, 1956.

e)

The company has not taken any unsecured


loans from companies, parties or other
concern covered in the register maintained
under Section 301 of the Companies Act,
1956.

In our opinion and according to the information


' a n d e x p l a n a t i o n s given to us, t h e r e are
adequate
internal
control
procedures
commensurate with the size of the company and
the n a t u r e of its b u s i n e s s with regard to
purchases of inventory and fixed assets and
with regard to the sale of constructed units and
services. During the course of our audit, we have
not observed any continuing failure to correct
major weakness in internal controls.
a)

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)

In our opinion and according to the information


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

and advances on the basis of security by way of


pledge of shares, debentures and other
securities.

7)

In our opinion, the company has an internal


audit system commensurate with the size and
nature of its business.

13) In our opinion the company is not a chit fund or


a nidhil mutual benefit fund/ society.

8)

As informed to us maintenance of cost records


under Section 209 (1) (d) of the Companies Act,
1956 is not applicable to the company.

9)

a)

b)

Name of the
Statute

Income Tax
Act, 1961

According to the records of the company,


g e n e r a l l y the c o m p a n y is r e g u l a r in
depositing with appropriate authorities
undisputed statutory dues including
provident f u n d , 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 dues, as
applicable, 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.
There are no dues of Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty and Cess, as applicable, which
have not been deposited on account of any
dispute except as detailed below:
Nature of
the Dues

Income Tax

Amount
(Lacs)

6.90 lacs

Relating
to the

Forum where
Dispute

year

Pending

1989-1990 Appellant Tribunal


Commissioner
andAsst. of
Income Tax

10) The c o m p a n y does not have a c c u m u l a t e d


losses. The company has not incurred any cash
losses during the financial year covered by our
audit and the immediately preceding financial
year.
11) In our opinion and according to the information
and explanations given to us, the company has
not defaulted in repayment of dues to a financial
institution, bank or debenture holder.
12) As per information and explanations provided
to us the company has not granted any loans

14) The company is not dealing or trading in shares,


securities, debentures and other investments.
However,. Investments of the Company are held
in its own name.
15) As per information and explanations provided
to us, the company has not given any guarantee
for loans taken by others from bank or financial
institutions.
16) The Company has not taken any Term Loan
during the year concerned.
17) According to the information and explanations
given to us and on an overall examination of the
balance sheet of the company, we report that
the no funds raised on short- term basis have
been used for long-term investment except
permanent working capital.
18) The company has not made any preferential
allotment of shares to parties and companies
covered in the register maintained under section
301 of the Companies Act, 1956.
19) During the period covered by our audit report,
the company has not issued any debentures.
20) The company has not raised money by public
issues during the financial year concerned.
21) According to the information and explanations
given to us, no fraud on or by the company has
been noticed or reported during the course of
our audit.

For B. CHHAWCHHARIA & Co.


Chartered Accountants

(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)

Capital Work in Progress

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

Less: Current Liabilities & Provisions

12

1,807,392,597
1,543,074,895

945,383,458
959,056,306

Net Current Assets


NOTESONACCOUNTS

136,524,036
531,882,359

264,317,702

(13,672,848)

913,479,153

654,733,547

21

BALANCE SHEET ABSTRACT AND COMPANY'S


GENERAL BUSINESS PROFILE

22

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


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

For and on behalf of the Board

Bhagwan Kumar

Om Prakash Gupta

Vishal Gupta

Manojit Sengupta

Company Secretary

Managing Director

Jt. Managing Director

G.M. (F&A)

Place : New Delhi


Date : 03rd June, 2009

P R O F I T & L O S S A C C O U N T FOR T H E Y E A R E N D E D 31 ST M A R C H , 2009


SCHEDULES

INCOME
Sales
Other Income
Increase/ (Decrease) in Stock

13
14
15

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

16
17
18
19

PROFIT FOR THE YEAR


Less: Provision for Taxation

20

Profit after Tax


Surplus brought forward from previous year

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

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


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

Place: Gurgaon
Date : 03rd June, 2009

For and on behalf of the Board

Bhagwan Kumar

Om Prakash Gupta

Vishal Gupta

Manojit Sengupta

Company Secretary

Managing Director

Jt. Managing Director

G.M. (F&A)

Place : New Delhi


Date : 03rd June, 2009

IQlAshiana
Nurturing

Smiles

SCHEDULES TO THE ACCOUNTS

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

RESERVES & SURPLUS


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

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)

Vehicle Loans from :


ABN Amro Bank Ltd.
ICICI Bank Limited
Tata Capital Ltd*
Tata Motors Finance Ltd*
HDFC Bank Limited*
*- Secured against hypothecation of

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

* Includes Rs.2984277/- due within 12 months

DEFERRED TAX LIABILITY (NET)


Deferred Tax Liability on Fiscal allowance of fixed assets
Less: Deferred Tax Assets on
Unabsorbed losses

4,460,000

Employee Benefits

1,430,000

1,687,000

7,518,000

8,428,000

SCHEDULES TO THE ACCOUNTS


5 FIXED ASSETS
DEPRECIATION

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

EQUIPMENTS AND FACILITIES 11,219,807

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)

PREVIOUS YEAR FIGURES

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)

FURNITURE & FIXTURES

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

CAPITAL WORK IN PROGRESS

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

Includes Buildings of Rs.39874160/-(P.Y.Rs.65730110/-) pending registration in the name of the company


No. of

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.

In fully paid up Equity Shares:


Subsidiary Companies (Unquoted)
Ashiana Retirement Villages Ltd.

10

1,140,050

92,412,550

1,140,050

92,412,550

Vatika Marketing Ltd.

10

50,000

520,120

50,000

520,120

Arihant Foundation Ltd.

10

100

34,186

100

34,186

Eldco Housing Ltd.

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

Ispat Profile Ltd.

10

100.

Larsen & Tubro Ltd.

20

(includes 10 bonus shares)


Lok Housing Ltd.

10

100

18,906

100

18,906

Mahindra Lifespace Developers Ltd.

10

50

31,068

50

31,068

Modern Threads Ltd.

10

-23

280

23

280

Modern Woolen Ltd.

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

Spectrum Commercials Ltd.

10

132,000

330,775

132,000

330,775

Tirhken India Ltd.

10

54

3,696

54

3,696

Unitech Limited (includes 50 bonus shares) 10

100

21,597

100

21,597

Face
Value
Rs.
Parsvnath Developers Ltd.
S.M. Telesys Ltd.

'

. Sobha Developers Ltd.

ii. Unquoted

2.

Elite Leasrngs Ltd.

10

3,750

6,218

3,750

6,218

Adityapur Toll Bridge Company Ltd.

10

20,000

200,000

17,000

170,000

Zero Percent Unsecured Optionally Fully Convertible Debentures


Series - II (paid up Rs.94, P.Y.
100
1,000,000

94,000,000

In Partly paid Debentures:


Subsidiary Company ( Unquoted)
Ashiana Retirement Villages Ltd. 1,000,000

82,000,000

Rs.82 per debenture)


3.

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

32,939,879

Building at Ashiana Plaza, Patna


Land at Vasundhara Nagar, Phase II, Bhiwadi, Rajasthan
Land at RIICO Industrial Area, Bhiwadi, Rajasthan
Common Facility Area, Utsav, Bhiwadi
4.

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

In Capital ot Partnership Firms


Ashiana Amar Developers
Ashiana Amar Infrastructure

14,114,801

14,110,150

Ashiana Green Wood Developers

83,083,433

77,762,930

445,747,594

433,502,264

(A)
(B) CURRENT INVESTMENTS
In Mutual Funds
Unquoted

HDFC Growth Fund - Dividend Reinvestment 10

52595.1700

1,396,664

49360.9679

1,293,160

HDFC Growth Fund - Growth

10

11433.4800

800,000

8387.7702

600,000

Tata Contra Fund -Growth

10

50000.0000

500,000

50000.0000

500,000

SBI Blue Chip Fund -Dividend Reinvestment

10

57363.7700

600,000 57363.7700

600,000

Prudential ICICI Infrastructure Fund


- Dividend Re-investment

10

6250.8900

97,893

5460.9759

89,701

Fidelity Equity Fund -Growth

10

33702.0389

900,000

33702.0389

900,000

SBI Magnum Global Fund-Dividend

10

27601.4350

1,000,000

27601.4350

1,000,000

Tata Infrastructure Fund-Growth

10

40196.4800

1,000,000

40196.4800

1,000,000

HDFC Index Fund-Series Plus Plan

10

10914.3600

1,800,000

8472.0349

1,400,000

HDFC FMP370D MAY2008(VIII)


(2) Wholesale - Growth

10

1000000.0000

10,000,000

Sundaram BNP Paribas Fixed Term


Plan-16 Inst Growth

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

Standard Chartered Liquidity

10

57433.3866

65,397,234

489787.9218

5,000,000

- 2000000.0000

20,000,000

Manager -Growth
Sunderam BNP Paribas FTP Int.

10

: -

Fund Quart. Series-Plan-C


HDFC FMP 90D January 2008

10

Fund Quart. Series-Plan-C


HSBC Advantage India Fund-Growth

10

45994.2600

Less: Provision for Dimunition in value


(B)
T O T A L ( A + B)
Aggregate amount of Quoted Investments
Aggregate amount of Unquoted Investments
Market value of quoted Investments
Repurchase price of units of mutual funds

SCHEDULES TO THE ACCOUNTS

. 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

Unsold completed constructions

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

SCHEDULES TO THE ACCOUNTS

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

CASH AND BANK BALANCES


Cash-in-hand

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

With Scheduled Banks :


In Current Accounts
In Unclaimed Dividend Account
In Fixed Deposit Accounts (Pledged with Banks
Rs. 29804900/-;

P.Y. Rs.20113839/-)

10 OTHER CURRENT ASSETS


Ongoing Projects Adjustment Account

93,448,101

46,974,047

110,297,335

62,540,817

953,189,537

303,318,554

11 LOANS AND ADVANCES


' (Unsecured, considered good)
Loans
To a Subsidiary Company
To Others
Advance against land etc.

10,000,000
1,575

33,288

45,000,000

57,611,005

Advances recoverable in cash or in kind


or for value to be received

26,083,776

10,143,716

Taxation advance and refundable

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

12 CURRENT LIABILITIES & PROVISIONS


A) CURRENT LIABILITIES
Sundry Creditors
Advance from Customers
Security deposits
Due to subsidiary companies
Unclaimed Dividend
Other liabilities
B)

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

SCHEDULES TO THE ACCOUNTS


13

2007-2008

2008-2009
(Rs.)

(Rs-)

SALES
Real Estate:
a)

Completed Projects (on Possession)

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)

Income from Investment:


Rent
Dividend
Sale (net)

113,397

642,230

66,511,268

10,485,326

2,847,579

693,079

Rent and hire charges

677,238

1,156,121

Miscellaneous Income

2,386,939

Income from Revenue Sharing arrangements

Excess Provision of Gratuity written back


Share of Profit from Partnership
Liabilities Written Back

1,844,439
'

Profit on sale of Fixed Assets (Net)

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

15 INCREASE / (DECREASE) IN STOCK


Closing Stock:
Leasehold Land
Freehold Land

37,395,080

47,394,343

Unsold completed construction

86,304,721

144,010,431

Work-in-progress

233,443,282

68,360,013

537,306,390

379,656,493

Less: Opening Stock :


Leasehold land*
Freehold land*
Unsold completed construction
Work-in-progress

* net of ongoing project adjustment amounting to


Rs.16893927/- (P.Y.Rs.28121746/-) .

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

SCHEDULES TO THE ACCOUNTS


17

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

SCHEDULES TO THE ACCOUNTS

TAXES ON INCOME :

21

NOTES ON ACCOUNTS

a)

Current Tax is determined as the amount of tax


payable in respect of taxable income for the year.

1)

SIGNIFICANT ACCOUNTING POLICIES


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

SYSTEM OF ACCOUNTING :
The company adopts accrual basis of accounting in
the preparation of accounts.
FIXED ASSETS AND DEPRECIATION :
1.

Fixed assets are valued at cost and depreciation is


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

2.

Capital work in

progress is valued at cost.

INVENTORIES:

INVESTMENTS:
a)

Long term investments are carried at acquisition


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

b)

Value of Intangible capital rights created in favour


of the c o m p a n y in the process of Real Estate
activities, being not determinate, are not shown in
the books of accounts

Inventories are valued as follows:


Construction Material : At Lower of cost and net
realizable value.However, materials and other items are
not written down below cost if the constructed .units in
which they are used are expected to be sold at or
above cost. Cost is determined on FIFO basis.
Leasehold
and
Freehold
Land,
Unsold
C o m p l e t e d C o n s t r u c t i o n and W o r k in Progress
: At Lower of cost and net realizable v a l u e . Cost
includes direct m a t e r i a l s , labour and c o n s t r u c t i o n
overheads.
REAL ESTATE PROJECTS
a)

b)

Revenue in respect of projects undertaken before


31st March, 2006, is accounted for on the basis of
date of delivery of physical p o s s e s s i o n to the
respective customers.
Revenue in respect of other projects is recognised
on the " Percentage of Completion Method" (POC)
of a c c o u n t i n g a n d r e p r e s e n t s v a l u e of units
contracted to be sold to the extent of actual work
done against total estimated cost of execution upon
t h e p r o j e c t r e a c h e s a l e v e l as c o n s i d e r e d
appropriate by the management. The estimates of
s a l e a b l e a r e a s , e s t i m a t e d c o s t s a n d cost o f
c o m p l e t i o n a r e r e v i e w e d p e r i o d i c a l l y b y the
m a n a g e m e n t ' and effects of any changes in
estimates is recognised in the period such changes
are determined.

c) 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.

FOREIGN CURRENCY TRANSACTIONS:


Income and Expenditure in foreign currency is converted
into rupee at the rate of exchange prevailing on the
date of the transactions.
EMPLOYEE BENEFITS
(a) Short term employee benefits are charged off at
the undiscounted amount in the year in which the
related service is rendered.
(b) Post employment and other long term employee
benefits are charged off in the year in which the
e m p l o y e e has rendered s e r v i c e s . T h e a m o u n t
charged off is recognised at the present value of
the amounts payable determined using actuarial
valuation techniques. Actuarial gain and losses in
respect of post employment and other long term
benefits are charged to Profit and Loss Account.
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

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)

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

a)

Contested demand of
Income tax and

Rs.6.90 lacs

(Rs. 7.51 lacs).

penalty

b)

c)

3)

4)

5)

ESIC

Rs.4.28 lacs

(Rs.4.28 lacs)

Additional Lease Rent

Rs.34.73 lacs

(Rs.34.73 lacs)

Provident Fund

Rs.185.26 lacs (Rs.Nil)

Cess - Sonari land

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)

Ashiana Amar Infrastructure


Share+ Capital (Rs.)
25%

1,789

Narayan Ladha

4%

287

Suresh Kewlani

6%

429

65%

14,114,801

Interest Income (Including T D S Rs.2,268,5117-;


P.Y.Rs.2,444,073/-) is net of Interest :

(5,400,000)

(Rs.) 45,000

Contested claim of the Government of Rajasthan


for refund of State Capital Subsidy including interest
Rs. 48.00 lacs (Rs. 45.75 lacs).

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.

b)

(Rs.) 6,750,000

Perquisites

Name of Partners

Estimated amount of contract remaining to be executed


on capital account and not provided for amounts (net
3) Estimated a m o u n t of contract remaining to be
e x e c u t e d on capital account and not provided for
amounts (net of advance) to Rs.5.20 (Rs.Nil lacs)

a)

Remuneration of Whole Time Directors:


Salary

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/-)

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.
In absence of necessary information relating to the
suppliers under the Micro, Small and M e d i u m
Enterprises Development Act, 2006, the company
is unable to identify such suppliers, hence the
information required under the said act is not given.
Loans and advances includes Rs.1658489/(P.Y. Rs. N i l ) due from Ashiana Retirement Villages
Limited, a company under the same management,
Maximum Amount outstanding at any time during
the year is Rs.1658489/- (P.Y. Rs.Nil )

Miras Properties Pvt. Ltd.

Ashiana Housing Ltd. .


b)

Ashiana Amar Developers


Share

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

Ashiana Housing Ltd.

c) Ashiana Greenwood Developers


Share
Name of Partners 30% of pre tax yearly
Balance
profit upto cumulative
aggregate of Rs. 544 lacs

+Capital
(Rs.)

Shubhlabh Buildhome

50%

9,188,759

50%

83,083433

100%

& Finance India Ltd.


Ashiana Housing Ltd.

+on the basis of audited Balance Sheet as at 31.03.2009.

c)

11) Expenditure in Foreign Currency:


Travelling

Rs.14,31,0167-

(Rs.15,93,030/-)

12) 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.

d)

Individuals owning directly or indirectly, an interest in the voting


power of the company that gives them control or significant
influence over the company, and relatives of any such individual.
Key management personnel and their relatives
2008-09

Related Parties & Relationship

i)

Shri Om Prakash Gupta,


Managing Director

Remuneration

18.00

18.00

ii)

Shri Vishal Gupta,


Jt. Managing Director

Remuneration

18.00

18.00

iii)

Shri Ankur Gupta,


Whole Time Director

Remuneration

18.00

18.00

Remuneration

13.50

Nil

Transactions
a)

i)

Enterprises that directly, or indirectly through one or


more intermediaries, Control or are controlled by or are
under common control with the company (including
holding
companies,
subsidiaries and fellow
Subsidiaries)
2007-08
(Rs.)

Rs. 6.92 lacs


Rs. 6.00 lacs

Rs. 7.67 lacs


Rs. 6.00 lacs

Rs. 1.20 lacs


Rs. 0.39 lacs
Rs. 100.00 lacs

Rs. 1.20 lacs


Rs.20.91 lacs
Rs.Nil

e) Enterprises over which any person described in (c) or (d) is able


to exercise significant influence :
Rs. in lacs

Ashiana Retirement Villages Ltd.


Interest received

Rs.0.40 lacs

Rs.Nil

Lease Rent Received

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

Other income received


Loan given / (repaid) (net)

Rs.100.00 lacs (Rs.73.06 lacs)

Advance against bookings

Rs.Nil- Rs. 64.05 lacs

Year end Receivable


b)

iv) Shri Varun Gupta,


Director

Vatika Marketing Ltd.:


Maintenance charges paid
Rent Received
Hire charges Received
Year end payable (net)
Deposit Received

ii)

2008-09
(Rs.)

2007-08
Rs. in Lacs

i)

OPG Realtors Private Limited


Advance against bookings

Nil

318.82

Year end Payable

Nil

318.82

Sale of Fixed assets

300.00

i)

Karma Hospitality Limited

ii)

R G Woods Limited

v) Hemi Estate Private Limited


f)

Amount Written off in respect of above parties

13) 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 :
2008-09

Rs. 44.16 lacs

Rs. 7.19 lacs

a)

Associates and joint ventures


i) Bahari Estates (P) Ltd.
Year end Payable
Rs.12.50 lacs
Management Fee
Rs.Nil

Rs.77.43 lacs
Rs.319.58 lacs

b)

ii)

Hire charges received


Year end Investment

Rs.1.14 lacs

Rs.0.50 lacs

As per note 10 above

iii) Ashiana Amar Developers


Interest received

Rs.10.76 lacs

Year end Investment

As per note 10 above

Rs.6.91 lacs

iv) Ashiana Amar Infrastructure


Year end Investment

As per note 10 above

2007-08
Rs. in lacs

Amount used as numerator in


calculating basic and diluted EPS:
ProfitV(Loss) after tax

Ashiana Greenwood Developers

Nil

Weighted average number of


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

2597.79

3699.78

187.36
-

53.53
133.83

187.36

187.36

14) The disclosure required under Accounting Standard -15,


Employees Benefit, notified in the Companies (Accounting
Standard) Rules, 2006 are given below:

Ashiana]
Nurturing

Smiles

Defined Contribution Plan


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

15. 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".

(Rs, in lacs)
2008-2009

2007-2008

14.27

9.03

Employer's Contribution to
Provident & Pension Fund
Defined Benefit 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)
(Rs. in lacs)
a. Reconciliation of opening and closing
balances of Defined Benefit obligation:
Defined Benefit obligation at
beginning of the year

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: RX
Rs,

Less:- Sales Real Estate


- ongoing projects

661,546,904

Less: Ongoing project


expenses adjusted

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:

ongoing projects completed


(upon delivery of physical 11,675,921
possession)
Less: Cost of Sales

42.08

49.63

Amount recognised in Balance Sheet

42.08

49.63

c. Expenses recognized during the year


Current Service Cost

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

Discount rate (per annum) compounded 7.75%

8.00%

Rate of escalation in salary (per annum) 5.00%

8.00%

The estimates of future salary increase considered in the actuarial


valuation takes into account factors like inflation, seniority,
promotion and other relevant factors. The expected return on
Plan Assets is based on actuarial 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.

4,261,210
27,831,549

Net Profit for Income Tax Purpose


Flats/
Bungalows/
Shops
(Nos.)

Present value of obligation


as at end of the year

7,414,711

16) Stock, Purchase and Sales:

b. Reconciliation of fair value of assets


and obligations:

Net Cost

267,893,960

Sales Real Estate -

Current Service Cost


7.02
Interest Cost
3.97
Actuarial (gain)Zloss
(17.61)
Benefits (paid)
(0.93)
Defined Benefit obligation at year end 42.08

Actuarial (gain) / loss

291,464,299

Net Profit as per Profit &


Loss Account

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.

SCHEDULES TO THE ACCOUNTS


22.
I.

II.

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE


Registration No.

40864

Balance Sheet Date

31/03/2009

Capital raised during the year

Public Issue

(Amount in Rs. Thousand)

Registration Details

III. Position of Mobilisation and

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

Reserves & Surplus :

711,479

Secured Loans

7,124

Unsecured Loans

NIL

Deferred Tax Liability

7,518

Net Fixed Assets

168,011

Investments

481,151

Net Current Assets

264,318

Misc. Expenditure

NIL

Accumulated Losses

NIL

Turnover (Gross Revenue):

932,920

Total Expedinture

+/- Profit/Loss
Before Tax

+ 291,464

+ -Profit/Loss
After Tax*

+ 259,779

Earning per share

13.87

Dividend Rate %

NIL

Item Code No.

N.A

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

Application of Funds

Performance of Company
:

641,456

IV. Generic Name of Three


Products/Services of Company
(as per monetary terms)

(ITC Code)
Product Description

Real Estate

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

Place: Gurgaon
Date : 03rd June, 2009

Bhagwan Kumar
Company Secretary

For and on behalf of the Board


Om Prakash Gupta
Managing Director

Vishal Gupta
Jt. Managing Director

Manojit Sengupta
G.M. (F&A)

Place
Date

New Delhi
03rd June, 2009

|^FJAshiana[
Nurturing

Smiles'

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARCH, 2009


2008-2009
(Rs. )

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)

NET INCREASE IN CASH AND CASH EQUIVALENTS (A+ B+ C)

47,756,518

(165,276,875)

CASH AND CASH EQUIVALENTS ATTHE BEGINNING OF THE YEAR

62,540,817

227,817,692

110,297,335

62,540,817

CASH FLOW FROM OPERATING ACTIVITIES :


Net Profit before tax and extraordinary items
Adjusted for :
Depreciation
Interest Income
Income from Long Terms Investment
Provision for Dimunition in value of Investment
Fixed assets written off
(Profit) / Loss on sale of Fixed Assets
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
Adjusted tor ;
Trade and other receivables
Inventories
Trade Payables and advances from customers
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted
Cash flow before extra ordinary items
Extra Ordinary items
Net cash from Operating activities (A)
CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets
Sale of Fixed Assets
Net Purchase/ sale of Investments
Interest Income
Other Income from Long Term Investments
Net Cash from investing activities (B)
CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from long term and other borrowings
Dividend paid
Net Cash used in Financing activities (C)

CASH AND CASH EQUIVALENTS ATTHE END OF THE YEAR

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

For and on behalf of the Board


Om Prakash Gupta
Managing Director

Vishal Gupta
Jt. Managing Director

Manojit Sengupta
G.M. (F&A)
Place : New Delhi
Date : 03rd June, 2009

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


Company's interest in the Subsidiary Companies
Ashiana
Vatika
Retirement Villages Marketing
Ltd.
Ltd.
1.

Financial Year of the Subsidiary Company ended on

2.

a.

No. of shares held by Ashiana Housing Limited.


(Holding Company) in the subsidiary at the end
of the financial year of the subsidiary

b.

3.

31.03.2009
50000 Equity

100%

100%

Shares of
Rs. 10/- each

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


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

4.

Extent of interest of Holding Company at the end .


of the financial year of the subsidiary :

31.03.2009
9240050 Equity
Shares of
Rs. 10/- each

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


for the all previous financial years of the subsidiary
since it became the Holding Company's subsidiary

27,045,765
1,000,912

1,833,147
179,603

The net aggregate amount of subsidiary's profhV(Loss)


a.

dealt with in the Company's accounts.


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

b.

for the all previous financial years of the subsidiary

Nil
Nil

Nil
Nil

since it became the Holding Company's subsidiary


5.

Changes in the Holding Company's interest, in the


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

6.

Material Changes between the end of the Financial Year


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

the subsidiary's fixed assets

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.

For and on behalf of the Board


P l a c e : New Delhi
D a t e : 03rd June, 2009

Om Prakash Gupta

Vishal Gupta

Managing Director

Jt. Managing Director

^[Ashianaf
Nurturing Smite's
DIRECTORS' REPORT
re-appointment, if made, will be within the prescribed limit

TO THE MEMBER (S)

under section 224(1 B) of the Companies Act, 1956. The


.

The Directors of your Company have pleasure in presenting

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

comments by the Directors.

statement of accounts for the year ended 3 1 ' March 2009.


As regards observations on dues to SSI Units and non
FINANCIAL RESULTS

disclosure of information under Micro, Small and Medium

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/-

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)

during the financial year 2008-09 as c o m p a r e d to Rs.

T h a t in v i e w of insufficient information from the


suppliers regarding their status as SSI Units, the amount

11,91,872/- in the previous financial year.

due to Small Scale Industrial Undertaking can not be


ascertained.

DIVIDEND
b)
Your directors do not recommend dividend for the year.

In absence of necessary information relating to the


s u p p l i e r s u n d e r the M i c r o , S m a l l a n d M e d i u m

The profits generated are being reinvested in the business

Enterprises Development Act, 2006,. the Company is

of the Company.

unable to identify such suppliers, hence the information


required under the said Act can not be ascertained.

OPERATION
The main operation of your Company relates to maintenance

c)

Valuation of inventries

have been done as per

Accounting Standard as prescribed by the Institute of

of various building complexes.

Chartered Accountants of India. However, there is no


effect on the profit for the year due to change in method

DIRECTORS

of valuation of inventories from 'At Cost' to ' At Lower


Shri Ashok Kumar Mattoo is the director retiring by rotation

of Cost and Net Realisable Value'.

at the ensuing annual general meeting of the company and


is eligible for r e a p p o i n t m e n t . Shri V a r u n G u p t a w a s
appointed as additional director of the company on 0 2

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

There is no employee in respect of w h o m particulars


pursuant to Section 217 (2A) of the Companies Act, 1956
read

at the conclusion of forthcoming Annual General Meeting


-\.

Company has received a certificate to the effect that their

Companies

(Particulars

of

Employees)

DIRECTORS RESPONSIBILITY STATEMENT


Pursuant to Section 217 (2AA) of the Companies Act,
1956, the Directors confirm that:
(I)

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


applicable accounting standards have been followed
by the Company;

M/s. B. Chhawchharia & Co., Chartered Accountants, retires


and being eligible, offer t h e m for re-appointment. The

with

(Amendments) Rules, 1999 are required to be given.

(II)

Such accounting policies have been-selected and


consistently applied and judgments & estimates made
that are reasonable and prudent so as to give a true

and fair view of the state of affairs of the Company

are not relevant in view of the nature of business activities

as at 31st March 2009 and of the profit or loss of the

of the Company and hence, not required to be given. There

Company for the year ended on that date.

has been no foreign exchange earnings and outgo during


the year under review.

(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 records in

ACKNOWLEDGMENT

accordance with the provisions of the Companies


Act, 1956, for safeguarding the assets of the Company

Your directors take this opportunity to express grateful

and for preventing and detecting fraud and other

thanks to the Central and State Governments and Company's

irregularities;

bankers' for their support and guidance to the Company


from time to time.

(IV) Annual accounts have been prepared on a going


concern basis.

The Directors wish to place on record

their appreciation of efficient and loyal services rendered


by the officers and staff members of the Company. Your
Company's personnel relations continued to be excellent.

PARTICULARS OF CONSERVATION OF ENERGY,


TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

For and on behalf of Board

EARNINGS AND OUTGO


Your Directors are of opinion that particulars with respect

Vishal Gupta
Whole T i m e Director

to Conservation of Energy, Technology Absorption as per


Section 217(1)(e) read with the Companies (Disclosure of
Particulars.in the Report of Board of Directors) Rules 1988

Place : New Delhi


Date :3rd June, 2009

Ankur Gupta
W h o l e T i m e Director

1 IQF] Ash ianaj


Nurturing

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)

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.
Further to our comments in the Annexure referred to
above, we report that:
(i)

We h a v e o b t a i n e d all 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)

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;

(iii)

The Balance Sheet and profit and loss account


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

(iv)

Subject to our comments hereinafter, the Balance


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

(v)

On the basis of written representations received


from the directors, as on 31st March 2009 and
taken on record by the Board of Directors, we
report that none of the directors is disqualified
as on 3 1 ' March 2009 from being appointed as
a director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956;

in the case of the balance sheet, of the


state of affairs of the company as at 3 1 '
March. 2009;

(b)

in the case of the profit & loss account, of


the profit for the year ended on that date;
and

(c)

in the; case of the cash flow statement, of


the cash flows for the year ended on that
date.
*

For B. CHHAWCHHARIA & Co.


Chartered Accountants
(VINIT BAGARIA)
Partner
M e m b e r s h i p Number: 5 0 0 8 7 2

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)

The company has maintained records showing


full particulars including quantitative details and
situation of fixed assets.

b)

According to the information and explanations


given to us, the assets have been physically
verified by the management during the year. No
material discrepancies were noticed on such
verification.

c)

T h e c o m p a n y has not d i s p o s e d off


Substantial fixed assets during the year.

a)

According to the information and explanations


given to us, the management has physically
verified the inventory during the year. In our
o p i n i o n , the f r e q u e n c y of v e r i f i c a t i o n is
reasonable.

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)

In our opinion and to the best of our information


and according to the explanations given to us,

c)

On the basis of our examination of the records


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

3)

The company has not taken/given unsecured loans


from/ to companies, firms and other parties covered
in the Register maintained under Section 301 of the
Companies Act, 1956.

4)

In our opinion and according to the information and


explanations given to us, there are adequate internal
control procedures commensurate with the size of the
company and the nature of its business with regard to
purchases of inventory and fixed assets and with
regard to the sale of services. During the course of
our audit, we have not observed any continuing failure
to correct major weakness in internal controls.

5)

a)

b)

6)

According to the information and explanations


given to us, we are of the o p i n i o n 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.
In our opinion and according to the information
and explanations given to us, the transactions
that were made 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
w h i c h are r e a s o n a b l e h a v i n g r e g a r d to the
prevailing market prices at the relevant time.

In our opinion and according to the information and


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

7)

The Company is not required to maintain a formal


internal audit system.

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)

According to the information and explanations


given to us, no dues of sale tax, income tax,
customs duty wealth tax, service tax, excise
duty, and cess, as applicable, which have not
been deposited on account of any dispute.

10)

The company does not have accumulated losses. The


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

11)

The company has no borrowings from any financial


institution, bank or debenture holder.

12)

As per information and explanations provided to us


the company has not granted any loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.

13)

The Company is not a chit fund or a nidhi mutual benefit


fund/society.

14)

The company is not dealing or trading in shares,


securities, debentures and other investments.
However, Investments of the Company are held in its
own name.

15)

As per information and explanations provided to us,


the company has not given any guarantee for loans
taken by others from bank or financial institutions.

16)

The Company has not taken any Term Loan during the
year concerned.

17)

According to the information and explanations given


to us and on an overall examination of the balance
sheet of the company, we report"that the no funds
raised on short- term basis have been used for longterm investment.

18)

The company has not made any preferential allotment


of shares to parties and companies covered in the
register maintained under section 301 of the Companies
Act, 1956.

19)

The Company has not issued any debentures during


the year under review.

20)

The Company has not raised any money by public


issue during the year under review.

21)

According to the information and explanations given


to us, no fraud on or by the Company has been noticed
or reported during the year.
For B. CHHAWCHHARIA & Co.
Chartered Accountants
(VINIT BAGARIA)
Partner
Membership Number: 500872

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

Deferred Tax Assets (Net)

117,904

98,464

7,812,270

13,564,168

179,000

451,000

Current Assets, Loans & Advances


571,319

243,678

6,057,973

5,753,567

Cash & Bank balances

12,806,674

10,638,942

Loans & Advances

11,297,662

3,175,305

30,733,628

19,811,492

Inventories
Sundry Debtors

Less: Current Liabilities


& Provisions

10

Net Current Assets

NOTES ON ACCOUNTS

30,827,521

33,912,052
(3,178,424)

(11,016,029)

4,930,750

3,097,603

18

BALANCE SHEET ABSTRACT AND COMPANY'S


GENERAL BUSINESS PROFILE

'

19

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


In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 3rd June, 2009

For and on behalf of the Board


Vishal Gupta
Whole time Director

Ankur Gupta
Whole time Director
Place : New Delhi
Date : 3rd June, 2009

PROFIT & L O S S A C C O U N T FOR T H E Y E A R E N D E D 31 ST M A R C H , 2 0 0 9


SCHEDULES

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

Increase / (Decrease) in Stock

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

PROFIT FOR THE YEAR


Less : Direct Tax

Balance brought forward from.last year

17

Transfer to General Reserve


SURPLUS CARRIED TO BALANCE SHEET

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

EARNING PER SHARE :


(on Nominal Value of Shares of Rs. 10/- each)
Basic and Diluted

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


In terms of our report of even date attached herewith

For B. CHHAWCHHARIA & CO.


Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 3rd June, 2009

For and on behalf of the Board


Vishal Gupta
Whole time Director

Ankur Gupta
Whole time Director
Place : New Delhi
Date : 3rd June, 2009

SCHEDULES TO THE ACCOUNTS

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

Issued, Subscribed and Paid up :


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

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

Less: Transfer from Profit & Loss A/c

Capial Reserve

18,000

18,000

1,912,750

179,603

4,430,750

2,597,603

Profit & Loss Account

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)

SCHEDULES TO THE ACCOUNTS

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

INVESTMENTS - LONG TERM


In Mutual Funds - Unquoted
Birla Bond Plus-Growth Option

10

42,364.27

500,000

Birla Cash Plus-Retail-GR

10

83,016.60

1,800,000

Birla Floating Ratefund Short Term Gr.

10

DSPML Opportunities Fund - Div.Reinvestment

10

DSPML Opportunities Fund - Gr.

10

DSPML Tiger Fund - Div.Reinvestment

10

15,546.23

600,000

Fidelity Equity Fund-Div. Reinvestment

10

24,449.88

250,000

DSP Merrill Lynch FMP 3M Series 3

10

Franklin India Prima Fund Dividend-Reinvestment

10

Birla Cash Plus-Growth Option

10

HDFC High Interest Fund - Short Term

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

Sundaram BNP Paribas Fixed Term


Plan Services XXV-90Days
*

10

100,000.00

1,000,000

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

TO

450,000.00

4,500,000

Franklin India Prima Fund Gr.

10

Repurchase Price of units of mutual funds

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.)

DEFERRED TAX (NET)


Deferred Tax Assets on
236,000

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.)

Due for more than six months

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)

CASH AND BANK BALANCES


Cash-in-hand
Cheques-in-hand
With Scheduled Banks :
In Current Accounts
In Fixed Deposit Accounts
(Pledge with Banks Rs.830,213/- P.Y. 817935/-)

LOANS AND ADVANCES


(Unsecured, considered good)
Advances recoverable in cash or in kind
or for value to be received
Deposits
Taxation Advance and Refundable

10 CURRENT LIABILITIES & PROVISIONS


A)

CURRENT LIABILITIES
Sundry Creditors
Advance from customers
Deposit from Customers
Other liabilities

B) PROVISIONS
For Taxation
For Gratuity

1,435,956

11 PROJECT MAINTENANCE CHARGES


General Maintenance Charges
Capital Maintenance Charges (Net)

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

SCHEDULES TO THE ACCOUNTS

2008-2009
(Rs.)

2007-2008
(Rs.)

13 INCREASE/(DECREASE) IN STOCK
Closing Stock:
Shops
Less: Opening Stock
Shops

113,742
(113,742)

14 PROJECT MAINTENANCE EXPENSES

Consumption of Maintenance Materials (Indigenous)


Work Charges
Power & Fuel (net)
Security charges
Supervision Charges
Other Maintenance Expenses

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)

SIGNIFICANT ACCOUNTING POLICIES

b)

SYSTEM OF ACCOUNTING :

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.

MISCELLANEOUS EXPENDITURE:

The company adopts the accrual basis of accounting


in the preparation of accounts.

Preliminary Expenses is written off over a period of


ten years.

FIXED ASSETS AND DEPRECIATION :


IMPAIRMENT OF ASSETS
Fixed assets are valued at cost and depreciation is
provided on straight line basis in accordance with the
provisions of Schedule XIV to the Companies Act, 1956.

. Impairment loss in the value of assets as specified in


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

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.

In view of insufficient information from suppliers


regarding their status as SSI units, the amount
due to small scale industrial undertaking cannot
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.

Maintenance Materials and Shops are valued at lower


of cost or realisable value.
SALES, PROJECT MAINTENANCE FEE AND OTHER
INCOME :
a).

Sale of constructed unit and others is accounted


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

b)

Project maintenance charges and other income


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

c)

Interest from customer is accounted for on receipt


basis.

EMPLOYEE BENEFITS
(a)

(b)

Short term employee benefits are charged off at


the undiscounted amount in the year in which' the
related service is rendered.
Post employment and other long term employee
benefits are charged off in the year in which the
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.

3)

The Earning Per Share (EPS) has been calculated as


specified in Accounting Standard - 20 on "Earning Per
Share" and related disclosures are as below :

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

For Basic EPS

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)

Current Tax is determined as the amount of tax


payable in respect of taxable income for the year.

Employer's Contribution
to Provident & Pension Fund

2.12

2007-2008
1.98

Defined Benefit Plan

4)

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 e m p l o y e e benefit
entitlement and measures each unit separately to build
up the final obligation.
Gratuity (Unfunded)
(Rs. in lacs)
2008-2009
2007-2008
a)

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)

Remuneration of Whole Time Directors:


Salary

(Rs.)

1,000,000

(900,000)

Perquisites

(Rs.)

413,203

(441,311)

Related parties and transactions with them as


s p e c i f i e d in the A c c o u n t i n g S t a n d a r d 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

Expenses recognized
during the year
Current Service Cost

1.04

1.34

Interest Cost

0.61

0.57

Actuarial (gain) / loss

(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%

Hire charges paid

Rate of escalation in
salary (per annum)

8.00%

Year end receivable


(net)

5.00%

The estimates of future salary increase considered in


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

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 beginning of the year
Current Service Cost

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)

Stock, Purchase and Sales:

Deposit Given
b)

Associates and. joint


ventures

c)

Individuals owning directly


or indirectly, an interest in
the voting power of the
company that gives them
control or significant
influence over the company,
and relatives of any
such individual. . .. ,

Key management personnel and their relatives


Shri Vishal Gupta, Director

Remuneration
Remu

Rs. 3.00 lacs

Rs. 3.00 lacs

Shri Ankur Gupta, Director

Remuneration

Rs. 3.00 lacs

Rs. 3.00 lacs

Smt Rachna Gupta, Director

Remuneration

Rs. 4.00 lacs

Rs. 3.00 lacs

e)

Enterprises over which any person described in (c) or (d) is able to exercise significant influence :

f)

Amount Written off in respect of above parties

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)

Previous year figures are rearranged/regrouped wherever considered necessary,

b)

Previous year figures above are given in brackets.

SCHEDULES TO THE ACCOUNTS


19
I.

II

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE


Registration Details

Registeration No.

79014

Balance Sheet Date

31/03/2009

Capital raised during the year

Public Issue

(Amount in Rs. Thousand)


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

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

Reserves & Surplus

4,431

Secured Loans

Nil

Unsecured Loans

Nil

Net Fixed Assets

118

Investments

7812

Net Current Assets

(3,178)

Misc. Expenditure :

Nil

Accumulated Losses

Nil

Deferred Tax
Assets

179

Performance of Company

IV

Generic Name of Three


(as per monetary terms)

Turnover (Gross Revenue):

26,307

Total Expedinture

23,700

+/- Profit/Loss
Before Tax

+2,607

+/- Profit/Loss
After Tax

+1,833

Basic Earning per share

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

For B. CHHAWCHHARIA & CO.


Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 3rd June, 2009

For and on behalf of the Board


Vishal Gupta
Whole time Director

Ankur Gupta
Whole time Director
Place : New Delhi
Date : 3rd June, 2009

Nurturing

Smiles

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARCH, 2009


2008-2009
(Rs.)

2007-2008
(Rs.)

2,606,774

1,386,522

CASH FLOW FROM OPERATING ACTIVITIES :


Net Profit / (Loss) before tax and extraordinary items
Adjusted for :
27,090

23,308

Interest Income

(650,769)

(537,513)

Income from Long Terms Investment

(192,474)

(473,467)

Depreciation

558

Fixed assets written off


OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES

1,790,621

399,408

(8,254,643)

(2,958,425)

Adjusted for :
Trade and other receivables
Inventories

(327,641)

40,000

Trade Payables and other payable

2,654,531

5,360,358

(4,137,132)

2,841,341

(243,747)

164,027

CASH GENERATED FROM OPERATIONS


Direct Taxes paid / adjusted

(4,380,879)

Cash flow before extra ordinary items

3,005,368

Extra Ordinary items


(4,380,879)"

Net cash from Operating activities (A)

3,005,368

CASH FLOW FROM INVESTING ACTIVITIES :


(46,530)

Purchase of Fixed Assets


Sale of Fixed Assets

5,944,372

Net Purchase/ sale of Investments


Interest Income
Net Cash from investing activities (B)

2,628,700

650,769

537,513

6,548,611

3,166,213

2,167,732

6,171,581

CASH FLOW FROM FINANCING ACTIVITIES :


Proceeds from long term and other borrowings
Proceeds from issuance of share capital
Net Cash used in Financing activities (C)
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+ B+ C)
CASH AND CASH EQUIVALENTS ATTHE BEGINNING OF THE YEAR

10,638,942

CASH AND CASH EQUIVALENTS ATTHE END OF THE YEAR

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

For and on behalf of the Board


Vishal Gupta
Whole time Director

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.

of valuation of inventories from 'At'Cost' to ' At Lower


of Cost and Net Realisable Value'.
PARTICULARS OF EMPLOYEES

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.

There is no e m p l o y e e in respect of w h o m particulars


pursuant to Section 217 (2A) of the Companies Act, 1956
read w i t h C o m p a n i e s ( P a r t i c u l a r s o f . E m p l o y e e s )
(Amendments) Rules, 1999 are required to be given.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act,
1956, the Directors confirm that:
(I)

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


applicable accounting standards have been followed
by the Company;

(II)

Such accounting policies have been selected and


consistently applied and judgments & estimates made
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company
as at 31st March 2009 and of the profit or loss of the
Company for the year ended on that date.

(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 records 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;

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)

T h a t in v i e w of insufficient i n f o r m a t i o n from the


suppliers regarding their status as SSI Units, the amount
due to Small Scale Industrial Undertaking can not be
ascertained.
In absence of necessary information relating to the
s u p p l i e r s u n d e r the M i c r o , S m a l l a n d M e d i u m
Enterprises Development Act, 2006, the Company is
unable to identify such suppliers, hence the information
required under the said Act can not be ascertained.
Valuation of inventries have 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

(IV) Annual accounts have been prepared on a going


concern basis.
PARTICULARS OF CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Directors are of opinion that particulars with respect
to Conservation of Energy, Technology Absorption as per
Section 217(1)(e) read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988
are not relevant in the view of the nature of business
activities of the Company and hence, not required to be
given. There has been no foreign exchange earnings and
outgo during the year under review.
ACKNOWLEDGMENT
Your directors take this opportunity to express grateful
thanks to the Central and State Governments and Company's
bankers for their support and guidance to the C o m p a n y '
from time to time.
For and on behalf of the Board

Place New Delhi


Date : 03rd June, 2009

Om Prakash Gupta
Chairman

AUDITORS' REPORT

schedule 22 particularly, Dues to SSI Units and


non-disclosure of information under the Micro,
Small and Medium Enterprises Development Act,
2006 (note 5) and change in the method of
accounting for inventories from 'At Cost' to 'At
lower of cost and net realizable value (note 6)
give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the balance sheet, of the state of
affairs of the company as at 3 1 March 2009;
(b) in the case of the profit and loss account, of
the profit for the year ended on that date; and

The Members of Ashiana Retirement Villages Limited


We have audited the attached balance sheet of Ashiana
Retirement Villages 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
s t a t e m e n t s a r e 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 the auditing
standards generally accepted in India. Those Standards
require that we plan a n d perform the audit to obtain
r e a s o n a b l e a s s u r a n c e a b o u t w h e t h e r the f i n a n c i a l
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 . W e b e l i e v e that o u r a u d i t p r o v i d e s a
reasonable basis for our opinion and we report that:
1.

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


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

s t

(c)

in the case of the cash flow statement, of the


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

(VINIT BAGARIA)
Partner
M e m b e r s h i p Number: 5 0 0 8 7 2
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

2.

Further to our comments in the Annexure referred to


above, we report that:
(i)

We have obtained all the information and explanations,


which 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;

1)

(iii) The Balance Sheet and profit and loss account


dealt with by this report are in agreement with the
books of account;
(iv) Subject to our comments hereinafter, the Balance
Sheet and profit and loss account dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1.956;
(v)

On the basis of written representations received


from the directors, as on 31st March 2009 and
taken on record by the Board of Directors, we
report that pone of the directors is disqualified as
on 3 1 ' March 2009 from being appointed as a
director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956;

2)

a)

The company's records showing full particulars


including quantitative details and situation of fixed
assets is being updated by the company.

b)

According to the information and explanations


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

c)

The company has not disposed off its substantial


fixed assets during the year.

a)

According to the information and explanations


given to us, the m a n a g e m e n t has physically
verified the inventory during the year. In our
o p i n i o n , t h e f r e q u e n c y of v e r i f i c a t i o n is
reasonable.

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)

T h e C o m p a n y has not g r a n t e d any loans to


companies, firms and other parties covered in the
Register maintained under Section 301 of the
Companies Act, 1956.
The company has taken loans from three parties
and a company covered in the register maintained
under Section 301 of the Companies Act, 1956.

(vi)

In our opinion and to the best of our information


and according to the explanations given to us,- the
said accounts read with significant Accounting
Policies and Notes to the A c c o u n t s , give the
information required by the Companies Act, 1956,
in the manner so required and subject to notes on

3)

b)

The maximum amount involved during the year


was Rs.250.50 lacs and year-end balances of
loans taken from such parties are Rs.100 lacs.
c)

In our opinion the rate of interest and other terms


and conditions on which loans have been taken
from the parties and a company listed in the register
maintained under Section 301 of the Companies
Act, 1956 are, prima facie, not prejudicial to the
interest of the company.

d)

The company is regular in repaying the principal


amounts as per stipulation and has been regular
in the payment of interest, as applicable.
As explained to us there is no overdue amount of
loan taken from the company listed in the registers
maintained under section 301 of the Companies
Act, 1956.

e)

4)

5)

In our opinion and according to the information and


explanations given to us, there are adequate internal
control procedures commensurate with the size of
the company and the nature of its business with regard
to purchases of inventory and fixed assets and sale
of goods and services. During the course of our audit,
we have not observed any continuing failure to correct
major weakness in internal controls.
a)

b)

According to the information and explanations


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

6)

In our opinion and according to the information and


e x p l a n a t i o n s g i v e n to us, the c o m p a n y has not
accepted a n y deposits from the public.

7)

In our opinion, the Company has a formal internal audit


system commensurate with the size and nature of its
business.

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)

According to the records of the company, generally


the c o m p a n y is r e g u l a r in d e p o s i t i n g w i t h
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 dues,
as applicable, 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)
According to the information and explanations
given to us, no dues of sale tax, income tax,
customs duty wealth tax, service tax, excise duty,
and cess, as applicable, which have not been
deposited on account of any dispute.
10) The company does not have accumulated losses. The
company has not incurred any cash losses during the
financial year covered by our audit and the immediately
preceding financial year.
11) In our opinion and'according to the information and
e x p l a n a t i o n s g i v e n t o u s , the c o m p a n y has not
defaulted in repayment of dues to a financial institution,
bank or debenture holder, as applicable.
12) As per information and explanations provided to us
the company has not granted any loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.
13) The Company is not a chit fund or a nidhi mutual benefit
fund/society.
14) The c o m p a n y is not dealing or t r a d i n g ' i n shares,
securities, debentures and other investments.
However, Investments of the Company are held in its
own name.
15) As per information and explanations provided to us,
the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16) The Company has not taken any Term Loan during the
year concerned.
17) According to the information and explanations given
to us and on an overall examination of the balance
sheet of the company, we report that the no funds
raised on short- term basis have been used for longterm investment.
18) The company has not made any allotment of shares
during the year under review.
19) Since the company has issued unsecured debentures,
no securities or charge has been created in respect
of debentures issued by the company.
20) The Company has not raised any money by public
issue during the year under review.
21) According to the information and explanations given
to us, no fraud on or by the Company has been noticed
or reported during the year.
For B. CHHAWCHHARIA & Co.
Chartered Accountants

(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

Reserves & Surplus

70,446,677

92,400,500
135,801,412

Loan Funds:
Unsecured Loans

108,014,819

Security Deposit from Customers

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)

Capital Work in Progress

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

Deferred Tax Asset - Net

2,044,000

4,867,000

Current Assets, Loans & Advances:


a)

Inventories

6,069,479

1,857,820

b)

Sundry Debtors

6,994,608

2,509,815.

c)

Cash & Bank balances

d)

Loans & Advances

'

9
10

Less: Current Liabilities & Provisions

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

Net Current Assets

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

BALANCE SHEET ABSTRACT AND COMPANY'S


GENERAL BUSINESS PROFILE

23

The Schedules referred above form an integral part of the accounts


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

Gurgaon
3rd June, 2009

For and on behalf of the Board


Nitin Sharma
Company Secretary

Om Prakash Gupta
Whole time Director

Vishal Gupta
Director
Place
Date

New Delhi
3rd June, 2009

P R O F I T & L O S S A C C O U N T FOR T H E Y E A R E N D E D 31 ST M A R C H , 2009


SCHEDULES

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

Increase/ (Decrease) In Stock

15

(376,400)

(450,000)

89,809,215'

44,103,010'

EXPENDITURE
Cost of Material

6,244,833

2,862,083

Power and Fuel

16

5,284,658

1,888,364

Project Maintenance Expenses

3,658,264

1,472,774

17,088,296

4,124,113

Hotel and Club running Expenses


Cost of borrowing

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

PROFIT FOR THE YEAR


LESS: EXTRA - ORDINARY ITEM

20

Less: Direct Taxes

21

315,801
31,408,765

10,863,191

4,363,000

(4,476,789)

PROFIT AFTER TAX

27,045,765

15,339,980

Transfer to General Reserve

22,000,000

15,258,073

Brought forward from the previous year

1,000,912

919,005

SURPLUS CARRIED TO BALANCE SHEET

6,046,677

1,000,912

2.93
1.45

2.63
1.07

EARNING PER SHARE


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

The Schedules referred above form an integral part of the accounts


In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 3rd June, 2009

For and on behalf of the Board


Nitin Sharma

Om Prakash Gupta

Company Secretary

Whole time Director

Vishal Gupta
Director
Place : New Delhi
Date : 3rd June, 2009

Nurturing

Smiles

SCHEDULES TO THE ACCOUNTS

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

RESERVES & SURPLUS


. General Reserve
As per the last account

28,000,000

13,000,000

Add: Transfer from Profit & Loss Account

22,000,000

15,258,073

Less: On adoption of statement for employees benefits (AS-15)

Securities Premium Account


Profit & Loss Account

(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

1000000 Zero Percent Unsecured Optionally Fully Convertible


Debentures of Rs.100/- each Series - II (paid up Rs.94/-, P.Y. Rs.82/-,
per debenture) convertible into Equity Shares of Rs.10/- each at par,
to the extent of amount paid up, at the option of Debenture Holders
within Twelve years from the date of allotment or redeemable after
one year from the date of allotment ( i . e 18-08-2007) at the option
of the Company if option to convert into Equity Shares is not exercised
by the Debenture Holder - From Holding Company

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

PLANT AND MACHINERY-

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

OFFICE FACILITIES AND EQUIPMENTS

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

CAPITAL WORK IN PROGRESS


909,430

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

PREVIOUS YEAR FIGURES

.SCHEDULES TO THE ACCOUNTS

LUCKNOW OFFICE

Face
l
Value
(Rs.)

No. of
share/Unit
Share/Unit
Nos.

INVESTMENTS

Aggregate amount of quoted investments


Aggregate amount of unquoted investments
Market Value of quoted investments
Repurchase value of units of Mutual Fund
Repurchase value of units of Mutual Fund

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

U) LONG TERM INVESTMENT


a) in G o v e r n m e n t S e c u r i t i e s
Unquoted
National Saving Certificate
(Lodged with Sales Tax Authorities)
b) In fully paid up Equity Shares
Quoted
Ashiana Housing Ltd. (includes 465282 bonus shares) 10
IFGL Refractories Ltd
10
c) In a Partnership Firm
M/s Ashiana Manglam Developers - In Capital Account
d) In I m m o v a b l e Properties
(i) 21 nos single room Flats in Rangoli - II, at Bhiwadi
(ii) Roof rights, Ashiana Trade Centre, Jamshedpur
(iii) Shops, Ashiana Trade Centre, Jamshedpur
(iv) Common Facility Area at Utsav, Bhiwadi
111) CURRENT INVESTMENT
Unquoted
In Mutual Funds
DSP Btackrock Bond Liquidity Fund - Regular - Growth
Templeton Floating Rate Income Fund ST Retail

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

SCHEDULES TO THE ACCOUNTS

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

CASH AND BANK BALANCES

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

10 LOANS & ADVANCES


(Unsecured, considered good)
Loans
Advances recoverable in cash or in kind or for value to be received
Advances against purchase of properties
Security Deposit
Taxation Advances and Refundables
11

CURRENT LIABILITIES & PROVISIONS


CURRENT LIABILITIES
Sundry Creditors
Advance / Deposit from Customers
Temporary Overdraft due to over issue of Cheques
Other liabilities
PROVISIONS
For Gratuity
For Taxation

SCHEDULES TO THE ACCOUNTS

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

INCREASE / (DECREASE) IN STOCK


Openina Stock :
Shops and others
Less: Closina Stock:
Shops and others

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

SCHEDULES TO THE ACCOUNTS

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

Legal & Professional Expenses

252,886

102,590

Travelling & Conveyance

558,667

366,951

Printing and Stationery

692,537

417,330

Telephone Expenses

727,368

549,402

75,468

34,665

Commission

Repairs and Maintenance


To Plant and Machinery
To Building
To Others
Directors' Sitting Fees

1,007,341

26,976

92,126

188,268

8,000

8,000

Auditors' Remuneration :
For Statutory Audit

100,000

67",344

For Tax Audit

25,000

16,836

For internal Audit

14,000

2,000

For Other Services

76,744

14,271

Miscellaneous expenses

1,540,416

1,724,283

Irrecoverable Balance written, off

1,131,287

Items relating to previous year

306,043
10,028,028

6,830,131

20 EXTRA - ORDINARY ITEM


Differential Depreciation relating to building transferred
315,801

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)

Income Tax Ajustments


Fringe Benefit Tax .

(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

(a) amount used as numerator in calculating basic and diluted EPS


Profit after tax (Rs.)
(b) Amount used as denominator for calculating EPS. (In Nos.)
For Basic EPS (Nos) :
Opening
Add: Alloted during the year on 18-08-2007
(9000000*227/366)

5,581,967

Add: Potential Equity Shares


Debentures convertible to the extent of amount paid up
in equity shares at par
- Opening

9,400,000

- alloted on 18-08-2007 (10000000*82/100 *227/366)

5,085,792

Debentures convertible to the extent of amount paid up

3,418,033

in equity shares at par alloted on 26-05-2006


(10000000*90/100 *139/365)
For Diluted EPS
3)

18,640,050

14,325,842

The particulars of Partnership business is given below:


Ashiana Mangalam Developers
Name of the Partner

Share
3 0 % of pre-tax yearly

Balance

# Capital (Rs.)

profit upto cumulative


aggregate of
917.40 lacs
Ashiana Retirement Villages'Ltd.

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 audited Balance Sheet as at 31.03.2009


4)

On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity
of those assets, in the management perception, there is no impairment of such assets as appearing in the balance
sheet as on 31.03.2009.

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)

Stock, Purchase and Sales:


Store R o o m s
(Sft.)
Opening Stock

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

Amount recognised in Balance Sheet

8.38

3.81

Expenses recognized during the year


Current Service Cost

1.59

1.20

Interest Cost

0.31

0.21

Actuarial (gain) / loss

2.67

(0.18)

Net Cost

4.57

1.23

Actuarial assumptions
1994-96

1994-96

Discount rate (per annum) compounded

Mortality Table ( L L C . )

7.75%

8.00%

Rate of escalation in salary (per annum)

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.)

Ashiana Housing Ltd


Interest paid

Rs.0.40 lacs

Rs.Nil

Lease Rent paid

Rs.5.52 lacs

Rs.6.00 lacs

Rs.26.72 lacs

Rs.5.02 lacs

Revenue sharing
Assets purchased

"

Hire charges paid


Sales and Maintenance Charges
Miscellaneous Expenses
Loan received / (repaid) (net)
Advance against bookings
Year end payable
b)

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

Rs. 64.05 lacs

Rs. 44.16 lacs

Rs. 7.19 lacs

Associates and joint ventures

as above

Ashiana Mangalam Developers

as above

Individuals owning directly or indirectly, an interest


in the voting power of the company that gives
them control or significant influence over the
company, and relatives of any such individual.
Key management personnel and their relatives
Shri Om Prakash Gupta,

Remuneration

Rs.6.00 lacs

Director
e)

Enterprises over which any person described in (c)

f)

Amount Written off in respect of above parties

or (d) is able to exercise significant influence :

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.

B A L A N C E SHEET A B S T R A C T AND COMPANY'S GENERAL BUSINESS PROFILE


Registeration No.

U70101WB
State Code
2002PLC94479

Balance Sheet Date

31/03/2009

Capital raised during the year

Public Issue

Nil

Right Issue

(Amount in Rs. Thousand)

Bonus Issue

Nil

Private Placement

Position of Mobilisation and

Total Liabilities

298,070

Total Assets

298,070

Paid-up Capital

92,400

Reserves & Surplus

70,447

Secured Loans

Nil

Unsecured Loans

108,015

Deposits

27,208

Net Fixed Assets

165,478

Investments

116,170

Net Current Assets

9,897

Misc. Expenditure

4481

Accumulated Losses

Nil

Defferred Tax

2,044

Turnover (Gross Revenue):

89,809

Total Expedinture

58,400

+/- Profit/Loss
Before Tax

+31,409

+/- Profit/Loss
After Tax*

Earning per share

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

Generic Name of Three Products/Services of Company


(as per monetary terms)

Item Code No.

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

For B. CHHAWCHHARIA & CO.


Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 3rd June, 2009

For and on behalf of the Board


Nitin Sharma

Om Prakash Gupta

Company Secretary

Whole time Director

Vishal Gupta
Director
Place : New Delhi
Date : 3rd June, 2009

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARCH, 2009


2008-2009
(Rs.)

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

Trade and other receivables

(9,312,063)

(22,574,023)

Inventories

(4,211,659)

2,558,525

Trade Payables and other payable

26,693,748

12,964,290

47,667,583

12,510,809

CASH FLOW FROM OPERATING ACTIVITIES :


Net Profit before tax and extraordinary items
Adjusted for :

Income from Long Terms Investment


OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
Adjusted for :

CASH GENERATED FROM OPERATIONS


Direct Taxes paid / adjusted

(3,581,087)

(308,695)

Cash flow before extra ordinary items

44,086,496

12,202,114

44,086,496

12,202,114

(27,847,487)

(88,797,062)

(21,725,982)

(26,072,458)

Extra Ordinary items


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

295,425

17,818

(49,278,044)

(114,851,702)

Interest Income
Net Cash from investing activities (B)

CASH FLOW FROM FINANCING ACTIVITIES :

7,653,141

Proceeds from long term and other borrowings

15,255,733
90,000,000

Proceeds from issuance of share capital


Net Cash used in Financing activities (C)

7,653,141

105,255,733

NET INCREASE IN CASH AND CASH EQUIVALENTS (A+ B+ C)


CASH AND CASH EQUIVALENTS ATTHE BEGINNING O F T H E YEAR
CASH AND CASH EQUIVALENTS ATTHE END O F T H E YEAR

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.

In terms of our report of even date attached herewith


For B. CHHAWCHHARIA & CO.
Chartered Accountants
VINIT BAGARIA
Partner
Place : Gurgaon
Date : 3rd June, 2009

For and on behalf of the Board


Nitin S h a r m a

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

AUDITORS' REPORT TO THE B O A R D OF DIRECTORS OF ASHIANA HOUSING LIMITED ON THE CONSOLIDATED


FINANCIAL STATEMENTS OF M/S ASHIANA HOUSING LIMITED AND ITS SUBSIDIARIES VATIKA MARKETING LIMITED
AND ASHIANA RETIREMENT VILLAGES LIMITED
We have audited the attached consolidated Balance Sheet of Ashiana Housing Limited and its subsidiaries Vatika Marketing
Limited and Ashiana Retirement Villages Limited as at 31st March, 2009, the consolidated Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the

accounting principles used and significant estimates made by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
We report that the 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,

Small and Medium Enterprises Development Act,

2006 (note 5) and

change in

the method of accounting for

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

Date: 3 June, 2009

Membership

Number:

500872

^[Ashiana [
Murturing

Smiles

C O N S O L I D A T E D B A L A N C E SHEET OF A S H I A N A HOUSING L T D . & ITS S U B S I D I A R I E S AS AT


31ST M A R C H , 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

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

Security Deposit From Customers


Deferred Tax liability

c)

Net Block

d)

Capital Work in Progress

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

Less: Current Liabilities & Provisions

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

Net Current Assets


Miscellaneous Expenditure

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

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


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

' Bhagwan Kumar


Company Secretary

Place : Gurgaon
Date . : 3rd June, 2009

For and on behalf of the Board


Om Prakash Gupta
Managing Director

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

Project Maintenance Charges

15

27,815,436

18,049,089

Other Income

16

131,581,929

71,550,392

Increase/ (Decrease) in Stock

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

Project Maintenance Expenses


Ongoing Project Expeses Adjustment
Expenses on Employees

20

Depreciation
Other expenses

21

PROFIT FOR THE YEAR

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

Less: Extra ordinary Item

315,801

Less: Direct Taxes

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

Tax on Proposed Dividend


Surplus Carried to Balance Sheet

18,454,136

6,566,036

15.70

21.37

Earning Per Share


(On Shares of nominal value of Rs. 10/- each)
Basic and Diluted
The Schedules referred above form an integral part of the accounts.
In terms of our report of even date attached herewith.
For B. CHHAWCHHARIA & CO.
Chartered Accountants

For and on behalf of the Board

VINIT BAGARIA

Bhagwan Kumar

Om Prakash Gupta

Vishal Gupta

Manojit Sengupta

Partner

Company Secretary

Managing Director

Jt. Managing Director

G.M. (F&A)

Place : Gurgaon
Date ': 3rd June, 2009

Place : New Delhi


Date : 3rd June, 2009

iOFlAshiana
Smiles

SCHEDULES TO THE ACCOUNTS

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

Capital Reserve (on consolidation)

1,138,120

Less: 651395 Equity shares of Rs. 10/- each on Consolidation

RESERVES & SURPLUS

General Reserves :
As per last Account

474,348,600

Less: On adoption of statement for employees benefits (AS-15)

642,625

Less: Utilised for issue of fully paid up Bonus shares


Add : Transfer from Profit & Loss A/c

(129,174,680)
272,100,000

348,784,875

746,448,600

474,348,600

Securities Premium Account

14,400,000

14,400,000

Profit & Loss Account

18,454,136

18,454,136

781,958,856

508,720,736

SECURED LOANS
I)

Working Capital Loans from :


State Bank of Bikaner & Jaipur

1,873,486

HDFC Bank Ltd:


II)

202,735

Vehicle Loans from :


ABN Amro Bank Ltd.

94,135

ICICI Bank Limited

767,673

Tata Capital Ltd*

2,866,166

Tata Motors Finance Ltd*

536,051

HDFC Bank Limited*


*- Secured against hypothecation of

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

SCHEDULES TO THE ACCOUNTS

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

DEFERRED TAX LIABILITY (NET)


Deferred Tax Liability on Fiscal allowance of fixed assets
Less: Deferred Tax Assets on
Unabsorbed losses
Employee Benefits

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

SCHEDULES TO THE ACCOUNTS

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)

Due for more than six months:

8,566,477

3,373,867

Other Debts

6,829,173

35,955,108

15,395,650

39,328,975

CASH AND BANK BALANCES


Cash-in-hand

535,973

1,179,246

Cheques/Drafts-in-hand

679,055

3,318,924

22,451,580

22,232,966

With Scheduled Banks :


In Current Accounts
In Unclamied Dividend Accounts
In Fixed Deposit Accounts

10 OTHER CURRENT ASSETS


Ongoing Projects Adjustment Account

3,834,698

2,409,467

102,553,889

48,528,749

130,055,195

77,669,352

953,189,537

303,318,554

11 LOANS AND ADVANCES


(Unsecured, considered good, unless otherwise stated)
Loans
/

To Others

Advance against land/building purchase

1,575

232,535

65,000,000

77,611,005

Advances recoverable in cash or in kind


or for value to be received

36,345,330

12,640,913

Taxation advance and refundable

81,671,837

63,499,741

4,711,654

3,340,776

187,730,396

157,324,970

Deposits

SCHEDULES TO THE ACCOUNTS

AS AT
31.03.2009
(Rs.)

AS AT
31.03.2008
(Rs.)

12 CURRENT LIABILITIES & PROVISIONS


A) CURRENT LIABILITIES
Sundry Creditors
Advance from Customers
Deposits

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

Due to subsidiary companies


Unclaimed Dividend
Temprory overdraft due to over issue of cheques
Other liabilities

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

For Proposed Dividend

4,776,237

For Tax on Proposed' Dividend


5,699,010

6,107,282

1,609,248,501

1,004,127,871

As per the last account

2,500,658

3,300,023

Directors' Remuneration

600,000

600,000

Furniture Hire Charges

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)

Printing and Stationery


Miscellaneous Expenses

15,689

103,732

282,027

524,858

4,481,038

6,784,591

Less: Transferred To Fixed assets

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

15 PROJECT MAINTENANCE CHARGES


General Maintenance Charges
Capital Maintenance Charges (Net)

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

Fee & Subscription

2,107,000

699,783

Income from Revenue Sharing arrangements


Rent and hire charges
Share of profit from partnership

175,399

190,890

1,432,024

976,121

37,562,984

31,394,523

Miscellaneous Income

5,111,039

3,794,020

Excess Provision of Gratuity written back

2,037,164

Provision for Doubtful Debts Written Back


Profit on sale of Investment

1,564,148

530,215

2,620,127

Profit on sale of Fixed Assets (Net)


Items relating to previous year (Net)
Liabilities Written Back

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

Unsold completed construction

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

Less: Opening Stock :


Leasehold land *
Shop
Freehold land *
Unsold completed construction
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)

* net of ongoing project adjustment amounting to Rs.1,68,93,927/- (P.Y.Rs.2,81,21,746/-)


18 PURCHASES
Land
Flats/ Bunglows

76

76,949,600

56,810,756

5,591,837

3,662,371

82,541,437

60,473,127

SCHEDULES TO THE ACCOUNTS

2008-2009
(Rs.)

2007-2008

Consumption of construction materials (Indigenous)


Wages and Labour charges
Power & Fuel
Architects' Fee and Consultancy Charges
Miscellaneous project expenses

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

Less: Ongoing Project Expeses Adjustment

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

22 PROVISION FOR TAXATION


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

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

accrual basis of accounting in the preparation of accounts.

FIXED ASSETS AND DEPRECIATION :


1.

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

progress is valued at cost.

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.

Leasehold and Freehold Land,


Unsold Completed Construction
And Work in Progress

At Lower of cost and net realizable value. Cost includes direct materials,
labour and construction overheads.

Shopes and Others

At Lower of cost and net realizable value.

REAL ESTATE PROJECTS


a)

Revenue in respect of projects undertaken before 31st March, 2006, is accounted for on the basis of date of
delivery of physical possession to the respective customers.

b)

Revenue in respect of other projects is recognised on 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.

FOREIGN CURRENCY TRANSACTIONS:


Income and Expenditure in foreign currency is converted into rupee at the rate of exchange prevailing on the date of
the transactions.
EMPLOYEE BENEFITS
(a)

Short term employee benefits are charged off at the undiscounted amount in the year in which the related service
is rendered.

(b)

Post employment and other long term employee benefits are charged off in the year in which the employee has
rendered services. The amount charged off is recognised at the present value of the 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)

Contingent Liability, not provided for, in respect of


a)

Contested demand of
(Rs.

7.51 lacs).

(Rs.

4.28 lacs)

Income tax and penalty

Rs.

6.90 lacs

ESIC

Rs.

4.28 lacs

Additional Lease Rent

Rs.

34.73 lacs

Provident Fund

Rs. 185.26 lacs

(Rs.

Nil)

Cess - Sonari land

Rs.

(Rs.

Nil)

9.72 lacs

(Rs. 34.73 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

Expenditure in Foreign Currency:


Travelling

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

Amount used as numerator in calculating basic and diluted EPS:


Profit/(Loss) after tax

9)

Rs.14,31,0187-

(Rs. in lacs)

Weighted average number of equity shares used as the


denominator in calculating EPS (Nos. in lacs).
Opening Balance
Bonus shares issued during the year 2007-08 in the ratio of 5:2

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

Less:- Sales Real Estate- ongoing projects

661,546,904

Less: Ongoing project expenses adjusted

393,652,944

267,893,960
52,916,451

Add:- As per I n c o m e Tax A c t :


Sales Real Estate - ongoing projects completed
(upon delivery of physical possession)

11,675,921

Less: Cost of Sales

7,414,711

Net Profit for Income Tax Purpose

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

Ashiana Retirement Villages Limited '


Vatika Marketing Limited

India

100%

100%

India

100%

100%

Previous year figures above are indicated in brackets.


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

SCHEDULES TO THE ACCOUNTS


24
I

II

III

B A L A N C E SHEET A B S T R A C T AND COMPANY'S GENERAL BUSINESS PROFILE


Registration Details

Registeration No.

40864

State Code

21

Balance Sheet Date

31/03/2009

Capital raised during the year

Public Issue

Nil

Right Issue

Nil

(Amount in Rs. Thousand)

Bonus Issue

Nil'

Private Placement

Nil

Position of Mobilisation and

Total Liabilities

1,006,445

Total Assets

Paid-up Capital

180,845

Reserves & Surplus :

781,959

Secured Loans

7,123

Unsecured Loans

4,015

Deffered

5,295

Other

27,208

Net Fixed Assets

334,089

Investments

406,838

Net Current Assets

261,037

Misc. Expenditure

4,481

Accumulated Losses

Nil

Turnover (Gross Revenue) :

1,038,323

Total Expedinture

717,513

+/- Profit/Loss
Before Tax

+320,810

+/-, Profit/Loss
After Tax*

+283,988

Earning per share

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

Generic Name of Three Products/Services of Company (as per monetary terms)


Item Code No.

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

For and on behalf of the Board


Om Prakash Gupta
Managing Director

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

CASH FLOW FROM OPERATING ACTIVITIES :


Net Profit before tax and extraordinary items
Adjusted for :
Depreciation
Interest Income
Income from Long Terms Investment
Provision for Dimunition in value of Investment
Capital reserve on consolidation
Fixed assets written off
(Profit) / Loss on sale of Fixed Assets
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
Adjusted for :
Trade and other receivables
Inventories
Trade Payables and advances from customers
(Increase)/ Decrease in Miscellaneous expenditure
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted
Cash flow before extra ordinary items

373,750
(2,620,127)

184,219,691
(48,139,374).,
136,080,317

Extra Ordinary items


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

51,907,013

Net Cash from investing activities (B)


CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from long term and other borrowings "
Dividend paid
Proceeds from issuance from share capital

(9,544,613)
(26,678,544)

Net Cash used in Financing activities (C)


NET INCREASE IN CASH AND CASH EQUIVALENTS (A+ B+ C)
CASH AND CASH EQUIVALENTS ATTHE BEGINNING OF THE YEAR
. C A S H A N D C A S H EQUIVALENTS ATTHE END OF THE YEAR

(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

MMMmsi JEmmfsm JLMmMti


Ashiana

Housing

Limited

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

PROXY FORM
I/We
Of

being a m e m b e r ( s ) of t h e above m e n t i o n e d C o m p a n y hereby

appoint Mr./Mrs./Miss
Of.

or failing h i m / her, Mr./Mrs./Miss

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.

R M. at 'Kalakunj' (Basement - Kalamandir), 48, Shakespeare Sarani,

'

.
Affix

Signed this

day of

2009.

Re. I/
Revenue

Signature

Stamp

Registered Folio No./Client ID No

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

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

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.

Member's/ Proxy's Signature


(To be signed at the time of handing over the slip)
NOTE : The copy of the Annual Report may please be brought to the Meeting Hall.

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

* Our Ongoing Projects

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