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1^1 A.sh Larva
'Annual.
eportC w U / " U D
ASHIANA HOUSING LTD.
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Ashiana
Nur tu r ing Smi les
ITM
O ur Cu rrent Pro jects
UTSAV*
BHIWADI
A S H I A N A
JAIPUR & LAVASA
GREENWOOD% I J[WOOD W
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ASHIANA HOUSING LIMITEDAshiana
ITM
2007-08 2006-07
(Rs.) (Rs.)
Vatika Marketing Ltd.:
Maintenance charges paid Rs. 7.67 lacs Rs. 6.79 lacs
Rent Received Rs. 6.00 lacs Rs. 6.00 lacs
Hire charges Received Rs 1.20 lacs Rs. 1.20 lacs
Year end payable (net) Rs.20.91 lacs Rs. 8.57 lacs
il) Ashiana Retirement Villages Ltd.:
b)
Interest received Rs.Nil Rs. 3.28 lacs
Lease Rent Received Rs.6.00 lacs Rs.9.00 lacs
Revenue sharing Rs.5.02 lacs Rs.Nil
Sales Rs.Nil Rs.37.40 lacs
Hire charges Received Rs.0.60 lacs Rs.0.60 lacs
Other income received Rs.2.51 lacs Rs.Nil
Loan given / (repaid) (net) (Rs.73.06 lacs) Rs.67.05 lacs
Advance against bookings Rs. 64.05 lacs Rs.Nil
Year end Receivable Rs. 7.19 lacs Rs.101.95 lacs
Associates and joint ventures:
Bahari Estates (P) Ltd.
Year end payable Rs.77.43 lacs Rs.5.69 lacs
Year end Receivable Rs.Nil Rs.30.21 lacs
Management Fee Rs.319.58 lacs Rs.6.02 lacs
iii)
iv)
c)
Ashiana Greenwood Developers as above
Ashiana Amar Developers as above
Ashiana Amar Infrastructure as above
Individuals owning directly or indirectly, an interest in the voting
power of the company that gives them control or significant
influence over the company, and relatives of any such individual.
Key management personnel and their relatives
Rs. In lacs
i) Shri Om Prakash Gupta, Remuneration 18.00 9.00Shri Om Prakash Gupta, Remuneral
Managing Director
il) Shri Vishal Gupta, Remuneration 18.00 7.50
Jt. Managing Director
III) Shri Ankur Gupta, Remuneration 18.00 6.00
Whole Time Director
Enterprises over which any person described in (c) or (d) is able
to exercise significant influence :
Rs. in lacs
OPG Realtors Private LimitedAdvance against bookings
Year end Payable
Karma Hospitality Private Limited
Amount Written off in respect of above parties
318.82
318.82 Nil
10) The earning per share has been calculated as specified in
Accounting Standard 20 on "Earnings Per Share" issued by
ICAI and related disclosures are as below :
a) Amount used as numerator in
calculating basic and diluted EPS:
ProfiV(Loss) after tax
b) Weighted average number of
equity shares used as the
denominator in calculating
EPS (Nos. in lacs).
Opening Balance
Bonus shares issued during
the year 2007-08 in
the ratio of 5:2
2007-08
(Rs.)
3699.78
53.53
133.83
187.36
2006-07
(Rs.)
Rs. in lacs
968.52
53.53
133.83
187.36
11) Effective 1st April , 2007, employee benefit obligations have been-
measured/ valued following the Accounting Standard 15 (revised
2005) on 'Employee Benefits' (AS) issued by the Institute of
Chartered Accountants of India. Pursuant to adoption of the AS,
the differential obligations on Employee Benefits as on that date,
amounting to Rs 1410840/- has been transferred to the General
Reserve in terms of the transitional provisions of the said standard.
The charge to the Profit and Loss account is lower by an amount
of Rs 29460/- with its consequential effect on the profit before tax
for the current year.
Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised are charged
off for the year are as under:
{ I }
Employer's Contribution to
Provident & Pension Fund
Defined Benefit Plan
(Rs. In lacs)
9.03
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises
each period of serviceasgiving rise to additional unit of employee
benefit entitlementand measures each unit separately to build up
the final obligation.
Gratuity
(Unfunded)
(Rs. in lacs)
a. Reconciliation of opening and closing
balances of Defined Benefit obligation:
Defined Benefit obligation at
beginning of the year 32.16
Current Service Cost 9.78
Interest Cost 2.57
Actuarial (gain)/loss 5.22
Benefits (paid) (0.10)
Defined Benefit obligation at year end 49.63
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ASHIANA HOUSING LIMITEDAshiana
ITM
SCHEDULES TO THE ACCOUNTS
22. BALANCE SHEET ABSTRA CT AND COMPANY'S GENERA L BUSINESS PROFILE
1. Registra tion Details Registration No. 40864
Balance Sheet Date 31/03/2008
II. Capital raised during the year Public Issue NIL
(Amount in Rs. Thousand) Bonus Issue 133828
III. Posit ion of Mobi lisa tion and
Deployment of funds
(Amount in Rs. Thousand)
Total Liabilities 654,734III. Posit ion of Mobi lisa tion and
Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds Paid-up Capital 187,358
Secured Loans 7247
Deferred Tax Liability 8428
State Code
Right Issue
Private Placement
Total Assets
Reserves & Surplus
Unsecured Loans :
21
NIL
NIL
654,734
451,701
NIL
Application of Funds
Performance of Company
Net Fixed Assets
Net Current Assets
Accumulated Losses
+/- Profit/Loss
Before Tax
Earning' per share
136,524
(13,673)
NIL
Turnover (Gross Revenue): 1,272,532
+ 421,618
19.75
IV. Gener ic Nam e of Thre e
Products/Services of Company
(as per mone tary terms) Item Code No. N.A
(ITC Code)
Product Description Real Estate
Investments 531,883
Misc. Expend iture : NIL
Total Expedin ture : 850,913
+ -Profit/Loss + 369,978
After Tax*
Dividen d Rate % : 15
Signature to Schedules 1 to 22
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants For and on behalf of the Board
VINIT BAGARIA
Partner
Place: Gurgaon
Date : 30th June , 2008
Bhagwan Kumar
Company Secretary
Om Prakash Gupta
Managing DirectorVishal Gupta
Jt. Managing Director
Naval Kishore
G.M. (F&A)
Place : New DelhiDate : 30th June , 2008
CD
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ASHIANA HOUSING LIMITEDtillAshiana
ITM
ASHIANA HOUSING LIMITED
CASH F LOW STATEMENT FOR THE YEAR END ED 31 ST MARCH , 2008
2007-2008
( R s . )
2006-2007
( R s . )
CASH FLOW FROM OPERATING ACTIVITIES :
Net Profit before tax and extraordinary items
Adjusted for :
Depreciation
Interest Income
Income from Long Terms Investment
Provision for doubtful loans written back
Fixed assets written off
(Profit) / Loss on sale of Fixed Assets
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
Adjusted for :
Trade and other receivablesInventories
Trade Payables and advances from customers
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted
Cash flow before extra ordinary items
Extra Ordinary items
Net cash from Operating activities (A)
CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets
Sale of Fixed Assets
Net Purchase/ sale of Investments
interest Income
Other Income from Long Term Investments
Net Cash from investing activities (B)
CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from long term and other borrowings
Dividend paid
Net Cash used in Financing activities (C)
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+ B+ C)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
421,618,471
5,772,839
(14,570,105)
(12,027,556)
373,192
(2,,620,127)
398,546,714
(323,378,810)162,704,477
(69,004,840)
168,867,541
(47,994,706)
120,872,835
120,872,835
(23,747,420)
5,363,700
(268,937,459)
14,570,105
1,542,230
(271,208,844)"
(2,515,146)
(12,425,720)
(14,940,866)
(165,276,875)
227,817,692
62,540,817
111,243,582
3,533,907
(15,682,645)
(16,048,893)
(100,000)
223,545
(46,784)
83,122,712
(20,610,842)(69,089,579)
182,150,658
175,572,949
(13,871,768)
161,701,181
161,701,181
(82,523,731)
276,000
(22,990,554)
15,682,645
2,299,041
(87,256,5997
264,764
(10,012,559)
(9,747,795)"
64,696,787
163,120,905
227,817,692
01 . Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivalen ts represent cash and bank balances only.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants For and on behalf of the Board
VINIT BAGARIA
PartnerBhagwan Kumar
Company Secretary
Om Prakash Gupta
Managing DirectorVishal Gupta
Jt. Managing DirectorNaval Kishore
G.M. (F&A)
Place: Gurgaon
Date : 30th June , 2008
Place : New Delhi
Date : 30th June, 2008
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ASHIANA HOUSING LIMITED
ITM
Statement pursuant to Section 212 of the Companies Act, 1956 relating toCompany's interest in the Subsidiary Companies
Ashiana Vat lka
Ret i reme nt Vi l lages Mar ket i ng
Ltd. Ltd.
1. Financial Year of the Subsidiary Com pan y ende d on
2. a. No. of shares held by Ashi ana Housin g Limit ed.
(Holding Company) in the subsidiary at the end
of the financial year of the subsidiary
b. Extent of interest of Holding Compa ny at the end
of the financial year of the subsidiary :
3. The net aggr egate amo unt of subsid iary's profit/(Los s)not dealt with in the Company's accounts.
a. for the financial year of the subsidia ry (in Rs.)
b. for the all previo us financi al year s of the subsidiary
since it became the Holding Company's subsidiary
4. The net aggre gate amou nt of subsid iary's profit/(Los s)
dealt with in the Company's accounts.
a. for the financial year of the subsidiary (in Rs.)
b. for the all previ ous financ ial yea rs of the subsid iary
since it became the Holding Company's subsidiary
5. Chan ges in the Holding Comp any' s interest, in the
Subsidiary between the end of the Financial Year of
the Subsidiary and the end of the Holding Company's
Financial Year.
6. Material Changes between the end of the Financial Year
of the Subsidiary and the end of the Holding Company's
financial year in respect of
a. the subsidiary's fixed assets
b. its inve stme nts
c. the mone y lent by it, and
d. the mon ey borr owed by it for any purpose other
than that of meeting current liabilities.
31.03.2008
9240050 Equity
Shares of
Rs. 10/- each
100%
1,53,39,980
9,19,005
Nil
Nil
N. A.
N.A.
N.A.
N.A.
N.A.
31.03.2008
50000 Equity
Shares of
Rs. 10/- each
100%
11,91,872
97,873
Nil
Nil
N.A.
N.A.
N.A.
N.A.
N.A.
For and on behalf of the Board
Place: New Delhi Om Praka sh Gupta Vish al Gupt a
Da te : 30th June, 2008 Managing Director Jt. Managing Director
CD
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VATIKA MARKETING LIMITEDAshiana
ITM
DIRECTORS' REPORT
TO THE MEMBER (S)
The Directors of your Company have pleasure in presenting
the Tw e l f t h A nnua l R epor t , together w i th aud i ted
statement of accounts for the year ended 31 s t March 2008.
FINANCIAL RESULTS
Your directors are glad to report that during the year under
review the project Maintenance Charges & Other Income
has been recorded at Rs. 2,03,01,078/- as compared to
Rs. 1,93,73,582/- durin g the previ ous financ ial year. The
Company has earned a profit, after depreciation and tax, of
Rs.1 1,91 ,872 /- dur ing the f inan cial year 200 7-08 as
compared to loss of Rs. 9,29,319/- in the previous financial
year.
DIVIDEND
Your directors do not recommend dividend for the year.
The profits generated are being reinvested in the business
of the Company.
OPERATION
The main operation of your Company relates to maintenance
of various building complexes.
DIRECTORS
During the year under review no change has been made in
the directorship of the Company. At the forthcoming annual
general meeting Shri Anshumali Bajaj, and Smt. Sonal Mattoo,
Directors of the company, are retiring by rotation and being
eligible, offer themselves for re-appointment. The Board
recommends their re-appointment.
FIXED DEPOSITS
The Company had neither invited nor accepted any depositsfrom the publ ic within the meaning of the Companies
(Acceptance of Deposits) Rules, 1975.
AUDITORS
M/s. B.Chhawchharia & Co., Chartered Accountants, retire
at the conclusion of forthcoming Annual General Meeting
and being eligible, offer themselves for re-appointment. The
Company has received a certificate to the effect that their
re-appointment, if made, will be within the prescribed limit
under section 224(1 B) of the Comp anie s Act, 1956. The
Audi to rs repor t is se l f -exp lanatory and requ i res no
comments by the Directors.
As regards Auditor's observation on the dues to SSI Units
the Board has to state that in view of insufficient information
from the suppliers regarding their status as SSI Units, the
amount due to Small Scale Industrial Undertaking can not beascertained.
PARTICULARS OF EMPLOYEES
There is no employee in respect of whom part iculars
pursuant to Section 217 (2A) of the Companies Act, 1956
r ead w i t h C ompan ies ( P a r t i cu la r s o f E mp loyees )
(Amendments) Rules, 1999 are required to be given.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956,
the Directors confirm that:
( I) In the pre par at i on of the ann ual ac co un ts, the
applicable accounting standards have been followed
by the Company;
( I I) Such account ing pol ic ies have been selected and
consistently applied and judgments & estimates made
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company
as at 31st March 2008 and of the profit or loss of the
Company for the year ended on that date.
(III) Proper and sufficient care has been taken for the
main tenance o f adequate account ing records in
accordance with the provisions of the Companies Act,
1956, for safeguarding the assets of the Company
and for prevent ing and detect ing fraud and other
irregularit ies;
( IV) Annua l accounts have been prep ared on a going
concern basis.
P A R TIC U LA R S O F C O N S E R V A TIO N O F E N E R G Y ,
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Directors are of opinion that particulars with respect
to Conservation of Energy, Technology Absorption as per
Section 217(1)(e) read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988
are not relevant in view of the nature of business activities
of the Company and hence, not required to be given. There
has been no foreign exchange earnings and outgo during
the year under review.
ACKNOWLEDGMENT
Your directors take this opportunity to express grateful
thanks to the Cent ra l and S ta te Governments and
Company's bankers for their support and guidance to the
Com pan y from time to time . The Directo rs wish to place on
record their appreciation of efficient and loyal services
rendered by the officers and staff members of the Company.
Your Comp any 's pers onne l re la t ions cont inued to be
excellent.
For and on behalf of Board
Vishal Gupta
Whole Time Director
Ankifr Gupta
Whole Time Director
Place
Date
New Delhi
3 0t h
June, 2008.
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VATIKA MARKETING LIMITEDAshiana
ITM
AUDITORS' REPORT
The Members of Vatika Marketing Limited
We have audited the attached balance sheet of Vatika
Marketing Limited as at 31st March 2008, and also the profit
and loss account and the cash flow statement for the year
ended on that date annexed thereto. These f inancial
s ta tements are the respons ib i l i t y o f the company 's
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those Standards
require that we plan and perform the audit to obtain
r easonab le assu r an ce abou t w he the r t he f i nanc ia l
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as
wel l as eva luat ing the overa l l f inanc ia l s ta tement
presenta t ion . We be l ieve tha t our aud i t p rov ides a
reasonable basis for our opinion and we report that:
1. As required by the Compa nies (Auditor 's Report)
Order, 2003 issued by the Central Government of India
in terms of sub-section (4A) of section 227 of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4
and 5 of the said Order.
2. Further to our com men ts in the Anne xure referred to
above, we report that:
( i) We have obt ain ed al l the inf orm at i on and
explanations, which to the best of our knowledgeand belief were necessary for the purposes of
our audit;
( i i) In our opi ni on, prop er boo ks of acc oun t as
required by law have been kept by the company
so far as appears from our examination of those
books;
(iii) The Balance Sheet and profit and loss accou nt
dealt with by this report are in agreement with
the books of account;
(iv) Subject to our com men ts hereinafter, the Balanc e
Sheet and profit and loss account dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representati ons receive dfrom the directors, as on 31st March 2008 and
taken on record by the Board of Directors, we
report that none of the directors is disqualified
as on 31 s t March 2008 from being appointed as
a director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956;
(vi) In our opini on and to the best of our information
and according to the explanations given to us,
the sa id accounts read w i th s ign i f icant
Accounting Policies and Notes to the Accounts,
give the information required by the Companies
Act, 1956, in the manner so required and subject
to notes on schedule 18 particularly, Dues to
SSI Units (note 2) give a true and fair view in
con fo r m i t y w i t h t he accoun t i ng p r i nc ip l es
generally accepted in India:
(a) in the case of the balan ce shee t, of the
state of affairs of the company as at 3 1 "
March 2008;
(b) in the case of the profit and loss acco unt,
of the profit for the year ended on that
date; and
(c) in the case of the cas h flow state ment, of
the cash flows for the year ended on that
date.
For B. CHHAWCHHARIA & Co.
Char tered Accountants
(VINIT BAGARIA)
Par tner
Membership Number: 500872
Place: Gurgaon
Date: 3 0 t h June, 2008
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph' 1 of our Report of even date for
the year ended 31 s t March, 2008.
1) a) The comp any has mainta ined records show ing
full particulars including quantitative details andsituation of fixed assets.
b) Acco rdin g to the inform ation and expla natio ns
given to us, the assets have been physical ly
verified by the management during the year. No
mater ial discrepancies were not iced on such
ver i f icat ion.
c) The com pan y has not disp osed off its Substant ial
fixed assets during the year.
2) a) Acco rdin g to the inform ation and expl anat ions
given to us, the management has physical ly
ver i f ied the inventory dur ing the year. In our
op in ion, the f requency o f ver i f i ca t ion is
reasonable.
b) In our op i n io n, the procedu res o f phys ica l
ver i f i ca t ion o f inventor ies fo l lowed by themanagement are reasonable and adequate in
relation to the size of the company and the nature
of its business.
c) On the basis of our exami natio n of the records of
inventory, we are of the opinion that the company
is maintaining proper records of inventory. The
discrepancies noticed on verification between the
physical stocks and the book records were not
material.
{ 3 6 }
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VATIKA MARKETING LIMITEDAshiana
ITM
3) The com pany has not taken/ given unsecure d loans
from/ to companies, firms and other parties covered in
the Register maintained under Sect ion 301 of the
Companies Act, 1956.
4) In our opinion and accordin g to the information and
explanations given to us, there are adequate internal
control procedures commensurate with the size of
the company and the nature of its business with regard
to purchases of inventory and fixed assets and with
regard to the sale of constructed units and services.
During the course of our audit, we have not observed
any continuing failure to correct major weakness in
internal controls.
5) a) Accordi ng to the informat ion and explanat ion s
given to us, we are of the opinion that the
pa r t i cu la r s o f con t r ac t s and a r r angemen ts
referred to in Section 301 of the Companies Act,
1956 that need to be entered into the register
maintained under that Sect ion have been so
entered.
b) In our opinion and accord ing to the information
and explanations given to us, the transactions
that were made in pursuance of contracts or
arrangements that need to be entered into the
register maintained-in pursuance of Section 301
' of the Compan ies Act, 1956 and aggregat ing
during the year to Rs.5,00,000/- or more, in respect
of each party, have been made at prices which
are reasonable having regard to the prevailing
market prices at the relevant time.
6) In our opinion and accordin g to the information and
exp lanat ions g iven to us , the company has notaccepted any deposits from the public.
7) The Com pan y is not require d to maint ain a forma l
internal audit system.
8) The Cent r a l Gov ern men t has not p re scr i bed
main tenan ce of cost records under Secti on 209(1 )(d)
of the Companies Act, 1956 for any of the products of
the Company.
9) a) Acc ord ing to the recor ds o f the com pan y,
generally the company is regular in depositing with
appropriate authorities undisputed statutory dues
including provident fund, investor education and
pro tect ion fund, employees ' s ta te insurance,
income tax, sales tax, wealth tax, service tax,
custom duty, excise duty, cess and other material
s ta tu tory dues, as app l icab le , and no such
statutory dues were outstanding as at the last
day of the financial year under review for a period
of more than six months from the date they
became payable.
b) Accordi ng to the informat ion and explanat io ns
given to us, no dues of sale tax, income tax,
customs duty wealth tax, service tax, excise duty,
and cess, as applicable, which have not been
deposited on account of any dispute.
10) The compa ny does not have accumulated losses. The
company has not incurred any cash losses during the
financial year covered by our audit but has incurred
cash losses in the immediately preceding financial year.
11) The compan y has no borrowin gs from any financial
institution, bank or debenture holder.
12) As per informatio n and explanatio ns provided to us
the company has not granted any loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.
13) The Com pan y is not a chit fun d or a nidhi mutual benefit
fund/society.
14) The compa ny is not deal i ng or t radin g in shares ,
secu r i t i e s , deben tu r es and o the r i nves tmen ts .
However, Investments of the Company are held in its
own name.
15) As per information and explana tions provided to us,
the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16) The Compa ny has not take n any Term Loan during the
year concerned.
17) Accordi ng to the information and explanations given
to us and on an overall examination of the balance
sheet of the company, we report that the no funds
raised on short- term basis have been used for long-
term investment.
18) The compa ny has not made any prefere ntial allotmen t
of shares to parties and companies covered in the
register maintained under section 301 of the Companies
Act, 1956.
19) The Compa ny has not issue d any debe nture s durin g
the year under review.
20) The Comp any has not raised any money by public
issue during the year under review.
21) Accordi ng to the information and explanati ons given
to us, no fraud on or by the Company has been noticed
or reported during the year.
For B. CHHAWCHHARIA & Co.
Char tered Accountants
(VINIT BAGARIA)
Par tner
Membership Number: 500872
Place: Gurgaon
Date: 30"' June, 2008
GD
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VATIKA MARKETING LIMITEDAshiana
ITM
BALANCE SHEET AS AT 31 ST MARCH, 2008
SCHEDULES
(Rs.)
AS AT
31 .03.2008
(Rs.) (Rs.)
AS AT
31.03.2007(Rs.)
SOURCESOFFUNDS:
Shareholders ' Funds:
Share Capital 1 500,000 500,000
Reser ves & Surpl us 2 2,597,603 1,915,873
3,097,603 2,415,873
APPLICATION OF FUNDS
Fixed AssetsCO
Gross Block 181 ,634 182,233Less: Depreciation 83,170 59,902
Net Block 98,464 122,331
Investments 4 13 ,564,168 15,719,401
Defe rred Tax Asse ts (Net) 5 451,000 478,000
Current Assets, Loans & Advances
Inventories 6 243,678 283,678
Sundry Debtors 7 5,753,567 5,038,976
Cash & Bank balances 8 10,638,942 4,467,361
Loans & Advances 9 3,175,305
19,811,492
1,220,147
11,010,162
Less: Current Liabilities& Provisions 10 30,827,5 21 24,914,021
Net Current Assets (11,016,029)
3,097,603
(13,903,859)
2,415,873
NOTES ON ACCO UNTS 18
BALANCE SHEET ABSTRAC T AND COMP ANY'S
GENERAL BUSINESS PROFILE 19
The Schedules referred above form an integral part of the accounts.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants For and on behalf of the Board
VINIT BAGARIA
Partner
Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place : Gurgaon
Date : 30th June , 2008
Place : New Delhi
Date : 30thJun e, 2008
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VATIKA MARKETING LIMITEDAshiana
ITM
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2008SCHEDULES 2007-2008
(Rs.)
2006-2007
(Rs.)
I N C O M E
Project Maintenance Charges
Sales of Shops
Other Income
Increase / (Decrease) in Stock
E X P E N D I T U R E
11
12
13
17,762,696
297,945
2,240,437
(113,742)
20,187,336
15,749,157
1,374,930
2,249,495
(602,065)
18,771,517
Project Maintenance- Expenses
Expenses on Employees
Interest- Others
Depreciation
Other expenses
PROFIT / (LOSS) FOR THE YEAR
Less : Direct Tax
Balance brought forward from last year
Transfer from/(to) General Reserve
SURPLUS CARRIED TO BALANCE SHEET
EARNING PER SHARE :
(on Nominal Value of Shares of Rs. 10/- each)
Basic
Diluted
14
15
16
17
8,887,454
6,208,941
80
23,308
3,681,031
18,800,814
1,386,522
194,650
1,191,872
97,873
1,289,745
(1,110,142)
179,603
23.84
23.84
10,711,160
5,740,233
4,676
23,337
3,610,894
20,090,300*
(1,318,783)
(389,464)
(929,319)
327,192
(602,127)
700,000
97,873
(19.24)
(19.24)
The Schedules referred above form an integral part of the accounts.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chart ered Acco unta nts For and on behalf of the Board
VINIT BAGARIA Vishal Gupta Ank ur Gupt a
Partner Whole time Director Whole time Director
Place : Gurg aon Place : New Delhi
Date : 30th June, 2008 Date : 30thJ une, 2008
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VATIKA MARKETING LIMITEDAshiana
ITM
S C H E D U LE S TO TH E A C C O U N TS Fac e No. of AS AT No. of AS AT
Value Share s/ 31.03.200 8 Share s/ 31.03.2007
(Rs.) Unit (Rs.) Unit (Rs. )
(No.s) (No.s)
INVESTMENTS - LONG TERM
In Mutuai Funds - Unquoted
Birla Bond Plus -Gro wth Optio n 10 42,364.27 500,000 42,364.27 500,000
Birla Floating Ratefu nd Short Term Gr. 10 10,160. 76 114,144 - -
Franklin India Flexi cap Divid end-Re inves tmen t 10 - - 30,120.48 500,000
DSPML Opportunities Fund - Div.Reinvestment 10 67,995.00 1,620,529 65,906.97 1,570,529
DSPM L Opport unitie s Fund - Gr. 10 7,06 0.56 500,000 - -
DSP ML Tiger Fund - Div.Rein vestme nt 10 15,546.23 600,000 4,582.93 150,000
Fidelity Equity Fund -Div. Reinvestment 10 24,449.88 250,000 24,449.88 250 ,000
JM Equity & Derivativ e Fun d -Gro wth 10 - 123,850.67 1,250,000
DSP Merrill Lynch FMP 3M Series 3 10 200,0 00.00 2,000, 000 - -
Franklin India Prima Fund Dividend-Reinvestment 10 15,044.20 729,495 13,661.62 647,526
Birla Cash Plus -Growt h Optio n 10 23,405.17 500,000 6,217.94 101,346
HDFC High Interest Fund - Short Term 10 63,977.89 750,000 63,977.89 ,750,000
Sund aram BNP Paribas Fixed Term 10 100,000.00 1,000,000 50,000.00 500,000
Plan Services XXV-90Days
DBS Chola FMP-Series 6 (371 Days Plan)-DP 10 450,00 0.00 4,500,000 450,000.00 4,500,000
Franklin India Prima Fund Gr. 10 2,019.62 500,000 - -HDFC FMP 90D March 200 7 10 - - 500,000.00 5,000,000
13,564,168 15,719,401
Repurchase Price of units of mutual funds 14,127,918 16,382,835
AS AT AS AT
SCHEDULES TO THE ACCOUNT S 31.03.2008
(Rs.)
31.03.2007
(Rs.)
5 DEFERR ED TAX (NET)
Deferred Tax Assets on
Unabsorbed losses
Employee Benefits
Less : Deferred Tax Liability on Fiscal allowance of fixed assets
6 INVENTORIES
(As taken, valued and certif ied by the Management)
Shops
Maintenance Materials
236,000
236,000
21,000
451,000
243,678
243.678
441,000
61,000
24,000
478,000
113,742
169,936
283,678
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VATIKA MARKETING LIMITED
TM
SCH EDU LES TO TH E ACC OUN TS AS AT AS AT
31.03.2008 31.03.2007
(Rs.) (Rs.)
7 SUNDRYDEBTORS
(Unsecured, considered good)
Due for more than six months 2,771,937 2,027,607
Others 2,981,630 3,011,369
5,753,567 5,038,976
8 CASH AND BANK BALANCE S
Cash-in-hand 104,790 95,863
Cheques- in-hand 892,655 1,172,724
With Scheduled Banks :
In Current Accounts 8,126,795 2,142,303
In Fixed Deposit Accounts 1,514,702 1,056,471
(Pledged with Bank Rs. 817935/-; P.Y. Rs. 528389/-)
10,638,942 4,467,361
9 LOANS AND ADVANCES
(Unsecured, considered good)
Advances recoverable in cash or in kind
or for value to be received 2,534,233 290,398
Deposits 106,526 106,526
Taxation Advance and Refundable 534,546 823,223
3,175,305 1,220,147
10 CURRE NT LIABILITIES & PROVISIONS
A) CURRE NT LIABILITIES
Sundry Creditors 1,045,869 420,083
Advance from customers 256,086 559,120
Deposit from Customers 27,112,300 20,966,040
Other liabilities 1,435,956 2,599,788
29,850,211 24,545,031B) PROVISIONS
For Taxation 215,000 172,000
For Gratuity 762,310 196,990
30,827,521 24,914,021
2007-2008 2006-2007
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VATIKA MARKETING LIMITED
S C H E D U LE S TO TH E A C C O U N TS 2007-2008 2006-2007
(Rs.) (Rs.)
13 INCREASE/ (DECREASE) IN STOCK
Closing Stock:
Shops - 113,742
- 113,742t Less: Opening Stock
Shops 113,742 715,807
(113,742) (602,065)
14 PROJECT MAINTENANCE EXPENSES
Consumption of Maintenance Materials (Indigenous) 661,509 508,245
Work Charges 3,716,965 3,271,195
Power & Fuel (net) 7,117 3,125,113Security charges , 2,961,443 2,537,381
Supervision Charges 5,432 75,068
Other Maintenance Expenses 1,534,988 1,194,158
8,887,454 10,711,160
15 EXPENSE S ON EMPLOYE ES
Salary, Allowances, Bonus & Gratuity 5,362,114 5,304,773
(including Provision for Gratuity Rs.55,178/- P.Y. Rs. 58,471/-)
Contribution to Provident Fund 198,267 204,817
Staff Welfare 648,560 230,643
6,208,941 5,740,233
16 OTHER EXPENS ES
Rates and Taxes 4,192 140,592
Rent 648,205 731,250
Insurance 500,000 500,998Public Relation and Communication 228,112 98,291
Printing and Stationery 340,175 340,964
Establishment Charges 20,224 16,836
Traveling & Conveyance 670,106 567,606
Donation - 255,000Telephone, Telex & Fax 296,343 279,579
Directors' Fees 7,000 12,000
Auditors' Remuneration :
For Statutory Audit 67,344 67,344
For Tax Audit 16,836 16,836
For Other Services 10,675 9,260
Irrecoverable Balances Written off 22,807 2,572
Miscel laneous expenses 846,664 571,466
Fixed Assets Written off 558 -Items relating to previous year 1,790 300
3,681,031 3,610,894
17 DIRECT TAXES
Income Tax 86,000 -
Deferred Tax 27,000 (455,385)
Fringe Benefit Tax 67,000 62,000
Income tax Adjustments 14,650 3,921
194,650 (389,464)
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VATIKA MARKETING LIMITED
AshianaITM
SCHEDULES TO THE ACCOUNTS
18 NOTES ON ACCOU NTS
1) SIGNIFICANT ACCOU NTING POLICIES
SYSTEM OF ACCOUNTING :
The company adopts the accrual basis of accounting
in the preparation of accounts.
FIXED ASSETS AND DEPRECIATION :
Fixed assets are valued at cost and depreciation is
provided on straight line basis in accordance with the
provis ions of Sched ule XIV to the Comp anie s Act,
1956.
INVESTMENTS:
Long term investments are carried at acquisition cost
and investments intended to be held for less than one
year are classified as current investments and are
carried at lower of cost and market value.
INVENTORIES:
Maintenance Materials and Shops are valued at cost.
SALES, PROJECT MAINTENANCE FEE AND OTHER
INCOME:
a) Sale of cons truc ted unit and others is acco unte d
for on the basis of date of delivery of physical
possession to the respective customer.
b) Project mainte nance charge s and other income
are accounted for on accrual basis except where
the receipt of income is uncertain.
c) Interest from custome r is acc ount ed for on receipt
basis.
EMPLOYEE BENEFITS
(a) Short term emp loye e benefit s are cha rge d off at
the undiscounted amount in the year in which the
related service is rendered.
(b) Post employmen t and other long term employee
benefits are charged off in the year in which the
employee has rendered services. The amount
charged off is recognised at the present value of
the amounts payable determined using actuarial
valuation techniques. Actuarial gain and losses in
respect of post employment and other long term
benefits are charged to Profit and Loss Account.
TAXES ON INCOME:a) Current Tax is determined as the amount of tax
payable in respect of taxable income for the year.
b) Def er re d Tax is recogn ise d, sub je ct to
consideration of prudence, in respect of deferred
tax Assets/Liabilities arising on timing differences,
being the difference between taxable income and
accounting income that originate in one period and
are capable of reversal in one or more subsequent
period.
MISCELLANEOUS EXPENDITURE:
Prelim; ry Expenses is written off over a period of
ten yeais.
IMPAIRMENT OF ASSETS
Impairment loss in the value of assets as specified in
Account ing Standard - 28 is recognized whenever
carrying value of such assets exceeds the market
value or value in use, whichever is higher.
2) In view of insufficient informa tion from suppli ers
regarding their status as SSI units, the amount
due to smal l industr ia l undertaking cannot be
ascertained.
3) The Earning Per Share (EPS) has been calculated
as specif ied in Account ing Standard - 20 on
"Earning Per Share" and related disclosures are
as below :
a)
b)
2007-2008
(Rs.)
amount used as
numerator in
calculating basic
and diluted EPS:
Profit after tax (Rs.) 1,191,872
weighted average
number of equity
shares used as thedenominator in
calculating EPS (N os ):
Opening Balance 50,00 0
Add: Preference
shares converted
into Equity shares
during the year
on 2nd February,
2007 (200X57/365)
Alloted during the year
on 3rd February,
2007 (1800X57/365)
For Basic EPS
2006-2007
(Rs.)
(929,319)
48,000
31
281
50,000 48,312
Add: Potential Equity Shares
Preference Converted
into Equity on 2nd
February, 2007
(200X308/365) 169
For Diluted EPS 50, 000 48,481
Diluted EPS, however, wher ever being greater than
Basic EPS, has been restricted to Basic EPS
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VATIKA MARKETING LIMITEDAshiana
11) Effective 1st April, 2007, employe e bene fitlo bliga tions
have been measured/ valued following the AccountingStandard 15 (revised 2005) on 'Employee Benefits'
(AS) issued by the Institute of Chartered Accountants
of India. Pursuant to adoption of the AS, the differential
obligations on Employee Benefits as on that date,
amounting to Rs. 5,10,142/- has been transferred from
the General Reserve in terms of the transit ional
"provisions of the said standard. The charge to the
Profit and Loss account is lower by an amount of
Rs. 50,550/- with its consequential effect on the profit
before tax for the current year.
Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised are
charged off for the year are as under:
(Rs. in lacs)
Employer's Contribution to Provident &Pensio n Fund 1.98
Defined Benefit Plan
The present value of obligation is determined based on
actuarial valuation using the Projected Unit Credit Method,
which recognises each period of service as giving rise to
additional unit of employee benefit entitlement and measures
each unit separately to build up the final obligation.
Gratuity
(Unfunded)
a. Reconcil iation of open ing and
closing balances of Defined
Benefit obligation at
begin ning of the year: 7.07
Curren t Servic e Cost 1.34Interest Cost 0.57
Actuarial (gain)/loss (1.36)
Benefits (paid)
Defin ed Benefit obliga tion at year end 7.62
b. Reconcil iation of fair value of
assets and obligations:
Present value of obligation as at
31st Mar ch, 2008 7.62
Amount recognised in Balance Sheet 7.62
c. Expenses recognized during the year
Curren t Sen/ic e Cost 1.34
Interest Cost 0.57
Actuaria l (gain) / loss (1.3 6)
Net Cost 0.55
d. Actuarial assump tions
Mortality Table (L.I.C.) 199 4-9 6
(duly modified)
Discount rate comp ound ed 8.00 %
(per annum)
Rate of escal ation in salary 8.0 0%
(per annum)
The estimates of future salary increase considered in
the actuarial valuation takes into account factors likeinflation, seniority, promotion and other relevant factors.
The expected return on Plan Assets is based on
actuarial expectations of the average long term rate of
return expected on investments of the fund during the
est imated terms o f the ob l iga t ions. The above
information is certified by the Actuary.
Since this is the first year of adoption of the AS, only
the current years figures have been disclosed.
4) Stock, Purchase and Sales:
S hops A mount
(Nos.) (Rs.)
Open ing Stock 1 .113,742
(4) (715,807)
Purchases
(-) (-)Sales 1 297, 945
(3) (1,374,930)
Closing Stock
(1) (113,742)
5) Remuneration of Whol e Time Directors:
Salary (Rs.) 900, 000 (900,0 00)
Perquisites (Rs.) 348, 818 (441,311)
6) Relate d parties and tran sact ions with the m as
spec i f ied in the Account ing S tandard 18 on
"Related Parties Disclosures" issued by ICAI has
been identified and given below on the basis of
information available with the
Related Parties & Relation ship Trans actio ns
a) Enterpri ses that directly, or indirectly thro ugh oneor more intermediaries, Control or are controlled
by or are under common control with the company
( including holding companies, subsidiar ies and
fellow Subsidiaries) :
2007-2008 2006-2007
(Rs.) (Rs.)
Ashiana Housing Ltd:
Maintenance charges
received
Rent paid
7.6 7 lacs 6.79 lacs
6.00 lacs 6.00 lacs
Hire char ges paid 1.20 lacs
Year end receivable 20.91 lacs
(net)
b) Associ ates and joint ventures
c) Individuals owning direct ly or
indirect ly, an interest in the
voting power of the comp any
that g ives them cont ro l o r
signif icant inf luence over the
company, and relatives of any
such individual.
1.20 lacs
8.57 lacs
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VATIKA MARKETING LIMITED
d) Key man agem ent perso nnel and their relatives
Shri Vishal Gupt a, Direc tor Remun eratio n Rs. 3.00 lacs Rs. 3.00 lacsShri Anku r Gupta , Direct or Remun eratio n Rs. 3.00 lacs Rs. 3.00 lacs
Smt Rachn a Gupta , Direc tor Remun eratio n Rs. 3.00 lacs Rs. 3.00 lacs
(e) Enterpri ses over which any pers on desc ribe d in (c) or (d)
is able to exercise significant influence :
f) Amo unt Written off in respect of abo ve parties
7) On the basis of physic al verif ic ation of asse ts, as speci fied in Acco unti ng Standard - 28 and cash genera ting
capacity of those assets, in the management perception, there is no impairment of such assets as appearing in the
balance sheet as on 31.03.2008.
8) Unab sorb ed MAT credit to be allo wed in future years amou nt to Rs.38,797/ -
9) a) Previous year figures are rearran ged/reg rouped wherever consid ered necessary,
b) Previous year figures abov e are given in bracke ts.
AshianaITM
GD
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VATIKA MARKETING LIMITEDAshiana
ITM
SCHEDULES TO THE ACCOUNTS
19 BALANC E SHEET ABSTR ACT AND COMPANY' S GENER AL BUSINESS PROFILE
I. Registrati on Details
1 Capital raised during the year
(Amount in Rs. Thousand)
t Position of Mobilisa tion and
Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds
Application of Funds
Registeration No.
Balance Sheet Date
Public Issue
Bonus Issue
Total Liabilities
Paid-up Capital
Secured Loans
Net Fixed Assets
Net Current Assets
Accumulated Losses
Performance of Company
IV Generic Name of Three Products/Services of Compan y
(as per monet ary terms ) Item Code No.
(ITC Code)
Product Description
79014
31/03/2008
Nil
Nil
3,098
500
Nil
99
(11,016)
Nil
Turnover (Gross Revenue): 20,301
Basic Earnin g per share : 23.84
+/- Profit/Loss 1,386
Before Tax
State Code
Right Issue
Private Placement
Total Assets
Reserves & Surplus :
Unsecured Loans :
Investments
Misc. Expenditure
Total Expedinture
Divid end Rate %
N.A
Real Estate Maintenance
21
Nil
Nil
3,098
2,598
Nil
13564
Nil
Deferred Tax
A sse t s 451
18,915
+/- Profit/Loss 1,192
After Tax
Nil
Signature to Schedules 1 to 19
For B. CHHAWCHHARIA & CO.
Char tere d Acco unta nts For and on behalf of the Board
VINIT BAGARIA
Partner
Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place
Date
Gurgaon
30th June, 2008
Place
Date
New Delhi
30thJune, 2008
GD
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VATIKA MARKETING LIMITED m AshianaTM
VATIKA MARKETING LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARC H, 2008
2007-2008
(Rs.)
2006-2007
(Rs.)
/
CASH FLOW FROM OPERATING ACTIVITIES :
Net Profit / (Loss) before tax and extraordinary items
Adjusted for :
Depreciation
Interest Income
Income from Long Terms Investment
Fixed assets written off
(Profit) / Loss on sale of Fixed Assets
OPERATING PROFIT BEFORE WORK ING CAPITAL CHANGESAdjusted for :
Trade and other receivables
Inventories
Trade Payables and other payable
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted
Cash flow before extra ordinary items
Extra Ordinary items
Net cash from Operating activities (A)
CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets
Sale of Fixed Assets
Net Purchase/ sale of Investments
Interest Income
1,386,522
23,308
(537,513)
(473,467)
558
399,408
(2,958,425)
40,000
5,360,358
2,841,341
164,027
3,005,368
3,005,368
2,628,700
537,513
Net Cash from investing activities (B) 3,166,213
CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from long term and other borrowings
Proceeds from issuance of share capital
Net Cash used in Financ ing activities (C) -
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+ B+ C) 6,171,581
CASH AND CASH EQUIVALENTS ATT HE BEGINNING OFT HE YEAR 4,467,361
CAS H AND CAS H EQUIVALE NTS AT THE END OF THE YEAR 10,638,942
01. Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivale nts represent cash and bank balances only.
In terms of our report of even date attached herewith
(1,318,783)
23,337
(847,850)
(289,128)
(2,432,424)
2,265,807
590,948
3,872,092
4,296,423
(418,220)
3,878,203
3,878,203
(6,829,493)
847,850
(5,981,643) '
18,000
18,000"
(2,085,440)
6,552,801
4,467,361
For B. CHHAWCHHARIA & CO.
Chartered Accountants For and on behalf of the Board
VINIT BAGARIA
Partner
Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place : Gurgaon
Date : 30th June, 2008
Place : New Delhi
Date : 30thJun e, 2008
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ASHIANA RETIREMENT VILLAGES LIMITED
DIRECTORS' REPORT
TO THE MEMBER (S)
The Directors of your Company have pleasure in presenting
the Sixth Annual Report, together with audited statement of
accounts for the year ended 3 1 s t March 2008.
FINANCIAL RESULTS
During the year under review, your company has earned
an income of Rs. 4,45,53,010/- as against the income of
Rs. 97,70,569/- in the previous year represent ing an
increase of 356%. Further, your company has recorded
Rs. 1, 53, 39,9 80/ - as prof i t af te r tax as aga ins t
Rs. 32,11,789/- for the previous year.
OPERATIONS
Your directors are pleased to inform you that Treehouse-
Hotel and Club (eariler called Ashiana Gymkhana), a 50room bout ique business hotel in Bhiwadi has become
operat iona l and is p ick ing up bus iness very we l l .
Construction of Ashiana Village Centre at Bhiwadi is at
advance stage. Ashiana Utsav- Retirement Resort at Jaipur
has been launched to the public.
DIVIDEND
Your directors do not recommend dividend for the year.
The profits generated are being reinvested in the business
of the Company.
DIRECTORS
During the year under review no change has been made in
the directorship of the company. At the forthcoming annual
genera l meet ing o f the company Shr i La l i t Kumar
Chhawchhar ia and Shr i Vishal Gupta, Directors of theCompany retire by rotation and being eligible, offers them
for re-appointment. An application under section 257 of
the Comp ani es Act, 19 56 has been re ceiv ed fro m a
member proposing candidature of Shri Varun Gupta for
directorship of the Company.
AUDITORS
M/s. B.Chhawchharia & Co., Chartered Accountants, retire
at the conclusion of forthcoming Annual General Meeting
and being eligible, offer themselv es for re-appointment. The
Company has received a certificate to the effect that their
re-appointment, if made, will be within the prescribed limit
under section 224(1 B) of the Companies Act, 1956. Auditors
Report is self-explanatory and requires no comments by
the Directors.
As regards observation on the dues to SSI Units the Boardhas to state that in view of insufficient information from the
suppliers regarding their status as SSI Units the amount
due to Small Industrial Undertaking can not be ascertained.
PARTICULARS OF EMPLOYEES
There is no employee in respect of whom part iculars
pursuant to Section 217 (2A) of the Companies Act, 1956
r ead w i t h C ompan ies ( P a r t i cu la r s o f E mp loyees )
(Amendments) Rules, 1975 are required to be given.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956,
the Directors confirm that:
(I) In the prepara tion of the annua l accou nts, the applic able
account ing s tandards have been fo l lowed by the
Company;
( I I) Such account i ng pol ic ies have been selected and
consistently applied and judgments & estimates made
that are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company as
at 31st March 2008 and of the profit or loss of the
Company for the year ended on that date.
(III) Proper and sufficient care has been taken for the
main tenance o f adequate account ing records in
accordance with the provisions of the Companies Act,
1956, for safeguarding the assets of the Company
and for prevent ing and detect ing fraud and other
irregularit ies;
( IV) Annu al acco unts hav e been pre pared on a going
concern basis.
P A R TIC U LA R S O F C O N S E R V A TIO N O F E N E R G Y ,
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTG O
Your Directors are of opinion that particulars with respect
to Conservation of Energy, Technology Absorption as per
Section 217(1)(e) read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988
are not relevant in the view of the nature of business
activit ies of the Company and hence, not required to be
given. There has been no foreign exchange earnings and
outgo during the year under review.
ACKNOWLEDGMENT
Your directors take this opportunity to express grateful
thanks to the Cent ra l and S ta te Governments and
Company's bankers for their support and guidance to the
Company from time to time.
For and on behalf of the Board
Place : New Delhi
Date : 30th Jun e, 2008
Om Prakash Gupta
Chairman
GD
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ASHIANA RETIREMENT VILLAGES LIMITEDAshiana
ITM
AUDITORS' REPORTThe Members of Ashiana Retirement Villages Limited
We have audited the attached balance sheet of Ashiana
Retirement Villages Limited as at 31st March 2008, and also
the profit and loss account and the cash flow statement for
the year ended on that date annexed thereto. These financial
s ta tements are the respons ib i l i t y o f the company 's
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those Standards
require that we plan and perform the audit to obtain
r easonab le assu r ance abou t w he the r t he f i nanc ia l
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles
used and significant estimates made by management, as
wel l as eva luat ing the overa l l f inanc ia l s ta tement
presenta t ion . We be l ieve tha t our aud i t p rov ides a
reasonable basis for our opinion and we report that:
1. As requir ed by the Comp anie s (Audito r's Report) Order,
2003 issued by the Central Government of India in
ter ms of sub -se ct i on (4A) of sect ion 227 of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4
and 5 of the said Order.
2. Further to our com men ts in the Anne xure referred to
above, we report that:
( i) We have obta i ned a l l the in forma t ion and
explanations, which to the best of our knowledgeand belief were necessary for the purposes of
our audit;
(ii) In our opin ion, prope r book s of acco unt as required
by law have been kept by the company so far as
appears from our examination of those books;
(iii) The Bala nce Sheet and profit and loss accou nt
dealt with by this report are in agreement with the
books of account;
(iv) Subje ct to our com men ts hereinafter, the Balance
Sheet and profit and loss account dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written repres entati ons received
from the directors, as on 31st March 2008 andtaken on record by the Board of Directors, we
report that none of the directors is disqualified as
on 31 s t March 2008 from being appointed as a
director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956;
(vi) In our opinio n and to the best of our informa tion
and according to the explanations given to us, the
said accounts read with significant AccountingPol ic ies and Notes to the Accounts, give the
information required by the Companies Act, 1956,
in the manner so required and subject to notes on
schedule 22 particularly, Dues to SSI Units (note
5) give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the cas e of the balance sheet, of the state of
affairs of the company as at 3 1 a March 2008;
(b) in the case of the profit and loss account, of
the profit for the year ended on that date; and
(c) in the case of the cash flow statement, of the
cash flows for the year ended on that date.
For B. CHHAWCHHARIA & Co.
Char tered Accountants
(VINIT BAGARIA)
Par tner
Membership Number: 500872
Place: Gurgaon
Date: 30t h
June, 2008
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 1 of our Report of even date for
the year ended 3 1 " March, 2008.
1) a) The comp any has mainta ined records showi ng
full particulars including quantitative details and
situation of fixed assets.
b) Acco rdin g to the inform ation and expla nation s
given to us, all the fixed assets, except capital
work in progress have been physically verif ied
by the management during the year. No material
discrepancies were noticed on such verif ication.
c) The com pan y has not disp osed substan tial off its
fixed assets during the year.
2) a) Acco rding to the informa tion and expla nation s
given to us, the management has physical ly
ver i f ied the inventory dur ing the year. In our
op in ion, the f requency o f ver i f i ca t ion is
reasonable.
b) In our op i n ion , the proc edu res o f phys ica l
ver i f i ca t ion o f inventor ies fo l lowed by the
management are reasonable and adequate in
relation to the size of the company and the nature
of its business.
3) a) The Com pan y has not grant ed any loans tocompanies, firms and other parties covered in the
Register maintained under Section 301 of the
Companies Act, 1956.
b) The company has taken loans from three parties
and a company co vered in the register maintained
under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year
was Rs.213.01 lacs and year-end balances of
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loans take n from such par ties are Rs. 130.75 la cs.
c) In our opini on the rate of interest and other termsand conditions on which loans have been taken
from the parties and a comp any listed in the register
maintained under Sec tion, 301 of the Companie 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
interest of the company.
d) The com pan y is regular in repay ing the principa l
amounts as per stipulation and has been regular
in the payment of interest, as applicable.
e) As expla ined to us there is no overd ue amount of
loan taken from the company listed in the registers
maintained under section 301 of the Companies
Act, 1956.
4) In our opin ion and accordi ng to the infor mati on and
explanations given to us, there are adequate internal
control procedures commensurate with the size of
the company and the nature of its business with regardto purchases of the fixed assets and sale of services.
' During the cour se of our audit, we have not obse rved
any continuing failure to correct major weakness in
internal controls.
5) a) Acco rdin g to the infor matio n and expl anat ions
g iven to us , we are o f the op in ion tha t the
particulars of contracts or arrangements referred
to in Section 301 of the Companies Act, 1956 have
been entered in the register required to be
maintained under that Section,
b) In our opinion and accord ing to the information
and explanations given to us, a transaction made
in pursuance o f cont rac ts or a r rangements
entered in the registers maintained under Section
301 of the Compani es Act, 1956 and exceedi ng
the value of five lakh rupees in respect of a partyduring the year has been made at price which is
reasonable having regard to prevailing market
prices at the relevant time.
6) In our opinion and accordin g to the information and
exp lanat ions g iven to us , the company has not
accepted any deposits from the public.
7) In our opini on, the Com pan y has a forma l internal audit
system commensurate with the size and nature of its
business.
8) The Cent ra l - Gov ern men t has not p res cr i bed
main tena nce of cost records un der Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of
the Company.
9) a) Acc ord i ng to the recor ds o f the com pan y,
generally the company is regular in depositing with
appropriate authorities undisputed statutory dues
including provident fund, investor education and
pro tect ion fund, employees ' s ta te insurance,
income tax, sales tax, wealth tax, service tax,
custom duty, excise duty, cess and other material
s ta tu t ory dues , as app l icab le , and no such
statutory dues were outstanding as at the last
day of the financial year under review for a period
of more than six months from the date they
became payable,
b) Accordi ng to the informat ion and explanat i ons
given to us, no dues of sale tax, income tax,
customs duty wealth tax, service tax, excise duty,
and cess, as applicable, which have not been
deposited on account of any dispute.
10) The company does not have accumulated losses. The
company has not incurred any cash losses during the
financial year covered by our audit and the immediately
preceding financial year.
11) In our opin ion and acc ordi ng to the informa tion and
exp lanat ions g iven to us , the company has not
defaulted in repayment of dues to a financial institution,
bank or debenture holder, as applicable.
12) As per informatio n and explanatio ns provided to us
the company has not granted any loans and advanceson the basis of security by way of pledge of shares,
debentures and other securities.
13) The Comp any is not a chit fund or a nidhi mutual benefit
fund/society.
14) T he comp any is not deal ing or t radin g in shares,
secu r i t i e s , deben tu r es and o the r i nves tmen ts .
However, Investments of the Company are held in its
own name.
15) As per information and explanations pro vided to us,
the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16) The Comp any has not taken any Term Loan during the
year concerned.
17) Accordin g to the information and explanations given
to us and on an overall examination of the balancesheet of the company, we report that the no funds
raised on short- term basis have been used for long-
term investment.
18) The compa ny has mad e any preferential allotment of
shares to a company covered in the register maintained
under section 301 of the Companies Act, 1956, terms
and condition whereof are not prejudicial to the interest
of the company.
19) Since the compa ny has issued unsecured debentures,
no securities or charge has been created in respect
of debentures issued by the company.
20) The Comp any has not raised any money by public
issue during the year under review.'
21) Accordi ng to the information and explanatio ns given
to us, no fraud on or by the Company has been noticed
or reported during the year.
For B. CHHAWCHHARIA & Co.
Chartered Accountants
(VINIT BAGARIA)
Place: Gurgaon Par tne r
Date: 30t h
June, 2008 Membe rship Number: 500872
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BALANCE SHEET AS AT 31 ST MARCH, 2008
SCHEDULES AS AT
31.03.2008
AS AT
31.03.2007
(Rs.) (Rs.) (Rs.) (RS.)
SOURCES OF FUNDS
Shareholders' Funds:
Share Capital 1 92,400,500 2,400,500
Reserves & Surplus 2 43,400,912 135,801,412 28,319,005 30,719,505
Loan Funds:
Unsecured Loans 3 100,361,678 85,105,945
Security Deposit from Customers 22,282,606 16,786,000
APPLICATION OF FUNDS
258,445,696 132,611,450
Fixed Assets: 4
a) Gros s Block 125,671,226 1,543,065
b) Less: Depreciation 8,460,660 841,482
c) Net Bloc k 117,210,566 701,583
d) Capital Work in Progres s 25,175,332 142,385,898 61.,973,831 62,675,414
Investments 5 93,072,601 66,630,209
Deferr ed Tax Asse t - Net 6 4,867,000 307,000
Current Assets, Loans & Advances:
a) Inventories 7 1,857,820 4,416,345
b) Sundr y Debtors 8 2,509,815 13,000
c) Cash & Bank balan ces 9 4,489,593 1,883,448
d) Loans & Advan ces 10 30,251,051
39,108,279
9,153,094
15,465,887
Less: Curren t Liabilities & Provisi ons 11 23,488,740 15,767,083
Net Current Assets 15,619,539 (301,196)
Miscellaneous Expenditure 12 2,500,658
258,445,696
3,300,023
132,611,450
NOTES ON ACCOU NTS 22
BALANCE S HEET ABSTR ACT AND COMPA NY'S
GENERAL BUSINESS PROFILE 23
The Schedules referred above form an integral part of the accounts
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants For and on behalf of the Board
VINIT BAGARIA
PartnerOm Prakash Gupta
Whole time Director
Vishal GuptaDirector
Place : Gurgaon
Date : 30th June, 2008
Place : New Delhi
Date : 30th June , 2008
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SCHEDULES 2007-2008
(RS.)
ana
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2008
2006-2007
(Rs.)
I N C O M E
Sales
Project Maintenance Charges
Commission
Other Income
E X P E N D I T U R E
Decrease In Stock
Cost of Material
Power and Fuel
Project Maintenance Expenses
Rooms and Restaurant running Expenses
Cost of borrowing
Expenses on Employees
Depreciation
Other expenses
13
14
15
16
17
18
19
11,177,770
1,246,000
3,668,106
28,461,134
44,553,010
450,000
2,862,083
1,888,364
1,472,774
4,124,113
274,670
7,014,292
8,457,591
6,830,131
33,374,018
1,916,093
2,640,973
5,213,503
9,770,569
1,660,680
142,421
4,039
2,222,767
31,276
2,352,990
6,414,173
PROFIT FOR THE YEAR
LESS: EXTRA - ORDINARY ITEM
Less: Direct Taxes
PROFIT AFTER TAX
Transfer to General Reserve
Brought forward from the previous year
SURPLUS CARRIED TO BALANCE SHEET
EARNING PER SHARE
(On Shares of nominal Value of Rs. 10/- each)
Basic
Diluted
21
11,178,992
315,801
10,863,191
(4,476,789)
15,339,98015,258,073
919,005
1,000,912
2.63
1.07
3,356,396
3,356,396
144,607
3,211,7894,703,000
2,410,216
919,005
13.38
0.64
This Schedule referred above form an integral part of the accounts.
In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
Chartered Accountants For and on behalf of the Board
VINIT BAGARIA
Partner
Om Prakash Gupta
Whole time Director
Vishal GuptaDirector
Place : Gurgaon
Date : 30th June , 2008
Place : New Delhi
Date : 30th June , 2008
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, , . UMEOULEbTUTMtAOOOUNi5 V a | u e share/Unit 31.03.2 008 Shares/Unit 31.03.2007(Rs.) Nos. (Rs.) Nos. (R S .)
5 INVESTMENTS
(I) LONG TERM INVE STMENT
a) In Government SecuritiesUnquoted
National Saving Certificate 30,0 00 20,0 00
(Lodged with Sales Tax Authorities)
b) In fully paid up Equit y Shar es
Quoted
Ashiana Housing Ltd. (includes 465282 bonus shares) 10 651 ,395 2,6 39, 549 186,113 2,6 39, 549
IFGL Refractories Ltd . 1 0 10,224 790,93 9 9,835 764,832
c) In a Part nersh ip Firm
M/s Ashiana Manglam Developers - In Capital Account 83,9 41,60 7 59,3 67,64 0
d) In Immovable Properties
(i) 21 nos single room Flats at Rangoli - II, at Bhiwadi 3,740, 000 3,740,000
(ii) Roof rights, Ashiana Trade Centre, Jamshedpur 1,500,000
(iii) Shops, Ashiana Trade Centre, Jamshedpur + 313, 186
(II) CURRENT INVESTMENT
Unquoted
In Mutual Funds
DSP Merill Lynch Bond Liquidity Fund-Regular-Growth 10 7,682.509 117,320DSP Merill Lynch Bond Fund (GR) 10 - - 519 2.4 10 98 ,18 8
93,072,601 66,630,209
Aggregate amount of quoted investments 3,430,4 88 3,404,381
Aggregate amount of unquoted investments 89,64 2,113 63,2 25,8 28
Market Value of quoted investments 59,0 54,9 58 32,695, 460
Repurchase value of units of Mutual Fund
+Transferred from Fixed Assets on 01.04.2007
150,281 129,854
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SCHEDULES TO THE ACCOUNTS
31.03.2008
(Rs.)
AS AT
31.03.2007
(Rs.)
12 MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Preoperative Expenses (pending allocation)
14
15
OTHER INCOME
Interest
Dividend
Rent
Fee and Subscription
Profit on sale of Investments
Share of profit from Partnerhsip firm
Items relating to previous year
Liabilities Written Back
Miscellaneous Receipts
DECREASE IN STOCK
Opening Stock :
Shops and others
Less: Closing Stock:
Shops and others
16
17
COST OF MATERIAL
Raw material consumed
Stores consumed
COST OF BORROWING
Interest :
to Directors
To Others
As per the last account 3,300,023
Add: incurred during the year
Directors' Remuneration i, 600,000
Furniture Hire Charges 160,500
Interest 2,095,478
Printing and Stationery 103,732
Miscellaneous Expenses 524,858
6,784,591
Less: Transferred to Fixed Assets 4,283,933
2,500,658
2007 -2008
(Rs.)
SALES
Shops & Others 1,134,000
Rooms,. Restaurant, Ba nquets and other services 10,043,770
11,177,770
17,818
463,533
803,471
699,783
56,748
25,036,713
25,116
83,010
1,274,942
28,461,134
826,400
376,400
450,000
1,447,139
1,414,944
2,862,083
274,670
274,670
600,000
117,600
2,189,637
122,800
269,986
3,300,023
3,300,023
2006 - 2007
(Rs.)
1,916,093
1,916,093
23,913
372,226
277,830
1,400,058
2,904,894
2,900
231,682
5,213,503
2,487,080
826,400
1,660,680
4,039
4,039
4 57}=
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19
(includes Gratuity Provision Rs.1,23,179/-;PY Nil)
Contribution to Provident and other funds
Items relating to previous year
Loss on sale of Fixed Assets
Preliminary Expenses Written off
Ashiana
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SCHEDULES TO THE ACCOUNTS 2007-2008
(Rs.)
2006-2007
(Rs.)
18 EXPENS ES ON EMPLOY EES
Salary & Allowances 6,693,903 2,069,404
11,353
Staff Welfare 309,036
7,014,292.
OTHER EXPENSES
Rent 1,115,323
Rates and Taxes 8,630
Establishment Charges 25,844
Insurance -
Advert isement 2,085,436
Commission 75,982
Legal & Professional Expenses 102,590
Travelling & Conveyance 366,951
Printing and Stationery 417,330
Telephone Expenses 549,402
Repairs and Maintenance:
To Plant and Machinery 34,665
To Building 26,976
To Others 188,268
Directors' Sitting Fees 8,000
Auditors' Remuneration :
For Statutory Audit 67,344
For Tax Audit 16,836
For internal Audit 2,000
For Other Services 14,271
Miscel laneous expenses 1,724,283
6,830,131
153,363
2,222,767
271,500
5,824
25,815
500,000
207,485
102,343
197,292
67,016
159,441
85,852
7,000
67,344
16,836
2,000
6,285
349,500
273,267
64
8,126
2,352,990
20 EXTRA ORDINARY ITEMDifferential Depreciation relating to building transferred
to investments 315,801
315,801
21 DIRECT TAXES
Provision for :-
Income Tax
Deferred Tax
Income Tax Ajustments
Fringe Benefit Tax
(4,560,000)
(21,789)
105,000
10,000
(10,000)
62,607
82,000
(4,476,789) 144,607
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22 NOTES ON ACCOU NTS
1) SIGNIFICANT ACCOUNT ING POLICIES
SYSTEM OF ACCOUNTING:
The company adopts accrual basis of accounting in the preparation of accounts.
FIXED ASSETS AND DEPRECIATION :
a) Fixed assets are value d at cost and depreciati on is provid ed on straight l ine basis in acco rdan ce with the
provisions of Schedule XIV to the Companies Act, 1956.
b) Capital work-in-progress is stated at cost.
INVENTORIES:
a) Stock of raw material and stores are carried at cost.
b) Shop s and other and Constr uction mate rial is valu ed at cost.
INVESTMENTS:
Long term investments are carried at acquisition cost and investments intended to be held for less than one year are
classified as current investments and are carried at lower of cost and market value. Long Term Investments which
have attaine d the stage of perm anen t diminu tion in their value are revalu ed at their current valu e.
TAXES ON INCOME :
a) Current Tax is determin ed as the amou nt of tax payable in res pect of taxab le incom e for the year.
b) Deferred Tax is recognised , subject to consideratio n of prude nce, in respect of deferred tax Assets/Li abilit ies
arising on timing differences, being the difference between taxable income and accounting income that originate in
one period and are capable of reversal in one or more subsequent period.
EMPLOYEE BENEFITS
a) Short term empl oyee benefits are charge d off at the undis coun ted amoun t in the year in which the related servi ce
is rendered.
(b) Post employment and other long term employee benefits are charged off in the year in which the employee has
rendered services. The amount charged off is recognised at the present value of the amounts payable determined
using actuarial valuation techniques. Actuarial gain and losses in respect of post employment and other long term
benefits are charged to Profit and Loss Account.
SALES
(a) Sales, comprising of sale of rooms, food and beverages, club and other allied services, is recognised upon
rendering of the services
(b) Sale of shops and others is accounted for on the basis of date of delivery of physical possession to the respective
customer.
(c) Project maintenance charges,and other income is accounted for on accrual basis except where the receipt of
income is uncertain.
(d) Interest from customer is accounted for on receipt basis.
MISCELLANEOUS EXPENDITURE:
Preliminary Expenses are written off over a period of five years.
MPAIRMENT OF ASSETS
Impairment loss in the value of assets as specified in Accounting Standard - 28 is recognized whenever carrying value
of such assets exceeds the market value or value in use, whichever is higher.
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2) The Earning Per Share (EPS) has been calculate d as specifie d in Acer
related disclosures are as below :
a) amoun t used as numerat or in calcula ting basic and diluted EPS
Profit after tax (Rs.)
b) Amount used as denominator for calculating EPS. (In Nos.)
Fo, :\ ...,c EPS (Nos):
opening
Add: Alloted during the year on 18-08-2007
(9000000*227/366)
Add: Potential Equity SharesDebentures convertible to the extent of amount paid up
in equity shares at par alloted on 18-08-2007
(10000000*82/100 *227/366)
Debentures convertible to the extent of amount paid up
in equity shares at par alloted on 26-05-2006
(10000000*90/100 *139/365)
Debentures convertible to the extent of amount paid up
in equity shares at par alloted on 26-05-2006
7 Standard - 20 on "Earning Per Share" and
^007-2008
(Rs.)
15,339,980
240,050
5,581,967
5,822,017
5,085,792
3,418,033
3)
2006-2007
(Rs.)
3,211,789
240,050
240,050
(10000000*56/100 *310/365) - 4,756,164
For Diluted EPS
The particulars of Partnership business is given below:
Ashiana Mangalam Developers
14,325,842 4,996,214
Name of the Partner Share
30% of pre-tax yearly
profit upto cumulative
aggregate of
917.40 lacs
Balance # Capital (Rs.)30% of pre-tax yearly
profit upto cumulative
aggregate of
917.40 lacs
Ashiana Retirement Villages Ltd.
Rajkumarl Garg
Sangeeta Agarwal
Sanjay Gupta
Vinod Goyal
33.00%
17.00%
33.00%
17.00%
65.00%
11.55%
5.95%
11.55%
5.95%
83,941,607
16,794,184
(3,319,926)
(8,955,389)
(6,810,351)
# on the basis of audited Balance Sheet as at 31.03.2008
4) On the basis of physic al verification of assets , as specifi ed in Acco untin g Standard - 28 and cash generat ing capacity
of thos e asset s, in the mana geme nt perception , there is no impair ment of such assets as appea ring in the balance
sheet as on 31.03.2008.
5) In view of insufficient informati on from the suppliers regardin g their status as SSI units, the amount due to Small Scale
Industrial undertaking can not be ascertained.
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6) Stock, Purch ase and Sale s:
Shops Amo unt Store Rooms Amo unt Parkings Amo unt Total Amount
(Sft.) (Rs.) (Sft.) (Rs.) (Nos. ) (Rs.) (Rs.)
Opening Stock - 1,316 526,400 15 300,000 826,400
(728) (1,288,680) (2,246) (898,400) (15) (300,000) (2,487,080)
Purchases - - - - - -
(-) (-) (-) (-) (-) (-) (-)
Sales - 1,125 1,134,000 - - 1,134,000(728) (1,295,593) (930) (725,000) (-) (-) (-)
Closing Stock - - 191 76,4 00 15 300, 000 376,400Closing Stock
(-) (-) (2,246) (898, 400) (15) (300,000) (2,487,080)
7) Effective 1st April, 2007 , empl oyee benefit obligations have been m easure d/ valued following the Accounting Standard
15 (revised 2005) on 'Employee Benefits' (AS) issued by the Institute of Chartered Accountants of India. Pursuant to
adoption of the AS, the differential obligations on Employee Benefits as on that date, amounting to Rs 258073/- hasbeen transfe rred from the General Rese rve in term s of the transitional provisi ons of the said standa rd. The charg e to
the Profit and Loss account is lower by an amount of Rs 176821/- with its consequential effect on the profit before tax
for the current year.
Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:
(Rs. in lacs)
Emplo yer's Contrib ution to Providen t & Pensio n Fund 0.11
Defined Benefit Plan
The present value of obligation is determine d based on actuarial valuation using the Projected Unit Credit Method, which
recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.
Gratuity
(Unfunded)
a. Reconci liation of open ing and closi ng bala nces of Define d Benefit obliga tion
Defin ed Benefit obliga tion at begin ning of the year 2.58
Current Service Cost
Interest Cost
Actuarial (gain)/loss
Benefits (paid)
Defined Benefit obligation at year end
Value of assets and obligations
Present value of obligation
as at 31st March, 2008
Amount recognised in Balance Sheet
Expenses recognized during the year
Current Service Cost
Interest Cost
Actuarial (gain) / loss
Net Cost
1.20
0.21
(0.18)
3.81
3.81
3.81
1.20
0.21
(0.18)
1.23
d.
1994-96 (duly modified)8.00%
8.00%
Actuarial assumptions
Mortality Table (LLC.)Discount rate (per annum) compounded
Rate of escalation in salary (per annum)
The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation,
seniority, promo tion and other relevant factors. Th e expect ed return on Plan Asse ts is based on actuarial e>; ;sctations
of the average long term rate of return expected on investments of the fund during the estimated terms of the
obliga tions. The above informatio n is certified by the Actuary.
Since this is the first year of adoption, of the AS, o nly the current years figu res have been di sclo sed.
4 61
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ASHIANA RETIREMENT VILLAGES LIMITEDAshiana
ITM
8) Relate d parties and transactio ns with the m as specified in the Acco untin g Standard 18 on "Relate d Parties Disclos ures"
issued by ICAI has been identified and given below on the basis of information available with the company and thesame has been relied upon by the auditors.
Related Parties & Relationship
Transact ions
a)
b)
c)
d)
Enterprises that directly, or indirectly through one or more intermediaries, Control or are controlled by or are under
common control with the company (including holding companies, subsidiaries and fellow Subsidiaries) :
Ashiana Housing Ltd
Interest paid
Lease Rent paid
Revenue sharing
Fixed assets purchased
Hire charges paid
Miscellaneous Expenses
Loan received / (repaid) (net)
Advance against bookings
Year end payable
Associates and joint ventures
Ashiana Mangalam Developers
Individua ls owni ng directly or indirectly, an interest
in the votin g power of the compan y that gives
them control or significant influence over the
compa ny, and relatives of any such individu al.
Key management personnel and their relatives
Shri Om Prakas h Gupt a, Remun eratio n
Director
2007-2008
(Rs.)
Rs.Nil
Rs.6.00 lacs
Rs.5.02 lacs
Rs.Nil
Rs.0.60 lacs
Rs.2.51 lacs
(Rs.73.06 lacs)
Rs. 64.05 lacs
Rs. 7.19 lacs
as above
Rs.6.00 lacs
e) Enterp rises over whic h any person describ ed in (c)
or (d) is able to exerci se significant influence :
f) Amou nt Writte n off in respect of abov e parties
9) (a) Previ ous year figures above are give n in bracket.
(b) Previous period figures are rearranged/ regrouped wherever considered necessary.
2006-2007
(Rs.)
Rs. 3.28 lacs
Rs.9.00 lacs
Rs.Nil
Rs.37.40 lacs
Rs.0.60 lacs
Rs.Nil
Rs.67.05 lacs
Rs.Nil
Rs.101.95 lacs
Rs.6.00 lacs
CD
8/10/2019 Ashiana Housing Annual ReportFY08
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ASHIANA RETIREMENT VILLAGES LIMITED
I Capital raised during the year
(Amount in Rs. Thousand)
I Position of Mobilis ation and
Deployment of funds
(Amount in Rs. Thousand)
Sources of Funds Paid-up Capital
Secured Loans
Application of Funds
Performance of Company
92,401
Nil
Turnover (Gross Revenue): 44,553
+/- Profit/Loss
Before Tax
+11,179
Earning per share 2.63
* Before deducting extra ordinary tax payment.
IV Generic Name of Three Products/Services of Compan y
(as per mo