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Ashiana

Annual

Report
2006 - 07

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

handing over Phase-I

of

UTSAV - I n d i a ' s f i r s t r e t i r e m e n t r e s o r t a t B h i w a d i

AS HI AN A HOUSING LIMITED

Ashiana

Our Vision:

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


quality homes; and
To create a nurturing environment that will enrich and empower the lives of our
employees.

Our Mission:

To develop houses for middle income group which are environment friendly, aesthetic
and have a healthy surrounding.
To create retirement complexes around the country where senior citizens can lead act
and comfortable lives with dignity and a sense of security.
And most importantly, to see a smile of satisfaction on the faces of people who meet
live in homes built by us, supply to us, work with us and shareowners.

Values of Ashiana:

Happiness all around


i.
ii.
iii.
iv.
v.

Importance to all in the organization


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

Customer oriented approach


i.
Passion for quality
ii. Continuous improvement
iii. Honesty in commitment
iv. Delivery in time
v.
Softness in behaviour
vi. After sale service
vii. Adaptabiltiy to change

Transparency
i.
ii.
iii.

Honesty
Sharing information regularly
Self belief.

Our Mantra:
Professionalism with a personal touch because, at our heart lie, not statistics figures or numbe
nor stone, brick or concrete, but our people: the Ashiana family!

Ashiana

ASHIANA HOUSING LIMITED

CHAIRMAN'S

Greetings

LETTER TO

SHAREHOLDERS

Shareowners,

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


the C o m p a n y for the
dream taking
population

Your

shape.

of

our

Company's

Transparency,

Building

brand

Ensuring

that

to

dedicated

have

culture

class living

state

on

time

and

new Housing

not f o c u s

In

are

always

believed

at work.

Most

suppliers

that

of the

ordinary
senior

the

The

overall

employee

land

costs

developing
pleasant

have

housing

experience.

partnership with
as a good

making

to

can see the


group

the

satisfaction

increased
projects

people

To
land

develop

townships

overcome

can

land

Jaipur

in

happy

and

consultants

the

the

happiness
are

organization

treated

as

is

owners

of the

company

constantly

visible

in

office

and

we

have

very

like

results

have

customers

risen

and

have

through

needs of the organization.

and

and

projects.

and

last t w o y e a r s .

become

hurdles

c l e a r title

new housing
in

as

alone

deliver extraordinary

in

has

these

o w n e r s with

such

area

and

are

strived
the

Training

to

ranks

create
and

we

this
are

has t a k e n

utmost

have started to see healthy

results

development.

substantially
/

infrastructure

play

consultants.

managers

and

modern

children

consider themselves

commitment
&

most

and

service

everybody

company

This

the

parks

profitability

more talent to serve the growing

model to develop

partnerships

middle income

customer

short term

suppliers
and

providing

after s a l e s

of the

organization.

your company,

committed

and

on

while

i m p o r t a n c e i n t h e last t w o y e a r s a t all l e v e l a n d i t i s o n l y d u e t o t h i s t h a t w e
in

Projects as

at affordable prices to the

water distribution,

delight

delivery

employees

to the

continuously grooming

to

our activities

the

communities

power supply,

improvements

attached

and

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

on:

lights,

Continuous

proud

is a s e n s e of p l e a s u r e to create

environment friendly
street

customer dealings.

is

am

It

O u r effort is to p r o v i d e w o r l d

focus

Building

emotionally

years.

country.

roads,

last 2 1

Jodhpur.

a
to

very

Buying

land,

cumbersome,

maintain

the

growth,

government clearances.
am

getting
time

your

am

happy to a n n o u n c e that we

Govt,

c l e a r a n c e s for

consuming
company

sure this

and

not

has

formed

should

so

workout

have already f o r m e d four

A S H I A N A HOUSING LIMITED

1,200

Sales

(in l a c s )

Net Profit (in

lacs)
968.52

1,000
5,341.58

6,000 n

800

5,000 600

4,000 3,000

459.84

400

1,287.80

2,000 -

200
(12.75)

1,000

2005

1,400

2006

Assets

2007

1,216.66

1,000

Ik-

200 -

25%

25%

20%

15%

431.29

10% -

*A
4

279.23

Hi2005

30%

20%

800 -

400

2006

Dividend

(in l a c s )

1,200 -

600 -

2005

(200)

2006

5% 0% -

2007

2005

2007

2006

F i n a n c i a l s at a g l a n c e
( R s . In lacs)

2007

2006

Change

Total i n c o m e

5341.58

3615.97

48%

968.52

459.84

111%

18.09

8.59

2.50

2.00

1216.66

431.29

182%

3005.50

2193.55

37%

(%)

EBITDA
Net

Profit
EPS
Dividend

Total

(Rs.)

assets

Shareholder

equity

Milestones
October

achieved

2006

Opened Ashiana

November
Gymkhana,

t h e first o f its k i n d i n B h i w a d i
February
Launched

2007
Ashiana Aangan.

W h e n c o m p l e t e d i t will b e t h e
largest

real estate

Ashiana in

25% .

Bhiwadi

project of

2006

December

2006

Launched Ashiana Village M a l l ,

Commenced

t h e first m a l l t o c o m e u p

flats for A s h i a n a Utsav Phase

handing

over of

in B h i w a d i .

and G r e e n h i l l s P h a s e II

Ashiana

The

are

Jamshedpur

Ashiana

Limited

Housing

be

product

We

Pune

are

has

"Ashiana Utsav"
very

been

shortly

in

with

as

Helping our c u s t o m e r s
customer services.
Keeping this in

company

as support

Marketing

Vatika Marketing
services
brand

to

convey

my

expand

group

to many

housing

Jodhpur

more

of this

subsidiary

'Ashiana

of

have started
year.

lives

the

Utsav'.

cities

in

in

in

The

company

The

moving

Rajasthan

Rajasthan

Rajasthan

and

and

and

of our seniors

of

to

increases

is a

concept

useful
can

will

club

cum

to

at

NCR

to

(Ashiana

continuous

retirement

s l

the

has

and

100

been

retirement

over the
we

these

would

crore

resorts.

country.

managing

the

beyond

The

propose to add

which

in

Retirement

next

Lucknow
retirement

become

large

over time.

additional

hotel

provide

all

projects,

service that we have

add

specializes

of the

project

in

and

maintain

these

value

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

expected
attached

we

substantially

that we

activities

As

streams from

and

phase

this

heavenly

plans to take this

happiness.

revenue

s t

in. This approximately

response

J a i p u r (as part o f A s h i a n a M a n g a l a m )

Resale &

are

owned
name

our s e n i o r s

end

regular

infrastructure

recently a d d e d to our portfolio of

while

Gymkhana)
revenue

r e s o r t s that will

generate

response

and

a shopping

streams.

come

additional

revenue.

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

up

More

in

Mall

such

(Ashiana

projects

are

the future.

Limited
Limited

is a wholly o w n e d

developed

along

hopefully y o u will

wholly

your company
in

see

with

its

wholly

substantial

heartiest

&

subsidiary of the c o m p a n y and

by Ashiana

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

Your company,

to

an

projects

projects

in the

middle income

N e e m r a n a , Jaipur and

plans to

make the

recognized

built

developing

Bhiwadi,

brand

sell or m a i n t a i n

have

also

to

portfolio

mind we a d d e d a

These

the

and

volume

rent,

We

has

Mall).

by

have

the

ready and

ready

this

business

time

is

under the

launched

your c o m p a n y will

Vatika

Limited

great feature

has

in

in

ambitions

looking forward

projects,

planned

have

near Delhi is

completely

remains

projects

Limited

Villages

Bhiwadi,

will

expectations.

The

We

n e e d s for s e n i o r c i t i z e n s

Resort at

Village

Ltd

executing

Jharkhand.

Retirement

housing

and

ASHIANA HOUSING LIMITED

currently

in

Retirement Villages

Ashiana

This

for A s h i a n a

We

project

Housing

focus

NCR.

Housing.

make

owned

thanks

services

it easy for us to
subsidiaries,

improvements

sincere

The

to

in
all

top
the

has

line a n d

engaged

of this

market
been

providing
help

build

strength

to

maintenance
the A s h i a n a

new projects.
growing

bottom-line

shareowners

in

subsidiary

for

from

in the

having

strength

coming years.

maintained

would

their faith

in

and
like
the

organization.
I

would

success

like t o t a k e t h i s o p p o r t u n i t y t o t h a n k all w o r k f o r c e f r o m t h e
would

creating that
we

are today

always

keep

not' have

happiness
and

no

improving

been
all

possible.

around

success

is

us.

thank them

Our customers,

all

for

bottom of my

living

suppliers and

complete without appreciation

by

the

consultants

of their efforts.

heart without their efforts our

values

of the

have
can

made

organization
us

reach

assure you

and

where

that we will

to give the very best to y o u .


Best

wishes

OM

GUPTA

Chairman & Managing

Director

ASHIANA

HOUSING

LIMITED

21 ST A N N U A L REPORT 2006-07
Board of Directors
Mr. Om Prakash Gupta
Mr. Vishal Gupta
Mr. Ashok Kr. Mattoo
Mr. Abhishek Dalmia
Mr. Lalit Kr. Chhawchharia
Mr. Ankur Gupta
Mrs. Sonal Marwah

[Company

(Managing Director)
(Joint Managing Director)

(Whole Time Director)

Secretary)

Bhagwan Kumar

Auditors)
M/s. B. Chhawchharia & Co.
K-3/27, DLF City, Phase-ll, Gurgaon,
Haryana-122 002

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

Head Office
Unit No. 4 & 5, 3rd Floor,
Plot No. : D-2, Southern Park,
Saket District Centre,
New D e l h i - 1 1 0 017.
Ph. No. : (011)42654265
Fax No. : (011)42654200

Bankers)
HDFC Bank Ltd.
State Bank of Bikaner & Jaipur
Punjab National Bank
Bank of Baroda
Oriental Bank of Commerce

Website
www.ashianahousing.com

Registrar & ShareTransfer Agent)


M/s. Beetal Financial & Computer
Services Pvt. Ltd.
Beetal House, 9 9 , Madangir,
Behind Local Shopping Centre,
Near Dada Harsukh Dass Mandir,
New Delhi - 1 1 0 062.
Ph. : (011)-29961281 -82
Fax: (011)-29961284

ASHIANA HOUSING LIMITED

Kind A t t n . Shareholders
Ashiana Housing Ltd.

Page

Notice

1 -2

Directors' Report

of

No.

Erstwhile Ashiana Proteins Ltd.

3-5

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


Report on Corporate G o v e r n a n c e

5-7
8-13

Auditors' Report

14-16

Shareholders

are

requested

to

send

to the

17

5 , 3 r d F l o o r , Plot N o . : D - 2 , S o u t h e r n

Profit & L o s s A c c o u n t s

18

District C e n t r e , N e w Delhi -

19-29

Balance Sheet Abstract

30

Cash Flow Statement


Statement

31

pursuant

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


Vatika

Marketing

32

Ltd.

Directors' Report

33

Auditors' Report

34-35

Balance Sheet

36

Profit & L o s s A c c o u n t

37

Schedules to the Accounts

38-42

Balance Sheet Abstract


Ashiana

Retirement Villages

Directors' Report

45-46

Balance Sheet

47

Profit & L o s s A c c o u n t
Schedules to the Accounts
Balance Sheet Abstract
Housing

Consolidated

Ltd.
44

Auditors' Report

Ashiana

43

48
49-54
55

Ltd.

Accounts

Auditors' Report

56

Balance Sheet

57

Profit & L o s s A c c o u n t
Schedules to the Accounts

58
59-67

Balance Sheet Abstract

68

Cash Flow Statement

69

Proxy

F o r m , Attendance Slip

Share

H e a d O f f i c e o f t h e C o m p a n y a t Unit N o . 4 &

Balance Sheet

Schedules to the Accounts

their

Certificate(s) of the Erstwhile Ashiana Proteins Ltd.

110 0 1 7

Park, Saket
for e x c h a n g e

t h e r e o f w i t h t h e s h a r e c e r t i f i c a t e (s) o f t h e C o m p a n y
by

virtue

Proteins

of a m a l g a m a t i o n
Ltd.

with

M/s.

pursuant to the

Order of

West

Rajasthan.

Bengal

&

of

erstwhile

Ashiana
Hon'ble

Ashiana

Housing
High

Ltd.

Courts

at

I 9 H Ashiana

ASHSANA HOUSING LIMITED


NOTICE
NOTICE

is

Meeting
LTD.

known

(INDIA)

21st

Kalamandir),
700017,

at

as

ASHIANA

48,

2007

will
at

be

2:30

P.M.
:

to

HOUSING
held

on

and

(both

&

If

Friday,

transact

the

such

the

as

2007

To

receive,

Balance
&

consider

Sheet as at 31st

Loss Account

and

and

the

Report

Auditors'

adopt

March,

for t h e

year

of

Board

the

the

Audited

ended
of

that

date

Directors'

on

and

To

declare

3.

To a p p o i n t a

Chhawchharia, who
eligible
4.

To

for

eligible
5.

To

retires

by

Lalit K u m a r

rotation

and

being

a
who

for

Director

in

retires

by

place

of

Smt.

Sonal

rotation

and

being

desiring

and

New Delhi

NOTES
1.

(Bhagwan

: 29th June, 2007

Members

are

Park,

Company

Board

Saket

017,

Kumar)

Sep.

keep

on
21st

on

days

to

the

should
before

enable
as

the

far

as

meeting.
to

notify

Plot N o .

(Pvt.)

Local
Dass

Mandir,

Members

are

requested

New

Delhi

& Share Transfer


Beetal

Ltd.,

Shopping

Company

Head Office

D-2, S o u t h e r n

Saket,

Registrar

Harsukh

the

i f a n y , a t its

Center,

Services

purpose.

information,

requested

District

15

as

of

per details

Meeting

least

the

end

information

so

the

to

the

for this

at the

at

at the

at

2007 as

any further

Behind

MEMBER

ENTITLED

AT THE

MEETING

PROXY

TO

IS

ATTEND

TO ATTEND

AND

VOTE

the

E N T I T L E D TO A P P O I N T A
AND

VOTE

INSTEAD

Financial

99,

&

Madangir,

Centre,

Near

Dada

New Delhi - 1 1 0 062.

Annual

General

HIMSELF / HERSELF AND THE PROXY NEED NOT


BE A M E M B E R OF THE

addressed

form

duly

received

at,the

not

than

less

filled

COMPANY.
up

and

Registered
48

hours

executed

Office of the

before

the

time

must

be

appointment
clause
with

49

the

details

fixed

directors

re-appointment,

of the

Stock

of

as

Listing A g r e e m e n t s

Exchanges

are

for

10.

correspondence

Members

seeking

Register

Books

shall

of

Members

required
entered

remain

closed

copy

the

of

Annual

the

relating
Head

Registrar &

to

shares

office

Share

of

the

may

be

Company

T r a n s f e r A g e n t of the

by

Share
from

holding

R&TA

shares

in

more

order of n a m e s are
enclosing

them

to

folio to facilitate

thrT

consolidate

than

one

folio

r e q u e s t e d to write

share
the

certificates
holdings

in

to
one

better service.

into
11.

annexed.

and

to

identical

enable

Members
on

The

their
at

Company
in

relevant

bring

them

Company.

meeting.

The

to

with

Meeting.

All

Proxy

Report

OF

to

4.

are
on

payable
as

A g e n t of t h e C o m p a n y , M/s.

Secretary

names

of

Sep.

the
3.

14th

or to the

Computer

of

payment

Members

be

meeting

to

ready

or to the
2.

will

their c h a n g e of a d d r e s s ,

remuneration.

By order of the

Date

of

Depositories

the

possible,

110

Place:

whose

a t Unit N o . 4 & 5 , 3 r d F l o o r ,

fix t h e i r

equity

or after 21st

shares

Company

of

on

Board

the

meeting,

be transacted

management

re-appointment.

appoint Auditors

the

the

dividend
by

m a d e on

of

hours on

Members

to

2007

respect of s h a r e s held in electronic

owners

date

the

Register

by

the

re-appointment.

appoint

Marwah,

p l a c e of Shri

be

furnished

write
D i r e c t o r in

at

dividend

business to

dividend.

September,

to

members

In

the

business

thereon.

2.

those

beneficial

2 0 0 7 , the Profit

passed

2007.

form,
1.

relating

Company's

Sep.

BUSINESS:

is

to

21st

recommended

d i v i d e n d will

the

to

inclusive).

resulution

Directors

Kolkata-

2007

days

shares

(Basement-

Sarani,

consider

September,

General

HOUSING

'Kalakunj'

Shakespeare

business

ORDINARY

M/s. A S H I A N A

LIMITED)

September,

following

that the 21st A n n u a l

members of

(formerly

FINANCE
the

hereby given

of the

Transfer
15th

the

desiring

Accounts

Company

atleast

any
are
seven

--'formation
requested
days

in

to

clarification
write

advance

to

the

before

Ashiana
the

meeting

so

as to

ASHIANA HOUSING LIMITED

keep the

at the time of Annual

General

information

ready

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


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

Meeting.

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


1 2 . As per the
facility

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

for

making

the

shareholders

by

them.

from

13.

in

respect

Nomination

the

the

nominations

Registrar

and

is

1956

available

of the

shares
be

to

held

forms

can

obtained

Share

Transfer Agent

of

Company.

Members
dividend

who

have

not

31.03.2004,

31.03.2005

requested

make

without

any

yet

for the

encashed

financial
and

their

year ended

31.03.2006

their claims

to

the

Pvt.

Greencity

Raghuvir

Management

Pvt.

Ltd.,

Givetake

Trade

and

M e r c h a n d i s e Pvt.

Credit

L t d . , J.P.

Pvt.

Ltd.,

Raina

M a n a g e m e n t S y s t e m s Pvt.

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


Ltd.,

Grace

Suppliers

Pvt.

Ltd., Adonis

Niketan

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


Pvt.

L t d . , Ativir Fincon

Pvt.

Ltd.,

Samtel Vinimay

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

are

Company,

delay.
Board

Pvt.
Ltd.,

S i d h i V i n i m a y Pvt. L t d . , G e g a c o r p E n t e r p r i s e s Pvt. L t d . ,
Pitambera

Polymers

Combines
By order of the

Ltd.,

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

Pvt.

warrant(s)

to

Suppliers

Pvt.

Industries

Ltd.,

Labh

C o r p o r a t e S e r v i c e s Pvt.

Pvt.

Combines

Ltd.,

Pvt.

APSA

Ltd.,

S.P.

Pvt.

Ltd.,

Ltd., Jacob Vincom

G l y c o s i c M e r c h a n t s Pvt. L t d . , A s h i a n a H o m e s Pvt. L t d . ,
Place:

New Delhi

(Bhagwan

Date : 29th J u n e , 2007


BRIEF

PROFILE

APPOINTMENT /

Company

OF

Kumar)
Secretary

DIRECTORS

SEEKING

R E - A P P O I N T M E N T AT

THE

21 ST

R V G E n t e r p r i s e s Pvt. Ltd.,
Nirman

Pvt.

Vincom

Pvt.

Ltd.,

V y a p a r Pvt.
A s h i a n a Pvt.

Polyblends

T E R M S OF C L A U S E 4 9 O F T H E LISTING A G R E E M E N T .

Ltd.,

Compact

MEETING

AS

REQUIRED

Pvt.

Shri

Shri

Lalit K u m a r C h h a w c h h a r i a

Lalit

Kumar

company

retires

General

Chhawchharia,

by

Meetting

rotation

of the

at

the

Company

Shri

Lalit

Non

and

Independent

Chairman

Kumar

long t i m e .
the

following
Saket
Elite

He

is

associated

has been

for

Chhawchharia,

at

and

Kolkata.

experstise,

has

Kumar
other

Director,

long y e a r s of v a r i o u s

with

looking

the

Company

after legal

Keeping
the

Board

recommended
Chhawchharia

his

in

view

Natraj

of directors

directorship

Logistics

Ltd.,

Spectrum
Securities

of

in

Worldwide
Enclave

Commercials
Leather
Pvt.

Exports

Ltd.,

Liberson Agencies

and

Ltd.,

Nilachal

Pvt.

Ltd.,

C o m b i n e s Pvt.
Infrastructure

2.

Smt.

Leasings

Pvt.

Swarnim

Iron
Nirvan

and

Exim

Power

Merchandise

Ltd., Jaisukh

Pvt.

Vinimay

Script

Pvt.

Energetics

Ltd.,

Tieup

Mistyalley

Pvt.Ltd.,

Commercial

Roselab
Pvt.

Ltd.,

Ltd.,

R a i n b o w V e n t u r e s Pvt.

Ltd.,

L t d . , Citra V y a p a a r Pvt.
Pvt.

Ltd., Madhuraj

Ltd.

Marwah

Smt. S o n a l M a r w a h , Director.of the C o m p a n y , is retiring


by

rotation

at the ensuing A n n u a l G e n e r a l

the C o m p a n y and
Sonal

Advocate.

Co.

Petal
Ltd.,

Pvt.

Sonal

Ltd.,

Credit

Ltd.,

Ltd.,

Pvt.

Vinimay

Ltd.,

Commercials

Ridhi V i n i m a y Pvt. L t d . , S h e l l B u s i n e s s Pvt. L t d . , S a t y a m

Commercials
Elite

Pvt.

Consultants

Pvt.

Vintage Nirman

Law School

Ltd.,

Kamakhya

Ltd., Ashirbad

S h i v a s t h a l A s h i y a n a Pvt. L t d . , X e r x e s T r a d e r s Pvt. L t d . ,

Ltd.,

L t d . , D e b r u p C o m m e r c i a l Pvt. L t d . , Patson G l o b a l L t d . ,
Jagmag

Pvt.

Pvt.

Technosoft

Ltd., Captain

Kailashpati

Commodities

Smt.

Ltd.,

and

Trading

Ltd.,

Pvt.

his

companies:

Finance

Ltd.,

RVG

for

matters of

re-appointment.

holds

Estates

Kamper

eligible

He

Company
Lalit

is

the

of the Audit C o m m i t t e e of the C o m p a n y .

Company

Shri

Annual

the

He

experience
the

of

ensuing

is

has diversified experience of 34


industries.

Director

and

re-appointmeht.
Executive

Pvt.

Pvt.

Nirman

Vyapaar

Investments and
1.

Ltd!,

L t d . , B l a c k C a d i l l a c T r a d e Link Pvt.

Bajaj

GENERAL

Nipro Trexim

Ltd., Ashirbad

IN

ANNUAL

R V G A w a a s Pvt.

L t d . , S h a d a l P r o p e r t i e s Pvt. L t d . , K a u s h a l

Ltd.,
and
Ltd.,
Pvt.

L t d . , Nilgiri M e r c a n t i l e s Pvt. L t d . , P r o g r e s s i v e H o l d i n g s

is being

Marwah
of

India,

She

has

corporate matters.
Investor's
Audit
the

is

rich

Grievance

and

in

the

1.

Vatika Marketing

2.

Helping

Sonal

other

and

Remuneration
Marwah

Hands

of

companies:

Ltd.
(Charitable

National

Trust)

as an

experience

in

Transfer/

member

of the

Committee

holds

a n d F i n a n c e Pvt. L t d . , D a l s o n M a r k e t i n g Pvt. L t d . , Priya


V i n i y o g P v t . L t d . , R.K. F i n v e s t P v t . L t d . , K.L. I n v e s t m e n t

from

practicing

professional

Committee

and

Smt.

following

law g r a d u a t e

Bangalore

She is the Chairperson of

Committee

directors.

Meeting

eligible for r e - a p p o i n t m e n t .

of

directorship

ASHIANA HOUSING LIMITED


DIRECTORS'
To

the

member(s),

Operations

Your directors have pleasure in presenting the 21st A n n u a l


R e p o r t t o g e t h e r w i t h t h e a u d i t e d s t a t e m e n t o f a c c o u n t s for
the year ending 31st M a r c h ,
1.

FINANCIAL

The

financial

31st

March,

2007.

results of the

brief s u m m a r y

Project Name
(Location)

PARTICULARS

CURRENT

PREVIOUS

YEAR

YEAR

1.

Sales and other Income

5341.58

3615.97

2.

Profit

1147.78

532.63

3.

Depreciation

35.34

27.54

1112.44

505.09

before Depreciation

Profit after Depreciation


but before Taxation

5.

Provision for Taxation

6.

Profit after Depreciation and

143.91

06/2004
09/2005
01/2006
10/2004

Green Hills
(Neemrana)

Phase II*
Phase III
Phase IV

05/2005
08/2005
10/2005

Woodland
(Jamshedpur)

Phase I
Phase II

10/2005
12/2006

Mangalam"
(Jaipur)

Villas
Flats

10/2006
12/2006

45.25

968.53

459.85

Surplus brought forward


from

8.

previous year

9.

Proposed

10.

Tax on Proposed Dividend

11.

Transfer to General Reserve

Dividend

119,880
94,880

Total
214,760 154
02/2007
04/2009
435,200 320
Expected to be launched during 2007-08.

Phase I
Phase II & III

Greenwoods*
(Jaipur)

Expected to be launched during Financial year 2007-08

Expected to be launched during financial year 2007-08. Project

(Jodhpur)

shall offer aesthetically built villas spread over 27 acres.

1011.76

465.31

** In partnership.

133.83

107.06

2.

S E C T I O N 80(IB) P R O J E C T S

Your

Directors

22.74

15.01
300.00

13,50,000 960|

Amarbagh "*
5.47

800.00

handed over to c u s t o m e r s .

have

pleasure

in

reporting

that following

projects are eligible projects for claiming d e d u c t i o n

SI.

8 0 (IB) o f t h e I n c o m e Tax A c t ,

55.19

1961

under

Project

Name

43.24
Ashiana Rangoli,

Financial

year 2006-07 took

as far as the

Rising d i s p o s a b l e
growth

Real

off f r o m w h e r e 2 0 0 5 - 0 6

estate

incomes,

industry was

had

concerned.

g o v e r n m e n t policy a n d overall

of the e c o n o m y gave a boost to the industry.


new highs in

revenues as well as

profits during the year. Total i n c o m e increased to 5 3 4 1 . 5 8


compared

representing an

to

3615.97

lacs

increase of 4 8 %

recorded

and

last

year

net profit i n c r e a s e d

Rajasthan.

Residency Greens, Jamshedpur, Jharkhand.

Ashiana

Utsav,

Ashiana

Greenhill,

Ashiana

Woodland,

3.

Bhiwadi,

Dist. A l w a r ,

Jamshedpur.
x

(Bhiwadi).

of

flats

and

undertaken before 31
basis

of date

others,
s t

in

respect

968.52

lacs

compared

110%.

to

459.84

lacs

recording

an

under taken
value
extent

of flats

on

of delivery

or after

and

others

of work done

of

projects

M a r c h , 2 0 0 6 , i s a c c o u n t e d for o n
of

physical

the respective c u s t o m e r s and sales in


increase of

Rajasthan.

Neemrana.

ACCOUNTING METHOD

Sales
the

Bhiwadi,

Ashiana

Ashiana Angan
Your c o m p a n y achieved

to

2511
74
80

Balance Surplus carried


to Balance Sheet

lacs

03/2008
12/2008

230
180
180
120
710|
66
103
83
252|
142
109

Aangan
(Bhiwadi)

Section

left

278,050
224,220
224,300
135,365
861,935
77,890
132,370
98,820
309,080
205,600
152,620
358,220

Ashiana Utsav Launching during financial year 2007-C


the Retirement
resort

* Completed and

Appropriation

No. of
Units

(Sq,.)

10/2006
04/2007
12/2007
12/2006
I Total
12/2006
06/2007
12/2007
I Total
03/2008
12/2008
I Total

43.24

Profit available for

12.

Size

Total

Taxation
7.

Completion
Date

C o m p a n y for t h e y e a r e n d e d

as follows:-

No.

4.

projects

Start
Date

Phase I*
Phase II
Phase III
Rangoli(Bhiwadi) Phase II*

(Rs. in lacs)
SI.

of o n - g o i n g

Projects

Utsav(Bhiwadi)

RESULTS

2 0 0 7 are

REPORT

on

s t

April,

2006

contracted
percentage

possession

to

respect of projects
to

represents
be

sold

completion

the

to the
basis.

Ashiana
4.

DIVIDEND

The

Board

11.

of

Directors

recommended a
Fifty

Paise)

Financial

per

Year

ASHIANA HOUSING LIMITED

of

the

Company

has

CORPORATE

As required

GOVERNANCE

under clause 49 of the

Listing A g r e e m e n t with

dividend of Rs. 2.50/- (Rupee Two and

the Stock E x c h a n g e s , the Report on Corporate G o v e r n a n c e

equity

together with Auditors

share

of the

Company

for t h e

the

2006-2007.

SEBI

Code

of

Certificate

regarding

Corporate

Compliance

Governance

is

of

annexed

herewith.
5.

DIRECTORS
12.

Shri

Lalit K u m a r C h h a w c h h a r i a a n d

Directors are
General

retiring

Meeting

by

rotation

of the

Smt.

Sonal

and

are

eligible

for

in the directorship of the C o m p a n y .


AUDITORS

M/s.

B.

of the

&

Co.,

Company,

Chartered Accountants,

retire

at

the

conclusion

of

being e l i g i b l e , offer

a Certificate to the effect that their r e - a p p o i n t m e n t , if m a d e ,


be within the prescribed

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

to

limit u n d e r S e c t i o n 2 2 4 (1B)

1956. The

r e c o m m e n d s their

Directors and the Audit

re-appointment.

has to state that in v i e w of insufficient

information

from the suppliers regarding their status as SSI units, the


a m o u n t due to Small Scale Industrial Undertaking can

are

The

Company

deposits

1988

Companies
8.

had

read

are

be given.
in

not

of

M/s.

of

that

particulars

Energy

217

the

relevant

There

foreign

13.

(1)

and

(e)

with

Technology

of the C o m p a n i e s

Companies

(Disclosure

invited
within

of

nor

the

Deposits)

accepted

meaning
Rules

of

has

currency

of the

read

with

Rules,

of

Ltd.

and

any

(I)

the

OF

of b u s i n e s s

not r e q u i r e d t o

exchange earnings

17,60,109/- has been incurred

during the year under

review.

EMPLOYEES
of

exceeding

the

your

Company

limits

Companies

laid

is

dawn

(Particulars

to

RESPONSIBILITY

Section

drawing

under

of

the
1956

Employees

217

in

the

followed

(2AA)

of the

preparation

of

accounting

by the

Companies Act,

annual

standards

accounts,
have

been

Company;

such

accounting

and

consistently

estimates

policies

have

applied

made

that

p r u d e n t so as to give

Ashiana

STATEMENT

confirm that :

applicable

Directors'

M/s.

are

no foreign

employees

DIRECTORS'

Report for the year e n d e d 31st M a r c h ,

Vatika Marketing

nature

hence,

1975.

1975.

alongwith

view of the

been

PARTICULARS

(II)

of Accounts

in

provisions of section 217(2A) of the C o m p a n i e s Act,

COMPANIES

statement

Report & Auditors'


2007

public

(Acceptance

Audited

with

1956, the Directors

neither

the

SUBSIDIARY

The

opinion

w h e r e a s expenditure of Rs.

14.

DEPOSITS

from

of the

activities of the c o m p a n y and

Pursuant
FIXED

ENERGY,
FOREIGN

not

ascertained.

7.

OF

AND

EARNINGS AND OUTGO

as per Section

1956

None

As regards A u d i t o r ' s o b s e r v a t i o n on the dues to SSI Units,

be

CONSERVATION

ABSORPTION

Conservation

remuneration
Board

OF

Particulars in the Report of the Board of Directors) Rules,

t h e m s e l v e s for r e - a p p o i n t m e n t . The C o m p a n y has received

Committee

Directors

respect

Absorption

ensuing Annual General Meeting and

will

Your

Act,

Chhawchharia

Auditors

EXCHANGE

at the ensuing A n n u a l

Company

r e - a p p o i n t m e n t . Apart f r o m the above there is no c h a n g e

6.

PARTICULARS
TECHNOLOGY

Marwah,

been

and

are

selected

judgments

reasonable

&

and

a true a n d fair v i e w of

the state of affairs of the

C o m p a n y as at 31st

Retirement Villages Limited as well as the extent of holdings

M a r c h , 2 0 0 7 and of the profit of the C o m p a n y

therein

for the year e n d e d

are

annexed

to this Account

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

pursuant to

Section
(III)

9.

C H A N G E IN

proper and
the

NAME OF THE COMPANY

Housing
Housing
10.

Company

and

has

Finance

Limited

with

MANAGEMENT

been

(India)

effect f r o m

changed

from Ashiana

Limited
4th

DISCUSSION

to

Ashiana

May,

2007.

The Annual

AND

ANALYSIS

Report also contains a s e p a r a t e section on the

Directors'

Report.

which

i s a part o f

in

the

assets

(iv)

of the

detecting

annual

care

accounts

Company

CODE OF CONDUCT AND


Board

Conduct

and

Company

Ethics

and

have

15.

the

been

taken

for

accounting

the

provisions

of

for s a f e g u a r d i n g
and

for p r e v e n t i n g

other irregularities;
been

prepared

on

basis.

The

of

with

1956,

fraud

concern

has

adequate

accordance

C o m p a n i e s Act,

going

'Management Discussion and Analysis'


the

that date;

of

the
and

REPORT

sufficient

maintenance

records
N a m e of the

on

1956.

for

the

ETHICS
has

adopted

Directors

a
and

Code

of

Senior

9m Ashjala

ASHIANA HOUSING LIMITED


E x e c u t i v e s of the C o m p a n y . The object of the C o d e

is to

conduct

with

the

Company's

responsibility,
honesty.
conduct

integrity,

The
in

business

Code

dealing

ethically

fairness,

sets

out

with

the

and

transparency

broad

policy

company,

and

for

fellow

one's

directors

and with the e n v i r o n m e n t in which the c o m p a n y operates.


The

code

is

available

on

the

Company's

website

(www.ashianahousina.comK
16.

thanks

appreciation

to

the

and

for p r o v i d i n g
bankers

us

wish

to
of

business

continued

of a

growing

is

population

in the w o r k i n g - a g e c a t e g o r y

massive demand
sector.

supply

This growth

in

mismatch
the

real

is

a c r o s s the

estate sector

express

on

record

its

The

India,

the

Govt,

of

organized

opportunities,

support

and

to

guidance

our
from

unprecedented

demand

sources

of

has

funding

sustainable asset class.

Large

land

private

partnership
the

models and

w a y for large

shareholders

for the

continued

support

have

in the M a n a g e m e n t .

and

trust

they

the

real

need

estate

for

as

bank acquisitions

higher bank financing

inflows from

a
by

FDI,

has

private equity

real e s t a t e f u n d .

Considerable changes in d e m a n d

D i r e c t o r s a l s o e x p r e s s t h e i r s i n c e r e t h a n k s t o all t h e

driven

and

t h e big real e s t a t e p l a y e r s , g o v e r n m e n t i n c e n t i v e s for p u b l i c

and

Company.

On

estate

levels for the c o n t i n u e d c o - o p e r a t i o n and unstinted support

reposed

industry in

Indian e c o n o m y and

Strong economic growth along with the d e m o g r a p h i c impetus

paved

The

real e s t a t e a n d c o n s t r u c t i o n

e x p e c t e d t o b e c o m e a $ 1 8 0 billion a c t i v i t y b y t h e y e a r 2 0 2 0 .

t i m e t o t i m e a n d t o t h e e m p l o y e e s o f t h e C o m p a n y a t all
e x t e n d e d to the

puts the

India at $57 billion or 6 . 2 % of the

place

of J h a r k h a n d and their a g e n c i e s

excellent

for their

industry

w o u l d c o n t i n u e for s o m e t i m e .

Government

Rajasthan and the Govt,

Research

real

ACKNOWLEDGEMENTS

grateful

estate

creating

The Board of Directors takes this opportunity to


its

Real

of middle

income groups on

pattern

improving

are due to f o c u s

life s t y l e s .

t h e s e h o u s e h o l d s are d e m o g r a p h i c a l l y y o u n g ,

Most of

enjoy double

i n c o m e s , are professionally oriented and tend to be nuclear.

behalf of the

Board

of

Directors

For t h e m ,

major portion

of lifestyle

expenditure

is the

p r e m i u m t h a t t h e y a r e w i l l i n g t o pay for t h e q u a l i t y o f living


(Om
Place :

New

Dated :

30 "July, 2007

MANAGEMENT

The

Structure

Indian

Gupta)

Chairman

,h

Industry

Prakash

Delhi

Managing

DISCUSSION
and

space.

and

Director

AND ANALYSIS

Developments

economy

T h e I n d i a n e c o n o m y c o n t i n u e d o n its s t r o n g g r o w t h t r a j e c t o r y
recording a GDP growth

rate o f 9 . 2 % i n 2 0 0 6 - 0 7 . F o r e i g n
F Y 9 5 F Y 9 6 F Y 9 7 F Y 9 8 F Y 9 9 FyOO F Y 0 1

Institutional Investors inflows remained buoyant at over U S D


8 billion.
inflows

which

outpaced
growth

For t h e first t i m e , f o r e i g n
Fli

represents

long-term

dedicated

by the services and

sector which grew 1 1 % and


per c a p i t a

income,

12.30%

manufacturing

r e s p e c t i v e l y last y e a r .

higher literacy

rates,

Source:

MOSPI.

i-SEC

FY02 FY03 FY04 FY05 FY06

Research

capital

investments to stand over U S D 1 9 billion. This

i s p r i m a r i l y led

Rising

direct i n v e s t m e n t (FDI)

increasing

Your company
development.
dream

has

been

Through

house to

middle

21

pioneer

in

the

real

years experience

in

estate

providing

income groups of the society,

our

main c u s t o m e r s are middle income groups.

Your c o m p a n y

has

groups of the

endeavored

to

provide

middle

income

a s p i r a t i o n l e v e l s a n d r a p i d u r b a n i z a t i o n h a s led t o a n i n c r e a s e

society a better lifestyle by w a y affordable and e n v i r o n m e n t

in d e m a n d and change in c o n s u m e r preferences. Apart from

friendly

housing.

t h e d e m a n d for b a s i c g o o d s , c o n v e n i e n c e a n d

luxury g o o d s

projects

like

i n c r e a s e in

company

demand

is also g r o w i n g at a fast pace.

i n c o m e s a t b o t h t h e rural a n d
e x p e c t e d to
Even

urban

with

fuel

of theme-based

housing

residential

for s e n i o r s

has filled the

of e x c i t e m e n t for d o i n g

better for t h e

seniors so that they can

enjoy the

Developments

the

life w i t h d i g n i t y .

rise f u r t h e r .

though

infrastructure

the

economy

continues to

bottlenecks,

imbalances continue to

remain

rising

m e a s u r e s that are

negative fall-out of fast

being
paced

show

inflation

promise,

and

fiscal

h u r d l e s t o w a r d s its g r o w t h .

However, t h e s e are topical and should


the

With

levels, the d e m a n d is

Success

retirement

get c o r r e c t e d g i v e n

implemented to contain
growth.

any

There

are

the year,
1.

during

many

year

accomplishments

of the

company

during

and these include

Handing
Utsav at

over of flats for the first p h a s e of A s h i a n a


Bhiwadi;

ASHIANA HOUSING
2.

Due

to

very

Ashiana

encouraging

Gymkhana to

t h e c o n s t r u c t i o n w a s still
3.

Launch

response

the

public

in

we

inOct

opened

progess;

of Ashiana A a n g a n ,

the

3.

2006 while

biggest Ashiana

free

Commenced

construction

of A s h i a n a Village Mall

at

and

new projects

the growth

have

Indians to

live a

hassle

Increased

5.

Security c o n c e r n s of the most v u l n e r a b l e social g r o u p

medical

costs;

of seniors;

6.

Proliferation

7.

Introduction of reverse mortgage and

of retirement related financial

products;

related financial

products.

by N o v e m b e r 2 0 0 8 .

Other than these accomplishments,


forged

affluent

life;

comprising

B h i w a d i , t h e first o f its kind a t B h i w a d i a n d e x p e c t e d


to finish

retired

4.

p r o j e c t i n B h i w a n i o f f e r i n g 9 6 0 units t o t h e p u b l i c ;
4.

Aspirations among

LIMITED

new partnerships were

been

planned to continue

The table
0.6

m o m e n t u m of the organization.'

below (source:

C e n s u s of India 2001)

indicates

that a m o n g t h e u r b a n I n d i a n p o p u l a t i o n a l o n e t h e r e are n e a r l y
million

seniors

living

alone and the total

addressable

p o p u l a t i o n for s e n i o r h o u s i n g is n e a r l y 3 m i l l i o n .
Geographical

expansion

Your

continues

Number
company

Bhiwadi,

Jamshedpur and

its

effort

to

expand

Neemrana.

Our

beyond

of

seniors

(Urban

in

household

population)

geographical

e x p a n s i o n plan has already t a k e n us to Jaipur, J o d h p u r and

Household size

4+

P u n e . W e a r e a l s o i n t h e p r o c e s s o f e v a l u a t i n g p r o j e c t s for

593,984

766,780

496,831

928,776

280,652

17,946

1,393,164

292,030

13,601

1,663

1,987,148

420,979

14,924

1,481

1,641,557

591,646

20,780

1,559

7+

3,488,309

1,710,463

121,846

21,281

Lucknow and

various other

Indian

e i t h e r i n d e p e n d e n t l y o r v i a tie
Senior

cities to

be

executed

ups.

housing

With the grand s u c c e s s of A s h i a n a Utsav in

Bhiwadi, your

c o m p a n y ' s b u s i n e s s m o d e l a r o u n d senior housing has been


v a l i d a t e d a n d w e a r e n o w all set t o e s t a b l i s h t h e c o m p a n y
a s a l e a d e r for s e n i o r h o u s i n g n e e d s i n t h e c o u n t r y . S e n i o r
housing

is-a

well

established

industry

in

most

of the

d e v e l o p e d w o r l d . In the US alone the industry is e s t i m a t e d


t o b e $ 2 6 billion

by A m e r i c a n Senior Housing A s s o c i a t i o n .

With nuclear families b e c o m i n g a n o r m in India, there is now


a growing

n e e d for s i m i l a r s u c h

Y o u r c o m p a n y is-an e a r l y m o v e r i n t h i s n i c h e s e g m e n t a n d
the Ashiana

brand

has

already

become s y n o n y m o u s with

q u a l i t y s e n i o r h o u s i n g . T h i s i s w h a t s o m e o f our c u s t o m e r s
have had to say about the A s h i a n a Utsav:

p r o d u c t s in the country.

A l t h o u g h a lot i s w r i t t e n a b o u t t h e rising d i s p o s a b l e i n c o m e s

At A s h i a n a , e v e r y t h i n g is p r o v i d e d tor a h a s s l e - f r e e
lifestyle

including moving

in s e r v i c e s ;

a n d r e s i d e n t i a l n e e d s o f t h e y o u n g I n d i a n s i t i s oft f o r g o t t e n
that the 60+

age group

segment

percentage terms)

(in

is the fastest growing


in

the

population

country and

Projected age distribution of the


Indian population (millions)

us a b e a u t i f u l

home which

became a

r e a s o n for u s t o s m i l e ;

shall

r e m a i n s o till t h e y e a r 2 0 5 0 .

Ashiana gave

B e a u t y of A s h i a n a f a c i l i t i e s is in t h e c o n t i n u o u s c a r e
provided;

A s h i a n a is a l w a y s e a g e r to go that extra mile to s e e


the smile of satisfaction.

<40

B 45-59

B60 +

Going f o r w a r d the thrust shall


projects

via

the

wholly

Retirement Villages
launched the
July 2 0 0 7

Limited"

second

and

projects

either

2001

2026

Source:

Census

2001

housing

T h e r e are many factors driving the need for senior housing

is

project at Jaipur in
in the

offering.

The

o t h e r l o c a t i o n s t o start s i m i l a r

subsidiary

or
will

in

tie-ups

not

only

with

other

oversee

the

but s h a l l

services to the

also

manage

residents.

additional

S o m e of the

assisted

planned

living

services

include

in I n d i a i n c l u d i n g :
1.

Increasing

rate o f n u c l e a r f a m i l i e s i n s o c i e t y ;

2.

Increasing

senior population

pension;

Pune

"Ashiana

A R V L has already

c o n s t r u c t i o n a n d d e v e l o p m e n t o f t h e real e s t a t e f o r s e n i o r s

2050

India

(ARVL).

independently

The

more senior housing

subsidiary

senior housing

another in

c o m p a n y is also evaluating
developers.

be on

owned

with

disposable

income/

1.

Dining for

2.

Primary

residents.

health

care centre with

paramedical

staff.

Ashiana

ASHIANA HOUSING LIMITED


3.

C o m m u n i t y activities to

keep seniors e n g a g e d

and

Risks

and

concerns

live a v i b r a n t a n d a c t i v e r e t i r e d life
Risk is i n h e r e n t in all b u s i n e s s a c t i v i t i e s , p a r t i c u l a r l y in t h e
Other

development

activities

real e s t a t e i n d u s t r y . W h i l e risk c a n n o t b e c o m p l e t e l y w i s h e d

T h e c o m p a n y has successfully entered


commercial

into d e v e l o p m e n t o f

real e s t a t e o f w h i c h A s h i a n a V i l l a g e M a l l

is a

s h i n i n g e x a m p l e . T h i s Mall is t h e first of its kind in B h i w a d i . T h e


lease

rental f r o m the Mall s h o u l d create a steady flow of

r e v e n u e for t h e c o m p a n y .

The

c o m p a n y also

a w a y , a d e q u a t e m i t i g a t i o n p l a n s c a n b e laid out t o e f f e c t i v e l y
m a n a g e the risks. Likewise your c o m p a n y has m a d e a d e q u a t e
provisions to

Mitigation

Risks
Correction

art a c t i v i t i e s a n d s p o r t s f a c i l i t i e s i n

the

Bhiwadi. The response

real

market

a n o t h e r f e a t h e r i n t h e c a p for t h e c o m p a n y .

to

Opportunities

demand

Real estate

threats

becoming

more

plan

1. Limited

in

number of concurrently

running

estate

projects.

owners

(spread

risk w i t h

4. Promote sales on down

has a l w a y s been about location.

it's

about

Driven

by

Delay

1. Buy

in

land

banks with

where

government

b o o m i n g . Year 2 0 0 6 started on a p r o m i s i n g note w h e n the

approvals

already

available.

Government

necessary

in the e c o n o m y ,

of

construction

India

and

real

provided

development

estate

fresh

in

India

impetus

sector by

to

allowing

is
the

100%

project

for

High

economic

estate.

growth

has fuelled

Changing demographics,
in

demand

for

b o u g h t its o w n

3. Project

investor confidence which today

biggest threat to the

industry.

The

recent

rise

house

purchase

is

based

on

loans.

is

o w n e r s with

only

after

government

have

received.

been

and

2. Increased

set o f

all

approvals

improve

project

management.

management

bandwidth

and flexible talent planning.


3. Modernize
and

development

processes

project t r a c k i n g .

interest

rate c o u l d a l s o r e d u c e t h e d e m a n d f o r h o u s i n g a s m u c h o f
the

launch

planning

poses the
in

land

necessary

1. Continuously

Execution
delays

d o not a d h e r e t o q u a l i t y , t i m e a n d c o s t . S u c h i n c i d e n t s c o u l d
the

approval

approved lands.

problems in the form of number of builders/middlemen w h o


dismantle

local

clear title and

real

rising d i s p o s a b l e i n c o m e ,

b u s i n e s s has also

infrastructure sector.
the

f i s c a l i n c e n t i v e s h a v e c r e a t e d a h u g e d e m a n d for h o u s i n g .
The increase

2. Partner with

launch

f o r e i g n d i r e c t i n v e s t m e n t (FDI) u n d e r t h e a u t o m a t i c r o u t e i n
order to spur i n v e s t m e n t in the vital

partner).
payment.

But o v e r t h e

reputation.

Governmental

positive growth

risks.

l e a d i n g 2. Develop projects in multiple p h a s e s .


3 . Profit s h a r i n g a r r a n g e m e n t w i t h l a n d
lower

r e c e i v e d f r o m c u s t o m e r s h a s b e e n very e n c o u r a g i n g a n d i s

years,

known

successfully

c o m p l e t e d A s h i a n a G y m k h a n a c l u b w h i c h offers s t a t e o f t h e

and

protect the b u s i n e s s f r o m

Internal

Control

System

and

their

adequacy

Your directors,

w h o strictly a d h e r e t o q u a l i t y , t i m e a n d c o s t , d o not f o r e s e e

The C o m p a n y has proper and a d e q u a t e s y s t e m of internal

any threat to the c o m p a n y . To ensure complete customer

controls

satisfaction and

b u y i n g e x p e r i e n c e , y o u r c o m p a n y h a s set

Company's business to

up

not s e l l t h r o u g h

all

policy to

brokers/middlemen.

By

commensurate

recorded

and

lower the overall

reviewed

to

remain

connected with

their changing

our c u s t o m e r s a n d

responsive to

qualified

reported
ensure

and

instrumental

needs.

its' s i z e

and

nature

in

company and

of the

r e a s o n a b l e a s s u r a n c e that

a s s e t s are s a f e - g u a r d e d ; t r a n s a c t i o n s are

e l i m i n a t i n g t h e role o f m i d d l e m e n a n d b r o k e r s w e e f f e c t i v e l y
p u r c h a s e p r i c e for t h e c u s t o m e r a n d a l s o

with
provide

properly.

Systems

effectiveness.

experienced

The

authorized,

are

regularly

Company

professionals

has

who

are

maintaining the growth and success of the

implement the policies.

Senior housing has e m e r g e d as a profitable niche in w h i c h


your

company

has

been

able

to

build

introduction.of reverse mortgage shall open


for us

as

many seniors w h o are

currently

brand.

The

up new market
house

owners

Material

Development

Industrial

Relations front,

in

Human

including

Resources/

number of people

employed.

w o u l d b e i n t e r e s t e d t o r e l o c a t e t o c o m m u n i t i e s built t o m e e t
their

specific

needs.

Developing h u m a n resource has always been a focus area


over the y e a r s for the

Outlook
T h e future of the

real e s t a t e i n d u s t r y a s w e l l a s C o m p a n y

Company.

programs

were

and

development to

skill

ranging

from

During the year training

organizational

behavioral

is bright. The Central Govt, has o p e n e d up a new vista by

programs

a l l o w i n g FDI i n t h e real e s t a t e i n d u s t r y . Y o u r C o m p a n y h a s

managerial

effectiveness,

necessary

culture and

building functional expertise.

infrastructure

and

experience

to

develop

are

built

around

residential, c o m m e r c i a l and industrial project and is looking

the C o m p a n y maintained

for v a r i o u s o p p o r t u n i t i e s

Government

relations.

The total

in various cities of R a j a s t h a n ,

excluding

labor and

efforts to

in c o n s o n a n c e with

provide housing

Jharkhand,

Maharashtra and

other parts of the country.

the

themes

employee

thrust

programs.
for

enhancing

motivation,

quality

During the year,

harmonious and cordial

industrial

h e a d c o u n t for the year stood


workers.

areas
These

at

180

Ashiana

ASHIANA HOUSING LIMITED

R E P O R T O N C O R P O R A T E G O V E R N A N C E F O R M I N G PART

(b)

OF THE DIRECTORS' REPORT


1.

Company's
The
1

Philosophy

Company

firmly

Governance and

on

Code

believes

in

of

corporate

Corporate

the
in

company.

The Company's

highest

attainment

of the c o m p a n y

2007

Directors:

and

of the

held

quarter to
quarterly

of

in

Board

and

New Delhi

its C o m m i t t e e / s a r e

and s c h e d u l e d well

in

consider

amongst

performance

of the

other

businesses,

Company

the

and financial

results. Detailed agenda notes with MlS reports, charts

levels of t r a n s p a r e n c y and accountability

the functioning

meeting

of

a d v a n c e . N o r m a l l y t h e B o a r d m e e t s a t least o n c e i n a

Philosophy on

envisages the

The

generally

has m a d e Corporate G o v e r n a n c e a

governance

attendance

Governance

good

p r a c t i c e a n d c o n t i n u o u s p r o c e s s o f d e v e l o p m e n t right
across the

Board M e e t i n g held in Financial Year 2006


and

etc.

conduct of

are circulated well

actively

business.

participate

in

in

advance.

the

The

Directors

deliberation

at

these

meetings.
The Company's corporate
its

people w h o are the

philosophy

most

is focused

important assets.

on
The

During the year,

c o m p a n y v a l u e s its e m p l o y e e s integrity, c r e a t i v i t y a n d
ability w h o

in

standard and

turn

demonstrate the

highest

28

ethical

responsibility t o w a r d s the s h a r e h o l d e r s .

Director in the

of enhancing
of

overall

t h

directors

Name of
Directors

directors.

out

Meetings were
s t

held

on

July, 2 0 0 6 , 2 7

t h

Board

Meetings and the

last A n n u a l

shareholder value.

Directors

non-executive

seven

Board

June, 2006, 3 1

J a n , 2007. The attendance of each

Designation

No. of Board Meetings


Attended during
Held during
the Year
theYear
200607
200507

Attendance
at the last
AGMheld
onlfflhday
of Sept. 06

ShriOm
Prakash
Gupta

Managing
Director

Not Present

Shri Vishal
Gupta

Jt. Managing
Director

Not Present

Shri Ankur
Gupta

Director

Not Present

Shri Ashok
Kumar
Mattoo

Independent
Director

Not Present

Shri Abhishek
Dalmia

Independent
Director

Not Present

Shri Lalit Kr.


Chhawchharia

Independent
Director

Present

Smt. Sonal

Independent

Not Present

Marwah

Director

The C o m p a n y has o p t i m u m c o m b i n a t i o n of executive


and

t h

general Meeting is detailed herein b e l o w . ;

o p e r a t i o n s and actions must serve the underlying goal

Board

five

April, 2006, 26

Oct.,2006 and 3 0

T h e C o m p a n y b e l i e v e s t h a t o v e r a p e r i o d o f t i m e all its

2.

1 h

The

of which

Board

three

Non-Executive

consists of

are

Directors,

four are

&

Directors.

N o n e of the D i r e c t o r s on the

Executive

Independent
Board

is a

m e m b e r of more than 10 C o m m i t t e e s and Chairman of


m o r e t h a n 5 C o m m i t t e e s (as s p e c i f i e d i n t h e C l a u s e

Executive
Directors

4 9 o f t h e L i s t i n g A g r e e m e n t ) , a c r o s s all t h e c o m p a n i e s
in

which

he / s h e

is

director.

The

necessary

disclosures regarding C o m m i t t e e positions have been


made by the Directors.
(a)

The

present

Directors

is as

composition
under

of

the

Board

of
Non-Executive
Independent
Directors

:-

Sr.

Name of

Executive/

No.

Directors

Non-Executive

No. of other

1.

ShriOm
Prakash Gupta

Promoters
Executive

2.

Shri Vishal
Gupta

Promoter &
Executive

3.

Shri Ashok
Kumar Mattoo

Non-Executive
& Independent

4.

Shri Abhishek
Dahlia

Non-Executive
& Independent

13

5.

Shri Lalit Kumar


Chhawchharia

Non-Executive
& Independent

80

6.

Smt. Sonal
Marwah

Non-Executive
& Independent

7.

Shri. Ankur Gupta

Promoters

Directorship

Committee
Membe
rship
_

(c)

Shareholders /

paid t o W h o l e T i m e

to

the

Non-executive

Directors and
Directors

per t e r m s

of their a p p o i n t m e n t .

The

details

of

r e m u n e r a t i o n paid to the W h o l e T i m e Directors during

N o t e : - A s per c l a u s e 4 9 o f t h e Listing A g r e e m e n t m e m b e r s h i p
Committee,

fees

R e m u n e r a t i o n to W h o l e T i m e Directors are being paid


as

Executive

of Audit

Remuneration
sitting

Investors

C o m m i t t e e are required to be d i s c l o s e d ' :

Grievance

the year are stated

herein

below :

Ashiana

ASHIANA HOUSING LIMITED


Sr.
No.

Name

1.

Shri Om
Prakash
Gupta

2.

Designation

(d)

Total

Bs.9.00
Lacs

Rs. 0.75
Lacs

Rs. 9.75
Lacs

Jt.Managing
Director

Rs. 7.50
Lacs

Rs.1.88
Lacs

Shri Ankur

Whole Time

Rs. 6.00

Gupta

Director

Lacs

Gupta
3.

Other
benefits

Managing
Director

Shri Vishal

Terms

of

1. Discussion

Salaries
& Allowances

appointment

2.

To

review the quarterly,


statements

Audit

half y e a r l y

before

and

annual

submission

to

the

Board.
(b)

To

review

and

take

on

record

the

unaudited

quarterly results of the c o m p a n y before publication.

Directors

4. Oversight of the c o m p a n y ' s financial reporting process

Prakash

disclosure

o f its f i n a n c i a l

that the financial

March, 2010,

statement

information

is correct,

to ensure

sufficient and

credible.

and Shri
5. Noting

appointment and

removal

R e c o m m e n d i n g the fixation
3.

the

3. To ensure c o m p l i a n c e of Internal Control S y s t e m .

A u g u s t , 2011

Ankur Gupta is up to 3 1 * March, 2 0 1 1 .

about

of the auditors.

(a)

and
s t

periodically

Lacs

The current t e r m of a p p o i n t m e n t of Shri Om


s t

auditor,

the observation

financial

Rs. 9.38
Lacs

of Whole-time

Shri Vishal Gupta is up to 3 1

the

s y s t e m s , the scope of audit including

Rs. 6.00

G u p t a , M a n a g i n g Director is up to 3 1

with

internal control

auditors and

Committee

external

auditors.

of audit fees of

external

a l s o a p p r o v a l for p a y m e n t f o r a n y o t h e r

services.
The

C o m p a n y has an Audit

since January 2001


Executive

Committee of the

which comprises of

Independent

Directors

Mattoo - Member,

Smt. Sonal

6.

t h r e e Non

namely

Kumar Chhawchharia - Chairman,

Board

Shri

Shri A s h o k

Reviewing

with

Management

the

annual

statements before submission to the

Lalit
Kumar

4.

Remuneration

financial

Board.

Committee

Marwah - Member. The

q u o r u m of the Audit C o m m i t t e e is t w o m e m b e r s . The

The

Company

C o m m i t t e e " . T h e C o m m i t t e e c o n s i s t s o f t h r e e (3) non

Secretary

is

the

Secretary

of the

Audit

Company

C o m m i t t e e . T h e Audit C o m m i t t e e m e e t i n g w a s held o n

executive

four times during financial year 2 0 0 6 - 2 0 0 7 , the date of

to

w h i c h are as f o l l o w s

consideration

has

a duly constituted

independent directors.

finalization

of

remuneration

and

approval.

All

"Remuneration
matters

relating

committee

for their

The following

Directors

are the m e m b e r s of the R e m u n e r a t i o n C o m m i t t e e :


1.

Jun. 26, 2006

3.

Oct. 27, 2006

Sr.

2.

July 30, 2 0 0 6

4.

Jan. 30, 2007

No.

A t t e n d a n c e of the

m e m b e r s of the Audit C o m m i t t e e at

t h e s e m e e t i n g s is as u n d e r :
Sr.

Name

No.

Audit

1.

Lalit

2.

Ashok

Kumar

3.

Sonal

Marwah

of

Members

of

No.

Committee

of

meetings

Name

Designation

Directors

1.

Shri A s h o k

2.

Shri

Lalit

3.

Smt.

Sonal

Kumar Mattoo

Chairman
Member

Kumar Chhawchharia

Member

Marwah

attended
During

Kumar

of

Chhawchharia

Mattoo

the year,

the

meeting was attended

Remuneration

Committee

met t h r i c e

and

Policy

2
R e m u n e r a t i o n policy of A s h i a n a H o u s i n g Ltd.

Brief T e r m s

of

Reference

of Audit

Committee

on

The primary function of the Audit C o m m i t t e e is to assist


the

Board

of

Directors

responsibilities by
other financial
to

in

the

information

Company's

regarding finance,

fulfilling

its

reviewing the financial

any Statutory Authority

public,

provided
or to the

system

of

accounting and

terms

of

reference

inter-alia the following

of Audit

oversight
reports and

the following

is based

objectives:

To d e t e r m i n e

and

directors

the

Managing

Director,

Whole-time

r e c o m m e n d to the

remuneration
Joint

Board

package

Managing

of

of
the

Director and

directors;

by the C o m p a n y
investors
Internal

or the

Controls

legal c o m p l i a n c e s

that M a n a g e m e n t and the Board have e s t a b l i s h e d .


The

the

b y all t h e m e m b e r s .

Committee

include

To a p p r o v e
profits

in

the

e v e n t of loss or i n a d e q u a t e

any y e a r the

minimum

remuneration

payable to the M a n a g i n g Director, Joint M a n a g i n g


Director and the W h o l e - t i m e
the

limits

and

subject

to

director considering
the

parameters

as

prescribed under the provisions of the C o m p a n i e s


Act,

CD-

in

1956;

Ashiana

ASHIANA HOUSING LIMITED

To c r e a t e a p e r f o r m a n c e - o r i e n t e d c u l t u r e in t h e
Company which

is

beneficial

to

For

and the business as well;


To

ensure that

system
to

is

reward,

benefit and

performance

based

and

increment

encourage

development

and

by

learning

and

identifying the scope and

support

need

of the s a m e ;
Such

5.

Venue

functions

provisions of the
and

Grievance

Day

as

required

or

year

Time

Hotel Shalimar,

Sept. 2 4 ,

Friday

2004

3, S. N. B a n e r j e e

2004

12.30

Road,

Kolkata-13

2005

Ashutosh,
Mukherjee

Investors'

Shareholders'/Investors'

Committee was reconstituted on


The following

directors are

and Shareholder's/Investors'

s t

Sept. 2 3 ,

Friday

2005

12.30

Road,

2005

Kalakunj-

2006

Kalamandir,

Grievance

Sarani,

Name

of

Directors

Sonal

Marwah

Yes

P.M.

Sept.
48,

19,

Yes

Tues.

2006

10.30
A.M.

Kolkata-17

September 2003.

m e m b e r s of the Transfer
Grievance Committee

Extra

Ordinary

General

Meeting

:
2006 Sangeet

Sr.

Yes

Kolkata-20

Committee

Transfer and

Resolution

P.M.

Hall,

Shakespeare
The

Special

2003

Listing A g r e e m e n t .

Shareholders'

Whether

Day
and

2004 Gangashahr

other

Transfer

Meetings

the

r e c o m m e n d e d by the Board of directors or under


the

General

motivational

employees;

To

Annual

its e m p l o y e e s

Designation

ndir

07

No.

Kalama-

Trust,

March

Friday

30,

10.30

2007

A.M.

Kalakunj, 48,

1.

Smt.

2.

Shri Om Prakash Gupta

Member

3.

Shri Vishal Gupta

Member

Yes

Shakespeare

Chairman

Sarani,

Kolkata-17

No resolutions requiring postal ballot as r e c o m m e n d e d


under C o m p a n i e s

(Passing

Ballot) R u l e s , 2 0 0 1
The

scope

Investors'
monitor

of

the

"Transfer

Grievance

investors'

and

Committee"

Shareholders'/
was

enlarged

grievances/complaints

along

of

Resolution

by

Postal

have been placed for s h a r e h o l d e r s '

a p p r o v a l a t t h e last A n n u a l G e n e r a l M e e t i n g .

to

with

the share transfer. The C o m m i t t e e approved the share

7.

Disclosures
Related

Party

Transactions

t r a n s f e r a t its m e e t i n g w h i c h w e r e h e l d o n c e o r t w i c e
in a m o n t h . The Transfer and S h a r e h o l d e r s ' / I n v e s t o r s '

N o n e o f t h e t r a n s a c t i o n s w i t h any o f t h e r e l a t e d
parties w e r e in potential conflict with the interests

G r i e v a n c e C o m m i t t e e also took note of the findings of

of the C o m p a n y at large. Transactions with related

a u d i t c a r r i e d out b y p r a c t i c i n g C o m p a n y S e c r e t a r y a n d

parties are d i s c l o s e d in Note No.

implemented the

to the A c c o u n t s in the A n n u a l

As

required

Stock

suggestions.

by the

Exchanges,

Secretary,

listing
Mr.

agreement executed with

Bhagwan

was appointed

as a

and

entrusted to

and

liaise w i t h t h e

No.

of shareholder's complaints

Kumar,

Company

'Compliance

Statutory

Officer'

There

162

which

all

were

been

No

non

and

Strictures

compliance

of

the

other

have

by S E B I ,

statutory

been

Stock

authority

imposed

on

Exchange(s) or
on

any

matter

relating to Capital Market.

during the
resolved to

no

penalties/strictures

the C o m p a n y

regulatory authorities.

any

year 2006-07 were

has

Penalties

provisions /requirements of Stock E x c h a n g e / S E B I .

monitor the share transfer process

received

Compliance,

12 of S c h e d u l e

Report.

Whistle

Blower

Policy

the satisfaction of the s h a r e h o l d e r s and there w a s no


pending

complaint.

A s h i a n a h a s in p l a c e a m e c h a n i s m for e m p l o y e e s
to

6.

General

Body

report

concern

about

unethical

behaviours,

actual or s u s p e c t e d f r a u d , violation of code of

Meetings

c o n d u c t of the C o m p a n y etc. T h e m e c h a n i s m also


' T h e d e t a i l s o f last t h r e e A n n u a l G e n e r a l M e e t i n g s a n d
one Extra-ordinary General Meeting
below.

are as m e n t i o n e d

provides

for

victimisation
mechanism
by the

adequate
of

and

whistle

safeguards

employees
also

who

avail

against
of the

p r o v i d e s for d i r e c t a c c e s s

blower to the

Chairman

of the

ASHIANA HOUSING LIMITED


Audit C o m m i t t e e . We affirm during the financial
year ended March 3 1 , 2007,

9.

no employee was

denied access to the Audit Committee.


Compliance

with

mendatory

adoptoption

of

requirements

of

clause

of

the

C l a u s e 49 of the Listing A g r e e m e n t m a n d a t e s to
obtain
the

of the

Company

Secretary(ies)
conditions

or

practising

regarding

of

10.

General
Annual

Company

compliance

corporate

of

the

goveernance

as

Directors'

and

annex the

Report which

shareholders.

The

certificate

with

the

is sent annually to

Company

has complied

& Accounts)

Chairman
Kishore,

and

have furnished

Board

Managing

General

of directors

the

Manager
requisite

under clause 49

Shareholder's
General

Information

Meeting
s t

Day, Date

Friday, 2 1

and Time

A t 2 . 3 0 P.M.

September 2007

Venue

Kalakunj ( Basement-Kalamandir),
48, S h a k e s p e a r e Sarani, Kolkata

s t i p u l a t e d in part V I I of of C l a u s e 49 of t h e L i s t i n g
Agreement

Naval

Listing A g r e e m e n t .

(a)

a certificate either f r o m the auditors of

Gupta,

Shri

certificate to the

Listing

Agreement.

Prakash

(Finance

and

Non-mendatory
49

Certification

Om

Director and

requirements

the

CEO/CFO
Shri

(b)

all

Financial
Ashiana

with

Calendar

Housing follows the financial year from April

t o M a r c h . T h e U n a u d i t e d F i n a n c i a l R e s u l t s f o r t h e first

the mandatory requiremnets of the Cause 49 of

three quarters and the Audited

the

the year ended 3 1 " M a r c h , 2007 were taken on record

Listing

Agreement

including

certification. As rerequired
Certificate signed by

CEO/

CFO

under Clause 49,

C E O and G.M.

Financial

R e s u l t s for

and

(F&A) of

approved

by

the

Board

of

Directors

in

its

meeting(s) held on the following d a t e s :

the C o m p a n y has been placed before the Board


of directors.

Quarter

F u r t h e r , a s per t h e r e q u i r e m e n t s o f

Ended

Date of Board Meeting

Clause 49, a certificate obtined from the Auditors

April - J u n e , 2006

of the

July - S e p t e m b e r ,

Company

the conditions

certifying the

of Corporate

compliance

Governance

with
under

October -

the said clause has been provided e l s e w h e r e in


this report. Clause 49 also requires disclosures
of adoption

by the

c o m p a n y of n o n - m a n d a t o r y

requirements specified

in the said clause, the

implimentation of which

is discretionary on the

part o f t h e C o m p a n y . A c c o r d i n g l y ,
of n o n - m a n d a t o r y

requirements

(c)

s t

2006

27

, h

30

t h

March, 2007

29

, h

July, 2 0 0 6
October, 2006
January,

Closure

The
to 2 1

below:

2007

June, 2007

Company's

Register

of

Members

T r a n s f e r b o o k s will r e m a i n c l o s e d f r o m

the adoption

is given

Book

2006

December,

Year Ended 3 1

s 1

31

s 1

and

Share

15* S e p . 2 0 0 7

S e p . 2 0 0 7 (both d a y s i n c l u s i v e ) for t h e p u r p o s e

of dividend and A n n u a l General Meeting of the C o m p a n y .


Remuneration

The

(d)

Committee

Company

Committee

has constituted

consisting

directors. A detailed

of

only

Remuneration
non-executive

note on the

Dividend

(e)

Remuneration

Stock

Stock
Other

non-mandatory

requirements

are

yet to

be a d o p t e d .
8.

Means

of

Sr.

1.

Results are

newspapers,
Financial

i.e.,

Express

Kalantar (Bengali).
web
has

site

Exchanges:

Name and

published

in

leading

Asian Age/ Business


(English)

and

Standard/

2.

Kagaj/

The

not m a d e a n y r e p r e s e n t a t i o n t o a n y

The Calcutta Stock

523716

M u m b a i - 400 001

Institutional

3.

Magadh

Stock

Ashiana Plaza,

by the M a n a g e m e n t

No.

11109

Company

Report

Report.

Exchange

The Stock Exchange, M u m b a i

Association

prepared

Security
Code

Ltd.

Investor. The M a n a g e m e n t ' s D i s c u s s i o n and A n a l y s i s


the A n n u a l

the

P.J. T o w e r s , D a l a i S t r e e t

It is also d i s p l a y e d on C o m p a n y ' s

www.ashianahousing.com

of

7, Lyons Range, Kolkata 700 001

national

Khabarer

address

Exchange

Association

The quarterly Unaudited Financial Results and Annual


Financial

Exchanges

No. S t o c k

Communication

date

T h e C o m p a n y ' s e q u i t y s h a r e s a r e listed o n t h e f o l l o w i n g

C o m m i t t e e is provided e l s e w h e r e in this report.

payment

Within 30 days from the date of Annual General Meeting.

f o r m s part o f

Exchange

Ltd.9

Patna - 800 001

,h

Floor,

Budh M a r g ,

L G : 5/34

Ashiana
(f)

Dividend

paid for t h e

ASHIANA HOUSING LIMITED

Dividend

in

D i v i d e n d , in

Sr.

Date

No.

Declaration

1.

24

t h

Sept., 2004

2.

23

r d

Sept., 2005
Sept., 2006

20

1,07,06,200

19

3.
(g)

th

of

(j)

last t h r e e y e a r s

Market Price Data:

Amount

10

53,53,100

10

53,53,100

'

Monthly High and

dematerialisation

Shareholders

Promoter's

1.

Indian Promoters

B.

Non-Promoter's

2.

Banks, Fis, Insurance Cos.,


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

Low quotation

No.

I N E 3 6 5 D 0 1 0 1 3 for

of equity shares.

( As on 3 1 . 0 3 . 2 0 0 7 )

Sr.
No.

of shares traded in M u m b a i Stock Exchange


T h e C o m p a n y h a s its I S I N

Shareholding Pattern

No. of shares

Percentage

3491219

65.22

200

0.003

9700

0.181

Holding
Holding

3.

Foreign Institutional Investors

C.

Others

4.

Private Corporate Bodies

High

Low

5.

Indian Public

April, 2006

352.30

155.85

6.
7.

Others (shares in transit)

May, 2006

428.10

202.50

June, 2006

246.20

131.40

July, 2 0 0 6

147.90

96.05

140.55

109.70

190.50

125.00

having

its a d d r e s s a t B e e t a l

196.60

162.00

Behind

Local

Month

August,

2006

September,
October,

2006

2006
2006

240.00

160.00

December,

2006

264.70

189.45

255.20

217.10

239.40

159.10

193.45

145.25

January,

2007

February,
March,
(h)

Share

2007

2007
Performance

Grand Total
Registrar & Transfer Agent
M/s.

Beetal

(I)

Shopping

related

Demat

Dada

Centre,

99,

Ltd.,

Madangir,

Near D a d a Harsukh

Process

Form are

Harsukh

Centre,
by

250

processed

M/s

Beetal

by the

Financial

Registrar &
&

Computer

Dass Mandir,

Behind

Near

Local Shopping

N e w Delhi - 110062. Transfer of s h a r e s both

Demat and

'Transfer

200 -

and

Physical

m o d e are a p p r o v e d

Shareholders/Investors

by the

Grievance

Committee'.

50

(m)
#

<>

<>

Dematerialisation

</

dematerialised

Month

shareholders to
Distribution

of Shares

form.

No. of Shares

Liquidity

order

to
in

enable

Shanes

.the

electronic form

and to facilitate scripless t r a d i n g , the C o m p a n y

of S h a r e h o l d i n g as on 31.03.2007
Shareholders

In

hold their s h a r e s

e n l i s t e d its s h a r e s w i t h
Range

and

The S h a r e s of the c o m p a n y are compulsorily t r a d e d in


d>- J-

(i)

House,

S e r v i c e Pvt. L t d . , B e e t a l H o u s e , 9 9 , M a d a n g i r ,

c 3 00-

100.000

work.

Share Transfer

in

BC

5353100
:

are transferable through the depository s y s t e m . S h a r e s

Chart

350

34.78

T h e C o m p a n y ' s s h a r e s b e i n g i n c o m p u l s o r y d e m a t list

450 i

0.117

1861881

b y t h e C o m p a n y for r e g i s t r a t i o n o f s h a r e t r a n s f e r a n d
other

400

B
in 100

0.521

6286

N e w D e l h i 110 0 6 2 , h a s b e e n a p p o i n t e d

Transfer Agent

27909

F i n a n c i a l & C o m p u t e r S e r v i c e s Pvt.

Das Mandir,

November,

6.909
27.049

NRIs/OCBs
Sub-Total

(k)

369841
1447945

has

National Securities Depository

L t d . a n d C e n t r a l D e p o s i t o r y S e r v i c e s (India) L t d . O u t o f

Numbers

% to total

Numbers

% to total

UPTO
500
501
TO
1000
1001
TO
2001
2001
TO
3000
3001
TO
4000
4001
TO
5000
5001
TO
10000
10001 A N D ABOVE

9471
87
53
23
8
8
10
20

97.84
0.90
0.55
0.24
0.08
0.08
0.10
0.21

1088989
67516
79366
55953
28418
37643
74681
3920534

20.34
1.26
1.48
1.04
0.53
0.70
1.39
73.23

Total

10315

100.00

5353100

100.00

5 3 5 3 1 0 0 Equity S h a r e s o f t h e c o m p a n y 1 4 2 9 5 6 5 E q u i t y
shares have been dematerialised as on 3 1 . 0 3 . 2 0 0 7 .
(n)

Secretarial Audit

Report

As stipulated by the Securities and Exchange Board of


India,

M/s.

Accountants,

B.

Chhawchharia

and

Statutory Auditors

c a r r i e s out t h e S e c r e t a r i a l A u d i t t o
admitted

capital with

National

Co.

of the

Chartered
company,

reconcile the total

Securities

Depository

L i m i t e d ( N S D L ) a n d C e n t r a l D e p o s i t o r y S e r v i c e s (India)

Gp

r Ashiana

ASHIANA HOUSING LIMITED


L t d . ( C D S L ) a n d t h e t o t a l i s s u e d a n d listed c a p i t a l . T h i s

(c )

4 1 3 , A s h i a n a Tower, Exhibition R o a d ,

audit i s c a r r i e d out e v e r y q u a r t e r a n d t h e R e p o r t t h e r e o n

Patna-800 001.

is submitted to the Stock E x c h a n g e s and is also placed


(d)

b e f o r e t h e A u d i t C o m m i t t e e . T h e a u d i t , inter alia c o n f i r m s

6 0 4 , Apex Mall, Tonk R o a d ,


N e a r Lai K o t h i , J a i p u r .

that t h e t o t a l listed a n d p a i d u p c a p i t a l o f t h e c o m p a n y
is in a g r e e m e n t with the aggregate of the total n u m b e r

11.

Address

for

correspondence

o f s h a r e s i n d e m a t e r i a l i s e d f o r m (held w i t h N S D L a n d
S h a r e h o l d e r s are advised to c o r r e s p o n d the

C D S L ) and the total number of shares in physical f o r m .

&
(o)

Offices

Locations

Registered Office

Head Office & Share Dept.

5F, Everest, 46/C,

Unit N o . 4 & 5 , 3

Chowringhee

D-2,

Kolkata-700

Road
071

r d

Floor, Plot No.'

S a k e t District C e n t e r ,

Share

Transfer Agent -

M/s.

Beetal

registrar

Financial

C o m p u t e r Services Private Ltd.

Madangir,

Dass Mandir,

Near Dada

Harsukh

Beetal

Behind

Local Shopping Centre,

N e w D e l h i - 110 0 6 2 for a n y

query

Transfer / Transmission

regarding

Share

a n d o t h e r r e l a t e d m a t t e r o r m a y c o n t a c t Mr.
Kumar,

S a k e t , N e w D e l h i - 110 0 1 7

&

House, 99,

Company

Secretary

and

etc.

Bhagwan

Compliance

Officer

o n P h o n e N o . 0 1 1 - 4 2 6 5 4 2 6 5 ; fax N o . 0 1 1 - 4 2 6 5 4 2 0 0 ;
Branch

Offices

and

(a)

Ashiana Trade Centre, Adityapur,

(b)

Ashiana Bageecha, Bhagat Singh Colony,

Jamshedpur-831

e-mail;

bhagwan@ashianahousing.com.

On

013;

Bhiwadi, Rajasthan;

behalf of the

Board

of Directors

(Om

Prakash Gupta)
Chairman and
Managing
Director

Place : N e w Delhi
D a t e d : 3 0 July, 2 0 0 7
t h

AUDITORS'CERTIFICATE
To,
The
We

Members
have

Ashiana

of Ashiana

Housing

Limited

examined the compliance of conditions of Corporate


Housing &

Finance

India

Ltd.) f o r t h e y e a r e n d e d

A g r e e m e n t of the said C o m p a n y with

Governance

31st M a r c h ,

by

M/s A s h i a n a

2007 as stipulated

Housing
in

Limited

(formerly

Clause 49 of the

Listing

Stock Exchanges.

The c o m p l i a n c e of conditions of corporate g o v e r n a n c e is the responsibilty of the m a n a g e m e n t . Our e x a m i n a t i o n w a s limited


t o p r o c e d u r e s a n d i m p l e m e n t a t i o n t h e r e o f , a d o p t e d b y t h e C o m p a n y for e n s u r i n g c o m p l i a n c e o f t h e c o n d i t i o n s o f c o r p o r a t e
governance.

I t i s n e i t h e r a n a u d i t nor a n e x p r e s s i o n o f o p i n i o n o n t h e f i n a n c i a l s t a t e m e n t s o f t h e C o m p a n y .

I n our o p i n i o n a n d t o t h e best o f o u r information a n d a c c o r d i n g t o t h e e x p l a n a t i o n s g i v e n t o u s , w e certify t h a t t h e C o m p a n y h a s


c o m p l i e d with t h e conditions of c o r p o r a t e g o v e r n a n c e as stipulated in the a b o v e m e n t i o n e d Listing A g r e e m e n t .
A s r e q u i r e d b y t h e G u i d a n c e N o t e i s s u e d b y t h e Institute o f C h a r t e r e d A c c o u n t a n t s o f I n d i a , w e h a v e t o s t a t e t h a t n o i n v e s t o r
g r i e v a n c e i s p e n d i n g for a p e r i o d e x c e e d i n g o n e m o n t h a g a i n s t t h e c o m p a n y a s per t h e r e c o r d s m a i n t a i n e d b y t h e c o m p a n y .
W e f u r t h e r s t a t e t h a t s u c h c o m p l i a n c e i s n e i t h e r a n a s s u r a n c e a s t o t h e f u t u r e v i a b i l i t y o f t h e c o m p a n y nor t h e e f f i c i e n c y o r
e f f e c t i v e n e s s w i t h w h i c h t h e M a n a g e m e n t h a s c o n d u c t e d t h e affairs o f t h e c o m p a n y .
For B. C h h a w c h h a r i a & C o .
Chartered
Accountants

Place : G u r g a o n
Date : 30th July, 2007

Vinit
M e m b e r s h i p No.

CD

Bagaria
Partner
:

500872

ASHIANA HOUSING LIMITED


AUDITORS'

report

REPORT

are

in

agreement

with

the

books

of

account;
The

Members

(Formerly

of

Ashiana

Ashiana

Housing

Housing
&

Limited

Finance

(India)

(iv)

Limited)
We

have

audited

Ashiana

Housing

Housing
2007,

&

also

attached

(India)

the

profit

thereto.

and

loss

account

year ended

March

and

on

that

statements

management.

of

the

responsibility

is

to

company's
express

statements

based

an

on

opinion

our

of

Sheet,

We

have

conducted

auditing

Those
the

Standards

audit

our

standards

to

require

obtain

test

basis,

referred

to

in

audit

the

financial

and

significant

management,

as

(v)

the

Our

March

these

Board

the

We

reasonable

2007
of

As

Order,
of

(1)

by the

2003

India

in

issued
terms

227

of the

the

Annexure

specified

Companies
by

of

the

Central

sub-section

(vi)

In

C o m p a n i e s Act,

in

1956,

statement

paragraphs

we

on
and

Further to our c o m m e n t s

with

to above,
(i)

We

we

report that:

have

obtained

explanations,
knowledge
the
(ii)

In

purposes

of

by

our

1956,

Dues

examination

of

to

given

to

as

those

to

the

been

Units

in

The

Balance

and

cash

Sheet,

case

the

best

flow

statement

dealt

with

of

our

accounts

the

said

Accounting

by

the

give

the

C o m p a n i e s Act,

so

required

s c h e d u l e 21
8)

the

Policies

Accounts,

give

with

accepted

and

particularly
a

the

true

and

accounting

in

of

the

of the

balance

India:

by

sheet,

March

in

(b) i n

the

case

account,

(c)

of

of the

the

profit

profit
for t h e

on

that d a t e ;

in

the

case

of the

of the

cash

f l o w s for the

that

and

and
year

loss
ended

and
cash

flow

statement,

year

ended

on

date..

our
for

For B.

C H H A W C H H A R I A & Co.
Accountants

as
the
our

account
by

of the

2007;

(VINIT
loss

Act,

state of affairs of the c o m p a n y as at 31st

referred

from

and

us,

(note

(a) i n

books;
profit

of s u b - s e c t i o n

BAGARIA)

Place: Gurgaon
(iii)

as

to

conformity

generally

said

account

kept

appears

of

3 1

according

manner

notes on

SSI

view

to

the

principles

section

necessary

of

on

Companies

Chartered

books

as

(g)

the

none

Report)

the

best

31st

by

appointed

the

and

and

audit;

have

far

the

of

required

in

subject to

our

information

were

proper

law

so

to

belief

our o p i n i o n ,

required

the

which

and

company

all

274

significant

information

matters

in the A n n e x u r e

being

on

that

disqualified

opinion

Notes

Order.
2.

our

read

that

enclose

of

as

record

report

t e r m s of c l a u s e

and

by

for

of

the

section

representations

on

we

from

section

explanations

Government

(4A)

of

1956;

overall

(Auditor's

(3C)

directors,

taken

is

2007

of

fair

required

and

directors

and

opinion.
1.

report

standards

1956;

written

Directors,

director in

audit

believe
basis

the

information

principles
made

evaluating

of

from

on

An

accounting

by this

and

about

amounts

estimates
as

with

material

examining,
the

sub-section

basis

received

perform

of

in

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

On

India.

assurance
are free

presentation.

provides

and

statements.

the

well

statement

audit

plan

supporting

assessing

financial

we

includes

includes

used

our

that

in

the

the

account

the
date

accordance

loss

accounting

the

accepted

statements

evidence

disclosures
also

An

in

hereinafter,

and

dealt with

211

audit.

reasonable

whether the financial


misstatement.

audit

generally

comments
profit

with

March
the

our

comply

are the

on

to

Balance

cash flow statement


Ashiana

as at 31st

These financial

responsibility

financial

Sheet

(formerly

Limited)

flow s t a t e m e n t for the

annexed

Balance

Limited

Finance

and

cash

the

Subject

this

Date: 29

t h

June, 2007

Partner
Membership
Number:

500872

ASHIANA HOUSING LIMITED


A n n e x u r e to the Auditor's
R e f e r r e d to in

paragraph

for the y e a r e n d e d

31

Report

register maintained
Companies

of our R e p o r t of e v e n date

March,

prejudicial

2007.
c)

1)

a)

The

company

showing
details
b)

full

situation
to the

to

us,

work

in

progress
by

but t h e r e
which,

all

the

the

is

in

including

of fixed

fixed

have

not

regular

is

its

assets.

As

discrepancies

d)

In

our

information

and
has

o f its f i x e d

the

loan

a)

year

having

Company and

nature

no

the
e)

on

during

to

The

In

our

our

is

to

the

us,

substantial

4)

In
and

the

our

the

c)

of

the

the

and

we

is

are

of

physical

followed
and

of the

the

were

has

company

proper

physical
not

by

5)

a)

the

covered

1956.

The

records

fixed

given

in

the
of

any

in

the

301

of

unsecured

parties

or

register
the

the

other

maintained

Companies

to

and

b)

Act,

to

the

there

commensurate

and

the

nature

purchases

with

information

are a d e q u a t e

regard

services.

of

with
of

its

inventory

to the

sale

of

During the course

h a v e not o b s e r v e d any c o n t i n u i n g

correct

According

major

in

the
301

maximum

which

company

weakness

in

the

internal

information

the

particulars
referred

C o m p a n i e s Act,
into

the

In

our

opinion

and

Section
that

register
been

transactions

entered

Act,

the

reasonable

Rs.73.05

in

the

have

according

made

6)

In
and
not

our

aggregating
more,

in

been

made

at

having

opinion

in

accepted

any

under

to

the

us,

the

pursuance
need

be
in

of the

Companies

during

the year to

respect

to

of

which

the

each
are

prevailing

relevant time.

according

given

to

maintained

prices

regard

at the

and

explanations

301

or

prices

be

entered.

register

Section

1956 and

party,

balance

have

the

Rs.5,00,000/-

amount

other

of

of

to

need

maintained

so

were

and

301

explanations given to

that

into

pursuance

Register
of

and

contracts

in

1956

have

and

of
to

of c o n t r a c t s or a r r a n g e m e n t s that

loans

listed

to

information

loans

of interest and

on

we

to, the

us,

to

and

units a n d

entered

of

stocks

company was

rate

conditions

according

regard

assets

market

our opinion

been

with

that Section

lacs.

and

taken

company

arrangements

the

on

unsecured

Section

of loans given to such

In

not

procedures

of the

that

records
that

noticed

involved during the year and year end

terms

listed

section

e x p l a n a t i o n s given to us, we are of the opinion

material.

granted

under

C o m p a n i e s Act,

b)

as

1956.

301

and

control

failure

adequate

opinion

discrepancies

records

Company

one

Section

opinion

size

the

maintaining

between

maintained

under

companies,

covered

of our audit,

of

business.

verification

The

has

interest,

companies

has

from

constructed

during

frequency

procedures

reasonable

The

book

of

the

and

controls.

inventories

inventory.

to

and

management

inventory

opinion,

are

its

inventory,

company

a)

the

relation to the size of the c o m p a n y and the

the
3)

us,

On the basis of our e x a m i n a t i o n of the


of

information

to

the

of

management

nature

receiving

receipt

explanations given to

internal

part

reasonable.

opinion,

verification

in

the

to the

company

under

the year.

the

verified

In

verification
b)

in

not

company.

per s t i p u l a t i o n

maintained

concern

such

according

disposed

given

physically
year.

regular
as

C o m p a n i e s Act,

loans

material

explanations given to
not

According

has

of the

of the

facie,

of v e r i f i c a t i o n

noticed

and

assets

explanations

the

in

given

registers

business
2)

is

301

prima

1956.

opinion

Company

interest

amounts

regular

are,

As e x p l a i n e d to us there is no o v e r d u e a m o u n t
of

physically

verification.
c)

the

company

been

capital

reasonable

explained,

were

and

during

to

1956

applicable.

explanation

been

program

regard to the size of the


of

and

The

principal

quantitative

assets

management

our o p i n i o n ,

records

assets.

information

given

verified

maintained

particulars

and

According

has

under Section

Act,

to

to

us,

deposits from

the

the
the

information

company
public.

has

ASHIANA HOUSING LIMITED


7)

In our o p i n i o n ,
system
of

8)

its

As

the c o m p a n y has an

c o m m e n s u r a t e .with

the

internal

size

and

audit

and

informed

1956

is

to

not

us

209

maintenance
(1)

(d)

of

of the

a p p l i c a b l e to

the

cost

records

13)

C o m p a n i e s Act,

a)

According

to

generally

the

the

depositing

records

the

is

statutory dues

state

company,

regular

appropriate

investor education

employees'

of

company

with

undisputed
fund,

excise duty,
as

including
and

in

cess and

income

than

became

six

statutory
statutory

no

as

months

our opinion the c o m p a n y


nidhil

mutual

such

at the

last

from

the

day

of

period

of

date

15)

Cess,

not b e e n
except

as

applicable,

deposited on

as

Investments

they

As

per

detailed

Nature of

for

16)

loans taken

The

17)

the

According

the

7.51 lacs

1989-1990 Appellant Tribunal


and Asst.
Commissioner of
Income Tax

The Finance
Act, 1994

Service Tax

Forum where
Dispute
Pending

The

46.59 acs 2005-06


& 2006-07

used

19)

and

does

company

the

the

provided

any g u a r a n t e e

any

Term

and

company,

for

on

short-

long-term

working

Loan

explanations

we

report

term

basis

investment

that
have

except

capital.

20)

not

have

has

not

financial

has
shares

not

made

to

parties

the

The

company
during

not

has
the

not

companies

under section

1956.

covered

has

preferential

and

register maintained

period

company

any

by

issued
raised

financial

our
any

audit

money

year

report,

debentures.
by

public

concerned.

Additional
21)

According
given to
been

to

us,

noticed

the

information

no fraud on
or

reported

and

explanations

or by the c o m p a n y has
during

the

course

of

audit.

accumulated

incurred

any c a s h

year covered

immediately

of

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

During
the

our

audit

held

bank or financial

taken

information

of

in the

issues

Jamshedpur

the

explanations
not g i v e n

not

raised

company

301

Central Excise,

during

are

concerned.

the

funds

covered

Commissioner of

losses

to

permanent
18)

Income Tax

The

shares,

account of any dispute

below:

Income Tax
Act, 1961

company

in

investments.

Company

others from

has

year

sheet

no

been

have

the Dues

losses.

of the

and

by

Company

during

Excise

which

Relating
to the
year

The

other

institutions.

Sales Tax,

Amount
(Lacs)

10)

or

name.

information

allotment
Name of the
Statute

not a chit f u n d

given to us and on an overall e x a m i n a t i o n of the

W e a l t h Tax, S e r v i c e Tax, C u s t o m s Duty,


and

other

society.

and

to us, the c o m p a n y has

payable.

T h e r e are no d u e s of I n c o m e Tax,

Duty

is

fund/

debentures

its o w n

balance
b)

benefit

T h e c o m p a n y is not d e a l i n g or t r a d i n g

in

tax,

other material

the financial y e a r under r e v i e w for a


more

and

provident

protection fund,

and

outstanding

In

However,

authorities

insurance,

applicable,

dues were

debentures

securities,

sales tax, wealth tax, service tax, c u s t o m duty,

dues,

basis of security by way of

shares,

company.
14)

9)

of

securities.

business.

under Section

a d v a n c e s on the

pledge

nature

preceding

by

For

B.

CHHAWCHHARIA

&

Co.

our
Chartered

financial

Accountants

year.
11)

In
and

our opinion

not d e f a u l t e d
institution,
12)

As
to

and

explanations

per
us

in

bank

to the

us,

the

information

company

(VINIT

BAGARIA)

has
Partner

r e p a y m e n t of d u e s to a f i n a n c i a l
or

information
the

according

given to

company

debenture

Membership

holder.

and

explanations

has

not

granted

provided
any

loans

CD

Place:
Date:

Gurgaon
29th

June,

2007

Number:

500872

ASHIANA HOUSING LIMITED


BALANCE SHEET AS AT 31 ST MARCH, 2007
SCHEDULES

AS AT
Rs.

AS

31.03.2007
Rs.

Rs.

300,550,470

165,824,152

AT

31,03.2006
Rs.

SOURCES OF FUNDS
Shareholders'
Share

Funds:

Capital

Reserves & Surplus .


Loan

53,531,000

247,019,470

53,531,000
219,355,152

Funds:

Secured

Loans

D e f e r r e d Tax

liability

9,496,923

9,761,687

4,755,000

3,479,000

315,067,157

232,331,075

APPLICATION OF FUNDS
Fixed

Assets:

a)

Gross

Block

b)

Less:

Depreciation

c)

Net B l o c k

d)

Capita! W o r k in Progress

Loans

Other
Loans

Less:
Net

&

42,530,464

Bank balances

Current

Assets

215,719,168

578,019,661
13,599,418

2,438,728

227,817,692

163,120,905

11

12

28,293,279
60,514,407

71,632,425

908,244,457

746,122,140

967,303,094

772,639,390

Current Assets

NOTES O N A C C O U N T S

508,930,082

7
8
10

& Advances

Current Liabilities & Provisions

BALANCE

43,129,157

598,693

121,666,220
252,459,574

& Advances

Sundry Debtors
Cash

14,599,441

121,145,282

Inventories

16,032,994

520,938

Investments
Current Assets,

57,129,905

137,178,276

(59,058,637)

(26,517,250)

315,067,157

232,331,075

21

SHEETABSTRACTAND

COMPANY'S

G E N E R A L BUSINESS PROFILE

22

T h e S c h e d u l e s r e f e r r e d a b o v e f o r m a n i n t e g r a l part o f t h e a c c o u n t s .
I n t e r m s o f o u r report o f e v e n d a t e a t t a c h e d h e r e w i t h
For B.

CHHAWCHHARIA &

CO.

Chartered Accountants
VINIT BAGARIA
Partner

Place:
Date :

For a n d o n b e h a l f o f t h e B o a r d
Bhagwan

Kumar

Company Secretary

Gurgaon
29th June, 2007

Om Prakash Gupta

Vishal Gupta

M a n a g i n g Director

Jt. M a n a g i n g D i r e c t o r

Naval
G.M.

Place :
Date :

Kishore
(F&A)

N e w Delhi
29th J u n e , 2 0 0 7

iQr Ashiana I

ASHIANA HOUSING LIMITED

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2007
SCHEDULES

2006-2007
(Rs.)

2005-2006
(Rs.)

13

496,897,256

335,545,192

14

37,261,237

26,051,791

74,686,525

111,446,248

608,845,018

473,043,231

93,082,747

I N C O M E
Sales
Other

Income

Increase in S t o c k

15

E X P E N D I T U R E
Purchases

16

26,794,263

Project

17

383,237,390

18

23,642,885

19

43,578,460

Expenses

Ongoing

Project

Expenses on

16,771,909

3,533,907

Depreciation
Other

271,211,141

16,814,531

Expenses Adjusted

Employees

expenses

2,753,833
38,713,911

497,601,436

422,533,54?
PROFIT FOR T H E Y E A R
Less:

Provision for Taxation

Profit
Surplus

after

20

Tax

brought forward

from

previous year

111,243,582

50,509,690

14,391,114

4,525,000

96,852,468

45,984,690

4,324,152

547,207

101,176,620

46,531,897

80,000,000

30,000,000

13,382,750

10,706,200

2,274,400

1,501,545

5,519,470

4,324,152

18.09

8.59

Appropriations:
Transfer to

General

Reserve

Proposed

Dividend

Corporate

D i v i d e n d Tax

Surplus Carried to Balance


Earning

Sheet

Per S h a r e

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


Basic and

10/- each)

Diluted

The S c h e d u l e s referred above form an

i n t e g r a l part o f t h e a c c o u n t s .

I n t e r m s o f o u r report o f e v e n d a t e a t t a c h e d h e r e w i t h

For B.

C H H A W C H H A R I A & CO.

Chartered Accountants
VINIT BAGARIA
Partner

Place:
Date :

For a n d o n behalf o f t h e B o a r d
Bhagwan Kumar
Company Secretary

Gurgaon
29th June, 2007

Om

Prakash Gupta

M a n a g i n g Director

Vishal Gupta
Jt. M a n a g i n g D i r e c t o r

Naval
G.M.

Place :
Date :

Kishore
(F&A)

N e w Delhi
29th June, 2007

Ashiana

ASHIANA HOUSING LIMITED


S C H E D U L E S TO

THE A C C O U N T S

AS AT

AS AT

31.03.2007

31.03.2006

(Rs.)

(Rs.)

70,000,000

70,000,000

SHARE CAPITAL
Authorised

7 0 0 0 0 0 0 Equity s h a r e s of Rs.
Issued,

Subscribed and

5353100

Paid

Equity s h a r e s of Rs.

10/- each
up

10/- each

f u l l y p a i d up

53,531,000

53,531,000

53,531,000

53,531,000

1,500,000

1,500,000

160,000,000

130,000,000

RESERVES & SURPLUS


Capital

Reserve

General Reserves
As

per

Add

last A c c o u n t

: Transfer from

Profit &

Profit & L o s s A / c

Loss Account

80,000,000

30,000,000

240,000,000

160,000,000

5,519,470

4,324,152

247,019,470

165,824,152

SECURED LOANS
I)

Working Capital from :


State B a n k of B i k a n e r & Jaipur

1,940,635

1,520,217

H D F C Bank Limited

4,437,007

4,050,638

871,158*

1,393,401

- S e c u r e d by pledge of certain
II)

Vehicle Loans from

Fixed

Deposit Receipts

. A B N A m r o Bank Ltd.
ICICI

1,668,285*

Bank Limited

844,602*

H D F C Bank Limited
- S e c u r e d against h y p o t h e c a t i o n of

2,532,667

9,761,687

vehicles

9,496,923
Includes Rs.

1795543/- due within

12 months

D E F E R R E D TAX LIABILITY ( N E T )
D e f e r r e d Tax L i a b i l i t y o n
Less:

Fiscal a l l o w a n c e of fixed

assets

6,330,000

4,732,000

D e f e r r e d Tax A s s e t s o n

Unabsorbed
Employee

losses

Benefits

2,000

35,000

1,573,000

1,218,000

4,755,000

3,479,000

Ashiana
SCHEDULES
5

TO

THE

AS HI AN A HOUSING LIMITED

ACCOUNTS

FIXED ASSETS
G R O S S BLOCK
As at
Additions/
01.04.2006 (Deductions)
(Rs.)
(Rs.)

Particulars

GOODWILL

100,000

DEPRECIATION
A s at
31-3-2007
(Rs.)

Up to
31-3-2006
(Rs.)

NETBLOCK

For the
year
(Rs.)

Up to
31-3-2007
(Rs.)

As at
31-3-2007
(Rs.)

A s at
31-3-2006
(Rs.)

100,000
72,315,993

827,184

218,212

1,045,396

100,000
71,270,597

100,000
6,114,649

4,146,623
(767,885)
5,200,933
(196,887)

27,674,765

4,164,323

4,781,694

22,893,071

20,131,704

8,350,555

2,155,620

1,236,201
(618,830)
229,739
(172,742)

2,212,617

6,137,938

1,190,889

4,194,245

1,943,640

2,787,315

1,493,131

302,766

99,212

419,840
(956,550)
12,298

1,406,930

242,366

1,764,369
(1,006,895)
60,400

111,510

191,256

143,154

AIR CONDITIONERS

2,048,201

625,190

2,673,391

536,785

104,339

641,124

2,032,267

1,511,416

OFFICE EQUIPMENTS

2,420,369

1,952,427

4,372,796

609,469

162,227

771,696

3,601,100

1,810,900

1,628,034
(349,088)
1,497,112

10,408,619

1,767,104

2,497,727

7,910,892

7,362,569

3,377,545

923,779

891,715
(161,092)
97,037

1,020,816

2,356,729

956,654

1,543,484

1,864,117

1,715,398

BUILDING
PLANT & MACHINERY

6,941,833

65,374,160

24,296,027

FURNITURE & FIXTURES

3,346,509

COMPUTERS

3,436,771

REFRIGERATORS

VEHICLES

9,129,673

ELECTRICAL INSTALLATIONS

1,880,433

GENERATORS

3,287,723

352,238
(232,360)

3,407,601

1,572,325

162,299
(191,140)

57,129,905

82,601,486
(2,553,115)

137,178,276

14,599,441

3,533,907
(2,100,354)

TOTAL

598,693

520,938
(598,693)

520,938

GRANDTOTAL

57,728,598

83,122,424
(3,151,808)

137,699,214

14,599,441

3,533,907
(2,100,354)

PREVIOUS YEAR FIGURES

40,093,728

18,463,483
(828,613)

57,728,598

12,170,517

2,753,833
(324,910)

CAPITAL WORK IN PROGRESS

Note:*

520,938

598,693

16,032,994 121,666,220
-

14,599,440

43,129,157

pending registration in the name of the Company


Face
Value

N o . of

AS

AT

N o . of

AS AT

Shares/unit

31.03.2007

Shares/unit

31.03.2006

Nos.

(Rs.)

Nos.

(Rs.)

Rs.
6

16,032,994 121,145,282

INVESTMENTS
(A)

LONG TERM

1. In

INVESTMENTS

Government/Trust Securities (Unquoted)

National

Saving

(Lodged

with

Certificate

3,000

S a l e s Tax A u t h o r i t y )

2 . I n fully p a i d u p E q u i t y S h a r e s :
Subsidiary

Companies

(Unquoted)

Ashiana Retirement Villages


Vatika Marketing

Ltd.

Ltd.

10

240050

2,412,550

239990

2,411,950

10

50000

520,120

48000

480,010

10

100

782

100

782

10

50

1,575

50

1,575

Others:
i.

Quoted

Ispat P r o f i l e L t d .
Modern Woolen

Ltd.

Modern Threads Ltd.

10

23

280

23

280

S.M. Telesys Ltd.

10

2500

25,000

2500

25,000

10

132000

330,775

132000

330,775

10

54

3,696

54

3,696

Spectrum C o m m e r c i a l s Ltd.
Tata T i m k e n Limited

<20>

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES

TO

THE

ACCOUNTS

Face
Value
Rs.

ii.

No. of
Shares/unit
Nos.

No. of

AS AT

31.03.2007

AS AT

Shares/unit

31.03.2006

(Rs.)

Nos.

(Rs.)

3750

6,218

Unquoted

Elite L e a s i n g s L t d .

10

3750

6,218

A d i t y a p u r Toll B r i d g e C o m p a n y L i m i t e d

10

17000

170,000

1000000

56,000,000

3. In Partly p a i d D e b e n t u r e s :
Subsidiary Company

Unquoted)

Ashiana Retirement Villages Limited Zero

Percent

Unsecured

Optionally

Fully C o n v e r t i b l e

D e b e n t u r e s ( p a i d u p R s . 5 6 / - per d e b e n t u r e )

100

4. In I m m o v e a b l e Properties:
Building at W - 1 7 7 , Greater Kailash - II, New Delhi

32,939,879

Land at V a s u n d h a r a Nagar, Phase II, B h i w a d i , Rajasthan *

11,021,003

32,939,879

5. In C a p i t a l of P a r t n e r s h i p F i r m s
Ashiana

Amar

Developers

Ashiana

Amar

Infrastructures

Ashiana

Green

Wood

48,500,000
4,000,000

Developers

55,191,081
211,122,959

(A)
* T r a n s f e r f r o m stock on

1st A p r i l ,

36,203,165

2006

(B) C U R R E N T I N V E S T M E N T S
In Mutual Funds
Unquoted
F T India B l u e c h i p F u n d - D i v i d e n d R e i n v e s t m e n t

10

6066.177

231,629

5271.481

200,000

H D F C Top 2 0 0 Fund - D i v i d e n d R e i n v e s t m e n t
H D F C Capital Builder F u n d - D i v i d e n d R e i n v e s t m e n t

10

15344.115

567,793

21015.807

775,000

10

23053.112

561,297

25677.287

HDFC Growth Fund - Dividend Reinvetsment

10

117308.227

2,657,738

61986.214

1,231,442

Tata C o n t r a

10

50000.000

500,000

50000.000

500,000

S t a n d a r d C h a r t e r e d Imperial Equity F u n d - D R

10

50000.000

500,000

50000.000

500,000

SBI Blue Chip F u n d - D R

10

50000.000

500,000

50000.000

500,000

Reliance Equity F u n d - D i v i d e n d R e i n v e s t m e n t

10

150000.000

1,500,000

150000.000

1,500,000

P r u d e n t i a l ICICI I n f r a s t r u c t u r e F u n d - D i v i d e n d R e - i n v e s t m e n t 10

33917.868

473,928

28328.612

400,000

Fidelity

10

79227.817

1,300,000

33535.067

500,000

10

1244.090

250,000

1244.090

250,000

H S B C India O p p o r t u n i t i e s F u n d - D R

10

83534.000

1,200,000

83534.000

1,200,000

Reliance Short T e r m Fund - Retail Fund - G r o w t h

10

646236.810

7,500,000

13151.205

321,969

Fund -Growth

Equity

Fund-Growth

Reliance Growth

Reliance

Fund - Growth

R e i n v e t s m e n t 10

14347.839

354,847

SBI M a g n u m Global Fund-Dividend

Diverisified

10

27601.435

1,000,000

Tata

Infrastructure

Power sector -Dividend

10

40196.480

1,000,000

H D F C Index F u n d - S e r i e s Plus Plan

Fund-Gr.

10

8462.797

1,100,000

H D F C Capital Builder F u n d - G r o w t h

10

5244.939

250,000

21

750,000

ASHIANA HOUSING LIMITED


HEDULES

TO

THE

ACCOUNTS

Face

N o . of

Value
Rs.

Shares/unit
Nos.

AS

AT

AS AT

Shares/unit

31.03.2006

(Rs.)

Nos.

(Rs.)

H S B C A d v a n t a g e India F u n d - D i v . R e i n

10

95534.500

1,100,000

HDFC F M P 1 3 M March 2006 (l)Retail-Gr

10

500000.000

5,000,000

H S B C Fixed Term Series-IV-Gr

10

1000000.000

10,000,000

HSBC

10

1128938.270

11,289,383

Fixed Term Series-13-Growth

N o . of

31.03.2007

Birla F l o a t i n g R a t e F u n d - S h o r t T e r m F u n d - G r o w t h O p t i o n 10

714886.040

7,790,210

Birla F l o a t i n g R a t e F u n d - L o n g T e r m F u n d - G r o w t h O p t i o n 10

1288140.800

14,113,784

Birla

10

63997.922

743,976

10

495539.910

5,000,000

10

1703114.649

19,345,994

228216.530

2,589,074
1,004,780'
2,626,059

Bond Plus Retail Plan - G r o w t h Option

Standard

chartered

Liquidity

Manager -Growth

DSP Merrill Lynch Short Term Fund

- Growth Option

DSP Merrill Lynch Floating Rate Fund

- Growth Option

10

H D F C Floating Rate Fund-Long Term Growth

10

86619.230

H D F C Floating Rate Fund-Short Term Growth

10

229328.080

JM

Floater F u n d - L o n g Term G r o w t h

10

544766.380

6,000,000

JM

Floater Fund-Short Term G r o w t h

10

175255.660

2,000,000

G r i n d l a y s Floating Rate Fund - Long T e r m Plan - G r o w t h

10

924017.410

9,702,066

G r i n d l a y s All S e a s o n s B o n d

10

100000.000

1,000,000

P r u d e n t i a l ICICI S h o r t T e r m P l a n - G r o w t h O p t i o n

10

238769.310

3,067,291

Fund - Growth Option

Prudential ICICI B l e n d e d Plan - G r o w t h

10

1477586.850

15,000,000

JM E q u i t y & D e r i v a t i v e F u n d - G r o w t h

10

440751.520

4,500,000

C h o l a F M P - S e r i e s 2 (Qrtly p l a n - l l ) C u m u l a t i v e

10

200000.000

2,000,000

HSBC

10

1000000.000

10,000,000

10

1128938.300

11,289,383

200000.000

2,000,000

500000.000

5,000,000

3031.560

3,080,490

99850.230

1,000,000

F i x e d T e r m S e r i e s -IV - G r o w t h

H S B C Fixed Term Series -13 - G r o w t h

(Instt)

S u n d a r a m Fixed Term Series -I -Growth

10

HDFC FMP Series -13M -Growth

10

P i o n e e r ITI S h o r t T e r m I n c o m e Plant - G r o w t h O p t i o n

1000

P r u d e n t i a l ICICI F l o a t i n g R a t e F u n d L o n g T e r m - G r o w t h

10

Templeton Floating Rate Income Fund - Growth Option

10

96805.420

1,000,000

T e m p l e t o n Floating R a t e I n c o m e F u n d - S h o r t T e r m - G r o w t h 10

1348984.910

15,968,496

T e m p l e t o n Floating Rate I n c o m e Fund -

10

321560.210

4,000,000

10

1019970.430

10,565,989

H D F C MF MIP-Long Term - Growth

10

50000.000

500,000

H D F C High

10

130676.820

1,500,000

10

91201.770

1,000,000

Long Term G r o w t h

H S B C Floating Rate Fund - Short Term - Growth Option

I n t e r e s t F u n d - S h o r t T e r m Plan - G r o w t h

H D F C Short Term Fund -Growth

(B)

TOTAL(A +
Aggregate

B)

amount of Quoted

Investments

Aggregate amount of Unquoted


Market value of quoted

Investments

Investments

R e p u r c h a s e price of units of m u t u a l f u n d s

41,336,615

179,516,003

252,459,574

215,719,168

362,108

362,108

252,097,466

215,357,060

336,504

360,934

44,329,517

187,947,504

ASHIANA HOUSING LIMITED


SCHEDULES

TO

THE

ACCOUNTS

AS

AS AT
31.03.2006

(Rs.)

(Rs.)

INVENTORIES
S t o c k (As t a k e n , v a l u e d a n d c e r t i f i e d
Leasehold
Freehold
Unsold

by the m a n a a e m e n t t

Land
land

completed

constructions

Work-in-progress
Construction

AT

31.03.2007

materials

108,893,841

78,875,635

94,209,628

135,526,523

24,196,074

16,158,320

324,881,390

261,271,016

25,838,728

17,098,588

578,019,661

508,930,082

SUNDRY DEBTORS
(Unsecured)
D u e for m o r e t h a n six m o n t h s :
Considered

Good

Considered

Doubtful

1,019,616

Other Debts - Considered

Less:

Good

P r o v i s i o n for D o u b t f u l

551,924
100,000

1,019,616

651,924

12,579,802

1,886,804

13,599,418

2,538,728

Debts

100,000

13,599,418

2,438,728

2,485,586

667,070

889,560

565,638

6,354,121

8,210,943

CASH AND BANK BALANCES


Cash-in-hand
Cheques/Drafts-in-hand
With Scheduled Banks :
In

Current Accounts

In Unclaimed Dividend Account


In
Rs.

10

19586326/-;

389,975

P.Y. R s . 1 0 2 2 7 4 3 3 / - )

216,635,988

153,287,279

227,817,692

163,120,905

OTHER CURRENT ASSETS


Ongoing

11

1,452,437

Fixed Deposit A c c o u n t s (Pledged with Banks

Projects Adjustment Account

28,293,279

LOANS AND ADVANCES


(Unsecured,

considered

good)

Loans
To Subsidiary

Companies

To Others
Advance

against

land

etc.

7,306,109

89,925

13,040,548

13,558,250

9,076,880

ASHIANA HOUSING LIMITED


HEDULES

TO

THE

ACCOUNTS

A d v a n c e s r e c o v e r a b l e in c a s h or in
or for v a l u e to
Taxation

be

advance

AS

AS AT
31.03.2006

(Rs.)

(Rs.)

kind

received

17,886,207

35,512,340

and

20,056,533

12,431,424

refundable

Deposits

12

AT

31.03.2007

1,617,383

1,571,233

60,514,407

71,632,425

C U R R E N T LIABILITIES & PROVISIONS


A ) C U R R E N T LIABILITIES
Sundry

Creditors

Advance

from

Security
Due to

Customers

deposits
subsidiary companies

Unclaimed

Dividend

Temporary

overdraft due to

Other

over issue

of c h e q u e s

31,401,280

48,278,479

867,585,758

680,476,642

15,202,438

7,104,002

153,516

2,122,434

1,452,437

758,796

270,756

liabilities

12,927,483

8,416,936

928,993,668

747,157,289

B) P R O V I S I O N S
For

Taxation

For P r o p o s e d

Dividend

For C o r p o r a t e

D i v i d e n d Tax

For

Gratuity

S A L E S
Real

18,025,000

9,655,000

13,382,750

10,706,200

2,274,400

1,501,545

4,627,276

3,619,356

967,303,094

772,639,390

2006 - 2007

2005 - 2006

435,539,004

232,531,711

33,064,973

103,013,481

Estate:

a) C o m p l e t e d Projects
E l i g i b l e P r o j e c t s U/s 8 0 I B o f t h e I n c o m e Tax A c t ,
Other

1961

Projects

b) O n g o i n g

Projects

28,293,279
496,897,256

335,545,192

15,351,757

6,413,153

900,000

900,000

14 O T H E R I N C O M E
Interest

(Net)

Income from
Rent

Investment:

(includes TDS

Rs.2,01,960/-;PY

R s . 1,99,666/-)

Dividend
Sale

(net)

R e n t ( i n c l u d e s T D S Rs 1 , 8 8 , 5 8 4 / - , P Y R s . 1 , 9 2 , 3 8 1 / - )
Lease

Rent

(includes TDS

Miscellaneous

Rs.1,34,640/-;PY

Income

Provision for Doubtful Debts Written


Profit o n s a l e o f F i x e d A s s e t s (Net)
Items

r e l a t i n g t o p r e v i o u s y e a r (Net)

Liabilities Written

Back

Back

Rs.

1,34,640/-)

'

1,399,041

517,058

13,749,852

10,842,394

1,125,122

1,093,844

600,000

600,000

3,744,125

5,319,343

100,000

46,784

16,798

136,190

108,366

349,201

37,261,237

26,051,791

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE ACCOUNTS

15

2006-2007

2005-2006

(Rs.)

(Rs.)

I N C R E A S E IN S T O C K
Closing

Stock:

Leasehold
Freehold
Unsold

Land
Land

completed

construction

Work-in-progress

108,893,841

78,875,635

94,209,628

135,526,523

24,196,074

16,158,320

324,881,390

261,271,016

552,180,933

491,831,494

Less: Opening Stock :


Leasehold

land*

78,806,417

Less: Transferred to Investment on

1st A p r i l , 2 0 0 6

96,935,824

11,021,003

67,785,414
132,279,658

Freehold land*
Unsold

completed

construction

Work-in-progress

* net o f o n g o i n g p r o j e c t a d j u s t m e n t a m o u n t i n g t o R s . 3 3 , 1 6 , 0 8 3 / -

16

59,632,013

16,158,320

9,393,433

261,271,016

214,423,976

477,494,408

380,385,246

74,686,525

111,446,248

26,602,533

90,813,402

191,730

2,269,345

PURCHASES
Land
Flats/

Bunglows/

Shops

26,794,263
17

96,935;824

93,082,747*

PROJECTEXPENSES
Consumption

of construction

materials

(Indigenous)

Wages
Labour

charges

Power &

Fuel

Leasehold

land

Architects'

Fee

Miscellaneous

rent a n d o t h e r c h a r g e s
and

Consultancy

project

Charges

expenses

262,876,530

181,607,594

60,222,042

34,932,006

39,759,134

27,545,123

4,221,014

3,753,483

780,507

988,975

2,609,693

1,938,705

26,266,918

20,445,255

396,735,838
Less:

Ongoing

Project A d j u s t m e n t

13,498,448

271,211,141

383,237,390*
271,211,141

18 EXPENSES ON EMPLOYEES
Salary,

Wages,

(includes Gratuity

bonus and allowances


Provision

Rs.

21,077,037

Contribution to Provident & Other F u n d s


Staff

&

Labour welfare

14,340,305

10,07,920/-;PY Rs.7,04,199/-)

expenses
.

789,890

670,795

1,775,958

1,760,809

23,642,885

16,771,909

in Ashiana
SCHEDULES

19 OTHER

TO

THE

ASHIANA HOUSING LIMITED

ACCOUNTS

2006-2007

2005-2006

(Rs.)

(Rs.)

1,275,506

1,095,823

EXPENSES

Rent
Rates and Taxes
Insurance
Travelling

and

Conveyance

310,679

209,723

2,936,597

2,820,575

3,729,368

3,482,769

1,169,288

761,979

15,306,324

18,598,995

Commission

1,717,404

2,212,374

Management

2,651,662

120,000

T e l e p h o n e , T e l e x & Fax

1,557,468

1,210,528

Printing & Stationery

1,517,990

1,029,934

561,524

554,563

Legal

and

Professional

Advertisement

and

expenses

Business

Promotion

Fee

Repairs and Maintenance :


To

Machineries

To Building
To

Others

Directors'
Auditors'

Fees
Remuneration

2,176,225

900,312

537,219

934,919

26,000

21,000

336,720

269,376

For S t a t u t o r y A u d i t
For I n t e r n a l A u d i t

16,836

16,850

For Tax A u d i t

84,180

67,344

For

Other

Services

Miscellaneous
Irrecoverable

expenses
Balances Written

Fixed Assets Written

off

Off

174,824

121,894

7,097,415

3,960,655

171,686

268,514

223,545
55,784

I t e m s r e l a t i n g t o p r e v i o u s y e a r (Net)

20 PROVISION
I n c o m e Tax
Deferred

43,578,460

38,713,911

12,250,000

4,000,000

FOR TAXATION

Tax

1,276,000

10,000

790,000

510,000
5,000

Fringe

B e n e f i t Tax

Wealth

Tax

30,000

Income

tax A d j u s t m e n t s

45,114
14,391,114

4,525,000

Ashiana

ASHIANA HOUSING LIMITED


SCHEDULES TO THE A C C O U N T S

FOREIGN CURRENCY TRANSACTIONS :


Income and Expenditure in foreign currency is converted

21

NOTES ON ACCOUNTS

1)

SIGNIFICANT ACCOUNTING POLICIES

into

rupee

date
SYSTEM
accrual

OF A C C O U N T I N G
basis

of a c c o u n t i n g

The
in

company

the

I M P A I R M E N T OF A S S E T S

of

a s s e t s are v a l u e d

Accounting

at cost and

p r o v i d e d o n s t r a i g h t line b a s i s

depreciation

in a c c o r d a n c e

Capital w o r k in

1956.

Leasehold

p r o g r e s s is v a l u e d at cost.

and

Freehold

land,

work-in-progress

are v a l u e d

at

cost,

unsold
and

which

completed

construction
is

derived

at

3)
on accrual

basis.

others,

in

respect of projects

basis

of date

in

of delivery

4)

physical

on or a f t e r 1st

of A g r e e m e n t

to the

b)

for s a l e

determined

Liabilities arising

5 )

in

Deferred tax
to accounting

as the

The accounting of sales of flats and


April,

on timing

or

differences,

more

being the

subsequent

respect of differential

of sales on

2006,

has

period.

value.

done

on

have

percentage

previous year w a s being


prossession

But f o r t h i s c h a n g e ,

been

lower by

Rs.

profit
114.78

Shares,

allotted

pursuant

to

Schemes

of

vide

fresh

certificate

upon change of name,

of

incorporation,

dated 04.05.2007,

issued by the Registerar of C o m p a n i e s , West Bengal.


7)

To
8)

Others

Rs.3,30,888/-

In view of insufficient

as

current

lower of cost and

investments

market value.

and

information

regarding their status as SSI


Small

P.Y.Rs.

Scale

Industrial

(Rs.

4,08,679/-)

from the suppliers

units, the a m o u n t due to

undertaking

can

not

be

ascertained.
9)

at acquisition

Interest Income (Including T D S Rs. 3 4 , 0 7 , 1 2 9 / - ;


1 3 , 4 4 , 3 8 5 / - ) is net of I n t e r e s t :

income due

Directors' Remuneration

cost
2006-07

are

Long Term

Investments which have attained the stage of permanent


diminution

until

basis of delivery of physical

a n d i n v e s t m e n t s i n t e n d e d t o b e h e l d for l e s s t h a n o n e
carried at

been

basis, which

consequent

percentage completion

i n v e s t m e n t s are carried
classified

others contracted

Paid u p S h a r e Capital o f the C o m p a n y includes 1 9 9 3 1 0 0

Limited'

income for the year.

INVESTMENTS:

year are

(net

H o u s i n g a n d F i n a n c e (India) L i m i t e d ' t o ' A s h i a n a H o u s i n g

a m o u n t of tax

b a s i s , b e i n g not d e t e r m i n a t e , i s not r e c o g n i s e d .

Long term

not p r o v i d e d f o r a m o u n t s

1 5 . 0 5 l a c s ( R s . 7 2 lacs)

r e s p e c t of d e f e r r e d tax A s s e t s /

one

in

capital account and

Equity

i n c o m e that originate in o n e period and are c a p a b l e


reversal

A m a l g a m a t i o n without payment being received in c a s h .

difference between taxable income and accounting


of

Rajasthan

lacs.

D e f e r r e d Tax i s r e c o g n i s e d , s u b j e c t t o c o n s i d e r a t i o n
in

G o v e r n m e n t of

N a m e of the C o m p a n y has been c h a n g e d f r o m ' A s h i a n a

respect of taxable

of p r u d e n c e ,

of the

buyer upon

w h e r e the receipt of income is uncertain.

payable in

claim

for the year w o u l d

T A X E S ON I N C O M E :
is

Contested

done on the

Other income is a c c o u n t e d on accrual basis except

C u r r e n t Tax

(Nil)

to the respective c u s t o m e r s .

extent of work done

rewards wherof is transferred

a)

lacs

1st

o n p e r c e n t a g e c o m p l e t i o n b a s i s , s i g n i f i c a n t risk a n d

b)

Rs. 3.04

completion

represents the value of flats a n d others

contracted to be sold to the

excecution

(Nil)

ESIC

to be sold in respect of projects under t a k e n on or after

respective customers and sales

r e s p e c t of p r o j e c t s u n d e r t a k e n

April, 2006,

of

(Rs.7.51 lacs)

lacs

of a d v a n c e ) to Rs.

undertaken before 31st M a r c h , 2 0 0 6 , is a c c o u n t e d


the

lacs.

R s . 46.59

Estimated amount of contract remaining to be executed


on

SALES AND OTHER INCOME :

possession to the

Rs. 7.51

Service Tax

Rs. 4 3 . 5 0 lacs ( R s . 4 1 . 2 5 lacs).

Gratuity is a c c o u n t e d for

whenever

for r e f u n d o f S t a t e C a p i t a l S u b s i d y i n c l u d i n g i n t e r e s t

is d e r i v e d at F I F O b a s i s .

for on

recognised

Contested d e m a n d of

b)

GRATUITY:

Sales of flats and

is

C o n t i n g e n t Liability, not p r o v i d e d for, in r e s p e c t of :


a)

average basis, except that value of construction material

a)

-28

Income tax and penalty

construction,

Standard

or v a l u e in u s e , w h i c h e v e r is h i g h e r .
2)

INVENTORIES:

materials

carrying value of such assets exceeds the market value

is

with the

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


2.

prevailing on the

Impairment Loss in the value of assets, as specified in

FIXED A S S E T S A N D DEPRECIATION :
Fixed

rate of e x c h a n g e

transactions.

adopts

preparation

accounts.

1.

at the

of the

in their v a l u e are r e v a l u e d at their current

Salary
Provision

for Gratuity

2005-06

(Rs.)

(Rs.)

2,250,000

1,500,000

262,500

62,500

2,512,500

1,562,500

Ashiana

ASHIANA HOUSING LIMITED


Related

SCHEDULES TO THE ACCOUNTS


10. T h e

particulars

below
Ashiana

of partnership

&

Relationship
Transactions

b u s i n e s s e s are given

:-

a)

Amar

Parties

Enterprises that directly,

under c o m m o n

Narayan

+ C a p i t a l (Rs.)

Share

M i r a s P r o p e r t i e s Pvt.

one or

m o r e i n t e r m e d i a r i e s , Control or are controlled by or are

Infrastructure

Name of Partners

or indirectly t h r o u g h

25%

Ltd.

holding

Subsidiaries)

10,000,000

control

with

companies,

the

company

subsidiaries

(including

and

fellow

Ladha

4%

2006-07

2005-06

Suresh

Kewlani

6%

(Rs.Lacs)

(Rs.Lacs)

Ashiana

Housing

Ltd.

65%

4,000,000
Vatika

Ashiana

Amar

Marketing

Maintenance
Share
Name of Partners

Miras

Ltd.

Developers

Rent

3 0 % of p r e t a x
y e a r l y profit upto
c u m u l a t i v e
aggregate
of
R s . 1 2 5 0 lacs

Bala

15/35

15%

4/35

4%

Properties

charges

paid

Received

Rs.

6.79

Rs.

6.72

Rs.

6.00

Rs.

6.00

Rs.

1.20

Rs.

1.20

Rs.

8.57

+Capital

nce

Hire

(Rs.)

15,000,000

charges

Received

Year end

payable

(net)

Year end

receivable

Ashiana

Retirement

(net)

Rs.21.07

R s . Nil

Villages

R s . Nil

Ltd.

Pvt. L t d .
Narayan

Ladha

Suresh
Sunil

Kewlani

Talwar

Harish

Talwar

Interest

6/35

6%

Lease

5/35

5%

600

Sales

5/35

5%

Hire

35%
Ashiana Housing Ltd.
Greenwood

Rs.

Received

3.28

Rs.

Rs.9.00

1.62

Rs.9.00

Rs.37.40

Rs.Nil

charges

Received

Rs.0.60

Rs.0.60

income

received

Rs.Nil

Rs.21.32

Rs.67.05

(Rs.0.04)

Rs.101.95

Rs.6.01

48,500,000
Loan

Ashiana

Rent

Other

65%

received

Developers

given

Year end

(net)
Receivable

Share
N a m e of P a r t n e r s

30%

of p r e t a x

yearly
upto

profit
cumulative

aggregate
Rs.544

Bala

Associates

+Capital

nce

(Rs.)

Bahari

of

Estates

Interest

lacs

Shubhlabh Buildhome
50%

(7,341,174)

Loan

50%

55,191,081

Year end

Travelling

Foreign Currency:
Rs. 17,60,109/-

(Rs.

9,73,555/-)

12) R e l a t e d p a r t i e s a n d t r a n s a c t i o n s w i t h t h e m a s s p e c i f i e d
in the A c c o u n t i n g
Disclosures"
given

issued

Standard
by

ICAI

18 on

"Related

has been

below on the basis of information

Parties

identified

and

available with

the c o m p a n y and the s a m e has been relied upon by the


auditors.

Received

paid/refunded

100%

ventures

(P) Ltd.

end

& Finace India. Ltd.

11) E x p e n d i t u r e in

joint

Year

Ashiana Housing Ltd.

payable
(net)

Receivable

Management

+ on the basis of audited Balance S h e e t as at 3 1 . 0 3 . 2 0 0 7 .

and

Fee

ii)

Ashiana

Greenwood

iii)

Ashiana

Amar

Developers

iv)

Ashiana

Amar

Infrastructure

c)

Rs.Nil

Rs.0.21

Rs.5.69

Rs.Nil

Rs.Nil

Rs.121.78

Rs.30.21

Rs.30.21

Rs.6.02

Rs.1.20

Developers

I n d i v i d u a l s o w n i n g d i r e c t l y or i n d i r e c t l y ,

an

i n t e r e s t in

the voting power of the c o m p a n y that gives t h e m control


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

individual.

relatives

ASHIANA HOUSING LIMITED


d)

Key

m a n a g e m e n t p e r s o n n e l and their relatives

Rs.

Rs.

Net Profit as per Profit &


i)

Shri Om Prakash Gupta,

2006-07

2005-06

Rs 9.75

Rs 9.38

Remuneration.

Loss

Account

Less:- Sales Real

Managing Director

ongoing
Shri Vishal Gupta,

Remuneration

Rs

9.38

Rs

6.25

Jt. Managing Director

Less:

Remuneration

Rs.6.00

Ongoing

(d) is a b l e to e x e r c i s e s i g n i f i c a n t i n f l u e n c e

delivery of physical

off i n

respect of a b o v e

parties

Standard 20

i s s u e d b y ICAI a n d

Amount
diluted

on

"Earnings

Tax A c t :

completed

(upon
possession)

Cost of Sales

15) S t o c k ,

Purchase and Sales:

calculating

Per S h a r e "

basic and

Shops
(Nos.)

(Rs.)

1,450,000

(-)

(-)

Opening Stock

EPS:
2006-2007

2005-2006
1

191,730

(4)

(2,269,345)

Purchases
Rs.
Profit/(Loss) after tax (Rs. in lacs)

'

968.52

Rs.
459.85
Sales

b)

Amount

Flats/

Bungalows/

related d i s c l o s u r e s are as b e l o w :

used as numerator in

99,764,834

Net Profit for I n c o m e Tax P u r p o s e

13) T h e e a r n i n g per s h a r e h a s b e e n c a l c u l a t e d a s s p e c i f i e d
in A c c o u n t i n g

11,478,748

Estate - ongoing

E n t e r p r i s e s o v e r w h i c h a n y p e r s o n d e s c r i b e d i n (c) o r

Amount Written

16,814,531

per I n c o m e

projects

Less:

a)

project

adjusted
99,764,834

A d d : - As
Sales Real

f)

28,293,279

Rs. Nil

Whole Time Director

e)

Estate-

projects

expenses

Shri Ankur Gupta,

111,243,582

2,215,270

W e i g h t e d a v e r a g e n u m b e r of equity s h a r e s used as the


'

d e n o m i n a t o r in calculating EPS (Nos. in lacs).

(1)

Closing Stock
53.53

(1,099,350)

53.53

191,730

(3)

(1,450,000)

14) T h e s e a c c o u n t s h a v e b e e n p r e p a r e d a s per t h e r e v i s e d
A c c o u n t i n g S t a n d a r d (AS) 9 o n " R e v e n u e R e c o g n i t i o n "

16) O n

the

basis

of

physical

verification

of a s s e t s ,

Standard

28

as

and the G u i d a n c e note on "Recognition of R e v e n u e by

specified

Real

generation capacity of those assets, in the m a n a g e m e n t

Estate

Since,
1961

in t e r m s of provisions of the
the

income

possession
80IB(10)
'Net

Developers".

of

accrues

constructed

is allowed

upon
unit

delivery
and

after c o m p l e t i o n

Profit' for c o m p u t i n g Total

A c t is as f o l l o w s : -

I n c o m e Tax A c t ,

Income

of physical

deduction

u/s

Accounting

perception there

is

no

and

impairment of such

cash

assets as

appearing in the balance sheet as on 3 1 . 0 3 . 2 0 0 7 .


17) a )

Previous

year figures

above

year

have

are

indicated

in

brackets.

of c o n s t r u c t i o n ,
under the said

in

b)

Previous
rearranged,

figure

wherever found

been

regrouped/

necessary.

Ashiana
SCHEDULES
21
I.

TO

THE

ASHIANA HOUSING LIMITED

ACCOUNTS

BALANCE SHEET ABSTRACT AND COMPANY'S


Registration

Registration

Details

Balance
II.

Capital

raised during the year

(Amount in
III.

Rs. Thousand)

Position of Mobilisation and


Deployment

of funds

(Amount in

Rs. T h o u s a n d )

Sources

Funds

Application

of

of

No.

Sheet

40864

Date

State

Code

21

Issue

Nil

31/03/2007
Nil

Right

Bonus

Issue

Nil

Private

315,067

Total

Assets

315,067

53,531

Reserves & Surplus

247,019

Unsecured

Nil

Total

Liabilities

Paid-up

Capital

Secured

Loans

9,762

Deferred

Tax

4,755

Liability

Assets

Current

Assets

Accumulated

Losses

Nil

Placement

Loans

121,666

Investments

252,460

(59,059)

Misc.

Expenditure

Nil

Total

Expedinture

422,915

Nil

of Company
Turnover (Gross Revenue):

534,158

+/-

Profit/Loss

Before

* Before deducting

e x t r a o r d i n a r y tax

111,244

Tax
18.09

-Profit/Loss

After

E a r n i n g per s h a r e

IV.

PROFILE

Issue

Net

Performance

BUSINESS

Public

Fixed

Funds

GENERAL

96,852

Tax*

Dividend

Rate %

25

payment.

Generic N a m e of Three
Products/Services

of

Company

(as per m o n e t a r y t e r m s )

Item C o d e No.
(ITC

Product

S i g n a t u r e to S c h e d u l e s 1

N.A

Code)
Description

Real

Estate

to 22

I n t e r m s o f our report o f e v e n d a t e a t t a c h e d h e r e w i t h
For B.

CHHAWCHHARIA

Chartered

VINIT BAGARIA
Partner
Place:
Date :

& CO.
For a n d on behalf of t h e B o a r d

Accountants
Bhagwan
Kumar
Company
Secretary

Om Prakash Gupta
M a n a g i n g Director

Jt.

Vishal Gupta
M a n a g i n g Director

Naval Kishore
G . M . (F&A)
Place :
Date :

Gurgaon
29th J u n e , 2007

Go}

New Delhi
29th J u n e , 2 0 0 7

Eli Mhiiria

ASHIANA HOUSING LIMITED


CASH

FLOW STATEMENT

FOR THE

YEAR

ENDED 31 ST

M A R C H , 2007
2006-2007

2005-2006

(Rs.)
CASH

FLOW

FROM

OPERATING

Net Profit b e f o r e t a x a n d

ACTIVITIES

extraordinary

( Rs. )

:
111,243,582

items

50,509,690

A d j u s t e d for :
3,533,907

2,753,833

(15,682,645)

(6,821,831)

(16,048,893)

(12,259,452)

Depreciation
Interest

Income

Income from Long Terms

Investment

Provision for doubtful

loans written

Fixed

off.

assets

written

(100,000)

back

223,545
(46,784)

(16,798)

83,122,712

34,165,442

(Profit) / L o s s on s a l e of F i x e d A s s e t s
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
A d j u s t e d for
Trade

and

:
other

receivables

Inventories
Trade

Payables

and

advances from

customers

CASH GENERATED FROM OPERATIONS


Direct T a x e s

paid / adjusted

Cash flow before extra ordinary

items

(16,869,922)
(114,356,949)

182,150,658

250,968,093

175,572,949

153,906,664

(13,871,768)

(5,938,803)

161,701,181
A

Extra Ordinary items


Net c a s h f r o m O p e r a t i n g a c t i v i t i e s (A)
CASH

(20,610,842)
(69,089,579)

147,967,861

161,701,181

147,967,861

FLOW FROM INVESTING ACTIVITIES :

Purchase
Sale
Net

of

Fixed A s s e t s

P u r c h a s e / sale of Investments

Interest

276,000

520,501

(22,990,554)

(14,878,022)

15,682,645

6,821,831

Income

Other Income from Long Term


Net C a s h

(18,463,483)

(82,523,731)

of Fixed A s s e t s

Investments

1,417,058

2,299,041

f r o m i n v e s t i n g a c t i v i t i e s (B)

(87,256,599)

(24,582,115)

264,764

(4,135,688)

CASH FLOW FROM FINANCING ACTIVITIES :


Proceeds from
Dividend

long t e r m

and

other borrowings

paid

(10,012,559)

(5,041,190)

(9,747,795)

(9,176,878)

64,696,787

114,208,868

Net C a s h u s e d in F i n a n c i n g a c t i v i t i e s (C)
N E T I N C R E A S E I N C A S H A N D C A S H E Q U I V A L E N T S (A+ B + C )
CASH AND CASH EQUIVALENTS

ATTHE BEGINNING O F T H E YEAR

C A S H A N D CASH EQUIVALENTS AT THE END OF THE YEAR


01.

P r o c e e d s f r o m l o n g t e r m a n d o t h e r b o r r o w i n g s a r e s h o w n net o f r e p a y m e n t .

02.

Cash and Cash equivalents represent cash and

In t e r m s of our report of even date a t t a c h e d


For B.

48,912,037

227,817,692

163,120,905

bank b a l a n c e s only.

herewith

C H H A W C H H A R I A & CO.

Chartered
VINIT

163,120,905

Accountants

BAGARIA

Partner
Place: Gurgaon
Date : 29th June, 2007

For a n d o n b e h a l f o f t h e B o a r d
Bhagwan
Company

Kumar

Secretary

Om

Prakash

Managing

Gupta

Director

Vishal
Jt.

Gupta

Managing

Director

Naval
G.M.
Place :
Date :

Kishore
(F&A)

New Delhi
29th June, 2007

Ashiana

ASHIANA HOUSING LIMITED

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


Company's interest in the Subsidiary Companies
Ashiana

Vatika

Retirement

Villages

Ltd.
1.

Financial Year of the Subsidiary C o m p a n y ended

2.

a.

(India)

Ltd.(Holding

Company)

on

240050

in the subsidiary

The

net a g g r e g a t e

not d e a l t w i t h
a.
. b.

The

10/- each

50000
Shares
Rs.

Equity
of

10/-

100%

100%

3,211,789

(929,319)

each

profit/(Loss)

in the C o m p a n y ' s a c c o u n t s .
Rs.)

f o r t h e all p r e v i o u s f i n a n c i a l y e a r s of t h e s u b s i d i a r y

net

it became the

aggregate

dealt with

Holding

Company's subsidiary

amount of subsidiary's

2,410,216

327,192

profit/(Loss)

in the C o m p a n y ' s accounts.

a.

f o r t h e f i n a n c i a l y e a r o f t h e s u b s i d i a r y (in

b.

f o r t h e all p r e v i o u s f i n a n c i a l y e a r s o f t h e s u b s i d i a r y
since

5.

of

31.03.2007

amount of subsidiary's

f o r t h e f i n a n c i a l y e a r o f t h e s u b s i d i a r y (in

since
4.

Rs.

Extent of interest of H o l d i n g C o m p a n y at t h e e n d
of the financial y e a r of the subsidiary

3.

Equity

Shares

at the end of the financial year of the subsidiary


b.

Ltd

31.03.2007

N o . o f s h a r e s held b y A s h i a n a H o u s i n g & F i n a n c e

Marketing

it became the

Rs.)

Nil

Nil

Nil

Nil

Holding Company's subsidiary

C h a n g e s in the Holding C o m p a n y ' s interest, in the

N. A .

N. A .

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

Subsidiary between the end of the Financial Year of


the Subsidiary and the end of the Holding C o m p a n y ' s
Financial
6.

Year.

Material C h a n g e s between the end of the Financial Year


of the Subsidiary and the end of the Holding C o m p a n y ' s
f i n a n c i a l y e a r in

r e s p e c t of

a.

the

subsidiary's fixed

b.

its

investments

assets

c.

t h e m o n e y lent by it, a n d

d.

the money borrowed

by

i t for a n y p u r p o s e o t h e r

than that of meeting current liabilities.

For a n d o n
Place : New Delhi

Om

Date : 29th J u n e 2 0 0 7

Prakash

Managing

CD

behalf of the Board

Gupta

Director

Vishal
Jt.

Gupta

Managing

Director

Ashiana

VATIKA MARKETING LIMITED


DIRECTORS'
TO THE

REPORT
DIRECTORS

M E M B E R (S)

RESPONSIBILITY STATEMENT

The Directors of your C o m p a n y have pleasure in presenting

Pursuant to Section 2 1 7 (2AA) of the C o m p a n i e s Act,

the

the

Eleventh

Annual

Report,

together

s t a t e m e n t o f a c c o u n t s for t h e y e a r e n d e d 3 1
FINANCIAL

with
s t

audited

March 2007.

(I)

In

has

been

Maintenance

recorded

Rs.1,94,40,527/-

preparation

of the

at

Charges

Rs. 1,93,73,582/-

during

the

&

Other Income

as c o m p a r e d

previous financial year.

annual

standards

accounts,

have

the

been followed

by the C o m p a n y ;

Y o u r d i r e c t o r s a r e g l a d t o report t h a t d u r i n g t h e y e a r u n d e r
project

the

applicable accounting

RESULTS

review the

1956,

Directors confirm that:

(II)

Such

accounting

policies

have

been

selected

and

consistently applied and j u d g m e n t s & estimates made

to

that are r e a s o n a b l e and

The

prudent so as to give a true

during the

a n d fair v i e w o f t h e s t a t e o f a f f a i r s o f t h e C o m p a n y

f i n a n c i a l y e a r 2 0 0 6 - 0 7 a s c o m p a r e d t o profit o f R s . 7 0 4 , 7 4 6 /

a s a t 3 1 s t M a r c h 2 0 0 7 a n d o f t h e profit o r l o s s o f t h e

Company
- in the

has

incurred

loss

of

previous financial year.

Rs.929,319

R e a s o n for i n c u r r i n g

C o m p a n y for the year e n d e d

loss

w a s d u e t o rise i n staff a n d o t h e r e x p e n s e s o f t h e C o m p a n y .

(III)

Proper and

sufficient

on that date.
has

taken

D u e t o l o s s t h e d i r e c t o r s d o not r e c o m m e d d i v i d e n d f o r t h e

accordance

year.

Act,

1956, for s a f e g u a r d i n g the assets of the C o m p a n y

and

for

building

(IV)

complexes.

DIRECTORS

preventing

Annual

accounts

concern

basis.

PARTICULARS

During the y e a r under review no c h a n g e has been m a d e in


the directorship of the Company. At the forthcoming annual
meeting

c o m p a n y is
h i m s e l f for

the

provisions

and

records

of the

detecting

Shri A s h o k Kumar Mattoo,

retiring

by

rotation

re-appointment.

and

The

Director of the

being eligible,

Board

offers

recommends

his

re-appointment.

fraud

and

other

have

OF

been

prepared

CONSERVATION

TECHNOLOGY ABSORPTION AND

on

OF

FOREIGN

going

ENERGY,
EXCHANGE

EARNINGS AND OUTGO


Your Directors are of o p i n i o n that
to Conservation

of Energy,

Section 217(1)(e)

particulars with

respect

Technology Absorption

read with the C o m p a n i e s

a s per

(Disclosure of

Particulars in the Report of B o a r d of Directors) Rules


FIXED

DEPOSITS

the

public

within

(Acceptance of Deposits)

the

meaning

Rules,

of the

Companies

1975!

o f t h e C o m p a n y a n d h e n c e , not r e q u i r e d t o b e g i v e n . T h e r e
has
the

been
year

no foreign
under

exchange earnings and outgo during

review.

AUDITORS

ACKNOWLEDGMENT

M/s.

Your

B.Chhawchharia & Co., Chartered Accountants,

at the conclusion

of forthcoming Annual

General

retire

Meeting

directors

take

this

b a n k e r s for their s u p p o r t

C o m p a n y has

from time to time.

received a certificate to the effect that their

r e - a p p o i n t m e n t i f m a d e will

be within the prescribed

under section 224(1 B) of the C o m p a n i e s Act,


report

comments

is

by the

self-explanatory

and

limit

1956. The

requires

no

their appreciation

The

and

units, the

ascertained.

There

is

no

EMPLOYEES

employee

in

respect

of w h o m

particulars

p u r s u a n t t o S e c t i o n 2 1 7 (2A) o f t h e C o m p a n i e s A c t ,
read

with

Companies

(Amendments)

Rules,

(Particulars

of

guidance

to

the

Company

loyal

services

record

rendered
Your

relations continued to be excellent.

Vishal
Whole

Gupta

Time

Director

a m o u n t d u e t o S m a l l S c a l e I n d u s t r i a l U n d e r t a k i n g c a n not b e

OF

grateful

on

behalf of

Board

Units

the Board has to state that in view of insuficient information

PARTICULARS

express

staff m e m b e r s o f t h e C o m p a n y .

personnel

For a n d

regarding their status as SSI

to

Directors wish to place on

of efficient and

by the officers and


Company's

Directors.

As regards Auditor's observation on the dues to SSI


from the suppliers

opportunity

t h a n k s to the Central and State G o v e r n m e n t s and C o m p a n y ' s

a n d b e i n g e l i g i b l e , offer t h e m s e l v e s f o r r e - a p p o i n t m e n t . T h e

Auditors

1988

a r e not r e l e v a n t i n v i e w o f t h e n a t u r e o f b u s i n e s s a c t i v i t i e s

T h e C o m p a n y h a s n e i t h e r i n v i t e d nor a c c e p t e d a n y d e p o s i t s
from

in

Companies

irregularities;

The main operation of your C o m p a n y relates to m a i n t e n a n c e

general

with

accounting

for the

maintenance

of various

adequate

been

DIVIDEND

OPERATION

of

care

1956

Employees)

1999 are required to be g i v e n .

CD

Place

New Delhi

Date

29

, h

June, 2007.

Rachna
Whole

Time

Gupta
Director

Ashiana

VATIKA MARKETING LIMITED

AUDITORS: REPORT

(vi)

I n o u r o p i n i o n a n d t o t h e best o f our i n f o r m a t i o n
and according to the e x p l a n a t i o n s given to us, the

The M e m b e r s of Vatika Marketing Limited


We

have

audited

the

attached

said

balance

sheet

of Vatika

accounts

Policies

read

and

Notes

with

significant Accounting

to the A c c o u n t s ,

give the

M a r k e t i n g L i m i t e d a s a t 3 1 s t M a r c h 2 0 0 7 , a n d a l s o t h e profit

information required by the C o m p a n i e s Act,

and

in the m a n n e r so required and subject to notes on

loss a c c o u n t for t h e y e a r e n d e d o n t h a t d a t e a n n e x e d

thereto.
of the

These financial
company's

s t a t e m e n t s are the

management.

Our

responsibility

responsibility

schedule

is to

particularly,

Dues

to

SSI

Units

(note

2) g i v e a t r u e a n d fair v i e w in c o n f o r m i t y w i t h t h e

express an opinion on these financial statements based on


our

19

1956,

accounting principles generally accepted in

India:

audit.
(a)

in the case of the balance sheet, of the state

W e h a v e c o n d u c t e d our a u d i t i n a c c o r d a n c e w i t h t h e a u d i t i n g

of affairs of the c o m p a n y as at 3 1

standards generally accepted

2007;

require

that

we

reasonable

plan

and

assurance

statements

are free

of

includes e x a m i n i n g ,

in

India.

perform

about

the

Standards

audit

whether

material

on

Those

to

the

misstatement.

a-test basis,

obtain

(b)

financial
An

March

in t h e c a s e of t h e profit a n d l o s s a c c o u n t , of
t h e l o s s for t h e y e a r e n d e d o n t h a t d a t e .

audit

evidence supporting

the a m o u n t s and disclosures in the financial

s t

For B. C H H A W C H H A R I A & C o .

statements.

Chartered

Accountants

An audit also includes a s s e s s i n g the a c c o u n t i n g principles


used

and

significant estimates

well

as

evaluating

presentation.
reasonable
1.

We

made

the

overall

believe

that

basis for our opinion

by m a n a g e m e n t ,
financial

our

audit

and we

as

statement
provides

issued

terms

of

by the Central

sub-section

C o m p a n i e s Act,

(4A)

Membership

G o v e r n m e n t of India
of

section

227

in

matters specified

in

Place:
Date:

of the

1956, we enclose in the A n n e x u r e a

s t a t e m e n t on the

paragraphs 4

a n d 5 of t h e s a i d O r d e r .
Further to our c o m m e n t s
above,
(i)

we

We

have

(iv)

t h

June, 2007

R e f e r r e d to in p a r a g r a p h

a)

referred to

The
full

all

the

information

and

b)

verified

necessary

for t h e

purposes

of

audit;

to

kept by t h e c o m p a n y so far as

The

Sheet and

Balance

of those

profit a n d

c)

books;
2)

a)

verified

of account;

loss a c c o u n t dealt with

r e f e r r e d to in s u b - s e c t i o n
the C o m p a n i e s Act,

(3C) of s e c t i o n 2 1 1

assets

and

have

explanations

been

physically

discrepancies

were

noticed

on

No

such

us,
the

information

the

inventory

the

and

management
during

frequency

of

explanations

has

physically

the year.

In

our

verification

is

reasonable.

by

standards

to

opinion,

Subject to our c o m m e n t s hereinafter, the Balance


profit a n d

information

the

assets during the year.

books

report c o m p l y with the a c c o u n t i n g

assets.

A c c o r d i n g to the
given

Sheet and

showing

by the m a n a g e m e n t during the year.

d e a l t w i t h b y this r e p o r t a r e i n a g r e e m e n t w i t h t h e

this

records

quantitative details and

T h e c o m p a n y h a s not d i s p o s e d off its S u b s t a n t i a l


fixed

loss a c c o u n t

maintained

including

verification.

I n our o p i n i o n , p r o p e r b o o k s o f a c c o u n t a s r e q u i r e d
our e x a m i n a t i o n

has

to the
us,

material

appears from

of our R e p o r t of e v e n d a t e f o r

of fixed

According

and

REPORT

March, 2007.

company

given

belief w e r e

s t

particulars

situation

obtained

by l a w h a v e b e e n

(iii)

29

the year ended 3 1

report that:

500872

Gurgaon

e x p l a n a t i o n s , w h i c h t o t h e best o f o u r k n o w l e d g e
our
(ii)

in the A n n e x u r e

Number:

ANNEXURE TO THE AUDITORS'

1)
2.

BAGARIA)
Partner

report that:

As required by the C o m p a n i e s (Auditor's Report) Order,


2003

(VINIT

b)

In

our

opinion,

verification

of

of

management

1956;

the

procedures

inventories

are

reasonable

of

followed
and

physical
by

adequate

the
in

relation to the size of the c o m p a n y and the nature


(v)

On the

basis of written

from the directors,


taken

on

record

representations

as on

by the

31st March

received

Board of Directors,

we

report that none of the directors is disqualified as


on 3 1

s t

March

2007 from

being appointed as a

d i r e c t o r in t e r m s of c l a u s e (g) of s u b - s e c t i o n
of section 274 of the C o m p a n i e s Act,

of its b u s i n e s s .

2007 and

1956;

(1.)

c)

On the basis of our e x a m i n a t i o n of the records of


inventory, we are of the opinion that the c o m p a n y
is

maintaining

proper records of inventory.

The

discrepancies noticed on verification between the


physical
material.

stocks and the

book

records were

not

Ashiana

VATIKA MARKETING LIMITED


3)

The

company

has

not t a k e n / g i v e n

unsecured

loans

on

f r o m / to c o m p a n i e s , firms and other parties covered in


the

Register

maintained

C o m p a n i e s Act,
4)

In our opinion

301

of the

procedures

13)

and

us, there are a d e q u a t e internal

commensurate

with

the

size

14)

purchases of inventory and fixed

regard to the sale of constructed

5)

of

services.

However,

15)

to

are

us,

major w e a k n e s s

in

controls.

we

16)
information

of the

and

opinion

of the C o m p a n i e s Act,
into t h e
been

explanations

that the

particulars of

17)

under that

In our o p i n i o n

and

internal
The

is

to

us,

the

a)

Government

and

has

18)

not

public.

to

not

prescribed

under Section

19)

term

basis

explanations
any

provided

to

us,

g u a r a n t e e for loans

bank or financial

institutions.

have

been

used

for

long-term

The c o m p a n y has m a d e preferential allotment of s h a r e s

the

records

of

the

company,

undisputed

fund,

investor education

employees'

sales tax,

statutory dues

state

wealth

and

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

The

dues,

applicable,

dues were

outstanding

1956, terms and

prejudicial to the

interest

Company
year

under

has

not

issued

any d e b e n t u r e s during

review.

20)

T h e C o m p a n y h a s not r a i s e d a n y m o n e y b y p u b l i c i s s u e

21)

According to the information and explanations given to


us,

the year under

review.

no fraud on or by the C o m p a n y has been noticed

or reported during the year.

insurance,

tax,

as

not

company.

service tax,

For B. C H H A W C H H A R I A & C o .

c u s t o m duty, excise duty, c e s s a n d other material


statutory

its

According to the information and explanations given to

the

2 0 9 ( 1 )(d)

1956 for any of the products of

provident f u n d ,

statutory

in

concerned.

section 301

generally the c o m p a n y is regular in depositing with

income tax,

and

not g i v e n

conditions whereof are

maintain a formal

has

records

appropriate authorities
protection

shares,

T h e C o m p a n y h a s not t a k e n a n y T e r m L o a n d u r i n g t h e

during

including

in

investments.

to a c o m p a n y c o v e r e d in the register m a i n t a i n e d under

Company.
According

has

by others from

of the

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

9)

company

not r e q u i r e d t o

m a i n t e n a n c e of cost
the

other

I n v e s t m e n t s of the C o m p a n y are held

company

short-

audit s y s t e m .

Central

or t r a d i n g

and

o f t h e c o m p a n y , w e report t h a t t h e n o f u n d s r a i s e d o n

have

according to the information

given

The Company

dealing

investment.

a c c e p t e d any deposits from the

8)

Section

not

us and on an overall examination of the balance sheet

1956 that need to be entered

register maintained

is

debentures

per i n f o r m a t i o n

year

given

so entered,

explanations

7)

As

taken

continuing failure to correct

to the

of s h a r e s ,

name.

any

contracts and a r r a n g e m e n t s referred to in Section 301

6)

company

own

assets and with

units and

The

the

According

by w a y of pledge

other securities.

T h e C o m p a n y is not a chit f u n d or a n i d h i m u t u a l b e n e f i t

D u r i n g t h e c o u r s e o f o u r a u d i t , w e h a v e not o b s e r v e d
internal

and

securities,

t h e c o m p a n y a n d t h e n a t u r e o f its b u s i n e s s w i t h r e g a r d
to

basis of security

fund/society.

and according to the information

explanations given to
control

under Section

1956.

the

debentures

and
as

no

Chartered

Accountants

such

at the

last

day of the financial y e a r under review for a period


of

more

became
b)

than

six

A c c o r d i n g to the
given

months

from

the

date

they

to

us,

cess,

and

no dues of sale tax,

as applicable,

deposited on
10)

which

income tax,
not

been

a c c o u n t of any d i s p u t e .
losses. The

c o m p a n y has incurred cash losses during the financial


preceding
11)

The

company

institution,
12)

As

b y o u r a u d i t but not

financial
has

immediately

year.
no

borrowings from

bank or debenture

per i n f o r m a t i o n

in the

and

any financial

holder.

explanations

Membership

explanations

have

T h e c o m p a n y d o e s not h a v e a c c u m u l a t e d
year covered

BAGARIA)
Partner

information

c u s t o m s duty wealth tax, service tax, excise duty,


and

(VINIT

payable.

provided to

us

t h e c o m p a n y h a s not g r a n t e d a n y l o a n s a n d a d v a n c e s

CD

Place:
Date:

Gurgaon
29

t h

June, 2007

Number:

500872

Ashiana

VATIKA MARKETING LIMITED

BALANCE SHEET AS AT 31 ST MARCH, 2007


SCHEDULES
Rs.
SOURCES

AS AT
31.03.2007
Rs.

Rs.

AS AT
31.03.2006
Rs.

OFFUNDS:

Shareholders'
Share

Funds:

Capital

Reserves

&

Surplus

500,000

500,000

1,915,873

2,827,192

2,415,873

3,327,192

APPLICATION OF FUNDS
3

Fixed

Assets

Gross

Block

Less:

Depreciation

Net

182,233

59,902

38,565

Block

Investments
Deferred

Tax A s s e t s

Current Assets,

(Net)

122,331

145,668

15,719,401

8,600,780

478,000

22,614

Loans & Advances

Inventories

283,678

874,626

Sundry

Debtors

5,038,976

5,206,735

Bank balances

4,467,361

6,552,801

1,220,147

3,673,897

11,010,162

16,308,059

24,914,021

21,749,929

Cash &
Loans

Less:

& Advances

Current
&

Net

182,233

Liabilities
10

Provisions

Current Assets

NOTES ON A C C O U N T S
BALANCE

(13,903,859)

(5,441,870)

2,415,873

3,327,192

19

SHEET ABSTRACT AND COMPANY'S

GENERAL BUSINESS PROFILE

20

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


In terms of our report of even date attached herewith

For B. C H H A W C H H A R I A & C O .
Chartered Accountants
VINIT BAGARIA
Partner

Place
Date

For a n d o n b e h a l f o f t h e B o a r d
Vishal Gupta
W h o l e time Director

Rachna Gupta
W h o l e time Director
Place : N e w D e l h i
Date : 2 9 t h J u n e , 2 0 0 7

Gurgaon
29th June, 2007

CD

Ashiana

VATIKA MARKETING LIMITED

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2007
SCHEDULES

2006-2007
(Rs.)

2005-2006

15,749,157

16,557,378

(Rs.)

I N C O M E
Project

Maintenance

Sales

of Shops

Other

Income

Charges

11

1,374,930

Increase / (Decrease)

12

2,249,495

2,883,149

13

(602,065)

134,753

18,771,517

19,575,280

15

10,711,160

10,476,708

16

5,740,233

4,953,747

in S t o c k

E X P E N D I T U R E
Purchase
Project

14

Maintenance

Expenses on
Interest-

Expenses

Employees

Others

Depreciation
Other

expenses

PROFIT/(LOSS)

17

FOR T H E Y E A R

134,753

4,676

2,215

23,337

17,955

3,610,894

3,181,122

20,090,300

18,766,500'
808,780

(1,318,783)
18

L e s s : D i r e c t Tax

(389,464)

104,034

(929,319)

704,746

327,192

622,446

(602,127)

1,327,192

700,000

(1,000,000)

97,873

327,192

Basic

(19.24)

14.68

Diluted

(19.24)

14.62

Balance

Transfer

brought forward from

from/(to)

General

last y e a r

Reserve

SURPLUS CARRIED TO BALANCE SHEET


E A R N I N G PER S H A R E
(on

N o m i n a l V a l u e of S h a r e s of R s .

101- e a c h )

The Schedules referred above form an


I n t e r m s o f our report o f e v e n

integral

date attached

part o f t h e a c c o u n t s .

herewith

For B. C H H A W C H H A R I A & C O .
Chartered Accountants
VINIT BAGARIA
Partner
Place : G u r g a o n
Date : 29th J u n e , 2007

For a n d o n
Vishal Gupta
W h o l e time Director

behalf o f t h e B o a r d

Rachna Gupta
W h o l e time Director
Place : N e w D e l h i
Date : 2 9 t h J u n e , 2007

Ashiana

VATIKA MARKETING LIMITED


AS

SCHEDULES TO THE ACCOUNTS


1.

AT

AS AT

31.03.2007

31.03.2006

(Rs.)

(Rs.)

500,000

480,000

SHARE CAPITAL
Authorised

5 0 0 0 0 (P.Y. 4 8 0 0 0 )

Equity s h a r e s of Rs.

Nil (P.Y. 2 0 0 ) P r e f e r e n c e s h a r e s o f R s .

10/- each

100/- each

20,000
500,000

500,000

500,000

480,000

I s s u e d , S u b s c r i b e d a n d Paid u p :
5 0 0 0 0 (P.Y. 4 8 0 0 0 ) E q u i t y s h a r e s o f R s .
held by A s h i a n a H o u s i n g L i m i t e d ,

1 0 / - e a c h fully p a i d u p

(formerly A s h i a n a Housing &

F i n a n c e (India) L i m i t e d , ) t h e h o l d i n g c o m p a n y

'

Nil (P.Y. 2 0 0 ) 1 % N o n c u m u l a t i v e R e d e e m a b l e P r e f e r e n c e s h a r e s
of R s .

1 0 0 / - e a c h fully p a i d up

20,000

500,000

500,000

RESERVES & SURPLUS


General

Reserves :

A s per last a c c o u n t
A d d : Transfer from

2,500,000

1,500,000

1,000,000

Profit & L o s s A / c

L e s s : T r a n s f e r to Profit &

Loss A/c

700,000

1,800,000
Capital

Reserve

Profit & L o s s A c c o u n t

2,500,000

18,000
97,973

327,192

1,915,873

2,827,192

FIXED ASSETS
GROSS
Particulars

OFFICE EQUIPMENT
COMPUTER

36,900

FURNITURE & FIXTURES


TOTAL
YEAR

DEPRECIATION

A s at
31-3-2007
(Rs.)

36,900

116,336

28,398

599

Upto
31-3-2006
(Rs.)

Upto
31-3-2007

(Rs.)

(Rs.)

BLOCK

A s at
31-3-2007
(Rs.)

A s at
31-3-2006
(Rs.)

1,753

5,557

31,343

33,096

18,858

42,109

74,227

93,085

28,398

9,498

2,698

12,196

16,202

18,900

599

12

28

40

559

587

182,233

182,233

36,565

23,337

59,902

122,331

94,298

87,935

182,233

18,610

17,955

36,565

FIGURES

CD

3,804

NET

For t h e
year

23,251

116,336

VEHICLE

PREVIOUS

BLOCK

A s at
Additions/
0 1 . 0 4 . 2 0 0 6 (Deductions)
(Rs.)
(Rs.)

145,668

Ashiana

VATIKA MARKETING LIMITED

AS
HEDULES TO

THE

ACCOUNTS

AT

AS

AT

31.03.2007

31.03.2006

(Rs.)

(Rs.)

500,000

500,000

500,000

500,000

1,570,529

600,000

INVESTMENTS - LONG TERM


In M u t u a l F u n d s - U n q u o t e d
Birla B o n d

Plus - G r o w t h Option

4 2 3 6 4 . 2 7 units o f R s .
Franklin

10 each

India F l e x i c a p D i v i d e n d - R e i n v e s t m e n t

30120.48

units of Rs.

10 each

D S P M L Opportunities Fund 65906.97

(PY 2 7 5 4 2 . 0 8 )

Div.Reinvestment

units of Rs.

10 each

D S P M L Tiger Fund - Div.Reinvestment


4 5 8 2 . 9 3 units of Rs.

10 each

Fidelity E q u i t y F u n d - D i v .
2 4 4 4 9 . 8 8 units of Rs.
JM

10 each

Equity & Derivative

Floating

Nil ( P Y 3 4 5 4 9 5 . 0 8 )

250,000

250,000

1,250,000

1,250,000

Fund -Growth

1 2 3 8 5 0 . 6 7 units o f R s .
Templeton

150,000

Reinvestment

10 each

Rate Income Fund -LT-Growth


units of Rs.

10 each

4,073,584

Franklin India P r i m a F u n d D i v i d e n d - R e i n v e s t m e n t
1 3 6 6 1 . 2 6 (PY 1 1 9 4 6 . 0 6 )
Birla C a s h
6217.94

units o f R s .

10 each

647,526

575,850

101,346

101,346

750,000

750,000

Plus - G r o w t h O p t i o n

units o f R s .

10 each

H D F C High Interest Fund - Short T e r m


6 3 9 7 7 . 8 9 units of Rs.

10 each

S u n d a r a m B N P Paribas Fixed T e r m Plan


5 0 0 0 0 (PY N i l )

units of Rs. 10 each

D B S C h o l a F M P - S e r i e s 6 (371
4 5 0 0 0 0 (PY N i l )

Services XXV-90Days

units of Rs.

500,000

4,500,000

Days Plan)-DP
10 each

HDFC FMP 90D March 2007


5 0 0 0 0 0 (PY Nil)

Repurchase

units of Rs.

5,000,000

10 each

Price o f u n i t s o f m u t u a l f u n d s

15,719,401

8,600,780

16,382,835

9,285,741

441,000

46,624

D E F E R R E D TAX A S S E T (NET)
Deferred

Tax A s s e t s

Unabsorbed
Employee
Less :
6

on

losses

61,000

Benefits

D e f e r r e d Tax Liability o n

Fiscal a l l o w a n c e of fixed a s s e t s

24,000

24,010

478,000

22,614

113,742

715,807

INVENTORIES
(As t a k e n , v a l u e d a n d c e r t i f i e d b y t h e M a n a g e m e n t )
Shops
Maintenance

Materials

cwu

169,936

158,819

283,678

874,626

jili Ashiana

VATIKA MARKETING LIMITED


AS

SCHEDULES TO THE ACCOUNTS

(Rs.)

(Rs.)

considered

good)

D u e for m o r e t h a n six m o n t h s

2,027,607

2,359,741

Others

3,011,369

2,846,994

5,038,976

5,206,735

95,863

143,132

1,172,724

115,071

CASH A N D BANK BALANCES


Cash-in-hand
Cheques-in-hand
With Scheduled Banks
In

Current Accounts

In F i x e d D e p o s i t A c c o u n t s ( P l e d g e d w i t h B a n k R s . 5 2 8 3 8 4 / -

AS AT
31.03.2006

SUNDRYDEBTORS
(Unsecured,

AT

31.03.2007

P.Y. R s . 5 2 1 2 6 1 / - )

2,142,303

1,238,919

1,056,471

5,055,679

4,467,361

6,552,801

290,398

2,388,947

LOANS AND ADVANCES


(Unsecured,

considered

good)

A d v a n c e s r e c o v e r a b l e in cash or in kind
o r for v a l u e t o b e

received

Deposits
Taxation A d v a n c e and

10

Refundable

106,526

106,026

823,223

1,178,924

1,220,147

3,673,897

C U R R E N T LIABILITIES & PROVISIONS


A)

CURRENT
Sundry

LIABILITIES

Creditors

Advance

from

Deposit from
Other

customers
Customers

liabilities

420,083

746,191

559,120

329,774

20,966,040

18,022,154

2,599,788

1,633,291

24,545,031

20,731,410
880,000

B) PROVISIONS

11

For

Taxation

172,000

For

Gratuity

196,990

138,519

24,914,021

21,749,929

2006-07

2005-06

Rs,

Rs.

16,407,058

15,132,998

PROJECT MAINTENANCE CHARGES


General
Capital

Maintenance

Charges

M a i n t e n a n c e C h a r g e s (Net)

12 OTHER

(657,901)

1,424,380

15,749,157

16,557,378

847,850

790,247

INCOME

Interest ( I n c l u d e s T D S R s . 9 0 2 1 0 / - ;

P.Y.

Rs. 47904/-)

Rent
Profit on s a l e of i n v e s t m e n t s
Commission

(Includes TDS

Rs.

1 2 9 0 / - P.Y. R s . 8 1 0 7 / - )

Dividend
Miscellaneous

Receipts

Liabilities W r i t t e n

Back

GD

8,520

13,845

289,128

754,915

300,999

519,288

378,140

241,664

384,420

435,576

40,438

127,614

2,249,495

2,883,149

VATIKA MARKETING LIMITED


SCHEDULES

13

TO

THE

ACCOUNTS

2005-2006

(Rs.)

(Rs.)

I N C R E A S E / ( D E C R E A S E ) IN S T O C K
Closing

Stock:

Shops

Less:

113,742

715,807

113,742

715,807

715,807

581,054

(602,065)

134,753

Opening Stock

Shops

14

2006-2007

PURCHASE
Lease

and

Conversion

Charges

134,753
134,753

15

PROJECT MAINTENANCE EXPENSES


Consumption
Work

of Maintenance

533,625
3,276,624

Power &

Fuel

3,125,113

3,375,670

charges

2,537,381

2,280,101

Other

Charges

Maintenance

Expenses

75,068

32,962

1,194,158

977,726

10,711,160

10,476,708

5,304,773

4,584,148

EXPENSES ON EMPLOYEES
Salary, A l l o w a n c e s ,
(including

17

508,245
3,271,195

Security

Supervision

16

Materials (Indigenous)

Charges

Bonus &

Gratuity

P r o v i s i o n for G r a t u i t y R s . 5 8 4 7 1 / - P.Y.

Rs.

Contribution to Provident Fund

204,817

135,764

Staff

230,643

233,835

5,740,233

4,953,747

Welfare

OTHER EXPENSES
Rates

140,592

3,953

Rent

and Taxes

731,250

708,000

Insurance

500,998

501,082

Public Relation and C o m m u n i c a t i o n

291,120

98,291

Advertisement
Printing and Stationery
Establishment
Traveling

&

340,964

Charges
Conveyance

16,836

15,000

567,606

536,100

Donation

255,000

T e l e p h o n e , Telex & Fax

279,579

Directors'
Auditors'
For

Fees
Remuneration

Statutory Audit
Other

Services

Irrecoverable

Balances

Miscellaneous

Written

off

expenses

Items relating to previous year


Preliminary

Expenses

12,000

2,000

67,344

67,344

16,836

16,836

9,260

11,990

2,572

3,130

571,466

575,675

300

W/off
3,610,894

18

259,362

For Tax A u d i t
For

88,207
100,923

400
3,181,122

DIRECTTAXES
I n c o m e Tax
Deferred
Fringe
Income

(455,385)
62,000

Tax

B e n e f i t Tax
tax A d j u s t m e n t s

GEO

50,000
(3,881)
60,000

3,921

(2,085)

(389,464)

104,034

jBl Ashiana
19

VATIKA MARKETING LIMITED


2)

NOTES ON A C C O U N T S

In

view

of

insufficient

information

from

suppliers

regarding their status as S S I units, the a m o u n t due to


1)

SIGNIFICANT ACCOUNTING
S Y S T E M OF A C C O U N T I N G

POLICIES

small

:
3)

industrial

undertaking cannot be ascertained.

T h e E a r n i n g Per S h a r e (EPS) has been c a l c u l a t e d as

The c o m p a n y adopts the accrual basis of accounting

specified

in the p r e p a r a t i o n of a c c o u n t s .

Per S h a r e " and related d i s c l o s u r e s are as below :

FIXED ASSETS A N D DEPRECIATION

the
Act,

provisions of

line

2006-2007

basis in a c c o r d a n c e with

a)

Schedule XIV to the C o m p a n i e s

a m o u n t used as
n u m e r a t o r in

1956.

Profit

investments

intended to

one year are classified

be

b)

weighted
shares

investments and

average
of equity

used

calculating
Opening

M a i n t e n a n c e M a t e r i a l s and S h o p s are v a l u e d at cost.

Add:
INCOME :

shares

a)

S a l e o f c o n s t r u c t e d unit a n d o t h e r s i s a c c o u n t e d

on

for on the

2007

basis of date of delivery of physical


to the

respective

customer.

Project maintenance charges and


accounted

for

on

basis

w h e r e the receipt of i n c o m e

is uncertain.

Interest

accounted

from

customer

is

2007

for on

basis.

Rs.

respect

of taxable

income for the

Tax

is

recognised,

of

prudence,

in

subject

to

respect

of

deferred tax Assets/Liabilities arising


differences,

being

income
in

the

and

one

accounting

period

and

are

February,

Shares of
10/200

Converted

capable

169

For D i l u t e d E P S

between

income

2007

(200X308/365)

on timing

difference

Diluted

that

than

of

in one or more s u b s e q u e n t period.

MISCELLANEOUS

EPS,

Basic

48,481

however,

EPS,

Stock,

has been

Shops
Opening

Stock

Amount

(Nos.)

(Rs)

715,807
(581,054)

( 4 )

IMPAIRMENT

OF ASSETS

Purchases

I m p a i r m e n t loss in the v a l u e of a s s e t s as specified in


A c c o u n t i n g S t a n d a r d - 28
carrying value of such
v a l u e or value in

greater

restricted to Basic

Purchase and Sales:

EXPENDITURE:

years.

48,200

wherever being

EPS.
4)

P r e l i m i n a r y E x p e n s e s is w r i t t e n off o v e r a p e r i o d of
ten

48,000

into E q u i t y o n 2 n d

consideration

reversal

281
48,312

10/- each Convertible

Preference

year.

originate

February,

e a c h in t h e ratio of 1:1

Current Tax is d e t e r m i n e d as the a m o u n t of tax

taxable

3rd

(1800X57/365)

in equity of R s .

T A X E S ON I N C O M E :

Deferred

31

during the

Equity S h a r e s :

Gratuity is a c c o u n t e d for on accrual

b)

February,

Preference

in

shares

A d d : Potential

basis.

payable

48,000

Equity

For Basic EPS

GRATUITY :

a)

into

(200X57/365)

year on

except

48,000

during the year

2nd

Alloted

other income

accrual

in
EPS (Nos) :

Balance

converted

possession

as the

Preference

S A L E S , P R O J E C T M A I N T E N A N C E FEE A N D O T H E R

receipt

704,746

calculating

denominator

market value.

INVENTORIES:

c)

Rs.

(929,319)

after t a x ( R s . )

number

held for less t h a n

as current

are carried at lower of cost and

are

2005-2006

basic and diluted EPS :

L o n g t e r m i n v e s t m e n t s are carried at acquisition cost

b)

"Earning

Rs.

is

INVESTMENTS:

and

S t a n d a r d - 20 on

F i x e d a s s e t s are v a l u e d at cost and d e p r e c i a t i o n


provided on straight

in A c c o u n t i n g

is

recognized whenever

assets e x c e e d s the

use, w h i c h e v e r is higher.

Sales

market
Closing

Stock

(134,753)

(-)
3

1,374,930

(-)
1

(-)
113,742

(4)

(715,807)

Ashiana

VATIKA MARKETING LIMITED


5)

Remuneration of

6)

Whole Time Directors:

Salary

Rs.

900,000

Perquisites

Rs.

441,311

On the basis of physical verification of assets, as specified

(1,200,000)
(514,744)
in A c c o u n t i n g Standard - 28 and cash generating

capacity of those assets, in the m a n a g e m e n t perception, there is no impairment of such assets as appearing in
the
7)

balance sheet as on 31.03.2007.

a)

Previous

b)

Previous year figures above are given

SCHEDULES
20

TO

BALANCE

I.

year figures

THE

are

rearranged/regrouped

wherever considered

necessary,

brackets.

ACCOUNTS

SHEET ABSTRACT AND

Registration Details

COMPANY'S

Registeration
Balance

Capital

in

raised during the year

GENERAL
79014

No.

Sheet

BUSINESS

Date

PROFILE

State

Code

21

Issue

Nil

31/03/2007

Public

Issue

Nil

Right

(Amount in Rs. Thousand)

Bonus

Issue

Nil

Private

Position of Mobilisation and

Total

2,416

Total

Assets

2,416

Paid-up Capital

500

Reserves & Surplus

1,916

Secured

Nil

Unsecured

Nil

Deployment
(Amount in

Rs. Thousand)
Funds

of

of

18

of funds

Sources

Application

Liabilities

Placement

Funds

Loans

Loans

Net

Fixed A s s e t s

122

Investments

Net

Current

(13,904)

Misc.

Assets

Accumulated

Nil

Losses

15720

Expenditure

Deferred

Tax

Assets
Performance

+/-

Profit/Loss

Before

Generic N a m e of Three

+/-

1,318

After
per s h a r e

Item Code No.


(ITC

(19.24)

Profit/Loss

20,692
929

Tax

Dividend

Rate %

Nil

N.A

Code)

Product

Description

Real

Estate

Maintenance

to 20

For B. C H H A W C H H A R I A & C O .
Chartered Accountants
VINIT BAGARIA
Partner

Total Expedinture

Products/Services of C o m p a n y

(as per m o n e t a r y t e r m s )

S i g n a t u r e to S c h e d u l e s 1

19,374

Tax

Basic Earning

Place
Date

478

of Company
Turnover (Gross Revenue):

IV

Nil

For a n d o n
Vishal Gupta
W h o l e time Director

Gurgaon
29th June, 2007

behalf of the B o a r d

Rachna Gupta
W h o l e time Director
Place : N e w D e l h i
Date : 2 9 t h J u n e , 2 0 0 7

{43}

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


DIRECTORS'

To

the

Member(s)

REPORT
PARTICULARS OF EMPLOYEES

The Directors of your C o m p a n y have pleasure in presenting

T h e r e is no e m p l o y e e in respect of w h o m particulars pursuant

t h e Fifth A n n u a l R e p o r t , t o g e t h e r w i t h a u d i t e d s t a t e m e n t o f

t o S e c t i o n 2 1 7 (2A) o f t h e C o m p a n i e s A c t ,

a c c o u n t s for t h e y e a r e n d e d 31st M a r c h

C o m p a n i e s (Particulars of Employees) (Amendments) Rules,

FINANCIAL

2007.

1999 are required to be g i v e n .

RESULTS

During the y e a r under review, your c o m p a n y has e a r n e d an


income

of

Rs.

9,770,569/-

as

against the

R s . 1 , 3 7 2 , 3 9 6 / - in the previous year.


has

recorded

against

Rs.3,211,789/-

Rs.9,217,408/-

for the

as

income

of

Further, y o u r c o m p a n y
profit

after

previous

year.

tax

as

DIRECTORS

During

the

RESPONSIBILITY STATEMENT

Pursuant to Section 2 1 7 (2AA) of the C o m p a n i e s Act,


the

1956,

Directors confirm that:

(I)

In the

preparation

of the

annual

accounts,

the

applicable accounting standards have been followed

OPERATIONS

parnership

1956 read with

by the C o m p a n y ;

year
firm

under
as

review your

'Ashiana

d e v e l o p m e n t of approx.

28

Company

Manglam
land

(II)

Such

accounting

consistently

policies have been

applied

selected

and judgements

&

and

estimates

Jaipur. Your

made that are reasonable and prudent so as to give


a true a n d fair v i e w of the state of affairs of the

t o l a u n c h India's s e c o n d r e t i r e m e n t resort o n t h i s l a n d .

C o m p a n y a s a t 31st M a r c h 2 0 0 7 a n d o f t h e profit o r

construction

in

a
for

C o m p a n y has l a u n c h e d group housing & villas a n d p r o p o s e d

Your C o m p a n y c o m m e n c e d

Bighas

formed

Developers'

advance

loss o f t h e C o m p a n y for t h e y e a r e n d e d o n t h a t d a t e .

of Ashiana Village

Mall at B h i w a d i . Construction of A s h i a n a G y m k h a n a is at an

(III)

Proper and

stage.

sufficient care

maintenance

accordance with the

DIVIDEND

Act,

1956,

Y o u r d i r e c t o r s d o not r e c o m m e n d d i v i d e n d for t h e y e a r . T h e

Company

profits g e n e r a t e d a r e b e i n g r e i n v e s t e d i n t h e b u s i n e s s o f t h e

and

has

of adequate

b e e n t a k e n for t h e

accounting

provisions of the

for s a f e g u a r d i n g

and for p r e v e n t i n g

the
and

records

in

Companies

assets

of the

detecting

fraud

other irregularities;

Company.
(IV)

Annual

DIRECTORS

accounts have been

concern

p r e p a r e d on a going

basis.

During the year under review no c h a n g e has been m a d e in

PARTICULARS

the directorship of the Company. At the forthcoming annual

TECHNOLOGY ABSORPTION AND FOREIGN

general

EARNINGS AND OUTGO

and

meeting of t h e C o m p a n y Shri A s h o k K u m a r Mattoo

Shri A n k u r G u p t a ,

rotation

and

being

Director of the C o m p a n y
eligible,

offers

retires b y

themselves

for

re-appointment.

OF

ENERGY,
EXCHANGE

Your Directors are of opinion that particulars with respect to


Conservation

of

Energy,

Technology Absorption

P a r t i c u l a r s in t h e R e p o r t of B o a r d of D i r e c t o r s )

B.Chhawchharia & Co.,

at the conclusion

Chartered Accountants,

of forthcoming Annual

General

retire

Meeting

a n d b e i n g e l i g i b l e , offer t h e m s e l v e s for r e - a p p o i n t m e n t . T h e
C o m p a n y has

CONSERVATION

as

per

Section 217(1)(e) read with the C o m p a n i e s (Disclosure of

AUDITORS
M/s.

OF

r e c e i v e d a c e r t i f i c a t e t o t h e effect t h a t t h e i r

r e - a p p o i n t m e n t i f m a d e will

be within the prescribed

limit

are

not

relevant

in

the v i e w of the

nature

activities of the C o m p a n y and h e n c e ,


g i v e n . T h e r e has been

Rules 1988
of b u s i n e s s

not r e q u i r e d t o

be

no foreign exchange earnings and

o u t g o d u r i n g t h e y e a r u n d e r review.
ACKNOWLEDGMENT

under section 224(1 B) of the C o m p a n i e s Act, 1956. Auditors


Report is self-explanatory and requires no c o m m e n t s by the
Directors.

Your directors take this opportunity to express grateful thanks


to the Central and State G o v e r n m e n t s and C o m p a n y ' s bankers
for t h e i r s u p p o r t a n d g u i d a n c e t o t h e C o m p a n y f r o m t i m e t o

As regards Auditor's observation on the dues to SSI

Units

time.

the Board has to state that in view of insuficient information


f r o m the suppliers regarding their status as SSI

For a n d

units, the

a m o u n t d u e t o S m a l l S c a l e I n d u s t r i a l U n d e r t a k i n g c a n not b e
ascertained.

Place
Date

{44}

N e w Delhi
: 29th June, 2007

on

behalf of the
Om

Prakash

Board
Gupta

Chairman

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED


AUDITORS'

REPORT

Policies

The Members of Ashiana Retirement Villages


We

have

audited the attached

schedule

thereto.

These

of

responsibility

the

financial

is to e x p r e s s an

statements based on

statements

company's

are

(a)

Our

require

generally accepted

that

we

reasonable

plan

and

assurance

statements

are free

includes examining,
the a m o u n t s and

of

the

1956,

18

particularly,

Dues

to

SSI

Units

(note
India:

in the case of the balance sheet, of the state


s t

of affairs of the c o m p a n y as at 3 1

on these financial

our a u d i t .

March

2007;
(b)

W e h a v e c o n d u c t e d our a u d i t i n a c c o r d a n c e w i t h t h e a u d i t i n g
standards

give

accounting principles generally a c c e p t e d in

the

management.

opinion

the A c c o u n t s ,

7) g i v e a t r u e a n d fair v i e w in c o n f o r m i t y w i t h t h e

t h e profit a n d loss a c c o u n t for t h e y e a r e n d e d o n t h a t d a t e


responsibility

Notes to

in the m a n n e r so required and subject to notes on

balance sheet of Ashiana

Retirement Villages Limited as at 31 st March 2 0 0 7 , and also


annexed

and

information required by the C o m p a n i e s Act,

Limited

in

India.

perform

about

Those

the

audit

whether

material

i n t h e c a s e o f t h e profit a n d l o s s a c c o u n t , o f

Standards

the

to

and

the

obtain

profit for t h e y e a r e n d e d

financial

misstatement.

An

on

that date;

For B. C H H A W C H H A R I A & C o .

audit

Chartered

Accountants

on a test basis, evidence supporting

disclosures in the financial

statements.

An audit also includes a s s e s s i n g t h e a c c o u n t i n g principles


used and significant estimates
well

as

evaluating

presentation.
reasonable
1.

We

made by m a n a g e m e n t ,

the

overall

believe

that

b a s i s for o u r o p i n i o n

financial
our

audit

and we

as

provides

issued

terms

of

by the Central

sub-section

C o m p a n i e s Act,

report t h a t :

G o v e r n m e n t of

(4A)

of

section

India

227

matters specified

in

paragraphs 4

(i)

we

We

in the A n n e x u r e

our
(ii)

belief w e r e

all

the

a)

b)

and

in

our e x a m i n a t i o n

of those books;

profit a n d

c)

assets.

the

information

a)

progress

have

A c c o r d i n g to the
given

to

verified

books

opinion,

of account;
b)

by

report c o m p l y with the a c c o u n t i n g s t a n d a r d s

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

been

explanations
except capital

physically verified

noticed

on

No material

such verification.

us,
the

information

the

inventory

the

and

management
during

frequency

the

of

explanations

has

physically

year.

In

our

verification

is

reasonable.

Subject to our c o m m e n t s hereinafter, the Balance

referred to in s u b - s e c t i o n (3C) of s e c t i o n 211

and

all t h e f i x e d a s s e t s ,

during the year.


2)

loss a c c o u n t

loss account dealt with

showing

details and

T h e c o m p a n y h a s not d i s p o s e d off its f i x e d a s s e t s

d e a l t w i t h b y t h i s report a r e i n a g r e e m e n t w i t h t h e

profit a n d

records

quantitative

by the m a n a g e m e n t during the year.

kept b y t h e c o m p a n y s o far a s

Balance Sheet and

Sheet and

to

maintained

including

of fixed

According
work

of

has

particulars

given to us,

I n our o p i n i o n , p r o p e r b o o k s o f a c c o u n t a s r e q u i r e d

this

of our Report of e v e n d a t e for

discrepancies were

appears from

(iv)

purposes

The company
full

audit;

The

June, 2007

referred to

information

necessary for the

by law have been

(iii)

t h

the year ended 3 1 ' M a r c h , 2 0 0 7 .

e x p l a n a t i o n s , w h i c h t o t h e best o f our k n o w l e d g e
and

29

situation

obtained

500872

Gurgaon

R e f e r r e d to in p a r a g r a p h

report that:

have

Number:

ANNEXURE TO THE AUDITORS' REPORT

of the

1)

Further to our c o m m e n t s
above,

Date:

in

a n d 5 of t h e s a i d O r d e r .
2.

Membership
Place:

1956, we e n c l o s e in the A n n e x u r e a

s t a t e m e n t on the

BAGARIA)
Partner

As required by the C o m p a n i e s (Auditor's Report) Order,


2003

(VINIT

statement

of

In

our

opinion,

verification

of

management

are

the

procedures

inventories
reasonable

of

physical

followed
and

by

adequate

the
in

relation to the size of the c o m p a n y and the nature

1956;

of its b u s i n e s s .
(v)

On

the basis of written

from the directors,


taken

on

record

representations received

as on

by the

31st March
Board

2007

of Directors,

3)

a)

and
we

on

31

March 2007 from being appointed as a

d i r e c t o r in t e r m s of c l a u s e (g) of s u b - s e c t i o n
of section 274 of the C o m p a n i e s Act,
(vi)

(1)

1956;

Company

Register

report that none of the directors is disqualified as


s t

The

has

not

granted

any

loans

to

c o m p a n i e s , firms and other parties covered in the


maintained

Companies Act,
b)

under Section

301

.of t h e

1956.

The c o m p a n y has taken

loans from three parties

and a c o m p a n y c o v e r e d in the register m a i n t a i n e d


under Section

301

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

The

maximum

and a c c o r d i n g to the e x p l a n a t i o n s given to us, the

was

Rs. 196.59

said

loans t a k e n f r o m such parties are Rs.168.02 lacs.

accounts

read

with

significant Accounting

amount

involved

1956.

I n o u r o p i n i o n a n d t o t h e best o f o u r i n f o r m a t i o n

lacs and

during the year

year-end

balances of

i
c)

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED

I n o u r o p i n i o n t h e rate o f i n t e r e s t a n d o t h e r t e r m s

day of the financial year under review for a period

and conditions on which

of

loans

have

been taken

maintained

under Section 301

Act,

are,

1956

interest
d)

of the

prima

facie,

prejudicial

T h e c o m p a n y is regular in

months from

the

date

they

given to

us,

and

explanations

no dues of sale tax,

information

income tax,

and cess,

repaying the principal


has been

as applicable.

as applicable,

deposited on

regular
10)

which

have

not b e e n

account of any d i s p u t e .

T h e c o m p a n y d o e s not h a v e a c c u m u l a t e d l o s s e s .

The

As e x p l a i n e d to us there is no o v e r d u e a m o u n t of

c o m p a n y h a s not i n c u r r e d a n y c a s h

loan t a k e n f r o m t h e c o m p a n y l i s t e d i n t h e r e g i s t e r s

financial year c o v e r e d by our audit and the immediately

maintained
Act,
In

six

c u s t o m s d u t y w e a l t h t a x , s e r v i c e t a x , e x c i s e duty,

in the p a y m e n t of interest,

4)

than

payable,

A c c o r d i n g to the

to t h e

company.

a m o u n t s a s per s t i p u l a t i o n a n d
e)

b)

of the C o m p a n i e s

not

more

became

f r o m t h e p a r t i e s a n d a c o m p a n y listed i n t h e r e g i s t e r

under section 301

of the C o m p a n i e s

1956.

preceding
11)

our opinion

and according to the information

and

control

procedures c o m m e n s u r a t e with

the

size

financial

year.

our opinion and

explanations

e x p l a n a t i o n s given to us, there are a d e q u a t e internal

a c c o r d i n g to the

given

to

us,

the

information and

company

has

not

d e f a u l t e d in r e p a y m e n t of d u e s to a f i n a n c i a l i n s t i t u t i o n ,

of

t h e c o m p a n y a n d t h e n a t u r e o f its b u s i n e s s w i t h r e g a r d

In

losses during the

b a n k o r d e b e n t u r e holder,
12)

to p u r c h a s e s of the fixed assets and sale of services.

As

per i n f o r m a t i o n

and

as applicable.
explanations

provided to

us

t h e c o m p a n y h a s not g r a n t e d a n y l o a n s a n d a d v a n c e s

D u r i n g t h e c o u r s e o f our a u d i t , w e h a v e not o b s e r v e d

on the basis of security by way of pledge of s h a r e s ,

any c o n t i n u i n g failure to

debentures

internal

correct

major w e a k n e s s

in

controls.

13)

and

other securities.

T h e C o m p a n y is not a chit f u n d or a n i d h i m u t u a l b e n e f i t
fund/society.

5)

a)

According
given

to the

to

us,

we

information

and

are

opinion

of the

explanations
that

particulars of contracts or a r r a n g e m e n t s
to in Section 301
been

entered

maintained
b)

the

in

the

register

referred

required

to

be

pursuance

15)

information

contracts

or

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

1956 and e x c e e d i n g

reasonable

having

m a d e at price w h i c h

regard to

prevailing

6)

In our opinion

and according to the information and

explanations
accepted
7)

given

to

us,

the

any deposits from the

company

has

not

public.

business.
The

Government

has

not

prescribed

m a i n t e n a n c e o f c o s t r e c o r d s u n d e r S e c t i o n 2 0 9 ( 1 )(d)
of the C o m p a n i e s Act,
the
9)

a)

1956 for any of the products of

Company.
According

to

the

records

of

the

including

undisputed

provident f u n d ,

protection

fund,

us and on

income tax,

sales tax,

wealth

term
18)

statutory

dues,

tax,

applicable,

dues were

outstanding

institutions.

information

and

explanations given

we

of the balance

report that the

no funds

investment.

of shares during
19)

the year under

review.

Since the c o m p a n y has issued unsecured d e b e n t u r e s ,


of d e b e n t u r e s issued

20)

The C o m p a n y

21)

has

not

during the year

According to the

in

respect

by the c o m p a n y .
raised
under

any

money

by

public

review.

information

and

explanations given

to us, no fraud on or by the C o m p a n y has been noticed


or reported during the year.
For B. C H H A W C H H A R I A & C o .
Chartered

Accountants

statutory dues

state

as

us,

T h e c o m p a n y h a s not m a d e a n y p r e f e r e n t i a l a l l o t m e n t

and

insurance,

(VINIT

BAGARIA)

service tax,

Partner

c u s t o m duty, excise duty, c e s s and other material


statutory

provided to

an overall e x a m i n a t i o n

company,

investor education

employees'

i n its

concerned.

generally the c o m p a n y is regular in depositing with


appropriate authorities

shares,

any g u a r a n t e e for loans

by others from bank or financial

A c c o r d i n g to the

issue

Central

explanations

not g i v e n

no securities or c h a r g e has been c r e a t e d


n a t u r e o f its

in

investments.

r a i s e d o n s h o r t - t e r m b a s i s h a v e b e e n u s e d for l o n g -

In our o p i n i o n , the C o m p a n y has a f o r m a l internal audit


system c o m m e n s u r a t e with the size and

8)

and

has

sheet of the company,

market

prices at the relevant t i m e .

other

T h e C o m p a n y h a s not t a k e n any T e r m L o a n d u r i n g t h e

to

is

or t r a d i n g

and

I n v e s t m e n t s of the C o m p a n y are held

per i n f o r m a t i o n

year
17)

t h e v a l u e of f i v e lakh r u p e e s in r e s p e c t of a p a r t y
during the year has been

As

not d e a l i n g

name.

taken
16)

arrangements

entered in the registers maintained under Section


301

However,

is

debentures

the c o m p a n y

and a c c o r d i n g to the
of

company

own

under that S e c t i o n ,

In our opinion

The

securities,

of the C o m p a n i e s Act, 1956 have

a n d e x p l a n a t i o n s given to us, a transaction m a d e


in

14)

and

no

as at the

such
last

Membership
Place:
Date:

Gurgaon
29

t h

June, 2007

Number:

500872

ASHIANA RETIREMENT VILLAGES LIMITED


BALANCE SHEET AS AT 31 ST MARCH, 2007
SCHEDULES

AS AT
31.03.2006

AS AT
31.03.2007
Rs.

Rs.

Rs.

30,719,505

24,810,216

Rs.

SOURCES OF FUNDS
Shareholders'
Share

Funds:

Capital

Reserves
Loan

&

2,400,500

2,400,500
Surplus

28,319,005

27,210,716

Funds:

Unsecured

Loans

85,105,945

3,660,608

115,825,450

30,871,324

APPLICATION OF FUNDS
Fixed

Assets:

a) G r o s s

Block

b) L e s s :

Depreciation

1,543,065

1,497,756

841,482

816,573

d) Capital W o r k in Progress

61,973,831

Investments
D e f e r r e d Tax A s s e t Current Assets,
a)

c) C a s h &
d) L o a n s

Less:
Net

Net

66,630,209

307,000

22,704,387
13,419,364

4,416,335

2,487,080

Debtors

13,000

1,763,542

Bank balances

1,883,448

958,948

10

9,153,094

4,706,971

& Advances

11

15,465,887

9,916,541

32,553,083

15,177,094

Current Assets

Expenditure

12

NOTES ON A C C O U N T S
BALANCE

22,023,204

Current Liabilities & Provisions

Miscellaneous

62,675,414

Loans & Advances:

Inventories

b) Sundry

681,183

701,583

c) Net B l o c k

SHEETABSTRACTAND

3,300,023

8,126

115,825,450

30,871,324

COMPANY'S
19

referred above form an

In t e r m s of our report of even

(5,260,553)

18

GENERAL BUSINESS PROFILE

The Schedules

(17,087,196)

integral

date attached

part o f t h e a c c o u n t s

herewith

For B. C H H A W C H H A R I A & C O .
Chartered Accountants
VINIT BAGARIA
Partner
Place : G u r g a o n
Date : 29th J u n e , 2007

For a n d o n
Om

Prakash

Gupta

W h o l e time Director

Vishal

behalf of the Board


Gupta

Director
Place : N e w Delhi
Date : 2 9 t h J u n e , 2007

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2007
SCHEDULES
2006-2007
Rs.

2005-2006
Rs.

I N C O M E
Sales

1,916,093

Profit o n s a l e o f I n v e s t m e n t s

1,400,058

C o m m i s s i o n ( i n c l u d e s T D S R s . 8 4 1 3 0 / - , P.Y.
Other

Rs. Nil)(Net)

Income

10,067,293

2,640,973
13

3,813,445

3,660,103

9,770,569

13,727,396

E X P E N D I T U R E
Cost of Sales
Cost

of

1,660,680

borrowing

Expenses on

Employees

14

4,039

288,387

15

2,222,767

1,956,205

31,276

24,166

16

2,495,411

2,311,225

6,414,173

4,579,983

3,356,396

9,147,413

Depreciation
Other

expenses

PROFIT FOR THE YEAR


Less:

17

Direct T a x e s

PROFIT AFTER
Transfer to

TAX

General

Brought forward

Reserve

from the

previous year

SURPLUS CARRIED TO BALANCE SHEET

144,607

(69,995)

3,211,789

9,217,408

4,703,000

6,641,690

2,410,216

(165,502)

919,005

2,410,216

E A R N I N G PER S H A R E
(On Shares of nominal Value of Rs.

10/- each)

Basic
Diluted

The Schedules referred above form an

13.38

38.39

4.49

'38.39

i n t e g r a l part o f t h e a c c o u n t s .

I n t e r m s o f o u r report o f e v e n d a t e a t t a c h e d h e r e w i t h

For B. C H H A W C H H A R I A & C O .
Chartered

Accountants

VINIT BAGARIA
Partner

For a n d o n b e h a l f o f t h e B o a r d
Om Prakash Gupta
W h o l e time Director

Place : G u r g a o n
Date

Vishal Gupta
Director
Place : N e w D e l h i
Date : 2 9 t h J u n e , 2 0 0 7

: 29th June, 2007

CD

ASHIANA RETIREMENT VILLAGES LIMITED

SCHEDULES TO THE ACCOUNTS

1.

SHARE

A S AT
31.03.2007
Rs.

AS AT
31.03.2006
Rs.

4,500,000

4,500,000

2,400,500

2,400,500

CAPITAL

Authorised

4 5 0 0 0 0 Equity s h a r e s of Rs.

10/- each

I s s u e d , S u b s c r i b e d and Paid up :
2 4 0 0 5 0 Equity s h a r e s of Rs.
Out of the a b o v e ,
are held

240050

10/- e a c h fully paid up

(P.Y.239990)

by A s h i a n a Housing

Equity S h a r e s

Limited (formerly A s h i a n a

H o u s i n g a n d F i n a n c e (India) L i m i t e d ) , t h e h o l d i n g c o m p a n y
2

RESERVES & SURPLUS


General
As

Reserve

per t h e

last

account

A d d : Transfer from

Profit &

Loss Account

4,703,000

A d d : O n initial a d o p t i o n o f D e f e r r e d T a x A s s e t

Securities
Profit &

1,358,310
6,641,690

297,000

Premium Account
Loss Account

UNSECURED

8,000,000

Add: On Amalgamation

13,000,000

8,000,000

14,400,000

14,400,000

919,005

2,410,216

28,319,005

24,810,216

LOANS

i) L o a n s :
From

Bodies Corporate

Holding C o m p a n y

Others
From

ii)

Directors

1000000 Zero Percent Unsecured Optionally


of Rs.100/- each
.

(paid up

7,306,109

Fully C o n v e r t i b l e

12,303,731

752,466

9,496,105

2,908,142

Debentures

R s . 5 6 per d e b e n t u r e ) c o n v e r t i b l e t o t h e e x t e n t

o f a m o u n t p a i d u p into E q u i t y S h a r e s o f R s . 1 0 / - e a c h a t par a t t h e o p t i o n
of Debenture

Holders within Twelve years from the date of allotment or

r e d e e m a b l e after o n e y e a r f r o m t h e d a t e o f a l l o t m e n t a t t h e o p t i o n o f t h e
C o m p a n y i f o p t i o n t o c o n v e r t into E q u i t y S h a r e s i s not e x e r c i s e d b y t h e
Debenture Holder - From Holding C o m p a n y

56,000,000
85,105,945

3,660,608

Ashiana
4

ASHIANA RETIREMENT VILLAGES LIMITED

FIXED A S S E T S
G R O S S BLOCK

BUILDING

Up to
31-3-06
(Rs.)

For the
year
(Rs.)

Up to
31-3-07
(Rs.)

As at
31-3-07
(Rs.)

As at
31-3-06
(Rs.)

1,463,000

810,166

23,847

834,013

628,987

652,834

2,516

14,340
(2,516)

14,340

2,447

376
(2,447)

376

13,964

69

28,125

33,200

4,115

4,400
(4,115)

1,497,756
22,023,204

AIR CONDITIONERS
ELECTRICAL INSTALLATIONS
TOTAL

61,325

40

2653

2,693

58,632

28,085

4,400

3,920

4,400
(3,920)

4,400

195

51,940
(6,631)

1,543,065

816,573

31,276
(6,367)

841,482

701,583

681,183

38,771,394

60,794,598

60,794,598 22,023,204

1,179,233

1,179,233

TOTAL

22,023,204

39,950,627

61,973,831

GRAND TOTAL

23,520,960

40,002,567
(6,631)

63,516,896

816,573

31,276
(6,367)

841,482

2,362,656

19,688,673

23,520,960

792,407

24,166

816,573

VILLAGE MALL

PREVIOUS YEAR FIGURES

SCHEDULES TO THE A C C O U N T S

As at
31-3-07
(Rs.)

1,463,000

FURNITURE & FIXTURES

CAPITAL WORK IN PROGRESS


ASHANA GYMKHANA

NET BLOCK

DEPRECIATION

As at Additions/
On
01.4.06 (Deductions) Amalgamation
(Rs.)
(Rs.)
(Rs.)

1,469,631

Face

N o . of

Value
Rs.

Share/Unit
Nos.

As

1,179,233
61,973,831 22,023,204
62,675,414

22,704,387

At

N o . of

A s At

31.03.2007
Rs.

Shares/Unit
Nos.

31.03.2006
RS.

INVESTMENTS
(I)

LONG TERM INVESTMENT

a)

In

Government

Securities

Unquoted
National

Saving

(Lodged with
b)

Certificate

S a l e s Tax A u t h o r i t i e s )

In fully paid

20,000

up Equity S h a r e s

Quoted
Ashiana Housing

Ltd.

10

186,113

2,639,549

10

9,835

764,832

186,113

2,639,549

( F o r m e r l y A s h i a n a H o u s i n g & F i n a n c e (1) Ltd.)


IFGL
c)

In

Refractories
a

Ltd

Partnership

M/s A s h i a n a M a n g l a m D e v e l o p e r s - I n C a p i t a l A c c o u n t
d)

In
'21

Immovable

Firm
59,367,640

3,740,000

Properties

s i n g l e r o o m Flats a t R a n g o l i - I I , a t B h i w a d i

(II) C U R R E N T I N V E S T M E N T
Unquoted
In M u t u a l Funds
F T India Life S t a g e F O F - 4 0 S p l a n

10

Grindlays Floating

10

Rate Fund-LT-Gr.

Templeton Floating Rate Income F u n d ( G R )


Templeton

Treasury

Management Account

10
(GR)

T e m p l e t o n India S h o r t T e r m I n c o m e ( G R )
DSP Merill Lynch Bond Fund (GR)

1,000
1,000
10

5192.410

- '
98,188
66,630,209

Aggregate

amount

Aggregate

amount of

Market Value

of quoted

investments

unquoted

of quoted

investments

investments

R e p u r c h a s e v a l u e of units of M u t u a l

Fund

3,404,381
63,225,828

54363.438

556,627

94167.279

1,000,000

650349.645

8,000,000

588.400

1,000,000

106.688

125,000

5192.410

98,188
13,419,364
2,639,549
10,779,815

32,695,460

27,628,475

129,854

11,166,785

A S H I A N A RETIREMENT VILLAGES LIMITED

SCHEDULES TO THE ACCOUNTS

AS AT

AS AT

31.03.2007
Rs.

31.03.2006
Rs.

(97,000)

D E F E R R E D TAX A S S E T -Net
On fiscal
On

allowances on fixed

unabsorbed

assets

losses

404,000

307,000
7

INVENTORIES
(As t a k e n , v a l u e d a n d c e r t i f i e d b y t h e M a n a g e m e n t )
Stock in T r a d e
Construction

826,400

Material

4,416,345

2,487,080

13,000

1,763,542

13,000

1,763,542

325,270

16,161

1,518,178

902,787

40,000

40,000

1,883,448

958,948

SUNDRY DEBTORS
(Unsecured,

considered

good)

D u e for l e s s t h a n six m o n t h s

2,487,080

3,589,945

CASH AND BANK BALANCES


Cash-in-hand
With Scheduled Banks :
In

Current Account

In F i x e d Deposit A c c o u n t (pledged )

10

LOANS

& ADVANCES

(Unsecured,

considered

good)

Loans
A d v a n c e s recoverable in cash or in

11

Security

Deposit

Taxation

advances

and

kind o r f o r v a l u e t o b e r e c e i v e d

Refundables

359,247

278,904

7,667,163

3,434,300

180,949

92,608

945,735

901,159

9,153,094

4,706,971

C U R R E N T LIABILITIES & PROVISIONS


C U R R E N T LIABILITIES
Sundry

Creditors

Advance/Deposit
Temporary
Other

8,720,917
from

Customers

21,384,395

Overdraft due to over issue

of C h e q u e s

liabilities

2,294,347
10,887,100

552,661

13,228

1,694,010

1,803,319

32,351,983

14,997,994

PROVISIONS
For

12

Taxation

MISCELLANEOUS
(To t h e

179,100
15,177,094

EXPENDITURE

e x t e n t not w r i t t e n

Preliminary

201,100
32,553,083
off or a d j u s t e d )

Expenses

Preoperative
Director's'

Expenses

8,126
(pending

Remuneration

Furniture Hire

Charges

Interest

600,000
117,600
2,189,637

Printing and Stationery


Telephone

allocation)

Expenses

Miscellaneous

Expenses

122,800
86,996
182,990
3,300,023

8,126

ASHIANA RETIREMENT VILLAGES LIMITED


AS
SCHEDULES TO THE ACCOUNTS

13

AS AT
2005-06
Rs.

23,913

1,057,173

OTHER INCOME
Interest (Includes T D S Rs.Nil ; PY Rs.106487/-)
Dividend

372,226

185,413

Rent

277,830

271,215

231,682

2,131,771

(Includes TDS Rs. 5 5 5 5 1 / - ; PY Rs.50734/-)

Miscellaneous

Receipts

S h a r e o f profit f r o m
Liabilities Written

14

AT

2006-07
Rs.

Partnerhsip firm

Back

2,904,894
2,900

14,531

3,813,445

3,660,103

COST OF BORROWING
Interest :

15

To

Directors

To

Others

Staff

& Allowances
Welfare

166,578

4,039

288,387

2,069,404

1,909,974

153,363

46,231

2,222,767

1,956,205

271,500

563,652

OTHER EXPENSES
Rent
Rates

and

Taxes

5,824

13,987

25,815

46,403

500,000

500,000

102,343

256,370

197,292

289,097

Printing and Stationery

67,016

99,146

Furniture

90,000

84,000

159,441

81,593

85,852

1,239

Establishment

Charges

Insurance
Legal

&

Professional

Travelling

&

Expenses

Conveyance

Hire C h a r g e s

Telephone

Expenses

Repairs and

Maintenance - others

Advertisement

207,485

495

Electricity

142,421

101,213

7,000

3,000

67,344

28,060

16,836

7,015

Expense

Directors'

Sitting

Fees

Auditors' Remuneration
For

Statutory

Audit

For Tax A u d i t
For i n t e r n a l A u d i t

2,000

For

6,285

90,117

259,500

136,692

273,267

1,020

Other

Services

Miscellaneous

expenses

Items relating to previous year


Loss on sa|e of Fixed A s s e t s
Preliminary

17

121,809

EXPENSES ON EMPLOYEES
Salary

16

4,039

Expenses

W/off

64
8,126

8,126

2,495,411

2,311,225

DIRECT TAXES
P r o v i s i o n f o r :I n c o m e Tax
Deferred
Income
Fringe

Tax
Tax A j u s t m e n t s

B e n e f i t Tax

10,000
(10,000)

(129,995)

62,607
82,000

'60,000

144,607

(69,995)

ASHIANA RETIREMENT VILLAGES


18
1)

mSmm M m i

LIMITED

NOTES ON A C C O U N T S
SIGNIFICANT ACCOUNTING
SYSTEM

POLICIES

OF ACCOUNTING:

The company adopts accrual

basis of accounting

in the preparation of accounts.

FIXED A S S E T S A N D DEPRECIATION :
a)

Fixed

a s s e t s are v a l u e d

at cost and

depreciation

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


b)

C a p i t a l w o r k - i n - p r o g r e s s is stated

is p r o v i d e d on

s t r a i g h t line

basis

in a c c o r d a n c e

with the

1956.

at cost.

INVENTORIES:
a) Stock in T r a d e is v a l u e d at cost, w h i c h is derived on a v e r a g e basis.
b) C o n s t r u c t i o n m a t e r i a l is v a l u e d at c o s t .
INVESTMENTS:
Long term
classified

i n v e s t m e n t s are carried at acquisition cost a n d


as current

investments and

are carried at

have attained the stage of p e r m a n e n t diminution

i n v e s t m e n t s i n t e n d e d t o b e h e l d f o r less t h a n o n e y e a r a r e

lower of cost a n d

market value.

Long Term

Investments which

in their v a l u e are revalued at their current v a l u e .

T A X E S ON I N C O M E :
a)

C u r r e n t Tax i s d e t e r m i n e d a s t h e a m o u n t o f t a x p a y a b l e i n

b)

D e f e r r e d Tax is

recognised,

subject to c o n s i d e r a t i o n

respect of t a x a b l e income for the year.

of p r u d e n c e ,

in

respect of deferred tax Assets/Liabilities

arising on timing differences, being the difference between taxable income and a c c o u n t i n g income that originate in one
period and are c a p a b l e of reversal in o n e or more s u b s e q u e n t p e r i o d .
GRATUITY:
Gratuity

is a c c o u n t e d for on

MISCELLANEOUS
Preliminary

accrual

basis.

EXPENDITURE:

E x p e n s e s are written

off o v e r a p e r i o d o f f i v e y e a r s .

INCOME
I n c o m e i s a c c o u n t e d for o n a c c r u a l b a s i s e x c e p t w h e r e r e c e i p t o f i n c o m e i s u n c e r t a i n .
IMPAIRMENT

OF ASSETS

I m p a i r m e n t loss in the v a l u e of a s s e t s as specified


value of such
2)

in A c c o u n t i n g S t a n d a r d - 28 is r e c o g n i z e d w h e n e v e r carrying

market value or value in

use, w h i c h e v e r is higher.

E s t i m a t e d a m o u n t o f c o n t r a c t s t o b e e x e c u t e d o n C a p i t a l a c c o u n t s a n d not p r o v i d e d for R s .
lacs),

3)

assets exceeds the

advance thereagainst

Rs.15.36

lacs (P.Y.4.25

7 1 . 1 7 l a c s (P.Y. 9 . 8 6

lacs).

T h e Earning Per S h a r e (EPS) has been c a l c u l a t e d as specified in A c c o u n t i n g S t a n d a r d - 20 on " E a r n i n g Per S h a r e "


and

a)

related

d i s c l o s u r e s are as below :
2005-06

(Rs.)

(Rs.)

3,211,789

9,217,408

240,050

240,050

240,050

240,050

a m o u n t used as numerator in calculating basic and diluted EPS


Profit a f t e r t a x

b)

2006-07

(Rs.)

A m o u n t u s e d a s d e n o m i n a t o r for c a l c u l a t i n g E P S .

(In

Nos.)

For Basic EPS (Nos) :


Opening

(post a m a l g a m a t i o n )

A d d : Potential Equity S h a r e s
D e b e n t u r e s convertible to the extent of a m o u n t paid

up

in equity s h a r e s at par alloted on 2 6 - 0 5 - 2 0 0 6


(10000000*56/100

475,616

*310/365)

715,666

For Diluted EPS

CD

240,050

Ashiana

ASHIANA RETIREMENT VILLAGES LIMITED

SCHEDULES TO THE ACCOUNTS


4)

U n a b s o r b e d M A T credit to be a l l o w e d in f u t u r e y e a r s a m o u n t i n g to R s . 8 , 8 9 5 / -

5)

The particulars of Partnership business is given


Ashiana

Mangalam

below:

Developers

Name of the Partner

Share
3 0 % of pre-tax yearly
profit

aggregate
917.40
Ashiana

Retirement Villages

Sangeeta
Sanjay
Vinod

65.00%

59,367,640

11.55%

24,308,230

17.00%

5.95%

4,591,514

33.00%

11.55%

1,148,231

17.00%

5.95%

Agarwal

Gupta

of

lacs

Goyal

# on the basis of audited


6)

# C a p i t a l (Rs.)

33.00%

Ltd.

Rajkumari Garg

Balance

upto cumulative

591,514

Balance Sheet as at 3 1 . 0 3 . 2 0 0 7

On the basis of physical verification of a s s e t s , as specified in A c c o u n t i n g Standard - 28 and cash generating capacity
of

those assets,

in the m a n a g e m e n t p e r c e p t i o n , there is no impairment of such assets as appearing in the balance

sheet as on 3 1 . 0 3 . 2 0 0 7 .
7)

In v i e w of insufficient information
Industrial undertaking can

8)

units, the amount due to Small Scale

Stock, Purchase and S a l e s :


Shops
(Sft.).
Opening
(on

Stock

Amalgamation)

Purchases
Sales
Closing

Stock

Amount
(Rs.)

Store

Rooms

(Sft.)

Amount
(Rs.)

Parkings
(Nos.)

Total

Amount
(Rs.)

Amount

(Rs.)

728

1,288,680

2,246

898,400

15

300,000

2,487,080

(728)

(1,288,680)

(2,246)

(898,400)

(15)

(300,000)

(2,487,080)

(-)
728

(-)
1,295,593

(-)
930

(-)

(-)

(-)

1,316
(2,246)

(728)

9)

f r o m the suppliers regarding their status as SSI

not b e a s c e r t a i n e d .

(1,288,680)

(a)

P r e v i o u s year figures a b o v e are given in bracket.

(b)

Previous

period figures are

rearranged/ regrouped

620,500

(-)
-

(-)
-

(-)
1,916,093

(-)

(-)

(-)

(-)

526,400
(898,400)

15
(15)

300,000
(300,000)

826,400
(2,487,080)

wherever considered

necessary.

ASHIANA RETIREMENT VILLAGES LIMITED


SCHEDULES
19

TO

THE

BALANCE

I.

Registration

ACCOUNTS

SHEET ABSTRACT AND

Details

COMPANY'S

Registeration

GENERAL

No.

BUSINESS

PROFILE

State

Code

21

Nil

Right

Issue

Nil

Nil

Private

U70101WB
2002PLC94479

Balance
Public
(Amount in
III

Rs. Thousand)

Position of M o b i l i s a t i o n a n d
Deployment

of funds

(Amount in

Rs. Thousand)

Sources

Application

of

Funds

of Funds

Issue
Liabilities

of

Paid-up

Capital

Secured

Loans

Net

Fixed

Assets

Net

Current

Assets

Accumulated
Performance

31/03/2007

Date

Issue

Bonus
Total

Sheet

Losses

+/-

Revenue)

Profit/Loss

Before

Nil

115,825

2,401

Reserves & Surplus

28,319

Nil

Unsecured

85,106

62,675

Investments

(17,087)

Misc.

Nil

Defferred

9,771

Total

Before deducting

e x t r a o r d i n a r y tax

Generic Name of Three

+/-

+3,356

Loans

66630

Expenditure

3300
307

Tax

Expedinture

Profit/Loss

After

Tax

E a r n i n g per s h a r e
*

Total Assets

Company
Turnover (Gross

IV

115,825

Placement

+3,212

Tax*

Dividend

13.38

6,414

Rate %

Nil

payment.

Products/Services of C o m p a n y

(as per m o n e t a r y t e r m s )

Item C o d e No.

N.A

(ITC Code)
Product
S i g n a t u r e to S c h e d u l e s 1

I n t e r m s o f our report o f e v e n d a t e a t t a c h e d
VINIT BAGARIA
Partner

Description

Real

Estate,

Hospitality

to 19
herewith

Om Prakash Gupta
W h o l e time Director

Place : G u r g a o n
Date : 29th J u n e , 2 0 0 7

Vishal Gupta
Director
Place : New Delhi
Date : 2 9 t h J u n e , 2 0 0 7

CD

ASHIANA HOUSING LIMITED - CONSOLIDATED


AUDITORS' REPORT TO THE BOARD OF DIRECTORS OF ASHIANA HOUSING LIMITED (FORMERLY ASHIANA HOUSING
& FINANCE

( I N D I A ) L I M I T E D ) O N T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S O F M/S A S H I A N A H O U S I N G L I M I T E D

(FORMERLY ASHIANA HOUSING & FINANCE


AND ASHIANA
We

RETIREMENT VILLAGES

have audited the

F i n a n c e (India)
March,

attached

consolidated
Profit a n d

ITS S U B S I D I A R I E S V A T I K A M A R K E T I N G L I M I T E D

Balance Sheet of Ashiana

L i m i t e d ) a n d its s u b s i d i a r i e s . V a t i k a M a r k e t i n g

2 0 0 7 , the consolidated

annexed

(INDIA) LIMITED) A N D

LIMITED
Housing

Limited

(formerly Ashiana

Housing

&

Limited and Ashiana Retirement Villages Limited as at 31st

Loss Account and the Cash

F l o w S t a t e m e n t for t h e y e a r e n d e d

on that date

thereto.

T h e s e financial s t a t e m e n t s are the responsibility of the C o m p a n y ' s m a n a g e m e n t . Ogr responsibility is to e x p r e s s an o p i n i o n


on these financial statements based
generally accepted in

on our audit. W e ' h a v e c o n d u c t e d

our a u d i t

in

accordance with

India. T h e s e s t a n d a r d s require that we plan a n d p e r f o r m the audit to obtain

about w h e t h e r the f i n a n c i a l s t a t e m e n t s are free f r o m material


evidence supporting the

amounts and

disclosures

auditing

standards

reasonable assurance

m i s s t a t e m e n t . An audit includes e x a m i n i n g , on a test basis,

in the financial

statements.

An

audit also

includes assessing the

accounting principles used and significant estimates made by the m a n a g e m e n t , as well as evaluating the overall financial
s t a t e m e n t p r e s e n t a t i o n . W e b e l i e v e t h a t o u r a u d i t p r o v i d e s a r e a s o n a b l e b a s i s for o u r o p i n i o n .
We

report that the c o n s o l i d a t e d

financial

requirements of Accounting Standard


A c c o u n t a n t s of India and

on the

statements

have

been

prepared

by the

(AS) 2 1 , c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ,

basis of separate audited financial

company

issued

in

by The

statements of A s h i a n a

a c c o r d a n c e with

the

Institute of C h a r t e r e d

housing

& Finance

(India)

L i m i t e d a n d its s u b s i d i a r i e s i n c l u d e d i n t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s .
On the basis of information and e x p l a n a t i o n s given to us and on the c o n s i d e r a t i o n of s e p a r a t e audit reports on

individual

a u d i t e d f i n a n c i a l s t a t e m e n t s o f A s h i a n a H o u s i n g & F i n a n c e ( I n d i a ) L i m i t e d a n d its a f o r e s a i d s u b s i d i a r i e s , t h e s a i d f i n a n c i a l
statements,
i.

s u b j e c t p a r t i c u l a r l y to

n o t e s in

Schedule '22'

regarding,

Dues to SSI Units (note 8),

g i v e a t r u e a n d fair v i e w :

i n s o far a s i t r e l a t e s t o t h e C o n s o l i d a t e d B a l a n c e S h e e t , o f t h e s t a t e o f a f f a i r s o f t h e C o m p a n y a s a t 3 1 s t M a r c h ,
2007; and,

ii.

in so far as it r e l a t e s to t h e C o n s o l i d a t e d

iii.

I n t h e c a s e o f C o n s o l i d a t e d C a s h F l o w S t a t e m e n t , o f t h e c a s h f l o w for t h e y e a r e n d e d o n t h a t d a t e .

Profit & L o s s A c c o u n t , of t h e Profit f o r t h e y e a r e n d e d on t h a t d a t e .

For B. C H H A W C H H A R I A & C O .
Chartered

Accountants

(VINIT
Place:

BAGARIA)

Gurgaon

Date: 29

t h

Partner

June, 2007

Membership

{56}

Number:

500872

iGlh Ashiana
CONSOLIDATED
31 ST

MARCH,

BALANCE

SHEET

OF

ASHIANA

HOUSING

LTD.

&

ITS

SUBSIDIARIES

AS

AT

2007

SCHEDULES

AS AT
31.03.2007
Rs.

Rs.

Rs.

AS AT
31.03.2006
Rs.

SOURCESOFFUNDS
Shareholders'
Share

Funds:

Capital

Reserves

&

Surplus

51,669,870

51,669,870

271,735,143

192,609,913
244,279,783

323,405,013
Loan

Funds:

Secured

Loans

Unsecured

Minority

9,761,687

Loans

9,496,923

21,799,836

3,660,608
31,561,523

13,157,531

3,970,000

3,456,385

358,936,536

260,915,942

Interest

22,243

D e f e r r e d T a x liability

APPLICATION OF FUNDS
Fixed

Assets:

a) Gross

Block

b) Less:

Depreciation

59,600,373

139,691,920

c) Net B l o c k

16,934,378

15,452,579

122,757,542

44,147,794

62,167,211
d) Capital W o r k in

21,771,897

Progress

184,924,753

65,919,691

269,496,965

232,207,802

Investments
Current Assets,

& Advances

512,291,788

581,290,280

18,651,394

9,358,683

Sundry

234,168,501

170,632,653

Debtors

Cash & Bank balances

10

Other

Current

11

Loans

& Advances

Less:
&
Net

Loans

Inventories

Current

Assets

770,224,302

Liabilities

925,881,333
12

Assets

Miscellaneous

1,024,666,538

SHEETABSTRACT AND

(98,785,205)

13

Expenditure

NOTES ON ACCOUNTS
BALANCE

77,941,178
63,477,879

Provisions

Current

28,293,279

807,443,979

(37,219,677)

3,300,023

8,126

358,936,536

260,915,942

22
COMPANY'S

G E N E R A L BUSINESS PROFILE

23

T h e S c h e d u l e s r e f e r r e d a b o v e f o r m a n i n t e g r a l part o f t h e a c c o u n t s .
I n t e r m s o f our report o f e v e n d a t e a t t a c h e d h e r e w i t h .
For B.

CHHAWCHHARIA & CO.

Chartered

For and on behalf of the Board

Accountants

VINIT BAGARIA
Partner

Bhagwan Kumar
Company
Secretary

Place : G u r g a o n
Date : 29th J u n e , 2 0 0 7

Om Prakash Gupta
M a n a g i n g Director

Jt.

Vishal Gupta
M a n a g i n g Director

Naval Kishore
G.M. (F&A)
Place : N e w Delhi
Date : 29th J u n e , 2 0 0 7

ASHIANA HOUSING LIMITED - CONSOLIDATED


CONSOLIDATED

PROFIT

&

LOSS

ACCOUNT

OF A S H I A N A

HOUSING

LTD.

&

ITS

SUBSIDIARIES

FOR

THE Y E A R ENDED 31 ST M A R C H , 2007

SCHEDULES

2006-2007
(Rs.)

2005-2006
(Rs.)

496,448,279

335,545,192

INCOME
Sales

14

Project

Maintenance

Charges

15,069,726

15,885,001

Other Income

15

45,352,910

40,691,733

I n c r e a s e / ( D e c r e a s e ) in S t o c k

16

74,084,460

111,581,002

630,955,375

503,702,928

26,794,263

93,217,500

E X P E N D I T U R E
Purchases

17

Cost of Sales

1,660,680

Project

Expenses

Project

Maintenance

Ongoing

Project

Expenses on

18
Expenses

Employees

1 9

expenses

20

PROFIT FOR T H E Y E A R
Less:

Provision for Taxation

Profit

after

271,211,140

10,711,160

10,476,708

16,814,531

Expeses Adjustment

Depreciation
Other

383,237,390

21

Tax

31,605,885

23,681,861

3,588,520

2,795,954

47,929,309

.42,453,882

522,341,738

443,837,045

108,613,637

59,865,883

14,146,257

4,559,039

94,467,380

55,306,844

84,003,000

37,641,690

Appropriations:
Transfer to

General

Reserve

Minority

Interest

Surplus

brought forward

Proposed
Tax o n

1,843
previous year

Dividend
Balance Sheet

1,458,567

13,382,750

10,706,200

2,274,400

1,501,545

1,721,363

6,914,133

Per S h a r e

(On S h a r e s of n o m i n a l v a l u e of Rs.
Basic a n d

10/- each)

Diluted

18.28

The Schedules referred above form an

integral

In t e r m s of our report of e v e n d a t e a t t a c h e d

For B.

6,914,133

Dividend

Proposed

Surplus Carried to
Earning

from

10.70

part o f t h e a c c o u n t s

herewith

CHHAWCHHARIA & CO.

Chartered

Accountants

VINIT BAGARIA
Partner

Bhagwan Kumar
Company Secretary

For a n d on behalf o f t h e B o a r d
Om Prakash Gupta
M a n a g i n g Director

Vishal Gupta
Jt. M a n a g i n g D i r e c t o r

Naval Kishore
G . M . (F&A)

Place : G u r g a o n

Place :

Date

Date

: 29th June, 2007

<58>

N e w Delhi

: 29th June, 2007

ASHIANA HOUSING LIMITED - CONSOLIDATED


AS
SCHEDULES TO THE ACCOUNTS

AS

AT

AT

31.03.2007

31.03.2006

(Rs.)

(Rs.)

70,000,000

70,000,000

53,531,000

53,531,000

SHARE CAPITAL
Authorised

7 0 0 0 0 0 0 Equity s h a r e s of Rs.

10/- each

I s s u e d , S u b s c r i b e d a n d Paid up :
5 3 5 3 1 0 0 Equity shares of Rs.

10/- each

f u l l y p a i d up
Less:

186113 Equity s h a r e s of Rs.

1,861,130

1,861,130

51,669,870

51,669,870

1,500,000

1,500,000

169,795,780

133,500,000

RESERVES & SURPLUS


Capital

Reserve

General

Reserves

As

per

Add

last A c c o u n t

: o n initial a d o p t i o n o f D e f e r r e d Tax A s s e t s i n s u b s i d a r y c o m p a n y

Less: Adjustment on A m a l g a m a t i o n
Add

Reserve

Securities
Profit &

297,000

i n s u b s i d i a r y (net)

: T r a n s f e r f r o m Profit & L o s s A / c

Capital

(1,345,910)

84,003,000

37,641,690

254,095,780

169,795,780

18,000

Premium Account

14,400,000

Loss Account

3.

SECURED LOANS

I)

Working Capital Loans from :

II)

10 each on Consolidation

14,400,000

1,721,363

6,914,133

271,735,143

192,609,913

State B a n k of Bikaner & J a i p u r

1,940,635

H D F C Bank Ltd.

4,437,007

1;520,217
'

4,050,638

Vehicle Loans from :


A B N Amro Bank Ltd.
ICICI

Bank Limited

H D F C Bank Ltd.

871,158

1,393,401

1,668,287

2,532,667

844,604
9,761,687

-Secured

by

hypothecation

* Includes Rs.
4

9,496,923

of vehicles

17,95,543/- due within

12 m o n t h s

UNSECURED LOANS
From
-

Bodies Corporate

Others

From

Directors

12,303,731

752,466

9,496,105

2,908,142

21,799,836

3,660,608

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED


AS

SCHEDULES TO THE A C C O U N T S

31.03.2006

(Rs.)

(Rs.)

6,451,000

4,756,010

D E F E R R E D TAX LIABILITY (NET)


D e f e r r e d Tax
Less:

Liability o n

Employee

FIXED

Fiscal a l l o w a n c e of fixed assets

D e f e r r e d Tax A s s e t s o n

Unabsorbed

AS AT

AT

31.03.2007

losses

Benefits

847,000

81,625

1,634,000

1,218,000

3,970,000

3,456,385

ASSETS
GROSS

BLOCK

A s at
Additions/
0 1 . 0 4 . 2 0 0 6 (Deductions)
(Rs.)
(Rs.)

GOODWILL
GOODWILL ON
CONSOLIDATION
BUILDING

100,000
788,346

DEPRECIATION

NET

BLOCK

A s at
31-3-2007
(Rs.)

Upto
31-3-2006
(Rs.)

For t h e
year
(Rs.)

Upto
31-3-2007
(Rs.)

100,000

100,000

100,000

788,346

788,346

788,346

A s at
31-3-2007
(Rs.)

A s at
31-3-2006
(Rs.)

8,404,833

*65,374,160

73,778,993

1,637,350

242,059

1,879,409

71,899,584

6,767,483

24,296,027

4,146,623
(767,885)

27,674,765

4,164,323

1,236,201
(618,830)

4,781,694

22,893,071

20,131,704

FURNITURE &
FIXTURES

3,349,624

5,215,273
(199,403)

8,365,494

2,158,079

230,143
(175,189)

2,213,033

6,152,461

1,191,545

COMPUTERS

3,553,107

1,764,369
(1,006,895)

4,310,581

1,966,891

438,698
(956,550)

1,449,039

2,861,542

1,586,216

PLANT&
MACHINERY

242,366

60,400

302,766

99,212

12,298

111,510

191,256

143,154

AIR CONDITIONERS

2,076,326

658,390

2,734,716

536,825

106,992

643,817

2,090,899

1,539,501

OFFICE EQUIPMENTS

2,457,269

1,952,427

4,409,696

613,273

163,980

777,253

3,632,443

1,843,996

VEHICLES

9,158,071

1,628,034
(349,088)

10,437,017

1,776,602

894,413
(161,092)

2,509,923

7,927,094

7,381,469

ELECTRICAL
INSTALLATIONS

1,884,548

1,501,512
(4,115)

3,381,945

927,699

101,437
(3,920)

1,025,216

2,356,729

956,849

GENERATORS

3,287,723

352,238
(232,360)

3,407,601

1,572,325

162,299.
(191,140)

1,543,484

1,864,117

1,715,398

59,598,240

82,653,426

139,691,920

15,452,579

3,588,520

16,934,378

122,757,542

62,167,211

22,621,897

REFRIGERATORS

TOTAL

(2,559,746)

(2,106,721)

CAPITAL WORK
IN PROGRESS

22,621,897

40,144,007
(598,693)

62,167,211

GRAND TOTAL

82,220,137

120,237,687
(3,158,439)

201,859,131

15,452,579

1,481,799
(2,106,721)

16,934,378

184,924,753

PREVIOUS
YEAR FIGURES

42,550,682

39,709,722
(828,613)

81,431,791

13,755,331

2,777,999
(324,910)

16,208,420

Pending registration in the name of the Company.

66,767,558

ASHIANA HOUSING LIMITED - CONSOLIDATED


AS

AS AT
31.03.2006

(Rs.)

(Rs.)

Shops

113,742

S t o c k in T r a d e

826,400

Maintenance

169,936

INVENTORIES
Stock (As t a k e n , v a l u e d and certified by the

Leasehold
Freehold
Unsold

manaqement)

Material

Land
land

completed

constructions

Work-in-progress
Construction/ Maintenance

AT

31.03.2007

HEDULES TO THE ACCOUNTS

materials

108,893,841

78,875,635

94,209,628

135,526,523

24,196,074

19,361,207

323,451,986

261,271,016

29,428,673

17,257,407

581,290,280

512,291,788

SUNDRYDEBTORS
(Unsecured)
D u e f o r m o r e t h a n six m o n t h s :

2,027,607

Considered

Good

1,019,616

Considered

Doubtful

Other Debts - Considered G o o d

P r o v i s i o n for D o u b t f u l

3,011,664

15,604,171

6,447,019

Debts

Cheques/Drafts-in-hand

100,000

18,651,394

9,358,683

2,810,856

826,363

985,423

680,709

1,172,724

With Scheduled Banks :


In

Current Accounts

In

Unclaimed Dividend Accounts

In Fixed

10,014,602

Deposit A c c o u n t s (Pledged with

Rs. 2,01,54,710/-;

P.Y.

Rs.

Banks

10,352,649

1,452,437

389,975

217,732,459

158,382,957

234,168,501

170,632,653

1,07,88,694/-)

OTHER CURRENT ASSETS


Ongoing

11

9,458,683

CASH A N D BANK BALANCES


Cash-in-hand

10

100,000

3,047,223

18,651,394
Less:

2,911,664

Projects Adjustment Account

28,293,279

LOANS AND ADVANCES


(Unsecured,

considered

good,

unless otherwise stated)

Loans
To

Others

Advance

against

land/building

purchase

A d v a n c e s r e c o v e r a b l e in c a s h or in
o r for v a l u e t o
Taxation
Deposits

be'received

advance

and

refundable

449,172

16,088,219

13,558,250

9,076,880

25,740,108

36,510,106

21,825,491

14,511,506

kind

1,904,858

1,754,467

63,477,879

77,941,178

ASHIANA HOUSING LIMITED - CONSOLIDATED


A S AT
HEDULES TO THE ACCOUNTS

12

AS AT

31.03.2007

31.03.2006

(Rs.)

(Rs.)

C U R R E N T LIABILITIES & PROVISIONS


A) C U R R E N T LIABILITIES
Sundry

Creditors

Advance

from

Security
Due to

deposits

Temprory

51,319,017
691,693,516

36,168,478

25,126,156

1,452,437

Dividend
overdraft

40,542,280
889,529,273
153,516

subsidiary companies

Unclaimed
Other

Customers

due to

over issue

of c h e q u e s

liabilities

758,796

823,417
17,117,621

11,866,774

985,787,022

780,764,259

1S,39B,100

10,714,100

13,382,750

10,706,200

B) PROVISIONS
For

Taxation

For P r o p o s e d

Dividend

For Tax o n P r o p o s e d
For

13

Dividend

Gratuity

MISCELLANEOUS
(To t h e e x t e n t
Preliminary

Furniture

807,443,979

8,126

(pending

allocation)

600,000

Remuneration

117,600

Hire Charges

2,189,637

Interest
Telephone

122,800

Preliminary

86,996

Expenses

Miscellaneous

182,990

Expenses

Expenses

S A L E S

15

1,024,666,538

off or a d j u s t e d )

Printing and Stationery

C o m p l e t e d project
Other

3,757,875

EXPENDITURE

not w r i t t e n
Expenses

Directors'

b)

1,501,545

4,824,266

Expenses

Preoperative

a)

2,274,400

Projects

Ongoing

3,300,023

8,126

2006-2007

2005-2006

Rs.

Rs.

435,539,004

232,531,711

32,615,996

103,013,481

28,293,279

Projects

496,448,279

335,545,192

15,891,286

7,969,970

OTHER INCOME
Interest

(Net)

Income from Long Term Investment:


Dividend
Sale

(net)

2,149,407

944,135

15,149,910

21,664,602

Commission

2,941,972

519,288

Rent

1,411,472

1,378,904

4,180,228

7,706,690

Miscellaneous

Income

P r o v i s i o n for D o u b t f u l

Debts Written

3,194,022

Profit on s a l e of I n v e s t m e n t
Profit o n s a l e o f F i x e d A s s e t s (Net)

46,720

I t e m s r e l a t i n g t o p r e v i o u s y e a r (Net)

136,190

Liabilities Written

100,000

Back

Back

: T f i T i

16,798

151,705

491,346

45,352,910

40,691,733

SCHEDULES TO THE ACCOUNTS


16.

2006-2007

2005-2006

(Rs.)

(Rs.)

INCREASE/ (DECREASE) IN STOCK


Closing Stock:
Leasehold Land
Freehold

Land

Shops

108,893,841

78,875,635

94,209,628

135,526,523

113,742

Unsold

completed

construction

Work-in-progress

24,196,074

19,361,207

324,881,390

261,271,016

552,294,675

495,034,381

67,785,414

96,935,824

Less: O p e n i n q Stock :
L e a s e h o l d land *

78,806,417

Leasehold Land transferred to Investment on

11,021,003

1st A p r i l , 2 0 0 6
Shop

715,807

Freehold land *
Unsold

132,279,658

completed

construction

Work-in-progress

*net o f o n g o i n g

project a d j u s t m e n t a c c o u n t i n g to Rs.

59,632,013

16,158,320

12,461,567

261,271,016

214,423,975

478,210,215

383,453,379

74,084,460

111,581,002

26,602,533

90,813,402

33,16,083/-

PURCHASES
Land
Flats/

Bunglows

191,730

2,404,098

26,794,263

93,217,500

262,876,530

181,607,594

60,222,042

34,932,006

39,759,134

27,545,122

4,221,014

3,753,483

780,507

988,975

PROJECTEXPENSES
Consumption

of construction

materials

(Indigenous)

Wages
Labour

charges

Power &

Fuel

Leasehold

land

Architects'

Fee

Miscellaneous

Less:

19

Ongoing

rent a n d
and

other c h a r g e s

Consultancy

project

Project

Charges

expenses

Expeses Adjustment

2,609,693

1,938,705

26,266,918

20,445,255

396,735,838

271,211,140

13,498,448
383,237,390

271,211,140

28,451,214

20,834,427

994,707

806,559

EXPENSES ON EMPLOYEES
Salary,

Wages,

bonus and allowances

(includes Gratuity Provision


Contribution to
Staff

&

Rs10,66,391;

PY Rs.7,54,478)

Provident & Other Funds

Labour welfare

expenses

rn

2,159,964

2,040,875

31,605,885

23,681,861

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED

SCHEDULES TO THE ACCOUNTS


20

2006-2007

2005-2006

(Rs.)

(Rs.)

1,378,256

1,467,475

OTHER EXPENSES
Rent
Rates and

Taxes

Insurance
Travelling
Legal

and

and

Conveyance

Professional

Advertisement and

expenses

Business

Promotion

Commission
Management

Fee

457,095

227,663

3,937,595

3,821,657

4,494,266

4,307,966

1,271,631

1,055,264

15,513,809

18,978,322

1,717,404

2,212,374

2,651,662

T e l e p h o n e , T e l e x & Fax

1,996,488

1,469,890

Printing & Stationery

1,585,006

1,230,004

Repairs and M a i n t e n a n c e :
To

Machineries

To Building
To

Others

Directors'

Fees

Auditors' Remuneration
For

Statutory Audit

For Tax A u d i t
For

Other

Irrecoverable

Services
expenses

227,935

623,071

934,919

38,000

26,000

471,408

364,780

Balances Written

off

35,672

16,850

110,276

91,195

181,109

224,001

8,728,747

4,905,470

174,258

272,224

Items relating to previous year

273,567

56,804

Fixed A s s e t s Written

223,545

Off

Preliminary Exp. W/off

21

554,563

For I n t e r n a l A u d i t

Miscellaneous

561,524
1,496,794

8,126

8,526

47,929,309

42,453,882

12,260,000

4,050,000

810,615

(123,876)

934,000

630,000

PROVISION FOR TAXATION


I n c o m e Tax
Deferred

Tax

Fringe

B e n e f i t Tax

Wealth

Tax

Income

tax A d j u s t m e n t s

-GEO-

30,000

5,000

111,642

(2,085)

14,146,257

4,559,039

Ashiana

ASHIANA HOUSING LIMITED CONSOLIDATED


22

NOTES ON ACCOUNTS

1)

SIGNIFICANT A C C O U N T I N G POLICIES
S Y S T E M OF A C C O U N T I N G :
The company adopts

accrual basis of accounting

in the

preparation of accounts.

FIXED A S S E T S A N D DEPRECIATION :
1.

2.

Fixed assets are v a l u e d at cost and d e p r e c i a t i o n

is provided on

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

1956.

Capital w o r k in

s t r a i g h t line b a s i s

in

accordance

with the

p r o g r e s s is v a l u e d at cost.

INVENTORIES:
Leasehold and

Freehold land,

unsold c o m p l e t e d c o n s t r u c t i o n , w o r k - i n - p r o g r e s s and c o n s t r u c t i o n materials are v a l u e d

at cost, w h i c h is derived at a v e r a g e basis, except that value of construction material is derived at FIFO basis.
GRATUITY :
Gratuity is a c c o u n t e d for

on accrual basis.

SALES AND OTHER INCOME :


a)

Sales of flats and others,

in

respect of projects u n d e r t a k e n

basis of date of delivery of physical


u n d e r t a k e n o n o r a f t e r 1st
extent of work done
buyer
b)

upon

Other income

on

excecution

possession to the

April, 2006,

before 31st M a r c h , 2 0 0 6 ,

respective customers and

represents the value of flats and others

percentage completion

basis,

significant

risk a n d

i s a c c o u n t e d for o n t h e

sales

in

respect of projects

contracted to be sold to the

rewards wherof is transferred to the

o f A g r e e m e n t for s a l e .

is a c c o u n t e d on accrual basis except w h e r e the

receipt of income

is u n c e r t a i n .

T A X E S ON I N C O M E :
a)
b)

C u r r e n t Tax i s d e t e r m i n e d a s t h e a m o u n t o f t a x p a y a b l e i n

r e s p e c t o f t a x a b l e i n c o m e for t h e y e a r .

D e f e r r e d Tax i s r e c o g n i s e d ,

subject to c o n s i d e r a t i o n

arising on timing differences,

being the difference b e t w e e n taxable income and a c c o u n t i n g income that originate

of p r u d e n c e ,

in

r e s p e c t o f d e f e r r e d tax A s s e t s / L i a b i l i t i e s

in o n e period and are c a p a b l e of reversal in one or more s u b s e q u e n t p e r i o d . D e f e r r e d tax in respect of differential


income due to accounting of sales on percentage completion basis,

b e i n g not d e t e r m i n a t e ,

i s not r e c o g n i s e d .

INVESTMENTS:
L o n g t e r m i n v e s t m e n t s a r e c a r r i e d a t a c q u i s i t i o n c o s t a n d i n v e s t m e n t s i n t e n d e d t o b e h e l d for l e s s t h a n o n e y e a r a r e
classified

as current

investments and

are carried

have attained the stage of permanent diminution


FOREIGN

at lower of cost and

market value.

Long Term

Investments which

in their v a l u e are revalued at their current v a l u e .

CURRENCY TRANSACTIONS:

I n c o m e a n d E x p e n d i t u r e i n f o r e i g n currency i s c o n v e r t e d into r u p e e a t t h e rate o f e x c h a n g e p r e v a i l i n g o n t h e d a t e o f


the

transactions.

I M P A I R M E N T OF A S S E T S :
Impairment Loss in the value of assets, as specified

in A c c o u n t i n g

value of such assets e x c e e d s the market value or value in


2)

use

S t a n d a r d -28

is

recognised whenever carrying

, w h i c h e v e r is higher.

C o n t i n g e n t Liability, not p r o v i d e d for, in r e s p e c t of :


a)

Contested d e m a n d of
Income tax and penalty

R s . 7.51

lacs

( R s . 7.51

S e r v i c e Tax

Rs.46.59

lacs

(Nil)

ESIC
b)

Contested

Rs.3.04
claim

of the

G o v e r n m e n t of

R a j a s t h a n for refund

lacs

lacs).

(Nil)

of State Capital

Subsidy

including

interest

Rs. 4 3 . 5 0 lacs (Rs. 4 1 . 2 5 lacs).


3)

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


advance) to Rs.

4)

70.86 lacs (Rs. 7 2 . 0 0 lacs).

The a c c o u n t i n g of sales of flats and others c o n t r a c t e d to be sold


1st

April, 2006,

i n r e s p e c t o f p r o j e c t s u n d e r t a k e n o n o r after

h a s b e e n d o n e o n p e r c e n t a g e c o m p l e t i o n b a s i s , w h i c h until p r e v i o u s y e a r w a s b e i n g d o n e o n

the basis of delivery of physical prossession to the respective c u s t o m e r s .


would

have been

lower by Rs.

114.78 lacs.

CD

But for t h i s c h a n g e ,

profit f o r t h e y e a r

Ashiana
5)

Paid

up

Share

ASHIANA HOUSING LIMITED - CONSOLIDATED

Capital

of the

Company

Amalgamation without payment being


6)

includes

received

1993100

Equity

Shares,

allotted

pursuant to

S c h e m e s of

in cash.

N a m e o f t h e C o m p a n y h a s b e e n c h a n g e d f r o m ' A s h i a n a H o u s i n g a n d F i n a n c e (India) L i m i t e d ' t o ' A s h i a n a H o u s i n g


Limited' vide the fresh certificate of incorporation, c o n s e q u e n t upon c h a n g e of n a m e , d a t e d 0 4 . 0 5 . 2 0 0 7 ,
by the

7)

issued

Registerar of C o m p a n i e s , West.

Interest I n c o m e (Including T D S Rs. 3 4 , 9 7 , 3 3 9 / - ;

P.Y.Rs.

1 4 , 9 8 , 7 7 6 / - ) i s net o f

Interest :
To
8)

Others

Rs.3,35,564/-

In v i e w of insufficient information

(Rs.

f r o m the suppliers regarding their status as SSI

6,99,281/-)

units, the a m o u n t due to

S m a l l S c a l e I n d u s t r i a l u n d e r t a k i n g c a n not b e a s c e r t a i n e d .
2006 - 2007

9)

(Rs.)

3,150,000

3,600,000

Directors' Remuneration :
Salary

262,500

62,500

441,311

735,957

3,853,811

4,398,457

P r o v i s i o n for G r a t u i t y
Perquisites

10)

E x p e n d i t u r e in Foreign C u r r e n c y :
Travelling

11)

2005 - 2006

(Rs.)

Rs.17,60,109/-

The earning

per s h a r e

i s s u e d by ICAI

a)

has been c a l c u l a t e d as s p e c i f i e d

Standard 20

9,73,555/-)

o n " E a r n i n g s Per S h a r e "

a n d r e l a t e d d i s c l o s u r e s a r e as b e l o w :

A m o u n t used as n u m e r a t o r in calculating basic a n d diluted


P r o f i t / ( L o s s ) after t a x

b)

in A c c o u n t i n g

(Rs.

Weighted average

(Rs.

2006-2007

2005-2006

Rs.

Rs.

944.67

553.07

51.67

51.67

EPS:

in lacs)

n u m b e r of equity s h a r e s used as the

d e n o m i n a t o r in calculating EPS (Nos. in lacs).

12)

These accounts have been

p r e p a r e d a s per t h e r e v i s e d A c c o u n t i n g S t a n d a r d (AS) 9 o n " R e v e n u e R e c o g n i t i o n "

and the G u i d a n c e note on "Recognition of R e v e n u e by Real


S i n c e , i n t e r m s o f p r o v i s i o n s o f t h e I n c o m e Tax A c t , 1961
of c o n s t r u c t e d
c o m p u t i n g Total

unit a n d

deduction

u/s 8 0 I B ( 1 0 )

Estate Developers".

the income a c c r u e s upon delivery of physical possession

is a l l o w e d

after c o m p l e t i o n

of c o n s t r u c t i o n ,
Rs.

Net

Profit as per Profit & L o s s A c c o u n t

Less:- Sales Real


Less:

'Net

Profit' for

Income under the

Ongoing

108,613,637

Estate- ongoing projects

project

expenses

Rs.

adjusted

28,293,279
16.814.531

11.478.748
97,134,889

A d d : - As

per

Income Tax Act:

Sales

Real

Estate - ongoing

(upon

delivery

Less:

Cost of Sales

of physical

Net Profit for I n c o m e Tax

projects completed

possession)

Purpose

97,134,889

CD

Mm Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED


13)

The Consolidated Financial Statements have been prepared in a c c o r d a n c e with A c c o u n t i n g Standard 21

(AS 21)

- " C o n s o l i d a t e d Financial S t a t e m e n t s " issued by T h e Institute of C h a r t e r e d A c c o u n t a n t s of India. T h e subsidiaries


(which along with Ashiana Housing & Finance
preparation

of these consolidated financial

Name

(I)

Ltd.,

the parent,

constitute the Group) considered

C o u n t r y of

P e r c e n t a g e of voting

Incorporation

'

P e r c e n t a g e of voting

power as at

power

31st M a r c h , 2 0 0 7

14)

in the

statements are:

31st

as

March.

A s h i a n a Retirement Villages Limited

India

100%

99.98%

Vatika Marketing Limited

India

100%

100%

On the basis of physical verification of a s s e t s , as specified

in A c c o u n t i n g Standard - 28 a n d cash

at
2006

generation

capacity of those assets, in the m a n a g e m e n t perception there is no impairment of such assets as appearing in the
balance sheet as on 31.03.2007.
15)

a)

Previous year figures above are indicated in

b)

Previous year figure

have

been

brackets.

regrouped/rearranged,

wherever found

necessary.

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED

SCHEDULES TO THE A C C O U N T S
23
I

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE


Registeration

Registration Details

State

Code

21

Nil

Right

Issue

Nil

Nil

Private

Total Liabilities

358,937

Total

Assets

358,937

Paid-up Capital

51,670

R e s e r v e s & Surplus

271,735

Secured

Loans

9,762

Unsecured

21,800

Deffered

Tax

3,970

Balance
Public
(Amount in
III

Rs. T h o u s a n d )

P o s i t i o n of M o b i l i s a t i o n a n d
Deployment
' ( A m o u n t in
Sources

Application

of

No.

Sheet

Date

31/03/2007

Issue

Bonus

Issue

Placement

Nil

of funds
Rs. Thousand)
Funds

of Funds

Liabilities

Loans

Net

Fixed Assets

184,925

Investments

269,497

Net

Current Assets

(98,785)

Misc.

3300

Accumulated
Performance

40864

Losses

Expenditure

Nil

of Company
T u r n o v e r (Gross Revenue)
+/-

Profit/Loss

Before

556,871

Total

+ 108,614

+/After

Tax

Expedinture
Profit/Loss

448,257
+94,467

Tax*

E a r n i n g per s h a r e
IV

18.28

Dividend

Rate %

25

Generic N a m e of Three Products/Services of C o m p a n y


(as per m o n e t a r y t e r m s )

Item C o d e No.

N.A

(ITC Code)
Product Description

S i g n a t u r e to S c h e d u l e s 1

Real

Estate

to 23

i n t e r m s o f our report o f e v e n d a t e a t t a c h e d h e r e w i t h .
For B. C H H A W C H H A R I A & C O .
Chartered

Accountants

VINIT BAGARIA
Partner

Bhagwan
Kumar
Company Secretary

Place : G u r g a o n
Date : 29th J u n e , 2 0 0 7

For and on
Om Prakash Gupta
M a n a g i n g Director

Vishal Gupta
J t . M a n a g i n g Director

behalf o f t h e B o a r d
Naval Kishore
G . M . (F&A)

Place : N e w Delhi
Date : 29th J u n e , 2 0 0 7

Ashiana

ASHIANA HOUSING LIMITED - CONSOLIDATED


CASH

FLOW S T A T E M E N T FOR THE YEAR

CASH

FLOW

Net

FROM

Profit

OPERATING

ENDED 31 ST M A R C H ,

ACTIVITIES

2007
2006-2007

2005-2006

(Rs.)

(Rs. )

before tax and e x t r a o r d i n a r y items

59,865,883

108,613,637

A d j u s t e d for :
Depreciation
Interest

Income from

Long Terms Investment

P r o v i s i o n for d o u b t f u l
Fixed
Profit

3,588,520

Income

assets written
Loss on

loans written

back

2,795,954

(15,891,286)

(7,969,970)

(17,299,317)

(22,608,737)

(100,000)

off

223,545

sale of Fixed A s s e t s

OPERATING PROFIT BEFORE W O R K I N G CAPITAL C H A N G E S .

(46,720)

(16,798)

79,088,379

32,066,332

A d j u s t e d for :
Trade

and

other receivables

Inventories
Trade

Payables and

(Increase)/

Decrease

advances from
in

(15,708,706)

(34,232,715)

(68,998,492)

(114,545,901)

205,395,513

263,950,559

customers

Miscellaneous expenditure

CASH GENERATED FROM OPERATIONS

flow

before

Extra

Ordinary

extra ordinary

147,246,801
(5,111,832)

180,396,395

142,134,969

180,396,395

151,139,059

(119,638,994)

(36,505,980)

items

items

Adjustment on

account of amalgamation

Net c a s h f r o m

O p e r a t i n g a c t i v i t i e s (A)

CASH

8,526

196,484,797
(16,088,402)

D i r e c t T a x e s paid / a d j u s t e d
Cash

(3,291,897)

9,004,090

of subsidiaries

FLOW FROM INVESTING ACTIVITIES :

Purchase

of

Fixed Assets

Sale of Fixed Assets


Net

Purchase/ sale

Interest

of Investments

Income

Other Income from


Net C a s h
CASH

Long Term

FLOW FROM

Proceeds from

16,798

(22,139,253)

(23,901,774)

15,891,286

7,969,970

2,149,407

944,135

(123,461,354)

(51,476,851)

Investments

f r o m i n v e s t i n g a c t i v i t i e s (B)

276,200

FINANCING ACTIVITIES :

long t e r m and

other borrowings

D i v i d e n d & D i v i d e n d Tax paid


Net C a s h u s e d i n F i n a n c i n g a c t i v i t i e s (C)
N E T I N C R E A S E I N C A S H A N D C A S H E Q U I V A L E N T S (A+ B + C )

CASH AND CASH EQUIVALENTS ATTHE BEGINNING OFTHE

18,403,992

(538,005)

11,768,662

(5,791,963)

30,172,654

(6,329,968)
93,332,240

87,107,695
170,632,653

77,300,413

234,168,501

170,632,653

YEAR
CASH AND CASH EQUIVALENTS

0 1 . Proceeds from
02. Cash

long t e r m

and

and Cash equivalents

A T T H E END OF THE Y E A R

other b o r r o w i n g s are s h o w n

represent cash and

I n t e r m s o f our r e p o r t o f e v e n d a t e a t t a c h e d
For B .

CHHAWCHHARIA

net o f r e p a y m e n t :

bank b a l a n c e s only.

herewith

& CO.

Chartered Accountants
VINIT BAGARIA
Partner

For a n d o n b e h a l f o f t h e B o a r d
Bhagwan

Kumar

Company Secretary

Om Prakash Gupta

Vishal Gupta

M a n a g i n g Director

Jt. M a n a g i n g D i r e c t o r

Naval
G.M.

Place : G u r g a o n

Place :

Date

Date

: 29th J u n e , 2 0 0 7

<69>

Kishore
(F&A)

N e w Delhi

: 29th June, 2007

ASHIANA HOUSING LIMITED CONSOLIDATED

Ashiana Housing Limited


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

FORM

I/We
Of

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

appoint Mr./Mrs./Miss
Of

.or failing him/ her, Mr./Mrs./Miss

of.
as my/our Proxy to attend and vote for me / us and on my behalf at the 21 st Annual General Meeting of the Company to be
held on Friday, the 21 st September, 2007 at 2:30 R M. and at 'Kalakunj' (Basement - Kalamandir), 4 8 , Shakespeare Sarani,
K o l k a t a - 7 0 0 017.
Affix
Signed this

.day of.

Registered Folio No./Client ID No

2007.

Re. I/
Revenue
Stamp

No of Shares

D. R I D N o
N o t e : I. A n y M e m b e r entitled to attend and vote at the meeting is entitled to attend and either vote in person or by
proxy and the proxy need not be a member.
2. The Proxies, in order to be effective, must be received by Company not less than 48 hours before the t i m e of
t h e Meeting at t h e Registered Office: 5 F, Everest, 46 / C , Chowringhee Road, Kolkata - 700 071

Ashiana

Ashiana Housing Limited

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


A T T E N D A N C E

SLIP

T O B E H A N D E D O V E R A T T H E E N T R A N C E O F T H E M E E T I N G HALL
N a m e of the attending member
(in block letters)
Members registered folio number
N a m e of the Proxy (in Block letters)
(To be filled in if the proxy attends instead of the Members)
N o . of shares held
I hereby record my presence at the 21 st Annual General Meeting of the Company held at 'Kalakunj' (Basement - Kalamandir),
4 8 , Shakespeare Sarani, Kolkata - 700 017 on Friday 21 * September2007 at 2:30 R M.

Member's/Proxy's Signature
(To be signed at the t i m e of handing over the slip)
N O T E : The copy of the Annual Report may please be brought to the Meeting Hall.

A S H I A N A

J O D H P U R

ASHIANA AMARBAGH, JODHPUR


Ashiana

Amarbagh

will

add

another

colour

to

Jodhpur's landscape - A unique residential township


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

Located on Pali Road near proposed new


Hig'hcourt.
Offering ony 3 bedroom exdusve Villas.

Spread over 27 acres with open green spaces.


A club with summing pool, badminton, tennis
court, cards room, banquets, restaurant etc.

1 &ASHIANA

l a n d s
PARDIH,

JAMSHEDPUR

ASHIANA WOODLANDS, JAMSHEDPUR


Ashiana Woodlands is not just a h o m e , it is a whole
new World that offers you a unique lifestyle. Located
in the foothills of the Dalma Hills in Pardih, it is one of
the
||f

most

picturesque

area

near

Jamshedpur.

Surrounded on three sides with densely w o o d e d


hills, Ashiana Woodlands is all about world-class
facilities

and

comfortable

living

with

up-market

specifications.
w Offering exclusive 3 bedroom villas, executive
floors & super deluxe apartments.

Recreational facilities like Gymnasium, Pool t a b l e ,


Swimming Pool, Badminton Court, Reading Lounge

Efficiently designed units for highest carpet area.

and Walking Track.

G Professionally landscaped large parks, fountains &

24 hour internal security with intercom.

trees all around the complex.

Ample Parking space.

J
VJLLRGE MRU
ASHIANA VILLAGE MALL, BHIWADI
The Village M a l l , heralds the business Revolution in
Bhiwadi. It is the first commercial space project by
Ashiana in Bhiwadi. It is located in the Ashiana
Village, which houses 1000 families & another 1000
families

staying

in

the

other Ashiana

projects,

ensuring a captured clientele.

4) Village Mall is the First


A

Available only on lease hold.

Mall in Bhiwadi.

Five Storey Elegant Structure with two floors for


shopping and three floors for corporate space.

' Power backup.


1

Designated elevators for shoppers, corporate space


& service staff.

Strategically located in a growing market.


A Well connected - having roads on all three sides.
Large car parking for ease of accessibility.

Beautifully designed interiors having an atrium with


glass pyramid and planned green and water bodies

ASHIANA GREENWOOD, JAIPUR

' 10 Floors with covered car parking.

A Located

'

i n Jagatpura, just 5

minutes drive from

Malviya Nagar, Jaipur.


A Over looking the shooting range and the forest land
A 3

Bedroom

Palatial

specifications.

apartments

with

up-market

u p

Projects on offer

Ashiana
W

flaxen
A

ASHIANA AANGAN, BHIWADI


Ashiana Aangan is strategically located in Bhiwadi,
Rajasthan,

offering

you

choice

of

high

rise

a p a r t m e n t s , that are efficiently designed for high


carpet

area.

The

township

caters

to

your

requirements in every single way and it's proximity to


commercial hubs of Delhi, Gurgaon and Jaipur & Delhi
International Airport gives you easy accessibility.

' S t i l t + 1 0 floors with two automatic lifts.

' S t a t e of the art maintenance facility by wholly owned


subsidiary.

>2/3 bedrooms apartment, with highest carpet area


( 7 7 % ) to super built-up area.
> 8 2 % open spaces with landscaped parks, fountains
etc.

2 0 0 0 happy Ashiana families living in the vicinity.

G o o d rental returns due to industries like Hero


Honda, Gillette, Shree Cement etc. in close proximity.

&750 watt power back-up & ample water supply.

ASHIANA MANGLAM, JAIPUR


Ashiana M a n g a l m , has got the best in t e r m s of
contemporary styling

and

high-end

maintenance.

The project is in collaboration with the Manglam


Group of Jaipur which is synonymous to trust and
reliance. This magnificent residential complex has all
the comforts of living a hassle-free life once you
become a part of it.
Located on KalwarRoad, 17 Km from M.I. Road, Jaipur.
Fully built-up complex which gives a symterical feel.
A2 & 3
\

bedroom apartments and exclusive 3

bedroom

villas.

A E f f i c i e n t l y designed units for highest carpet areas.

"Recreational facilities like Pool table, Community hall,


badminton court & reading lounge.
AProfessionally landscaped

large parks,

fountains and

trees all around the complex.


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

ASHIANA UTSAV, BHIWADI &


J A I P U R - India's First
Retirement Resort

9 Location
O A S H I A
r

rJ

not retire from


and

life. You've worked


fulfilled

0 Option

about

your

needs,

On

1RE T

of

2/3

bedroom

|i

your

Secure campus with emergency


response system in each flat.

your

comforts and your peace of mind. Its time

9 24
to

enjoy

life

independently and on your own t e r m s . A life without its


hassles and in pursuit of your interests that were long
forgotten. Its time to Celebrate Life!
Ashiana Utsav, India's first Retirement Resort, a community
of 5 5 + , is the answer to all you ever wanted but was just a
dream!

Centre

with'

doctors,

hours
para

Medical

Assistance

medical

staff

and

Ambulance service.
Central Dinning hall.
Activity Center with facilities like Cards room, hobby
club, board games, library cum reading lounge etc.
Large central park with water body, walking tracks,
exercise and yoga areas f o r a healthy lifestyle.

0 Location Bhiwadi - Just 45 minutes drive from Delhi


International Airport.

Kalwar

apartments with lift.

responsibilities, now it's time to


think

Jaipur.

When you retire from work, you do

hard

Jaipur

Road, 17 kms. from M. I. Road

NA

W h e e l chair a c c e s s i b l e h o m e s .

Ashiana
(If undelivered,

pleasesendto)

A S H I A N A H O U S I N G L I M I T E D , (formerly known as Ashiana Housing & Finance (I) Limited.): 3 0 4 , S o u t h e r n Park, Saket District C e n t r e ,
S a k e t , N e w Delhi - 1 1 0 0 1 7

Ph: 011-4265 4265;

J A I P U R : 6 0 4 , A p e x M a l l , 5th floor, Lai K o t h i , Tonk R o a d , Jaipur - 3 0 2 0 1 5 .

P h : 0 1 4 1 - 40 20 4 0 0 ; B H I W A D I : A s h i a n a Bageecha, Bhagat Singh Colony, Bhiwadi, Rajasthan - 301 0 1 9 . P h : 01493-515 5 1 5 ;


JODHPUR:

Ashiana Amarbagh,

Village

Kudi

Bhagtasani,

Jodhpur

Pali

Road,

Jodhpur -

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


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

342

001.

Ph:

0291-

513

3888;