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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
Cash Flow Statement
38-39,
, 40-41
42
43 "
51
52
Ashiana Retirement Villages Ltd.

Director's Report
Auditor's Report
Balance Sheet
Schedule
to
Cash Flow Statement
the
Accounts
53
54-55
56
.57
58-66
67
68
Ashiana Housing Ltd. - Consolidated

Auditor's Report
Balance Sheet
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:

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)

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

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.
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.
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:

HOUSING:
a)

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
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
LEAVE TRAVEL CONCESSION: For self and family
once in a year for any destination in India.
PERSONAL ACCIDENT INSURANCE: Premium not to
exceed Rs. 5,000/- per annum.
purpose shall be billed by the Company to the Joint
Managing Director.)

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

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.

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.
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
LEAVE TRAVEL CONCESSION: For self and family
once in a year for any destination in India.
PERSONAL ACCIDENT INSURANCE: Premium not to
exceed Rs. 5,000/- per annum.
purpose shall be billed by the Company to the Whole
Time Director.)
distance calls on telephone shall be billed by the
Company to the Whole Time Director.)
n d
th
5 1
th

HOUSING:
a)
b)

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

Leave accumulated but not availed will be allowed to
be encashed at the end of tenure.
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
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

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
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.
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
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.
45. APSA Combines Pvt. Ltd.
2.
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
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.
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,

Kolkata
Friday,
2.30 P.M.
No
2007-08 Kalakunj - Kalamandir, Sept. 18,

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,
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,
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
ûrttirfng
(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.
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)

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.

(VINIT BAGARIA)
Partner
Membership Number: 500872
Place: Gurgaon
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.
VINIT BAGARIA
Partner
For and on behalf of the Board
Bhagwan Kumar
Om Prakash Gupta
Vishal Gupta
Manojit Sengupta
Company Secretary
Managing Director
G.M. (F&A)
Place : New Delhi

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

VINIT BAGARIA
Partner
Place: Gurgaon
Bhagwan Kumar
Om Prakash Gupta
Vishal Gupta
Manojit Sengupta
Company Secretary
Managing Director
G.M. (F&A)
Place : New Delhi

IQlAshiana
Nurturing
Smiles
SCHEDULES TO THE ACCOUNTS
SHARE CAPITAL
Authorised :
25000000 Equity shares of Rs. 10/- each
Issued, Subscribed and Paid up :
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

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)
10
1,140,050
92,412,550
1,140,050
92,412,550
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
. 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
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

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*
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

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
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.
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
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.

+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,

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

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

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
Rs.6.91 lacs
iv) Ashiana Amar Infrastructure

Year end Investment
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 -

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.

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
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
VINIT BAGARIA
Partner
Place: Gurgaon
Bhagwan Kumar
Company Secretary

Om Prakash Gupta
Managing Director
Vishal Gupta
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.
VINIT BAGARIA
Partner
Place : Gurgaon
Bhagwan Kumar
Company Secretary

Om Prakash Gupta
Managing Director
Vishal Gupta
Manojit Sengupta
G.M. (F&A)
Place : New Delhi
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.

P l a c e : New Delhi
D a t e : 03rd June, 2009
Om Prakash Gupta
Vishal Gupta
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.

FINANCIAL RESULTS
Your directors are glad to report that during the year under
review the project Maintenance Charges & Other Income
has been recorded at Rs. 2,63,07,053 /- 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/-

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.

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

The profits generated are being reinvested in the business
Enterprises Development Act, 2006,. the Company is
of the Company.

OPERATION
The main operation of your Company relates to maintenance
c)
Valuation of inventries
have been done as per
of various building complexes.

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

Shri Ashok Kumar Mattoo is the director retiring by rotation
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

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

(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
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.
*

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

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
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)

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.
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.

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)

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,

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

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.
(VINIT BAGARIA)
Partner
Place: Gurgaon
(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
Share Capital
Reserves & Surplus
500,000
500,000
4,430,750
2,597,603
4,930,750
3,097,603
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

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

'
19

VINIT BAGARIA
Partner
Place : Gurgaon

Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place : New Delhi
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
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

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


VINIT BAGARIA
Partner
Place : Gurgaon

Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place : New Delhi
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 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
FIXED ASSETS
GROSS BLOCK
Particulars
As at
Additions/
01-04-08 (Deductions)
(Rs.)
(Rs.)
DEPRECIATION
NET BLOCK
As at
31-03-09
(Rs.)
Upto
31-03-08
(Rs.)
For the
year
(Rs.)
Upto
31-03-09
(Rs.)
As at
31-03-09
(Rs.)
As at
31-03-08
(Rs.)
OFFICE
EQUIPMENT
36,900
36,900
7,309
1,752
9,061
27,839
29,591
COMPUTER
116,336
46,530
162,866
60,967
22,640
83,607
79,259
55,369
28,398
28,398
14,894
2,698
17,592
10,806
13,504
TOTAL
181,634
46,530
228,164
83,170
27,090
110,260
117,904
PREVIOUS YEAR
FIGURES
182,233
181,634
59,902
23,309
(40)
83,170
98,464
VEHICLE
(599)
Face
No. of
Shares/
Unit
(No.s)
Value
(Rs.)
AS AT
No. of
AS AT
31.03.2009
(Rs.)
Shares/
Unit
(No.s)
31.03.2008
(Rs.)
42,364.27
500,000
10,160.76
114,144
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
AS AT
AS AT
31.03.2009
(Rs.)
31.03.2008
(Rs.)
2,642,666
2,771,937
Others
3,415,307
2,981,630
6,057,973
5,753,567
92,173
303,111
104,790
892,655
7,140,623
5,270,767
8,126,795
1,514,702
12,806,674
10,638,942
484,470
10,106,526
-706,666
2,534,233
106,526
534,546
11,297,662
3,175,305
2,841,644
3,648,987
24,826,346
1,297,904
1,045,869
256,086
27,112,300
32,614,881
29,850,211
645,000
652,171
215,000
762,310
33,912,052
30,827,521
2008-09
2007-08
Rs.
Rs.
22,636,241
16,568,903
SUNDRY DEBTORS
(Unsecured, considered good)

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

Deposits
Taxation Advance and Refundable

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
67,697
2,240,437
2008-2009
(Rs.)
2007-2008
(Rs.)
13 INCREASE/(DECREASE) IN STOCK
Closing Stock:
Shops
Less: Opening Stock
Shops
113,742
(113,742)
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
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
Directors' Fees
For Statutory Audit
For Tax Audit
For Other Services
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
Ashiana
18
NOTES ON ACCOUNTS
1)
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.
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.

IMPAIRMENT OF ASSETS
Fixed assets are valued at cost and depreciation is
provided on straight line basis in accordance with the
. 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.

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.
Expenses recognized
during the year
1.04
1.34
Interest Cost
0.61
0.57
(2.75)
(1.36)
Net Cost
(1.10)
0.55
1994-96
1994-96
Maintenance charges
received
6.92
6.79
Rent paid
6.00
6.00
1.20
1.20
0.39
8.57
100.00
Nil
Discount rate
7.75%
(per annum) compounded
8.00%
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
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
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. . .. ,

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)
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.

19
I.
II
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE

Registeration No.
79014
Balance Sheet Date
31/03/2009
Public Issue

Position of Mobilisation and
Deployment of funds
Sources 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
IV
Generic Name of Three

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

VINIT BAGARIA
Partner
Place : Gurgaon

Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place : New Delhi
Nurturing
Smiles

2008-2009
(Rs.)
2007-2008
(Rs.)
2,606,774
1,386,522

Net Profit / (Loss) before tax and extraordinary items
Adjusted for :
27,090
23,308
Interest Income
(650,769)
(537,513)
(192,474)
(473,467)
Depreciation
558

1,790,621
399,408
(8,254,643)
(2,958,425)
Adjusted for :
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

(4,380,879)
3,005,368

(4,380,879)"
3,005,368

(46,530)

5,944,372

Interest Income
2,628,700
650,769
537,513
6,548,611
3,166,213
2,167,732
6,171,581

Proceeds from issuance of share capital
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,
VINIT BAGARIA
Partner
Place : Gurgaon

Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place : New Delhi
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

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

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
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.
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
ascertained.
Enterprises Development Act, 2006, the Company is
Valuation of inventries have b e e n d o n e as per
(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.
Place New Delhi

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

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)

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
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)

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)

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,
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)

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)
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,
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.
(VINIT BAGARIA)
Partner
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
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
Fixed Assets:
a)
Gross Block
b)
Less: Depreciation
c)
Net Block
d)
4
126,493,608
125,671,226
13,216,551
. 8,460,660
113,277,057
117,210,566
52,200,437
165,477,494
25,175,332
142,385,898
Investments
116,170,257
93,072,601
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)
d)
Loans & Advances
'
9
10
11
6,951,186
4,489,593
36,679,028
30,251,051
56,694,301
39,108,279
46,797,233
23,488,740
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

23
The Schedules referred above form an integral part of the accounts

VINIT BAGARIA
Partner
Place
Date
Gurgaon
3rd June, 2009

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
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
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
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
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

VINIT BAGARIA
Partner
Place : Gurgaon

Nitin Sharma
Om Prakash Gupta
Company Secretary
Whole time Director
Vishal Gupta
Director
Place : New Delhi
Nurturing
Smiles
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
100,000,000
100,000,000.
92,400,500
92,400,500
SHARE CAPITAL
Authorised :
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
Securities Premium 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
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
Other Debts
3,927,923
3,066,685
2,509,815
6,994,608
=
2,509,815
.
Cash-in-hand
Cheques in hand
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

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
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)
Add: incurred during the year
Rent and Furniture Hire Charges
Interest
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
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
2008-2009
2007-2008
(Rs.)
(Rs.)
10,069,458
6,693,903
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
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
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
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
1,540,416
1,724,283
Irrecoverable Balance written, off
1,131,287
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'.
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
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

1.59
1.20
Interest Cost
0.31
0.21
2.67
(0.18)
Net Cost
4.57
1.23
Actuarial assumptions
1994-96
1994-96
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]
ûrturjng
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.
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
Loan received / (repaid) (net)
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.
Shri Om Prakash Gupta,
Remuneration
Rs.6.00 lacs
Director
e)
Enterprises over which any person described in (c)
f)
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
Public Issue
Nil
Right Issue
Bonus Issue
Nil
Private Placement
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
89,809
Total Expedinture
58,400
+/- Profit/Loss
Before Tax
+31,409
+/- Profit/Loss
After Tax*
Earning per share
2.93
Dividend Rate %
21
III
Nil
Nil
Deployment of funds
Sources of Funds
IV
+27,046
Nil
Generic Name of Three Products/Services of Company

Item Code No.
N.A
(ITC Code)
Product Description
Real Estate, H o s p i t a l i t y

VINIT BAGARIA
Partner
Place : Gurgaon

Nitin Sharma
Om Prakash Gupta
Company Secretary
Whole time Director
Vishal Gupta
Director
Place : New Delhi

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
(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

Adjusted for :

Adjusted for :

(3,581,087)
(308,695)
44,086,496
12,202,114
44,086,496
12,202,114
(27,847,487)
(88,797,062)
(21,725,982)
(26,072,458)

295,425
17,818
(49,278,044)
(114,851,702)
Interest Income
7,653,141
15,255,733
90,000,000
Proceeds from issuance of share capital

7,653,141
105,255,733

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.

VINIT BAGARIA
Partner
Place : Gurgaon

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.
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
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)
7,123,532
4,014,819
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
inventories
Sundry Debtors
Other Current Assets
Loans & Advances
7
8
9
10
11
12
583,914,069
15,395,650
130,055,195
953,189,537
187,730,396
415,965,035
39,328,975
77,669,352
303,318,554
157,324,970
1,870,284,847
1,609,248,501
993,606,886
1,004,127,871
Net Current Assets

Miscellaneous Expenditure
13
NOTES ON ACCOUNTS
23
261,036,346
4,481,038
(10,520,985)
2,500,658
1,006,444,618
728,678,011
24

In terms of our report of even date attached herewith.
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
CONSOLIDATED PROFIT & LOSS ACCOUNT OF ASHIANA HOUSING LTD. & ITS SUBSIDIARIES FOR
THE YEAR ENDED 31 ST MARCH, 2009
SCHEDULES
2008-2009
(Rs.)
2007-2008
(Rs.)
1,244,9-11,331
INCOME
Sales
14
878,925,621
15
27,815,436
18,049,089
Other Income
16
131,581,929
71,550,392
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

Ongoing Project Expeses Adjustment
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:
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
In terms of our report of even date attached herewith.
VINIT BAGARIA
Bhagwan Kumar
Om Prakash Gupta
Vishal Gupta
Manojit Sengupta
Partner
Company Secretary
Managing Director
G.M. (F&A)
Place : Gurgaon
Date ': 3rd June, 2009
Place : New Delhi

iOFlAshiana
Smiles
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)
250,000,000
250,000,000
187,358,500
187,358,500
SHARE CAPITAL
Authorised :
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
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
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
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
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-in-hand
535,973
1,179,246
Cheques/Drafts-in-hand
679,055
3,318,924
22,451,580
22,232,966

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

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
AS AT
31.03.2009
(Rs.)
AS AT
31.03.2008
(Rs.)

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
2,500,658
3,300,023
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)

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*
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)

25,116
2,278,309
839,948
131,581,929
71,550,392
17 INCREASE/(DECREASE) IN STOCK
Closing Stock:
Leasehold Land
Freehold Land
Shops
180,163,307
64,655,950
37,395,080
102,630,099
376,400
86,304,721
144,010,431
233,443,282
68,360,013
537,306,390
380,032,893
107,399,975
97,826,517
Work-in-progress
Less: Opening Stock :

Leasehold land *
Shop
Freehold land *
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
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
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
Travelling and Conveyance
Legal and Professional expenses
Advertisement and Business Promotion
Commission
Management Fee
Printing & Stationery
Repairs and Maintenance :
To Machineries
To Building
To Others
Directors' Fees
For Statutory Audit
For Internal Audit
For Tax Audit
For Other Services
Fixed Assets Written Off
Loss on Sale of Fixed assets
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
1uH Ashiana)
N u r t u r i n g Stnifes
23
1)
NOTES ON ACCOUNTS
The company adopts
accrual basis of accounting in the preparation of accounts.

1.
Fixed assets are valued at cost and depreciation is provided on straight line basis
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.
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'.
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.

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

Registeration No.
40864
State Code
21
Balance Sheet Date
31/03/2009
Public Issue
Nil
Right Issue
Nil
Bonus Issue
Nil'
Private Placement
Nil
Total Liabilities
1,006,445
Total Assets
Paid-up Capital
180,845
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
Sources of Funds
Tax Liabilities
IV
Generic Name of Three Products/Services of Company (as per monetary terms)

Item Code No.
N.A
(ITC Code)
Product Description
Real Estate
in terms of our report of even date attached herewith.
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary
Place : Gurgaon

Om Prakash Gupta
Managing Director
Vishal Gupta
Manojit Sengupta
G.M. (F&A)
Place : New Delhi
shiana
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

Adjusted for :
Depreciation
Interest Income
Provision for Dimunition in value of Investment
Capital reserve on consolidation
(Profit) / Loss on sale of Fixed Assets
Adjusted for :
Inventories
Trade Payables and advances from customers
(Increase)/ Decrease in Miscellaneous expenditure
373,750
(2,620,127)
184,219,691
(48,139,374).,
136,080,317

Interest Income
Other Income from Long Term Investments
51,907,013

Proceeds from long term and other borrowings "
Dividend paid
Proceeds from issuance from share capital
(9,544,613)
(26,678,544)

. 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
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary
Place : Gurgaon
Om Prakash Gupta
Managing Director
Vishal Gupta
Manojit Sengupta
G.M. (F&A)
Place : New Delhi
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

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Ashiana

Importance to all in the organization

Freedom to work & Speak

Being able to make a mistake

After sale service

Family like working environment

Good inter personal relationship

Passion for quality

Sharing information regularly

Treehouse Hotel, Bhiwadi

Consolidated Total Income (Rs.in lacs)

Consolidated Net Profit (Rs.in lacs)

Consolidated EPS (in Rs.)

5 years - Financial Highlights (Stand alone)

Sales and other income

Profit before Depreciation

Profit/(Loss) after Depreciation but

Profit/(Loss) after Depreciation and

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

Achievements during the year 2008-09

Achieved highest ever construction of 9.4 lacs sq. ft.

Completion of project Ashiana Woodland Phase-2 at Jamshedpur.

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

5F Everest 46/c, Chowringhee Road

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

HDFC Bank Ltd., State Bank of Bikaner & Jaipur

Registrar & Share Transfer Agent

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

Vatika Marketing Ltd.

Ashiana Retirement Villages Ltd.

Ashiana Housing Ltd. - Consolidated

Our People Our Assets

"-'Greetings Share Owners',

Jt. Managing Director

NOTICE is hereby given that the 2 3 Annual General Meeting

TELEPHONE: Telephone at residence. (Personal long

To receive, consider and adopt the Audited Balance

To appoint a Director in place of Shri Lalit Kumar

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

To appoint Auditors and fix their remuneration.

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

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

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

"RESOLVED THAT pursuant to Sections 198, 309, 310

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

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

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

The expenditure incurred by the Company on hiring

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

In case no accommodation is provided by the Company,

The expenditure incurred by the Company on hiring

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

In case no accommodation is provided by the Company,

RESOLVED FURTHER THAT Shri Ankur Gupta, Whole Time

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

The expenditure incurred by the Company on hiring

In case no accommodation is provided by the

The expenditure incurred by the Company on gas,

TELEPHONE: Telephone at residence. (Personal long

LEAVE: One month leave for Eleven Months of service.

The expenditure incurred by the Company on gas,

TERMINATION OF CONTRACT: The Company and Shri

COMMISSION: Payment of commission every year at