Ashiana Annual Report 07

Ashiana

A n n u a l R e p o r t 2006 - 07

Our a c h i e v e m e n t in t he yea r 2 0 0 6 - 07 h a n d i n g ove r Phase- I o f UTSAV - I nd ia ' s f i r s t r e t i r e m e n t r e s o r t a t Bh iwad 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. Importance to all in the organization ii. Freedom to work & Speak iii. Being able to make a mistake iv. Family like working environment v. 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. Honesty ii. Sharing information regularly iii. 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 HOUSING LIMITED Ashiana

CHAIRMAN'S LETTER TO SHAREHOLDERS

G r e e t i n g s S h a r e o w n e r s ,

I t i s a g r e a t p l e a s u r e t o s h a r e m y t h o u g h t s a n d f e e l i n g s w i t h y o u . I h a v e e n j o y e d e v e r y d a y o f m y w o r k i n g w i t h

t h e C o m p a n y f o r t h e las t 2 1 y e a r s . I t i s a s e n s e o f p l e a s u r e t o c r e a t e n e w H o u s i n g P r o j e c t s a s I c a n s e e t h e

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

p o p u l a t i o n o f o u r c o u n t r y .

Y o u r C o m p a n y ' s f o c u s i s o n :

• B u i l d i n g e n v i r o n m e n t f r i e n d l y c o m m u n i t i e s w h i l e p r o v i d i n g t h e m o s t m o d e r n i n f r a s t r u c t u r e s u c h a s

r o a d s , s t r e e t l i g h t s , p o w e r s u p p l y , w a t e r d i s t r i b u t i o n , p a r k s a n d c h i l d r e n p l a y a r e a

• C o n t i n u o u s i m p r o v e m e n t s t o d e l i g h t t h e c u s t o m e r

• T r a n s p a r e n c y , o n t i m e d e l i v e r y a n d a f t e r s a l e s s e r v i c e

• B u i l d i n g b r a n d a n d not f o c u s o n s h o r t t e r m p r o f i t a b i l i t y a l o n e

• E n s u r i n g t h a t o u r a c t i v i t i e s a r e m a k i n g e v e r y b o d y h a p p y

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

e m o t i o n a l l y a t t a c h e d t o t h e o r g a n i z a t i o n . T h i s c o m m i t m e n t a n d h a p p i n e s s i s c o n s t a n t l y v i s i b l e i n o f f i c e a n d

c u s t o m e r d e a l i n g s . I n y o u r c o m p a n y , s u p p l i e r s & c o n s u l t a n t s a r e t r e a t e d l i ke c u s t o m e r s a n d w e h a v e v e r y

d e d i c a t e d a n d c o m m i t t e d s u p p l i e r s a n d c o n s u l t a n t s .

I h a v e a l w a y s b e l i e v e d t h a t o r d i n a r y p e o p l e c a n d e l i v e r e x t r a o r d i n a r y r e s u l t s a n d h a v e s t r i v e d t o c r e a t e t h i s

c u l t u r e a t w o r k . M o s t o f t h e s e n i o r m a n a g e r s i n t h e o r g a n i z a t i o n h a v e r i s e n t h r o u g h t h e r a n k s a n d w e a r e

c o n t i n u o u s l y g r o o m i n g m o r e t a l e n t t o s e r v e t h e g r o w i n g n e e d s o f t h e o r g a n i z a t i o n . T r a i n i n g h a s t a k e n u t m o s t

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

i n o v e r a l l e m p l o y e e s a t i s f a c t i o n a n d d e v e l o p m e n t .

T h e l a n d c o s t s h a v e i n c r e a s e d s u b s t a n t i a l l y i n t h e l as t t w o y e a r s . B u y i n g l a n d , g e t t i n g G o v t , c l e a r a n c e s f o r

d e v e l o p i n g h o u s i n g p r o j e c t s / t o w n s h i p s h a s b e c o m e a v e r y c u m b e r s o m e , t i m e c o n s u m i n g a n d n o t s o

p l e a s a n t e x p e r i e n c e . T o o v e r c o m e t h e s e h u r d l e s a n d t o m a i n t a i n t h e g r o w t h , y o u r c o m p a n y h a s f o r m e d

p a r t n e r s h i p w i t h t h e l a n d o w n e r s w i t h c l e a r t i t l e a n d g o v e r n m e n t c l e a r a n c e s . I a m s u r e t h i s s h o u l d w o r k o u t

a s a g o o d m o d e l t o d e v e l o p n e w h o u s i n g p r o j e c t s . I a m h a p p y t o a n n o u n c e t h a t w e h a v e a l r e a d y f o r m e d f o u r

p a r t n e r s h i p s t o d e v e l o p l a n d i n J a i p u r a n d J o d h p u r .

ASHIANA HOUSING LIMITED

6,000 n

5,000 -

4,000 -

3,000 -

2,000 -

1,000 •

Sales (in lacs)

1,287.80

5,341.58

1,200

1,000

800

600

400

200

(200)

Net Profit ( in lacs)

(12.75)

2005

1,400 -

1,200 -

1,000 •

800 -

600 -

400 •

200 -

Assets (in lacs) Div idend

H i -

1,216.66 30%

5£ ™ 25% I k - ™ 20%

15%

*A 10% -

4 5% -

0% -

F i n a n c i a l s a t a g l a n c e

( R s . In lacs)

Tota l i n c o m e

EBITDA

Net Profit

EPS

D i v i dend (Rs.)

To ta l a s s e t s

S h a r e h o l d e r equ i ty

2 0 0 7

5 3 4 1 . 5 8

9 6 8 . 5 2

18.09

2 .50

1 2 1 6 . 6 6

3 0 0 5 . 5 0

2 0 0 6

3 6 1 5 . 9 7

4 5 9 . 8 4

8.59

2 .00

4 3 1 . 2 9

2 1 9 3 . 5 5

C h a n g e (%)

4 8 %

1 1 1 %

2 5 % .

1 8 2 %

3 7 %

968.52

459.84

2006 2005 2006 2007

25%

20%

431.29 279.23

2005 2006 2007 2007 2006 2005

M i l e s t o n e s a c h i e v e d

O c t o b e r 2 0 0 6

O p e n e d A s h i a n a G y m k h a n a ,

the f irst of its k ind in B h i w a d i

F e b r u a r y 2 0 0 7

L a u n c h e d A s h i a n a A a n g a n .

W h e n c o m p l e t e d i t wi l l be the

la rges t rea l es ta te pro ject o f

A s h i a n a i n B h i w a d i

N o v e m b e r 2 0 0 6

L a u n c h e d A s h i a n a V i l l age M a l l ,

the f irst ma l l to c o m e up

in B h i w a d i .

D e c e m b e r 2 0 0 6

C o m m e n c e d hand ing over o f

f la ts for A s h i a n a Utsav P h a s e I

and Greenh i l l s Phase I I


A s h i a n a H o u s i n g L i m i t e d

T h e f o c u s f o r A s h i a n a H o u s i n g L td r e m a i n s i n d e v e l o p i n g m i d d l e

N C R . W e a r e c u r r e n t l y e x e c u t i n g p r o j e c t s i n B h i w a d i , N e e m r a n a ,

J a m s h e d p u r i n J h a r k h a n d . W e h a v e a m b i t i o n s p l a n s t o e x p a n d t o

A s h i a n a R e t i r e m e n t V i l l a g e s L i m i t e d

A s h i a n a R e t i r e m e n t V i l l a g e s L i m i t e d i s a w h o l l y o w n e d s u b s i d i a r y o f t h e c o m p a n y a n d s p e c i a l i z e s i n t h e

h o u s i n g n e e d s f o r s e n i o r c i t i z e n s u n d e r t h e b r a n d n a m e ' A s h i a n a U t s a v ' . T h e 1 s t p h a s e o f t h e 1 s l 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 , n e a r D e l h i i s r e a d y a n d o u r s e n i o r s h a v e s t a r t e d m o v i n g i n . T h i s a p p r o x i m a t e l y 1 0 0 c r o r e

p r o j e c t w i l l b e c o m p l e t e l y r e a d y b y t h e e n d o f t h i s y e a r . T h e r e s p o n s e t o t h i s p r o j e c t h a s b e e n b e y o n d

e x p e c t a t i o n s . W e a r e l o o k i n g f o r w a r d t o m a k e t h e l i v e s o f o u r s e n i o r s h e a v e n l y i n t h e r e t i r e m e n t r e s o r t s .

T h i s p r o d u c t h a s a g r e a t f e a t u r e a n d y o u r c o m p a n y p l a n s t o t a k e t h i s c o n c e p t a l l o v e r t h e c o u n t r y . T h e n e x t

" A s h i a n a U t s a v " h a s b e e n l a u n c h e d i n J a i p u r ( as pa r t o f A s h i a n a M a n g a l a m ) a n d w e p r o p o s e t o a d d L u c k n o w

a n d P u n e v e r y s h o r t l y i n t h i s p o r t f o l i o o f h a p p i n e s s . A s w e w i l l m a i n t a i n a n d m a n a g i n g t h e s e r e t i r e m e n t

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

b u s i n e s s w i t h t i m e a s t h e v o l u m e i n c r e a s e s s u b s t a n t i a l l y o v e r t i m e .

H e l p i n g o u r c u s t o m e r s r e n t , s e l l o r m a i n t a i n i s a u s e f u l s e r v i c e t h a t w e h a v e r e c e n t l y a d d e d t o o u r p o r t f o l i o o f

c u s t o m e r s e r v i c e s . W e h a v e r e c o g n i z e d t h a t w e c a n a d d a d d i t i o n a l v a l u e w h i l e g e n e r a t e a d d i t i o n a l r e v e n u e .

K e e p i n g t h i s i n m i n d w e a d d e d a R e s a l e & L e a s e d i v i s i o n f o r w h i c h t h e r e s p o n s e h a s b e e n v e r y e n c o u r a g i n g .

T h e c o m p a n y h a s a l s o bu i l t a n a c t i v i t i e s c l u b c u m h o t e l ( A s h i a n a G y m k h a n a ) a n d a s h o p p i n g M a l l ( A s h i a n a

V i l l a g e M a l l ) . T h e s e p r o j e c t s a r e e x p e c t e d t o p r o v i d e c o n t i n u o u s r e v e n u e s t r e a m s . M o r e s u c h p r o j e c t s a r e

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

V a t i k a M a r k e t i n g L i m i t e d

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

s e r v i c e s t o p r o j e c t s d e v e l o p e d b y A s h i a n a H o u s i n g . T h e s e r v i c e s o f t h i s s u b s i d i a r y h e l p b u i l d t h e A s h i a n a

b r a n d i n t h e e y e s o f t h e c u s t o m e r a n d m a k e i t e a s y f o r u s t o m a r k e t n e w p r o j e c t s .

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

h o p e f u l l y y o u w i l l s e e s u b s t a n t i a l i m p r o v e m e n t s i n t o p l i ne a n d b o t t o m - l i n e i n t h e c o m i n g y e a r s . I w o u l d l i ke

t o c o n v e y m y h e a r t i e s t & s i n c e r e t h a n k s t o a l l t h e s h a r e o w n e r s f o r h a v i n g m a i n t a i n e d t h e i r f a i t h i n t h e

o r g a n i z a t i o n .

I w o u l d l i ke 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 a l l w o r k f o r c e f r o m t h e b o t t o m o f m y h e a r t w i t h o u t t h e i r e f f o r t s o u r

s u c c e s s w o u l d n o t ' h a v e b e e n p o s s i b l e . I t h a n k t h e m a l l f o r l i v i n g b y t h e v a l u e s o f t h e o r g a n i z a t i o n a n d

c r e a t i n g t h a t h a p p i n e s s al l a r o u n d u s . O u r c u s t o m e r s , s u p p l i e r s a n d c o n s u l t a n t s h a v e m a d e u s r e a c h w h e r e

w e a r e t o d a y a n d n o s u c c e s s i s c o m p l e t e w i t h o u t a p p r e c i a t i o n o f t h e i r e f f o r t s . I c a n a s s u r e y o u t h a t w e w i l l

a l w a y s k e e p i m p r o v i n g t o g i v e t h e v e r y b e s t t o y o u .

B e s t w i s h e s

O M G U P T A

C h a i r m a n & M a n a g i n g Di rec tor

9 A s h ^ n a

i n c o m e g r o u p h o u s i n g i n R a j a s t h a n a n d

J a i p u r a n d J o d h p u r i n R a j a s t h a n a n d a t

m a n y m o r e c i t i e s i n R a j a s t h a n a n d N C R


i •

21 ST ANNUAL REPORT 2006-07

Board of Directors

Mr. Om Prakash Gupta (Managing Director) Mr. Vishal Gupta (Joint Managing Director) Mr. Ashok Kr. Mattoo

Mr. Abhishek Dalmia Mr. Lalit Kr. Chhawchharia Mr. Ankur Gupta (Whole Time Director) Mrs. Sonal Marwah

[Company Secretary)

Bhagwan Kumar

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 Delhi -110 017. Ph. No. : (011)42654265 Fax No. : (011)42654200

Auditors)

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

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, 99, Madangir, Behind Local Shopping Centre, Near Dada Harsukh Dass Mandir,

New Delhi -110 062. Ph. : (011)-29961281 -82 Fax: (011)-29961284

http://www.ashianahousing.com


A s h i a n a H o u s i n g L t d . Page N o .

Not i ce 1 -2

D i rec to rs ' Repor t 3-5

M a n a g e m e n t D iscuss ion & A n a l y s i s Repor t 5-7

Repor t on C o r p o r a t e G o v e r n a n c e 8 -13

A u d i t o r s ' Repor t 14-16

Ba lance Shee t 17

Profit & Loss A c c o u n t s 18

S c h e d u l e s to the A c c o u n t s 19-29

Ba lance Shee t Abs t rac t 30

C a s h F low S t a t e m e n t 31

S t a t e m e n t pu rsuan t

to Sec t ion 212 of the C o m p a n i e s Ac t , 1956 32

V a t i k a M a r k e t i n g L t d .

Di rec to rs ' Repor t 33

A u d i t o r s ' Repor t • 3 4 - 3 5

Ba lance Shee t 36

Profit & Loss A c c o u n t 37

S c h e d u l e s t o the A c c o u n t s 3 8 - 4 2


A s h i a n a R e t i r e m e n t V i l l a g e s L t d .

Di rec to rs ' Repor t 44

A u d i t o r s ' Repor t 4 5 - 4 6

Ba lance Shee t 47




A s h i a n a H o u s i n g L t d .

C o n s o l i d a t e d A c c o u n t s

A u d i t o r s ' Repor t 56

Ba lance Shee t 57




C a s h F low S t a t e m e n t 69

Proxy F o r m , A t t e n d a n c e S l i p

Kind Attn. Shareholders

of

Erstwhile Ashiana Proteins Ltd.

S h a r e h o l d e r s a re r e q u e s t e d t o s e n d t h e i r S h a r e

C e r t i f i c a t e ( s ) o f t h e E r s t w h i l e A s h i a n a P r o t e i n s L t d .

to the H e a d O f f i ce of t he C o m p a n y at Unit N o . 4 &

5 , 3rd F l oo r , Plot No . : D-2 , S o u t h e r n Pa rk , Sake t

D is t r i c t C e n t r e , N e w De lh i - 110 0 1 7 fo r e x c h a n g e

t h e r e o f w i t h t he 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

b y v i r t u e o f a m a l g a m a t i o n o f e r s t w h i l e A s h i a n a

P r o t e i n s L t d . w i t h M /s . A s h i a n a H o u s i n g L t d .

p u r s u a n t t o t h e O r d e r o f H o n ' b l e H i g h C o u r t s a t

W e s t B e n g a l & R a j a s t h a n .

ASHSANA HOUSING LIMITED I 9 H Ashiana

NOTICE

N O T I C E i s h e r e b y g i v e n t h a t t h e 2 1 s t A n n u a l G e n e r a l

M e e t i n g o f t h e m e m b e r s o f M /s . A S H I A N A H O U S I N G

L T D . ( f o r m e r l y k n o w n a s 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 ) w i l l b e h e l d o n F r i d a y ,

t h e 2 1 s t S e p t e m b e r , 2 0 0 7 a t ' K a l a k u n j ' ( B a s e m e n t -

K a l a m a n d i r ) , 4 8 , S h a k e s p e a r e S a r a n i , K o l k a t a -

7 0 0 0 1 7 , a t 2 : 3 0 P .M . t o c o n s i d e r a n d t r a n s a c t t h e

f o l l o w i n g b u s i n e s s :

O R D I N A R Y B U S I N E S S :

1 . T o r e c e i v e , c o n s i d e r a n d a d o p t t h e A u d i t e d

B a l a n c e S h e e t a s a t 3 1 s t M a r c h , 2 0 0 7 , t h e P r o f i t

& L o s s A c c o u n t fo r t h e y e a r e n d e d o n t h a t d a t e

a n d t h e R e p o r t o f t h e B o a r d o f D i r e c t o r s ' a n d

A u d i t o r s ' t h e r e o n .

2 . T o d e c l a r e d i v i d e n d .

3 . To a p p o i n t a D i r e c t o r i n p l a c e o f S h r i La l i t K u m a r

C h h a w c h h a r i a , w h o r e t i r e s b y r o t a t i o n a n d b e i n g

e l i g i b l e f o r r e - a p p o i n t m e n t .

4 . To a p p o i n t a D i r e c t o r i n p l a c e o f S m t . S o n a l

M a r w a h , w h o r e t i r e s b y r o t a t i o n a n d b e i n g

e l i g i b l e f o r r e - a p p o i n t m e n t .

5 . T o a p p o i n t A u d i t o r s a n d f ix t h e i r r e m u n e r a t i o n .

B y o r d e r o f t h e B o a r d

P l a c e : N e w D e l h i ( B h a g w a n K u m a r )

D a t e : 2 9 t h J u n e , 2 0 0 7 C o m p a n y S e c r e t a r y

N O T E S :

1 . A M E M B E R E N T I T L E D T O A T T E N D A N D V O T E

A T T H E M E E T I N G I S E N T I T L E D T O A P P O I N T A

P R O X Y T O A T T E N D A N D V O T E I N S T E A D O F

H I M S E L F / H E R S E L F A N D T H E P R O X Y N E E D N O T

B E A M E M B E R O F T H E C O M P A N Y .

2 . P r o x y f o r m d u l y f i l l e d u p a n d e x e c u t e d m u s t b e

r e c e i v e d a t , t h e R e g i s t e r e d O f f i c e o f t h e C o m p a n y

no t l e s s t h a n 4 8 h o u r s b e f o r e t h e t i m e f i x e d f o r

t h e m e e t i n g .

3 . T h e r e l e v a n t d e t a i l s o f d i r e c t o r s s e e k i n g

a p p o i n t m e n t / r e - a p p o i n t m e n t , a s r e q u i r e d b y

c l a u s e 4 9 o f t h e L i s t i n g A g r e e m e n t s e n t e r e d in to

w i t h t h e S t o c k E x c h a n g e s a r e a n n e x e d .

4 . T h e R e g i s t e r o f M e m b e r s a n d S h a r e T r a n s f e r

B o o k s s h a l l r e m a i n c l o s e d f r o m 1 5 t h

S e p t e m b e r , 2 0 0 7 t o 2 1 s t S e p t e m b e r , 2 0 0 7

( b o t h d a y s i n c l u s i v e ) .

I f t h e r e s u l u t i o n r e l a t i n g t o d i v i d e n d o n e q u i t y

s h a r e s a s r e c o m m e n d e d b y t h e B o a r d o f

D i r e c t o r s i s p a s s e d a t t h e m e e t i n g , p a y m e n t o f

s u c h d i v i d e n d w i l l b e m a d e o n o r a f t e r 2 1 s t S e p .

2 0 0 7 t o t h o s e m e m b e r s w h o s e n a m e s a r e o n

t h e C o m p a n y ' s R e g i s t e r o f M e m b e r s o n 2 1 s t

S e p . 2 0 0 7 . I n r e s p e c t o f s h a r e s h e l d i n e l e c t r o n i c

f o r m , t h e d i v i d e n d w i l l b e p a y a b l e t o t h e

b e n e f i c i a l o w n e r s o f s h a r e s a s a t t h e e n d o f

b u s i n e s s h o u r s o n 14 th S e p . 2 0 0 7 a s p e r d e t a i l s

f u r n i s h e d b y t h e D e p o s i t o r i e s f o r t h i s p u r p o s e .

M e m b e r s d e s i r i n g a n y f u r t h e r i n f o r m a t i o n o n t h e

b u s i n e s s t o b e t r a n s a c t e d a t t h e M e e t i n g s h o u l d

w r i t e t o t h e C o m p a n y a t l e a s t 1 5 d a y s b e f o r e

t h e d a t e o f t h e m e e t i n g s o a s t o e n a b l e t h e

m a n a g e m e n t t o k e e p t h e i n f o r m a t i o n , a s f a r a s

p o s s i b l e , r e a d y a t t h e m e e t i n g .

M e m b e r s a r e r e q u e s t e d t o no t i f y t h e C o m p a n y

t h e i r c h a n g e o f a d d r e s s , i f a n y , a t its H e a d O f f i c e

a t Un i t N o . 4 & 5 , 3 r d F l o o r , P lo t N o . D - 2 , S o u t h e r n

P a r k , S a k e t D i s t r i c t C e n t e r , S a k e t , N e w D e l h i -

110 0 1 7 , o r t o t h e R e g i s t r a r & S h a r e T r a n s f e r

A g e n t o f t h e C o m p a n y , M / s . B e e t a l 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 ( P v t . ) L t d . , 9 9 , M a d a n g i r ,

B e h i n d L o c a l S h o p p i n g C e n t r e , N e a r D a d a

H a r s u k h D a s s M a n d i r , N e w D e l h i - 1 1 0 0 6 2 .

M e m b e r s a r e r e q u e s t e d t o b r i n g t h e i r c o p y o f

t h e A n n u a l R e p o r t w i t h t h e m a t t h e A n n u a l

G e n e r a l M e e t i n g .

A l l c o r r e s p o n d e n c e r e l a t i n g t o s h a r e s m a y b e

a d d r e s s e d t o t h e H e a d o f f i c e o f t h e C o m p a n y

o r t o t h e R e g i s t r a r & S h a r e T r a n s f e r A g e n t o f t h e

C o m p a n y .

1 0 . M e m b e r s h o l d i n g s h a r e s i n m o r e t h a n o n e f o l i o

i n i d e n t i c a l o r d e r o f n a m e s a r e r e q u e s t e d t o w r i t e

t o R & T A e n c l o s i n g t h r T s h a r e c e r t i f i c a t e s t o

e n a b l e t h e m t o c o n s o l i d a t e t h e h o l d i n g s i n o n e

f o l i o t o f a c i l i t a t e b e t t e r s e r v i c e .

1 1 . M e m b e r s d e s i r i n g a n y - - ' f o r m a t i o n / c l a r i f i c a t i o n

o n t h e A c c o u n t s a r e r e q u e s t e d t o w r i t e t o t h e

C o m p a n y a t l e a s t s e v e n d a y s i n a d v a n c e b e f o r e

Ashiana t h e m e e t i n g s o a s t o k e e p t h e i n f o r m a t i o n r e a d y

a t t h e t i m e o f A n n u a l G e n e r a l M e e t i n g .

1 2 . A s p e r t h e p r o v i s i o n s o f t h e C o m p a n i e s A c t , 1 9 5 6

f a c i l i t y f o r m a k i n g n o m i n a t i o n s i s a v a i l a b l e t o

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

b y t h e m . N o m i n a t i o n f o r m s c a n b e o b t a i n e d

f r o m t h e R e g i s t r a r a n d S h a r e T r a n s f e r A g e n t o f

t h e C o m p a n y .

1 3 . M e m b e r s w h o h a v e n o t y e t e n c a s h e d t h e i r

d i v i d e n d w a r r a n t ( s ) f o r t h e f i n a n c i a l y e a r e n d e d

3 1 . 0 3 . 2 0 0 4 , 3 1 . 0 3 . 2 0 0 5 a n d 3 1 . 0 3 . 2 0 0 6 a r e

r e q u e s t e d t o m a k e t h e i r c l a i m s t o t h e C o m p a n y ,

w i t h o u t a n y d e l a y .

B y o r d e r o f t h e B o a r d

P l a c e : N e w D e l h i ( B h a g w a n K u m a r )

D a t e : 2 9 t h J u n e , 2 0 0 7 C o m p a n y S e c r e t a r y

B R I E F P R O F I L E O F D I R E C T O R S S E E K I N G

A P P O I N T M E N T / R E - A P P O I N T M E N T A T T H E 2 1 S T

A N N U A L G E N E R A L M E E T I N G A S R E Q U I R E D I N

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

1 . S h r i La l i t K u m a r C h h a w c h h a r i a

S h r i L a l i t K u m a r C h h a w c h h a r i a , D i r e c t o r o f t h e

c o m p a n y r e t i r e s b y r o t a t i o n a t t h e e n s u i n g A n n u a l

G e n e r a l M e e t t i n g o f t h e C o m p a n y a n d i s e l i g i b l e f o r

r e - a p p o i n t m e h t . S h r i La l i t K u m a r C h h a w c h h a r i a , a

N o n E x e c u t i v e a n d I n d e p e n d e n t D i r e c t o r , i s t h e

C h a i r m a n o f t h e A u d i t C o m m i t t e e o f t h e C o m p a n y . H e

h a s d i v e r s i f i e d e x p e r i e n c e o f 3 4 l o n g y e a r s o f v a r i o u s

i n d u s t r i e s . H e i s a s s o c i a t e d w i t h t h e C o m p a n y f o r

l o n g t i m e . H e h a s b e e n l o o k i n g a f t e r l e g a l m a t t e r s o f

t h e C o m p a n y a t K o l k a t a . K e e p i n g i n v i e w h i s

e x p e r i e n c e a n d e x p e r s t i s e , t h e B o a r d o f d i r e c t o r s o f

t h e C o m p a n y h a s r e c o m m e n d e d h is r e - a p p o i n t m e n t .

S h r i La l i t K u m a r C h h a w c h h a r i a h o l d s d i r e c t o r s h i p i n

f o l l o w i n g o t h e r c o m p a n i e s :

S a k e t E s t a t e s L t d . , N a t r a j T e c h n o s o f t P v t . L t d . ,

E l i t e L o g i s t i c s L t d . , S p e c t r u m C o m m e r c i a l s L t d . ,

K a m p e r F i n a n c e a n d S e c u r i t i e s L t d . , E l i t e L e a s i n g s

L t d . , D e b r u p C o m m e r c i a l P v t . L t d . , P a t s o n G l o b a l L t d . ,

J a g m a g C o m m e r c i a l s a n d C r e d i t C o . P v t . L t d . ,

W o r l d w i d e L e a t h e r E x p o r t s L t d . , S w a r n i m E x i m a n d

E n c l a v e P v t . L t d . , N i l a c h a l I r o n a n d P o w e r L t d . ,

L i b e r s o n A g e n c i e s P v t . L t d . , N i r v a n M e r c h a n d i s e Pv t .

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

a n d F i n a n c e Pv t . L t d . , D a l s o n M a r k e t i n g Pv t . L t d . , P r i y a

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


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

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

Pv t . L t d . , S t a r p o i n t F i n a n c i a l S e r v i c e s Pv t . L t d . , R a g h u v i r

S u p p l i e r s Pv t . L t d . , G r e e n c i t y M a n a g e m e n t P v t . L t d . ,

G r e e n P a r k L e a f i n Pv t . L t d . , P a r i c h i t i T e x t i l e s P v t . L t d . ,

G i v e t a k e T r a d e a n d C r e d i t P v t . L t d . , R a i n a

M e r c h a n d i s e Pv t . L t d . , J .P . M a n a g e m e n t S y s t e m s Pv t .

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

P v t . L t d . , G r a c e S u p p l i e r s Pv t . L t d . , A d o n i s N i k e t a n

Pv t . L t d . , M e l i n e x T r a e x i m Pv t . L t d . , M i n t u T e x t i l e M i l l s

Pv t . L t d . , A t i v i r F i n c o n Pv t . L t d . , S a m t e l V i n i m a y Pv t .

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

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

P i t a m b e r a P o l y m e r s I n d u s t r i e s P v t . L t d . , A P S A

C o m b i n e s P v t . L t d . , L a b h C o m b i n e s P v t . L t d . , S .P .

C o r p o r a t e S e r v i c e s Pv t . L t d . , J a c o b V i n c o m Pv t . L t d . ,

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

R V G E n t e r p r i s e s P v t . L t d . , R V G A w a a s Pv t . L t d ! , R V G

N i r m a n Pv t . L t d . , S h a d a l P r o p e r t i e s Pv t . L t d . , K a u s h a l

V i n c o m P v t . L t d . , N i p r o T r e x i m Pv t . L t d . , K a m a k h y a

V y a p a r Pv t . L t d . , A s h i r b a d N i r m a n Pv t . L t d . , A s h i r b a d

A s h i a n a Pv t . L t d . , B l a c k C a d i l l a c T r a d e L i n k Pv t . L t d . ,

B a j a j P o l y b l e n d s Pv t . L t d . , C a p t a i n C o m m e r c i a l s Pv t .

L t d . , C o m p a c t V y a p a a r P v t . L t d . , E n e r g e t i c s

I n v e s t m e n t s a n d C o n s u l t a n t s Pv t . L t d . , J a i s u k h T i e u p

P v t . L t d . , K a i l a s h p a t i V i n i m a y P v t . L t d . , M i s t y a l l e y

T r a d i n g P v t . L t d . , P e t a l V i n i m a y P v t . L t d . , R o s e l a b

C o m m o d i t i e s P v t . L t d . , S c r i p t C o m m e r c i a l Pv t . L t d . ,

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

V i n t a g e N i r m a n P v t . L t d . , R a i n b o w V e n t u r e s Pv t . L t d . ,

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

C o m b i n e s Pv t . L t d . , C i t r a V y a p a a r Pv t . L t d . , M a d h u r a j

I n f r a s t r u c t u r e Pv t . L t d .

2 . S m t . S o n a l M a r w a h

S m t . S o n a l M a r w a h , D i r e c t o r . o f t h e C o m p a n y , i s r e t i r i n g

b y r o t a t i o n a t t h e e n s u i n g A n n u a l G e n e r a l M e e t i n g o f

t h e C o m p a n y a n d i s b e i n g e l i g i b l e f o r r e - a p p o i n t m e n t .

S m t . S o n a l M a r w a h i s a l a w g r a d u a t e f r o m N a t i o n a l

L a w S c h o o l o f I n d i a , B a n g a l o r e a n d p r a c t i c i n g a s a n

A d v o c a t e . S h e h a s r i ch p r o f e s s i o n a l e x p e r i e n c e i n

c o r p o r a t e m a t t e r s . S h e i s t h e C h a i r p e r s o n o f T r a n s f e r /

I n v e s t o r ' s G r i e v a n c e C o m m i t t e e a n d m e m b e r o f t h e

A u d i t C o m m i t t e e a n d R e m u n e r a t i o n C o m m i t t e e o f

t h e d i r e c t o r s . S m t . S o n a l M a r w a h h o l d s d i r e c t o r s h i p

i n t h e f o l l o w i n g o t h e r c o m p a n i e s :

1 . V a t i k a M a r k e t i n g L t d .

2 . H e l p i n g H a n d s ( C h a r i t a b l e T r u s t )


DIRECTORS' REPORT

T o t h e m e m b e r ( s ) ,

Your d i rec to rs have p leasu re in p resen t i ng the 21s t A n n u a l

Repor t t o g e t h e r w i th the 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 yea r e n d i n g 31s t M a r c h , 2 0 0 7 .

O p e r a t i o n s

A brief s u m m a r y of o n - g o i n g p ro jec ts

1 . F I N A N C I A L R E S U L T S

The f i n a n c i a l r esu l t s o f t he C o m p a n y for t h e y e a r e n d e d

31s t M a r c h , 2 0 0 7 are a s f o l l o w s : -

(Rs . in lacs)

SI .

No.

P A R T I C U L A R S C U R R E N T

Y E A R

P R E V I O U S

YEAR

1. Sales and other Income 5341.58 3615.97

2. Profit before Depreciation 1147.78 532.63

3. Depreciation 35.34 27.54

4. Profit after Depreciation

but before Taxation

1112.44 505.09

5. Provision for Taxation 143.91 45.25

6. Profit after Depreciation and

Taxation 968.53 459.85

7. Surplus brought forward -

f rom previous year 43.24 5.47

8. Profit available for

Appropriation 1011.76 465.31

9. Proposed Dividend 133.83 107.06

10. Tax on Proposed Dividend 22.74 15.01

11. Transfer to General Reserve 800.00 300.00

12. Balance Surplus carried

to Balance Sheet 55.19 43.24

F i n a n c i a l y e a r 2 0 0 6 - 0 7 t ook off f r o m w h e r e 2 0 0 5 - 0 6 had

left as fa r as t h e R e a l e s t a t e i n d u s t r y w a s c o n c e r n e d .

Ris ing d i s p o s a b l e i n c o m e s , g o v e r n m e n t pol icy a n d overa l l

g row th of the e c o n o m y gave a boos t to the indus t ry .

Your c o m p a n y a c h i e v e d new h ighs in r e v e n u e s as we l l as

pro f i ts du r i ng t he year . Tota l i n c o m e i n c r e a s e d to 5 3 4 1 . 5 8

l a c s c o m p a r e d t o 3 6 1 5 . 9 7 l a c s r e c o r d e d las t y e a r

r ep resen t i ng an i nc rease o f 4 8 % and net prof i t i n c r e a s e d

t o 9 6 8 . 5 2 l a c s c o m p a r e d t o 4 5 9 . 8 4 l acs r e c o r d i n g a n

i n c r e a s e o f 1 1 0 % .

Project Name Projects Start Completion Size No. of (Location) Date Date (Sq,«.) Units

Utsav(Bhiwadi) Phase I* 06/2004 10/2006 278,050 230 Phase II 09/2005 04/2007 224,220 180 Phase III 01/2006 12/2007 224,300 180

Rangoli(Bhiwadi) Phase II* 10/2004 12/2006 135,365 120 I Total 861,935 710|

Green Hills Phase II* 05/2005 12/2006 77,890 66 (Neemrana) Phase III 08/2005 06/2007 132,370 103

Phase IV 10/2005 12/2007 98,820 83 I Total 309,080 252|

Woodland Phase I 10/2005 03/2008 205,600 142 (Jamshedpur) Phase II 12/2006 12/2008 152,620 109

I Total 358,220 2511

Mangalam" Villas 10/2006 03/2008 119,880 74 (Jaipur) Flats 12/2006 12/2008 94,880 80

Aangan (Bhiwadi)

Greenwoods* (Jaipur)

Amarbagh "*

(Jodhpur)

Ashiana Utsav Launching during financial year 2007-C

the Retirement

resort

Total 214,760 154

Phase I 02/2007 04/2009 435,200 320 Phase II & III Expected to be launched during 2007-08.

Total 13,50,000 960|

Expected to be launched during Financial year 2007-08

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

shall offer aesthetically built villas spread over 27 acres.

* C o m p l e t e d and h a n d e d over to c u s t o m e r s .

** In p a r t n e r s h i p .

2. S E C T I O N 8 0 ( I B ) P R O J E C T S

You r D i r e c t o r s h a v e p l e a s u r e i n r e p o r t i n g tha t f o l l o w i n g

p r o j e c t s a re e l i g i b l e p r o j e c t s fo r c l a i m i n g d e d u c t i o n u n d e r

S e c t i o n 80 (IB) o f t he I n c o m e Tax A c t , 1961 :

S I . P r o j e c t N a m e

A s h i a n a R a n g o l i , B h i w a d i , R a j a s t h a n .

A s h i a n a Res idency G r e e n s , J a m s h e d p u r , J h a r k h a n d .

A s h i a n a U t s a v , B h i w a d i , D is t . A l w a r , R a j a s t h a n .

A s h i a n a G r e e n h i l l , N e e m r a n a .

A s h i a n a W o o d l a n d , J a m s h e d p u r .

A s h i a n a A n g a n ( B h i w a d i ) . x

3 . A C C O U N T I N G M E T H O D

S a l e s o f f l a t s a n d o t h e r s , 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 b e f o r e 3 1 s t M a r c h , 2 0 0 6 , i s a c c o u n t e d for o n

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

t he r e s p e c t i v e c u s t o m e r s a n d s a l e s 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 a f te r 1 s t A p r i l , 2 0 0 6 r e p r e s e n t s t h e

v a l u e o f f l a t s a n d o t h e r s c o n t r a c t e d t o b e s o l d t o t h e

e x t e n t o f w o r k 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 .

Ashiana ASHIANA HOUSING LIMITED

4 . D I V I D E N D

T h e B o a r d o f D i r e c t o r s o f t h e C o m p a n y h a s

r e c o m m e n d e d a d i v i d e n d o f Rs . 2 . 5 0 / - ( R u p e e T w o and

F i f t y P a i s e ) per e q u i t y s h a r e o f t h e C o m p a n y fo r t h e

F i n a n c i a l Year 2 0 0 6 - 2 0 0 7 .

5. D I R E C T O R S

Shr i Lal i t K u m a r C h h a w c h h a r i a a n d S m t . S o n a l M a r w a h ,

D i r e c t o r s a re re t i r ing by ro ta t i on a t t h e e n s u i n g A n n u a l

G e n e r a l M e e t i n g o f t h e C o m p a n y a n d a re e l i g i b l e fo r

r e - a p p o i n t m e n t . A p a r t f r o m the a b o v e t h e r e i s n o c h a n g e

in t he d i r e c t o r s h i p o f t he C o m p a n y .

6 . A U D I T O R S

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

A u d i t o r s o f t h e C o m p a n y , re t i r e a t t h e c o n c l u s i o n o f

e n s u i n g A n n u a l G e n e r a l M e e t i n g a n d be ing e l i g i b l e , o f fer

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 r e c e i v e d

a C e r t i f i c a t e to the ef fect tha t the i r r e - a p p o i n t m e n t , i f m a d e ,

w i l l be w i t h i n the p r e s c r i b e d l imit u n d e r S e c t i o n 2 2 4 (1B)

o f t he C o m p a n i e s A c t , 1 9 5 6 . T h e D i r e c t o r s a n d t he A u d i t

C o m m i t t e e r e c o m m e n d s the i r r e - a p p o i n t m e n t .

A s r e g a r d s A u d i t o r ' s o b s e r v a t i o n o n the d u e s t o S S I U n i t s ,

B o a r d has to s ta te tha t in v i e w o f i nsu f f i c ien t i n f o r m a t i o n

f r o m the s u p p l i e r s r e g a r d i n g the i r s t a t u s a s S S I u n i t s , t he

a m o u n t due 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 can not

b e a s c e r t a i n e d .

7 . F I X E D D E P O S I T S

T h e C o m p a n y h a d n e i t h e r i n v i t e d no r a c c e p t e d a n y

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

C o m p a n i e s ( A c c e p t a n c e o f D e p o s i t s ) R u l e s 1 9 7 5 .

8 . S U B S I D I A R Y C O M P A N I E S

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 a l o n g w i t h D i r e c t o r s '

Repo r t & A u d i t o r s ' R e p o r t fo r t h e y e a r e n d e d 3 1 s t M a r c h ,

2 0 0 7 o f M/s. V a t i k a M a r k e t i n g L t d . a n d M/s. A s h i a n a

R e t i r e m e n t V i l l a g e s L im i ted as we l l as the ex ten t o f h o l d i n g s

t h e r e i n are a n n e x e d t o t h i s A c c o u n t p u r s u a n t t o S e c t i o n

2 1 2 o f t he C o m p a n i e s A c t , 1 9 5 6 .

9 . C H A N G E I N N A M E O F T H E C O M P A N Y

N a m e o f t he C o m p a n y has 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 ( I n d i a ) L i m i t e d t o A s h i a n a

H o u s i n g L i m i t e d w i t h e f fec t f r o m 4 th M a y , 2 0 0 7 .

1 0 . M A N A G E M E N T D I S C U S S I O N A N D A N A L Y S I S

R E P O R T

T h e A n n u a l Repor t a lso con ta ins a s e p a r a t e sec t ion on the

' M a n a g e m e n t D i s c u s s i o n and A n a l y s i s ' w h i c h is a part of

the D i rec to rs ' Repor t .

1 1 . C O R P O R A T E G O V E R N A N C E

As requ i red unde r c l ause 49 o f the L is t ing A g r e e m e n t w i th

the S tock E x c h a n g e s , the Repor t on C o r p o r a t e G o v e r n a n c e

t o g e t h e r w i t h A u d i t o r s Cer t i f i ca te r ega rd i ng C o m p l i a n c e o f

t h e S E B I C o d e o f C o r p o r a t e G o v e r n a n c e i s a n n e x e d

h e r e w i t h .

1 2 . P A R T I C U L A R S O F C O N S E R V A T I O N O F E N E R G Y ,

T E C H N O L O G Y A B S O R P T I O N A N D F O R E I G N

E X C H A N G E E A R N I N G S A N D O U T G O

Y o u r D i r e c t o r s a re o f t h e o p i n i o n t h a t p a r t i c u l a r s w i t h

r e s p e c t t o C o n s e r v a t i o n o f E n e r g y a n d T e c h n o l o g y

A b s o r p t i o n as pe r S e c t i o n 2 1 7 (1) (e) o f t h e C o m p a n i e s

A c t , 1 9 5 6 r e a d w i t h t h e C o m p a n i e s ( D i s c l o s u r e o f

P a r t i c u l a r s in t he R e p o r t o f t he B o a r d o f D i r e c t o r s ) R u l e s ,

1988 are not r e l e v a n t in v i e w o f the 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 o f t h e c o m p a n y a n d h e n c e , a re not r e q u i r e d t o

b e g i v e n . T h e r e has b e e n n o f o r e i g n e x c h a n g e e a r n i n g s

w h e r e a s e x p e n d i t u r e o f Rs . 1 7 , 6 0 , 1 0 9 / - has b e e n i n c u r r e d

i n f o r e i g n c u r r e n c y d u r i n g t h e y e a r u n d e r r ev i ew .

1 3 . P A R T I C U L A R S O F E M P L O Y E E S

N o n e o f t h e e m p l o y e e s o f y o u r C o m p a n y i s d r a w i n g

r e m u n e r a t i o n e x c e e d i n g l i m i t s l a i d d a w n u n d e r t h e

p r o v i s i o n s o f s e c t i o n 2 1 7 ( 2 A ) o f t he C o m p a n i e s A c t , 1956

r e a d w i t h t h e C o m p a n i e s ( P a r t i c u l a r s o f E m p l o y e e s )

R u l e s , 1 9 7 5 .

14 . D I R E C T O R S ' R E S P O N S I B I L I T Y S T A T E M E N T

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

1 9 5 6 , t he D i r e c t o r s c o n f i r m tha t :

(I) i n t h e p r e p a r a t i o n o f a n n u a l a c c o u n t s ,

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

f o l l o w e d b y t h e C o m p a n y ;

(II) s u c h a c c o u n t i n g p o l i c i e s h a v e b e e n s e l e c t e d

a n d c o n s i s t e n t l y a p p l i e d a n d j u d g m e n t s &

e s t i m a t e s m a d e t h a t a r e r e a s o n a b l e a n d

p r u d e n t so as to g i ve a t r u e a n d fa i r v i e w of

t he s ta te o f a f fa i rs o f t he C o m p a n y as a t 3 1 s t

M a r c h , 2 0 0 7 and o f the prof i t o f t he C o m p a n y

fo r t h e y e a r e n d e d o n tha t d a t e ;

(III) p r o p e r a n d su f f i c i en t c a r e has b e e n t a k e n for

t h e m a i n t e n a n c e o f a d e q u a t e a c c o u n t i n g

r e c o r d s i n a c c o r d a n c e w i t h t h e p r o v i s i o n s o f

t h e C o m p a n i e s A c t , 1 9 5 6 , fo r s a f e g u a r d i n g

t he a s s e t s o f the C o m p a n y and for p r e v e n t i n g

a n d d e t e c t i n g f r a u d a n d o the r i r r e g u l a r i t i e s ;

( iv) a n n u a l a c c o u n t s h a v e b e e n p r e p a r e d o n a

g o i n g c o n c e r n b a s i s .

1 5 . C O D E O F C O N D U C T A N D E T H I C S

T h e B o a r d o f t h e C o m p a n y h a s a d o p t e d a C o d e o f

C o n d u c t a n d E t h i c s f o r t h e D i r e c t o r s a n d S e n i o r

ASHIANA HOUSING LIMITED 9m Ashjala

E x e c u t i v e s o f the C o m p a n y . T h e ob jec t o f the C o d e i s to

c o n d u c t t h e C o m p a n y ' s b u s i n e s s e t h i c a l l y a n d w i t h

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

h o n e s t y . T h e C o d e s e t s ou t a b r o a d p o l i c y f o r o n e ' s

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

a n d w i th t he e n v i r o n m e n t i n w h i c h t he c o m p a n y o p e r a t e s .

T h e c o d e i s a v a i l a b l e o n t h e C o m p a n y ' s w e b s i t e

( w w w . a s h i a n a h o u s i n a . c o m K

1 6 . A C K N O W L E D G E M E N T S

T h e B o a r d o f D i r e c t o r s t a k e s th i s o p p o r t u n i t y t o e x p r e s s

i ts g r a t e f u l t h a n k s a n d w i s h t o p l a c e o n record i t s

a p p r e c i a t i o n t o t he G o v e r n m e n t o f I n d i a , t h e G o v t , o f

R a j a s t h a n a n d t he G o v t , o f J h a r k h a n d a n d the i r a g e n c i e s

for p r o v i d i n g us e x c e l l e n t b u s i n e s s o p p o r t u n i t i e s , t o ou r

b a n k e r s fo r t he i r c o n t i n u e d s u p p o r t a n d g u i d a n c e f r o m

t i m e to t i m e a n d to t h e e m p l o y e e s o f t he C o m p a n y a t al l

l eve l s fo r t h e c o n t i n u e d c o - o p e r a t i o n a n d u n s t i n t e d s u p p o r t

e x t e n d e d t o the C o m p a n y .

T h e D i r e c t o r s a l so e x p r e s s the i r s i n c e r e t h a n k s t o al l t he

s h a r e h o l d e r s fo r t h e c o n t i n u e d s u p p o r t a n d t r u s t t h e y

h a v e r e p o s e d i n t h e M a n a g e m e n t .

On beha l f o f t h e B o a r d of D i r e c t o r s

P lace : N e w Delhi

Da ted : 30 , h "Ju ly , 2 0 0 7

( O m P r a k a s h G u p t a )

C h a i r m a n a n d

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

M A N A G E M E N T D I S C U S S I O N A N D A N A L Y S I S

I n d u s t r y S t r u c t u r e a n d D e v e l o p m e n t s

T h e I n d i a n e c o n o m y

T h e Ind ian e c o n o m y c o n t i n u e d on its s t r ong g r o w t h t ra jec to ry

reco rd ing a G D P g row th rate of 9 . 2 % in 2 0 0 6 - 0 7 . F o r e i g n

Ins t i tu t iona l I nves to rs in f lows r e m a i n e d buoyan t a t ove r U S D

8 b i l l i on . For t he f i rst t i m e , f o re i gn d i rect i n v e s t m e n t (FDI)

i n f l o w s w h i c h r e p r e s e n t s l o n g - t e r m d e d i c a t e d c a p i t a l

o u t p a c e d Fli i n v e s t m e n t s to s t a n d over U S D 1 9 b i l l ion . Th is

g r o w t h is pr imar i ly led by t he s e r v i c e s and m a n u f a c t u r i n g

sec to r w h i c h g r e w 1 1 % and 1 2 . 3 0 % respec t i ve ly last year.

R is ing per cap i ta i n c o m e , h igher l i teracy ra tes , i n c reas i ng

asp i ra t i on levels and rapid u rban iza t i on has led to an inc rease

in d e m a n d and c h a n g e in c o n s u m e r p r e f e r e n c e s . Apa r t f r o m

the d e m a n d for basic g o o d s , c o n v e n i e n c e and luxury g o o d s

d e m a n d is a l so g r o w i n g a t a fas t p a c e . W i t h i n c r e a s e in

i n c o m e s a t both the rural and urban leve ls , the d e m a n d is

e x p e c t e d to rise fu r ther .

E v e n t h o u g h t h e e c o n o m y c o n t i n u e s t o s h o w p r o m i s e ,

i n f r a s t r u c t u r e b o t t l e n e c k s , r i s i n g i n f l a t i o n a n d f i s c a l

i m b a l a n c e s c o n t i n u e to rema in hu rd les t o w a r d s its g r o w t h .

Howeve r , t h e s e are t op i ca l and shou ld get c o r r e c t e d g i ven

the m e a s u r e s that a re be ing i m p l e m e n t e d to c o n t a i n any

nega t i ve fa l l -ou t o f fast p a c e d g r o w t h .

R e a l e s t a t e i n d u s t r y

R e s e a r c h puts the real es ta te and c o n s t r u c t i o n indus t ry in

Ind ia a t $ 5 7 b i l l ion or 6 . 2 % of t he Ind ian e c o n o m y a n d is

e x p e c t e d to b e c o m e a $ 1 8 0 bi l l ion act iv i ty by t he y e a r 2 0 2 0 .

S t r o n g e c o n o m i c g r o w t h a l o n g w i th the d e m o g r a p h i c i m p e t u s

o f a g r o w i n g p o p u l a t i o n in t h e w o r k i n g - a g e c a t e g o r y i s

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

real e s t a t e sec to r . T h i s g r o w t h i n t he rea l e s t a t e s e c t o r

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

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

o r g a n i z e d s o u r c e s o f f u n d i n g a n d r e a l e s t a t e a s a

s u s t a i n a b l e a s s e t c l a s s . La rge land bank a c q u i s i t i o n s by

the big real es ta te p l a y e r s , g o v e r n m e n t i ncen t i ves for pub l ic

p r iva te p a r t n e r s h i p m o d e l s and h igher bank f i n a n c i n g has

p a v e d the w a y for la rge i n f l ows f r o m F D I , p r i v a t e e q u i t y

and real es ta te f u n d .

C o n s i d e r a b l e c h a n g e s in d e m a n d pat te rn are due to f o c u s

o f m idd le i n c o m e g r o u p s on i m p r o v i n g life s t y l e s . M o s t o f

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 , en joy d o u b l e

i n c o m e s , a re p ro fess iona l l y o r i en ted and t e n d to be nuc lear .

For t h e m , a ma jo r po r t i on o f l i f es ty le e x p e n d i t u r e is t h e

p r e m i u m that they are w i l l i ng to pay for the qua l i ty o f l iv ing

s p a c e .

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 F Y 0 2 F Y 0 3 F Y 0 4 F Y 0 5 F Y 0 6

Source: MOSPI. i-SEC Research

Y o u r c o m p a n y h a s b e e n a p i o n e e r i n t h e rea l e s t a t e

d e v e l o p m e n t . T h r o u g h 2 1 y e a r s e x p e r i e n c e i n p r o v i d i n g

d r e a m h o u s e to m idd le i n c o m e g r o u p s o f the soc ie ty , our

ma in c u s t o m e r s are m idd le i n c o m e g r o u p s . Your c o m p a n y

has e n d e a v o r e d t o p r o v i d e m i d d l e i n c o m e g r o u p s o f t he

soc ie ty a be t te r l i festy le by w a y a f f o rdab le and e n v i r o n m e n t

f r i e n d l y h o u s i n g . S u c c e s s o f t h e m e - b a s e d r e s i d e n t i a l

p ro j ec t s l ike r e t i r emen t h o u s i n g for s e n i o r s has f i l l ed t he

c o m p a n y w i t h f ue l o f e x c i t e m e n t for d o i n g be t te r for t h e

s e n i o r s so that t hey can en joy t he life w i th d ign i ty .

D e v e l o p m e n t s d u r i n g t h e y e a r

T h e r e are many a c c o m p l i s h m e n t s o f t he c o m p a n y d u r i n g

the year , and t h e s e inc lude

1 . H a n d i n g ove r o f f l a t s for the f i rs t p h a s e o f A s h i a n a

Utsav a t B h i w a d i ;

http://www.ashianahousina.comK


2 . D u e t o v e r y e n c o u r a g i n g r e s p o n s e w e o p e n e d

A s h i a n a G y m k h a n a t o t he pub l ic i n O c t 2 0 0 6 w h i l e

the c o n s t r u c t i o n w a s stil l in p r o g e s s ;

3 . L a u n c h o f A s h i a n a A a n g a n , t h e b i g g e s t A s h i a n a

project in Bh iwan i o f fer ing 960 units to t he pub l ic ;

4 . C o m m e n c e d c o n s t r u c t i o n o f A s h i a n a V i l l age Mal l a t

B h i w a d i , the f irst o f its kind at Bh iwad i and e x p e c t e d

to f in ish by N o v e m b e r 2 0 0 8 .

O the r t h a n t h e s e a c c o m p l i s h m e n t s , new pa r t ne r sh ips w e r e

f o r g e d and new p ro jec t s have been p l a n n e d t o c o n t i n u e

the g row th m o m e n t u m o f the o r g a n i z a t i o n . '

G e o g r a p h i c a l e x p a n s i o n

Y o u r c o m p a n y c o n t i n u e s i ts e f f o r t t o e x p a n d b e y o n d

B h i w a d i , J a m s h e d p u r a n d N e e m r a n a . Our g e o g r a p h i c a l

e x p a n s i o n p lan has a l ready t a k e n us to Ja ipur , J o d h p u r and

P u n e . We are a lso in t he p r o c e s s o f eva lua t i ng p ro jec ts for

L u c k n o w a n d v a r i o u s o t h e r Ind ian c i t i es t o be e x e c u t e d

e i ther i n d e p e n d e n t l y or v ia t ie ups .

S e n i o r h o u s i n g

Wi th the g r a n d s u c c e s s o f A s h i a n a Utsav in B h i w a d i , y o u r

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 sen io r hous ing has been

v a l i d a t e d and we are now all set to es tab l i sh the c o m p a n y

as a leader for sen io r hous ing n e e d s in the count ry . Sen io r

h o u s i n g i s -a w e l l e s t a b l i s h e d i n d u s t r y i n m o s t o f t h e

d e v e l o p e d w o r l d . In the US a lone the indust ry is e s t i m a t e d

to be $26 bi l l ion by A m e r i c a n Sen io r H o u s i n g A s s o c i a t i o n .

W i t h nuc lear f am i l i es b e c o m i n g a n o r m in Ind ia , t he re is now

a g r o w i n g need for s imi lar such p roduc t s in the count ry .

A l t h o u g h a lot is wr i t ten abou t the r is ing d i s p o s a b l e i n c o m e s

and res ident ia l needs of the y o u n g Ind ians i t is oft f o r g o t t e n

that t he 60+ age g r o u p i s the fas tes t g r o w i n g p o p u l a t i o n

s e g m e n t (in p e r c e n t a g e t e r m s ) i n the c o u n t r y a n d sha l l

rema in so til l t he yea r 2 0 5 0 .

Projected age distribution of the Indian population (millions)

• < 4 0 B 4 5 - 5 9 B 6 0 +

2001 2 0 2 6 2 0 5 0

Source: Census India 2001

T h e r e are many f ac to r s d r iv ing the need for sen ior hous ing

in India i n c l u d i n g :

1. I nc reas ing rate of nuc lear f am i l i es in soc ie ty ;

2 . I nc reas ing sen io r popu la t i on w i th d i s p o s a b l e income/

p e n s i o n ;

3 . A s p i r a t i o n s a m o n g a f f l uen t I n d i a n s to l ive a h a s s l e

f ree ret i red l i fe;

4 . I nc reased med i ca l c o s t s ;

5 . Secur i t y c o n c e r n s o f t he most v u l n e r a b l e soc ia l g r o u p

c o m p r i s i n g o f s e n i o r s ;

6 . Pro l i fe ra t ion o f re t i rement re la ted f i nanc ia l p r o d u c t s ;

7 . In t roduc t ion o f reverse m o r t g a g e and re la ted f i nanc ia l

p r o d u c t s .

T h e t ab le be low ( sou rce : C e n s u s o f India 2001) i nd i ca tes

that a m o n g the urban Indian popu la t ion a lone there are near ly

0.6 mi l l ion s e n i o r s l iv ing a lone and the to ta l a d d r e s s a b l e

popu la t i on for sen io r hous ing is near ly 3 m i l l i on .

N u m b e r o f s e n i o r s i n h o u s e h o l d

( U r b a n p o p u l a t i o n )

Household size 1 2 3 4+

1 593,984 - - -

2 766,780 496,831 - -

3 928,776 280,652 17,946 -

4 1,393,164 292,030 13,601 1,663

5 1,987,148 420,979 14,924 1,481

6 1,641,557 591,646 20,780 1,559

7+ 3,488,309 1,710,463 121,846 21,281

Your c o m p a n y is-an ear ly mover in th is n iche s e g m e n t and

the A s h i a n a b rand has a l ready b e c o m e s y n o n y m o u s w i th

qual i ty sen io r h o u s i n g . Th i s i s wha t s o m e o f our c u s t o m e r s

have had to say abou t the A s h i a n a Utsav :

• At A s h i a n a , eve ry th i ng is p rov ided tor a hass le - f ree

l i festy le inc lud ing m o v i n g in s e r v i c e s ;

• A s h i a n a g a v e us a beau t i fu l h o m e w h i c h b e c a m e a

reason for us to s m i l e ;

• Beau ty of A s h i a n a fac i l i t ies is in the c o n t i n u o u s care

p r o v i d e d ;

• A s h i a n a is a l w a y s eage r to go that ex t ra mi le to s e e

the smi le o f s a t i s f a c t i o n .

G o i n g f o r w a r d the th rus t sha l l be on m o r e sen io r hous ing

p r o j e c t s v i a t h e w h o l l y o w n e d s u b s i d i a r y " A s h i a n a

R e t i r e m e n t V i l l a g e s L i m i t e d " ( A R V L ) . A R V L has a l r e a d y

l a u n c h e d t he s e c o n d sen io r h o u s i n g pro jec t a t Ja i pu r i n

Ju ly 2 0 0 7 a n d a n o t h e r i n P u n e i s i n t h e o f f e r i n g . T h e

c o m p a n y is a lso eva lua t i ng other loca t ions to star t s imi la r

p r o j e c t s e i t h e r i n d e p e n d e n t l y o r i n t i e - u p s w i t h o t h e r

d e v e l o p e r s . T h e s u b s i d i a r y w i l l not on l y o v e r s e e t h e

cons t ruc t i on and d e v e l o p m e n t o f the real es ta te for sen io rs

h o u s i n g but sha l l a lso m a n a g e a d d i t i o n a l a s s i s t e d l iv ing

s e r v i c e s t o t he r e s i d e n t s . S o m e o f the p l a n n e d s e r v i c e s

i nc l ude

1 . D in ing for res iden ts .

2 . Pr imary hea l th ca re cen t re wi th p a r a m e d i c a l staff.


3 . C o m m u n i t y ac t i v i t i es t o keep s e n i o r s e n g a g e d and

live a v ib ran t and ac t i ve ret i red life

O t h e r d e v e l o p m e n t a c t i v i t i e s

The c o m p a n y has success fu l l y en te red into d e v e l o p m e n t o f

c o m m e r c i a l real es ta te of w h i c h A s h i a n a V i l l age Mal l is a

sh in ing e x a m p l e . Th is Mal l is the first of its kind in Bh iwad i . The

lease renta l f r o m the Mal l s h o u l d c rea te a s t eady f l ow of

r e v e n u e for t he c o m p a n y . The c o m p a n y a lso success fu l l y

c o m p l e t e d A s h i a n a G y m k h a n a club wh i ch offers state o f the

art act iv i t ies and spor ts fac i l i t ies in B h i w a d i . The response

rece ived f r o m cus tomers has been very encou rag ing and is

ano ther feather in the cap for the company .

O p p o r t u n i t i e s a n d t h r e a t s

Real es ta te has a l w a y s been abou t l oca t i on . But ove r the

y e a r s , i t 's b e c o m i n g m o r e a b o u t r e p u t a t i o n . D r i v e n b y

p o s i t i v e g r o w t h in t h e e c o n o m y , rea l e s t a t e i n I nd ia i s

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

G o v e r n m e n t o f I n d i a p r o v i d e d f r e s h i m p e t u s t o t h e

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 s e c t o r b y a l l o w i n g 1 0 0 %

fo re ign d i rec t i n ves tmen t (FDI) under the a u t o m a t i c route in

o rde r to spu r i n v e s t m e n t in the v i ta l i n f ras t ruc tu re sector .

H igh e c o n o m i c g r o w t h has f u e l l e d t h e d e m a n d fo r rea l

e s t a t e . C h a n g i n g d e m o g r a p h i c s , r is ing d i s p o s a b l e i n c o m e ,

f i sca l i ncen t i ves have c rea ted a huge d e m a n d for h o u s i n g .

T h e i nc rease in b u s i n e s s has a lso bough t its o w n set o f

p r o b l e m s in the f o r m o f n u m b e r o f b u i l d e r s / m i d d l e m e n w h o

do not a d h e r e to qual i ty , t ime and cos t . Such inc iden ts cou ld

d i s m a n t l e the i nves to r c o n f i d e n c e w h i c h t o d a y p o s e s the

b igges t t h rea t to t he indus t ry . T h e recen t r ise in in te res t

rate cou ld a lso reduce the d e m a n d for h o u s i n g as m u c h o f

t he h o u s e p u r c h a s e i s b a s e d o n l o a n s . Y o u r d i r e c t o r s ,

w h o str ict ly a d h e r e to qual i ty , t ime and cos t , do not f o r e s e e

any th rea t t o the c o m p a n y . To e n s u r e c o m p l e t e c u s t o m e r

sa t i s fac t i on and buy ing e x p e r i e n c e , y o u r c o m p a n y has set

up a po l i c y to not se l l t h r o u g h b r o k e r s / m i d d l e m e n . By

e l im ina t i ng the role o f m i d d l e m e n and b roke rs we e f fec t ive ly

lower t he overa l l p u r c h a s e pr ice for the c u s t o m e r and a lso

r e m a i n c o n n e c t e d w i th our c u s t o m e r s a n d r e s p o n s i v e t o

the i r c h a n g i n g n e e d s .

Sen io r hous ing has e m e r g e d as a pro f i tab le n iche in w h i c h

y o u r c o m p a n y h a s b e e n a b l e t o b u i l d a b r a n d . T h e

in t roduc t ion .o f reve rse m o r t g a g e sha l l o p e n up new marke t

for us as m a n y s e n i o r s w h o are cu r ren t l y h o u s e o w n e r s

w o u l d be in te res ted to re loca te to c o m m u n i t i e s built to meet

the i r spec i f i c n e e d s .

O u t l o o k

T h e fu tu re o f the real es ta te indus t ry as we l l as C o m p a n y

is br ight . The Cen t ra l Gov t , has o p e n e d up a new v is ta by

a l l ow ing FDI in t he real es ta te indust ry . Your C o m p a n y has

n e c e s s a r y i n f r a s t r u c t u r e a n d e x p e r i e n c e t o d e v e l o p

res iden t i a l , c o m m e r c i a l and indust r ia l pro ject and i s look ing

for v a r i o u s o p p o r t u n i t i e s i n c o n s o n a n c e w i th G o v e r n m e n t

e f fo r ts to p rov i de h o u s i n g in v a r i o u s c i t ies o f R a j a s t h a n ,

J h a r k h a n d , M a h a r a s h t r a and o ther par ts o f the coun t ry .

R i s k s a n d c o n c e r n s

Risk is inherent in all bus iness ac t iv i t ies , par t icu lar ly in the

real es ta te industry. W h i l e risk canno t be comp le te l y w i s h e d

away , a d e q u a t e mi t igat ion p lans can be laid out to ef fect ive ly

m a n a g e the r isks. L i kew ise you r c o m p a n y has m a d e a d e q u a t e

p rov i s ions to protect the b u s i n e s s f r o m k n o w n r isks .

R i s k s M i t i g a t i o n p lan

C o r r e c t i o n in

t h e rea l e s t a t e

m a r k e t l e a d i n g

t o l o w e r

d e m a n d

1. L imi ted n u m b e r o f concu r ren t l y

r u n n i n g p r o j e c t s .

2 . D e v e l o p p ro jec ts in mu l t ip le p h a s e s .

3 . Profit sha r i ng a r r a n g e m e n t w i t h land

o w n e r s ( s p r e a d risk w i t h p a r t n e r ) .

4 . P r o m o t e s a l e s o n d o w n p a y m e n t .

D e l a y in

G o v e r n m e n t a l

a p p r o v a l s

n e c e s s a r y fo r

p r o j e c t l a u n c h

1 . Buy land b a n k s w i t h c lear t i t le and

w h e r e g o v e r n m e n t a p p r o v a l i s

a l r eady a v a i l a b l e .

2 . Par tner w i th local land o w n e r s w i th

• a p p r o v e d l a n d s .

3 . P r o j e c t l a u n c h o n l y a f t e r a l l

n e c e s s a r y g o v e r n m e n t a p p r o v a l s

have b e e n r e c e i v e d .

E x e c u t i o n

d e l a y s

1 . C o n t i n u o u s l y i m p r o v e p r o j e c t

p l ann ing and m a n a g e m e n t .

2 . I n c r e a s e d m a n a g e m e n t b a n d w i d t h

and f l ex ib le ta len t p l a n n i n g .

3 . M o d e r n i z e d e v e l o p m e n t p r o c e s s e s

and pro jec t t r a c k i n g .

I n t e r n a l C o n t r o l S y s t e m a n d t h e i r a d e q u a c y

T h e C o m p a n y has p roper and a d e q u a t e s y s t e m o f in te rna l

c o n t r o l s c o m m e n s u r a t e w i t h i ts ' s i ze a n d n a t u r e o f t he

C o m p a n y ' s b u s i n e s s t o p rov ide r e a s o n a b l e a s s u r a n c e that

al l a s s e t s a re s a f e - g u a r d e d ; t r a n s a c t i o n s are a u t h o r i z e d ,

r e c o r d e d a n d r e p o r t e d p r o p e r l y . S y s t e m s a re r e g u l a r l y

r e v i e w e d t o e n s u r e e f f e c t i v e n e s s . T h e C o m p a n y h a s

q u a l i f i e d a n d e x p e r i e n c e d p r o f e s s i o n a l s w h o a r e

i ns t r umen ta l in m a i n t a i n i n g t he g r o w t h and s u c c e s s o f the

c o m p a n y and i m p l e m e n t the po l i c ies .

M a t e r i a l D e v e l o p m e n t i n H u m a n R e s o u r c e s /

Indust r ia l R e l a t i o n s f ron t , i n c l u d i n g n u m b e r o f p e o p l e

e m p l o y e d .

D e v e l o p i n g h u m a n r e s o u r c e has a l w a y s b e e n a f o c u s a r e a

ove r t he y e a r s for t he C o m p a n y . Du r i ng the y e a r t r a i n i ng

p r o g r a m s w e r e r ang ing f r o m o r g a n i z a t i o n a l t h r u s t a r e a s

a n d sk i l l d e v e l o p m e n t t o b e h a v i o r a l p r o g r a m s . T h e s e

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

m a n a g e r i a l e f f e c t i v e n e s s , e m p l o y e e m o t i v a t i o n , q u a l i t y

cu l tu re and bu i ld ing f u n c t i o n a l e x p e r t i s e . Du r i ng the year ,

the C o m p a n y m a i n t a i n e d h a r m o n i o u s and cord ia l indus t r ia l

r e l a t i ons . T h e to ta l h e a d c o u n t for t he y e a r s t o o d a t 180

e x c l u d i n g labor and w o r k e r s .


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

O F T H E D I R E C T O R S ' R E P O R T

1 . C o m p a n y ' s P h i l o s o p h y o n C o d e o f G o v e r n a n c e

T h e C o m p a n y f i r m l y b e l i e v e s i n g o o d C o r p o r a t e 1 G o v e r n a n c e and has m a d e C o r p o r a t e G o v e r n a n c e a

p rac t i ce and 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

a c r o s s the c o m p a n y . T h e C o m p a n y ' s Ph i l osophy o n

c o r p o r a t e g o v e r n a n c e e n v i s a g e s t h e a t t a i n m e n t o f

the h ighest levels o f t r a n s p a r e n c y and accoun tab i l i t y

i n t h e f u n c t i o n i n g o f t h e c o m p a n y a n d c o n d u c t o f

b u s i n e s s .

T h e C o m p a n y ' s c o r p o r a t e ph i l o sophy i s f o c u s e d on

its p e o p l e w h o are the most i m p o r t a n t a s s e t s . T h e

c o m p a n y v a l u e s its e m p l o y e e s integr i ty, creat iv i ty and

ab i l i t y w h o i n t u rn d e m o n s t r a t e t he h ighes t e t h i c a l

s t a n d a r d and respons ib i l i t y t o w a r d s the s h a r e h o l d e r s .

T h e C o m p a n y be l i eves that ove r a pe r iod of t ime all its

o p e r a t i o n s and ac t i ons must se rve t he unde r l y i ng goa l

o f e n h a n c i n g overa l l s h a r e h o l d e r v a l u e .

2 . B o a r d o f D i r e c t o r s

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 o f e x e c u t i v e

and n o n - e x e c u t i v e d i r e c t o r s . T h e Boa rd c o n s i s t s o f

s e v e n d i r e c t o r s out o f w h i c h t h r e e a re E x e c u t i v e

D i r e c t o r s , f o u r a re N o n - E x e c u t i v e & I n d e p e n d e n t

D i r e c t o r s . N o n e of t he D i r e c t o r s on the B o a r d is a

m e m b e r o f more t h a n 10 C o m m i t t e e s and C h a i r m a n o f

more t h a n 5 C o m m i t t e e s (as spec i f i ed in t he C l a u s e

49 o f t he L is t ing A g r e e m e n t ) , a c r o s s al l the c o m p a n i e s

in w h i c h he / s h e is a d i r e c t o r . T h e n e c e s s a r y

d i s c l o s u r e s rega rd ing C o m m i t t e e pos i t i ons have been

m a d e by the D i rec to rs .

(a ) T h e p r e s e n t c o m p o s i t i o n o f t h e B o a r d o f

D i r e c t o r s is as u n d e r : -

Sr.

No.

Name of

Directors

Executive/

Non-Executive

No. of other Sr.

No.

Name of

Directors

Executive/

Non-Executive Directorship

Committee Membe¬

rship

1. ShriOm Promoters 1 _

Prakash Gupta Executive

2. Shri Vishal Promoter & 2

Gupta Executive

3. Shri Ashok Non-Executive 3

Kumar Mattoo & Independent

4. Shri Abhishek Non-Executive 13

Dahlia & Independent

5. Shri Lalit Kumar Non-Executive 80

Chhawchharia & Independent

6. Smt. Sonal Non-Executive 2

Marwah & Independent

7. Shri. Ankur Gupta Promoters 2

Executive

Note : - As per c l ause 49 of the List ing A g r e e m e n t m e m b e r s h i p

o f Aud i t C o m m i t t e e , S h a r e h o l d e r s / I n v e s t o r s G r i e v a n c e

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

(b ) B o a r d M e e t i n g he ld in F inanc ia l Year 2 0 0 6 2 0 0 7

a n d a t t e n d a n c e o f D i r e c t o r s :

T h e m e e t i n g o f t he B o a r d and its C o m m i t t e e / s a re

g e n e r a l l y he ld in N e w De lh i and s c h e d u l e d w e l l i n

a d v a n c e . Norma l l y the Boa rd m e e t s at least once in a

q u a r t e r t o c o n s i d e r a m o n g s t o the r b u s i n e s s e s , t he

quar te r l y p e r f o r m a n c e o f the C o m p a n y and f i nanc ia l

resu l t s . De ta i led a g e n d a no tes w i th M lS repor t s , cha r t s

e t c . a re c i r c u l a t e d w e l l i n a d v a n c e . T h e D i r e c t o r s

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

m e e t i n g s .

D u r i n g the year , f i ve B o a r d M e e t i n g s w e r e he ld on

2 8 1 h A p r i l , 2 0 0 6 , 2 6 t h J u n e , 2 0 0 6 , 3 1 s t Ju ly , 2 0 0 6 , 2 7 t h

O c t . , 2 0 0 6 and 3 0 t h J a n , 2 0 0 7 . T h e a t t e n d a n c e o f each

D i rec to r i n t he B o a r d M e e t i n g s a n d the last A n n u a l

g e n e r a l M e e t i n g i s de ta i l ed here in b e l o w . ;

Name of Directors

Designation No. of Board Meetings Attendance at the last AGMheld onlfflhday of Sept. 06

Name of Directors

Designation

Held during the Year 200607

Attended during

theYear

200507

Attendance at the last AGMheld onlfflhday of Sept. 06

Executive Directors

ShriOm Managing 5 5 Not Present Prakash Director Gupta

Shri Vishal Jt. Managing 5 5 Not Present

Gupta Director

Shri Ankur Director 5 4 Not Present Gupta

Non-Executive Independent Directors

Shri Ashok Independent 5 5 Not Present Kumar Director Mattoo

Shri Abhishek Independent 5 5 Not Present Dalmia Director

Shri Lalit Kr. Independent 5 2 Present Chhawc- Director hharia

Smt. Sonal Independent 5 2 Not Present

Marwah Director

( c ) R e m u n e r a t i o n paid t o W h o l e T i m e D i r e c t o r s a n d

s i t t i n g f e e s t o t h e N o n - e x e c u t i v e D i r e c t o r s

R e m u n e r a t i o n to W h o l e T i m e D i rec to rs are be ing paid

a s per t e r m s o f t h e i r a p p o i n t m e n t . T h e d e t a i l s o f

r e m u n e r a t i o n paid to the W h o l e T i m e D i rec to rs du r ing

the y e a r a re s ta ted here in be low :


Sr. No.

Name Designation Salaries & Allowances

Other benefits

Total

1. Shri Om Managing Bs.9.00 Rs. 0.75 Rs. 9.75 Prakash Director Lacs Lacs Lacs Gupta

2. Shri Vishal Jt.Managing Rs. 7.50 Rs.1.88 Rs. 9.38

Gupta Director Lacs Lacs Lacs

3. Shri Ankur Whole Time Rs. 6.00 - Rs. 6.00

Gupta Director Lacs Lacs

( d ) T e r m s o f a p p o i n t m e n t o f W h o l e - t i m e D i r e c t o r s

The cur ren t t e r m o f a p p o i n t m e n t o f Shr i Om P r a k a s h

G u p t a , M a n a g i n g D i rec to r i s u p t o 3 1 s t M a r c h , 2 0 1 0 ,

Shr i V i sha l G u p t a i s up t o 3 1 s t A u g u s t , 2011 and Shr i

A n k u r G u p t a i s u p t o 3 1 s * M a r c h , 2 0 1 1 . .

3 . A u d i t C o m m i t t e e

The C o m p a n y has an Aud i t C o m m i t t e e o f t he Boa rd

s i nce Janua ry 2 0 0 1 w h i c h c o m p r i s e s o f t h r e e Non¬

E x e c u t i v e I n d e p e n d e n t D i r e c t o r s n a m e l y S h r i Lal i t

K u m a r C h h a w c h h a r i a - C h a i r m a n , Shr i A s h o k K u m a r

Ma t t oo - M e m b e r , Smt . S o n a l M a r w a h - M e m b e r . T h e

q u o r u m o f the Aud i t C o m m i t t e e i s t w o m e m b e r s . The

C o m p a n y S e c r e t a r y i s t h e S e c r e t a r y o f t h e A u d i t

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

fou r t i m e s du r ing f i nanc ia l yea r 2 0 0 6 - 2 0 0 7 , the da te o f

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

1 . J u n . 2 6 , 2 0 0 6 3 . Oc t . 2 7 , 2 0 0 6

2 . Ju ly 30 , 2 0 0 6 4 . J a n . 3 0 , 2 0 0 7

A t t e n d a n c e o f the m e m b e r s o f the Aud i t C o m m i t t e e a t

t h e s e m e e t i n g s is as unde r :

Sr. N a m e o f M e m b e r s o f N o . o f m e e t i n g s

No. A u d i t C o m m i t t e e a t t e n d e d

1. Lalit K u m a r C h h a w c h h a r i a 2

2 . A s h o k K u m a r M a t t o o 4

3. S o n a l M a r w a h 2

Br ie f T e r m s o f R e f e r e n c e o f A u d i t C o m m i t t e e :

The p r imary f unc t i on o f the Aud i t C o m m i t t e e is to ass is t

t h e B o a r d o f D i r e c t o r s i n f u l f i l l i n g i ts o v e r s i g h t

respons ib i l i t i es by rev iew ing the f i nanc ia l repor ts and

o ther f i nanc ia l i n fo rma t i on p r o v i d e d by t he C o m p a n y

to any S ta tu to r y A u t h o r i t y o r to the i n v e s t o r s or the

p u b l i c , t h e C o m p a n y ' s s y s t e m o f I n t e r n a l C o n t r o l s

r e g a r d i n g f i n a n c e , a c c o u n t i n g and 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 Boa rd have e s t a b l i s h e d .

T h e t e r m s o f r e f e r e n c e o f A u d i t C o m m i t t e e i n c l u d e

in ter -a l ia t he f o l l ow ing :

1 . D i s c u s s i o n w i th t he a u d i t o r , p e r i o d i c a l l y a b o u t t he

in te rna l con t ro l s y s t e m s , the s c o p e o f aud i t i nc lud ing

t he o b s e r v a t i o n o f the a u d i t o r s .

2 . (a) To r e v i e w t he qua r t e r l y , hal f yea r l y a n d a n n u a l

f i n a n c i a l s t a t e m e n t s b e f o r e s u b m i s s i o n t o t h e

B o a r d .

(b) T o r e v i e w a n d t a k e o n r e c o r d t h e u n a u d i t e d

quar te r l y resu l ts o f t he c o m p a n y be fo re p u b l i c a t i o n .

3 . To e n s u r e c o m p l i a n c e o f In terna l Con t ro l S y s t e m .

4 . O v e r s i g h t o f the c o m p a n y ' s f i nanc ia l repo r t i ng p r o c e s s

a n d d i s c l o s u r e o f its f i n a n c i a l i n f o r m a t i o n to e n s u r e

tha t the f i nanc ia l s t a t e m e n t i s c o r r e c t , su f f i c ien t and

c r e d i b l e .

5 . N o t i n g a p p o i n t m e n t a n d r e m o v a l e x t e r n a l a u d i t o r s .

R e c o m m e n d i n g the f i xa t ion o f aud i t f ees o f e x t e r n a l

a u d i t o r s and a lso a p p r o v a l for p a y m e n t for any o ther

s e r v i c e s .

6 . R e v i e w i n g w i t h M a n a g e m e n t t h e a n n u a l f i n a n c i a l

s t a t e m e n t s be fo re s u b m i s s i o n t o the B o a r d .

4 . R e m u n e r a t i o n C o m m i t t e e

T h e C o m p a n y has a du ly c o n s t i t u t e d " R e m u n e r a t i o n

C o m m i t t e e " . T h e C o m m i t t e e cons i s t s o f t h ree (3) non¬

e x e c u t i v e i n d e p e n d e n t d i r e c t o r s . Al l m a t t e r s re la t i ng

t o f i n a l i z a t i o n o f r e m u n e r a t i o n c o m m i t t e e fo r t h e i r

c o n s i d e r a t i o n and a p p r o v a l . T h e f o l l o w i n g D i rec to rs

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

Sr. N a m e o f D i r e c t o r s D e s i g n a t i o n

No.

1. Shr i A s h o k K u m a r Ma t t oo C h a i r m a n

2 . Shr i Lalit K u m a r C h h a w c h h a r i a M e m b e r

3. Smt . Sona l M a r w a h M e m b e r

D u r i n g t he year , t he C o m m i t t e e met t h r i c e a n d t he

m e e t i n g w a s a t t e n d e d by all the m e m b e r s .

R e m u n e r a t i o n P o l i c y

R e m u n e r a t i o n pol icy o f A s h i a n a H o u s i n g L td . i s b a s e d

on the f o l l o w i n g o b j e c t i v e s :

* To d e t e r m i n e a n d r e c o m m e n d to t he B o a r d o f

d i r e c t o r s t h e r e m u n e r a t i o n p a c k a g e o f t h e

M a n a g i n g Di rector , Jo int M a n a g i n g D i rec to r and

W h o l e - t i m e d i r e c t o r s ;

* To a p p r o v e in the even t of loss or i n a d e q u a t e

p ro f i t s i n any y e a r t he m i n i m u m r e m u n e r a t i o n

p a y a b l e to the M a n a g i n g Director , Jo in t M a n a g i n g

D i rec to r and t he W h o l e - t i m e d i rec to r c o n s i d e r i n g

t h e l i m i t s a n d s u b j e c t t o t h e p a r a m e t e r s a s

p r e s c r i b e d unde r the p rov i s i ons o f t he C o m p a n i e s

Ac t , 1 9 5 6 ;

CD-

Ashiana To c rea te a p e r f o r m a n c e - o r i e n t e d cu l tu re in the

C o m p a n y w h i c h i s b e n e f i c i a l t o its e m p l o y e e s

and t he b u s i n e s s a s w e l l ;

T o e n s u r e t ha t r e w a r d , bene f i t a n d i n c r e m e n t

s y s t e m i s p e r f o r m a n c e b a s e d and m o t i v a t i o n a l

t o e m p l o y e e s ;

T o e n c o u r a g e a n d s u p p o r t l e a r n i n g a n d

d e v e l o p m e n t by ident i fy ing t he s c o p e a n d n e e d

o f the s a m e ;

S u c h o t h e r f u n c t i o n s a s r e q u i r e d o r

r e c o m m e n d e d by t he Boa rd o f d i rec to rs o r under

the p rov i s i ons o f the L is t ing A g r e e m e n t .

5 . T r a n s f e r a n d S h a r e h o l d e r s ' / I n v e s t o r s '

G r i e v a n c e C o m m i t t e e

The T r a n s f e r a n d S h a r e h o l d e r s ' / I n v e s t o r s ' G r i e v a n c e

C o m m i t t e e w a s recons t i t u ted o n 1 s t S e p t e m b e r 2 0 0 3 .

T h e f o l l o w i n g d i rec to rs are m e m b e r s o f the T r a n s f e r

and S h a r e h o l d e r ' s / I n v e s t o r s ' G r i e v a n c e C o m m i t t e e :

Sr. N a m e o f D i r e c t o r s D e s i g n a t i o n

No.

1. Smt . S o n a l M a r w a h C h a i r m a n

2 . Shr i O m P r a k a s h G u p t a M e m b e r

3. Shr i V i sha l G u p t a M e m b e r

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

I n v e s t o r s ' G r i e v a n c e C o m m i t t e e " w a s e n l a r g e d t o

m o n i t o r i n v e s t o r s ' g r i e v a n c e s / c o m p l a i n t s a l o n g w i t h

the sha re t rans fer . T h e C o m m i t t e e a p p r o v e d the sha re

t rans fe r a t its mee t i ng w h i c h w e r e held once or tw i ce

in a m o n t h . T h e T r a n s f e r and S h a r e h o l d e r s ' / I n v e s t o r s '

G r i e v a n c e C o m m i t t e e a lso took note o f the f i nd i ngs o f

audi t ca r r i ed out by p rac t i c ing C o m p a n y Sec re ta ry and

i m p l e m e n t e d the s u g g e s t i o n s .

As r e q u i r e d by the l is t ing a g r e e m e n t e x e c u t e d w i t h

S t o c k E x c h a n g e s , Mr. B h a g w a n K u m a r , C o m p a n y

S e c r e t a r y , w a s a p p o i n t e d as a ' C o m p l i a n c e Of f i ce r '

and e n t r u s t e d t o mon i t o r t he s h a r e t r a n s f e r p r o c e s s

and l ia ise w i th the regu la to ry au tho r i t i es .

No . o f s h a r e h o l d e r ' s c o m p l a i n t s r e c e i v e d d u r i n g the

y e a r 2 0 0 6 - 0 7 w e r e 162 w h i c h al l w e r e r e s o l v e d t o

the sa t i s fac t i on o f the s h a r e h o l d e r s and t he re w a s no

p e n d i n g comp la i n t .

6 . G e n e r a l B o d y M e e t i n g s

' T h e de ta i l s o f last t h ree A n n u a l G e n e r a l M e e t i n g s and

one Ex t ra -o rd ina ry G e n e r a l M e e t i n g are as m e n t i o n e d

b e l o w .


A n n u a l G e n e r a l M e e t i n g s

For

t h e

y e a r

V e n u e Day Day

a n d

T i m e

W h e t h e r

S p e c i a l

R e s o l u t i o n

2003¬

2 0 0 4

Hote l Sha l imar ,

3, S. N. Baner jee

R o a d , Ko l ka ta -13

Sept .

2 0 0 4

2 4 , F r iday

12.30

P.M.

Y e s

2004¬

2 0 0 5

G a n g a s h a h r Ha l l ,

A s h u t o s h ,

Mukhe r j ee R o a d ,

K o l k a t a - 2 0

Sept .

2 0 0 5

2 3 , F r i day

12.30

P.M.

Yes

2005¬

2 0 0 6

K a l a k u n j -

Ka lamand i r , 4 8 ,

S h a k e s p e a r e

Sa ran i , Ko lkata-17

Sep t .

2 0 0 6

19, T u e s .

10 .30

A . M .

Y e s

Ext ra O r d i n a r y G e n e r a l M e e t i n g

2006¬

07

S a n g e e t K a l a m a -

ndir T rus t ,

K a l a k u n j , 4 8 ,

S h a k e s p e a r e

S a r a n i , Ko lka ta -17

M a r c h

30,

2 0 0 7

F r i day

10.30

A . M .

Y e s

No reso lu t i ons requ i r ing pos ta l bal lot as r e c o m m e n d e d

u n d e r C o m p a n i e s ( P a s s i n g o f R e s o l u t i o n by P o s t a l

Bal lot) Ru les , 2 0 0 1 have been p laced for s h a r e h o l d e r s '

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

7 . D i s c l o s u r e s

R e l a t e d P a r t y T r a n s a c t i o n s

• N o n e of the t r a n s a c t i o n s w i th any of the re la ted

par t ies w e r e in po ten t ia l conf l ic t w i th the in te res ts

o f the C o m p a n y a t la rge . T r a n s a c t i o n s w i th re la ted

par t ies are d i s c l o s e d in Note No . 12 of S c h e d u l e

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

S t a t u t o r y C o m p l i a n c e , P e n a l t i e s a n d S t r i c t u r e s

• T h e r e h a s b e e n n o n o n c o m p l i a n c e o f t h e

p rov is ions / r e q u i r e m e n t s o f S tock E x c h a n g e / S E B I .

No p e n a l t i e s / s t r i c t u r e s have b e e n i m p o s e d on

t he C o m p a n y b y S E B I , S t o c k E x c h a n g e ( s ) o r

any o t h e r s t a t u t o r y a u t h o r i t y o n a n y m a t t e r

re la t ing to Cap i ta l Marke t .

W h i s t l e B l o w e r P o l i c y

• A s h i a n a has in p lace a m e c h a n i s m for e m p l o y e e s

t o repor t c o n c e r n a b o u t u n e t h i c a l b e h a v i o u r s ,

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

c o n d u c t o f the C o m p a n y etc. The m e c h a n i s m a lso

p r o v i d e s f o r a d e q u a t e s a f e g u a r d s a g a i n s t

v i c t i m i s a t i o n o f e m p l o y e e s w h o a v a i l o f t h e

m e c h a n i s m and a lso p rov i des for d i rect a c c e s s

by t he w h i s t l e b l o w e r t o t he C h a i r m a n o f t he


8.

Aud i t C o m m i t t e e . W e a f f i rm du r i ng the f i nanc ia l

y e a r e n d e d M a r c h 3 1 , 2 0 0 7 , n o e m p l o y e e w a s

d e n i e d a c c e s s t o t he Aud i t C o m m i t t e e .

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

a d o p t o p t i o n o f t h e N o n - m e n d a t o r y

r e q u i r e m e n t s o f c l a u s e 4 9 o f t h e L i s t i n g

A g r e e m e n t .

• C l a u s e 49 of t he L is t ing A g r e e m e n t m a n d a t e s to

o b t a i n a ce r t i f i ca te e i t he r f r o m the a u d i t o r s o f

t h e C o m p a n y o r p r a c t i s i n g C o m p a n y

S e c r e t a r y ( i e s ) r e g a r d i n g c o m p l i a n c e o f t he

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

s t i pu la ted in part V I I of of C l a u s e 49 of the L is t ing

A g r e e m e n t and a n n e x t he ce r t i f i ca te w i th t he

D i r e c t o r s ' Repo r t w h i c h is sen t a n n u a l l y to all

s h a r e h o l d e r s . T h e C o m p a n y has c o m p l i e d w i th

t he m a n d a t o r y r e q u i r e m n e t s o f the C a u s e 49 o f

t h e L i s t i n g A g r e e m e n t i n c l u d i n g C E O / C F O

c e r t i f i c a t i o n . As r e r e q u i r e d unde r C l a u s e 4 9 , a

Ce r t i f i ca te s i g n e d by C E O and G . M . (F&A) o f

the C o m p a n y has been p laced be fo re the Boa rd

of d i r ec to r s . Fur ther , as per the r e q u i r e m e n t s of

C l a u s e 4 9 , a cer t i f i ca te o b t i n e d f r o m the A u d i t o r s

o f the C o m p a n y cer t i f y ing t he c o m p l i a n c e w i th

t he c o n d i t i o n s o f C o r p o r a t e G o v e r n a n c e under

the sa id c l ause has been p r o v i d e d e l s e w h e r e in

th i s repor t . C l a u s e 49 a lso requ i res d i s c l o s u r e s

o f a d o p t i o n by the c o m p a n y o f n o n - m a n d a t o r y

r e q u i r e m e n t s s p e c i f i e d i n t he sa id c l a u s e , t he

i m p l i m e n t a t i o n o f w h i c h is d i sc re t i ona ry on t he

part o f the C o m p a n y . A c c o r d i n g l y , the a d o p t i o n

o f n o n - m a n d a t o r y r e q u i r e m e n t s i s g i ven be low :

R e m u n e r a t i o n C o m m i t t e e

• T h e C o m p a n y has c o n s t i t u t e d a R e m u n e r a t i o n

C o m m i t t e e c o n s i s t i n g o f on l y n o n - e x e c u t i v e

d i r ec to r s . A de ta i l ed note on the R e m u n e r a t i o n

C o m m i t t e e is p r o v i d e d e l s e w h e r e in th is repor t .

• O t h e r n o n - m a n d a t o r y r e q u i r e m e n t s are ye t to

be a d o p t e d .

M e a n s o f C o m m u n i c a t i o n

T h e quar te r l y U n a u d i t e d F inanc ia l Resu l t s and A n n u a l

F i n a n c i a l R e s u l t s a re p u b l i s h e d in l e a d i n g n a t i o n a l

n e w s p a p e r s , i.e., A s i a n A g e / B u s i n e s s S t a n d a r d /

F i n a n c i a l E x p r e s s ( E n g l i s h ) a n d K h a b a r e r K a g a j /

Ka lan ta r (Benga l i ) . I t is a lso d i s p l a y e d on C o m p a n y ' s

w e b s i te www.ashianahousing.com . T h e C o m p a n y

has not m a d e any r e p r e s e n t a t i o n to any Ins t i tu t iona l

Investor . T h e M a n a g e m e n t ' s D i s c u s s i o n a n d A n a l y s i s

R e p o r t p r e p a r e d by t he M a n a g e m e n t f o r m s part o f

the A n n u a l R e p o r t .

9.

10.

(a )

( b )

C E O / C F O C e r t i f i c a t i o n

Shr i O m P r a k a s h G u p t a , C h a i r m a n a n d M a n a g i n g

D i r e c t o r a n d Sh r i N a v a l K i s h o r e , G e n e r a l M a n a g e r

( F i n a n c e & A c c o u n t s ) h a v e f u r n i s h e d t h e r e q u i s i t e

ce r t i f i ca te to the Boa rd o f d i r ec to rs unde r c l a u s e 49

o f t he L is t ing A g r e e m e n t .

G e n e r a l S h a r e h o l d e r ' s I n f o r m a t i o n

A n n u a l G e n e r a l M e e t i n g

Day, Da te Fr iday, 2 1 s t S e p t e m b e r 2 0 0 7

and T i m e At 2 .30 P.M.

V e n u e K a l a k u n j ( B a s e m e n t - K a l a m a n d i r ) ,

4 8 , S h a k e s p e a r e S a r a n i , Ko lka ta

F i n a n c i a l C a l e n d a r

A s h i a n a H o u s i n g f o l l o w s the f i nanc ia l y e a r f r o m Apr i l

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 Resu l t s for t he f i rst

t h r e e q u a r t e r s a n d the A u d i t e d F inanc ia l Resu l t s for

t he y e a r e n d e d 3 1 s " M a r c h , 2 0 0 7 w e r e t a k e n o n record

a n d a p p r o v e d b y t h e B o a r d o f D i r e c t o r s i n i ts

m e e t i n g ( s ) he ld on t he f o l l o w i n g d a t e s :

Quarter Ended

Apr i l - J u n e , 2006

July - S e p t e m b e r , 2 0 0 6

O c t o b e r - D e c e m b e r , 2 0 0 6

Date of Board Meeting

3 1 s 1 Ju ly, 2 0 0 6

2 7 , h Oc tober , 2 0 0 6

3 0 t h January , 2 0 0 7

Year E n d e d 3 1 s t M a r c h , 2 0 0 7 2 9 , h J u n e , 2 0 0 7

(c ) B o o k C l o s u r e

T h e C o m p a n y ' s R e g i s t e r o f M e m b e r s a n d S h a r e

T r a n s f e r books wi l l remain c l osed f r o m 15* S e p . 2 0 0 7

t o 2 1 s 1 S e p . 2 0 0 7 (both d a y s inclusive) for the pu rpose

o f d iv idend and A n n u a l Genera l Mee t ing o f the C o m p a n y .

( d ) D i v i d e n d p a y m e n t d a t e

With in 30 days f r om the da te o f A n n u a l Gene ra l M e e t i n g .

( e ) S t o c k E x c h a n g e s

T h e C o m p a n y ' s equ i ty sha res are l isted on the fo l l ow ing

S tock E x c h a n g e s :

Sr.

No.

N a m e a n d a d d r e s s o f the

S t o c k E x c h a n g e

S e c u r i t y

C o d e N o .

1. T h e Ca lcu t ta S tock E x c h a n g e

A s s o c i a t i o n L t d .

7 , Lyons R a n g e , Ko lka ta 700 001

11109

2. T h e Stock E x c h a n g e , M u m b a i

P.J. Towers , Dalai Street

M u m b a i - 400 001

5 2 3 7 1 6

3. M a g a d h S tock E x c h a n g e

A s s o c i a t i o n L t d . 9 , h Floor,

A s h i a n a P laza , Budh M a r g ,

Pa tna - 800 001

L G : 5/34


Ashiana ( f ) D i v i d e n d pa id for t h e last t h r e e y e a r s

Sr. Date of D i v i d e n d in D i v i d e n d , in

No. D e c l a r a t i o n % A m o u n t

1. 2 4 t h Sept . , 2004 ' 10 5 3 , 5 3 , 1 0 0

2 . 2 3 r d Sept . , 2005 10 5 3 , 5 3 , 1 0 0

3. 19 t h Sept . , 2006 20 1 ,07 ,06 ,200

(g ) Market Pr ice Da ta : Month ly High and Low quo ta t ion

o f s h a r e s t r a d e d in M u m b a i S tock E x c h a n g e

T h e C o m p a n y has its ISIN No . INE 3 6 5 D 0 1 0 1 3 for

dema te r i a l i sa t i on o f equi ty sha res .

M o n t h H igh L o w

A p r i l , 2006 3 5 2 . 3 0 155 .85

May, 2006 4 2 8 . 1 0 2 0 2 . 5 0

J u n e , 2006 2 4 6 . 2 0 131.40

July, 2 0 0 6 147 .90 96 .05

A u g u s t , 2 0 0 6 140 .55 109.70

Sep tembe r , 2006 190 .50 125 .00

October , 2006 196 .60 162 .00

November , 2006 2 4 0 . 0 0 160 .00

December , 2006 2 6 4 . 7 0 189 .45

Janua ry , 2007 2 5 5 . 2 0 2 1 7 . 1 0

February , 2 0 0 7 2 3 9 . 4 0 159 .10

M a r c h , 2007 193.45 145 .25

(h ) S h a r e P e r f o r m a n c e C h a r t

450 i

400 •

350 • BC

c 3 00-

o 250 •

200 -£B 1 5 0 -

in 100

50

# <§> <> d>- J- </ Month

( i ) D i s t r i b u t i o n o f S h a r e h o l d i n g as on 3 1 . 0 3 . 2 0 0 7

Range Shareholders Shanes

No. of Shares Numbers % to total Numbers % to total

UPTO 500 9471 97.84 1088989 20.34 501 TO 1000 87 0.90 67516 1.26 1001 TO 2001 53 0.55 79366 1.48 2001 TO 3000 23 0.24 55953 1.04 3001 TO 4000 8 0.08 28418 0.53 4001 TO 5000 8 0.08 37643 0.70 5001 TO 10000 10 0.10 74681 1.39 10001 AND ABOVE 20 0.21 3920534 73.23

Total 10315 100.00 5353100 100.00


Sr. Shareholders No. of shares Percentage No.

A Promoter's Holding

1. Indian Promoters 3491219 65.22

B. Non-Promoter's Holding

2. Banks, Fis, Insurance Cos., (Central/State Govt. Institutions/ Non-Govt. Institutions

200 0.003

3. Foreign Institutional Investors 9700 0.181

C. Others

4. Private Corporate Bodies 369841 6.909

5. Indian Public 1447945 27.049

6. NRIs/OCBs 27909 0.521

7. Others (shares in transit) 6286 0.117

Sub-Total 1861881 34.78

Grand Total 5353100 100.000

( k ) R e g i s t r a r & T r a n s f e r A g e n t :

M/s. Beeta l F inanc ia l & C o m p u t e r S e r v i c e s Pvt. L t d . ,

h a v i n g its a d d r e s s a t B e e t a l H o u s e , 9 9 , M a d a n g i r ,

B e h i n d Loca l S h o p p i n g C e n t r e , Near D a d a H a r s u k h

Das Mandi r , New Delhi 110 0 6 2 , has been a p p o i n t e d

by the C o m p a n y for reg is t ra t ion of share t rans fe r and

o ther re la ted work .

( I ) S h a r e T r a n s f e r P r o c e s s

The C o m p a n y ' s s h a r e s being in c o m p u l s o r y d e m a t list

are t rans fe rab le t h rough the depos i to ry s y s t e m . S h a r e s

in D e m a t F o r m a re p r o c e s s e d by t he R e g i s t r a r &

T r a n s f e r A g e n t - M/s Bee ta l F i n a n c i a l & C o m p u t e r

Serv i ce Pvt. L td . , Bee ta l H o u s e , 9 9 , Madang i r , Near

Dada H a r s u k h Dass Mand i r , Beh ind Loca l S h o p p i n g

C e n t r e , New Delhi - 110062 . T rans fe r of s h a r e s both

by D e m a t a n d Phys i ca l m o d e are a p p r o v e d by t he

' T r a n s f e r a n d S h a r e h o l d e r s / I n v e s t o r s G r i e v a n c e

Commi t tee ' .

( m ) D e m a t e r i a l i s a t i o n o f S h a r e s a n d L i q u i d i t y

The S h a r e s o f the c o m p a n y are compu lso r i l y t r a d e d in

d e m a t e r i a l i s e d f o r m . I n o r d e r t o e n a b l e . the

s h a r e h o l d e r s to ho ld the i r s h a r e s in e l e c t r o n i c f o r m

and to fac i l i ta te sc r i p less t r a d i n g , t he C o m p a n y has

en l is ted its s h a r e s wi th Nat iona l Secur i t ies Depos i to ry

L td . and Cen t ra l Depos i to ry Serv ices (India) L td . Out o f

5 3 5 3 1 0 0 Equity S h a r e s o f the c o m p a n y 1429565 Equi ty

s h a r e s have been dema te r i a l i sed as on 3 1 . 0 3 . 2 0 0 7 .

( n ) S e c r e t a r i a l A u d i t R e p o r t

As s t ipu la ted by the Secur i t i es and E x c h a n g e Board o f

I n d i a , M/s . B . C h h a w c h h a r i a a n d C o . C h a r t e r e d

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

car r ies out the Sec re ta r ia l Aud i t to reconc i le the to ta l

a d m i t t e d cap i t a l w i th N a t i o n a l S e c u r i t i e s D e p o s i t o r y

L imi ted (NSDL) and Cen t ra l Depos i tory Se rv i ces (India)

Gp

( j ) S h a r e h o l d i n g P a t t e r n ( As on 3 1 . 0 3 . 2 0 0 7 )

ASHIANA HOUSING LIMITED r Ashiana L td . (CDSL) and the tota l i ssued and l isted cap i ta l . Th is

audit is ca r r i ed out every quar te r and the Repor t t h e r e o n

is submi t ted to the S tock E x c h a n g e s and is a lso p laced

be fore the Audi t C o m m i t t e e . T h e audi t , inter al ia con f i rms

that the to ta l l isted and pa id up cap i ta l o f the c o m p a n y

is in a g r e e m e n t w i th the a g g r e g a t e of the to ta l n u m b e r

o f s h a r e s in dema te r i a l i sed f o r m (held w i th N S D L and

C D S L ) and the tota l n u m b e r o f s h a r e s in phys ica l f o r m .

( o ) O f f i c e s L o c a t i o n s

R e g i s t e r e d O f f i c e :

5F, Everes t , 4 6 / C ,

C h o w r i n g h e e Road

Ko l ka ta -700 071

B r a n c h Of f ices

H e a d Of f ice & S h a r e Dept . :

Unit No. 4 & 5 , 3 r d Floor, Plot No. '

D-2, Saket Distr ict Center ,

Sake t , New Delhi - 110 017

(a) A s h i a n a T r a d e C e n t r e , A d i t y a p u r ,

J a m s h e d p u r - 8 3 1 0 1 3 ;

(b) A s h i a n a B a g e e c h a , Bhagat S ingh Colony,

B h i w a d i , R a j a s t h a n ;

(c ) 4 1 3 , A s h i a n a Tower, Exh ib i t ion R o a d ,

P a t n a - 8 0 0 0 0 1 .

(d) 6 0 4 , A p e x M a l l , Tonk R o a d ,

Near Lai Ko th i , Ja ipur .

1 1 . A d d r e s s fo r c o r r e s p o n d e n c e

S h a r e h o l d e r s are adv i sed to c o r r e s p o n d the regist rar

& S h a r e T r a n s f e r A g e n t - M/s. B e e t a l 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 Pr i va te L t d . , Bee ta l H o u s e , 9 9 ,

M a d a n g i r , Near D a d a H a r s u k h D a s s Mand i r , B e h i n d

Local S h o p p i n g C e n t r e , New Delh i - 110 062 for any

q u e r y r e g a r d i n g S h a r e T r a n s f e r / T r a n s m i s s i o n e tc .

and other re la ted mat te r or may con tac t Mr. B h a g w a n

Kumar , C o m p a n y S e c r e t a r y and C o m p l i a n c e Of f icer

on P h o n e No . 0 1 1 - 4 2 6 5 4 2 6 5 ; fax No. 0 1 1 - 4 2 6 5 4 2 0 0 ;

and e -ma i l ; b h a g w a n @ a s h i a n a h o u s i n g . c o m .

On behal f o f the B o a r d of D i r e c t o r s

Place : N e w Delh i Da ted : 3 0 t h July, 2 0 0 7

( O m P r a k a s h G u p t a ) C h a i r m a n a n d

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

AUDITORS'CERTIFICATE T o ,

T h e M e m b e r s o f A s h i a n a H o u s i n g L i m i t e d

We have e x a m i n e d t he c o m p l i a n c e o f c o n d i t i o n s o f C o r p o r a t e G o v e r n a n c e by M/s A s h i a n a H o u s i n g L imi ted ( fo rmer ly

A s h i a n a H o u s i n g & F i n a n c e Ind ia Ltd.) for t h e y e a r e n d e d 31st M a r c h , 2 0 0 7 as s t i p u l a t e d in C l a u s e 49 o f t he L is t ing

A g r e e m e n t o f the sa id C o m p a n y wi th Stock E x c h a n g e s .

The c o m p l i a n c e o f cond i t i ons o f co rpo ra te g o v e r n a n c e is the responsib i l ty o f 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 l imi ted

to p r o c e d u r e s and i m p l e m e n t a t i o n thereof , a d o p t e d by the C o m p a n y for ensu r i ng c o m p l i a n c e o f the cond i t i ons o f co rpo ra te

g o v e r n a n c e . I t is nei ther an audi t nor an exp ress ion of op in ion on the f i nanc ia l s t a t e m e n t s of the C o m p a n y .

In our op in ion and to the best o f our information and a c c o r d i n g to the exp lana t i ons g i ven to us, we cert i fy that the C o m p a n y has

c o m p l i e d w i th t he cond i t i ons o f c o r p o r a t e g o v e r n a n c e as s t ipu la ted in the a b o v e m e n t i o n e d List ing A g r e e m e n t .

As requ i red by the G u i d a n c e Note issued by the Inst i tute of C h a r t e r e d A c c o u n t a n t s of Ind ia, we have to s ta te that no investor

g r i evance is pend ing for a per iod e x c e e d i n g one mon th aga ins t the c o m p a n y as per the records ma in ta i ned by the c o m p a n y .

We fur ther s ta te that such c o m p l i a n c e is nei ther an a s s u r a n c e as to the fu tu re v iabi l i ty o f the c o m p a n y nor the e f f ic iency or

e f fec t i veness wi th w h i c h the M a n a g e m e n t has c o n d u c t e d the af fairs o f the c o m p a n y .

For B. C h h a w c h h a r i a & C o . C h a r t e r e d A c c o u n t a n t s

P lace : G u r g a o n Date : 30th Ju ly , 2 0 0 7

Vin i t B a g a r i a Par tne r

M e m b e r s h i p No . : 5 0 0 8 7 2

CD

mailto:[email protected]

A U D I T O R S ' R E P O R T

T h e M e m b e r s o f A s h i a n a H o u s i n g L i m i t e d

( 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 ( I n d i a )

L i m i t e d )

W e h a v e a u d i t e d t h e a t t a c h e d B a l a n c e S h e e t o f

A s h i a n a H o u s i n g L i m i t e d ( 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 ( I n d i a ) 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 p ro f i t a n d l o s s a c c o u n t a n d t h e

c a s h f l o w s t a t e m e n t f o r 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 t h e r e t o . T h e s e f i n a n c i a l s t a t e m e n t s a r e t h e

r e s p o n s i b i l i t y o f t h e c o m p a n y ' s m a n a g e m e n t . O u r

r e s p o n s i b i l i t y i s t o e x p r e s s a n o p i n i o n o n t h e s e

f i n a n c i a l s t a t e m e n t s b a s e d o n o u r a u d i t .

W e h a v e c o n d u c t e d o u r 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 s t a n d a r d s g e n e r a l l y a c c e p t e d i n I n d i a .

T h o s e S t a n d a r d s r e q u i r e t h a t w e p l a n a n d p e r f o r m

t h e a u d i t t o o b t a i n r e a s o n a b l e a s s u r a n c e a b o u t

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

m i s s t a t e m e n t . A n a u d i t i n c l u d e s e x a m i n i n g , o n a

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

d i s c l o s u r e s i n t h e f i n a n c i a l s t a t e m e n t s . A n a u d i t

a l s o i n c l u d e s a s s e s s i n g t h e a c c o u n t i n g p r i n c i p l e s

u s e d a n d s i g n i f i c a n t e s t i m a t e s m a d e b y

m a n a g e m e n t , a s w e l l a s e v a l u a t i n g t h e o v e r a l l

f i n a n c i a l s t a t e m e n t p r e s e n t a t i o n . W e b e l i e v e 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 f o r o u r

o p i n i o n .

1 . A s r e q u i r e d b y t h e C o m p a n i e s ( A u d i t o r ' s R e p o r t )

O r d e r , 2 0 0 3 i s s u e d b y t h e C e n t r a l G o v e r n m e n t

o f I n d i a i n t e r m s o f s u b - s e c t i o n (4A ) o f s e c t i o n

2 2 7 o f t h e C o m p a n i e s A c t , 1 9 5 6 , w e e n c l o s e i n

t h e A n n e x u r e a s t a t e m e n t o n t h e m a t t e r s

s p e c i f i e d i n p a r a g r a p h s 4 a n d 5 o f t h e s a i d

O r d e r .

2 . F u r t h e r t o o u r c o m m e n t s i n t h e A n n e x u r e r e f e r r e d

t o a b o v e , w e r e p o r t t h a t :

(i) W e h a v e o b t a i n e d al l t h e i n f o r m a t i o n a n d

e x p l a n a t i o n s , w h i c h t o t h e b e s t o f o u r

k n o w l e d g e a n d b e l i e f w e r e n e c e s s a r y f o r

t h e p u r p o s e s o f o u r a u d i t ;

( i i) I n o u r 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 b y l a w h a v e b e e n k e p t b y t h e

c o m p a n y s o f a r a s a p p e a r s f r o m o u r

e x a m i n a t i o n o f t h o s e b o o k s ;

( i i i ) T h e B a l a n c e S h e e t , p ro f i t a n d l o s s a c c o u n t

a n d c a s h f l o w s t a t e m e n t d e a l t w i t h b y t h i s


( V I N I T B A G A R I A )

P l a c e : G u r g a o n P a r t n e r

D a t e : 2 9 t h J u n e , 2 0 0 7 M e m b e r s h i p

N u m b e r : 5 0 0 8 7 2

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 b o o k s o f

a c c o u n t ;

(iv) S u b j e c t t o o u r c o m m e n t s h e r e i n a f t e r , t h e

B a l a n c e S h e e t , p ro f i t a n d l o s s a c c o u n t a n d

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

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

r e f e r r e d t o i n s u b - s e c t i o n ( 3 C ) o f s e c t i o n

2 1 1 o f t h e C o m p a n i e s A c t , 1 9 5 6 ;

(v) O n t h e b a s i s o f w r i t t e n r e p r e s e n t a t i o n s

r e c e i v e d f r o m t h e d i r e c t o r s , a s o n 3 1 s t

M a r c h 2 0 0 7 a n d t a k e n o n r e c o r d b y t h e

B o a r d o f D i r e c t o r s , w e r e p o r t t h a t n o n e o f

t h e d i r e c t o r s i s d i s q u a l i f i e d a s o n 3 1 s t

M a r c h 2 0 0 7 f r o m b e i n g a p p o i n t e d a s a

d i r e c t o r i n t e r m s o f c l a u s e (g) o f s u b - s e c t i o n

(1) o f s e c t i o n 2 7 4 o f t h e C o m p a n i e s A c t ,

1 9 5 6 ;

(vi) I n o u r o p i n i o n a n d t o t h e b e s t o f o u r

i n f o r m a t i o n 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 , t h e s a i d a c c o u n t s

r e a d w i t h s i g n i f i c a n t A c c o u n t i n g P o l i c i e s

a n d N o t e s t o t h e A c c o u n t s , g i v e t h e

i n f o r m a t i o n r e q u i r e d b y t h e C o m p a n i e s A c t ,

1 9 5 6 , i n t h e m a n n e r s o r e q u i r e d a n d

s u b j e c t t o n o t e s o n s c h e d u l e 2 1 p a r t i c u l a r l y

Dues to SSI Units (note 8) g i v e a t r u e a n d

f a i r v i e w i n c o n f o r m i t y w i t h t h e a c c o u n t i n g

p r i n c i p l e s g e n e r a l l y a c c e p t e d i n I n d i a :

(a) i n t h e c a s e o f t h e 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 2 0 0 7 ;

(b) i n t h e c a s e o f t h e p r o f i t a n d l o s s

a c c o u n t , o f t h e p ro f i t f o r t h e y e a r e n d e d

o n t h a t d a t e ; a n d

(c) i n t h e c a s e o f t h e 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 s f o r t h e y e a r e n d e d o n

t h a t d a t e . .

Fo r B . C H H A W C H H A R I A & C o .

C h a r t e r e d A c c o u n t a n t s


A n n e x u r e t o t h e A u d i t o r ' s R e p o r t

R e f e r r e d t o i n p a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e

f o r t h e y e a r e n d e d 3 1 s t M a r c h , 2 0 0 7 .

1 ) a ) T h e c o m p a n y h a s m a i n t a i n e d r e c o r d s

s h o w i n g f u l l p a r t i c u l a r s i n c l u d i n g q u a n t i t a t i v e

d e t a i l s a n d s i t u a t i o n o f f i x e d a s s e t s .

b ) A c c o r d i n g t o t h e i n f o r m a t i o n a n d e x p l a n a t i o n

g i v e n t o u s , a l l t h e f i x e d a s s e t s a n d c a p i t a l

w o r k i n p r o g r e s s h a v e n o t b e e n p h y s i c a l l y

v e r i f i e d b y t h e m a n a g e m e n t d u r i n g t h e y e a r

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

w h i c h , i n o u r o p i n i o n , i s r e a s o n a b l e h a v i n g

r e g a r d t o t h e s i z e o f t h e C o m p a n y a n d n a t u r e

o f i t s a s s e t s . A s e x p l a i n e d , n o m a t e r i a l

d i s c r e p a n c i e s w e r e n o t i c e d o n s u c h

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

c ) I n o u r o p i n i o n a n d a c c o r d i n g t o t h e

i n f o r m a t i o n a n d e x p l a n a t i o n s g i v e n t o u s , t h e

C o m p a n y h a s no t d i s p o s e d s u b s t a n t i a l p a r t

o f i ts f i x e d a s s e t s d u r i n g t h e y e a r .

2 ) a ) A c c o r d i n g t o t h e i n f o r m a t i o n a n d

e x p l a n a t i o n s g i v e n t o u s , t h e m a n a g e m e n t

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

t h e y e a r . I n o u r o p i n i o n , t h e f r e q u e n c y o f

v e r i f i c a t i o n i s r e a s o n a b l e .

b ) I n o u r o p i n i o n , t h e p r o c e d u r e s o f p h y s i c a l

v e r i f i c a t i o n o f i n v e n t o r i e s f o l l o w e d b y t h e

m a n a g e m e n t a r e r e a s o n a b l e a n d a d e q u a t e

i n r e l a t i o n t o t h e s i z e o f t h e c o m p a n y a n d t h e

n a t u r e o f i ts b u s i n e s s .

c ) O n t h e b a s i s o f o u r e x a m i n a t i o n o f t h e r e c o r d s

o f i n v e n t o r y , w e a r e o f t h e o p i n i o n t h a t t h e

; c o m p a n y i s m a i n t a i n i n g p r o p e r r e c o r d s o f

i n v e n t o r y . T h e d i s c r e p a n c i e s n o t i c e d o n

v e r i f i c a t i o n b e t w e e n t h e p h y s i c a l s t o c k s a n d

t h e b o o k r e c o r d s w e r e no t m a t e r i a l .

3 ) a ) T h e C o m p a n y h a s g r a n t e d u n s e c u r e d l o a n s

t o o n e c o m p a n y c o v e r e d i n t h e R e g i s t e r

m a i n t a i n e d u n d e r S e c t i o n 3 0 1 o f t h e

C o m p a n i e s A c t , 1 9 5 6 . T h e m a x i m u m a m o u n t

i n v o l v e d d u r i n g t h e y e a r a n d y e a r e n d b a l a n c e

o f l o a n s g i v e n t o s u c h c o m p a n y w a s R s . 7 3 . 0 5

l a c s .

b ) I n o u r o p i n i o n t h e r a t e o f i n t e r e s t a n d o t h e r

t e r m s a n d c o n d i t i o n s o n w h i c h l o a n s h a v e

b e e n g i v e n t o 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 m a i n t a i n e d u n d e r S e c t i o n 3 0 1 o f t h e

C o m p a n i e s A c t , 1 9 5 6 a r e , prima facie, n o t

p r e j u d i c i a l t o t h e i n t e r e s t o f t h e c o m p a n y .

c ) T h e c o m p a n y i s r e g u l a r i n r e c e i v i n g t h e

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

b e e n r e g u l a r i n t h e r e c e i p t o f i n t e r e s t , a s

a p p l i c a b l e .

d ) A s e x p l a i n e d t o u s t h e r e i s n o o v e r d u e a m o u n t

o f l o a n g i v e n t o t h e c o m p a n i e s l i s t e d i n t h e

r e g i s t e r s m a i n t a i n e d u n d e r s e c t i o n 3 0 1 o f

t h e C o m p a n i e s A c t , 1 9 5 6 .

e ) T h e c o m p a n y h a s not t a k e n a n y u n s e c u r e d

l o a n s f r o m c o m p a n i e s , p a r t i e s o r o t h e r

c o n c e r n c o v e r e d i n t h e r e g i s t e r m a i n t a i n e d

u n d e r S e c t i o n 3 0 1 o f t h e C o m p a n i e s A c t ,

1 9 5 6 .

4 ) I n o u r o p i n i o n a n d a c c o r d i n g t o , t h e i n f o r m a t i o n

a n d e x p l a n a t i o n s g i v e n t o u s , t h e r e a r e a d e q u a t e

i n t e r n a l c o n t r o l p r o c e d u r e s c o m m e n s u r a t e w i t h

t h e s i z e o f t h e c o m p a n y a n d t h e n a t u r e o f i ts

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

a n d f i x e d a s s e t s a n d w i t h r e g a r d t o t h e s a l e o f

c o n s t r u c t e d u n i t s a n d s e r v i c e s . 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 no t o b s e r v e d a n y c o n t i n u i n g

f a i l u r e t o c o r r e c t m a j o r w e a k n e s s i n i n t e r n a l

c o n t r o l s .

5 ) a ) A c c o r d i n g t o t h e i n f o r m a t i o n a n d

e x p l a n a t i o n s g i v e n t o u s , w e a r e o f t h e o p i n i o n

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

a r r a n g e m e n t s r e f e r r e d t o i n S e c t i o n 3 0 1 o f

t h e C o m p a n i e s A c t , 1 9 5 6 t h a t n e e d t o b e

e n t e r e d i n t o t h e r e g i s t e r m a i n t a i n e d u n d e r

t h a t S e c t i o n h a v e b e e n s o e n t e r e d .

b ) I n o u r o p i n i o n a n d a c c o r d i n g t o t h e

i n f o r m a t i o n a n d e x p l a n a t i o n s g i v e n t o u s , t h e

t r a n s a c t i o n s t h a t w e r e m a d e i n p u r s u a n c e

o f c o n t r a c t s o r a r r a n g e m e n t s t h a t n e e d t o b e

e n t e r e d i n t o t h e r e g i s t e r m a i n t a i n e d i n

p u r s u a n c e o f S e c t i o n 3 0 1 o f t h e C o m p a n i e s

A c t , 1 9 5 6 a n d a g g r e g a t i n g d u r i n g t h e y e a r t o

R s . 5 , 0 0 , 0 0 0 / - o r m o r e , i n r e s p e c t o f e a c h

p a r t y , h a v e b e e n m a d e a t p r i c e s w h i c h a r e

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

m a r k e t p r i c e s a t t h e r e l e v a n t t i m e .

6 ) I n o u r o p i n i o n a n d a c c o r d i n g t o t h e i n f o r m a t i o n

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

no t a c c e p t e d a n y d e p o s i t s f r o m t h e p u b l i c .


7 ) I n o u r o p i n i o n , t h e c o m p a n y h a s a n i n t e r n a l a u d i t

s y s t e m c o m m e n s u r a t e .wi th t h e s i z e a n d n a t u r e

o f i ts b u s i n e s s .

8 ) A s i n f o r m e d t o u s 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) o f t h e C o m p a n i e s A c t ,

1 9 5 6 i s not a p p l i c a b l e t o t h e c o m p a n y .

9 ) a ) A c c o r d i n g t o t h e r e c o r d s o f t h e c o m p a n y ,

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

d e p o s i t i n g w i t h a p p r o p r i a t e a u t h o r i t i e s

u n d i s p u t e d s t a t u t o r y d u e s i n c l u d i n g p r o v i d e n t

f u n d , i n v e s t o r e d u c a t i o n a n d p r o t e c t i o n f u n d ,

e m p l o y e e s ' s t a t e i n s u r a n c e , i n c o m e t a x ,

s a l e s t a x , w e a l t h t a x , s e r v i c e t a x , c u s t o m d u t y ,

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

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

d u e s w e r e o u t s t a n d i n g a s a t t h e las t d a y o f

t h e f i n a n c i a l y e a r u n d e r r e v i e w f o r a p e r i o d o f

m o r e t h a n s ix m o n t h s f r o m t h e d a t e t h e y

b e c a m e p a y a b l e .

b ) T h e r e a r e n o d u e s o f I n c o m e T a x , S a l e s T a x ,

W e a l t h T a x , S e r v i c e T a x , C u s t o m s D u t y , E x c i s e

D u t y a n d C e s s , a s a p p l i c a b l e , w h i c h h a v e

not b e e n d e p o s i t e d o n a c c o u n t o f a n y d i s p u t e

e x c e p t a s d e t a i l e d b e l o w :

Name of the Statute

Nature of

the Dues

Amount (Lacs)

Relating to the year

Forum where Dispute Pending

Income Tax

Act, 1961

Income Tax 7.51 lacs 1989-1990 Appellant Tribunal

and Asst.

Commissioner of

Income Tax

The Finance

Act, 1994

Service Tax 46.59 acs 2005-06 & 2006-07 Additional

Commissioner of

Central Excise,

Jamshedpur

10) T h e c o m p a n y d o e s n o t h a v e a c c u m u l a t e d

l o s s e s . T h e 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

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

a u d i t a n d t h e i m m e d i a t e l y p r e c e d i n g f i n a n c i a l

y e a r .

11) I n o u r o p i n i o n a n d a c c o r d i n g t o t h e i n f o r m a t i o n

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

no t d e f a u l t e d i n r e p a y m e n t o f d u e s t o a f i n a n c i a l

i n s t i t u t i o n , b a n k o r d e b e n t u r e h o l d e r .

12) A s p e r i n f o r m a t i o n a n d e x p l a n a t i o n s p r o v i d e d

t o u s t h e c o m p a n y h a s no t 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 o n t h e b a s i s o f s e c u r i t y b y w a y o f

p l e d g e o f s h a r e s , d e b e n t u r e s a n d o t h e r

s e c u r i t i e s .

13) I n o u r o p i n i o n t h e c o m p a n y i s not a ch i t f u n d o r

a nidhil m u t u a l b e n e f i t f u n d / s o c i e t y .

14) T h e c o m p a n y i s no t d e a l i n g o r t r a d i n g i n s h a r e s ,

s e c u r i t i e s , d e b e n t u r e s a n d o t h e r i n v e s t m e n t s .

H o w e v e r , I n v e s t m e n t s o f t h e C o m p a n y a r e h e l d

i n i ts o w n n a m e .

15) A s p e r i n f o r m a t i o n a n d e x p l a n a t i o n s p r o v i d e d

t o u s , t h e c o m p a n y h a s not g i v e n a n y g u a r a n t e e

f o r l o a n s t a k e n b y o t h e r s f r o m b a n k o r f i n a n c i a l

i n s t i t u t i o n s .

16) T h e C o m p a n y h a s n o t 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 y e a r c o n c e r n e d .

17) A c c o r d i n g t o t h e i n f o r m a t i o n a n d e x p l a n a t i o n s

g i v e n t o u s a n d o n a n o v e r a l l e x a m i n a t i o n o f t h e

b a l a n c e s h e e t o f t h e c o m p a n y , w e r e p o r t t h a t

t h e n o f u n d s 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 f o r l o n g - t e r m i n v e s t m e n t e x c e p t

p e r m a n e n t w o r k i n g c a p i t a l .

18) T h e c o m p a n y h a s no t 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 o f s h a r e s t o p a r t i e s a n d c o m p a n i e s

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

3 0 1 o f t h e C o m p a n i e s A c t , 1 9 5 6 .

19) D u r i n g t h e p e r i o d c o v e r e d b y o u r a u d i t r e p o r t ,

t h e c o m p a n y h a s no t i s s u e d a n y d e b e n t u r e s .

2 0 ) T h e c o m p a n y h a s no t r a i s e d m o n e y b y p u b l i c

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

2 1 ) A c c o r d i n g t o t h e i n f o r m a t i o n a n d e x p l a n a t i o n s

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

b e e n n o t i c e d o r r e p o r t e d 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 .

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



P a r t n e r

M e m b e r s h i p N u m b e r : 5 0 0 8 7 2

CD

P l a c e : G u r g a o n

D a t e : 2 9 t h J u n e , 2 0 0 7


BALANCE SHEET AS AT 31 ST MARCH, 2007

S C H E D U L E S A S A T A S A T

3 1 . 0 3 . 2 0 0 7 3 1 , 0 3 . 2 0 0 6 Rs. Rs . Rs . R s .

S O U R C E S O F F U N D S

S h a r e h o l d e r s ' F u n d s :

S h a r e Cap i ta l 1 5 3 , 5 3 1 , 0 0 0 5 3 , 5 3 1 , 0 0 0

R e s e r v e s & S u r p l u s . 2 2 4 7 , 0 1 9 , 4 7 0 3 0 0 , 5 5 0 , 4 7 0 1 6 5 , 8 2 4 , 1 5 2 2 1 9 , 3 5 5 , 1 5 2

Loan F u n d s :

S e c u r e d L o a n s 3 9 , 7 6 1 , 6 8 7 9 , 4 9 6 , 9 2 3

De fe r red Tax l iabi l i ty 4 4 , 7 5 5 , 0 0 0 3 , 4 7 9 , 0 0 0

3 1 5 , 0 6 7 , 1 5 7 2 3 2 , 3 3 1 , 0 7 5

A P P L I C A T I O N O F F U N D S

F ixed A s s e t s : 5

a) G r o s s B lock 1 3 7 , 1 7 8 , 2 7 6 5 7 , 1 2 9 , 9 0 5

b) L e s s : D e p r e c i a t i o n 1 6 , 0 3 2 , 9 9 4 1 4 , 5 9 9 , 4 4 1

c) Net B lock 1 2 1 , 1 4 5 , 2 8 2 4 2 , 5 3 0 , 4 6 4

d) C a p i t a ! W o r k in P r o g r e s s 5 2 0 , 9 3 8 1 2 1 , 6 6 6 , 2 2 0 5 9 8 , 6 9 3 4 3 , 1 2 9 , 1 5 7

I n v e s t m e n t s 6 2 5 2 , 4 5 9 , 5 7 4 2 1 5 , 7 1 9 , 1 6 8

C u r r e n t A s s e t s , L o a n s & A d v a n c e s

I n v e n t o r i e s 7 5 7 8 , 0 1 9 , 6 6 1 5 0 8 , 9 3 0 , 0 8 2

• S u n d r y D e b t o r s 8 1 3 , 5 9 9 , 4 1 8 2 , 4 3 8 , 7 2 8

C a s h & Bank b a l a n c e s 9 2 2 7 , 8 1 7 , 6 9 2 1 6 3 , 1 2 0 , 9 0 5

O t h e r Cu r ren t A s s e t s 10 2 8 , 2 9 3 , 2 7 9 L o a n s & A d v a n c e s 11 6 0 , 5 1 4 , 4 0 7 7 1 , 6 3 2 , 4 2 5 )

9 0 8 , 2 4 4 , 4 5 7 7 4 6 , 1 2 2 , 1 4 0

Less : Cur ren t L iab i l i t ies & P rov i s i ons 12 9 6 7 , 3 0 3 , 0 9 4 7 7 2 , 6 3 9 , 3 9 0

Net C u r r e n t A s s e t s ( 5 9 , 0 5 8 , 6 3 7 ) ( 2 6 , 5 1 7 , 2 5 0 )

3 1 5 , 0 6 7 , 1 5 7 2 3 2 , 3 3 1 , 0 7 5

N O T E S O N A C C O U N T S 2 1

B A L A N C E S H E E T A B S T R A C T A N D C O M P A N Y ' S

G E N E R A L B U S I N E S S PROFILE 22

T h e S c h e d u l e s re fer red a b o v e f o r m an in tegra l part o f the a c c o u n t s . In t e r m s of our report of even da te a t t a c h e d herew i th

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

C h a r t e r e d A c c o u n t a n t s For and on behal f o f the Board

V I N I T B A G A R I A B h a g w a n K u m a r O m P r a k a s h G u p t a V i s h a l G u p t a Nava l K i s h o r e

Par tne r C o m p a n y S e c r e t a r y M a n a g i n g Di rec tor Jt. M a n a g i n g Di rec tor G . M . (F&A)


Date : 29 th J u n e , 2007 P lace : N e w Delhi Da te : 29th J u n e , 2007

iQr Ashiana I ASHIANA HOUSING LIMITED

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

I N C O M E

S a l e s

O the r I n c o m e

Inc rease in S tock

S C H E D U L E S

13

14

15

2 0 0 6 - 2 0 0 7 ( R s . )

4 9 6 , 8 9 7 , 2 5 6

3 7 , 2 6 1 , 2 3 7

7 4 , 6 8 6 , 5 2 5

6 0 8 , 8 4 5 , 0 1 8

2 0 0 5 - 2 0 0 6

(Rs. )

3 3 5 , 5 4 5 , 1 9 2

2 6 , 0 5 1 , 7 9 1

111 ,446 ,248

4 7 3 , 0 4 3 , 2 3 1

E X P E N D I T U R E

P u r c h a s e s

Pro jec t E x p e n s e s

O n g o i n g Pro ject E x p e n s e s A d j u s t e d

E x p e n s e s on E m p l o y e e s

D e p r e c i a t i o n

O t h e r e x p e n s e s

16

17

18

19

2 6 , 7 9 4 , 2 6 3

3 8 3 , 2 3 7 , 3 9 0

1 6 , 8 1 4 , 5 3 1

2 3 , 6 4 2 , 8 8 5

3 , 5 3 3 , 9 0 7

4 3 , 5 7 8 , 4 6 0

4 9 7 , 6 0 1 , 4 3 6

9 3 , 0 8 2 , 7 4 7

2 7 1 , 2 1 1 , 1 4 1

1 6 , 7 7 1 , 9 0 9

2 , 7 5 3 , 8 3 3

3 8 , 7 1 3 , 9 1 1

4 2 2 , 5 3 3 , 5 4 ?

P R O F I T FOR T H E Y E A R

L e s s : P rov i s i on fo r Taxa t ion

Prof i t a f ter Tax

20

1 1 1 , 2 4 3 , 5 8 2

1 4 , 3 9 1 , 1 1 4

9 6 , 8 5 2 , 4 6 8

5 0 , 5 0 9 , 6 9 0

4 , 5 2 5 , 0 0 0

4 5 , 9 8 4 , 6 9 0

S u r p l u s b r o u g h t f o r w a r d f r o m p r e v i o u s y e a r

A p p r o p r i a t i o n s :

T r a n s f e r t o G e n e r a l R e s e r v e

P r o p o s e d D iv idend

C o r p o r a t e D i v idend Tax

4 , 3 2 4 , 1 5 2

1 0 1 , 1 7 6 , 6 2 0

8 0 , 0 0 0 , 0 0 0

1 3 , 3 8 2 , 7 5 0

2 , 2 7 4 , 4 0 0

5 4 7 , 2 0 7

4 6 , 5 3 1 , 8 9 7

3 0 , 0 0 0 , 0 0 0

1 0 , 7 0 6 , 2 0 0

1 ,501,545

Su rp l us Ca r r i ed to Ba lance Shee t 5 , 5 1 9 , 4 7 0 4 , 3 2 4 , 1 5 2

Ea rn ing Per S h a r e

(On S h a r e s o f nom ina l va l ue o f Rs . 10/ - each)

Bas ic and D i lu ted 18.09 8.59

The S c h e d u l e s re fer red a b o v e f o rm an integral part o f the a c c o u n t s .

In t e r m s of our report of even da te a t t a c h e d herewi th




P a r t n e r C o m p a n y S e c r e t a r y M a n a g i n g Di rec tor Jt . M a n a g i n g Di rec tor G . M . (F&A)

P l a c e : G u r g a o n Date : 29 th J u n e , 2 0 0 7

P lace : New Delhi

Da te : 29th J u n e , 2007


S C H E D U L E S T O T H E A C C O U N T S A S A T A S A T

3 1 . 0 3 . 2 0 0 7 3 1 . 0 3 . 2 0 0 6

( R s . ) (Rs . )

S H A R E C A P I T A L

A u t h o r i s e d :

7 0 0 0 0 0 0 Equi ty s h a r e s o f Rs . 10/ - each

I s s u e d , S u b s c r i b e d a n d Pa id up :

5 3 5 3 1 0 0 Equi ty s h a r e s o f Rs . 10 / - each

fu l ly pa id up

R E S E R V E S & S U R P L U S

Cap i t a l R e s e r v e

G e n e r a l R e s e r v e s :

As per last A c c o u n t

A d d : T rans fe r f r o m Prof i t & Loss A /c

Prof i t & Loss A c c o u n t

7 0 , 0 0 0 , 0 0 0 7 0 , 0 0 0 , 0 0 0

5 3 , 5 3 1 , 0 0 0

5 3 , 5 3 1 , 0 0 0

5 3 , 5 3 1 , 0 0 0

5 3 , 5 3 1 , 0 0 0

1 ,500 ,000 1 , 5 0 0 , 0 0 0

1 6 0 , 0 0 0 , 0 0 0

8 0 , 0 0 0 , 0 0 0

2 4 0 , 0 0 0 , 0 0 0

5 , 5 1 9 , 4 7 0

2 4 7 , 0 1 9 , 4 7 0

1 3 0 , 0 0 0 , 0 0 0

3 0 , 0 0 0 , 0 0 0

1 6 0 , 0 0 0 , 0 0 0

4 , 3 2 4 , 1 5 2

1 6 5 , 8 2 4 , 1 5 2

S E C U R E D L O A N S

I ) W o r k i n g Cap i ta l f r o m :

S ta te B a n k of B i kane r & Ja ipu r

H D F C Bank L im i ted

- S e c u r e d by p ledge of ce r ta in F ixed Depos i t R e c e i p t s

II) Veh ic le L o a n s f r o m :

. A B N A m r o Bank L td .

ICICI Bank L im i ted

H D F C Bank L imi ted

- S e c u r e d aga ins t h y p o t h e c a t i o n o f v e h i c l e s

1 ,940 ,635

4 , 4 3 7 , 0 0 7

8 7 1 , 1 5 8 *

1 ,668 ,285*

8 4 4 , 6 0 2 *

9 , 7 6 1 , 6 8 7

1 , 5 2 0 , 2 1 7

4 , 0 5 0 , 6 3 8

1 ,393 ,401

2 , 5 3 2 , 6 6 7

9 , 4 9 6 , 9 2 3

• I nc l udes Rs. 1 7 9 5 5 4 3 / - due w i th in 12 m o n t h s

D E F E R R E D TAX L I A B I L I T Y ( N E T )

De fe r red Tax Liabi l i ty on F isca l a l l o w a n c e o f f i xed a s s e t s

L e s s : D e f e r r e d Tax A s s e t s on

U n a b s o r b e d l osses

E m p l o y e e Bene f i t s

6 , 3 3 0 , 0 0 0

• 2 ,000

1 , 5 7 3 , 0 0 0

4 , 7 5 5 , 0 0 0

4 , 7 3 2 , 0 0 0

3 5 , 0 0 0

1 , 2 1 8 , 0 0 0

3 , 4 7 9 , 0 0 0

3

4

Ashiana AS HI AN A HOUSING LIMITED

S C H E D U L E S T O T H E A C C O U N T S

5 F I X E D A S S E T S

GROSS BLOCK DEPRECIATION NETBLOCK

As at Additions/ As at Up to For the Up to As at As at Particulars 01.04.2006 (Deductions) 31-3-2007 31-3-2006 year 31-3-2007 31-3-2007 31-3-2006

(Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.)

GOODWILL 100,000 100,000 100,000 100,000 BUILDING 6,941,833 •65,374,160 72,315,993 827,184 218,212 1,045,396 71,270,597 6,114,649

PLANT & MACHINERY 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 3,346,509 5,200,933 (196,887)

8,350,555 2,155,620 229,739 (172,742)

2,212,617 6,137,938 1,190,889

COMPUTERS 3,436,771 1,764,369 (1,006,895)

4,194,245 1,943,640 419,840 (956,550)

1,406,930 2,787,315 1,493,131

REFRIGERATORS 242,366 60,400 302,766 99,212 12,298 111,510 191,256 143,154

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

VEHICLES 9,129,673 1,628,034 (349,088)

10,408,619 1,767,104 891,715 (161,092)

2,497,727 7,910,892 7,362,569

ELECTRICAL INSTALLATIONS 1,880,433 1,497,112 3,377,545 923,779 97,037 1,020,816 2,356,729 956,654

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

TOTAL 57,129,905 82,601,486 (2,553,115)

137,178,276 14,599,441 3,533,907 (2,100,354)

16,032,994 121,145,282

CAPITAL WORK IN PROGRESS 598,693 520,938 (598,693)

520,938 - - -

520,938 598,693

GRANDTOTAL 57,728,598 83,122,424 (3,151,808)

137,699,214 14,599,441 3,533,907 (2,100,354)

16,032,994 121,666,220

PREVIOUS YEAR FIGURES 40,093,728 18,463,483 (828,613)

57,728,598 12,170,517 2,753,833 (324,910)

14,599,440 - 43,129,157

Note:* pending registration in the name of the Company

Face No. of A S AT No. of AS A T

V a l u e S h a r e s / u n i t

Rs. Nos .

3 1 . 0 3 . 2 0 0 7

( R s . )

S h a r e s / u n i t

Nos .

6 I N V E S T M E N T S

(A) L O N G T E R M I N V E S T M E N T S

1. In G o v e r n m e n t / T r u s t Secu r i t i es ( U n q u o t e d )

Na t iona l Sav ing Cer t i f i ca te

( L o d g e d w i th S a l e s Tax Au tho r i t y )

2. In ful ly pa id up Equ i ty S h a r e s :

Subs id ia ry C o m p a n i e s ( U n q u o t e d )

A s h i a n a R e t i r e m e n t V i l l ages L td .

Va t i ka M a r k e t i n g L td .

O t h e r s :

i . Q u o t e d

Ispat Prof i le L td .

M o d e r n W o o l e n L td .

M o d e r n T h r e a d s L td .

S . M . Te lesys L td .

S p e c t r u m C o m m e r c i a l s L td . -

Tata T i m k e n L imi ted

10

10

10

10

10

10

10

10

2 4 0 0 5 0

5 0 0 0 0

100

50

23

2 5 0 0

1 3 2 0 0 0

54

2 , 4 1 2 , 5 5 0

5 2 0 , 1 2 0

782

1,575

2 8 0

2 5 , 0 0 0

3 3 0 , 7 7 5

3 ,696

2 3 9 9 9 0

4 8 0 0 0

100

50

23

2 5 0 0

1 3 2 0 0 0

54

3 1 . 0 3 . 2 0 0 6

(Rs.)

3 ,000

2 , 4 1 1 , 9 5 0

4 8 0 , 0 1 0

782

1,575

280

2 5 , 0 0 0

3 3 0 , 7 7 5

3 , 6 9 6

< 2 0 >



i i . U n q u o t e d

El i te L e a s i n g s L td .

A d i t y a p u r Toll B r idge C o m p a n y L imi ted

3. In Part ly paid D e b e n t u r e s :

Subs id ia r y C o m p a n y ( Unquo ted )

A s h i a n a R e t i r e m e n t V i l l a g e s L im i ted -

Z e r o Percen t U n s e c u r e d Op t iona l l y Ful ly C o n v e r t i b l e

D e b e n t u r e s (paid up Rs. 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 P r o p e r t i e s :

Bu i l d i ng a t W - 1 7 7 , G r e a t e r Ka i l ash - I I , N e w Delh i

Land a t V a s u n d h a r a Nagar , Phase I I , B h i w a d i , Ra jas than *

5. In Cap i ta l of Pa r tne rsh ip F i rms

A s h i a n a A m a r D e v e l o p e r s

A s h i a n a A m a r I n f r a s t r u c t u r e s

A s h i a n a G r e e n W o o d D e v e l o p e r s

( A )

* T rans fe r f r o m s tock on 1st A p r i l , 2 0 0 6

(B) C U R R E N T I N V E S T M E N T S

In Mu tua l F u n d s

U n q u o t e d

FT India B luech ip 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 6 0 6 6 . 1 7 7 2 3 1 , 6 2 9 5 2 7 1 . 4 8 1 2 0 0 , 0 0 0

H D F C Top 2 0 0 Fund - D i v i dend R e i n v e s t m e n t 10 1 5 3 4 4 . 1 1 5 5 6 7 , 7 9 3 2 1 0 1 5 . 8 0 7 7 7 5 , 0 0 0

H D F C Capital Bui lder Fund - Div idend Reinvestment 10 2 3 0 5 3 . 1 1 2 5 6 1 , 2 9 7 2 5 6 7 7 . 2 8 7 7 5 0 , 0 0 0

H D F C G r o w t h Fund - D i v i dend R e i n v e t s m e n t 10 1 1 7 3 0 8 . 2 2 7 2 , 6 5 7 , 7 3 8 6 1 9 8 6 . 2 1 4 1,231,442

Tata C o n t r a Fund - G r o w t h 10 5 0 0 0 0 . 0 0 0 5 0 0 , 0 0 0 5 0 0 0 0 . 0 0 0 5 0 0 , 0 0 0

S t a n d a r d C h a r t e r e d Imper ia l Equi ty F u n d - D R 10 5 0 0 0 0 . 0 0 0 5 0 0 , 0 0 0 5 0 0 0 0 . 0 0 0 5 0 0 , 0 0 0

SBI B lue Ch ip F u n d - D R 10 5 0 0 0 0 . 0 0 0 5 0 0 , 0 0 0 5 0 0 0 0 . 0 0 0 5 0 0 , 0 0 0

Re l i ance Equi ty 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 1 5 0 0 0 0 . 0 0 0 1 ,500,000 1 5 0 0 0 0 . 0 0 0 1 ,500,000

Prudent ia l ICICI Inf rastructure Fund - D iv idend Re- inves tment 10 3 3 9 1 7 . 8 6 8 4 7 3 , 9 2 8 2 8 3 2 8 . 6 1 2 4 0 0 , 0 0 0

Fidel i ty Equi ty F u n d - G r o w t h 10 7 9 2 2 7 . 8 1 7 1,300,000 3 3 5 3 5 . 0 6 7 5 0 0 , 0 0 0

Re l i ance G r o w t h Fund - G r o w t h 10 1 2 4 4 . 0 9 0 2 5 0 , 0 0 0 1 2 4 4 . 0 9 0 2 5 0 , 0 0 0

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 8 3 5 3 4 . 0 0 0 1 ,200,000 8 3 5 3 4 . 0 0 0 1 ,200,000

Re l i ance Shor t T e r m Fund - Retai l Fund - G r o w t h 10 6 4 6 2 3 6 . 8 1 0 7 , 5 0 0 , 0 0 0

Re l iance Diver is i f ied Power sec to r -D i v i dend Re inve t smen t 10 1 4 3 4 7 . 8 3 9 3 5 4 , 8 4 7 1 3 1 5 1 . 2 0 5 3 2 1 , 9 6 9

SBI M a g n u m G l o b a l F u n d - D i v i d e n d 10 2 7 6 0 1 . 4 3 5 1 ,000,000

Tata I n f ras t ruc tu re Fund-Gr . 10 4 0 1 9 6 . 4 8 0 1 ,000,000

H D F C Index F u n d - S e r i e s P lus Plan 10 8 4 6 2 . 7 9 7 1 ,100,000

H D F C Cap i ta l Bu i lder F u n d - G r o w t h 10 5 2 4 4 . 9 3 9 2 5 0 , 0 0 0

4 2 1

Face No . o f AS AT N o . o f AS AT

Va lue S h a r e s / u n i t 3 1 . 0 3 . 2 0 0 7 S h a r e s / u n i t 3 1 . 0 3 . 2 0 0 6

Rs. N o s . ( R s . ) N o s . (Rs.)

10 3 7 5 0 6 , 218 3 7 5 0 6 ,218

10 17000 1 7 0 , 0 0 0

1 0 0 0 0 0 0 5 6 , 0 0 0 , 0 0 0

3 2 , 9 3 9 , 8 7 9

1 1 , 0 2 1 , 0 0 3

4 8 , 5 0 0 , 0 0 0

4 , 0 0 0 , 0 0 0

5 5 , 1 9 1 , 0 8 1

2 1 1 , 1 2 2 , 9 5 9

3 2 , 9 3 9 , 8 7 9

3 6 , 2 0 3 , 1 6 5


H E D U L E S T O T H E A C C O U N T S Face No . of A S AT No. of AS A T

Va lue Sha res /un i t 3 1 . 0 3 . 2 0 0 7 S h a r e s / u n i t 3 1 . 0 3 . 2 0 0 6

Rs. Nos . ( R s . ) 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 9 5 5 3 4 . 5 0 0 1 ,100,000

H D F C F M P 1 3 M M a r c h 2 0 0 6 ( l ) R e t a i l - G r 10 5 0 0 0 0 0 . 0 0 0 5 , 0 0 0 , 0 0 0

H S B C F ixed Te rm Ser ies - IV -Gr 10 1 0 0 0 0 0 0 . 0 0 0 1 0 , 0 0 0 , 0 0 0

H S B C F ixed T e r m S e r i e s - 1 3 - G r o w t h 10 1 1 2 8 9 3 8 . 2 7 0 1 1 , 2 8 9 , 3 8 3

Birla F loat ing Rate Fund - Shor t Te rm Fund - G r o w t h Op t i on 10 - 7 1 4 8 8 6 . 0 4 0 7 , 7 9 0 , 2 1 0

Bir la F loat ing Rate Fund - Long T e r m Fund - G r o w t h Opt ion 10 - 1 2 8 8 1 4 0 . 8 0 0 1 4 , 1 1 3 , 7 8 4

Bir la Bond Plus Reta i l P lan - G r o w t h O p t i o n • 10 - 6 3 9 9 7 . 9 2 2 7 4 3 , 9 7 6

S t a n d a r d c h a r t e r e d L iqu id i ty M a n a g e r - G r o w t h 10 - 4 9 5 5 3 9 . 9 1 0 5 , 0 0 0 , 0 0 0

DSP Merr i l l Lynch Shor t T e r m Fund - G r o w t h O p t i o n 10 - 1 7 0 3 1 1 4 . 6 4 9 1 9 , 3 4 5 , 9 9 4

D S P Merr i l l Lynch F loa t ing Rate Fund - G r o w t h Op t i on 10 - 2 2 8 2 1 6 . 5 3 0 2 , 5 8 9 , 0 7 4

H D F C F loa t ing Rate F u n d - L o n g Te rm G r o w t h 10 - 8 6 6 1 9 . 2 3 0 1 ,004 ,780 '

H D F C F loa t ing Rate Fund -Sho r t T e r m G r o w t h 10 - 2 2 9 3 2 8 . 0 8 0 2 , 6 2 6 , 0 5 9

JM Floater F u n d - L o n g Te rm G r o w t h 10 - 5 4 4 7 6 6 . 3 8 0 6 , 0 0 0 , 0 0 0

JM Floater F u n d - S h o r t T e r m G r o w t h 10 - 1 7 5 2 5 5 . 6 6 0 2 , 0 0 0 , 0 0 0

G r i n d l a y s F loa t ing Rate Fund - Long T e r m Plan - G r o w t h 10 - 9 2 4 0 1 7 . 4 1 0 9 , 7 0 2 , 0 6 6

G r i n d l a y s Al l S e a s o n s B o n d Fund - G r o w t h O p t i o n 10 - 1 0 0 0 0 0 . 0 0 0 1 ,000,000

Pruden t ia l ICICI Shor t Te rm Plan - G r o w t h O p t i o n 10 - 2 3 8 7 6 9 . 3 1 0 3 , 0 6 7 , 2 9 1

P ruden t i a l ICICI B l e n d e d P lan - G r o w t h 10 - 1 4 7 7 5 8 6 . 8 5 0 1 5 , 0 0 0 , 0 0 0

JM Equi ty & Der i va t i ve Fund - G r o w t h 10 - 4 4 0 7 5 1 . 5 2 0 4 , 5 0 0 , 0 0 0

C h o l a F M P - S e r i e s 2 (Qrt ly p lan- l l ) C u m u l a t i v e 10 - 2 0 0 0 0 0 . 0 0 0 2 , 0 0 0 , 0 0 0

H S B C F ixed T e r m Se r i es -IV - G r o w t h 10 - 1 0 0 0 0 0 0 . 0 0 0 1 0 , 0 0 0 , 0 0 0

H S B C F ixed Te rm Se r i es -13 - G r o w t h (Instt) 10 - 1 1 2 8 9 3 8 . 3 0 0 1 1 , 2 8 9 , 3 8 3

S u n d a r a m F ixed Te rm Se r i es - I - G r o w t h 10 - 2 0 0 0 0 0 . 0 0 0 2 , 0 0 0 , 0 0 0

H D F C F M P Ser i es - 1 3 M - G r o w t h 10 - 5 0 0 0 0 0 . 0 0 0 5 , 0 0 0 , 0 0 0

P ioneer ITI Shor 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 3 0 3 1 . 5 6 0 3 , 0 8 0 , 4 9 0

Pruden t ia l ICICI F loa t ing Rate Fund • Long T e r m - G r o w t h 10 - 9 9 8 5 0 . 2 3 0 1 ,000,000

T e m p l e t o n F loa t ing Rate I n c o m e Fund - G r o w t h Op t i on 10 - 9 6 8 0 5 . 4 2 0 1 ,000,000

Temp le ton Float ing Rate Income Fund - Shor t Term - Growth 10 - 1 3 4 8 9 8 4 . 9 1 0 1 5 , 9 6 8 , 4 9 6

Temp le ton F loat ing Rate I n c o m e Fund - Long Te rm G r o w t h 10 - 3 2 1 5 6 0 . 2 1 0 4 , 0 0 0 , 0 0 0

H S B C F loa t ing Rate Fund - Shor t T e r m - G r o w t h O p t i o n 10 - 1 0 1 9 9 7 0 . 4 3 0 1 0 , 5 6 5 , 9 8 9

H D F C MF M I P - L o n g T e r m - G r o w t h 10 - 5 0 0 0 0 . 0 0 0 5 0 0 , 0 0 0

H D F C High In terest Fund -Shor t T e r m Plan - G r o w t h 10 - 1 3 0 6 7 6 . 8 2 0 1 ,500,000

H D F C Shor t Te rm Fund - G r o w t h 10 - 9 1 2 0 1 . 7 7 0 1 ,000,000

(B) 4 1 , 3 3 6 , 6 1 5 1 7 9 , 5 1 6 , 0 0 3

T O T A L ( A + B) 2 5 2 , 4 5 9 , 5 7 4 2 1 5 , 7 1 9 , 1 6 8

A g g r e g a t e a m o u n t o f Q u o t e d I n v e s t m e n t s 3 6 2 , 1 0 8 3 6 2 , 1 0 8

A g g r e g a t e a m o u n t o f U n q u o t e d I nves tmen t s 2 5 2 , 0 9 7 , 4 6 6 2 1 5 , 3 5 7 , 0 6 0

Marke t va l ue o f q u o t e d I nves tmen t s 3 3 6 , 5 0 4 3 6 0 , 9 3 4

R e p u r c h a s e pr ice o f uni ts o f mu tua l f u n d s 4 4 , 3 2 9 , 5 1 7 1 8 7 , 9 4 7 , 5 0 4


S C H E D U L E S T O T H E A C C O U N T S A S A T AS A T

3 1 . 0 3 . 2 0 0 7 3 1 . 0 3 . 2 0 0 6

( R s . ) (Rs. )

7 I N V E N T O R I E S

Stock (As t a k e n , v a l u e d and cer t i f i ed by the m a n a a e m e n t t

L e a s e h o l d Land 1 0 8 , 8 9 3 , 8 4 1 7 8 , 8 7 5 , 6 3 5

F r e e h o l d land 9 4 , 2 0 9 , 6 2 8 1 3 5 , 5 2 6 , 5 2 3

U n s o l d c o m p l e t e d c o n s t r u c t i o n s 2 4 , 1 9 6 , 0 7 4 1 6 , 1 5 8 , 3 2 0

W o r k - i n - p r o g r e s s 3 2 4 , 8 8 1 , 3 9 0 2 6 1 , 2 7 1 , 0 1 6

C o n s t r u c t i o n ma te r i a l s 2 5 , 8 3 8 , 7 2 8 1 7 , 0 9 8 , 5 8 8

5 7 8 , 0 1 9 , 6 6 1 5 0 8 , 9 3 0 , 0 8 2

8 S U N D R Y D E B T O R S

( U n s e c u r e d )

Due for more t h a n six m o n t h s :

C o n s i d e r e d G o o d 1 , 0 1 9 , 6 1 6 5 5 1 , 9 2 4

C o n s i d e r e d Doub t fu l - 1 0 0 , 0 0 0

1 , 0 1 9 , 6 1 6 6 5 1 , 9 2 4

O the r Deb ts - C o n s i d e r e d G o o d 1 2 , 5 7 9 , 8 0 2 1 , 8 8 6 , 8 0 4

1 3 , 5 9 9 , 4 1 8 2 , 5 3 8 , 7 2 8

L e s s : P rov i s i on for Doub t fu l D e b t s - 1 0 0 , 0 0 0

1 3 , 5 9 9 , 4 1 8 2 , 4 3 8 , 7 2 8

9 C A S H A N D B A N K B A L A N C E S

C a s h - i n - h a n d 2 , 4 8 5 , 5 8 6 6 6 7 , 0 7 0

C h e q u e s / D r a f t s - i n - h a n d 8 8 9 , 5 6 0 5 6 5 , 6 3 8

W i t h S c h e d u l e d B a n k s :

In Cu r ren t A c c o u n t s 6 , 3 5 4 , 1 2 1 8 , 2 1 0 , 9 4 3

In U n c l a i m e d D i v i dend A c c o u n t 1 , 4 5 2 , 4 3 7 3 8 9 , 9 7 5

In F ixed Depos i t A c c o u n t s ( P l e d g e d w i th B a n k s

Rs. 1 9 5 8 6 3 2 6 / - ; P.Y. Rs . 10227433 / - ) 2 1 6 , 6 3 5 , 9 8 8 1 5 3 , 2 8 7 , 2 7 9

2 2 7 , 8 1 7 , 6 9 2 1 6 3 , 1 2 0 , 9 0 5

1 0 O T H E R C U R R E N T A S S E T S

O n g o i n g Pro jec ts A d j u s t m e n t A c c o u n t 2 8 , 2 9 3 , 2 7 9 -

1 1 L O A N S A N D A D V A N C E S

( U n s e c u r e d , c o n s i d e r e d g o o d )

L o a n s

T o Subs id ia r y C o m p a n i e s 7 , 3 0 6 , 1 0 9 -

To O t h e r s 8 9 , 9 2 5 1 3 , 0 4 0 , 5 4 8

A d v a n c e aga ins t land e tc . 1 3 , 5 5 8 , 2 5 0 9 , 0 7 6 , 8 8 0


12

14

H E D U L E S T O T H E A C C O U N T S A S AT AS AT

3 1 . 0 3 . 2 0 0 7 3 1 . 0 3 . 2 0 0 6

( R s . ) (Rs. )

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 k ind

or for v a l u e to be rece i ved 1 7 , 8 8 6 , 2 0 7 3 5 , 5 1 2 , 3 4 0

Taxa t ion a d v a n c e a n d r e f u n d a b l e 2 0 , 0 5 6 , 5 3 3 1 2 , 4 3 1 , 4 2 4

D e p o s i t s 1 ,617 ,383 1 , 5 7 1 , 2 3 3

6 0 , 5 1 4 , 4 0 7 7 1 , 6 3 2 , 4 2 5

C U R R E N T L I A B I L I T I E S & P R O V I S I O N S

A) C U R R E N T LIABILITIES

S u n d r y C r e d i t o r s 3 1 , 4 0 1 , 2 8 0 4 8 , 2 7 8 , 4 7 9

A d v a n c e f r o m C u s t o m e r s 8 6 7 , 5 8 5 , 7 5 8 6 8 0 , 4 7 6 , 6 4 2

S e c u r i t y d e p o s i t s 1 5 , 2 0 2 , 4 3 8 7 , 1 0 4 , 0 0 2

Due to subs id i a r y c o m p a n i e s 1 5 3 , 5 1 6 2 , 1 2 2 , 4 3 4

U n c l a i m e d D i v i dend 1 ,452 ,437 7 5 8 , 7 9 6

T e m p o r a r y ove rd ra f t d u e to ove r issue o f c h e q u e s 2 7 0 , 7 5 6 -

O the r l iabi l i t ies 1 2 , 9 2 7 , 4 8 3 8 , 4 1 6 , 9 3 6

9 2 8 , 9 9 3 , 6 6 8 7 4 7 , 1 5 7 , 2 8 9

B) PROVIS IONS

For Taxa t ion 1 8 , 0 2 5 , 0 0 0 9 , 6 5 5 , 0 0 0

For P r o p o s e d D i v i d e n d 1 3 , 3 8 2 , 7 5 0 1 0 , 7 0 6 , 2 0 0

For C o r p o r a t e D i v i dend Tax 2 , 2 7 4 , 4 0 0 1 , 5 0 1 , 5 4 5

For Gra tu i t y 4 , 6 2 7 , 2 7 6 3 , 6 1 9 , 3 5 6

9 6 7 , 3 0 3 , 0 9 4 7 7 2 , 6 3 9 , 3 9 0

S A L E S 2 0 0 6 - 2 0 0 7 2 0 0 5 - 2 0 0 6

Real E s t a t e :

a) C o m p l e t e d Pro jec ts

E l ig ib le Pro jec ts U/s 8 0 I B of t he I n c o m e Tax Ac t , 1961 4 3 5 , 5 3 9 , 0 0 4 2 3 2 , 5 3 1 , 7 1 1

O t h e r P ro jec ts 3 3 , 0 6 4 , 9 7 3 1 0 3 , 0 1 3 , 4 8 1

b) O n g o i n g Pro jec ts 2 8 , 2 9 3 , 2 7 9

4 9 6 , 8 9 7 , 2 5 6 3 3 5 , 5 4 5 , 1 9 2

O T H E R I N C O M E

In terest (Net) 1 5 , 3 5 1 , 7 5 7 6 , 4 1 3 , 1 5 3

I n c o m e f r o m I n v e s t m e n t :

Rent ( i nc ludes T D S R s . 2 , 0 1 , 9 6 0 / - ; P Y Rs. 1,99,666/-) 9 0 0 , 0 0 0 9 0 0 , 0 0 0

D i v i d e n d 1,399 ,041 5 1 7 , 0 5 8

Sa le (net) 1 3 , 7 4 9 , 8 5 2 1 0 , 8 4 2 , 3 9 4

Rent ( i nc ludes T D S Rs 1,88,584/- ,PY R s . 1 , 9 2 , 3 8 1 / - ) • ' • 1 ,125 ,122 1 , 0 9 3 , 8 4 4

Lease Rent ( i nc ludes T D S R s . 1 , 3 4 , 6 4 0 / - ; P Y Rs . 1,34,640/-) 6 0 0 , 0 0 0 6 0 0 , 0 0 0

M i s c e l l a n e o u s I n c o m e 3 , 7 4 4 , 1 2 5 5 , 3 1 9 , 3 4 3

P rov i s i on for D o u b t f u l D e b t s Wr i t t en Back 1 0 0 , 0 0 0 -

Profit on sa le of F ixed A s s e t s (Net) 4 6 , 7 8 4 1 6 , 7 9 8

I tems re la t ing to p rev i ous y e a r (Net) 1 3 6 , 1 9 0 -

Liab i l i t ies W r i t t e n Back 1 0 8 , 3 6 6 3 4 9 , 2 0 1

3 7 , 2 6 1 , 2 3 7 2 6 , 0 5 1 , 7 9 1


2 0 0 6 - 2 0 0 7

( R s . )

2 0 0 5 - 2 0 0 6

(Rs.)

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

C l o s i n g S tock :

L e a s e h o l d Land

F r e e h o l d Land

U n s o l d 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

1 0 8 , 8 9 3 , 8 4 1

9 4 , 2 0 9 , 6 2 8

2 4 , 1 9 6 , 0 7 4

3 2 4 , 8 8 1 , 3 9 0

5 5 2 , 1 8 0 , 9 3 3

Less : O p e n i n g S tock :

L e a s e h o l d l a n d *

L e s s : T r a n s f e r r e d to I n v e s t m e n t on 1st A p r i l , 2 0 0 6

F r e e h o l d l a n d *

U n s o l d 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

7 8 , 8 0 6 , 4 1 7

1 1 , 0 2 1 , 0 0 3 6 7 , 7 8 5 , 4 1 4

1 3 2 , 2 7 9 , 6 5 8

1 6 , 1 5 8 , 3 2 0

2 6 1 , 2 7 1 , 0 1 6

4 7 7 , 4 9 4 , 4 0 8

* net o f o n g o i n g pro ject a d j u s t m e n t a m o u n t i n g to R s . 3 3 , 1 6 , 0 8 3 / - 7 4 , 6 8 6 , 5 2 5

7 8 , 8 7 5 , 6 3 5

1 3 5 , 5 2 6 , 5 2 3

1 6 , 1 5 8 , 3 2 0

2 6 1 , 2 7 1 , 0 1 6

4 9 1 , 8 3 1 , 4 9 4

9 6 , 9 3 5 , 8 2 4

9 6 , 9 3 5 ; 8 2 4

5 9 , 6 3 2 , 0 1 3

9 , 3 9 3 , 4 3 3

2 1 4 , 4 2 3 , 9 7 6

3 8 0 , 3 8 5 , 2 4 6

1 1 1 , 4 4 6 , 2 4 8

16 P U R C H A S E S

L a n d

F la t s / B u n g l o w s / S h o p s

17 P R O J E C T E X P E N S E S

C o n s u m p t i o n o f c o n s t r u c t i o n ma te r i a l s ( I nd igenous )

W a g e s

L a b o u r c h a r g e s

P o w e r & Fuel

L e a s e h o l d land rent a n d o ther c h a r g e s

A r c h i t e c t s ' Fee a n d C o n s u l t a n c y C h a r g e s

M i s c e l l a n e o u s pro jec t e x p e n s e s

Less : O n g o i n g Pro ject A d j u s t m e n t

1 8 E X P E N S E S O N E M P L O Y E E S

Sala ry , W a g e s , b o n u s a n d a l l o w a n c e s

( i nc l udes Gra tu i t y P rov i s i on Rs. 1 0 , 0 7 , 9 2 0 / - ; P Y Rs .7 ,04 ,199 / - )

C o n t r i b u t i o n to P rov iden t & O the r F u n d s

Staf f & L a b o u r w e l f a r e e x p e n s e s

2 6 , 6 0 2 , 5 3 3

1 9 1 , 7 3 0

2 6 , 7 9 4 , 2 6 3

2 6 2 , 8 7 6 , 5 3 0

6 0 , 2 2 2 , 0 4 2

3 9 , 7 5 9 , 1 3 4

4 , 2 2 1 , 0 1 4

7 8 0 , 5 0 7

2 , 6 0 9 , 6 9 3

2 6 , 2 6 6 , 9 1 8

3 9 6 , 7 3 5 , 8 3 8

1 3 , 4 9 8 , 4 4 8

3 8 3 , 2 3 7 , 3 9 0 *

2 1 , 0 7 7 , 0 3 7

7 8 9 , 8 9 0

1 , 7 7 5 , 9 5 8

. 2 3 , 6 4 2 , 8 8 5

9 0 , 8 1 3 , 4 0 2

2 , 2 6 9 , 3 4 5

9 3 , 0 8 2 , 7 4 7 *

1 8 1 , 6 0 7 , 5 9 4

3 4 , 9 3 2 , 0 0 6

2 7 , 5 4 5 , 1 2 3

3 , 7 5 3 , 4 8 3

9 8 8 , 9 7 5

1 , 9 3 8 , 7 0 5

2 0 , 4 4 5 , 2 5 5

2 7 1 , 2 1 1 , 1 4 1

2 7 1 , 2 1 1 , 1 4 1

1 4 , 3 4 0 , 3 0 5

6 7 0 , 7 9 5

1 , 7 6 0 , 8 0 9

1 6 , 7 7 1 , 9 0 9


in Ashiana ASHIANA HOUSING LIMITED

S C H E D U L E S T O T H E A C C O U N T S 2 0 0 6 - 2 0 0 7

( R s . )

2 0 0 5 - 2 0 0 6

(Rs.)

19 O T H E R E X P E N S E S

Rent

Ra tes and Taxes

I n s u r a n c e

T rave l l i ng and C o n v e y a n c e

Lega l and P r o f e s s i o n a l e x p e n s e s

A d v e r t i s e m e n t and B u s i n e s s P r o m o t i o n

C o m m i s s i o n

M a n a g e m e n t Fee

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

Pr in t ing & S ta t ionery

Repa i r s and M a i n t e n a n c e :

To M a c h i n e r i e s

To Bu i ld ing

To O t h e r s

D i rec to rs ' Fees

A u d i t o r s ' R e m u n e r a t i o n :

For S ta tu to ry Aud i t

For In terna l Aud i t

For Tax Aud i t

For O the r S e r v i c e s

M i s c e l l a n e o u s e x p e n s e s

I r r e c o v e r a b l e B a l a n c e s W r i t t e n off

F ixed A s s e t s W r i t t e n Off

I tems re lat ing to p r e v i o u s y e a r (Net)

2 0 P R O V I S I O N F O R T A X A T I O N

I n c o m e Tax

D e f e r r e d Tax

Fr inge Benef i t Tax

W e a l t h Tax

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

1 , 2 7 5 , 5 0 6

3 1 0 , 6 7 9

2 , 9 3 6 , 5 9 7

3 , 7 2 9 , 3 6 8

1 , 1 6 9 , 2 8 8

1 5 , 3 0 6 , 3 2 4

1 , 7 1 7 , 4 0 4

2 , 6 5 1 , 6 6 2

1 , 5 5 7 , 4 6 8

1 , 5 1 7 , 9 9 0

5 6 1 , 5 2 4

2 , 1 7 6 , 2 2 5

5 3 7 , 2 1 9

2 6 , 0 0 0

3 3 6 , 7 2 0

1 6 , 8 3 6

8 4 , 1 8 0

1 7 4 , 8 2 4

7 , 0 9 7 , 4 1 5

1 7 1 , 6 8 6

2 2 3 , 5 4 5

4 3 , 5 7 8 , 4 6 0

1 2 , 2 5 0 , 0 0 0

1 , 2 7 6 , 0 0 0

7 9 0 , 0 0 0

3 0 , 0 0 0

4 5 , 1 1 4

1 , 0 9 5 , 8 2 3

2 0 9 , 7 2 3

2 , 8 2 0 , 5 7 5

3 , 4 8 2 , 7 6 9

7 6 1 , 9 7 9

1 8 , 5 9 8 , 9 9 5

2 , 2 1 2 , 3 7 4

1 2 0 , 0 0 0

1 ,210 ,528

1 , 0 2 9 , 9 3 4

5 5 4 , 5 6 3

9 0 0 , 3 1 2

9 3 4 , 9 1 9

2 1 , 0 0 0

2 6 9 , 3 7 6

1 6 , 8 5 0

6 7 , 3 4 4

1 2 1 , 8 9 4

3 , 9 6 0 , 6 5 5

2 6 8 , 5 1 4

5 5 , 7 8 4

3 8 , 7 1 3 , 9 1 1

4 , 0 0 0 , 0 0 0

1 0 , 0 0 0

5 1 0 , 0 0 0

5 , 0 0 0

1 4 , 3 9 1 , 1 1 4 4 , 5 2 5 , 0 0 0



2 1 N O T E S O N A C C O U N T S

1 ) S I G N I F I C A N T A C C O U N T I N G P O L I C I E S

S Y S T E M O F A C C O U N T I N G : T h e c o m p a n y a d o p t s

a c c r u a l b a s i s o f a c c o u n t i n g i n t h e p r e p a r a t i o n o f

a c c o u n t s .

F I X E D A S S E T S A N D D E P R E C I A T I O N :

1 . F i xed a s s e t s a re v a l u e d a t cos t a n d d e p r e c i a t i o n i s

p rov ided on s t ra ight l ine bas is in a c c o r d a n c e w i th t he

p rov i s i ons o f S c h e d u l e X I V to t he C o m p a n i e s Ac t , 1956 .

2. Cap i ta l w o r k in p r o g r e s s is v a l u e d at cos t .

I N V E N T O R I E S :

L e a s e h o l d a n d F r e e h o l d l a n d , u n s o l d 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 a n d c o n s t r u c t i o n

m a t e r i a l s a r e v a l u e d a t c o s t , w h i c h i s d e r i v e d a t

a v e r a g e bas i s , excep t that va l ue o f c o n s t r u c t i o n ma te r ia l

is de r i ved at F I F O bas i s .

G R A T U I T Y :

Gratu i ty i s a c c o u n t e d for on acc rua l bas is .

. S A L E S A N D O T H E R I N C O M E :

a) S a l e s o f f l a t s a n d o t h e r s , 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 be fo re 31s t M a r c h , 2 0 0 6 , i s a c c o u n t e d

fo r on t h e b a s i s o f d a t e o f d e l i v e r y o f p h y s i c a l

p o s s e s s i o n t o t he respec t i ve c u s t o m e r s and sa les

in respec t of p ro j ec t s unde r t a k e n on or af ter 1st

A p r i l , 2 0 0 6 , r e p r e s e n t s the v a l u e o f f la ts a n d o the rs

c o n t r a c t e d to be so ld to the ex ten t o f w o r k d o n e

on p e r c e n t a g e c o m p l e t i o n bas i s , s ign i f i can t risk a n d

r e w a r d s w h e r o f i s t r a n s f e r r e d t o the b u y e r u p o n

e x c e c u t i o n o f A g r e e m e n t for sa le

b) O the r i n c o m e i s a c c o u n t e d on acc rua l bas is excep t

w h e r e t he rece ip t o f i n c o m e is u n c e r t a i n .

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

a) C u r r e n t Tax is d e t e r m i n e d as t he a m o u n t o f tax

p a y a b l e in respec t o f t a x a b l e i n c o m e for the year .

b) De fe r red Tax is r e c o g n i s e d , sub jec t to c o n s i d e r a t i o n

o f p r u d e n c e , i n 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 iab i l i t i es a r i s i ng on t i m i n g d i f f e r e n c e s , be ing t he

d i f f e rence b e t w e e n t a x a b l e i n c o m e and a c c o u n t i n g

i n c o m e tha t o r i g i na te in one pe r iod and are c a p a b l e

o f r e v e r s a l i n o n e o r m o r e 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 respec t o f d i f f e ren t ia l i n c o m e d u e

to a c c o u n t i n g o f s a l e s on p e r c e n t a g e c o m p l e t i o n

bas i s , be ing not d e t e r m i n a t e , is not r e c o g n i s e d .

I N V E S T M E N T S :

Long t e r m i n v e s t m e n t s are ca r r i ed a t acqu i s i t i on cost

and i n v e s t m e n t s i n t e n d e d to be held for less t h a n one

y e a r a re c l a s s i f i e d a s c u r r e n t i n v e s t m e n t s a n d a re

ca r r i ed a t lower o f cost and marke t v a l u e . Long Te rm

I n v e s t m e n t s w h i c h have a t t a i n e d the s t a g e o f p e r m a n e n t

d i m i n u t i o n in the i r va l ue are r e v a l u e d at the i r cu r ren t

v a l u e .

2)

3)

4)

F O R E I G N C U R R E N C Y T R A N S A C T I O N S :

I n c o m e and E x p e n d i t u r e in f o re ign c u r r e n c y i s c o n v e r t e d

into r u p e e a t t h e ra te o f e x c h a n g e p r e v a i l i n g on t h e

da te o f the t r a n s a c t i o n s .

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

I m p a i r m e n t L o s s in t he v a l u e o f a s s e t s , as s p e c i f i e d in

A c c o u n t i n g S t a n d a r d - 2 8 i s r e c o g n i s e d w h e n e v e r

ca r r y i ng v a l u e o f s u c h asse t s e x c e e d s t he ma rke t v a l u e

or va l ue in use , w h i c h e v e r is h igher.

C o n t i n g e n t Liabi l i ty, not p r o v i d e d for, in respec t of :

a ) C o n t e s t e d d e m a n d o f

Income tax and penalty Rs. 7.51 lacs. (Rs.7.51 lacs)

Service Tax Rs. 46.59 lacs (Nil)

ESIC Rs. 3.04 lacs (Nil)

b ) C o n t e s t e d c l a i m o f the G o v e r n m e n t o f R a j a s t h a n

for re fund o f S ta te Cap i ta l Subs idy inc lud ing in terest

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

E s t i m a t e d a m o u n t o f con t rac t r e m a i n i n g to be e x e c u t e d

on cap i t a l a c c o u n t and not p r o v i d e d for a m o u n t s (net

of a d v a n c e ) to Rs . 15.05 lacs (Rs . 72 lacs)

T h e a c c o u n t i n g o f s a l e s o f f la ts and o the rs c o n t r a c t e d

to be so ld in respec t of p ro jec ts under t a k e n on or af ter

1st A p r i l , 2 0 0 6 , 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 bas i s , w h i c h unt i l p r e v i o u s y e a r w a s be ing

d o n e on t he bas i s o f de l i ve ry o f phys i ca l p r o s s e s s i o n

to t he respec t i ve c u s t o m e r s . But for th is c h a n g e , prof i t

f o r t h e y e a r w o u l d h a v e b e e n l o w e r b y R s . 1 1 4 . 7 8

l acs .

5 ) Paid u p S h a r e Cap i t a l o f the C o m p a n y i nc ludes 1 9 9 3 1 0 0

E q u i t y S h a r e s , a l l o t t e d p u r s u a n t t o S c h e m e s o f

A m a l g a m a t i o n w i t hou t p a y m e n t be ing rece i ved i n c a s h .

N a m e o f t he 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

Hous ing and F inance (India) L im i ted ' to ' A s h i a n a H o u s i n g

L i m i t e d ' v i d e f r e s h c e r t i f i c a t e o f i n c o r p o r a t i o n ,

c o n s e q u e n t upon c h a n g e o f n a m e , d a t e d 0 4 . 0 5 . 2 0 0 7 ,

i ssued by t he Reg is te ra r o f C o m p a n i e s , W e s t B e n g a l .

7) In terest I n c o m e ( Inc lud ing T D S Rs. 3 4 , 0 7 , 1 2 9 / - ; P.Y.Rs.

1 3 , 4 4 , 3 8 5 / - ) is net of In terest :

To O t h e r s R s . 3 , 3 0 , 8 8 8 / - (Rs . 4 ,08 ,679 / - )

8 ) In v i e w o f insu f f i c ien t i n f o r m a t i o n f r o m the s u p p l i e r s

rega rd ing the i r s t a tus as SSI un i ts , 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 .

9 ) D i r ec to r s ' R e m u n e r a t i o n

S a l a r y

P rov is ion for Gra tu i t y

2 0 0 6 - 0 7

( R s . )

2 , 2 5 0 , 0 0 0

2 6 2 , 5 0 0

2 , 5 1 2 , 5 0 0

2 0 0 5 - 0 6

( R s . )

1 , 5 0 0 , 0 0 0

6 2 , 5 0 0

1 ,562 ,500

Ashiana S C H E D U L E S T O T H E A C C O U N T S

10. T h e p a r t i c u l a r s o f p a r t n e r s h i p b u s i n e s s e s a re g i v e n

b e l o w :-

A s h i a n a A m a r I n f r a s t r u c t u r e

N a m e o f Par tne rs S h a r e + Cap i t a l (Rs.)

M i ras P rope r t i es Pvt. L td . 2 5 % 1 0 , 0 0 0 , 0 0 0

N a r a y a n L a d h a 4 % -

S u r e s h K e w l a n i 6 % -

A s h i a n a H o u s i n g L td . 6 5 % 4 , 0 0 0 , 0 0 0

A s h i a n a A m a r D e v e l o p e r s

Share

Name of Par tners 3 0 % of pre tax

year ly prof i t upto

c u m u l a t i v e

a g g r e g a t e o f

Rs .1250 lacs

Bala¬

nce

+Cap i ta l

(Rs.)

Miras Proper t ies 15/35 1 5 % 1 5 , 0 0 0 , 0 0 0

Pvt. L td .

Narayan Ladha 4 /35 4 % -

Suresh Kewlan i 6/35 6 % -

Sun i l Ta lwar 5/35 5% 6 0 0

Har ish Talwar 5/35 5% -

3 5 %

Ashiana Housing Ltd. - 6 5 % 4 8 , 5 0 0 , 0 0 0

A s h i a n a G r e e n w o o d D e v e l o p e r s

Share

Name of Par tners 3 0 % of pre tax

y e a r l y p r o f i t

upto c u m u l a t i v e


R s . 5 4 4 lacs

Bala¬

nce

+Cap i ta l

(Rs.)

Shubhlabh Buildhome

& Finace India. Ltd. 1 0 0 % 5 0 % (7 ,341 ,174 )

Ashiana Housing Ltd. - 5 0 % 5 5 , 1 9 1 , 0 8 1

+ on the bas is of aud i ted Ba lance Shee t as at 3 1 . 0 3 . 2 0 0 7 .

11) E x p e n d i t u r e in Fo re ign C u r r e n c y :

T r a v e l l i n g Rs . 1 7 , 6 0 , 1 0 9 / - (Rs . 9 ,73 ,555 / - )

12) Re la ted par t ies and t r a n s a c t i o n s wi th t h e m as spec i f i ed

i n t he A c c o u n t i n g S t a n d a r d 18 on " R e l a t e d P a r t i e s

D i s c l o s u r e s " i s sued by ICAI has b e e n i den t i f i ed and

g i ven be low on t he bas is o f i n fo rma t i on ava i l ab le w i th

the c o m p a n y and the s a m e has been re l ied upon by the

a u d i t o r s .


2 0 0 6 - 0 7 2 0 0 5 - 0 6

( R s . L a c s ) ( R s . L a c s )

V a t i k a M a r k e t i n g L t d .

M a i n t e n a n c e c h a r g e s pa id Rs. 6.79 Rs. 6.72

Rent R e c e i v e d R s . 6.00 Rs. 6.00

Hire c h a r g e s R e c e i v e d Rs. 1.20 Rs. 1.20

Year end p a y a b l e (net) R s . 8.57 R s . 2 1 . 0 7

Year e n d rece i vab le (net) R s . Nil Rs. Nil

A s h i a n a R e t i r e m e n t V i l l a g e s L t d .

In terest r e c e i v e d Rs. 3.28 Rs. 1.62

Lease Rent R e c e i v e d R s . 9 . 0 0 R s . 9 . 0 0

S a l e s R s . 3 7 . 4 0 Rs.Ni l

Hire c h a r g e s R e c e i v e d R s . 0 . 6 0 R s . 0 . 6 0

O the r i n c o m e rece i ved Rs.Ni l R s . 2 1 . 3 2

Loan g iven (net) R s . 6 7 . 0 5 ( R s . 0 . 0 4 )

Year end R e c e i v a b l e R s . 1 0 1 . 9 5 R s . 6 . 0 1

A s s o c i a t e s a n d j o i n t v e n t u r e s

Bahar i E s t a t e s (P) L t d .

In terest R e c e i v e d Rs.Ni l R s . 0 . 2 1

Year end p a y a b l e R s . 5 . 6 9 Rs.Ni l

Loan p a i d / r e f u n d e d (net) Rs.Ni l R s . 1 2 1 . 7 8

Year e n d R e c e i v a b l e R s . 3 0 . 2 1 R s . 3 0 . 2 1

M a n a g e m e n t Fee R s . 6 . 0 2 R s . 1 . 2 0

ii) A s h i a n a G r e e n w o o d D e v e l o p e r s

iii) A s h i a n a A m a r D e v e l o p e r s

iv) A s h i a n a A m a r I n f r a s t r u c t u r e

c) Ind iv idua ls o w n i n g d i rect ly or ind i rect ly , an in terest in

the vo t i ng power o f the c o m p a n y that g i ves t h e m con t ro l

o r s ign i f i can t i n f l uence ove r the c o m p a n y , and re la t ives

of any such i nd i v i dua l .

R e l a t e d P a r t i e s & R e l a t i o n s h i p

T r a n s a c t i o n s

a) E n t e r p r i s e s tha t d i rec t l y , o r ind i rec t l y t h r o u g h one or

m o r e i n t e r m e d i a r i e s , Con t ro l or a re con t ro l l ed by or are

u n d e r c o m m o n c o n t r o l w i t h t he c o m p a n y ( i n c l u d i n g

h o l d i n g c o m p a n i e s , s u b s i d i a r i e s a n d f e l l o w

S u b s i d i a r i e s ) :


d) Key m a n a g e m e n t p e r s o n n e l and the i r re la t i ves

2006-07 2005-06

i) Shri Om Prakash Gupta, Remunerat ion. Rs 9.75 Rs 9.38

Managing Director

Shri Vishal Gupta, Remuneration Rs 9.38 Rs 6.25

Jt. Managing Director

Shri Ankur Gupta,

Whole Time Director

Remuneration Rs.6.00 Rs. Nil

e) En te rp r i ses ove r w h i c h any pe rson d e s c r i b e d in (c) or

(d) is ab le to e x e r c i s e s ign i f i can t i n f l uence :

f ) A m o u n t Wr i t t en off in respec t o f a b o v e par t ies

13) T h e ea rn i ng per s h a r e has been c a l c u l a t e d as spec i f i ed

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 s Per S h a r e "

i ssued by ICAI and re la ted d i s c l o s u r e s are as be low :

a ) A m o u n t u s e d as n u m e r a t o r i n c a l c u l a t i n g bas ic and

d i lu ted E P S :

2 0 0 6 - 2 0 0 7 2 0 0 5 - 2 0 0 6

Rs. ' Rs.

Profit /(Loss) after tax (Rs. in lacs) 9 6 8 . 5 2 4 5 9 . 8 5

b) W e i g h t e d ave rage n u m b e r o f equi ty s h a r e s used as the

d e n o m i n a t o r in ca l cu la t i ng EPS (Nos . in lacs) .

5 3 . 5 3 5 3 . 5 3

14) T h e s e a c c o u n t s have been p r e p a r e d as per the rev ised

A c c o u n t i n g S t a n d a r d (AS) 9 on " 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 " R e c o g n i t i o n o f R e v e n u e by

Rea l Es ta te D e v e l o p e r s " .

S i n c e , in t e r m s o f p r o v i s i o n s o f t he I n c o m e Tax Ac t ,

1961 t h e i n c o m e a c c r u e s u p o n d e l i v e r y o f p h y s i c a l

p o s s e s s i o n o f c o n s t r u c t e d uni t a n d d e d u c t i o n u/s

8 0 I B ( 1 0 ) i s a l l o w e d af ter c o m p l e t i o n o f c o n s t r u c t i o n ,

'Net Prof i t ' for c o m p u t i n g Total I ncome under the sa id

Ac t is as f o l l o w s : -

Net Prof i t as per Prof i t &

L o s s A c c o u n t

Less : - S a l e s Real Es ta te -

o n g o i n g p ro jec t s

L e s s : O n g o i n g pro jec t

e x p e n s e s a d j u s t e d

R s .

2 8 , 2 9 3 , 2 7 9

1 6 , 8 1 4 , 5 3 1

A d d : - A s per I n c o m e Tax A c t :

S a l e s Real Es ta te - o n g o i n g

p ro jec ts c o m p l e t e d (upon

de l ivery o f phys ica l possess ion )

Less : Cos t o f S a l e s

Net Profit for Income Tax Purpose

15) S tock , P u r c h a s e and S a l e s : F l a t s /

B u n g a l o w s /

S h o p s

( N o s . )

O p e n i n g S tock 3

(-)

P u r c h a s e s 1

(4)

S a l e s 3

' (1)

C los i ng S tock 1

(3)

R s .

111 ,243 ,582

1 1 , 4 7 8 , 7 4 8

9 9 , 7 6 4 , 8 3 4

9 9 , 7 6 4 , 8 3 4

A m o u n t

( R s . )

1 , 4 5 0 , 0 0 0

(-)

1 9 1 , 7 3 0

( 2 , 2 6 9 , 3 4 5 )

2 , 2 1 5 , 2 7 0

( 1 , 0 9 9 , 3 5 0 )

1 9 1 , 7 3 0

( 1 , 4 5 0 , 0 0 0 )

16) On t h e b a s i s o f p h y s i c a l v e r i f i c a t i o n o f a s s e t s , as

s p e c i f i e d i n A c c o u n t i n g S t a n d a r d - 2 8 a n d c a s h

g e n e r a t i o n capac i t y o f t h o s e a s s e t s , i n the m a n a g e m e n t

p e r c e p t i o n t h e r e i s no i m p a i r m e n t o f s u c h a s s e t s as

a p p e a r i n g in the b a l a n c e sheet as on 3 1 . 0 3 . 2 0 0 7 .

17) a ) P r e v i o u s y e a r f i g u r e s a b o v e a r e i n d i c a t e d i n

b r a c k e t s .

b ) P r e v i o u s y e a r f i g u r e h a v e b e e n r e g r o u p e d /

r e a r r a n g e d , w h e r e v e r f o u n d n e c e s s a r y .



2 1 B A L A N C E S H E E T A B S T R A C T A N D C O M P A N Y ' S G E N E R A L B U S I N E S S P R O F I L E

I . Reg is t ra t i on Deta i l s Reg i s t ra t i on No.

Ba lance Shee t Date

I I . Cap i ta l ra ised du r ing the yea r Publ ic Issue

( A m o u n t in Rs . T h o u s a n d ) B o n u s Issue

I I I . Pos i t ion o f Mob i l i sa t i on and

D e p l o y m e n t o f f u n d s

( A m o u n t in Rs. T h o u s a n d )

S o u r c e s o f F u n d s

To ta l L iab i l i t ies

Pa id -up Cap i ta l

S e c u r e d L o a n s

De fe r red Tax Liabi l i ty

4 0 8 6 4 S ta te C o d e

3 1 / 0 3 / 2 0 0 7

Nil Right Issue

Nil P r iva te P l a c e m e n t

3 1 5 , 0 6 7 To ta l A s s e t s

5 3 , 5 3 1

9 ,762

4 ,755

Reserves & Surplus

U n s e c u r e d L o a n s

21

Nil

Nil

3 1 5 , 0 6 7

247 ,019

Nil

App l i ca t i on o f F u n d s F ixed A s s e t s

Net Cu r ren t A s s e t s

A c c u m u l a t e d L o s s e s

1 2 1 , 6 6 6

( 5 9 , 0 5 9 )

Nil

I n v e s t m e n t s 2 5 2 , 4 6 0

Misc . E x p e n d i t u r e Nil

P e r f o r m a n c e o f C o m p a n y

Turnover (Gross Revenue) : 534 ,158

+/- P ro f i t / Loss + 111 ,244

Befo re Tax

Earn ing per share 18 .09

* Be fo re deduc t i ng ex t ra o rd inary tax p a y m e n t .

IV. G e n e r i c N a m e of T h r e e

P r o d u c t s / S e r v i c e s o f C o m p a n y

(as per m o n e t a r y t e r m s ) I tem C o d e No . N.A

( ITC C o d e )

P roduc t D e s c r i p t i o n Real Es ta te

To ta l E x p e d i n t u r e

+ -P ro f i t / Loss

Af ter T a x *

D i v idend Rate %

4 2 2 , 9 1 5

+ 9 6 , 8 5 2

25

S i g n a t u r e to S c h e d u l e s 1 to 22

In t e r m s of our report of even date a t t a c h e d he rew i th


C h a r t e r e d A c c o u n t a n t s For and on behal f of the Board

V I N I T B A G A R I A Par tne r

B h a g w a n K u m a r C o m p a n y S e c r e t a r y


Date : 29th J u n e , 2007

O m P r a k a s h G u p t a M a n a g i n g Di rector

V i s h a l G u p t a Jt. M a n a g i n g Director

Naval K i s h o r e G . M . (F&A)

Go}

Place : New Delhi Da te : 29th J u n e , 2007

ASHIANA HOUSING LIMITED Eli Mhiiria C A S H 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 3 1 S T M A R C H , 2 0 0 7

2 0 0 6 - 2 0 0 7 2 0 0 5 - 2 0 0 6

( R s . ) ( Rs . )

C A S H F L O W F R O M O P E R A T I N G A C T I V I T I E S :

Net Prof i t be fo re tax and ex t rao rd ina ry i tems 1 1 1 , 2 4 3 , 5 8 2 5 0 , 5 0 9 , 6 9 0

A d j u s t e d for :

D e p r e c i a t i o n 3 , 5 3 3 , 9 0 7 2 , 7 5 3 , 8 3 3

In terest I n c o m e ( 1 5 , 6 8 2 , 6 4 5 ) ( 6 , 8 2 1 , 8 3 1 )

I n c o m e f r o m Long T e r m s Inves tmen t ( 1 6 , 0 4 8 , 8 9 3 ) ( 1 2 , 2 5 9 , 4 5 2 )

P rov is ion for d o u b t f u l l oans wr i t t en back ( 1 0 0 , 0 0 0 )

F i x e d a s s e t s w r i t t e n off . 2 2 3 , 5 4 5

(Prof i t ) / Loss on sa le of F ixed A s s e t s ( 4 6 , 7 8 4 ) ( 1 6 , 7 9 8 )

O P E R A T I N G P R O F I T B E F O R E W O R K I N G C A P I T A L C H A N G E S 8 3 , 1 2 2 , 7 1 2 3 4 , 1 6 5 , 4 4 2


T r a d e and o ther r e c e i v a b l e s ( 2 0 , 6 1 0 , 8 4 2 ) ( 1 6 , 8 6 9 , 9 2 2 )

I n v e n t o r i e s ( 6 9 , 0 8 9 , 5 7 9 ) ( 1 1 4 , 3 5 6 , 9 4 9 )

T r a d e P a y a b l e s and a d v a n c e s f r o m c u s t o m e r s 1 8 2 , 1 5 0 , 6 5 8 2 5 0 , 9 6 8 , 0 9 3

C A S H G E N E R A T E D F R O M O P E R A T I O N S 1 7 5 , 5 7 2 , 9 4 9 1 5 3 , 9 0 6 , 6 6 4

Direct Taxes pa id / a d j u s t e d ( 1 3 , 8 7 1 , 7 6 8 ) ( 5 , 9 3 8 , 8 0 3 )

C a s h f l ow be fo re ex t ra o rd ina ry i t ems 1 6 1 , 7 0 1 , 1 8 1 1 4 7 , 9 6 7 , 8 6 1

Ext ra Ord ina ry i tems A i 1 4 7 , 9 6 7 , 8 6 1

Net c a s h f r o m O p e r a t i n g ac t i v i t ies (A) 1 6 1 , 7 0 1 , 1 8 1 1 4 7 , 9 6 7 , 8 6 1

C A S H F L O W F R O M I N V E S T I N G A C T I V I T I E S :

P u r c h a s e o f F ixed A s s e t s ( 8 2 , 5 2 3 , 7 3 1 ) ( 1 8 , 4 6 3 , 4 8 3 )

Sa le o f F ixed A s s e t s 2 7 6 , 0 0 0 5 2 0 , 5 0 1

Net P u r c h a s e / sa le o f I n v e s t m e n t s ( 2 2 , 9 9 0 , 5 5 4 ) ( 1 4 , 8 7 8 , 0 2 2 )

In terest I n c o m e 1 5 , 6 8 2 , 6 4 5 6 , 8 2 1 , 8 3 1

O the r I ncome f r o m Long Te rm I n v e s t m e n t s 2 , 2 9 9 , 0 4 1 1 , 4 1 7 , 0 5 8

Net C a s h f r o m inves t ing ac t i v i t ies (B) ( 8 7 , 2 5 6 , 5 9 9 ) ( 2 4 , 5 8 2 , 1 1 5 )

C A S H F L O W F R O M F I N A N C I N G A C T I V I T I E S :

P r o c e e d s f r o m long t e r m and o ther b o r r o w i n g s 2 6 4 , 7 6 4 ( 4 , 1 3 5 , 6 8 8 )

D i v i dend paid ( 1 0 , 0 1 2 , 5 5 9 ) ( 5 , 0 4 1 , 1 9 0 )

Net C a s h used in F inanc ing ac t iv i t ies (C) ( 9 , 7 4 7 , 7 9 5 ) ( 9 , 1 7 6 , 8 7 8 )

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 ) 6 4 , 6 9 6 , 7 8 7 1 1 4 , 2 0 8 , 8 6 8

C A S H A N D C A S H E Q U I V A L E N T S A T T H E B E G I N N I N G O F T H E Y E A R 1 6 3 , 1 2 0 , 9 0 5 4 8 , 9 1 2 , 0 3 7

C A S H A N D C A S H E Q U I V A L E N T S A T T H E E N D O F T H E Y E A R 2 2 7 , 8 1 7 , 6 9 2 1 6 3 , 1 2 0 , 9 0 5

0 1 . P r o c e e d s f r o m long t e r m and o ther b o r r o w i n g s are s h o w n net o f r e p a y m e n t .

0 2 . C a s h and C a s h e q u i v a l e n t s rep resen t c a s h and bank b a l a n c e s only .

In t e r m s of our report o f even da te a t t a c h e d he rew i th


C h a r t e r e d A c c o u n t a n t s For and on behal f o f the Boa rd


Par tne r C o m p a n y S e c r e t a r y M a n a g i n g Di rector Jt. M a n a g i n g Di rec tor G . M . (F&A)


Da te : 29 th J u n e , 2007 P lace : New Delh i Da te : 29 th J u n e , 2007


Statement pursuant to Section 212 of the Companies Act, 1956 relating to Company's interest in the Subsidiary Companies

1 . F inanc ia l Y e a r o f the Subs id ia r y C o m p a n y e n d e d on

2. a. No . of s h a r e s held by A s h i a n a Hous ing & F inance

( India) L td . (Ho ld ing C o m p a n y ) in the subs id i a r y

a t the end o f t he f i nanc ia l y e a r o f t he subs id ia ry

b. Extent of interest o f Ho ld i ng C o m p a n y at t he end

of the f i nanc ia l y e a r of the subs id ia ry :

3 . T h e net a g g r e g a t e a m o u n t o f s u b s i d i a r y ' s p ro f i t / (Loss )

not dea l t w i t h in the C o m p a n y ' s a c c o u n t s .

a . for the f i nanc ia l y e a r o f t he subs id i a r y (in Rs.)

. b. for the all p rev ious f i nanc ia l y e a r s of the subs id i a r y

s i nce i t b e c a m e the Ho ld ing C o m p a n y ' s subs id ia ry

4 . T h e net a g g r e g a t e a m o u n t o f s u b s i d i a r y ' s p ro f i t / (Loss)

deal t w i th in the C o m p a n y ' s a c c o u n t s .

a . for t he f i nanc ia l y e a r o f t he subs id ia ry (in Rs.)

b . for the al l p r e v i o u s f i nanc ia l y e a r s o f t he subs id i a r y

s i nce i t b e c a m e the Ho ld i ng C o m p a n y ' s subs id ia ry

5 . C h a n g e s in t he Ho ld ing C o m p a n y ' s in terest , in the

Subs id i a r y b e t w e e n t he end o f the F inanc ia l Y e a r o f

the Subs id ia r y and the end o f the Ho ld ing C o m p a n y ' s

F inanc ia l Yea r .

6 . Ma te r i a l C h a n g e s b e t w e e n the end o f t he F inanc ia l Y e a r

o f t he Subs id ia r y and t he end o f the Ho ld ing C o m p a n y ' s

f i nanc ia l yea r in respect of

a . t he s u b s i d i a r y ' s f i xed a s s e t s

b. its i n v e s t m e n t s

c. the m o n e y lent by it, and

d. t he m o n e y b o r r o w e d by i t for any p u r p o s e o ther

t h a n that o f mee t i ng cur ren t l iab i l i t ies .

A s h i a n a V a t i k a

R e t i r e m e n t V i l l a g e s M a r k e t i n g

L t d . L t d

3 1 . 0 3 . 2 0 0 7

2 4 0 0 5 0 Equi ty

S h a r e s of

Rs . 10 / - e a c h

1 0 0 %

3 , 2 1 1 , 7 8 9

2 , 4 1 0 , 2 1 6

Nil

Nil

N. A.

N.A.

N.A.

N.A.

N.A.

3 1 . 0 3 . 2 0 0 7

5 0 0 0 0 Equi ty

S h a r e s of

Rs . 10 / - e a c h

1 0 0 %

( 9 2 9 , 3 1 9 )

3 2 7 , 1 9 2

Nil

Nil

N. A.

N.A.

N.A.

N.A.

N.A.

For and on behal f o f the Boa rd

P lace : New Delh i Om P r a k a s h G u p t a V i s h a l G u p t a

Date : 29 th J u n e 2 0 0 7 M a n a g i n g D i rec to r J t . M a n a g i n g D i rec to r

CD

VATIKA MARKETING LIMITED Ashiana

DIRECTORS' REPORT

T O T H E M E M B E R (S)

T h e D i rec to rs o f y o u r C o m p a n y have p leasu re in p resen t i ng

t h e E l e v e n t h 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 a c c o u n t s for t he y e a r e n d e d 3 1 s t M a r c h 2 0 0 7 .

F I N A N C I A L R E S U L T S

Your d i rec to rs a re g lad to report that du r ing the yea r under

rev iew the pro ject M a i n t e n a n c e C h a r g e s & O the r I n c o m e

has been r e c o r d e d a t Rs . 1 , 93 ,73 ,582 / - as c o m p a r e d to

R s . 1 , 9 4 , 4 0 , 5 2 7 / - d u r i n g the p r e v i o u s f i n a n c i a l yea r . T h e

C o m p a n y has i n c u r r e d a loss o f R s . 9 2 9 , 3 1 9 d u r i n g t he

f i nanc ia l yea r 2 0 0 6 - 0 7 as c o m p a r e d to profit o f R s . 7 0 4 , 7 4 6 /

- in the p rev i ous f i nanc ia l year . R e a s o n for incur r ing loss

w a s due to rise in staff a n d o ther e x p e n s e s o f the C o m p a n y .

DIV IDEND

Due to loss the d i rec to rs do not r e c o m m e d d i v i d e n d for the

year .

O P E R A T I O N

T h e ma in o p e r a t i o n o f y o u r C o m p a n y re la tes to m a i n t e n a n c e

o f v a r i o u s bu i ld ing c o m p l e x e s .

D I R E C T O R S

Dur ing the y e a r under rev iew no c h a n g e has been m a d e in

the d i rec to rsh ip o f the C o m p a n y . A t the f o r t h c o m i n g a n n u a l

g e n e r a l mee t i ng Shr i A s h o k K u m a r M a t t o o , D i rec to r o f the

c o m p a n y is re t i r ing by ro ta t ion and b e i n g e l i g i b l e , o f fe rs

h imse l f for r e - a p p o i n t m e n t . T h e B o a r d r e c o m m e n d s h is

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

F I X E D D E P O S I T S

T h e C o m p a n y has ne i ther inv i ted nor a c c e p t e d any d e p o s i t s

f r o m the p u b l i c w i t h i n t h e m e a n i n g o f t he C o m p a n i e s

( A c c e p t a n c e o f Depos i t s ) Ru les , 1975 !

A U D I T O R S

M/s. B . C h h a w c h h a r i a & C o . , C h a r t e r e d A c c o u n t a n t s , ret i re

a t the c o n c l u s i o n o f f o r t h c o m i n g A n n u a l G e n e r a l M e e t i n g

and be ing e l ig ib le , of fer 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 rece i ved a cer t i f i ca te to the ef fect that the i r

r e - a p p o i n t m e n t i f m a d e wi l l be w i th in the p r e s c r i b e d limit

unde r s e c t i o n 2 2 4 ( 1 B ) o f t he C o m p a n i e s Ac t , 1956 . T h e

A u d i t o r s r e p o r t i s s e l f - e x p l a n a t o r y a n d r e q u i r e s n o

c o m m e n t s by the D i rec to rs .

As rega rds A u d i t o r ' s o b s e r v a t i o n on t he d u e s to SSI Uni ts

the Boa rd has to s ta te that in v i e w of insuf ic ien t i n fo rma t ion

f r o m the supp l i e r s regard ing the i r s t a tus as SSI un i ts , the

a m o u n t due to Sma l l Sca le Indust r ia l U n d e r t a k i n g can not be


P A R T I C U L A R S O F E M P L O Y E E S

T h e r e i s n o e m p l o y e e i n r e s p e c t o f w h o m p a r t i c u l a r s

pu rsuan t to S e c t i o n 2 1 7 (2A) o f the C o m p a n i e s Ac t , 1956

r e a d w i t h C o m p a n i e s ( P a r t i c u l a r s o f E m p l o y e e s )

( A m e n d m e n t s ) Ru les , 1999 are requ i red to be g i v e n .

D I R E C T O R S R E S P O N S I B I L I T Y S T A T E M E N T

Pursuan t to S e c t i o n 2 1 7 (2AA) o f the C o m p a n i e s Ac t , 1956 ,

the D i rec to rs c o n f i r m tha t :

(I) I n t h e p r e p a r a t i o n o f t h e a n n u a l a c c o u n t s , t h e

a p p l i c a b l e a c c o u n t i n g s t a n d a r d s have been f o l l o w e d

by the C o m p a n y ;

(II) S u c h a c c o u n t i n g p o l i c i e s have b e e n s e l e c t e d a n d

cons i s ten t l y app l i ed and j u d g m e n t s & e s t i m a t e s m a d e

that are r e a s o n a b l e and p ruden t so as to g ive a t rue

and fair v i e w o f the s ta te o f a f fa i rs o f the C o m p a n y

as at 31st M a r c h 2 0 0 7 and of t he prof i t or loss of the

C o m p a n y for the y e a r e n d e d on that d a t e .

(III) P r o p e r a n d s u f f i c i e n t c a r e has b e e n t a k e n fo r t he

m a i n t e n a n c e o f a d e q u a t e a c c o u n t i n g r e c o r d s i n

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

Ac t , 1956 , for s a f e g u a r d i n g t he a s s e t s o f the C o m p a n y

a n d fo r p r e v e n t i n g a n d d e t e c t i n g f r a u d a n d o t h e r

i r r e g u l a r i t i e s ;

(IV) A n n u a l a c c o u n t s h a v e b e e n p r e p a r e d on a g o i n g

c o n c e r n b a s i s .

P A R T I C U L A R S O F C O N S E R V A T I O N O F E N E R G Y ,

T E C H N O L O G Y A B S O R P T I O N A N D F O R E I G N E X C H A N G E

E A R N I N G S A N D O U T G O

Your D i rec to rs a re o f o p i n i o n that pa r t i cu la rs w i th respec t

to C o n s e r v a t i o n o f Energy , T e c h n o l o g y A b s o r p t i o n as per

S e c t i o n 217 (1 ) (e ) read w i th t he C o m p a n i e s (D isc losu re o f

Par t i cu la rs in the Repor t of Boa rd of D i rec tors) Ru les 1988

are not re levant in v i e w of the na ture of b u s i n e s s ac t i v i t i es

o f t he C o m p a n y and h e n c e , not requ i red to be g i v e n . T h e r e

has been no fo re ign e x c h a n g e e a r n i n g s and ou t go d u r i n g

the y e a r unde r rev iew.

A C K N O W L E D G M E N T

Y o u r d i r e c t o r s t a k e t h i s o p p o r t u n i t y t o e x p r e s s g r a t e f u l

t h a n k s t o the Cen t ra l and State G o v e r n m e n t s and C o m p a n y ' s

b a n k e r s for the i r s u p p o r t and g u i d a n c e t o t he C o m p a n y

f r o m t ime to t i m e . T h e D i rec to rs w i sh to p lace on record

the i r a p p r e c i a t i o n o f e f f ic ient and loyal s e r v i c e s r e n d e r e d

by t he o f f i ce rs a n d staff m e m b e r s o f t he C o m p a n y . You r

C o m p a n y ' s p e r s o n n e l re la t ions c o n t i n u e d to be exce l l en t .

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

V i s h a l G u p t a R a c h n a G u p t a

W h o l e T i m e D i r e c t o r W h o l e T i m e D i r e c t o r

P l a c e : N e w D e l h i

D a t e : 2 9 , h J u n e , 2 0 0 7 .

CD

Ashiana AUDITORS: REPORT

T h e M e m b e r s o f Va t i ka M a r k e t i n g L imi ted

W e h a v e a u d i t e d t h e a t t a c h e d b a l a n c e s h e e t o f V a t i k a

Ma rke t i ng L im i ted as a t 31st Ma rch 2 0 0 7 , and a lso t he profit

and loss a c c o u n t for the y e a r e n d e d on that da te a n n e x e d

t h e r e t o . T h e s e f i nanc ia l s t a t e m e n t s are the respons ib i l i t y

o f t he c o m p a n y ' s m a n a g e m e n t . O u r r e s p o n s i b i l i t y i s t o

e x p r e s s an op in ion on t h e s e f i nanc ia l s t a t e m e n t s b a s e d on

our aud i t .

We have c o n d u c t e d our audi t i n a c c o r d a n c e w i th the a u d i t i n g

s t a n d a r d s g e n e r a l l y a c c e p t e d i n Ind ia . T h o s e S t a n d a r d s

r e q u i r e t h a t w e p l a n a n d p e r f o r m t h e a u d i t t o o b t a i n

r e a s o n a b l e a s s u r a n c e a b o u t w h e t h e r t h e f i n a n c i a l

s t a t e m e n t s a re f r e e o f m a t e r i a l m i s s t a t e m e n t . A n aud i t

i nc ludes e x a m i n i n g , on a- test bas i s , e v i d e n c e s u p p o r t i n g

the a m o u n t s a n d d i s c l o s u r e s i n the f i nanc ia l s t a t e m e n t s .

An audi t a lso inc ludes a s s e s s i n g the a c c o u n t i n g p r inc ip les

used and s ign i f i can t e s t i m a t e s m a d e by m a n a g e m e n t , as

w e l l a s e v a l u a t i n g t h e o v e r a l l f i n a n c i a l s t a t e m e n t

p r e s e n t a t i o n . W e b e l i e v e 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 bas is for our op in ion and we report tha t :

1 . As requ i red by the C o m p a n i e s (Aud i to r ' s Repor t ) Order ,

2 0 0 3 i s s u e d by t he C e n t r a l G o v e r n m e n t o f Ind ia in

t e r m s o f s u b - s e c t i o n (4A) o f s e c t i o n 2 2 7 o f t h e

C o m p a n i e s Ac t , 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 m a t t e r s s p e c i f i e d in p a r a g r a p h s 4

and 5 of t he sa id Order .

2 . Fur ther to our c o m m e n t s in t he A n n e x u r e re fe r red to

a b o v e , we repor t tha t :

(i) W e h a v e o b t a i n e d a l l t h e i n f o r m a t i o n a n d

e x p l a n a t i o n s , w h i c h to t he best o f our k n o w l e d g e

a n d be l ie f w e r e n e c e s s a r y for t h e p u r p o s e s o f

our aud i t ;

(ii) In our o p i n i o n , p roper b o o k s of a c c o u n t as requ i red

by law have been kept by the c o m p a n y so far as

a p p e a r s f r o m our e x a m i n a t i o n o f t h o s e b o o k s ;

(iii) T h e B a l a n c e S h e e t and prof i t a n d loss a c c o u n t

deal t w i th by th is report a re in a g r e e m e n t w i th the

b o o k s o f a c c o u n t ;

(iv) Sub jec t to our c o m m e n t s here inaf ter , the B a l a n c e

Shee t and prof i t and loss a c c o u n t deal t w i th by

th is report c o m p l y w i th the a c c o u n t i n g s t a n d a r d s

re fe r red to in s u b - s e c t i o n (3C) of sec t ion 211 of

the C o m p a n i e s Ac t , 1956 ;

(v) On t he bas is o f w r i t t en r e p r e s e n t a t i o n s rece i ved

f r o m the d i r e c t o r s , a s o n 31s t M a r c h 2 0 0 7 a n d

t a k e n on r e c o r d by the B o a r d o f D i r e c t o r s , we

report that none of the d i rec to rs is d i squa l i f i ed as

o n 3 1 s t M a r c h 2 0 0 7 f r o m be ing a p p o i n t e d a s a

d i rec to r in t e r m s of c l ause (g) of s u b - s e c t i o n (1.)

o f sec t ion 2 7 4 o f the C o m p a n i e s Ac t , 1956 ;

VATIKA MARKETING LIMITED

(vi) In our op in ion and to t he best of our i n fo rma t i on

and a c c o r d i n g to t he e x p l a n a t i o n s g i ven to us, t he

s a i d a c c o u n t s read w i t h s i g n i f i c a n t A c c o u n t i n g

P o l i c i e s a n d N o t e s t o t h e A c c o u n t s , g i v e t h e

i n fo rma t ion requ i red by the C o m p a n i e s Act , 1956 ,

in the m a n n e r so requ i red and sub jec t to no tes on

s c h e d u l e 19 par t icu lar ly , Dues to SSI Units (note

2) g ive a t rue and fair v i e w in con fo rm i t y w i t h t he

a c c o u n t i n g p r inc ip les gene ra l l y a c c e p t e d in Ind ia :

(a) in the case of the ba lance shee t , of the s ta te

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

2 0 0 7 ;

(b) in the c a s e of the profit and loss a c c o u n t , of

the loss for t he y e a r e n d e d on that d a t e .

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



P a r t n e r



Da te : 2 9 t h J u n e , 2 0 0 7

A N N E X U R E T O T H E A U D I T O R S ' R E P O R T

Re fe r red to in p a r a g r a p h 1 of our Repor t of e v e n date for

the yea r e n d e d 3 1 s t M a r c h , 2 0 0 7 .

1 ) a ) T h e c o m p a n y has m a i n t a i n e d r e c o r d s s h o w i n g

ful l pa r t i cu l a r s i nc l ud i ng q u a n t i t a t i v e de ta i l s a n d

s i t ua t i on o f f i xed a s s e t s .

b ) A c c o r d i n g t o t he i n f o r m a t i o n a n d e x p l a n a t i o n s

g i v e n t o us , t h e a s s e t s h a v e b e e n p h y s i c a l l y

ve r i f i ed by the m a n a g e m e n t du r i ng the year . No

m a t e r i a l d i s c r e p a n c i e s w e r e n o t i c e d o n s u c h

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

c) T h e c o m p a n y has not d i s p o s e d off its Subs tan t i a l

f i xed a s s e t s du r i ng t he year .

2 ) a ) A c c o r d i n g to t he i n f o r m a t i o n a n d e x p l a n a t i o n s

g i v e n t o us , t h e m a n a g e m e n t h a s p h y s i c a l l y

v e r i f i e d t h e i n v e n t o r y d u r i n g t h e y e a r . I n ou r

o p i n i o n , t h e f r e q u e n c y o f v e r i f i c a t i o n i s

r e a s o n a b l e .



m a n a g e m e n t a re r e a s o n a b l e a n d a d e q u a t e i n

re la t ion to the s ize o f t he c o m p a n y and the na ture

of its b u s i n e s s .

c) On the bas is of our e x a m i n a t i o n of the reco rds of

inventory , we are o f t he op in ion that t he c o m p a n y

i s m a i n t a i n i n g p rope r r e c o r d s o f i nven to r y . T h e

d i s c r e p a n c i e s no t i ced on ve r i f i ca t ion b e t w e e n t he

p h y s i c a l s t o c k s and t h e book r e c o r d s w e r e not

m a t e r i a l .



P a r t n e r



D a t e : 2 9 t h J u n e , 2 0 0 7

on the bas i s o f secu r i t y by w a y of p l edge of s h a r e s ,

d e b e n t u r e s and o the r s e c u r i t i e s .

13) T h e C o m p a n y is not a chit f u n d or a n idh i mu tua l benef i t

f u n d / s o c i e t y .

14) T h e c o m p a n y i s not d e a l i n g o r t r a d i n g i n s h a r e s ,


H o w e v e r , I n v e s t m e n t s o f t he C o m p a n y are held in its

o w n n a m e .

15) As per i n f o r m a t i o n a n d e x p l a n a t i o n s p r o v i d e d to us ,

the c o m p a n y has not g i v e n any g u a r a n t e e for l oans

t a k e n by o t h e r s f r o m bank o r f i nanc ia l i ns t i t u t i ons .

16) T h e C o m p a n y has not t a k e n any T e r m Loan du r i ng t h e

y e a r c o n c e r n e d .

17) A c c o r d i n g to t he i n fo rma t i on and e x p l a n a t i o n s g i ven to

us a n d on an overa l l e x a m i n a t i o n o f the b a l a n c e shee t

o f the c o m p a n y , we report that the no f u n d s ra ised on

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 f o r l o n g - t e r m

i n v e s t m e n t .

18) T h e c o m p a n y has m a d e p re fe ren t i a l a l l o tmen t o f s h a r e s

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

s e c t i o n 301 o f t he C o m p a n i e s A c t , 1 9 5 6 , t e r m s a n d

c o n d i t i o n s w h e r e o f a re not p re jud i c i a l t o t he in te res t

o f t he c o m p a n y .

19) T h e C o m p a n y has not i ssued any d e b e n t u r e s du r i ng

t he y e a r unde r rev iew.

20) The C o m p a n y has not ra ised any m o n e y by publ ic i ssue

du r i ng t he y e a r unde r rev iew.

21) A c c o r d i n g t o t he i n f o rma t i on and e x p l a n a t i o n s g i ven t o

us, no f r a u d on or by the C o m p a n y has been no t i ced

o r r epo r t ed du r i ng t he year .



3 ) T h e c o m p a n y has not t a k e n / g i v e n u n s e c u r e d l oans

f r o m / to c o m p a n i e s , f i rms and o ther par t ies c o v e r e d in

t he R e g i s t e r m a i n t a i n e d u n d e r S e c t i o n 301 o f t he

C o m p a n i e s Ac t , 1956.

4 ) In our o p i n i o n a n d a c c o r d i n g to t h e i n f o r m a t i o n a n d

e x p l a n a t i o n s g i ven to us, t he re are a d e q u a t e in te rna l

c o n t r o l p r o c e d u r e s c o m m e n s u r a t e w i th t he s i ze o f

the c o m p a n y and the na tu re o f its b u s i n e s s w i th rega rd

to p u r c h a s e s o f i nven to ry and f i xed a s s e t s and w i th

rega rd to the sa le o f c o n s t r u c t e d uni ts and s e r v i c e s .

Dur ing t he c o u r s e o f our aud i t , we have not o b s e r v e d

any c o n t i n u i n g f a i l u r e to c o r r e c t ma jo r w e a k n e s s i n

i n te rna l c o n t r o l s .

5 ) A c c o r d i n g t o t he i n f o r m a t i o n a n d e x p l a n a t i o n s g i ven

to us , we a re o f t he o p i n i o n t ha t t h e p a r t i c u l a r s o f

c o n t r a c t s and a r r a n g e m e n t s re fe r red to in Sec t i on 301

o f t he C o m p a n i e s Ac t , 1956 tha t need to be e n t e r e d

into the reg is te r m a i n t a i n e d unde r that S e c t i o n have

been s o e n t e r e d ,

6 ) In our o p i n i o n and a c c o r d i n g to t he i n f o r m a t i o n and

e x p l a n a t i o n s g i v e n t o u s , t h e c o m p a n y h a s not

a c c e p t e d any d e p o s i t s f r o m the pub l ic .

7) T h e C o m p a n y is not r e q u i r e d to m a i n t a i n a f o r m a l

in te rna l audi t s y s t e m .

8 ) T h e C e n t r a l G o v e r n m e n t h a s no t p r e s c r i b e d

m a i n t e n a n c e o f cost reco rds under S e c t i o n 209 (1 )(d)

o f the C o m p a n i e s Ac t , 1956 for any o f the p r o d u c t s o f

t he C o m p a n y .


genera l l y t he c o m p a n y is regu lar in depos i t i ng w i th

a p p r o p r i a t e au tho r i t i es u n d i s p u t e d s ta tu to ry d u e s

i nc lud ing p rov iden t f u n d , i nves to r e d u c a t i o n and

p r o t e c t i o n f u n d , e m p l o y e e s ' s t a t e i n s u r a n c e ,

i n c o m e t a x , s a l e s t a x , w e a l t h t a x , s e r v i c e t a x ,

c u s t o m duty, exc i se duty , c e s s a n d o the r ma te r ia l

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

s t a t u t o r y d u e s w e r e o u t s t a n d i n g a s a t t he last

day of the f i nanc ia l y e a r under rev iew for a pe r iod

o f m o r e t h a n s ix m o n t h s f r o m t h e d a t e t h e y

b e c a m e p a y a b l e .


g i v e n t o us , n o d u e s o f s a l e t a x , i n c o m e t a x ,

c u s t o m s duty w e a l t h tax , se rv i ce tax , exc i se duty ,

a n d c e s s , a s a p p l i c a b l e , w h i c h h a v e not b e e n

d e p o s i t e d on a c c o u n t o f any d i s p u t e .

10) T h e c o m p a n y d o e s not have a c c u m u l a t e d losses . T h e

c o m p a n y has i ncu r red c a s h l osses du r i ng t he f i nanc ia l

y e a r c o v e r e d by our audi t but not in the i m m e d i a t e l y

p r e c e d i n g f i n a n c i a l year .

11) T h e c o m p a n y has no b o r r o w i n g s f r o m any f i n a n c i a l

i ns t i t u t i on , bank or d e b e n t u r e holder.

12) As per i n f o r m a t i o n a n d e x p l a n a t i o n s p r o v i d e d to us

the c o m p a n y has not g r a n t e d any l oans and a d v a n c e s

CD

Ashiana VATIKA MARKETING LIMITED


S C H E D U L E S A S A T 3 1 . 0 3 . 2 0 0 7

A S A T

3 1 . 0 3 . 2 0 0 6

Rs. Rs . Rs . Rs .

S O U R C E S O F F U N D S :


S h a r e Cap i ta l 1 5 0 0 , 0 0 0 5 0 0 , 0 0 0

R e s e r v e s & S u r p l u s 2 1 ,915 ,873 2 , 8 2 7 , 1 9 2

2 , 4 1 5 , 8 7 3 3 , 3 2 7 , 1 9 2


F ixed A s s e t s 3

G r o s s B lock 1 8 2 , 2 3 3 1 8 2 , 2 3 3

L e s s : D e p r e c i a t i o n 5 9 , 9 0 2 3 8 , 5 6 5

Net B lock 1 2 2 , 3 3 1 1 4 5 , 6 6 8

I n v e s t m e n t s 4 1 5 , 7 1 9 , 4 0 1 8 , 6 0 0 , 7 8 0

D e f e r r e d Tax A s s e t s (Net) 5 4 7 8 , 0 0 0 2 2 , 6 1 4

Cu r ren t A s s e t s , L o a n s & A d v a n c e s

I n v e n t o r i e s 6 2 8 3 , 6 7 8 8 7 4 , 6 2 6

S u n d r y D e b t o r s 7 5 , 0 3 8 , 9 7 6 5 , 2 0 6 , 7 3 5

C a s h & Bank b a l a n c e s 8 4 , 4 6 7 , 3 6 1 6 , 5 5 2 , 8 0 1

L o a n s & A d v a n c e s 9 1 , 2 2 0 , 1 4 7 3 , 6 7 3 , 8 9 7

1 1 , 0 1 0 , 1 6 2 1 6 , 3 0 8 , 0 5 9

Less : Cu r ren t L iab i l i t ies

& P rov i s ions 10 2 4 , 9 1 4 , 0 2 1 2 1 , 7 4 9 , 9 2 9

Net Cu r ren t A s s e t s ( 1 3 , 9 0 3 , 8 5 9 ) ( 5 , 4 4 1 , 8 7 0 )

2 , 4 1 5 , 8 7 3 3 , 3 2 7 , 1 9 2

N O T E S ON A C C O U N T S 19


G E N E R A L B U S I N E S S 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 . C h a r t e r e d A c c o u n t a n t s For and on behal f of the Board

V I N I T B A G A R I A Partner

V i s h a l G u p t a W h o l e t ime Director

R a c h n a G u p t a W h o l e t ime Director

Place Date

G u r g a o n 29 th J u n e , 2 0 0 7

Place : New Delhi

Date : 2 9 t h J u n e , 2 0 0 7

CD



I N C O M E

Project M a i n t e n a n c e C h a r g e s

S a l e s o f S h o p s

O the r I n c o m e

Inc rease / (Dec rease ) in S tock

S C H E D U L E S

11

12

13

2 0 0 6 - 2 0 0 7 ( R s . )

1 5 , 7 4 9 , 1 5 7

1 ,374,930

2 , 2 4 9 , 4 9 5

( 6 0 2 , 0 6 5 )

1 8 , 7 7 1 , 5 1 7

2 0 0 5 - 2 0 0 6

( R s . )

1 6 , 5 5 7 , 3 7 8

2 , 8 8 3 , 1 4 9

134 ,753

1 9 , 5 7 5 , 2 8 0


P u r c h a s e

Project M a i n t e n a n c e E x p e n s e s

E x p e n s e s o n E m p l o y e e s

In te res t - O t h e r s



P R O F I T / ( L O S S ) FOR T H E Y E A R

Less : Di rect Tax

B a l a n c e b rough t f o r w a r d f r o m last yea r

T r a n s f e r f rom/ ( to ) G e n e r a l R e s e r v e

S U R P L U S C A R R I E D T O B A L A N C E S H E E T

14

15

16

17

18

1 0 , 7 1 1 , 1 6 0

5 , 7 4 0 , 2 3 3

4 ,676

2 3 , 3 3 7

3 , 6 1 0 , 8 9 4

2 0 , 0 9 0 , 3 0 0

( 1 , 3 1 8 , 7 8 3 )

( 3 8 9 , 4 6 4 )

( 9 2 9 , 3 1 9 )

3 2 7 , 1 9 2

( 6 0 2 , 1 2 7 )

7 0 0 , 0 0 0

9 7 , 8 7 3

1 3 4 , 7 5 3

1 0 , 4 7 6 , 7 0 8

4 , 9 5 3 , 7 4 7

2 ,215

1 7 , 9 5 5

3 , 1 8 1 , 1 2 2

1 8 , 7 6 6 , 5 0 0 '

8 0 8 , 7 8 0

1 0 4 , 0 3 4

7 0 4 , 7 4 6

6 2 2 , 4 4 6

1 ,327 ,192

(1 ,000 ,000 )

3 2 7 , 1 9 2

E A R N I N G PER S H A R E :

(on Nom ina l Va lue of S h a r e s of Rs . 101- each)

Bas ic

D i lu ted

( 1 9 . 2 4 )

( 1 9 . 2 4 )

14 .68

14 .62

T h e S c h e d u l e s re fe r red a b o v e f o r m an in tegra l part o f the a c c o u n t s .

In t e r m s of our report of even da te a t t a c h e d he rew i th

For B. C H H A W C H H A R I A & C O . C h a r t e r e d A c c o u n t a n t s For and on behal f of the Board


V i s h a l G u p t a W h o l e t ime Director

R a c h n a G u p t a W h o l e t ime Director

Place : G u r g a o n Date : 29th J u n e , 2007

Place : New Delhi Date : 2 9 t h J u n e , 2 0 0 7

Ashiana VATIKA MARKETING LIMITED

A S AT AS A T

SCHEDULES TO THE ACCOUNTS 3 1 . 0 3 . 2 0 0 7 3 1 . 0 3 . 2 0 0 6

( R s . ) (Rs.)

1 . S H A R E C A P I T A L


5 0 0 0 0 (P.Y. 48000 ) Equi ty s h a r e s o f Rs . 10/ - each 5 0 0 , 0 0 0 4 8 0 , 0 0 0

Nil (P.Y. 200) P r e f e r e n c e s h a r e s of Rs . 100/ - each 2 0 , 0 0 0

5 0 0 , 0 0 0 5 0 0 , 0 0 0 I s s u e d , S u b s c r i b e d and Paid up :

5 0 0 0 0 (P.Y. 4 8 0 0 0 ) Equi ty s h a r e s o f Rs . 10/ - each ful ly paid up

held by A s h i a n a H o u s i n g L i m i t e d , ( former ly A s h i a n a Hous ing &

F inance ( India) L imi ted, ) the ho ld ing c o m p a n y ' 5 0 0 , 0 0 0 4 8 0 , 0 0 0

Nil (P.Y. 200 ) 1 % Non 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 Rs . 100/ - each ful ly paid up - 2 0 , 0 0 0

5 0 0 , 0 0 0 5 0 0 , 0 0 0

R E S E R V E S & S U R P L U S


As per last a c c o u n t 2 , 5 0 0 , 0 0 0 1,500,000

A d d : T rans fe r f r o m Profit & Loss A /c - 1 ,000,000

L e s s : T rans fe r to Prof i t & Loss A /c 7 0 0 , 0 0 0 -

1,800 ,000 2 , 5 0 0 , 0 0 0

Cap i ta l R e s e r v e 18 ,000

Prof i t & L o s s A c c o u n t 97,973 3 2 7 , 1 9 2

1 ,915 ,873 2 , 8 2 7 , 1 9 2


G R O S S B L O C K D E P R E C I A T I O N NET B L O C K

As at Add i t ions / As at U p t o For the U p t o As at As at Par t icu la rs 0 1 . 0 4 . 2 0 0 6 (Deductions) 3 1 - 3 - 2 0 0 7 3 1 - 3 - 2 0 0 6 year 3 1 - 3 - 2 0 0 7 3 1 - 3 - 2 0 0 7 3 1 - 3 - 2 0 0 6

(Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.)

OFFICE EQUIPMENT 36 ,900 _ 3 6 , 9 0 0 . 3,804 1,753 5,557 31 ,343 33,096

C O M P U T E R 116,336 - • 116,336 23,251 18,858 42 ,109 74 ,227 93,085

V E H I C L E 28,398 - 28 ,398 9,498 2,698 12,196 16,202 18,900

FURNITURE & FIXTURES 599 - 599 12 28 40 559 5 8 7

TOTAL 1 8 2 , 2 3 3 - 182,233 36,565 23 ,337 59 ,902 122,331 -

PREVIOUS YEAR 9 4 , 2 9 8 8 7 , 9 3 5 1 8 2 , 2 3 3 18,610 17 ,955 3 6 , 5 6 5 - 145 ,668

F IGURES

CD


4

6

A S A T A S A T

H E D U L E S T O T H E A C C O U N T S 3 1 . 0 3 . 2 0 0 7 3 1 . 0 3 . 2 0 0 6

( R s . ) (Rs . )

I N V E S T M E N T S - L O N G T E R M

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

Bir la B o n d Plus - G r o w t h Op t i on

4 2 3 6 4 . 2 7 uni ts o f Rs . 10 e a c h 5 0 0 , 0 0 0 5 0 0 , 0 0 0

F rank l i n India Flexi cap D i v i d e n d - R e i n v e s t m e n t

3 0 1 2 0 . 4 8 un i ts o f Rs . 10 e a c h 5 0 0 , 0 0 0 5 0 0 , 0 0 0

D S P M L O p p o r t u n i t i e s Fund - D i v . R e i n v e s t m e n t

6 5 9 0 6 . 9 7 (PY 2 7 5 4 2 . 0 8 ) un i ts o f Rs . 10 e a c h 1 ,570 ,529 6 0 0 , 0 0 0

D S P M L T iger Fund - D i v . R e i n v e s t m e n t

4 5 8 2 . 9 3 uni ts o f Rs . 10 e a c h 1 5 0 , 0 0 0 -Fidel i ty Equi ty Fund -Div. R e i n v e s t m e n t

2 4 4 4 9 . 8 8 uni ts o f Rs . 10 each 2 5 0 , 0 0 0 2 5 0 , 0 0 0

JM Equi ty & Der i va t i ve Fund - G r o w t h

1 2 3 8 5 0 . 6 7 uni ts of Rs . 10 each 1,250,000 1 , 2 5 0 , 0 0 0

T e m p l e t o n F loa t ing Rate I n c o m e Fund - L T - G r o w t h

Nil ( P Y 3 4 5 4 9 5 . 0 8 ) uni ts of Rs . 10 each - 4 , 0 7 3 , 5 8 4

Frank l in India P r ima Fund 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 11946.06) uni ts of Rs . 10 each 6 4 7 , 5 2 6 5 7 5 , 8 5 0

Bir la C a s h Plus - G r o w t h O p t i o n

6 2 1 7 . 9 4 uni ts of Rs . 10 each 1 0 1 , 3 4 6 1 0 1 , 3 4 6

H D F C High In terest Fund - Shor t T e r m

6 3 9 7 7 . 8 9 uni ts o f Rs . 10 e a c h 7 5 0 , 0 0 0 7 5 0 , 0 0 0

S u n d a r a m B N P Pa r i bas F ixed T e r m Plan S e r v i c e s X X V - 9 0 D a y s

5 0 0 0 0 (PY N i l ) uni ts o f Rs . 10 each 5 0 0 , 0 0 0 -DBS C h o l a F M P - S e r i e s 6 (371 D a y s P l a n ) - D P

4 5 0 0 0 0 (PY N i l ) uni ts o f Rs . 10 e a c h 4 , 5 0 0 , 0 0 0 -H D F C F M P 9 0 D M a r c h 2 0 0 7

5 0 0 0 0 0 (PY N i l ) uni ts o f Rs . 10 e a c h 5 , 0 0 0 , 0 0 0 -1 5 , 7 1 9 , 4 0 1 8 , 6 0 0 , 7 8 0

R e p u r c h a s e Price o f uni ts o f mu tua l f u n d s 1 6 , 3 8 2 , 8 3 5 9 , 2 8 5 , 7 4 1

D E F E R R E D TAX A S S E T ( N E T )

D e f e r r e d Tax A s s e t s on

U n a b s o r b e d l o s s e s 4 4 1 , 0 0 0 4 6 , 6 2 4

E m p l o y e e Bene f i t s 6 1 , 0 0 0 -Less : De fe r red Tax Liabi l i ty on F isca l a l l o w a n c e of f i xed a s s e t s 2 4 , 0 0 0 2 4 , 0 1 0

4 7 8 , 0 0 0 2 2 , 6 1 4

I N V E N T O R I E S

(As t a k e n , v a l u e d and cer t i f i ed by t he M a n a g e m e n t )

S h o p s 113 ,742 7 1 5 , 8 0 7

M a i n t e n a n c e Ma te r i a l s 1 6 9 , 9 3 6 1 5 8 , 8 1 9

2 8 3 , 6 7 8 8 7 4 , 6 2 6

cwu

jili Ashiana VATIKA MARKETING LIMITED


A S AT

3 1 . 0 3 . 2 0 0 7

( R s . )

AS A T

3 1 . 0 3 . 2 0 0 6

(Rs.)

7 S U N D R Y D E B T O R S

( U n s e c u r e d , c o n s i d e r e d good )

Due for m o r e than six m o n t h s 2 , 0 2 7 , 6 0 7 2 , 3 5 9 , 7 4 1

O t h e r s 3 ,011 ,369 2 , 8 4 6 , 9 9 4

5 ,038 ,976 5 , 2 0 6 , 7 3 5

8 C A S H A N D B A N K B A L A N C E S

C a s h - i n - h a n d 9 5 , 8 6 3 1 4 3 , 1 3 2

C h e q u e s - i n - h a n d 1 , 1 7 2 , 7 2 4 115,071

W i th S c h e d u l e d B a n k s :

In Cu r ren t A c c o u n t s 2 , 1 4 2 , 3 0 3 1 ,238 ,919

In Fixed Deposi t A c c o u n t s ( P l e d g e d wi th Bank R s . 5 2 8 3 8 4 / - P.Y. Rs . 521261/ - ) 1,056 ,471 5 , 0 5 5 , 6 7 9

4 , 4 6 7 , 3 6 1 6 ,552 ,801

9 L O A N S A N D A D V A N C E S

( U n s e c u r e d , c o n s i d e r e d g o o d )

A d v a n c e s r e c o v e r a b l e in cash or in k ind

or for va l ue to be rece i ved 2 9 0 , 3 9 8 2 , 3 8 8 , 9 4 7

D e p o s i t s 1 0 6 , 5 2 6 1 0 6 , 0 2 6

Taxa t ion A d v a n c e a n d R e f u n d a b l e 8 2 3 , 2 2 3 1 , 1 7 8 , 9 2 4

1 ,220 ,147 3 , 6 7 3 , 8 9 7

10 C U R R E N T L I A B I L I T I E S & P R O V I S I O N S

A ) C U R R E N T L I A B I L I T I E S

S u n d r y C r e d i t o r s 4 2 0 , 0 8 3 7 4 6 , 1 9 1

A d v a n c e f r o m c u s t o m e r s 5 5 9 , 1 2 0 3 2 9 , 7 7 4

Depos i t f r o m C u s t o m e r s 2 0 , 9 6 6 , 0 4 0 1 8 , 0 2 2 , 1 5 4

O the r l iabi l i t ies 2 , 5 9 9 , 7 8 8 1 ,633 ,291

2 4 , 5 4 5 , 0 3 1 2 0 , 7 3 1 , 4 1 0

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

For Taxa t ion 1 7 2 , 0 0 0 8 8 0 , 0 0 0

For Gra tu i t y 1 9 6 , 9 9 0 1 3 8 , 5 1 9

2 4 , 9 1 4 , 0 2 1 2 1 , 7 4 9 , 9 2 9

2 0 0 6 - 0 7 2 0 0 5 - 0 6

Rs, Rs.

1 1 P R O J E C T M A I N T E N A N C E C H A R G E S

G e n e r a l M a i n t e n a n c e C h a r g e s 1 6 , 4 0 7 , 0 5 8 1 5 , 1 3 2 , 9 9 8

Cap i ta l M a i n t e n a n c e C h a r g e s (Net) ( 6 5 7 , 9 0 1 ) 1 , 4 2 4 , 3 8 0

1 5 , 7 4 9 , 1 5 7 16 ,557 ,378

1 2 O T H E R I N C O M E

Interest ( Inc ludes T D S Rs. 9 0 2 1 0 / - ; P.Y. Rs . 47904/ - ) 8 4 7 , 8 5 0 7 9 0 , 2 4 7

Rent 8 ,520 13,845

Profit on sa le of i nves tmen ts 2 8 9 , 1 2 8 7 5 4 , 9 1 5

C o m m i s s i o n ( Inc ludes T D S Rs. 1290 / - P.Y. Rs.8107/ - ) 3 0 0 , 9 9 9 5 1 9 , 2 8 8

D i v i dend 3 7 8 , 1 4 0 2 4 1 , 6 6 4

M i s c e l l a n e o u s Rece ip t s 3 8 4 , 4 2 0 4 3 5 , 5 7 6

Liabi l i t ies Wr i t t en Back 4 0 , 4 3 8 127 ,614

2 , 2 4 9 , 4 9 5 2 , 8 8 3 , 1 4 9

GD

VATIKA MARKETING LIMITED

S C H E D U L E S T O T H E A C C O U N T S 2 0 0 6 - 2 0 0 7

( R s . )

2 0 0 5 - 2 0 0 6

(Rs . )

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

C los ing S tock :

S h o p s

L e s s : O p e n i n g S tock

S h o p s

14 P U R C H A S E

Lease and C o n v e r s i o n C h a r g e s

15 P R O J E C T M A I N T E N A N C E EXPENSES

C o n s u m p t i o n o f M a i n t e n a n c e Ma te r i a l s ( I nd igenous )

W o r k C h a r g e s

Power & Fuel

S e c u r i t y c h a r g e s

S u p e r v i s i o n C h a r g e s

O t h e r M a i n t e n a n c e E x p e n s e s

16 E X P E N S E S ON E M P L O Y E E S

Sa la ry , A l l o w a n c e s , B o n u s & Gra tu i ty

( i nc lud ing Prov is ion for Gra tu i t y R s . 5 8 4 7 1 / - P.Y. Rs .

Con t r i bu t i on to P rov iden t Fund

Staf f W e l f a r e

17 O T H E R EXPENSES

Rates and Taxes

Rent

I n s u r a n c e

Publ ic Re la t ion and C o m m u n i c a t i o n

A d v e r t i s e m e n t

Pr in t ing and S ta t i one ry

E s t a b l i s h m e n t C h a r g e s

T rave l i ng & C o n v e y a n c e

Dona t i on

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

D i r ec to r s ' Fees


For Sta tu tory Aud i t

For Tax Aud i t

For O the r S e r v i c e s

I r r e c o v e r a b l e B a l a n c e s W r i t t e n off

M i s c e l l a n e o u s e x p e n s e s

I tems re la t ing to p rev i ous y e a r

P re l im ina ry E x p e n s e s W/of f

18 D I R E C T T A X E S

I n c o m e Tax

D e f e r r e d Tax

Fr inge Benef i t Tax

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

113,742 7 1 5 , 8 0 7

113 ,742 7 1 5 , 8 0 7

7 1 5 , 8 0 7 5 8 1 , 0 5 4

(602 ,065 ) 1 3 4 , 7 5 3

1 3 4 , 7 5 3

1 3 4 , 7 5 3

5 0 8 , 2 4 5 5 3 3 , 6 2 5

3 ,271 ,195 3 , 2 7 6 , 6 2 4

3 ,125 ,113 3 , 3 7 5 , 6 7 0

2 ,537 ,381 2 , 2 8 0 , 1 0 1

7 5 , 0 6 8 3 2 , 9 6 2

1 ,194 ,158 9 7 7 , 7 2 6

10 ,711 ,160 1 0 , 4 7 6 , 7 0 8

5 , 3 0 4 , 7 7 3 4 , 5 8 4 , 1 4 8

2 0 4 , 8 1 7 1 3 5 , 7 6 4

2 3 0 , 6 4 3 2 3 3 , 8 3 5

5 , 7 4 0 , 2 3 3 4 , 9 5 3 , 7 4 7

140 ,592 3 ,953

•731,250 7 0 8 , 0 0 0

5 0 0 , 9 9 8 5 0 1 , 0 8 2

9 8 , 2 9 1 2 9 1 , 1 2 0

- 8 8 , 2 0 7

3 4 0 , 9 6 4 1 0 0 , 9 2 3

16 ,836 15 ,000

5 6 7 , 6 0 6 5 3 6 , 1 0 0

2 5 5 , 0 0 0 -2 7 9 , 5 7 9 2 5 9 , 3 6 2

12 ,000 2,000

6 7 , 3 4 4 6 7 , 3 4 4

16,836 1 6 , 8 3 6

9 ,260 11 ,990

2 ,572 3,130

5 7 1 , 4 6 6 5 7 5 , 6 7 5

3 0 0 -- 4 0 0

3 , 6 1 0 , 8 9 4 3 , 1 8 1 , 1 2 2

- 5 0 , 0 0 0

(455 ,385 ) ( 3 , 8 8 1 )

6 2 , 0 0 0 6 0 , 0 0 0

3,921 ( 2 , 0 8 5 )

( 3 8 9 , 4 6 4 ) 1 0 4 , 0 3 4

GEO

jBl Ashiana VATIKA MARKETING LIMITED



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

T h e c o m p a n y a d o p t s the acc rua l bas is o f a c c o u n t i n g

in the p repa ra t i on of a c c o u n t s .


F i x e d asse t s are v a l u e d a t cost and dep rec i a t i on is

p r o v i d e d on s t ra igh t l ine bas i s in a c c o r d a n c e w i th

the p r o v i s i o n s o f S c h e d u l e X IV to t he C o m p a n i e s

A c t , 1956 .


L o n g t e r m i n v e s t m e n t s are ca r r i ed a t acqu is i t i on cost

and i n v e s t m e n t s i n t e n d e d to be held for less t h a n

one y e a r a re c lass i f i ed as cu r ren t i n v e s t m e n t s and

are ca r r i ed a t lower o f cost and marke t v a l u e .


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 a t cos t .

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

I N C O M E :

a) S a l e o f c o n s t r u c t e d unit and o the rs is a c c o u n t e d

for on the bas is of da te of de l i very of phys i ca l

p o s s e s s i o n t o t he respec t i ve c u s t o m e r .

b ) P ro jec t m a i n t e n a n c e c h a r g e s and o ther i n c o m e

a r e a c c o u n t e d f o r 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 t he receipt o f i n c o m e is u n c e r t a i n .

c ) I n t e r e s t f r o m c u s t o m e r i s a c c o u n t e d fo r o n

rece ip t bas i s .

G R A T U I T Y :

Gra tu i t y i s a c c o u n t e d for on a c c r u a l bas is .


a) Cu r ren t Tax is d e t e r m i n e d as the a m o u n t o f tax

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 fo r t he

year .

b ) D e f e r r e d T a x 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 o f p r u d e n c e , i n 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 a r i s ing on t i m i n g

d i f f e r e n c e s , b e i n g t h e d i f f e r e n c e b e t w e e n

t a x a b l e i n c o m e a n d a c c o u n t i n g i n c o m e tha t

o r i g i n a t e i n o n e p e r i o d a n d a r e c a p a b l e o f

reversa l in one or more s u b s e q u e n t p e r i o d .

M I S C E L L A N E O U S E X P E N D I T U R E :

Pre l im ina ry E x p e n s e s is wr i t ten off over a per iod of

t e n y e a r s .

I M P A I R M E N T O F A S S E T S

I m p a i r m e n t loss in the va l ue of a s s e t s as spec i f i ed 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

c a r r y i n g v a l u e o f s u c h a s s e t s e x c e e d s the ma rke t

v a l u e or va lue in use , w h i c h e v e r is h igher.

2)

3)

4)

I n v i e w o f i n s u f f i c i e n t i n f o r m a t i o n f r o m s u p p l i e r s

rega rd ing the i r s ta tus as S S I un i ts , the a m o u n t due to

sma l l indus t r ia l unde r t ak i ng canno t be a s c e r t a i n e d .

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

s p e c i f i e d 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 re la ted d i s c l o s u r e s are as be low :

a)

b)

2 0 0 6 - 2 0 0 7 2 0 0 5 - 2 0 0 6

Rs. Rs .

a m o u n t used a s ( 9 2 9 , 3 1 9 ) 7 0 4 , 7 4 6

n u m e r a t o r in ca l cu la t i ng

bas ic and d i lu ted EPS :

Prof i t af ter tax (Rs.)

w e i g h t e d a v e r a g e

n u m b e r of equ i ty

s h a r e s used as the

d e n o m i n a t o r in

ca l cu la t i ng EPS (Nos) : 4 8 , 0 0 0 4 8 , 0 0 0

O p e n i n g B a l a n c e

A d d : P r e f e r e n c e s h a r e s

c o n v e r t e d into Equity

s h a r e s du r ing t he yea r

on 2nd Feb rua ry ,

2 0 0 7 ( 2 0 0 X 5 7 / 3 6 5 ) 31

A l l o ted du r ing the

y e a r on 3rd Feb rua ry ,

2 0 0 7 ( 1 8 0 0 X 5 7 / 3 6 5 ) 281

For Bas ic EPS 4 8 , 3 1 2 4 8 , 0 0 0

A d d : Po ten t i a l

Equi ty S h a r e s :

P r e f e r e n c e S h a r e s o f

R s . 10/ - each C o n v e r t i b l e

in equ i ty of R s . 10 / -

each in the rat io of 1:1

P r e f e r e n c e C o n v e r t e d

into Equi ty on 2nd

Feb rua ry , 2 0 0 7

( 2 0 0 X 3 0 8 / 3 6 5 ) 169

For D i lu ted EPS 4 8 , 4 8 1

2 0 0

4 8 , 2 0 0

D i lu ted E P S , however , w h e r e v e r be ing g rea te r

t h a n Bas i c E P S , has b e e n res t r i c ted t o B a s i c

EPS.

S tock , P u r c h a s e and S a l e s :

O p e n i n g Stock

P u r c h a s e s

S a l e s

C los i ng Stock

S h o p s

( N o s . )

4

( 4 )

-

(-) 3

(-) 1

(4)

A m o u n t

( R s )

7 1 5 , 8 0 7

( 5 8 1 , 0 5 4 )

( 1 3 4 , 7 5 3 )

1 , 3 7 4 , 9 3 0

(-) 113 ,742

( 7 1 5 , 8 0 7 )


5)

6)

7)

R e m u n e r a t i o n o f W h o l e T i m e D i r e c t o r s :

S a l a r y R s .

P e r q u i s i t e s R s .

9 0 0 , 0 0 0

4 4 1 , 3 1 1

( 1 , 2 0 0 , 0 0 0 )

( 5 1 4 , 7 4 4 )

On the bas is o f phys ica l ve r i f i ca t ion o f a s s e t s , as spec i f i ed in A c c o u n t i n g S t a n d a r d - 28 a n d c a s h g e n e r a t i n g

capac i t y o f t h o s e a s s e t s , in the m a n a g e m e n t p e r c e p t i o n , t he re is no i m p a i r m e n t o f s u c h a s s e t s as a p p e a r i n g in

the ba lance shee t as on 3 1 . 0 3 . 2 0 0 7 .

a ) P r e v i o u s y e a r f i g u r e s are r e a r r a n g e d / r e g r o u p e d w h e r e v e r c o n s i d e r e d n e c e s s a r y ,

b ) P rev ious y e a r f i gu res a b o v e are g i ven in b r a c k e t s .



Sta te C o d e I . R e g i s t r a t i o n De ta i l s R e g i s t e r a t i o n N o . 7 9 0 1 4

B a l a n c e Shee t Date 3 1 / 0 3 / 2 0 0 7

C a p i t a l ra ised du r i ng the y e a r Publ ic I ssue Nil

( A m o u n t i n R s . T h o u s a n d ) B o n u s I s sue Nil

Pos i t ion o f M o b i l i s a t i o n and


( A m o u n t i n R s . T h o u s a n d )


To ta l L iab i l i t ies

Pa id -up C a p i t a l

2 ,416

5 0 0

S e c u r e d L o a n s Nil

A p p l i c a t i o n o f F u n d s Net F ixed A s s e t s 122

Net Cu r ren t A s s e t s ( 1 3 , 9 0 4 )

A c c u m u l a t e d L o s s e s Nil

P e r f o r m a n c e o f C o m p a n y P e r f o r m a n c e o f C o m p a n y

Turnover (Gross Revenue ) : 19,374

+/- P r o f i t / L o s s

B e f o r e Tax

: 1,318

Bas ic Earn ing per share : ( 1 9 . 2 4 )

IV G e n e r i c N a m e o f T h r e e P r o d u c t s / S e r v i c e s o f C o m p a n y

(as per m o n e t a r y t e r m s ) I t em C o d e N o .

( ITC C o d e )

P r o d u c t D e s c r i p t i o n

Right I ssue

Pr iva te P l a c e m e n t

To ta l A s s e t s

Reserves & Surplus


I n v e s t m e n t s

21

Nil

18

2 ,416

1,916

Nil

1 5 7 2 0

Misc . E x p e n d i t u r e : Nil

D e f e r r e d Tax

A s s e t s 4 7 8

To ta l E x p e d i n t u r e : 2 0 , 6 9 2

+/- P r o f i t / L o s s

A f te r T a x

9 2 9

Div i dend Rate % Nil

N.A

R e a l E s t a t e M a i n t e n a n c e


For B. C H H A W C H H A R I A & C O . C h a r t e r e d A c c o u n t a n t s For and on behal f o f the B o a r d


V i s h a l G u p t a W h o l e t ime Di rector

R a c h n a G u p t a W h o l e t ime Di rector

Place Date

G u r g a o n 29 th J u n e , 2 0 0 7

Place : N e w Delh i Date : 2 9 t h J u n e , 2 0 0 7

{ 4 3 }

Ashiana ASHIANA RETIREMENT VILLAGES LIMITED

DIRECTORS' REPORT

T o t h e M e m b e r ( s )

The Di rec tors o f you r C o m p a n y have p leasure in p resen t ing

the Fifth A n n u a l Repor t , t oge the r w i th aud i ted s ta temen t o f

a c c o u n t s for the yea r e n d e d 31st Ma rch 2 0 0 7 .

F I N A N C I A L R E S U L T S

Dur ing the y e a r under rev iew, your c o m p a n y has e a r n e d an

i n c o m e o f R s . 9 , 7 7 0 , 5 6 9 / - a s a g a i n s t t h e i n c o m e o f

Rs .1 ,372 ,396 / - in the p rev ious year. Further, y o u r c o m p a n y

has r e c o r d e d R s . 3 , 2 1 1 , 7 8 9 / - a s p r o f i t a f t e r t ax a s

a g a i n s t R s . 9 , 2 1 7 , 4 0 8 / - f o r t h e p r e v i o u s y e a r .

O P E R A T I O N S

D u r i n g t h e y e a r u n d e r r e v i e w y o u r C o m p a n y f o r m e d a

p a r n e r s h i p f i r m a 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 ' fo r

d e v e l o p m e n t o f a p p r o x . 28 B i g h a s land i n J a i p u r . Y o u r

C o m p a n y has l aunched g roup hous ing & v i l las and p roposed

to launch India 's s e c o n d re t i rement resort on th is l and .

Your C o m p a n y c o m m e n c e d cons t ruc t ion o f A s h i a n a V i l lage

Mal l a t B h i w a d i . Cons t ruc t i on of A s h i a n a G y m k h a n a is at an

a d v a n c e s t a g e .

DIVIDEND

Your d i rec tors do not r e c o m m e n d d i v i dend for the year. The

prof i ts g e n e r a t e d are be ing re inves ted in the bus iness of the

C o m p a n y .

D I R E C T O R S

Dur ing the year under rev iew no c h a n g e has been m a d e in

the d i rec to rsh ip o f the C o m p a n y . A t the f o r t h c o m i n g annua l

gene ra l meet ing o f t he C o m p a n y Shr i A s h o k Kumar Mat too

and Shr i A n k u r G u p t a , Di rector o f t he C o m p a n y ret i res by

r o t a t i o n a n d b e i n g e l i g i b l e , o f f e r s 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 .

A U D I T O R S

M/s. B .Chhawchha r i a & C o . , C h a r t e r e d A c c o u n t a n t s , ret ire

a t the c o n c l u s i o n o f f o r t h c o m i n g A n n u a l G e n e r a l M e e t i n g

and being e l ig ib le , of fer t h e m s e l v e s for re -appo in tmen t . The

C o m p a n y has rece ived a cer t i f i ca te to the effect that the i r

r e - a p p o i n t m e n t i f m a d e wi l l be w i th in t he p r e s c r i b e d limit

under sec t ion 224(1 B) o f the C o m p a n i e s Ac t , 1956. Aud i t o r s

Repor t is se l f -exp lana to ry and requ i res no c o m m e n t s by the

D i r e c t o r s .

As rega rds A u d i t o r ' s o b s e r v a t i o n on the d u e s to SSI Un i ts

the Boa rd has to s ta te that in v i e w of insuf ic ien t i n fo rma t ion

f r o m the supp l i e r s rega rd ing the i r s t a tus as SSI un i ts , the

a m o u n t due to Sma l l Sca le Indust r ia l U n d e r t a k i n g can not be


P A R T I C U L A R S O F E M P L O Y E E S

T h e r e is no e m p l o y e e in respect of w h o m par t icu lars pursuant

to Sec t i on 2 1 7 (2A) o f the C o m p a n i e s Ac t , 1956 read w i th

C o m p a n i e s (Par t icu lars o f Emp loyees ) ( A m e n d m e n t s ) Ru les ,

1999 are requ i red to be g i v e n .

D I R E C T O R S R E S P O N S I B I L I T Y S T A T E M E N T

Pursuant to Sec t ion 2 1 7 (2AA) o f the C o m p a n i e s Ac t , 1956 ,

the Di rec tors con f i rm tha t :

(I) I n t h e p r e p a r a t i o n o f t h e a n n u a l a c c o u n t s , t h e

app l i cab le a c c o u n t i n g s tanda rds have been f o l l o w e d

by the C o m p a n y ;

(II) S u c h a c c o u n t i n g po l i c ies have b e e n s e l e c t e d and

c o n s i s t e n t l y a p p l i e d a n d j u d g e m e n t s & e s t i m a t e s

made that are reasonab le and prudent so as to g ive

a t r u e a n d fa i r v i e w of t he s ta te o f a f fa i rs o f t he

C o m p a n y as at 31st Ma rch 2 0 0 7 and of the profit or

loss o f the C o m p a n y for the yea r e n d e d on that da te .

(III) P roper and suf f ic ient ca re has been t a k e n for the

m a i n t e n a n c e o f a d e q u a t e a c c o u n t i n g r e c o r d s i n

a c c o r d a n c e w i th t he p rov i s i ons o f t he C o m p a n i e s

A c t , 1 9 5 6 , fo r s a f e g u a r d i n g t h e a s s e t s o f t h e

C o m p a n y and for p r e v e n t i n g and d e t e c t i n g f r a u d

and o ther i r regu lar i t ies ;

(IV) A n n u a l a c c o u n t s have been p r e p a r e d on a g o i n g

c o n c e r n bas i s .

P A R T I C U L A R S O F C O N S E R V A T I O N O F E N E R G Y ,

T E C H N O L O G Y A B S O R P T I O N A N D F O R E I G N E X C H A N G E

E A R N I N G S A N D O U T G O

Your D i rec tors are of op in ion that par t icu lars wi th respect to

C o n s e r v a t i o n o f E n e r g y , T e c h n o l o g y A b s o r p t i o n a s per

Sec t i on 217 (1 ) (e ) read w i th the C o m p a n i e s (D isc losu re o f

Par t icu lars in the Repor t of Board of Di rectors) Ru les 1988

a re not r e l e v a n t i n t h e 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

ac t i v i t i es o f t he C o m p a n y a n d h e n c e , not r e q u i r e d to be

g i v e n . T h e r e has been no fo re ign e x c h a n g e e a r n i n g s and

ou tgo du r ing the y e a r under review.

A C K N O W L E D G M E N T

Your d i rec to rs take th is oppor tun i ty to e x p r e s s gra te fu l t h a n k s

to the Cent ra l and State G o v e r n m e n t s and C o m p a n y ' s banke rs

for thei r suppor t a n d g u i d a n c e to the C o m p a n y f r o m t ime to

t ime .

For and on behal f o f t h e B o a r d

Place N e w Delhi O m P r a k a s h G u p t a

Date : 29 th J u n e , 2 0 0 7 C h a i r m a n

{ 4 4 }

ASHIANA RETIREMENT VILLAGES LIMITED Ashiana

A U D I T O R S ' R E P O R T

T h e M e m b e r s o f A s h i a n a Re t i r emen t V i l l ages L im i ted

W e have a u d i t e d t he a t t a c h e d b a l a n c e shee t o f A s h i a n a

Re t i r emen t V i l l a g e s L imi ted as a t 31 s t M a r c h 2 0 0 7 , and a lso

the prof i t and loss accoun t for the yea r e n d e d on that da te

a n n e x e d t h e r e t o . T h e s e f i n a n c i a l s t a t e m e n t s a re t h e

r e s p o n s i b i l i t y o f t h e c o m p a n y ' s m a n a g e m e n t . O u r

respons ib i l i t y i s to e x p r e s s an op in i on on t h e s e f i n a n c i a l

s t a t e m e n t s b a s e d on our aud i t .

We have c o n d u c t e d our audi t i n a c c o r d a n c e wi th the aud i t i ng

s t a n d a r d s g e n e r a l l y a c c e p t e d i n Ind ia . T h o s e S t a n d a r d s

r e q u i r e t h a t w e p l a n a n d p e r f o r m the a u d i t t o o b t a i n

r e a s o n a b l e a s s u r a n c e a b o u t w h e t h e r t h e f i n a n c i a l

s t a t e m e n t s a re f r e e o f m a t e r i a l m i s s t a t e m e n t . A n aud i t

i n c l u d e s e x a m i n i n g , on a tes t b a s i s , e v i d e n c e s u p p o r t i n g

the a m o u n t s and d i s c l o s u r e s i n the f i nanc ia l s t a t e m e n t s .

An audi t a lso i nc ludes a s s e s s i n g t he a c c o u n t i n g p r inc ip les

used a n d s ign i f i can t e s t i m a t e s m a d e by m a n a g e m e n t , as

w e l l a s e v a l u a t i n g t h e o v e r a l l f i n a n c i a l s t a t e m e n t

p r e s e n t a t i o n . W e b e l i e v e 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 bas is for our op in ion a n d we report tha t :

1 . As requ i red by the C o m p a n i e s (Aud i to r ' s Repor t ) Order ,

2 0 0 3 i s s u e d by t h e C e n t r a l G o v e r n m e n t o f Ind ia in

t e r m s o f s u b - s e c t i o n (4A ) o f s e c t i o n 2 2 7 o f t h e

C o m p a n i e s Ac t , 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 t he m a t t e r s s p e c i f i e d in p a r a g r a p h s 4

and 5 of the sa id Order .

2 . Fur ther to our c o m m e n t s in the A n n e x u r e re fe r red to

a b o v e , we report tha t :

(i) W e h a v e o b t a i n e d a l l t h e i n f o r m a t i o n a n d

e x p l a n a t i o n s , w h i c h to the best o f our k n o w l e d g e

a n d be l ie f w e r e n e c e s s a r y fo r t he p u r p o s e s o f

our aud i t ;

(ii) In our o p i n i o n , p roper b o o k s of a c c o u n t as requ i red

by law have been kept by the c o m p a n y so far as

a p p e a r s f r o m our e x a m i n a t i o n o f t h o s e b o o k s ;

(iii) T h e B a l a n c e S h e e t and prof i t and loss a c c o u n t

deal t w i th by th is report are in a g r e e m e n t w i th the

b o o k s o f a c c o u n t ;

(iv) Sub jec t to our c o m m e n t s here inaf ter , the B a l a n c e

S h e e t and prof i t a n d loss a c c o u n t dea l t w i th by

th is report c o m p l y w i th the a c c o u n t i n g s t a n d a r d s

re fe r red to in s u b - s e c t i o n (3C) of sec t i on 211 of

the C o m p a n i e s Ac t , 1956;

(v) On the bas is o f w r i t t en r e p r e s e n t a t i o n s rece i ved

f r o m the d i r e c t o r s , a s o n 31s t M a r c h 2 0 0 7 a n d

t a k e n on r e c o r d by t he B o a r d o f D i r e c t o r s , we

report that none of the d i rec to rs is d i squa l i f i ed as

o n 3 1 s t M a r c h 2 0 0 7 f r o m b e i n g a p p o i n t e d a s a

d i rec to r in t e r m s of c l ause (g) of s u b - s e c t i o n (1)

o f sec t ion 2 7 4 o f the C o m p a n i e s Ac t , 1956 ;

(vi) In our op in i on and to the best of our i n fo rma t i on

and a c c o r d i n g to the e x p l a n a t i o n s g i ven to us, t he

s a i d a c c o u n t s r ead w i t h s i g n i f i c a n t A c c o u n t i n g

P o l i c i e s a n d N o t e s t o t he A c c o u n t s , g i v e t h e

i n fo rma t i on requ i red by t he C o m p a n i e s Ac t , 1 9 5 6 ,

in the m a n n e r so requ i red and sub jec t to no tes on

s c h e d u l e 18 par t icu lar ly , Dues to SSI Units (note

7) g ive a t rue and fair v i e w in c o n f o r m i t y w i t h t he

a c c o u n t i n g p r inc ip les gene ra l l y a c c e p t e d in Ind ia :

(a) in the c a s e of the b a l a n c e shee t , o f t he s ta te

o f a f fa i r s o f t he c o m p a n y a s a t 3 1 s t M a r c h

2 0 0 7 ;

(b) in t he c a s e of the prof i t a n d loss a c c o u n t , o f

t he prof i t for t he y e a r e n d e d on tha t d a t e ;

and




P a r t n e r



Da te : 2 9 t h J u n e , 2 0 0 7

ANNEXURE TO THE AUDITORS' REPORT Re fe r red to in p a r a g r a p h 1 of our Repor t of even d a t e fo r

the y e a r e n d e d 3 1 s ' M a r c h , 2 0 0 7 .

1 ) a ) T h e c o m p a n y has m a i n t a i n e d r e c o r d s s h o w i n g

fu l l p a r t i c u l a r s i nc l ud i ng q u a n t i t a t i v e de ta i l s a n d

s i t ua t i on o f f i x e d a s s e t s .


g i v e n t o us , al l t he f i x e d a s s e t s , e x c e p t c a p i t a l

w o r k i n p r o g r e s s h a v e b e e n p h y s i c a l l y v e r i f i e d

by the m a n a g e m e n t du r i ng t he year . No mate r ia l

d i s c r e p a n c i e s w e r e no t i ced o n s u c h v e r i f i c a t i o n .

c) T h e c o m p a n y has not d i s p o s e d off its f i xed a s s e t s

du r i ng t he year .

2 ) a ) A c c o r d i n g t o t he i n f o r m a t i o n a n d e x p l a n a t i o n s

g i v e n t o us , t h e m a n a g e m e n t h a s p h y s i c a l l y

v e r i f i e d t h e i n v e n t o r y d u r i n g t h e y e a r . I n o u r

o p i n i o n , t h e f r e q u e n c y o f v e r i f i c a t i o n i s

r e a s o n a b l e .



m a n a g e m e n t a re r e a s o n a b l e a n d a d e q u a t e i n

re la t ion to t he s ize o f t he c o m p a n y a n d t he na tu re

of its b u s i n e s s .

3 ) a ) 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 t o

c o m p a n i e s , f i r m s and o ther par t ies c o v e r e d i n the

R e g i s t e r m a i n t a i n e d u n d e r S e c t i o n 301 .of t h e

C o m p a n i e s Ac t , 1956 .

b ) T h e c o m p a n y has t a k e n loans f r o m t h r e e par t ies

and a c o m p a n y c o v e r e d in the reg is ter m a i n t a i n e d

unde r Sec t i on 301 o f t he C o m p a n i e s A c t , 1956 .

T h e m a x i m u m a m o u n t i n v o l v e d d u r i n g t h e y e a r

w a s Rs . 1 9 6 . 5 9 lacs a n d y e a r - e n d b a l a n c e s o f

l oans t a k e n f r o m s u c h par t ies are R s . 1 6 8 . 0 2 lacs .

i Ashiana ASHIANA RETIREMENT VILLAGES LIMITED

c) In our op in ion t he rate of interest and o ther t e r m s

and c o n d i t i o n s on w h i c h loans have been t a k e n

f r o m the par t ies and a c o m p a n y l isted in the register

m a i n t a i n e d under S e c t i o n 301 o f the C o m p a n i e s

Ac t , 1956 a r e , prima facie, not p re jud ic ia l to t he

in terest o f the c o m p a n y .

d) T h e c o m p a n y is regu lar in repay ing the pr inc ipa l

a m o u n t s as per s t ipu la t ion and has been regu lar

in the p a y m e n t o f in terest , as a p p l i c a b l e .

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

loan t a k e n f r o m the c o m p a n y l is ted in the reg is te rs

m a i n t a i n e d under sec t ion 301 o f the C o m p a n i e s

Ac t , 1 9 5 6 .

4 ) In ou r o p i n i o n and a c c o r d i n g to t h e i n f o r m a t i o n a n d

e x p l a n a t i o n s g i ven to us , t he re are a d e q u a t e in terna l

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

t he c o m p a n y and t he na tu re o f its b u s i n e s s w i th rega rd

to p u r c h a s e s o f the f i xed asse t s and sa le o f s e r v i c e s .

Dur ing the c o u r s e o f our aud i t , we have not o b s e r v e d

any c o n t i n u i n g f a i l u re t o co r rec t ma jo r w e a k n e s s i n

in te rna l c o n t r o l s .

5 ) a ) A c c o r d i n g t o t h e i n f o r m a t i o n a n d e x p l a n a t i o n s

g i v e n t o u s , w e a r e o f t h e o p i n i o n t h a t t h e

par t i cu la rs o f c o n t r a c t s o r a r r a n g e m e n t s re fe r red

to in Sec t i on 301 o f the C o m p a n i e s Ac t , 1956 have

b e e n e n t e r e d i n t h e r e g i s t e r r e q u i r e d t o b e

m a i n t a i n e d under that S e c t i o n ,

b ) In ou r op in i on and a c c o r d i n g to the i n f o r m a t i o n

a n d e x p l a n a t i o n s g i ven to us, a t r a n s a c t i o n m a d e

i n p u r s u a n c e o f c o n t r a c t s o r a r r a n g e m e n t s

e n t e r e d in the reg is te rs m a i n t a i n e d under S e c t i o n

301 o f t he C o m p a n i e s Ac t , 1956 and e x c e e d i n g

the v a l u e of f ive lakh rupees in respect of a party

du r i ng t he yea r has been m a d e a t pr ice w h i c h is

r e a s o n a b l e h a v i n g r e g a r d t o p r e v a i l i n g m a r k e t

p r i ces a t t he re levant t i m e .

6 ) In our op in i on and a c c o r d i n g to t h e i n f o r m a t i o n a n d


a c c e p t e d any d e p o s i t s f r o m the pub l ic .

7) In our o p i n i o n , t he C o m p a n y has a f o r m a l in terna l audi t

s y s t e m c o m m e n s u r a t e w i th t he s ize and na ture o f its

b u s i n e s s .

8 ) T h e C e n t r a l G o v e r n m e n t h a s not p r e s c r i b e d

m a i n t e n a n c e o f cost r eco rds unde r Sec t i on 2 0 9 ( 1 )(d)

o f t he C o m p a n i e s Ac t , 1956 for any o f t he p roduc t s o f

the C o m p a n y .


genera l l y t he c o m p a n y is regu la r in depos i t i ng w i th

a p p r o p r i a t e au tho r i t i e s u n d i s p u t e d s ta tu to ry d u e s

inc lud ing p rov iden t f u n d , i nves to r e d u c a t i o n and

p r o t e c t i o n f u n d , e m p l o y e e s ' s t a t e i n s u r a n c e ,

i n c o m e t a x , s a l e s t a x , w e a l t h t ax , s e r v i c e t a x ,

c u s t o m duty, exc ise duty, c e s s and o ther mater ia l

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

s t a t u t o r y d u e s w e r e o u t s t a n d i n g as a t t he last

day of the f i nanc ia l yea r under rev iew for a pe r iod

o f m o r e t h a n six m o n t h s f r o m t h e d a t e t h e y

b e c a m e p a y a b l e ,


g i v e n t o us , no d u e s o f s a l e t a x , i n c o m e t a x ,

c u s t o m s duty wea l t h tax , se rv ice tax , exc ise duty,

a n d c e s s , a s a p p l i c a b l e , w h i c h have not b e e n

d e p o s i t e d on accoun t o f any d i s p u t e .

10) T h e c o m p a n y d o e s not have a c c u m u l a t e d losses . The

c o m p a n y has not i ncu r red any cash losses du r i ng t he

f i nanc ia l yea r c o v e r e d by our audi t and the immed ia te l y

p r e c e d i n g f i nanc ia l year .

11) In our o p i n i o n and a c c o r d i n g to t he i n f o r m a t i o n a n d


de fau l t ed in r e p a y m e n t of d u e s to a f i nanc ia l i ns t i t u t i on ,

bank or d e b e n t u r e holder, as app l i cab le .

12) As per i n f o r m a t i o n and e x p l a n a t i o n s p r o v i d e d to us

the c o m p a n y has not g ran ted any loans and a d v a n c e s

on t he bas is o f secur i t y by w a y of p l e d g e of s h a r e s ,

d e b e n t u r e s and o the r secu r i t i e s .

13) T h e C o m p a n y is not a chit f u n d or a n idh i mu tua l benef i t

f u n d / s o c i e t y .

14) T h e c o m p a n y i s not d e a l i n g o r t r a d i n g in s h a r e s ,


Howeve r , I nves tmen t s of the C o m p a n y are held in its

o w n n a m e .

15) As per i n f o r m a t i o n a n d e x p l a n a t i o n s p r o v i d e d to us,

the c o m p a n y has not g i ven any g u a r a n t e e for loans

t a k e n by o the rs f r o m bank or f i nanc ia l ins t i tu t ions .

16) T h e C o m p a n y has not t a k e n any T e r m Loan dur ing t he

y e a r c o n c e r n e d .

17) A c c o r d i n g to the i n f o rma t i on a n d e x p l a n a t i o n s g i ven

to us and on an o v e r a l l e x a m i n a t i o n o f t he b a l a n c e

s h e e t o f t h e c o m p a n y , w e repor t t ha t t h e n o f u n d s

ra ised on shor t - t e r m bas is have been used for l o n g -

t e r m i nves tmen t .

18) The c o m p a n y has not m a d e any p re fe ren t ia l a l l o tmen t

o f s h a r e s du r i ng the y e a r under rev iew.

19) S ince the c o m p a n y has i ssued u n s e c u r e d d e b e n t u r e s ,

no s e c u r i t i e s or c h a r g e has been c r e a t e d in respec t

o f d e b e n t u r e s i ssued by the c o m p a n y .

20) T h e C o m p a n y has not r a i sed any m o n e y by pub l i c

issue du r i ng t he y e a r under rev iew.

21) A c c o r d i n g t o t he i n f o rma t i on and e x p l a n a t i o n s g i ven

to us, no f r a u d on or by the C o m p a n y has been no t iced

or repor ted du r ing t he year .




P a r t n e r



Da te : 2 9 t h J u n e , 2 0 0 7

ASHIANA RETIREMENT VILLAGES LIMITED


S C H E D U L E S

Rs.

A S A T 3 1 . 0 3 . 2 0 0 7

Rs . R s .

AS A T

3 1 . 0 3 . 2 0 0 6

Rs.



S h a r e Cap i ta l

R e s e r v e s & S u r p l u s

Loan F u n d s :



F ixed A s s e t s :

a) G r o s s Block

b) Less : D e p r e c i a t i o n

c) Net B lock

d) Cap i ta l W o r k in P r o g r e s s


De fe r red Tax A s s e t - Net

C u r r e n t A s s e t s , L o a n s & A d v a n c e s :

a) I nven to r i es

b) S u n d r y D e b t o r s

c) C a s h & Bank b a l a n c e s

d) L o a n s & A d v a n c e s

Less : Cur ren t L iab i l i t ies & P rov i s i ons

Net C u r r e n t A s s e t s

5

6

7

8

9

10

11

2 , 4 0 0 , 5 0 0

2 8 , 3 1 9 , 0 0 5

1 ,543 ,065

8 4 1 , 4 8 2

7 0 1 , 5 8 3

6 1 , 9 7 3 , 8 3 1

4 , 4 1 6 , 3 3 5

13 ,000

1 ,883,448

9 ,153 ,094

1 5 , 4 6 5 , 8 8 7

3 2 , 5 5 3 , 0 8 3

3 0 , 7 1 9 , 5 0 5

8 5 , 1 0 5 , 9 4 5

1 1 5 , 8 2 5 , 4 5 0

6 2 , 6 7 5 , 4 1 4

6 6 , 6 3 0 , 2 0 9

3 0 7 , 0 0 0

2 , 4 0 0 , 5 0 0

2 4 , 8 1 0 , 2 1 6

1 ,497 ,756

8 1 6 , 5 7 3

6 8 1 , 1 8 3

2 2 , 0 2 3 , 2 0 4

2 , 4 8 7 , 0 8 0

1 ,763 ,542

9 5 8 , 9 4 8

4 , 7 0 6 , 9 7 1

9 , 9 1 6 , 5 4 1

1 5 , 1 7 7 , 0 9 4

2 7 , 2 1 0 , 7 1 6

3 , 6 6 0 , 6 0 8

3 0 , 8 7 1 , 3 2 4

2 2 , 7 0 4 , 3 8 7

1 3 , 4 1 9 , 3 6 4

( 1 7 , 0 8 7 , 1 9 6 ) ( 5 , 2 6 0 , 5 5 3 )

M i s c e l l a n e o u s E x p e n d i t u r e 12

N O T E S ON A C C O U N T S 18


G E N E R A L B U S I N E S S P R O F I L E 19

3 , 3 0 0 , 0 2 3

1 1 5 , 8 2 5 , 4 5 0

8,126

3 0 , 8 7 1 , 3 2 4

3

4

T h e S c h e d u l e s re fe r red a b o v e f o r m an in tegra l part o f the a c c o u n t s

In t e r m s of our report o f even da te a t t a c h e d he rew i t h



V I N I T B A G A R I A O m P r a k a s h G u p t a V i s h a l G u p t a

Partner W h o l e t ime Di rector Di rector

Place : G u r g a o n

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

Place : New Delhi

Date : 2 9 t h J u n e , 2 0 0 7



S C H E D U L E S

I N C O M E

S a l e s

Prof i t on sa le of I n v e s t m e n t s

C o m m i s s i o n ( i nc ludes T D S R s . 8 4 1 3 0 / - , P.Y. Rs . Ni l ) (Net)

O t h e r I n c o m e


Cost o f S a l e s

Cos t o f b o r r o w i n g

E x p e n s e s o n E m p l o y e e s



13

14

15

16

2 0 0 6 - 2 0 0 7 R s .

1 ,916 ,093

1 ,400 ,058

2 , 6 4 0 , 9 7 3

3 , 8 1 3 , 4 4 5

9 , 7 7 0 , 5 6 9

1 ,660 ,680

4 ,039

2 , 2 2 2 , 7 6 7

3 1 , 2 7 6

2 ,495 ,411

6 ,414 ,173

2 0 0 5 - 2 0 0 6 Rs .

1 0 , 0 6 7 , 2 9 3

3 , 6 6 0 , 1 0 3

1 3 , 7 2 7 , 3 9 6

2 8 8 , 3 8 7

1 ,956 ,205

2 4 , 1 6 6

2 , 3 1 1 , 2 2 5

4 , 5 7 9 , 9 8 3


L e s s : Di rect T a x e s

P R O F I T A F T E R TAX


B r o u g h t f o r w a r d f r o m the p r e v i o u s y e a r

S U R P L U S C A R R I E D T O B A L A N C E S H E E T

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

(On S h a r e s o f nom ina l Va lue o f Rs . 10 / - each )

Bas ic

Di lu ted

17

3 , 3 5 6 , 3 9 6

1 4 4 , 6 0 7

3 , 2 1 1 , 7 8 9

4 , 7 0 3 , 0 0 0

2 , 4 1 0 , 2 1 6

9 1 9 , 0 0 5

13 .38

4 .49

9 , 1 4 7 , 4 1 3

(69 ,995)

9 , 2 1 7 , 4 0 8

6 , 6 4 1 , 6 9 0

( 1 6 5 , 5 0 2 )

2 , 4 1 0 , 2 1 6

3 8 . 3 9

' 3 8 . 3 9

T h e S c h e d u l e s re fe r red a b o v e f o r m an in tegra l part o f t he a c c o u n t s .

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



V I N I T B A G A R I A Par tner

O m P r a k a s h G u p t a W h o l e t ime Di rector

V i s h a l G u p t a Director


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

Place : New Delhi

Date : 2 9 t h J u n e , 2 0 0 7

CD


A S AT A S AT

S C H E D U L E S T O T H E A C C O U N T S 3 1 . 0 3 . 2 0 0 7 3 1 . 0 3 . 2 0 0 6

Rs. Rs.

1. S H A R E C A P I T A L


4 5 0 0 0 0 Equi ty s h a r e s o f Rs . 10/ - each 4 , 5 0 0 , 0 0 0 4 , 5 0 0 , 0 0 0

I s s u e d , S u b s c r i b e d and Pa id up :

2 4 0 0 5 0 Equi ty s h a r e s o f Rs . 10/ - e a c h fu l ly pa id up 2 , 4 0 0 , 5 0 0 2 , 4 0 0 , 5 0 0

Out o f the a b o v e , 2 4 0 0 5 0 (P.Y.239990) Equi ty S h a r e s

are he ld by A s h i a n a Hous ing L im i ted ( fo rmer ly A s h i a n a

Hous ing and F inance ( India) L im i ted ) , the ho ld ing c o m p a n y

2 R E S E R V E S & S U R P L U S

G e n e r a l R e s e r v e

As per the last a c c o u n t 8 , 0 0 0 , 0 0 0 -A d d : O n A m a l g a m a t i o n - 1 , 3 5 8 , 3 1 0

A d d : T r a n s f e r f r o m Prof i t & Loss A c c o u n t 4 , 7 0 3 , 0 0 0 6 , 6 4 1 , 6 9 0

A d d : On init ial a d o p t i o n o f De fe r red Tax A s s e t 2 9 7 , 0 0 0 -1 3 , 0 0 0 , 0 0 0 8 , 0 0 0 , 0 0 0

Secu r i t i e s P r e m i u m A c c o u n t 1 4 , 4 0 0 , 0 0 0 1 4 , 4 0 0 , 0 0 0

Profit & Loss A c c o u n t 9 1 9 , 0 0 5 2 , 4 1 0 , 2 1 6

2 8 , 3 1 9 , 0 0 5 2 4 , 8 1 0 , 2 1 6

3 U N S E C U R E D L O A N S

i) Loans :

F r o m Bod ies C o r p o r a t e

- Ho ld ing C o m p a n y 7 , 3 0 6 , 1 0 9 -- O t h e r s 1 2 , 3 0 3 , 7 3 1 7 5 2 , 4 6 6

F rom D i rec to rs 9 , 4 9 6 , 1 0 5 2 , 9 0 8 , 1 4 2

ii) 1 0 0 0 0 0 0 Z e r o Pe rcen t U n s e c u r e d Op t iona l l y Fully C o n v e r t i b l e D e b e n t u r e s

o f R s . 1 0 0 / - each (pa id up Rs .56 per d e b e n t u r e ) conve r t i b l e to the ex ten t

. of a m o u n t pa id up into Equi ty S h a r e s of R s . 1 0 / - e a c h at par at t he op t i on

o f D e b e n t u r e Ho lde rs w i th in T w e l v e y e a r s f r o m the da te o f a l l o tmen t o r

r e d e e m a b l e after one yea r f r o m the date o f a l l o tmen t a t the op t i on o f t he

C o m p a n y i f op t ion to conver t into Equi ty S h a r e s is not e x e r c i s e d by the

D e b e n t u r e Ho lde r - F r o m Ho ld ing C o m p a n y 5 6 , 0 0 0 , 0 0 0

8 5 , 1 0 5 , 9 4 5 3 , 6 6 0 , 6 0 8



GROSS BLOCK DEPRECIATION NET BLOCK

As at 01.4.06

(Rs.)

Additions/ (Deductions)

(Rs.)

On Amalgamation

(Rs.)

As at 31-3-07

(Rs.)

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.)

BUILDING 1,463,000 - 1,463,000 810,166 23,847 834,013 628,987 652,834

FURNITURE & FIXTURES 2,516 14,340 (2,516)

14,340 2,447 376 (2,447)

376 13,964 69

AIR CONDITIONERS 28,125 33,200 - 61,325 40 2653 2,693 58,632 28,085

ELECTRICAL INSTALLATIONS 4,115 4,400 (4,115)

- 4,400 3,920 4,400 (3,920)

4,400 - 195

TOTAL 1,497,756 51,940 (6,631)

1,543,065 816,573 31,276 (6,367)

841,482 701,583 681,183

CAPITAL WORK IN PROGRESS ASHANA GYMKHANA

22,023,204 38,771,394 60,794,598 60,794,598 22,023,204

VILLAGE MALL - 1,179,233 1,179,233 - 1,179,233

TOTAL 22,023,204 39,950,627 61,973,831 - - 61,973,831 22,023,204

GRAND TOTAL 23,520,960 40,002,567 (6,631)

63,516,896 816,573 31,276 (6,367)

841,482 62,675,414 -

PREVIOUS YEAR FIGURES 2,362,656 19,688,673 1,469,631 23,520,960 792,407 24,166 816,573 22,704,387

Face No. of A s A t No. of A s At S C H E D U L E S T O T H E A C C O U N T S Va lue

Rs. Share /Un i t

Nos .

3 1 . 0 3 . 2 0 0 7 Rs .

Shares /Un i t N o s .

3 1 . 0 3 . 2 0 0 6

RS.

5 I N V E S T M E N T S

( I ) L O N G T E R M I N V E S T M E N T

a ) I n G o v e r n m e n t S e c u r i t i e s

U n q u o t e d

Nat iona l Sav ing Cer t i f i ca te

( L o d g e d w i th S a l e s Tax Au tho r i t i es ) 2 0 , 0 0 0

b) In fu l ly pa id up E q u i t y S h a r e s

Q u o t e d

A s h i a n a H o u s i n g L td . 10 186 ,113 2 , 6 3 9 , 5 4 9 186 ,113 2 , 6 3 9 , 5 4 9

(Former ly A s h i a n a H o u s i n g & F inance (1) Ltd.)

IFGL Re f rac to r i es Ltd 10 9 ,835 7 6 4 , 8 3 2 - -c) In a P a r t n e r s h i p F i r m

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 - In Cap i ta l A c c o u n t 5 9 , 3 6 7 , 6 4 0 -d ) I n I m m o v a b l e P r o p e r t i e s

' 21 s ing le r oom Flats at Rango l i - I I , at Bh iwad i 3 , 7 4 0 , 0 0 0 -(II) C U R R E N T I N V E S T M E N T

U n q u o t e d

In Mu tua l Funds

FT India Life S tage FOF - 40S p lan 10 - - 5 4 3 6 3 . 4 3 8 5 5 6 , 6 2 7

G r i n d l a y s F loa t ing Rate Fund-LT-Gr . 10 - - 9 4 1 6 7 . 2 7 9 1 , 0 0 0 , 0 0 0

T e m p l e t o n F loa t ing Rate I n c o m e F u n d ( G R ) 10 - - ' 6 5 0 3 4 9 . 6 4 5 8 , 0 0 0 , 0 0 0

T e m p l e t o n T reasu ry M a n a g e m e n t A c c o u n t (GR) 1,000 - - 5 8 8 . 4 0 0 1 , 0 0 0 , 0 0 0

T e m p l e t o n India Shor t Te rm I n c o m e (GR) 1,000 - - 1 0 6 . 6 8 8 1 2 5 , 0 0 0

DSP Mer i l l Lynch Bond Fund (GR) 10 5 1 9 2 . 4 1 0 9 8 , 1 8 8 5 1 9 2 . 4 1 0 9 8 , 1 8 8

6 6 , 6 3 0 , 2 0 9 1 3 , 4 1 9 , 3 6 4

A g g r e g a t e a m o u n t o f q u o t e d i n v e s t m e n t s 3 , 4 0 4 , 3 8 1 2 , 6 3 9 , 5 4 9

A g g r e g a t e a m o u n t o f u n q u o t e d i n v e s t m e n t s 6 3 , 2 2 5 , 8 2 8 1 0 , 7 7 9 , 8 1 5

Marke t Va lue o f q u o t e d i n v e s t m e n t s 3 2 , 6 9 5 , 4 6 0 2 7 , 6 2 8 , 4 7 5

R e p u r c h a s e v a l u e o f uni ts o f M u t u a l Fund 1 2 9 , 8 5 4 11 ,166 ,785


A S AT AS AT

S C H E D U L E S T O T H E A C C O U N T S 3 1 . 0 3 . 2 0 0 7 3 1 . 0 3 . 2 0 0 6

6

7

8

9

10

11

12

Rs . Rs.

D E F E R R E D TAX A S S E T -Net

O n f i s ca l a l l o w a n c e s o n f i x e d a s s e t s

On u n a b s o r b e d l osses

( 9 7 , 0 0 0 )

4 0 4 , 0 0 0

-

3 0 7 , 0 0 0 -I N V E N T O R I E S

(As t a k e n , v a l u e d and cer t i f i ed by the M a n a g e m e n t )

S tock in T r a d e

C o n s t r u c t i o n Ma te r i a l

8 2 6 , 4 0 0

3 , 5 8 9 , 9 4 5

2 , 4 8 7 , 0 8 0

4 , 4 1 6 , 3 4 5 2 , 4 8 7 , 0 8 0

S U N D R Y D E B T O R S


D u e for less t h a n six m o n t h s 1 3 , 0 0 0 1 , 7 6 3 , 5 4 2

1 3 , 0 0 0 1 ,763 ,542

C A S H A N D B A N K B A L A N C E S

C a s h - i n - h a n d

W i th S c h e d u l e d B a n k s :

In Cur ren t A c c o u n t

In F i x e d D e p o s i t A c c o u n t ( p l edged )

3 2 5 , 2 7 0

1 ,518 ,178

4 0 , 0 0 0

16 ,161

9 0 2 , 7 8 7

4 0 , 0 0 0

1,883,448 9 5 8 , 9 4 8

L O A N S & A D V A N C E S


L o a n s

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 k ind or for v a l u e to be rece i ved

S e c u r i t y D e p o s i t

Taxa t i on a d v a n c e s and R e f u n d a b l e s

3 5 9 , 2 4 7

7 , 6 6 7 , 1 6 3

1 8 0 , 9 4 9

9 4 5 , 7 3 5

2 7 8 , 9 0 4

3 , 4 3 4 , 3 0 0

9 2 , 6 0 8

9 0 1 , 1 5 9

9 , 1 5 3 , 0 9 4 4 , 7 0 6 , 9 7 1


C U R R E N T LIABILITIES

S u n d r y C r e d i t o r s

A d v a n c e / D e p o s i t f r o m C u s t o m e r s

T e m p o r a r y Overd ra f t due to ove r issue o f C h e q u e s

Othe r l iabi l i t ies

8 , 7 2 0 , 9 1 7

2 1 , 3 8 4 , 3 9 5

5 5 2 , 6 6 1

1 ,694 ,010

2 , 2 9 4 , 3 4 7

1 0 , 8 8 7 , 1 0 0

1 3 , 2 2 8

1 , 8 0 3 , 3 1 9

P R O V I S I O N S

For Taxa t ion

3 2 , 3 5 1 , 9 8 3

2 0 1 , 1 0 0

1 4 , 9 9 7 , 9 9 4

1 7 9 , 1 0 0

3 2 , 5 5 3 , 0 8 3 1 5 , 1 7 7 , 0 9 4

M I S C E L L A N E O U S E X P E N D I T U R E

(To the ex ten t not w r i t t en off or ad jus ted )

P re l im ina ry E x p e n s e s

P r e o p e r a t i v e E x p e n s e s (pend ing a l l oca t ion )

D i rec tor ' s ' R e m u n e r a t i o n

Fu rn i t u re H i re C h a r g e s

In te res t

P r in t i ng and S ta t i one ry

T e l e p h o n e E x p e n s e s

M i s c e l l a n e o u s E x p e n s e s

6 0 0 , 0 0 0

1 1 7 , 6 0 0

2 , 1 8 9 , 6 3 7

1 2 2 , 8 0 0

8 6 , 9 9 6

1 8 2 , 9 9 0

8 ,126

3 , 3 0 0 , 0 2 3 8,126



A S AT

2 0 0 6 - 0 7 Rs .

AS A T

2 0 0 5 - 0 6

Rs.

13 O T H E R I N C O M E

14

15

16

17

In terest ( Inc ludes T D S Rs.N i l ; PY Rs .106487 / - ) 2 3 , 9 1 3 1 , 0 5 7 , 1 7 3

D i v i d e n d 3 7 2 , 2 2 6 1 8 5 , 4 1 3

Rent ( I nc ludes TDS Rs. 5 5 5 5 1 / - ; PY Rs .50734 / - ) 2 7 7 , 8 3 0 2 7 1 , 2 1 5

M i s c e l l a n e o u s Rece ip t s 2 3 1 , 6 8 2 2 , 1 3 1 , 7 7 1

Sha re o f prof i t f r o m Par tne rhs ip f i rm 2 , 9 0 4 , 8 9 4 -Liabi l i t ies W r i t t e n Back 2 ,900 14 ,531

3 , 8 1 3 , 4 4 5 3 , 6 6 0 , 1 0 3

C O S T O F B O R R O W I N G

In terest :

To D i rec to rs -

1 2 1 , 8 0 9

To O t h e r s 4 , 0 3 9 1 6 6 , 5 7 8

4 , 0 3 9 2 8 8 , 3 8 7

E X P E N S E S O N E M P L O Y E E S

Sa la ry & A l l o w a n c e s 2 , 0 6 9 , 4 0 4 1 , 9 0 9 , 9 7 4

Staff W e l f a r e 1 5 3 , 3 6 3 4 6 , 2 3 1

2 , 2 2 2 , 7 6 7 1 , 9 5 6 , 2 0 5

O T H E R E X P E N S E S

Rent 2 7 1 , 5 0 0 5 6 3 , 6 5 2

Rates and Taxes 5,824 1 3 , 9 8 7

E s t a b l i s h m e n t C h a r g e s 2 5 , 8 1 5 4 6 , 4 0 3

I n s u r a n c e 5 0 0 , 0 0 0 5 0 0 , 0 0 0

Lega l & P ro fess i ona l E x p e n s e s 1 0 2 , 3 4 3 2 5 6 , 3 7 0 T rave l l i ng & C o n v e y a n c e 1 9 7 , 2 9 2 2 8 9 , 0 9 7

Pr in t ing and S ta t ionery 6 7 , 0 1 6 9 9 , 1 4 6

Furn i tu re Hire C h a r g e s 9 0 , 0 0 0 8 4 , 0 0 0

T e l e p h o n e E x p e n s e s 1 5 9 , 4 4 1 8 1 , 5 9 3

Repa i r s a n d M a i n t e n a n c e - o the rs 8 5 , 8 5 2 1,239

A d v e r t i s e m e n t 2 0 7 , 4 8 5 495

Elect r ic i ty E x p e n s e 1 4 2 , 4 2 1 1 0 1 , 2 1 3

D i rec to rs ' S i t t ing F e e s 7 ,000 3 ,000


For S ta tu to ry Aud i t 6 7 , 3 4 4 2 8 , 0 6 0

For Tax Aud i t 1 6 , 8 3 6 7,015 For in terna l Aud i t 2 ,000 -For O the r S e r v i c e s 6,285 9 0 , 1 1 7

M i s c e l l a n e o u s e x p e n s e s 2 5 9 , 5 0 0 1 3 6 , 6 9 2

I tems re la t ing to p rev ious yea r 2 7 3 , 2 6 7 1,020

Loss on sa|e o f F ixed A s s e t s 64 -Pre l im ina ry E x p e n s e s W/of f 8 ,126 8 ,126

2 ,495 ,411 2 , 3 1 1 , 2 2 5

D I R E C T T A X E S

Prov i s i on for :-

I n c o m e Tax 1 0 , 0 0 0 -D e f e r r e d Tax ( 1 0 , 0 0 0 ) ( 1 2 9 , 9 9 5 )

I n c o m e Tax A j u s t m e n t s 6 2 , 6 0 7 -Fr inge Benef i t Tax 8 2 , 0 0 0 ' 6 0 , 0 0 0

1 4 4 , 6 0 7 ( 6 9 , 9 9 5 )

mSmmAMAmAi ASHIANA RETIREMENT VILLAGES LIMITED 1 8 N O T E S O N A C C O U N T S


S Y S T E M O F A C C O U N T I N G :

T h e c o m p a n y a d o p t s acc rua l bas is o f a c c o u n t i n g in t he p r e p a r a t i o n o f a c c o u n t s .


a) F i x e d a s s e t s a re v a l u e d a t cost and d e p r e c i a t i o n i s p r o v i d e d on s t r a i gh t l ine bas i s in a c c o r d a n c e w i t h t he

p r o v i s i o n s o f S c h e d u l e X I V to the C o m p a n i e s Ac t , 1956 .

b) C a p i t a l w o r k - i n - p r o g r e s s is s t a ted at cos t .


a) S tock in T r a d e is v a l u e d at cos t , w h i c h is de r i ved on a v e r a g e bas i s .

b) C o n s t r u c t i o n mate r ia l is v a l u e d at cos t .


Long t e r m i n v e s t m e n t s are ca r r i ed a t acqu is i t i on cost and i n v e s t m e n t s i n tended to be he ld for less t h a n one y e a r are

c lass i f i ed as cu r ren t i n v e s t m e n t s and are ca r r i ed a t lower o f cost a n d ma rke t v a l u e . Long T e r m I n v e s t m e n t s w h i c h

have a t t a i ned the s tage o f p e r m a n e n t d i m i n u t i o n in the i r v a l u e are r e v a l u e d a t the i r cu r ren t v a l u e .


a) Cur ren t Tax is d e t e r m i n e d as the a m o u n t o f tax p a y a b l e in respec t o f t a x a b l e i n c o m e for the year .

b ) 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 to c o n s i d e r a t i o n o f p r u d e n c e , in r espec 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

a r is ing on t im ing d i f f e r e n c e s , be ing the d i f f e rence b e t w e e n t a x a b l e i n c o m e and a c c o u n t i n g i n c o m e that o r i g i na te i n one

pe r i od and are c a p a b l e o f reve rsa l in one or more s u b s e q u e n t p e r i o d .

G R A T U I T Y :

Gra tu i t y i s a c c o u n t e d for on a c c r u a l bas i s .

M I S C E L L A N E O U S E X P E N D I T U R E :

Pre l im ina ry E x p e n s e s are wr i t t en off over a p e r i o d of f ive y e a r s .

I N C O M E

I n c o m e is a c c o u n t e d for on acc rua l bas is excep t w h e r e rece ip t o f i n c o m e is u n c e r t a i n .

I M P A I R M E N T O F A S S E T S

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 spec i f i ed 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 ca r r y i ng

v a l u e o f such asse t s e x c e e d s the marke t va l ue or v a l u e in use , w h i c h e v e r i s h igher .

2) E s t i m a t e d a m o u n t o f con t rac t s to be e x e c u t e d on Cap i ta l a c c o u n t s and not p r o v i d e d for Rs . 71 .17 lacs (P.Y. 9 .86

lacs ) , a d v a n c e t h e r e a g a i n s t R s . 1 5 . 3 6 lacs (P.Y.4.25 lacs) .

3 ) T h e Earn ing Per S h a r e (EPS) has been ca l cu l a ted as spec i f i ed 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 re la ted d i s c l o s u r e s are as be low :

2 0 0 6 - 0 7

( R s . )

2 0 0 5 - 0 6

(Rs. )

a ) a m o u n t used as n u m e r a t o r in ca l cu la t i ng bas ic and d i lu ted EPS

Prof i t a f ter tax (Rs.) 3 , 2 1 1 , 7 8 9 9 , 2 1 7 , 4 0 8

b) A m o u n t used as d e n o m i n a t o r for ca l cu la t i ng E P S . (In Nos.)

For Bas ic EPS (Nos) :

O p e n i n g (post a m a l g a m a t i o n ) 2 4 0 , 0 5 0

2 4 0 , 0 5 0

2 4 0 , 0 5 0

2 4 0 , 0 5 0

A d d : Po ten t i a l Equi ty S h a r e s

D e b e n t u r e s conve r t i b l e to t he extent o f a m o u n t pa id up

in equ i ty s h a r e s at par a l l o ted on 2 6 - 0 5 - 2 0 0 6

( 1 0 0 0 0 0 0 0 * 5 6 / 1 0 0 * 3 1 0 / 3 6 5 ) 4 7 5 , 6 1 6

For D i lu ted EPS 7 1 5 , 6 6 6 2 4 0 , 0 5 0

CD


A s h i a n a M a n g a l a m D e v e l o p e r s

N a m e o f the Par tner S h a r e

# Cap i ta l (Rs.)

N a m e o f the Par tner

3 0 % o f p re - tax yea r l y

profit upto c u m u l a t i v e


9 1 7 . 4 0 lacs

B a l a n c e # Cap i ta l (Rs.)

A s h i a n a Re t i remen t V i l l ages L td . - 6 5 . 0 0 % 5 9 , 3 6 7 , 6 4 0

Ra j kumar i G a r g 1 3 3 . 0 0 % 1 1 . 5 5 % 2 4 , 3 0 8 , 2 3 0

S a n g e e t a A g a r w a l 1 7 . 0 0 % 5 . 9 5 % 4 , 5 9 1 , 5 1 4

San jay G u p t a 3 3 . 0 0 % 1 1 . 5 5 % 1,148,231

V i n o d G o y a l 1 7 . 0 0 % 5 . 9 5 % 5 9 1 , 5 1 4

# on the bas is of aud i t ed Ba lance Shee t as at 3 1 . 0 3 . 2 0 0 7

6) On the bas is o f phys ica l ve r i f i ca t ion of a s s e t s , as spec i f i ed in A c c o u n t i n g S tanda rd - 28 and cash g e n e r a t i n g capac i t y

o f t h o s e a s s e t s , in t he m a n a g e m e n t p e r c e p t i o n , the re is no impa i rmen t o f such asse t s as a p p e a r i n g in t he b a l a n c e

shee t as on 3 1 . 0 3 . 2 0 0 7 .

7) In v i e w o f insuf f ic ient i n fo rma t ion f r o m the supp l i e r s rega rd ing the i r s ta tus as SSI un i ts , the a m o u n t due to Sma l l Sca le

Indust r ia l unde r t ak i ng can not be a s c e r t a i n e d .

8 ) S tock , P u r c h a s e and S a l e s :

S h o p s ( S f t . ) .

A m o u n t ( R s . )

S t o r e R o o m s

( S f t . )

A m o u n t ( R s . )

P a r k i n g s ( N o s . )

A m o u n t ( R s . )

T o t a l A m o u n t

( R s . )

O p e n i n g S tock 728 1 ,288,680 2 ,246 8 9 8 , 4 0 0 15 3 0 0 , 0 0 0 2 ,487 ,080

(on A m a l g a m a t i o n ) (728) ( 1 , 2 8 8 , 6 8 0 ) (2 ,246) ( 898 ,400 ) (15) ( 3 0 0 , 0 0 0 ) ( 2 , 4 8 7 , 0 8 0 )

P u r c h a s e s - - - - - - -

(-) (-) (-) (-) (-) (-) S a l e s 728 1 ,295 ,593 9 3 0 6 2 0 , 5 0 0 - - 1 ,916 ,093

(-) (-) (-) (-) (-) (-) (-)

Clos i ng S tock - - 1,316 5 2 6 , 4 0 0 15 3 0 0 , 0 0 0 8 2 6 , 4 0 0

(728) ( 1 , 288 ,680 ) (2 ,246) ( 8 9 8 , 4 0 0 ) (15) ( 300 ,000 ) ( 2 , 4 8 7 , 0 8 0 )

9) (a) P rev i ous yea r f i gu res a b o v e are g i ven in b racke t .

(b) P r e v i o u s pe r i od f i g u r e s are r e a r r a n g e d / r e g r o u p e d w h e r e v e r c o n s i d e r e d n e c e s s a r y .


4) U n a b s o r b e d M A T credi t 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) T h e pa r t i cu l a r s o f P a r t n e r s h i p b u s i n e s s is g i ven b e l o w :




I . Reg i s t r a t i on Deta i l s

( A m o u n t in Rs . T h o u s a n d )

III Pos i t i on of Mob i l i sa t i on and




R e g i s t e r a t i o n No . U 7 0 1 0 1 W B

2 0 0 2 P L C 9 4 4 7 9

Sta te C o d e 21 U 7 0 1 0 1 W B

2 0 0 2 P L C 9 4 4 7 9

Ba lance Shee t Date 3 1 / 0 3 / 2 0 0 7

Publ ic Issue Nil Right Issue Nil

B o n u s Issue Nil Pr iva te P l a c e m e n t : Nil

To ta l L iab i l i t ies . 1 1 5 , 8 2 5 To ta l A s s e t s : 1 1 5 , 8 2 5

Pa id -up Cap i ta l 2,401 Reserves & Surp lus 28,319

S e c u r e d L o a n s Nil U n s e c u r e d L o a n s 8 5 , 1 0 6

Net F ixed A s s e t s 6 2 , 6 7 5 I n v e s t m e n t s 6 6 6 3 0

A p p l i c a t i o n o f F u n d s




Misc . E x p e n d i t u r e : 3 3 0 0

D e f f e r r e d Tax 307

* Be fo re d e d u c t i n g ex t ra o rd inary tax p a y m e n t .


(as per m o n e t a r y t e r m s ) I tem C o d e No .

( ITC Code)

P roduc t Desc r i p t i on


In t e r m s of our report of even da te a t t ached herewi th

N.A

Real E s t a t e , H o s p i t a l i t y

Turnover (Gross Revenue) 9,771 To ta l E x p e d i n t u r e 6 ,414

+/- P r o f i t / L o s s + 3 , 3 5 6

Be fo re Tax

+/- P r o f i t / L o s s + 3 , 2 1 2

Af te r T a x *

Earn ing per share 13 .38 D i v i d e n d Rate % Nil


O m P r a k a s h G u p t a W h o l e t ime Director

V i s h a l G u p t a Director


Date : 29 th J u n e , 2 0 0 7 Place : New Delh i

Date : 2 9 t h J u n e , 2 0 0 7

CD

ASHIANA HOUSING LIMITED - CONSOLIDATED

A U D I T O R S ' R E P O R T T O T H E B O A R D O F D I R E C T O R S O F A S H I A N A H O U S I N G L I M I T E D ( 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 ( INDIA) 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

( 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 ( I N D I A ) 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 L I M I T E D

A N D A S H I A N A R E T I R E M E N T V I L L A G E S L I M I T E D

We have a u d i t e d the a t t a c h e d 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 A s h i a n a H o u s i n g L im i t ed ( f o rmer l y A s h i a n a H o u s i n g &

F i n a n c e (India) L imi ted) and 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 im i ted and A s h i a n a R e t i r e m e n t V i l l ages L im i ted as a t 31s t

M a r c h , 2 0 0 7 , the c o n s o l i d a t e d Prof i t and Loss A c c o u n t and the C a s h F low S t a t e m e n t for t he y e a r e n d e d on that da te

a n n e x e d t h e r e t o .

T h e s e f i nanc ia l s t a t e m e n t s are the respons ib i l i t y o f the C o m p a n y ' s m a n a g e m e n t . Og r respons ib i l i t y i s to e x p r e s s an op in i on

on t h e s e f i nanc ia l s t a t e m e n t s b a s e d on our aud i t . W e ' h a v e c o n d u c t e d our audi t i n a c c o r d a n c e w i th aud i t i ng s t a n d a r d s

genera l l y a c c e p t e d in Ind ia . T h e s e s t a n d a r d s requ i re that we p lan a n d pe r f o rm the audi t t o ob ta in r e a s o n a b l e a s s u r a n c e

abou t w h e t h e r t he f i nanc ia l s t a t e m e n t s are f ree f r o m mater ia l m i s s t a t e m e n t . An audi t i nc ludes e x a m i n i n g , on a test bas is ,

e v i d e n c e s u p p o r t i n g t h e a m o u n t s a n d d i s c l o s u r e s i n t he f i n a n c i a l s t a t e m e n t s . A n aud i t a lso i n c l u d e s a s s e s s i n g t he

a c c o u n t i n g p r inc ip les used and s ign i f i can t e s t i m a t e s m a d e by the m a n a g e m e n t , as we l l as eva lua t i ng the overa l l f i nanc ia l

s t a t e m e n t p r e s e n t a t i o n . We be l ieve that our audi t p rov i des a r e a s o n a b l e bas is for our o p i n i o n .

W e repor t t ha t 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 h a v e b e e n p r e p a r e d b y t he c o m p a n y i n a c c o r d a n c e w i t h t he

r e q u i r e m e n t s o f A c c o u n t i n g S t a n d a r d (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 , i s sued b y T h e Ins t i tu te o f C h a r t e r e d

A c c o u n t a n t s o f Ind ia and on the bas is o f s e p a r a t e 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 ( India)

L im i ted a n d its s u b s i d i a r i e s i nc l uded in the c o n s o l i d a t e d f i nanc ia l s t a t e m e n t s .

On the bas is o f i n fo rma t i on and e x p l a n a t i o n s g i ven to us and on the c o n s i d e r a t i o n o f sepa ra te audi t repor ts on ind iv idua l

a u d i t e d f i nanc ia 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 ( India) L im i ted and its a f o r e s a i d s u b s i d i a r i e s , the sa id f i nanc ia l

s t a t e m e n t s , sub jec t par t icu lar ly to no tes in S c h e d u l e ' 22 ' r e g a r d i n g , Dues to SSI Units (note 8), g ive a t rue and fair v i e w :

i . in so far as i t re la tes to the C o n s o l i d a t e d B a l a n c e S h e e t , of the s ta te of af fa i rs of the C o m p a n y as at 31st M a r c h ,

2 0 0 7 ; a n d ,

ii. in so far as i t re la tes to the C o n s o l i d a t e d Profit & Loss A c c o u n t , of the Profit for the y e a r e n d e d on that d a t e .

iii. In the case 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 he cash f l ow for t he y e a r e n d e d on that da te .




D a t e : 2 9 t h J u n e , 2 0 0 7


Par tner


{ 5 6 }

iGlh Ashiana 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 A S H I A N A H O U S I N G L T D . & I T S S U B S I D I A R I E S A S A T

3 1 S T M A R C H , 2 0 0 7

S C H E D U L E S

Rs.

A S A T 3 1 . 0 3 . 2 0 0 7

Rs . Rs.

AS A T

3 1 . 0 3 . 2 0 0 6

Rs.



Sha re Cap i ta l

R e s e r v e s & S u r p l u s

Loan F u n d s :

S e c u r e d L o a n s


Minor i t y In te res t

D e f e r r e d Tax l iabi l i ty


F i x e d A s s e t s :

a ) G r o s s B lock

b) Less : D e p r e c i a t i o n

c) Net B lock

d) Cap i ta l W o r k in P r o g r e s s


Cu r ren t A s s e t s , L o a n s & A d v a n c e s

I n v e n t o r i e s

S u n d r y D e b t o r s

C a s h & B a n k b a l a n c e s

O t h e r Cu r ren t A s s e t s

L o a n s & A d v a n c e s

Less : Cur ren t L iabi l i t ies

& P rov i s i ons

Net Cu r ren t A s s e t s

M i s c e l l a n e o u s E x p e n d i t u r e

N O T E S O N A C C O U N T S


G E N E R A L B U S I N E S S PROFILE

7

8

9

10

11

12

13

22

23

5 1 , 6 6 9 , 8 7 0

2 7 1 , 7 3 5 , 1 4 3

9 , 7 6 1 , 6 8 7

2 1 , 7 9 9 , 8 3 6

1 3 9 , 6 9 1 , 9 2 0

1 6 , 9 3 4 , 3 7 8

1 2 2 , 7 5 7 , 5 4 2

6 2 , 1 6 7 , 2 1 1

5 8 1 , 2 9 0 , 2 8 0

1 8 , 6 5 1 , 3 9 4

2 3 4 , 1 6 8 , 5 0 1

2 8 , 2 9 3 , 2 7 9

6 3 , 4 7 7 , 8 7 9

9 2 5 , 8 8 1 , 3 3 3

1 , 0 2 4 , 6 6 6 , 5 3 8

3 2 3 , 4 0 5 , 0 1 3

3 1 , 5 6 1 , 5 2 3

3 , 9 7 0 , 0 0 0

3 5 8 , 9 3 6 , 5 3 6

1 8 4 , 9 2 4 , 7 5 3

2 6 9 , 4 9 6 , 9 6 5

( 9 8 , 7 8 5 , 2 0 5 )

3 , 3 0 0 , 0 2 3

3 5 8 , 9 3 6 , 5 3 6

5 1 , 6 6 9 , 8 7 0

1 9 2 , 6 0 9 , 9 1 3

9 , 4 9 6 , 9 2 3

3 , 6 6 0 , 6 0 8

5 9 , 6 0 0 , 3 7 3

1 5 , 4 5 2 , 5 7 9

4 4 , 1 4 7 , 7 9 4

2 1 , 7 7 1 , 8 9 7

5 1 2 , 2 9 1 , 7 8 8

9 , 3 5 8 , 6 8 3

1 7 0 , 6 3 2 , 6 5 3

7 7 , 9 4 1 , 1 7 8

7 7 0 , 2 2 4 , 3 0 2

8 0 7 , 4 4 3 , 9 7 9

2 4 4 , 2 7 9 , 7 8 3

1 3 , 1 5 7 , 5 3 1

2 2 , 2 4 3

3 , 4 5 6 , 3 8 5

2 6 0 , 9 1 5 , 9 4 2

6 5 , 9 1 9 , 6 9 1

2 3 2 , 2 0 7 , 8 0 2

( 3 7 , 2 1 9 , 6 7 7 )

8 ,126

2 6 0 , 9 1 5 , 9 4 2

The S c h e d u l e s referred a b o v e f o r m an in tegra l part o f the a c c o u n t s .

In t e r m s of our report o f even date a t t ached he rew i th .



V I N I T B A G A R I A Par tne r

B h a g w a n K u m a r C o m p a n y S e c r e t a r y

O m P r a k a s h G u p t a M a n a g i n g Di rec tor

V i s h a l G u p t a Jt. M a n a g i n g Di rector

Nava l K i s h o r e G . M . (F&A)

P lace : G u r g a o n

Date : 29th J u n e , 2 0 0 7 P lace : New Delhi Date : 29th J u n e , 2 0 0 7


C O N S O L I D A T E D P R O F I T & L O S S A C C O U N T O F A S H I A N A H O U S I N G L T D . & I T S S U B S I D I A R I E S F O R

T H E Y E A R E N D E D 3 1 S T M A R C H , 2 0 0 7

S C H E D U L E S 2 0 0 6 - 2 0 0 7 ( R s . )

2 0 0 5 - 2 0 0 6 (Rs.)

I N C O M E S a l e s 14

Project M a i n t e n a n c e C h a r g e s

Othe r I n c o m e 15

I n c r e a s e / (Dec rease ) in S tock 16

4 9 6 , 4 4 8 , 2 7 9

1 5 , 0 6 9 , 7 2 6

4 5 , 3 5 2 , 9 1 0

7 4 , 0 8 4 , 4 6 0

3 3 5 , 5 4 5 , 1 9 2

1 5 , 8 8 5 , 0 0 1

4 0 , 6 9 1 , 7 3 3

111 ,581 ,002

6 3 0 , 9 5 5 , 3 7 5 5 0 3 , 7 0 2 , 9 2 8


P u r c h a s e s 17

Cos t o f S a l e s

Pro ject E x p e n s e s 18

Project M a i n t e n a n c e E x p e n s e s

O n g o i n g Pro ject E x p e s e s A d j u s t m e n t

E x p e n s e s o n E m p l o y e e s 1 9


O the r e x p e n s e s 2 0

2 6 , 7 9 4 , 2 6 3

1 ,660 ,680

3 8 3 , 2 3 7 , 3 9 0

1 0 , 7 1 1 , 1 6 0

1 6 , 8 1 4 , 5 3 1

3 1 , 6 0 5 , 8 8 5

3 , 5 8 8 , 5 2 0

4 7 , 9 2 9 , 3 0 9

9 3 , 2 1 7 , 5 0 0

2 7 1 , 2 1 1 , 1 4 0

1 0 , 4 7 6 , 7 0 8

2 3 , 6 8 1 , 8 6 1

2 , 7 9 5 , 9 5 4

. 4 2 , 4 5 3 , 8 8 2

5 2 2 , 3 4 1 , 7 3 8 4 4 3 , 8 3 7 , 0 4 5


L e s s : P rov i s i on for Taxa t i on 21

1 0 8 , 6 1 3 , 6 3 7

1 4 , 1 4 6 , 2 5 7

5 9 , 8 6 5 , 8 8 3

4 , 5 5 9 , 0 3 9

Prof i t a f ter Tax 9 4 , 4 6 7 , 3 8 0 5 5 , 3 0 6 , 8 4 4

A p p r o p r i a t i o n s :


Minor i t y Interest

S u r p l u s b rough t f o r w a r d f r o m p r e v i o u s y e a r

P r o p o s e d D i v i dend

Tax on P r o p o s e d D iv idend

8 4 , 0 0 3 , 0 0 0

6 , 9 1 4 , 1 3 3 v

1 3 , 3 8 2 , 7 5 0

2 , 2 7 4 , 4 0 0

3 7 , 6 4 1 , 6 9 0

1,843

1 , 4 5 8 , 5 6 7

1 0 , 7 0 6 , 2 0 0

1 ,501 ,545

S u r p l u s Car r i ed to B a l a n c e Shee t 1 ,721 ,363 6 , 9 1 4 , 1 3 3

Earn ing Per Sha re

(On S h a r e s o f n o m i n a l v a l u e o f Rs. 10/ - each)

Bas ic a n d Di lu ted 18.28 10 .70

The S c h e d u l e s re fer red above f o rm an integral part o f the a c c o u n t s

In t e r m s of our report of even date a t tached herewi th


C h a r t e r e d A c c o u n t a n t s For and on behal f of the Board

V I N I T B A G A R I A B h a g w a n K u m a r O m P r a k a s h G u p t a Par tne r C o m p a n y S e c r e t a r y M a n a g i n g Di rec tor Jt.

V i s h a l G u p t a M a n a g i n g Di rector

Naval K i s h o r e G . M . (F&A)

P lace : G u r g a o n P lace : New Delhi

Da te : 29 th J u n e , 2 0 0 7 Date : 29 th J u n e , 2 0 0 7

< 5 8 >



A S A T

3 1 . 0 3 . 2 0 0 7

( R s . )

A S A T

3 1 . 0 3 . 2 0 0 6

(Rs.)

1 S H A R E C A P I T A L


7 0 0 0 0 0 0 Equi ty s h a r e s o f Rs . 10 / - each 7 0 , 0 0 0 , 0 0 0 7 0 , 0 0 0 , 0 0 0

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 Equi ty s h a r e s o f Rs . 10/ - each

fu l ly pa id up 5 3 , 5 3 1 , 0 0 0 5 3 , 5 3 1 , 0 0 0

L e s s : 186113 Equi ty s h a r e s o f Rs . 10 each on C o n s o l i d a t i o n 1 ,861 ,130 1 , 8 6 1 , 1 3 0

5 1 , 6 6 9 , 8 7 0 5 1 , 6 6 9 , 8 7 0

2 R E S E R V E S & S U R P L U S

Cap i ta l R e s e r v e 1 ,500 ,000 1 , 5 0 0 , 0 0 0


As per last A c c o u n t 1 6 9 , 7 9 5 , 7 8 0 1 3 3 , 5 0 0 , 0 0 0

A d d : on init ial a d o p t i o n of De fe r red Tax A s s e t s in s u b s i d a r y c o m p a n y 2 9 7 , 0 0 0

Less : A d j u s t m e n t on A m a l g a m a t i o n in subs id ia ry (net) - ( 1 , 3 4 5 , 9 1 0 )

A d d : T rans fe r f r o m Profit & Loss A /c 8 4 , 0 0 3 , 0 0 0 3 7 , 6 4 1 , 6 9 0

Cap i t a l R e s e r v e

2 5 4 , 0 9 5 , 7 8 0

1 8 , 0 0 0

1 6 9 , 7 9 5 , 7 8 0

Secu r i t i es P r e m i u m A c c o u n t 1 4 , 4 0 0 , 0 0 0 1 4 , 4 0 0 , 0 0 0

Profit & Loss A c c o u n t 1,721,363 6 , 9 1 4 , 1 3 3

2 7 1 , 7 3 5 , 1 4 3 1 9 2 , 6 0 9 , 9 1 3

3 . S E C U R E D L O A N S

I ) W o r k i n g Cap i ta l Loans f r o m :

S ta te B a n k of B i kaner & J a i p u r 1 ,940 ,635 1 ; 5 2 0 , 2 1 7

H D F C Bank L td . 4 , 4 3 7 , 0 0 7 ' 4 , 0 5 0 , 6 3 8

II) Veh ic le L o a n s f r o m :

A B N A m r o Bank L td . 8 7 1 , 1 5 8 1,393,401

ICICI Bank L imi ted 1 ,668 ,287 2 , 5 3 2 , 6 6 7

H D F C Bank L td . 8 4 4 , 6 0 4 -

9 , 7 6 1 , 6 8 7 9 , 4 9 6 , 9 2 3

- S e c u r e d by h y p o t h e c a t i o n o f v e h i c l e s

* I nc ludes Rs. 1 7 , 9 5 , 5 4 3 / - due w i th in 12 m o n t h s

4 U N S E C U R E D L O A N S

F r o m Bod ies C o r p o r a t e

- O t h e r s 1 2 , 3 0 3 , 7 3 1 7 5 2 , 4 6 6

F r o m D i rec to rs 9 , 4 9 6 , 1 0 5 2 , 9 0 8 , 1 4 2

2 1 , 7 9 9 , 8 3 6 3 , 6 6 0 , 6 0 8

Ashiana ASHIANA HOUSING LIMITED - CONSOLIDATED


5 D E F E R R E D TAX L I A B I L I T Y ( N E T )

De fe r red Tax Liabi l i ty on F iscal a l l o w a n c e o f f i xed asse t s

Less : De fe r red Tax A s s e t s on

U n a b s o r b e d l o s s e s

E m p l o y e e Benef i t s


G R O S S B L O C K

A S AT

3 1 . 0 3 . 2 0 0 7

( R s . )

6 , 4 5 1 , 0 0 0

8 4 7 , 0 0 0

1 , 6 3 4 , 0 0 0

AS AT

3 1 . 0 3 . 2 0 0 6

(Rs.)

4 , 7 5 6 , 0 1 0

8 1 , 6 2 5

1 , 2 1 8 , 0 0 0

3 , 9 7 0 , 0 0 0 3 , 4 5 6 , 3 8 5

D E P R E C I A T I O N N E T B L O C K

As at 0 1 . 0 4 . 2 0 0 6

(Rs.)

A d d i t i o n s / (Deductions)

(Rs.)

As at 3 1 - 3 - 2 0 0 7

(Rs.)

U p t o 3 1 - 3 - 2 0 0 6

(Rs.)

For the year (Rs.)

U p t o 3 1 - 3 - 2 0 0 7

(Rs.)

As at 3 1 - 3 - 2 0 0 7

(Rs.)

As at 3 1 - 3 - 2 0 0 6

(Rs.)

GOODWILL 100,000 - 100,000 - - - 100,000 100,000

GOODWILL ON CONSOLIDATION

788,346 788,346 - - 788,346 788,346

BUILDING 8,404,833 *65,374,160 73,778,993 1,637,350 242,059 1,879,409 71,899,584 6,767,483

PLANT& MACHINERY

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

REFRIGERATORS 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

TOTAL 59,598,240 82,653,426

(2,559,746)

139,691,920 15,452,579 3,588,520

(2,106,721)

16,934,378 122,757,542 -

CAPITAL WORK IN PROGRESS

22,621,897 40,144,007 (598,693)

62,167,211 62,167,211 22,621,897

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 - 66,767,558

•Pending registration in the name of the Company.


7

8

9

10

11

A S AT A S AT


( R s . ) (Rs. )

I N V E N T O R I E S

Stock (As t a k e n , v a l u e d and cer t i f ied by the m a n a q e m e n t )

S h o p s 1 1 3 , 7 4 2 -

Stock in T r a d e 8 2 6 , 4 0 0 -

M a i n t e n a n c e Mate r ia l 1 6 9 , 9 3 6 -

L e a s e h o l d Land 1 0 8 , 8 9 3 , 8 4 1 7 8 , 8 7 5 , 6 3 5

F r e e h o l d land 9 4 , 2 0 9 , 6 2 8 1 3 5 , 5 2 6 , 5 2 3

U n s o l d c o m p l e t e d c o n s t r u c t i o n s 2 4 , 1 9 6 , 0 7 4 1 9 , 3 6 1 , 2 0 7

W o r k - i n - p r o g r e s s 3 2 3 , 4 5 1 , 9 8 6 2 6 1 , 2 7 1 , 0 1 6

C o n s t r u c t i o n / M a i n t e n a n c e mate r ia l s 2 9 , 4 2 8 , 6 7 3 1 7 , 2 5 7 , 4 0 7

5 8 1 , 2 9 0 , 2 8 0 5 1 2 , 2 9 1 , 7 8 8

S U N D R Y D E B T O R S

( U n s e c u r e d )

Due for m o r e t h a n six m o n t h s : 2 , 0 2 7 , 6 0 7 -C o n s i d e r e d G o o d 1 , 0 1 9 , 6 1 6 2 , 9 1 1 , 6 6 4

C o n s i d e r e d Doub t fu l - 1 0 0 , 0 0 0

3 , 0 4 7 , 2 2 3 3 , 0 1 1 , 6 6 4

O the r Deb ts - C o n s i d e r e d G o o d 1 5 , 6 0 4 , 1 7 1 6 , 4 4 7 , 0 1 9

1 8 , 6 5 1 , 3 9 4 9 , 4 5 8 , 6 8 3

L e s s : P rov is ion for Doub t fu l Deb ts - 1 0 0 , 0 0 0

1 8 , 6 5 1 , 3 9 4 9 , 3 5 8 , 6 8 3

C A S H A N D B A N K B A L A N C E S

C a s h - i n - h a n d 2 , 8 1 0 , 8 5 6 8 2 6 , 3 6 3

C h e q u e s / D r a f t s - i n - h a n d 9 8 5 , 4 2 3 6 8 0 , 7 0 9

W i t h S c h e d u l e d B a n k s : 1 , 1 7 2 , 7 2 4 -In Cu r ren t A c c o u n t s 1 0 , 0 1 4 , 6 0 2 1 0 , 3 5 2 , 6 4 9

In U n c l a i m e d D i v i dend A c c o u n t s 1 , 4 5 2 , 4 3 7 3 8 9 , 9 7 5

In F i xed Depos i t A c c o u n t s (P l edged w i th B a n k s 2 1 7 , 7 3 2 , 4 5 9 1 5 8 , 3 8 2 , 9 5 7

Rs. 2 , 0 1 , 5 4 , 7 1 0 / - ; P.Y. Rs. 1,07,88,694/-)

2 3 4 , 1 6 8 , 5 0 1 1 7 0 , 6 3 2 , 6 5 3

O T H E R C U R R E N T A S S E T S

O n g o i n g Pro jec ts A d j u s t m e n t A c c o u n t 2 8 , 2 9 3 , 2 7 9 -

L O A N S A N D A D V A N C E S

( U n s e c u r e d , c o n s i d e r e d g o o d , un less o t h e r w i s e s ta ted )

L o a n s

To O t h e r s 4 4 9 , 1 7 2 1 6 , 0 8 8 , 2 1 9

A d v a n c e aga ins t l a n d / b u i l d i n g p u r c h a s e 1 3 , 5 5 8 , 2 5 0 9 , 0 7 6 , 8 8 0

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 k ind

or for va l ue to b e ' r e c e i v e d 2 5 , 7 4 0 , 1 0 8 3 6 , 5 1 0 , 1 0 6

Taxa t ion a d v a n c e and r e f u n d a b l e 2 1 , 8 2 5 , 4 9 1 1 4 , 5 1 1 , 5 0 6

D e p o s i t s 1 , 9 0 4 , 8 5 8 1 , 7 5 4 , 4 6 7

6 3 , 4 7 7 , 8 7 9 7 7 , 9 4 1 , 1 7 8


12

13

15

A S AT AS AT


( R s . ) (Rs.)


A) C U R R E N T LIABILITIES

S u n d r y C r e d i t o r s 4 0 , 5 4 2 , 2 8 0 5 1 , 3 1 9 , 0 1 7

A d v a n c e f r o m C u s t o m e r s 8 8 9 , 5 2 9 , 2 7 3 6 9 1 , 6 9 3 , 5 1 6

S e c u r i t y d e p o s i t s 3 6 , 1 6 8 , 4 7 8 2 5 , 1 2 6 , 1 5 6

Due to subs id ia ry c o m p a n i e s 1 5 3 , 5 1 6 -U n c l a i m e d D iv idend 1 ,452 ,437 7 5 8 , 7 9 6

T e m p r o r y overd ra f t due to over issue o f c h e q u e s 8 2 3 , 4 1 7 -Other l iabi l i t ies 17 ,117 ,621 1 1 , 8 6 6 , 7 7 4

9 8 5 , 7 8 7 , 0 2 2 7 8 0 , 7 6 4 , 2 5 9

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

For Taxa t i on 1 S , 3 9 B , 1 0 0 1 0 , 7 1 4 , 1 0 0

For P r o p o s e d D iv idend 1 3 , 3 8 2 , 7 5 0 1 0 , 7 0 6 , 2 0 0

For Tax on P r o p o s e d D iv idend 2 , 2 7 4 , 4 0 0 1 , 5 0 1 , 5 4 5

For Gra tu i ty 4 , 8 2 4 , 2 6 6 3 , 7 5 7 , 8 7 5

1 ,024 ,666 ,538 8 0 7 , 4 4 3 , 9 7 9

M I S C E L L A N E O U S E X P E N D I T U R E

(To the ex ten t not wr i t ten off or ad jus ted )

P re l im ina ry E x p e n s e s -

8,126

P r e o p e r a t i v e E x p e n s e s (pend ing a l loca t ion)

D i rec to rs ' R e m u n e r a t i o n 6 0 0 , 0 0 0 -Furn i tu re H i re C h a r g e s 1 1 7 , 6 0 0 «

In te res t 2 , 1 8 9 , 6 3 7 -Pr in t ing and S ta t ionery 1 2 2 , 8 0 0 -T e l e p h o n e E x p e n s e s 8 6 , 9 9 6 -M i s c e l l a n e o u s E x p e n s e s 1 8 2 , 9 9 0 -

Pre l im inary E x p e n s e s 3 , 3 0 0 , 0 2 3 8,126

S A L E S 2 0 0 6 - 2 0 0 7 2 0 0 5 - 2 0 0 6

Rs. Rs.

a) C o m p l e t e d pro jec t 4 3 5 , 5 3 9 , 0 0 4 2 3 2 , 5 3 1 , 7 1 1

Othe r Pro jec ts 3 2 , 6 1 5 , 9 9 6 1 0 3 , 0 1 3 , 4 8 1

b) O n g o i n g Pro jec ts 2 8 , 2 9 3 , 2 7 9 -4 9 6 , 4 4 8 , 2 7 9 3 3 5 , 5 4 5 , 1 9 2

O T H E R I N C O M E

In terest (Net) 1 5 , 8 9 1 , 2 8 6 7 , 9 6 9 , 9 7 0

I n c o m e f r o m Long T e r m I n v e s t m e n t :

D i v i dend 2 , 1 4 9 , 4 0 7 9 4 4 , 1 3 5

Sa le (net) 1 5 , 1 4 9 , 9 1 0 2 1 , 6 6 4 , 6 0 2

C o m m i s s i o n 2 , 9 4 1 , 9 7 2 5 1 9 , 2 8 8

Rent 1,411,472 1 , 3 7 8 , 9 0 4

M i s c e l l a n e o u s Income 4 , 1 8 0 , 2 2 8 7 , 7 0 6 , 6 9 0

Prov is ion for Doubt fu l Deb ts Wr i t t en Back 1 0 0 , 0 0 0 -Profit on sale of I nves tmen t 3 , 1 9 4 , 0 2 2

Profit on sa le of F ixed A s s e t s (Net) 4 6 , 7 2 0 1 6 , 7 9 8

I tems re lat ing to p rev i ous y e a r (Net) 1 3 6 , 1 9 0

Liabi l i t ies Wr i t t en Back 1 5 1 , 7 0 5 4 9 1 , 3 4 6

4 5 , 3 5 2 , 9 1 0 4 0 , 6 9 1 , 7 3 3

•: — T f i T i —


2 0 0 6 - 2 0 0 7

( R s . )

2 0 0 5 - 2 0 0 6

(Rs.)

16. I N C R E A S E / ( D E C R E A S E ) I N S T O C K

Clos i ng Stock :

19

L e a s e h o l d Land 1 0 8 , 8 9 3 , 8 4 1 7 8 , 8 7 5 , 6 3 5

F r e e h o l d Land 9 4 , 2 0 9 , 6 2 8 1 3 5 , 5 2 6 , 5 2 3

S h o p s 1 1 3 , 7 4 2 -U n s o l d c o m p l e t e d c o n s t r u c t i o n 2 4 , 1 9 6 , 0 7 4 1 9 , 3 6 1 , 2 0 7

W o r k - i n - p r o g r e s s 3 2 4 , 8 8 1 , 3 9 0 2 6 1 , 2 7 1 , 0 1 6

5 5 2 , 2 9 4 , 6 7 5 4 9 5 , 0 3 4 , 3 8 1

Less : O p e n i n q Stock :

L e a s e h o l d land * 7 8 , 8 0 6 , 4 1 7 -

L e a s e h o l d Land t r a n s f e r r e d to I n v e s t m e n t on 1 1 , 0 2 1 , 0 0 3 6 7 , 7 8 5 , 4 1 4 9 6 , 9 3 5 , 8 2 4

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

S h o p 7 1 5 , 8 0 7 -

F r e e h o l d land * 1 3 2 , 2 7 9 , 6 5 8 5 9 , 6 3 2 , 0 1 3

U n s o l d c o m p l e t e d c o n s t r u c t i o n 1 6 , 1 5 8 , 3 2 0 1 2 , 4 6 1 , 5 6 7

W o r k - i n - p r o g r e s s 2 6 1 , 2 7 1 , 0 1 6 2 1 4 , 4 2 3 , 9 7 5

4 7 8 , 2 1 0 , 2 1 5 3 8 3 , 4 5 3 , 3 7 9

7 4 , 0 8 4 , 4 6 0 1 1 1 , 5 8 1 , 0 0 2

*net o f o n g o i n g pro ject a d j u s t m e n t a c c o u n t i n g to Rs . 3 3 , 1 6 , 0 8 3 / -

P U R C H A S E S

Land 2 6 , 6 0 2 , 5 3 3 9 0 , 8 1 3 , 4 0 2

F l a t s / B u n g l o w s 1 9 1 , 7 3 0 2 , 4 0 4 , 0 9 8

2 6 , 7 9 4 , 2 6 3 9 3 , 2 1 7 , 5 0 0

P R O J E C T E X P E N S E S

C o n s u m p t i o n o f c o n s t r u c t i o n ma te r i a l s ( I nd igenous ) 2 6 2 , 8 7 6 , 5 3 0 1 8 1 , 6 0 7 , 5 9 4

W a g e s 6 0 , 2 2 2 , 0 4 2 3 4 , 9 3 2 , 0 0 6

L a b o u r c h a r g e s 3 9 , 7 5 9 , 1 3 4 2 7 , 5 4 5 , 1 2 2

P o w e r & Fue l 4 , 2 2 1 , 0 1 4 3 , 7 5 3 , 4 8 3

L e a s e h o l d land rent and o ther c h a r g e s 7 8 0 , 5 0 7 9 8 8 , 9 7 5

A r c h i t e c t s ' F e e and C o n s u l t a n c y C h a r g e s 2 , 6 0 9 , 6 9 3 1 , 9 3 8 , 7 0 5

M i s c e l l a n e o u s pro jec t e x p e n s e s 2 6 , 2 6 6 , 9 1 8 2 0 , 4 4 5 , 2 5 5

3 9 6 , 7 3 5 , 8 3 8 2 7 1 , 2 1 1 , 1 4 0

Less : O n g o i n g Pro ject E x p e s e s A d j u s t m e n t 1 3 , 4 9 8 , 4 4 8 -

3 8 3 , 2 3 7 , 3 9 0 2 7 1 , 2 1 1 , 1 4 0

E X P E N S E S O N E M P L O Y E E S

Sala ry , W a g e s , b o n u s and a l l o w a n c e s 2 8 , 4 5 1 , 2 1 4 2 0 , 8 3 4 , 4 2 7

( i nc ludes Gra tu i ty P rov is ion R s 1 0 , 6 6 , 3 9 1 ; PY R s . 7 , 5 4 , 4 7 8 )

C o n t r i b u t i o n to P rov iden t & O the r F u n d s 9 9 4 , 7 0 7 8 0 6 , 5 5 9

Staff & L a b o u r w e l f a r e e x p e n s e s 2 , 1 5 9 , 9 6 4 2 , 0 4 0 , 8 7 5

3 1 , 6 0 5 , 8 8 5 2 3 , 6 8 1 , 8 6 1

rAn .


2 0 0 6 - 2 0 0 7 2 0 0 5 - 2 0 0 6

S C H E D U L E S T O T H E A C C O U N T S ( R s . ) (Rs.)

20 O T H E R E X P E N S E S

Rent 1 , 3 7 8 , 2 5 6 1 , 4 6 7 , 4 7 5

Ra tes and Taxes 4 5 7 , 0 9 5 2 2 7 , 6 6 3

I n s u r a n c e 3 , 9 3 7 , 5 9 5 3 , 8 2 1 , 6 5 7

T r a v e l l i n g and C o n v e y a n c e 4 , 4 9 4 , 2 6 6 4 , 3 0 7 , 9 6 6

Lega l and P r o f e s s i o n a l e x p e n s e s 1 , 2 7 1 , 6 3 1 1 , 0 5 5 , 2 6 4

A d v e r t i s e m e n t and B u s i n e s s P r o m o t i o n 1 5 , 5 1 3 , 8 0 9 1 8 , 9 7 8 , 3 2 2

C o m m i s s i o n 1 , 7 1 7 , 4 0 4 2 , 2 1 2 , 3 7 4

M a n a g e m e n t Fee 2 , 6 5 1 , 6 6 2 -

T e l e p h o n e , Telex & Fax 1 , 9 9 6 , 4 8 8 1 , 4 6 9 , 8 9 0

Pr in t ing & S ta t ionery 1 , 5 8 5 , 0 0 6 1 , 2 3 0 , 0 0 4

Repa i r s and M a i n t e n a n c e :

To M a c h i n e r i e s 5 6 1 , 5 2 4 5 5 4 , 5 6 3

To Bu i ld ing 1 , 4 9 6 , 7 9 4 2 2 7 , 9 3 5

To O t h e r s 6 2 3 , 0 7 1 9 3 4 , 9 1 9

D i rec to rs ' Fees 3 8 , 0 0 0 2 6 , 0 0 0


For S ta tu to ry Aud i t 4 7 1 , 4 0 8 3 6 4 , 7 8 0

For In terna l Aud i t 3 5 , 6 7 2 1 6 , 8 5 0

For Tax Aud i t 1 1 0 , 2 7 6 9 1 , 1 9 5

For O the r S e r v i c e s 1 8 1 , 1 0 9 2 2 4 , 0 0 1

M i s c e l l a n e o u s e x p e n s e s 8 , 7 2 8 , 7 4 7 4 , 9 0 5 , 4 7 0

I r r e c o v e r a b l e B a l a n c e s W r i t t e n off 1 7 4 , 2 5 8 2 7 2 , 2 2 4

I tems re lat ing to p rev i ous y e a r 2 7 3 , 5 6 7 5 6 , 8 0 4

F ixed A s s e t s W r i t t e n Off 2 2 3 , 5 4 5

Pre l im ina ry Exp . W/of f 8,126 8 , 5 2 6

4 7 , 9 2 9 , 3 0 9 4 2 , 4 5 3 , 8 8 2

2 1 P R O V I S I O N FOR T A X A T I O N

I n c o m e Tax 1 2 , 2 6 0 , 0 0 0 4 , 0 5 0 , 0 0 0

D e f e r r e d Tax 8 1 0 , 6 1 5 ( 1 2 3 , 8 7 6 )

Fr inge Benef i t Tax 9 3 4 , 0 0 0 6 3 0 , 0 0 0

W e a l t h Tax 3 0 , 0 0 0 5 , 0 0 0

I n c o m e tax A d j u s t m e n t s 111 ,642 ( 2 , 0 8 5 )

1 4 , 1 4 6 , 2 5 7 4 , 5 5 9 , 0 3 9

-GEO-

ASHIANA HOUSING LIMITED • CONSOLIDATED Ashiana

CD



S Y S T E M O F A C C O U N T I N G :

The c o m p a n y a d o p t s a c c r u a l bas is o f a c c o u n t i n g in the p repa ra t i on o f a c c o u n t s .


1. F ixed a s s e t s a re v a l u e d a t cost and d e p r e c i a t i o n i s p r o v i d e d on s t ra igh t l ine bas i s in a c c o r d a n c e w i th t he

p rov i s ions o f S c h e d u l e X IV to the C o m p a n i e s Ac t , 1956 .

2. Cap i ta l w o r k in p r o g r e s s is v a l u e d at cos t .


L e a s e h o l d and F reeho ld l a n d , unso ld 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 ma te r i a l s are v a l u e d

at cos t , w h i c h is de r i ved at a v e r a g e bas is , excep t that va l ue o f c o n s t r u c t i o n ma te r ia l is de r i ved at F IFO bas i s .

G R A T U I T Y :

Gratu i t y is a c c o u n t e d for on acc rua l bas i s .

S A L E S A N D O T H E R I N C O M E :

a) S a l e s o f f la ts and o t h e r s , in respect o f p ro jec ts u n d e r t a k e n be fo re 31st M a r c h , 2 0 0 6 , i s a c c o u n t e d for on t he

bas is o f da te o f de l i ve ry o f phys i ca l p o s s e s s i o n to the respec t i ve c u s t o m e r s and s a l e s in respec t o f p ro j ec t s

under t a k e n on or af ter 1st A p r i l , 2 0 0 6 , r ep resen ts the va l ue o f f la ts and o the rs c o n t r a c t e d to be so ld to the

ex ten t o f w o r k d o n e on p e r c e n t a g e c o m p l e t i o n bas is , s ign i f i can t risk and r e w a r d s w h e r o f i s t r a n s f e r r e d to the

buyer upon e x c e c u t i o n o f A g r e e m e n t for s a l e .

b ) O the r i n c o m e is a c c o u n t e d on a c c r u a l bas is excep t w h e r e the rece ip t o f i n c o m e is u n c e r t a i n .


a) Cur ren t Tax is d e t e r m i n e d as the a m o u n t of tax payab le in respect o f t a x a b l e i n c o m e for t he year .

b) D e f e r r e d Tax is r e c o g n i s e d , sub jec t to c o n s i d e r a t i o n of p r u d e n c e , in respec 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

a r is ing on t i m i n g d i f f e rences , be ing t he d i f f e rence b e t w e e n t a x a b l e i n c o m e and a c c o u n t i n g i n c o m e that o r i g i na te

in one per iod and are c a p a b l e of reversa l in one or more s u b s e q u e n t p e r i o d . De fe r red tax in respec t of d i f fe ren t ia l

i n c o m e due to a c c o u n t i n g o f s a l e s on p e r c e n t a g e c o m p l e t i o n bas i s , be ing 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 t e r m i n v e s t m e n t s are ca r r i ed a t acqu i s i t i on cost and i n v e s t m e n t s i n tended to be held for less t h a n one yea r a re

c lass i f i ed as cur ren t i n v e s t m e n t s and are ca r r i ed a t l ower o f cost and marke t v a l u e . Long T e r m I n v e s t m e n t s w h i c h

have a t t a i ned the s tage o f p e r m a n e n t d i m i n u t i o n in the i r v a l u e are reva lued a t the i r cu r ren t v a l u e .

F O R E I G N C U R R E N C Y T R A N S A C T I O N S :

I n c o m e a n d E x p e n d i t u r e in f o re ign currency is c o n v e r t e d into rupee at the rate of e x c h a n g e p reva i l i ng on the da te of

t he t r a n s a c t i o n s .

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

I m p a i r m e n t Loss in t he v a l u e o f a s s e t s , as spec i f i ed in A c c o u n t i n g S t a n d a r d -28 i s r e c o g n i s e d w h e n e v e r ca r r y i ng

va l ue of s u c h asse t s e x c e e d s the marke t va l ue or va l ue in use , w h i c h e v e r is h igher .

2) C o n t i n g e n t Liabi l i ty, not p rov ided for, in r e s p e c t of :

a ) C o n t e s t e d d e m a n d o f

I ncome tax and pena l ty Rs . 7.51 lacs (Rs . 7.51 lacs ) .

S e r v i c e Tax R s . 4 6 . 5 9 lacs (Nil)

ESIC Rs .3 .04 lacs (Nil)

b ) C o n t e s t e d c l a i m o f t he G o v e r n m e n t o f R a j a s t h a n 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 in te res t

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 con t rac t rema in ing to be e x e c u t e d on cap i ta l a c c o u n t and not p rov ided for a m o u n t s (net o f

a d v a n c e ) to Rs . 70 .86 lacs (Rs . 7 2 . 0 0 lacs ) .

4) The a c c o u n t i n g of sa les of f la ts and o the rs c o n t r a c t e d to be so ld in respec t o f p ro jec ts unde r t a k e n on or af ter

1st A p r i l , 2 0 0 6 , has been d o n e on p e r c e n t a g e c o m p l e t i o n bas is , w h i c h unti l p rev ious y e a r w a s be ing d o n e on

the bas is o f de l i ve ry o f phys i ca l p r o s s e s s i o n to the respec t i ve c u s t o m e r s . But for th is c h a n g e , profit for the y e a r

w o u l d have been lower by Rs . 114.78 lacs .


5)

6)

7)

8)

9)

Pa id u p S h a r e C a p i t a l o f t he C o m p a n y i n c l u d e s 1 9 9 3 1 0 0 Equ i t y S h a r e s , a l l o t t e d p u r s u a n t t o S c h e m e s o f

A m a l g a m a t i o n w i thou t p a y m e n t be ing rece i ved i n c a s h .

N a m e o f 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 H o u s i n g and F i n a n c e (India) L im i ted ' t o ' A s h i a n a H o u s i n g

L i m i t e d ' v ide the f resh cer t i f i ca te o f i n c o r p o r a t i o n , c o n s e q u e n t upon c h a n g e o f n a m e , d a t e d 0 4 . 0 5 . 2 0 0 7 , i ssued

by the Reg is te ra r o f C o m p a n i e s , W e s t .

Interest I n c o m e ( Inc lud ing 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 O t h e r s R s . 3 , 3 5 , 5 6 4 / - (Rs . 6 ,99 ,281 / - )

In v i e w o f insuf f ic ient i n fo rmat ion f r o m the supp l i e r s regard ing the i r s ta tus as SSI un i ts , the a m o u n t due to

Sma l l Sca le Indust r ia l u n d e r t a k i n g can not be a s c e r t a i n e d .

2 0 0 6 - 2 0 0 7

D i rec to rs ' R e m u n e r a t i o n :

S a l a r y

P rov is ion for Gra tu i t y

P e r q u i s i t e s

( R s . )

3 , 1 5 0 , 0 0 0

2 6 2 , 5 0 0

441 ,311

3 ,853 ,811

2 0 0 5 - 2 0 0 6

(Rs.)

3 , 6 0 0 , 0 0 0

6 2 , 5 0 0

7 3 5 , 9 5 7

4 , 3 9 8 , 4 5 7

10) E x p e n d i t u r e in Fo re i gn C u r r e n c y :

T rave l l i ng R s . 1 7 , 6 0 , 1 0 9 / - (Rs . 9 ,73 ,555 / - )

11) T h e ea rn i ng per sha re has been c a l c u l a t e d as spec i f i ed in A c c o u n t i n g S tanda rd 20 on " E a r n i n g s Per S h a r e "

i ssued by ICAI and re la ted d i s c l o s u r e s are as be low :

a ) A m o u n t used as n u m e r a t o r in ca l cu la t i ng basic and d i lu ted E P S :

Pro f i t / (Loss) af ter tax (Rs . in lacs)

b ) W e i g h t e d a v e r a g e n u m b e r o f equi ty s h a r e s used as the

d e n o m i n a t o r in ca l cu la t i ng EPS (Nos . in lacs) .

2 0 0 6 - 2 0 0 7

Rs.

9 4 4 . 6 7

51 .67

2 0 0 5 - 2 0 0 6

Rs.

5 5 3 . 0 7

51 .67

12) T h e s e a c c o u n t s have been p repa red as per the rev ised A c c o u n t i n g S t a n d a r d (AS) 9 on " R e v e n u e R e c o g n i t i o n "

and t he G u i d a n c e note on " R e c o g n i t i o n o f R e v e n u e by Real Es ta te D e v e l o p e r s " .

S i n c e , in t e r m s o f p rov i s i ons o f the I n c o m e Tax Ac t , 1961 the i ncome a c c r u e s upon de l ivery o f phys ica l p o s s e s s i o n

o f c o n s t r u c t e d unit a n d d e d u c t i o n u/s 8 0 I B ( 1 0 ) i s a l l o w e d af ter c o m p l e t i o n o f c o n s t r u c t i o n , 'Ne t Prof i t ' f o r

c o m p u t i n g Tota l I n c o m e under t he

Rs. Rs.

Net Profit as per Prof i t & Loss A c c o u n t

Less : - Sa les Real Es ta te - o n g o i n g pro jec ts

Less : O n g o i n g pro jec t e x p e n s e s a d j u s t e d

A d d : - A s per I n c o m e Tax A c t :

Sa les Real Esta te - o n g o i n g p ro jec ts c o m p l e t e d

(upon de l i ve ry o f phys i ca l p o s s e s s i o n )

Less : Cost o f Sa les

2 8 , 2 9 3 , 2 7 9

1 6 . 8 1 4 . 5 3 1

1 0 8 , 6 1 3 , 6 3 7

11 .478 .748

9 7 , 1 3 4 , 8 8 9

Net Prof i t for I ncome Tax P u r p o s e 9 7 , 1 3 4 , 8 8 9

CD

ASHIANA HOUSING LIMITED - CONSOLIDATED Mm Ashiana 13) T h e C o n s o l i d a t e d F inanc ia l S t a t e m e n t s have been p r e p a r e d in a c c o r d a n c e w i th A c c o u n t i n g S t a n d a r d 21 (AS 21)

- " C o n s o l i d a t e d F inanc ia l S t a t e m e n t s " i ssued by T h e Inst i tu te o f C h a r t e r e d A c c o u n t a n t s o f Ind ia . T h e s u b s i d i a r i e s

(wh i ch a l o n g w i th A s h i a n a H o u s i n g & F i n a n c e (I) L t d . , t he pa ren t , c o n s t i t u t e t he G r o u p ) c o n s i d e r e d in t he

p r e p a r a t i o n o f t h e s e c o n s o l i d a t e d f i nanc ia l s t a t e m e n t s a re :

N a m e C o u n t r y o f P e r c e n t a g e o f v o t i n g ' P e r c e n t a g e o f v o t i n g

I n c o r p o r a t i o n p o w e r a s a t p o w e r a s a t

31s t M a r c h , 2 0 0 7 31s t M a r c h . 2 0 0 6

A s h i a n a Re t i r emen t V i l l a g e s L imi ted India 1 0 0 % 9 9 . 9 8 %

Vat i ka M a r k e t i n g L imi ted India 1 0 0 % 1 0 0 %

14) On the bas is o f phys i ca l ve r i f i ca t i on o f a s s e t s , as spec i f i ed in A c c o u n t i n g S t a n d a r d - 28 a n d c a s h g e n e r a t i o n

capac i t y o f t h o s e a s s e t s , in t he m a n a g e m e n t pe rcep t i on t h e r e i s no i m p a i r m e n t o f s u c h a s s e t s as a p p e a r i n g in t he

ba lance shee t as on 3 1 . 0 3 . 2 0 0 7 .

15) a) P rev ious y e a r f i g u r e s a b o v e are i nd i ca ted in b racke t s .

b ) P r e v i o u s y e a r f i g u r e have been r e g r o u p e d / r e a r r a n g e d , w h e r e v e r f o u n d n e c e s s a r y .




I Reg is t ra t i on Deta i ls


III Pos i t ion of Mob i l i sa t i on and


' ( A m o u n t in Rs . T h o u s a n d )


A p p l i c a t i o n o f F u n d s


Reg i s te ra t i on No . 4 0 8 6 4

Ba lance Shee t Date 3 1 / 0 3 / 2 0 0 7

Publ ic Issue Nil

B o n u s Issue Nil

Total L iab i l i t ies 3 5 8 , 9 3 7

Pa id -up Cap i ta l 5 1 , 6 7 0

S e c u r e d L o a n s 9,762

Def fe red Tax L iab i l i t ies 3,970

Net F ixed A s s e t s 1 8 4 , 9 2 5



Turnover (Gross Revenue) : 556,871

+/- P ro f i t / Loss

B e f o r e Tax

+ 1 0 8 , 6 1 4

i

Earn ing per share 18 .28

Sta te C o d e 21

Right Issue Nil

Pr ivate P l a c e m e n t Nil

Tota l A s s e t s 3 5 8 , 9 3 7

Reserves & Surplus 271,735

U n s e c u r e d L o a n s 2 1 , 8 0 0

I n v e s t m e n t s 2 6 9 , 4 9 7

Misc . Expend i t u re 3 3 0 0

Total Exped in tu re 4 4 8 , 2 5 7

+/- P ro f i t / Loss + 9 4 , 4 6 7

A f t e r Tax *

D i v idend Rate % 25


(as per mone ta ry te rms) I tem C o d e No. N.A

( ITC Code )

Produc t Desc r ip t i on Rea l E s t a t e


in t e r m s of our report o f even date a t t a c h e d h e r e w i t h .



V I N I T B A G A R I A Par tner

B h a g w a n K u m a r C o m p a n y Sec re ta ry

O m P r a k a s h G u p t a M a n a g i n g Director

V i s h a l G u p t a Jt . M a n a g i n g Director

Nava l K i s h o r e G . M . (F&A)

Place : G u r g a o n Date : 29 th J u n e , 2 0 0 7

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


C A S H F L O W S T A T E M E N T F O R T H E Y E A R E N D E D 3 1 S T M A R C H , 2 0 0 7

2 0 0 6 - 2 0 0 7 2 0 0 5 - 2 0 0 6

( R s . ) ( R s . )

C A S H F L O W F R O M O P E R A T I N G A C T I V I T I E S :

Net Profit be fo re tax and e x t r a o r d i n a r y i tems 1 0 8 , 6 1 3 , 6 3 7 5 9 , 8 6 5 , 8 8 3


D e p r e c i a t i o n 3 , 5 8 8 , 5 2 0 . 2 , 7 9 5 , 9 5 4

In terest I n c o m e ( 1 5 , 8 9 1 , 2 8 6 ) ( 7 , 9 6 9 , 9 7 0 )

I n c o m e f r o m Long T e r m s I n v e s t m e n t ( 1 7 , 2 9 9 , 3 1 7 ) ( 2 2 , 6 0 8 , 7 3 7 )

P rov is ion for doub t fu l loans wr i t t en back ( 1 0 0 , 0 0 0 )

F ixed a s s e t s w r i t t e n off 2 2 3 , 5 4 5

Profit Loss on sa le of F ixed A s s e t s ( 4 6 , 7 2 0 ) ( 1 6 , 7 9 8 )

O P E R A T I N G P R O F I T B E F O R E W O R K I N G CAPITAL C H A N G E S . 7 9 , 0 8 8 , 3 7 9 3 2 , 0 6 6 , 3 3 2


T r a d e a n d o the r r e c e i v a b l e s ( 1 5 , 7 0 8 , 7 0 6 ) ( 3 4 , 2 3 2 , 7 1 5 )

I n v e n t o r i e s ( 6 8 , 9 9 8 , 4 9 2 ) ( 1 1 4 , 5 4 5 , 9 0 1 )

T r a d e P a y a b l e s and a d v a n c e s f r o m c u s t o m e r s 2 0 5 , 3 9 5 , 5 1 3 2 6 3 , 9 5 0 , 5 5 9

( I n c r e a s e ) / D e c r e a s e in M i s c e l l a n e o u s e x p e n d i t u r e ( 3 , 2 9 1 , 8 9 7 ) 8 ,526

C A S H G E N E R A T E D F R O M O P E R A T I O N S 1 9 6 , 4 8 4 , 7 9 7 1 4 7 , 2 4 6 , 8 0 1

Direct T a x e s paid / ad jus ted ( 1 6 , 0 8 8 , 4 0 2 ) ( 5 ,111 ,832 )

C a s h f l ow be fo re ex t ra o rd ina ry i t ems 1 8 0 , 3 9 6 , 3 9 5 1 4 2 , 1 3 4 , 9 6 9

Extra Ord ina ry i tems

A d j u s t m e n t on accoun t o f a m a l g a m a t i o n o f s u b s i d i a r i e s 9 , 0 0 4 , 0 9 0

Net c a s h f r o m O p e r a t i n g ac t i v i t ies (A) 1 8 0 , 3 9 6 , 3 9 5 1 5 1 , 1 3 9 , 0 5 9

C A S H F L O W F R O M I N V E S T I N G A C T I V I T I E S :

P u r c h a s e o f F ixed A s s e t s ( 1 1 9 , 6 3 8 , 9 9 4 ) ( 3 6 , 5 0 5 , 9 8 0 )

Sa le o f F ixed A s s e t s 2 7 6 , 2 0 0 1 6 , 7 9 8

Net P u r c h a s e / sa le o f I n v e s t m e n t s ( 2 2 , 1 3 9 , 2 5 3 ) ( 2 3 , 9 0 1 , 7 7 4 )

In terest I n c o m e 1 5 , 8 9 1 , 2 8 6 7 , 9 6 9 , 9 7 0

Othe r I n c o m e f r o m Long T e r m I n v e s t m e n t s 2 , 1 4 9 , 4 0 7 9 4 4 , 1 3 5

Net C a s h f r o m inves t ing ac t iv i t ies (B) ( 1 2 3 , 4 6 1 , 3 5 4 ) ( 5 1 , 4 7 6 , 8 5 1 )

C A S H F L O W F R O M F I N A N C I N G A C T I V I T I E S :

P r o c e e d s f r o m long t e r m and o ther b o r r o w i n g s 1 8 , 4 0 3 , 9 9 2 ( 5 3 8 , 0 0 5 )

D i v i dend & D iv idend Tax paid 1 1 , 7 6 8 , 6 6 2 ( 5 , 7 9 1 , 9 6 3 )

Net C a s h used in F i n a n c i n g ac t iv i t ies (C) 3 0 , 1 7 2 , 6 5 4 ( 6 , 3 2 9 , 9 6 8 )

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 ) s 8 7 , 1 0 7 , 6 9 5 9 3 , 3 3 2 , 2 4 0

C A S H A N D C A S H E Q U I V A L E N T S A T T H E B E G I N N I N G O F T H E 1 7 0 , 6 3 2 , 6 5 3 7 7 , 3 0 0 , 4 1 3

Y E A R

C A S H A N D C A S H E Q U I V A L E N T S A T T H E E N D O F THE Y E A R 2 3 4 , 1 6 8 , 5 0 1 1 7 0 , 6 3 2 , 6 5 3

0 1 . P r o c e e d s f r o m long t e r m and o ther b o r r o w i n g s are s h o w n net o f r e p a y m e n t :

0 2 . C a s h and C a s h e q u i v a l e n t s rep resen t c a s h and bank b a l a n c e s only .

In t e r m s of our report o f even da te a t t a c h e d herew i th




Par tne r C o m p a n y S e c r e t a r y M a n a g i n g Di rec tor Jt . M a n a g i n g Di rec tor G . M . (F&A)

P lace : G u r g a o n P lace : New Delhi

Da te : 29th J u n e , 2 0 0 7 Da te : 29 th J u n e , 2 0 0 7

< 6 9 >

A s h i a n a

ASHIANA HOUSING LIMITED • CONSOLIDATED

A s h i a n a 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

TO BE H A N D E D OVER AT THE ENTRANCE OF THE MEETING HALL Name of the attending member (in block letters)

Members registered folio number Name of the Proxy (in Block letters)

(To be filled in if the proxy attends instead of the Members) No. of shares held

I hereby record my presence at the 21 st Annual General Meeting of the Company held at 'Kalakunj' (Basement - Kalamandir), 48 , 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 ime of handing over the slip)

N O T E : The copy of the Annual Report may please be brought to the Meeting Hall.

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

P R O X Y F O R M

I/We

Of being a member(s) of the above mentioned Company 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), 48, Shakespeare Sarani,

Kolkata-700 017. Affix

Signed this .day of. 2007. Re. I/¬ Revenue

Stamp Registered Folio No./Client ID No No of Shares

D. R I D N o

N o t e : I. Any Member entitled to attend and vote at the meeting is entitled to attend and either vote in person or by

proxy and the proxy need not be a member.

2. The Proxies, in order to be effective, must be received by Company not less than 48 hours before the t ime of

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

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.

| | f »

w Offering exclusive 3 bedroom villas, executive

floors & super deluxe apartments.

® Efficiently designed units for highest carpet area.

G Professionally landscaped large parks, fountains &

trees all around the complex.

1 & A S H I A N A

l a n d s P A R D I H , J A M S H E D P U R

ASHIANA WOODLANDS, JAMSHEDPUR

Ashiana Woodlands is not just a home, 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 most picturesque area near Jamshedpur.

Surrounded on three sides with densely wooded

hills, Ashiana Woodlands is all about world-class

facilities and comfortable living with up-market

specifications.

1 Recreational facilities like Gymnasium, Pool table,

Swimming Pool, Badminton Court, Reading Lounge

and Walking Track.

24 hour internal security with intercom.

Ample Parking space.

J VJLLRGE MRU

ASHIANA VILLAGE MALL, BHIWADI The Village Mal 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 Mall in Bhiwadi.

A Five Storey Elegant Structure with two floors for

shopping and three floors for corporate space.

© Strategically located in a growing market.

A Well connected - having roads on all three sides.

® Large car parking for ease of accessibility.

Available only on lease hold.

' Power backup.

1 Designated elevators for shoppers, corporate space

& service staff.

1 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 ' c l u b c o m i n g u p n e a r b y .

Malviya Nagar, Jaipur.

A Over looking the shooting range and the forest land

A 3 Bedroom Palatial apartments with up-market

specifications.

Projects on offer

Ashiana flaxen W A ^

ASHIANA AANGAN, BHIWADI

Ashiana Aangan is strategically located in Bhiwadi,

Rajasthan, offering you a choice of high rise

apar tments , that are efficiently designed for high

carpet a r e a . The townsh ip ca te rs 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 +10 floors with two automatic lifts.

>2/3 bedrooms apartment, with highest carpet area

(77%) to super built-up area.

> 8 2 % open spaces with landscaped parks, fountains

etc.

'State of the art maintenance facility by wholly owned

subsidiary.

A 2 0 0 0 happy Ashiana families living in the vicinity.

A Good 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 Mangalm, has got the best in terms 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.

AEf f ic ient ly 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, 750 watt power back-up & ample water

O A S H I A

r rJ

1 R E T |i

ASHIANA UTSAV, BHIWADI & J A I P U R - India's First Retirement Resort When you retire from work, you do

not retire from life. You've worked

h a r d a n d f u l f i l l e d y o u r

responsibilities, now it's time to

think about your needs, your

comforts and your peace of mind. Its time to enjoy life

independently and on your own terms. 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!

0 Location Bhiwadi - Just 45 minutes drive from Delhi

International Airport.

N A

/

9 Location Jaipur - On Kalwar

Road, 17 kms. from M. I. Road

Jaipur.

0 O p t i o n of 2 / 3 b e d r o o m

apartments with lift.

© Secure campus with emergency

response system in each flat.

9 24 hours Medical Assistance

Centre with' doctors, para 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 fora healthy lifestyle.

Wheel chair accessible homes .

Ashiana (If undelivered, pleasesendto)

A S H I A N A H O U S I N G L IM ITED, (formerly known as Ashiana Housing & Finance (I) Limited.): 3 0 4 , Southern Park, Saket District Cen t re ,

Saket , New Delhi - 1 1 0 017 Ph : 011-4265 4 2 6 5 ; JA IPUR: 604 , Apex Mal l , 5th floor, Lai Koth i , Tonk R o a d , Jaipur - 302 015 .

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 S ingh Colony, Bh iwad i , Ra jas than - 301 0 1 9 . P h : 01493 -515 5 1 5 ;

J O D H P U R : Ash iana A m a r b a g h , Vi l lage Kudi Bhag tasan i , Jodhpur Pali Road , Jodhpur - 342 0 0 1 . Ph : 0 2 9 1 - 513 3888 ;

J A M S H E D P U R : Ash iana Trade Cen t re , Adi tyapur, J a m s h e d p u r - 8 3 1 0 1 3 . Ph : 0 6 5 7 - 3 2 9 6 8 0 5 .

E-mail : i nves to rs@ash ianahous ing .com; W e b : www.ash ianahous ing . com

mailto:[email protected]


Ashiana Annual Report 07

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