Ashiana Housing Annual ReportFY08

8/10/2019 Ashiana Housing Annual ReportFY08

1/90

1^1 A.sh Larva

'Annual.

eportC w U / " U D

ASHIANA HOUSING LTD.


2/90

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


39/90

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


40/90


41/90

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


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


42/90

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.




VINIT BAGARIA

PartnerBhagwan Kumar

Company Secretary

Om Prakash Gupta

Managing DirectorVishal Gupta

Jt. Managing DirectorNaval Kishore

G.M. (F&A)

Place: Gurgaon


Place : New Delhi

Date : 30th June, 2008


43/90

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


44/90

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.


45/90


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 }


46/90


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.


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.



(VINIT BAGARIA)

Par tner


Place: Gurgaon

Date: 30"' June, 2008

GD


47/90


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.




VINIT BAGARIA

Partner

Vishal Gupta

Whole time Director

Ankur Gupta

Whole time Director

Place : Gurgaon


Place : New Delhi

Date : 30thJun e, 2008


48/90


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.



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


49/90


50/90


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


51/90

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


52/90


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)


53/90


AshianaITM


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


54/90


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.


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


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


55/90


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


56/90


ITM


19 BALANC E SHEET ABSTR ACT AND COMPANY' S GENER AL BUSINESS PROFILE

I. Registrati on Details

1 Capital raised during the year


t Position of Mobilisa tion and

Deployment of funds


Sources 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


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


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


57/90

VATIKA MARKETING LIMITED m AshianaTM


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.


(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



VINIT BAGARIA

Partner

Vishal Gupta

Whole time Director

Ankur Gupta

Whole time Director

Place : Gurgaon


Place : New Delhi

Date : 30thJun e, 2008


58/90

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


59/90

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.



(VINIT BAGARIA)

Par tner


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

- ( 5 0 ) -


60/90


ITM

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.


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.


Chartered Accountants

(VINIT BAGARIA)

Place: Gurgaon Par tne r

Date: 30t h

June, 2008 Membe rship Number: 500872

4 51


61/90


ITM

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




VINIT BAGARIA

PartnerOm Prakash Gupta

Whole time Director

Vishal GuptaDirector

Place : Gurgaon


Place : New Delhi



62/90


ITM

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.




VINIT BAGARIA

Partner

Om Prakash Gupta

Whole time Director

Vishal GuptaDirector

Place : Gurgaon


Place : New Delhi


GD


63/90


ITM

, , . 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


65/90


66/90


ITM


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}=


67/90


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

ITM

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


68/90


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.

AshianaITM

GD


69/90


ITM

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


(10000000*90/100 *139/365)

Debentures convertible to the extent of amount paid up


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.

CD


70/90


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.


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


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


71/90


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


72/90


I Capital raised during the year


I Position of Mobilis ation and

Deployment of funds


Sources of Funds Paid-up Capital

Secured Loans



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

Documents

Ashiana Housing Annual ReportFY08