Ashiana Housing Annual ReportFY08

1^1 A.
sh Larva
'Annual.
eport
C w U / " U D
ASHIANA HOUSING LTD.
Ashiana
ITM
Nurturing Smiles
Our Current Projects
UTSAV*
ASHIANA
BHIWADI
JAIPUR & LAVASA
GREENWOOD
[WOOD
JMidlands
W<
JAMSHEDPUR
14000 -[
12000
10000 H
8000
6000
4000
2000 H
0
Consolidated Total Income (Rs.in lacs)

13345.10
5568.71
3921.22
2006
2007
2008
Consolidated Net Profit (Rs.in lacs) 3 3 ^ 5 ^
2006
2007
2008
Dividend (Rs.in lacs)
2006
2007
Achievements during the year 2007-08

Particulars
Total Income
Net Profit
EPS
Shareholder's Fund
Dividend
2008
(Rs. in Lacs)
2007-08
2006-07
13345.10
5568.71
140
3865.08
944.67
5.04
309
309
3234.05
109
110
20.63
6776.77
281.04
Change(%)
133.83
Handing over of flats for the second and third phases of Ashiana Utsavat Bhiwadi.
Handing over of flats of Ashiana G r e e n w o o d at N e e m r a n a .
Ashiana Treehouse - Hotel & C l u b , a 50 r o o m boutique business hotel in Bhiwadi has become
operational.
Launch of Ashiana G r e e n w o o d , a premium residential project in Jaipur offering 2 0 0 units to the
public.
Launch of Ashiana A m a r b a g h offering aesthetically built 3 4 9 villas in Jodhpur.
Our Vision
To nurture an environment which brings a smile of
satisfaction to people who meet us, who live in
homes built by us, work with us, supply to us &
invest in us.
Our Mission
To develop & maintain homes which are functional,
aesthetically pleasing, environment friendly for the
middle income g r o u p .
To create retirement communities where senior
Our Values
citizens can lead active, fun filled, secure life with
Happiness all a r o u n d
Importance to all in the organization
dignity.
Freedom to work & Speak

Being able to make a mistake
Our Mantra:
Professionalism with a personal iouch because, at
our heart lie, not statistics figures or numbers, nor
stone,
brick or c o n c r e t e / but our people: the
Ashiana family.
Family like working environment

G o o d inter personal relationship
Customer oriented a p p r o a c h
Passion for quality
Continuous improvement
Honesty in c o m m i t m e n t
Delivery in time
Softness in behavior .
After sale service
Adaptability to change
Transparency
Honesty
Sharing information regularly
Self-belief
CONTENTS
Ashiana Housing Ltd.
Page No.
Ashiana Retirement Villages Ltd.
Page N o .
Notice
Director's Report
Management Discussion &
Analysis Report
Report on Corporate Governance
Corporate Governance Certificate
Auditor's Report
Balance Sheet
Profit & Loss Accounts
Schedule to the Accounts
Balance Sheet Abstract
Cash Flow Statement
Statement Pursuant to Sec.
212 of the Com. Act, 1956
1-4
5-7
Director's Report
Auditor's Report
Balance Sheet
Schedu le to the Accou nts
Cash Flow Statement
49
50-51
52
53
54-62
63
64
7-9
10-14
15
16-18
19
20
21-31
32
33
34
Vatika Marketing Ltd.

Director's Report
Auditor's Report
Balance Sheet
Cash Flow Statement
35
36-37
38
39
40-46
47
48

Consolidated Accounts
Auditor's Report
Balance Sheet
Profit & Loss Accou nts
Cash Flow Statement
C o m p a n y Secretary
Bhagwan Kumar
Auditors
M/s. B. Chhawchharia & C o . K - 3 / 2 7 , DLF City,

Phase-ll, G u r g a o n , Haryana - 122 0 0 2
Registered Office
5F Everest 4 6 / c , Chowringhee Road
65
66
67
68-76
77
78
Kolkata - 7 0 0 0 7 1
H e a d Office
3 0 4 , Southern Park, Saket Disst. Centre, Saket,

New Delhi - 1 1 0 0 1 7 , Ph: {011) 4 2 6 5 4 2 6 5
Fax: (011) 4 2 6 5 4 2 0 0
Bankers
HDFC Bank Ltd., State Bank of Bikaner & Jaipur

Punjab National Bank, Bank of Baroda
Website
www.ashianahousing.com
Registrar &
M/s. Beetal Financial & C o m p u t e r Services Pvt. Ltd.

Beetal House, 9 9 , Madangir, Behind Local Shopping Centre
Near Dada Harsukh Dass Mandir, New Delhi - 1 1 0 0 6 2
Ph: (011) 2 9 9 6 1281 - 8 2 , Fax: (011) 2 9 9 6 1 2 8 4
Share Transfer Agent
OM PRAKASH GUPTA is a Civil Engineer, from the renowned BITS, Pilani ('69 batch) and has a
Masters from Louisiana State University (USA). A true entrepreneur who is also a visionary, he
charted the growth of the company from Patna to Jamshedpur, Delhi NCR (Bhiwadi, Ghaziabad,
Greater Noida and Gurgaon) and now to Jaipur, Jodhpur, Lucknow and Lavpsa. His vision brought
Bhiwadi into the limelight, and he pioneered the concept of professional maintenance of mid-range
residential complexes in India. His dream project, Ashiana Utsav Retirement Resort, is yet another
pioneering idea.
Om Prakash Gupta (Managing Director)
ASHOK MATTOO is a Mechanical Engineer, has over 40 years of experience in project planning,
execution and administration. He has served in major organisations Border Roads, BHEL, and Tata
Steel. As Director, Town Services, Jamshedpur, and Chairman of the Jamshedpur Notified Area
Committee, he was responsible for the municipal services of Jamshedpur. He is also currently
treasurer of the Indian Olympic Association and Commonwealth Games 2 0 1 0 .
VISHAL GUPTA is a product of Sydenham College (Mumbai) and an MBA from FORE School of
Management (Delhi), Vishal Gupta is acknowledged for his in-depth understanding of the real
estate business, customer-psychology and market behaviour. He has a great eye for detail and takes
a keen interest in the conceptualizing and planning of new housing projects f^r the company.
Vishal Gupta (Joint Managing Director)

ANKURGUPTAisa Bachelor in Business Administration from FDU (USA) and an M.S. in Real Estate
from NYU (USA), Ankur Gupta focussed on residential projects for senior citizens during his
research work at University. His experience was put to good use at Utsav, and he is now looking after
Marketing forthe company.
Ankur Gupta (Whole Time Director)

VARUN GUPTA is a Bachelor in Science from Stern School of Business, NYU, Varun majored in
Finance and Management and graduated with the high academic distinction, 'Magna Cum Laude .
He then joined Citigroup in Commercial Mortgage Backed Securities where he was underwriting
commercial real estate. After a year and a half of this rich experience, he has joined Ashiana where
he is looking after Land and Finance.
1
Varun Gupta (Whole Time Director)
Board of Directors
Sonal Mattoo (Director): A law graduate from the National law school, Bangalore, is a practicing
lawyer with over seven years of experience. She is also a co-founder of a voluntary organisation
"Helping hands" which deals with the issues of women and senior citizens.
Sonal Mattoo (Director)
ABHISHEK DALMIA qualified as a Chartered Accountant in 1992 and started an investment

advisory business, The Renaissance Group. He is an independent director in Ashiana and adds to
the company's knowledge of the financial markets.
Abhishek Dolmio (Director)
LALIT KUMAR CHHAWCHHARIA , a commerce graduate, is a practicing consultant. He has

diversified experience of 35 years in various industries, he has been associated with Ashiana group
since its inception.
Message from Managing Director andJt. Managing Director

Greetings Shareowners
>
It is pleasure for us to share with you all the partners, the health of the C o m p a n y / Grjoup, health of the
Real Estate industry in India and future of your C o m p a n y as we can foresee it.
HEALTH OF THE COMPANY/GROUP
The group's turnover has grown from Rs. 5 1 . 1 5 crores to Rs. 1 2 6 . 2 9 crores a n d pre tax profit from
Rs. 1 0 . 8 6 Crores to Rs. 4 3 . 4 1 crores.
9 We are a debt free group.
The g r o u p works based on values and principles.
Customers, share-owners, employees a n d vendors are all treated with lot of respects
The g r o u p caters mainly to middle income g r o u p which is the largest segment of buyiers of Homes.
Continuously standardizing the construction design, material and construction practices to achieve a
i
better product at economical cost.
Conscious a b o u t environment. Treat sewerage and use treated water for g a r d e n i n g solid
(
is being converted to manure, water-harvesting torecharge the underground

w a t e r t a b l e , lot of tree plantation to improve the environment.
Training at all levels is a continuous process.
Ashiana is a Brand in its areas of operations and get better price than
most of other developers.
First C o m p a n y to bring retiral housing to India in a

planned manner. First retirement resort of
640families (a Rupees 1 0 0 Crore project) _
near Delhi is ready and operational.
Ashiana trains Engineers in commercia

aspects of business and develop them
also as Marketing Managers.
House keeping at sites and offices is

given very high importance.
G r o u p provides healthy living

conditions to laborers at sites &
primary school education to their
children with schools at sites.
waste
HEALTH OF THE INDUSTRY AS A
WHOLE IN THE COUNTRY
Actual user buyer has multiplied many fold as salaries have increased and interest rates had become
reasonable except in the last one year since interest rates have been increasing. The average age of the
buyer has c o m e d o w n to 3 0 - 3 5 years from 5 0 - 5 5 years in the last 10 years.
Quality architecture, conscious professional developers, new materials, new construction methods,
d e m a n d i n g customers, exposure to the world has already revolutionized the industry in the last 10 years
a n d next ten years will change the way India lives. The business is becoming more a n d more specialized
like Residential, C o m m e r c i a l , I.T., Retail, Multiplex, Retiral Housing, SEZ, Townships etc. Each
|*
developer is specializing in his areas of interest.
0.
Those real estate developers w h o are doing quality work, delivering in time and cost conscious have a
great future
as
customer
is
looking
for quality,
cost
and
on
time
delivery.
Post completion facility management at a right price is becoming more and more critical as customer
understands the importance of the same. G o o d developers are managing post construction either
directly o r t h r o u g h professional companies.
GROUPS OUTLOOK
AND
EFFORTS
You will be pleased to know that your g r o u p is doing most of these a n d adding more facilities as per the
market conditions. O u r customers have become our main sales force which is a heartening situation.
As the Hotel Industry is developing very fast in the region, the d e m a n d for quality hotel rooms with g o o d
infrastructure is increasing. The group's hotel cum club "The Tree House Hotel & Clubs" at Bhiwadi
(earlier called Ashiana Gymkhana) is picking up business very well.
ASHIANA UTSAV - Retirement Resort at Jaipur is under construction and construction of next one at
Lavasa (near Pune) should start in O c t 0 8 . As informed to you earlier, your company will take this
business all over India as the concept becomes popular.
Your company along with its subsidiaries is growing and we may assure you that your board will put in its
best efforts to make your company, which will always look after the interest of its stake holders in the
transparent and honest way with values and principles.
We w o u l d like to convey our hearfful thanks to all the shareowners for having maintained their faith in
the organization.
It is o u r pleasure and g o o d fortune to have such wonderful work force who has m a d e it possible for the
company to progress every year. We thank them all for living by the values and principles of the
organization and creating that happiness all around us. O u r customers, suppliers and consultants have
stood by us all the time a n d helped us achieve where we are. We w o u l d like to recognize their
contribution and thank them fortheir contribution.
We may assure you that we will keep on d o i n g o u r best at all times for making this company grow as a
well known household name.
With best wishes,
Om Prakash Gupta
(ManagingDirector)
Vishal Gupta
(Jt. MANAGING Director)
Sj|
ITM
Ashiana
ASHIANA HOUSING LIMITED

NOTICE
NOTICE is h e r e b y g i v e n t h a t t h e 2 2 n d ANNUAL
GENERAL MEETING of the m e m b e r s of M/S. ASHIANA
HOUSING LIMITED will be held on Thursday, the 18th
d a y of
September,
Kalamandir),
2 0 0 8 at 'Kalakunj' ( B a s e m e n t -
48,
Shakespeare
Kolkata-700 0 1 7 at
11.30 A . M .
Sarani,
to consider and
"RESOLVED THAT
pursuant to Sections 1 9 8 , 3 0 9 ,
3 1 0 & 3 1 6 ( 2 ) r e a d with S c h e d u l e X I I I a n d other

applicable provisions, if any, of the C o m p a n i e s Act,
1 9 5 6 or, a n y a m e n d m e n t or, modifications thereof
a n d after notifying all the directors then present in
India about the meeting a n d about the resolution,
by specific notice a n d subject to a p p r o v a l of t h e
transact the following business :
members
ORDINARY BUSINESS:
of the
C o m p a n y through
Ordinary
R e s o l u t i o n , consent of the Board of Directors be
1. To receive, consider a n d a d o p t the Audited B a l a n c e

S h e e t as at 3 1 s t M a r c h , 2 0 0 8 , t h e Profit & Loss
Account for the y e a r e n d e d on that d a t e a n d the
R e p o r t of t h e B o a r d of D i r e c t o r s ' a n d A u d i t o r s '
thereon.
and is hereby accorded unanimously to the

appointment
of
Mr. Varun G u p t a as W h o l e - t i m e
Director of the C o m p a n y for a period of three years

w.e.f. 1st July, 2 0 0 8 o n the following t e r m s a n d
conditions :
BASIC SALARY:
2. To d e c l a r e dividend.
3. To appoint a Director in place of Shri A s h o k K u m a r
M a t t o o , w h o retires by rotation a n d b e i n g eligible
for r e - a p p o i n t m e n t .
4. To a p p o i n t a Director in p l a c e of Shri A b h i s h e k
D a l m i a , w h o retires by rotation a n d being eligible
for r e - a p p o i n t m e n t .
R s . 1 , 5 0 , 0 0 0 / - per m o n t h .
HOUSING:
a) T h e expenditure incurred by the C o m p a n y on
hiring unfurnished a c c o m m o d a t i o n will be subject
to a ceiling of 60 p e r c e n t of the basic salary.
b) Free furnished a c c o m m o d a t i o n
5. To appoint Auditors a n d fix their r e m u n e r a t i o n .
in case the
a c c o m m o d a t i o n is o w n e d by t h e C o m p a n y .
SPECIAL BUSINESS:
6. APPOINTMENT OF SHRI.VARUN GUPTA AS
DIRECTOR
c) In c a s e no a c c o m m o d a t i o n is provided by the
C o m p a n y , e n t i t l e m e n t t o h o u s e rent a l l o w a n c e
subject to the ceiling laid d o w n in (a) a b o v e .
To consider a n d if thought fit, to p a s s with or without
T h e expenditure incurred b y the C o m p a n y o n g a s ,
modification(s),
electricity, W a t e r & furnishings will be v a l u e d as
the
following
resolution
as
Ordinary Resolution:
"RESOLVED THAT
per I n c o m e Tax R u l e s , 1 9 6 2 .
Shri V a r u n G u p t a , w h o w a s
PROVIDENT FUND:
appointed as an Additional Director under section

2 6 0 of the C o m p a n i e s Act, 1 9 5 6 by the B o a r d of
Contribution to the Provident F u n d as per rules of
Directors of t h e c o m p a n y a n d holds office upto
the C o m p a n y , subject to a ceiling of 1 2 % of Basic
t h e d a t e of this A n n u a l G e n e r a l M e e t i n g a n d in
Salary.
respect of w h o m the C o m p a n y has received a
SUPERANNUATION FUND:
notice from a m e m b e r proposing the candidature

of Shri V a r u n G u p t a for the office of Director under
section 2 5 7 o f the C o m p a n i e s Act, 1 9 5 6 , b e a n d
is h e r e b y appointed as a Director of the C o m p a n y ,
liable to retire by rotation.
7. APPOINTMENT OF SHRI VARUN GUPTA AS

WHOLE TIME DIRECTOR
To consider a n d if thought fit, to p a s s with or without
modification(s), the following resolution as an
Ordinary Resolution:
Contribution to s u p e r a n n u a t i o n fund as per rules

of t h e C o m p a n y subject to the condition that s u c h
contribution together with Provident F u n d shall not
e x c e e d 2 5 % o f basic salary a s laid d o w n u n d e r
the I n c o m e T a x R u l e s , 1 9 6 2 .
GRATUITY:
P a y a b l e as per rules of t h e C o m p a n y but not
e x c e e d i n g half month's salary for e a c h c o m p l e t e d
y e a r of service.
ITM
Ashiana

MEDICAL REIMBURSEMENT:
NOTES:
E x p e n s e s actually incurred for self a n d family.
1.
A MEMBER ENTITLED TO ATTEND A N D VOTE AT

T H E MEETING IS ENTITLED TO APPOINT A
PROXY TO ATTEND AND VOTE INSTEAD OF
HIMSELF/HERSELF AND THE PROXY NEED NOT
BE A MEMBER OF THE COMPANY.
2.
Proxy form duly filled up a n d e x e c u t e d must be

received at t h e Registered Office of the C o m p a n y
not less than 48 hours before the time fixed for
the m e e t i n g .
3.
T h e relevant details of directors seeking

appointment/ re-appointment as required by
clause 49 of the Listing A g r e e m e n t e n t e r e d into
with the Stock E x c h a n g e a r e a n n e x e d .
4.
T h e Register of M e m b e r s and Share Transfer

Books shall remain closed from 1 1 S e p t e m b e r ,
2008 to 18
September, 2 0 0 8 (both days
inclusive).
LEAVE TRAVEL CONCESSION:

For self a n d f a m i l y o n c e in a y e a r for a n y
destination in India.
CLUB FEES:
F e e s of Club subject to a m a x i m u m of two clubs
m a y b e a l l o w e d . Admission a n d Life m e m b e r s h i p
f e e s a r e not permissible.
PERSONAL ACCIDENT INSURANCE:
P r e m i u m not to e x c e e d Rs.1,0007- per a n n u m .
CAR:
t h
Facility of C a r with driver.
t h
TELEPHONE:
T e l e p h o n e at r e s i d e n c e . ( P e r s o n a l long distance
5.
c a l l s o n t e l e p h o n e a n d u s e o f c a r for p r i v a t e
p u r p o s e shall b e billed b y t h e C o m p a n y t o t h e
W h o l e - T i m e Director).
LEAVE:
If t h e resolution relating to d i v i d e n d on equity

shares as r e c o m m e n d e d by the Board of
Directors is p a s s e d at the m e e t i n g , p a y m e n t of
such dividend shall be m a d e on or after
18th S e p t e m b e r , 2 0 0 8 t o those m e m b e r s w h o s e
n a m e s are on the C o m p a n y ' s Register of
M e m b e r s on 1 8 S e p t e m b e r , 2 0 0 8 . In respect of
s h a r e s held in electronic f o r m , the dividend will
be p a y a b l e to t h e beneficial o w n e r s of s h a r e s
as at the end of business hours on 1 1
S e p t e m b e r , 2 0 0 8 a s per details furnished b y t h e
D e p o s i t o r i e s for this p u r p o s e .
t h
O n e m o n t h l e a v e for E l e v e n M o n t h s o f service.
L e a v e a c c u m u l a t e d but not availed will be allowed
to be e n c a s h e d at the e n d of tenure.
l h
TERMINATION OF CONTRACT:
T h e C o m p a n y a n d Shri Varun G u p t a a r e entitled
to t e r m i n a t e the contract by giving not less t h a n
6.
M e m b e r s holding s h a r e s in electronic form m a y

p l e a s e note that: (a) the dividend, w h e n d e c l a r e d ,
will be credited to their respective B a n k Accounts
as furnished to the respective Depository
Participants, through Electronic Clearing Service
( E C S ) , w h e r e this facility is available; (b) in other
cases, Bank details as furnished to the
respective Depository Participants will be printed
on t h e Dividend W a r r a n t s as per the applicable
regulations.
The
Company
shall
not
e n t e r t a i n m e n t a n y direct request from such
m e m b e r s for d e l e t i o n o f / c h a n g e of s u c h B a n k
details. Further, it m a y be noted that instructions,
if any, a l r e a d y given by the m e m b e r s in respect
of s h a r e s h e l d in p h y s i c a l f o r m will not be
automatically applicable to the dividend paid on
their holdings in electronic f o r m .
7.
M e m b e r s desiring a n y further information on the

business to be transacted at the M e e t i n g should
write to the C o m p a n y at least 15 d a y s before the
Ninety days' notice to either party.

"RESOLVED
F U R T H E R T H A T Shri Varun G u p t a
shall not be entitled to a n y sitting f e e s for attending

the meeting of the Board of Directors a n d / or
c o m m i t t e e of Directors."
" R E S O L V E D F U R T H E R T H A T t h e remuneration
aforesaid,
shall
be
paid
as
minimum
remuneration in a b s e n c e or i n a d e q u a c y of profits
for such year."
" R E S O L V E D F U R T H E R T H A T Shri Lalit K u m a r
C h h a w c h h a r i a , Director a n d Shri B h a g w a n Kumar,
C o m p a n y Secretary of the C o m p a n y be and is
h e r e b y severally authorized to sign, file all forms,
documents,
papers
etc.
with
Registrar
of
C o m p a n i e s , W e s t B e n g a l a n d to do all such acts

d e e d s , a n d things which m a y be n e c e s s a r y in this
behalf."
CD
ITM
Ashiana

date of the meeting so as to e n a b l e the
m a n a g e m e n t to k e e p the information, as far as
possible, ready at the m e e t i n g .
8.
M e m b e r s a r e r e q u e s t e d to notify the C o m p a n y
their c h a n g e of a d d r e s s , if any, to its H e a d Office
at Unit N o . 4 & 5 , 3 Floor, Plot N o . D - 2 , S o u t h e r n
Park, S a k e t District Ce'nter, S a k e t , N e w Delhi 1 1 0 0 1 7 , or to the Registrar & S h a r e Transfer
A g e n t of the C o m p a n y , M/s. Beetal Financial &
Computer Services (Pvt.) Ltd., 9 9 , Madangir,
Behind Local Shopping Centre, N e a r D a d a
H a r s u k h D a s s Mandir, N e w Delhi - 110 0 6 2 .
r d
9.
M e m b e r s a r e r e q u e s t e d to bring their c o p y of
the Annual
Report with t h e m at the Annual
EXPLANATORY
STATEMENT
PURSUANT
TO
S E C T I O N 173 (2) O F T H E C O M P A N I E S ACT, 1956

ITEM NO. 5.
The
Board
of
Directors
of the
Company
had
appointed Mr. Varun G u p t a as an Additional Director

of the c o m p a n y with effect from I
s 1
July, 2 0 0 8 , a n d as
s u c h h e holds office u p t o t h e d a t e o f this A n n u a l

G e n e r a l M e e t i n g . A notice under section 2 5 7 of the
C o m p a n i e s Act,
1 9 5 6 has been received by the
C o m p a n y f r o m a m e m b e r signifying his intention to

p r o p o s e t h e c a n d i d a t u r e of Mr. V a r u n G u p t a as a
director of t h e c o m p a n y . T h e resolution at item n o . 6
is t h e r e f o r e r e c o m m e n d e d for a p p r o v a l of the
General Meeting.
1 0 . All c o r r e s p o n d e n c e relating t o s h a r e s m a y b e
a d d r e s s e d to the H e a d office of the C o m p a n y or
to the Registrar & S h a r e T r a n s f e r A g e n t of t h e
Company.
1 1 . M e m b e r s holding s h a r e s in m o r e t h a n o n e folio
in identical order of n a m e s a r e r e q u e s t e d to write
to R e g i s t r a r & T r a n s f e r A g e n t e n c l o s i n g their
s h a r e certificates to e n a b l e t h e m to consolidate
t h e holdings in o n e folio to facilitate b e t t e r
service.
12. M e m b e r s desiring a n y information/clarification
o n t h e A c c o u n t s a r e r e q u e s t e d t o write t o t h e
C o m p a n y in a d v a n c e at least s e v e n (7) days
before the m e e t i n g so as to k e e p the information
ready at the time of A n n u a l G e n e r a l M e e t i n g .
13. As per the provisions of the C o m p a n i e s Act, 1 9 5 6
facility for m a k i n g nominations is available to the
s h a r e h o l d e r s in r e s p e c t of t h e s h a r e s h e l d by
t h e m . Nomination forms can be obtained from
t h e Registrar a n d S h a r e T r a n s f e r A g e n t o f t h e
Company.
members by means of Ordinary
Resolution as
required under the C o m p a n i e s Act, 1 9 5 6 .

E x c e p t Shri O m P r a k a s h G u p t a , Shri V i s h a l G u p t a ,
Shri Ankur G u p t a a n d Shri V a r u n G u p t a himself, no
other director of the c o m p a n y is c o n c e r n e d or
interested in the said resolution.
ITEM NO. 6.
B o a r d o f Directors o f t h e c o m p a n y h a s a p p o i n t e d
Shri Varun G u p t a as W h o l e T i m e Director of the
c o m p a n y subject to the approval of s h a r e h o l d e r s for
a period of t h r e e y e a r s with effect from 1st July, 2 0 0 8 .
Shri V a r u n G u p t a h a s b e e n looking after l a n d a n d
finance matters of the C o m p a n y .
K e e p i n g in v i e w his q u a l i f i c a t i o n ,
knowledge,
e x p e r i e n c e a n d contribution to the c o m p a n y , the

Board of Directors of the C o m p a n y r e c o m m e n d s his
appointment a s W h o l e T i m e Director o f t h e C o m p a n y .
T h e notice together with the explanatory statement m a y
14. M e m b e r s w h o h a v e n o t y e t e n c a s h e d t h e i r
dividend warrant(s) for the financial y e a r e n d e d
31.03.2004, 3 1 . 0 3 . 2 0 0 5 , 3 1 . 0 3 . 2 0 0 6 and
3 1 . 0 3 . 2 0 0 7 a r e r e q u e s t e d t o m a k e their claims
to the C o m p a n y , without a n y delay. As per section
2 0 5 A r e a d with section 2 0 5 C o f the C o m p a n i e s
Act, 1 9 5 6 t h e d i v i d e n d w a r r a n t s w h i c h r e m a i n
u n p a i d / u n c l a i m e d for a period of s e v e n y e a r s ,
are required to be transferred to the Investor
Education and Protection Fund ( I E P F ) of the
Central Government.
By order of the Board
P l a c e : New Delhi
Date : 30th June, 2008
Bhagwan Kumar
Company
Secretary
be taken as the abstract of the terms of contract with

the W h o l e T i m e Director of the C o m p a n y together with
the m e m o r a n d u m of concern or interest of the Director
under section 3 0 2 of the C o m p a n i e s Act, 1 9 5 6 .
The
resolution
at
Item
No.7
is
therefore
r e c o m m e n d e d for a p p r o v a l o f t h e m e m b e r s b y
m e a n s of O r d i n a r y Resolution as required under t h e
C o m p a n i e s Act, 1 9 5 6 .
E x c e p t Shri O m P r a k a s h G u p t a , Shri V i s h a l G u p t a
a n d Shri Ankur G u p t a himself, no other director of t h e
c o m p a n y is c o n c e r n e d or interested in the said
resolution.
ITM
Ashiana

BRIEF
PROFILE
OF
DIRECTORS
SEEKING
2.
Shri Abhishek Dalmia
APPOINTMENT/RE-APPOINTMENT AT THE 22ND

Shri A b h i s h e k D a l m i a is a C h a r t e r e d Accountant.
ANNUAL GENERAL MEETING AS REQUIRED IN
H e i s 3 9 y e a r s o f a g e . H e belongs t o well known
T E R M S O F C L A U S E 4 9 O F T H E LISTING AGREEMENT.
Industrial H o u s e . He h a s a brilliant educational

A t the ensuing A n n u a l G e n e r a l M e e t i n g Shri A s h o k
as well as professional track record. He is having
K u m a r M a t t o o a n d Shri A b h i s h e k D a l m i a shall retire
m o r e t h a n 17 y e a r s of rich e x p e r i e n c e of different
by rotation a n d being eligible offer t h e m s e l v e s for re-
o r g a n i s a t i o n s a t different position. H e w o r k e d
appointment. Shri V a r u n G u p t a , h a d b e e n appointed
for C a p i t a l I d e a s I n d i a L t d . , O C L I n d i a L t d . ,
as an Additional Director by the B o a r d of Directors of
K h a m m a m G r a n i t e India Ltd. at a v e r y s e n i o r
the company.
position and presently heading as C E O of
In terms of section
2 6 0 of the
C o m p a n i e s Act, 1 9 5 6 , Shri V a r u n G u p t a shall hold
R e n a i s s a n c e G r o u p . He is also director on t h e
office upto the d a t e of A n n u a l G e n e r a l M e e t i n g of the
Boards of Revathi Equipment Ltd., Rajratan
C o m p a n y . T h e C o m p a n y received a valid notice under
Global W i r e Ltd., Saffron A g e n c i e s Ltd., S h o g u n
section 2 5 7 o f the C o m p a n i e s Act, 1 9 5 6 proposing
Organics Ltd., Utkal Investments Ltd., Net
t h e c a n d i d a t u r e of Shri V a r u n G u p t a for the office of
C a r r o t s . c o m Pvt. Ltd., A s r a Plantations Pvt. Ltd.,
D i r e c t o r . A brief profile of a b o v e d i r e c t o r s u n d e r
S o h n a Agrifarms Pvt.
C o r p o r a t e G o v e r n a n c e C o d e is as under:
Agrifarms Pvt. Ltd., S u n g l o w Agriculture F a r m s
Ltd.,
Priyadarshanay
Pvt. Ltd., M o n a r c h C a t a l y s t Pvt. Ltd., Potential

1.
Shri Ashok Kumar Mattoo

S e n / i c e Consultants Pvt. Ltd., R e n a i s s a n c e A s s e t
Shri A s h o k K u m a r Mattoo is a N o n Executive &
M a n a g e m e n t C o m p a n y Pvt. Ltd.
I n d e p e n d e n t Director. He is 64 y e a r s old.
d o e s not hold a n y s h a r e in A s h i a n a Housing Ltd.
He is
Presently h e
a mechanical engineer having more than 40

3.
Shri Varun Gupta
y e a r s of vast e x p e r i e n c e in administration, project

p l a n n i n g , project e x e c u t i o n , m a i n t e n a n c e a n d
Shri Varun G u p t a h a s d o n e Bachelors in S c i e n c e
operations.
from
He
has
served
in
major
organisations like Border R o a d s , Bharat H e a v y
Stern School of Business,
University.
He
majored
in
N e w York
finance
and
g r a d u a t e d with the
high
Electricals ( B H E L ) a n d Tata S t e e l . As Deputy
management and
Director
he
a c a d e m i c distinction, ' M a g n a C u m L a u d e ' . H e
for
t h e n j o i n e d Citigroup i n c o m m e r c i a l m o r t g a g e
and
maintained
Director
the
Town
municipal
Services
services
J a m s h e d p u r . Mr. Mattoo h a s also s e r v e d as the
b a c k e d securities w h e r e he w a s underwriting
Chairman
of
Area
c o m m e r c i a l real e s t a t e . After a y e a r a n d a half of
Committee.
He is also director on the Boards of
rich e x p e r i e n c e , he joined A s h i a n a Housing Ltd.
Jamshedpur
Vatika Marketing
Notified
Ltd., Ashiana
Retirement
a n d is looking after land a n d finance m a t t e r s . H e
Villages Ltd. and Security and Intelligence
is
S e r v i c e s (I) Ltd. He is also a m e m b e r of Audit
R e t i r e m e n t Villages Ltd.
Committee and Chairman of Remuneration

C o m m i t t e e of the C o m p a n y .
CD
also
director on
the
Board
of A s h i a n a
Ashiana
DIRECTORS' REPORT
On Consolidated basis, the total income of your company
To the member(s),
and its subsidiaries rose by 1 4 0 % to Rs. 13345.10 lacs , as

Your directors have pleasure in presenting the 2 2
n d
Annual
against Rs. 5568.71 lacs during the previous year. Further,
Report together with the audited statement of accounts for
t h e c o n s o l i d a t e d net profit i n c r e a s e d b y 3 0 9 % t o R s .
the year ending 31st March, 2008.

1.
3865.08, as compared to Rs. 944.67 lacs in the previous

year ended 3 1
FINANCIAL RESULTS
s t
March, 2008.
Operations
T h e financial results of the C o m p a n y for the year e n d e d
A brief summary of on-going projects
31st M a r c h , 2 0 0 8 are as follows:(Rs. in lacs)

PARTICULARS.
1.
Sales and other Income
PREVIOUS
YEAR
12725.32
5341.58
4273.91
1147.78
57.73
35.34
Profit before Depreciation
CO '
CURRENT
YEAR
ro
SI.
No.
Depreciation
4.
4
Profit after Depreciation

but before Taxation
4216.18
1112.44
5.
Provision for Taxation
516.41
143.91
6.
Profit after Depreciation

and Taxation
3699.78
968.53
Projects
Start
Date
Completion
Date
Size
(Sq.ft.)
No. of
Units
Phase I*
Phase II*
Phase III
12/2004
05/2005
01/2006
30/03/07
04/01/08
15/03/08
278,050
224,220
224,300
230
180
180
726570
590 |
(Location)
| Total
04/2007 04/2009
435,200
Phase I
435,200
Phase II
01/2008 12/2009
Phase III & (To be launched in 2008-09) 992,000
Phase IV
| Total
Green Hills
(Neemrana)
Phase II"
Phase III*
Phase IV
05/2005
08/2005
10/2005
Woodland
Phase I*
Phase II
10/2005
12/2006
02/11/07
02/11/07
02/11/07
I Total
7.
Surplus brought forward

from previous year
43.24
Profit available for

Appropriation
3754.97
1011.76
9.
Proposed Dividend
281.04
133.83
10.
Tax on Proposed Dividend
47.76
22.74
CO
55.19
11.
Transfer to General Reserve
12.
Balance Surplus carried

to Balance Sheet
03/2008
12/2008
I Total
3324.16
800.00
102.00
55.19
(Jaipur)
Villas
Flats
Utsav"
(Jaipur)
Phase I
Phase II
10/2006
12/2006
02/2009
02/2009
| Total
(To be launched in 2008-09)

I Total
Phase I
. 12/2007 . 12/2009
320
320
720
1862,400
74,650
132,370
98,820
13601
64
103
83
305,840
250 |
205,600
152,620
142
109
358,220
251 |
119,880
94,880
74
80
214,760
154 |
154,000
240,000
120
180
394,000
300 |
362,600
200
362,600
200 |
218,820
313,875
145
204
532,695
349 I
(Jaipur)
For the year under review your Company has registered
I Total
impressive results. Financial year 2007-08 took off from

Amarbagh *
(Jodhpur)
Phase I
06/2007 12/2009
Phase ll&lll (To be launched in 2008-09)
the industry.
Lavasa(Pune)
Expected to be launched during financial year 2008-09. Project

shall offer aesthetically built villas spread over 30 acres.
Your company achieved new highs in revenues as well as
Lucknow
(Retiral Home)
Expected to be launched during financial year 2008-09. Project

shall offer retiral homes on the land measuring 13 acres.
where 2006-07 had left as far as the real estate industry

was concerned. Rising disposable incomes, government
I Total
policy and overall growth of the economy gave a boost to
profits during the year. Total income increased to 12725.32

lacs c o m p a r e d to 5341.58 lacs recorded last year
representing an increase of 138% and net profit increased
to 3 6 9 9 . 7 8 lacs c o m p a r e d to 9 6 8 . 5 2 lacs recording an
increase of 2 8 2 % .
CD
' Completed and handed over to customers.

" In partnership
Your C o m p a n y acquired 11 acres (approx) land in Jodhpur
in the form of a p p r o v e d residential plots.
ITM
Ashiana

2.
SECTION80(IB) PROJECTS
Your Directors have pleasure in reporting that following

projects are eligible for claiming deduction under Section
80 (IB) of the Income Tax Act, 1 9 6 1 :
Project
1.
A s h i a n a Utsav, B h i w a d i , Dist. Alwar, Rajasthan
Name
2.
A s h i a n a Greenhill, N e e m r a n a
3.
Ashiana Woodland, Jamshedpur
4.
A s h i a n a A n g a n (Bhiwadi)
5.
A s h i a n a M a n g l a m , Jaipur
6.
A s h i a n a Utsav, Jaipur
7.
A s h i a n a G r e e n w o o d , Jaipur
CO
SI.
Ashiana Amarbagh, Jodhpur
received a Certificate to the effect that their reappointment, if m a d e , will be within the prescribed limit
under Section 224 (1B) of the C o m p a n i e s Act, 1956. The
Directors a n d the Audit C o m m i t t e e r e c o m m e n d s their reappointment.
A s r e g a r d s A u d i t o r ' s o b s e r v a t i o n o n the d u e s t o S S I
Units, 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 be ascertained.
8.
9.
3.
ACCOUNTING METHOD
Sale of flats and others, in respect of projects undertaken

before 3 1 M a r c h , 2 0 0 6 , is a c c o u n t e d for on the basis of
date of delivery of physical possession to the respective
c u s t o m e r s a n d sales in respect of projects under taken
on or after 1 A p r i l , 2 0 0 6 represents the value of flats
a n d others contracted to be sold to the extent of work
done on percentage completion basis.
s t
s t
4.
DIVIDEND
The Board of Directors of the C o m p a n y has

r e c o m m e n d e d a dividend @ 15 % i.e. Rs. 1.50/- (Rupee
O n e a n d Fifty Paise) per equity share of the C o m p a n y
for the Financial Year 2 0 0 7 - 2 0 0 8 .
5.
BONUS SHARES
T h e C o m p a n y has allotted 13382750 (One Crore Thirty

T h r e e Lacs Eighty Two T h o u s a n d Seven Hundred Fifty)
equity bonus shares of Rs. 10/- ( R u p e e s Ten) each to
t h e s h a r e h o l d e r s o f t h e c o m p a n y b y c a p i t a l i z i n g its
reserves in the proportion of 5 equity shares for every 2
equity shares held by t h e m on the record date i.e. 2 2
February, 2 0 0 8 . All B o n u s s h a r e s h a v e b e e n listed on
B o m b a y Stock Exchange and are being t r a d e d .
DIRECTORS
S h r i A s h o k K u m a r M a t t o o a n d Shri A b h i s h e k D a l m i a ,
Directors are retiring by rotation at the e n s u i n g Annual
General Meeting of the C o m p a n y a n d are eligible for reappointment. Shri Varun Gupta was appointed as an
additional director of the C o m p a n y on 30"" J u n e , 2 0 0 8 . An
application under section 257 of the C o m p a n i e s Act, 1956
has been received from a member proposing the
candidature of Shri Varun G u p t a for directorship of the
Company.
7.
AUDITORS
M/s. B. C h h a w c h h a r i a & C o . , C h a r t e r e d A c c o u n t a n t s ,
A u d i t o r s of t h e C o m p a n y , retires at t h e c o n c l u s i o n of
ensuing A n n u a l General Meeting a n d being eligible, offer
t h e m s e l v e s for re-appointment. The C o m p a n y has
CD
SUBSIDIARY C O M P A N I E S
T h e Audited statement of Accounts along with Directors'

Report & Auditors' Report for the year e n d e d 31st M a r c h ,
2 0 0 8 of M/s. Vatika M a r k e t i n g L t d . a n d M/s. A s h i a n a
Retirement Villages Limited as well as the extent of
holdings
therein
are
annexed
to this A c c o u n t pursuant to
Section 2 1 2 of the C o m p a n i e s Act, 1956.
10.
MANAGEMENT DISCUSSION AND ANALYSIS

REPORT
T h e A n n u a l Report also contains a separate section on

the ' M a n a g e m e n t D i s c u s s i o n a n d A n a l y s i s ' w h i c h is a
part of the Directors' Report.
11.
CORPORATE GOVERNANCE
As required under clause 49 of the Listing Agreement with

the Stock Exchanges, the Report on Corporate Governance
together with Auditors Certificate regarding Compliance of
the S E B l C o d e o f C o r p o r a t e G o v e r n a n c e i s a n n e x e d
herewith.
12.
n d
6.
FIXED DEPOSITS
T h e C o m p a n y h a d n e i t h e r i n v i t e d nor a c c e p t e d a n y
deposits from the public within the meaning of the
C o m p a n i e s (Acceptance of Deposits) Rules 1975.
P A R T I C U L A R S O F C O N S E R V A T I O N O F ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN
E X C H A N G E EARNINGS A N D O U T G O
Your Directors are of the o p i n i o n that p a r t i c u l a r s w i t h

respect to Conservation of Energy and Technology
Absorption as per Section 217 (1)(e) of the C o m p a n i e s
Act, 1956 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 c o m p a n y and hence, are not required to
be given. There has been no foreign e x c h a n g e earnings
w h e r e a s expenditure of Rs. 15,93,030/- (Rupees Fifteen
Lacs Ninety Three T h o u s a n d Thirty only) has been
incurred in foreign currency during the year under review.
13.
PARTICULARS OF EMPLOYEES
None of the employees of your C o m p a n y is drawing

r e m u n e r a t i o n e x c e e d i n g limits laid d a w n under the
provisions of section 217(2A) of the C o m p a n i e s Act, 1956
read w i t h t h e C o m p a n i e s ( P a r t i c u l a r s of E m p l o y e e s )
Rules, 1975.
ITM
Ashiana

14.
D I R E C T O R S ' R E S P O N S I B I L I T Y STATEMENT
P u r s u a n t to S e c t i o n 2 1 7 (2AA) of the C o m p a n i e s Act,

1956, the Directors confirm that:
(I)
in the p r e p a r a t i o n of a n n u a l a c c o u n t s , a p p l i c a b l e
a c c o u n t i n g s t a n d a r d s h a v e b e e n f o l l o w e d b y the
Company;
(II)
such a c c o u n t i n g policies have b e e n s e l e c t e d a n d

consistently applied and judgments & estimates
made that are reasonable a n d prudent so as to give
a t r u e a n d fair v i e w of the state of affairs of the
C o m p a n y as at 31st M a r c h , 2 0 0 8 a n d of the profit
of the C o m p a n y for the year e n d e d on that date;
(III)
proper a n d sufficient care has b e e n taken for the

maintenance of adequate accounting records in
a c c o r d a n c e w i t h the p r o v i s i o n s of t h e C o m p a n i e s
Act, 1956, ' for s a f e g u a r d i n g the assets of the
C o m p a n y a n d for p r e v e n t i n g a n d d e t e c t i n g f r a u d
a n d other irregularities;
(iv)
a n n u a l a c c o u n t s have b e e n p r e p a r e d on a g o i n g
concern basis.
15.
C O D E O F C O N D U C T A N D ETHICS
T h e B o a r d of the C o m p a n y has a d o p t e d a C o d e of
Conduct and Ethics for the Directors and Senior
Executives of the Company. T h e object of the C o d e is to
conduct the C o m p a n y ' s business ethically and with
responsibility, integrity, fairness, transparency and
h o n e s t y . T h e C o d e s e t s out a b r o a d p o l i c y for o n e ' s
conduct in dealing with the company, fellow directors
a n d with the environment in which the c o m p a n y operates.
The code is available on the Company's website
( w w w . a s h i a n a h o u s i n g . c o m ).
16.
ACKNOWLEDGEMENTS
T h e Board of Directors takes this opportunity to express

its g r a t e f u l t h a n k s a n d w i s h t o p l a c e o n r e c o r d its
a p p r e c i a t i o n to the G o v e r n m e n t of India, T h e Govt, of
Rajasthan a n d the G o v t , of J h a r k h a n d a n d their a g e n c i e s
for providing us excellent business opportunities, to our
bankers for their c o n t i n u e d support a n d g u i d a n c e f r o m
time to time and to the e m p l o y e e s of the C o m p a n y at all
levels for the c o n t i n u e d c o - o p e r a t i o n a n d unstinted
support e x t e n d e d to the C o m p a n y .
T h e Directors also express their sincere thanks to all the
s h a r e h o l d e r s for the c o n t i n u e d s u p p o r t a n d .trust t h e y
have reposed in the M a n a g e m e n t .
On behalf of t h e Board of Directors
Place :
Dated
New Delhi
3 0 June, 2008
th
(Om Prakash Gupta)

Chairman and
Managing Director
M A N A G E M E N T DISCUSSION A N D ANALYSIS
Industry structure and developments
The Indian economy
The Indian economy continued on its strong growth trajectory
with positive indicators such as a stable 8-9 per cent annual
g r o w t h , rising f o r e i g n e x c h a n g e r e s e r v e s , a n d rapidly
expanding FDI inflows. India has emerged as the second
fastest growing major economy in the world. However, with
the increase in prices of crude oil all the economies of the
world are facing setback and growth in India is expected to
slowdown to around 7%. But, the real estate industry will
continue to grow as India urbanizes rapidly.
Rising per capita income, higher literacy rates, increasing
a s p i r a t i o n levels a n d rapid u r b a n i z a t i o n has led t o a n
increase in d e m a n d and change in consumer preferences.
This c a n be seen in the d e m a n d of basic goods, luxury
goods, mobile phones, and good quality homes etc. With
increase in incomes at both the rural and urban levels, the
d e m a n d is expected to rise further.
Over the past decade, India has emerged as a leader in the
global economy. It is a magnet for foreign direct investment.
Many foreign companies are starting or expanding
operations in India. The surge in foreign investment, more
joint ventures between Indian and foreign companies and
the India's domestic industries have created more
employment opportunities for India's young and educated
workforce a n d fueled the growth of the country's middle
class. It is the growing middle class that will fuel further
d e m a n d for most g o o d s , s e r v i c e s , a n d real e s t a t e a n d
consequently lead to higher growth.
Real e s t a t e i n d u s t r y
Today with a b o o m i n g e c o n o m y and an e n v i a b l e future
a h e a d , India has become a promising country to live in.
Rapid urbanization is leading to growth of nearly all cities in
India and it's not just restricted to the metros. Rising incomes,
increasing aspirations, and more choices have made
customers more d e m a n d i n g . There are more developers
today than ever before. With increasing choices, it is the
companies with good quality, strong reputation,
differentiated products, and the ability to quickly respond
to changing customer preferences that will grow and garner
a larger market share.
Developers have started offering various types of
residential a n d c o m m e r c i a l s p a c e s including integrated
townships, penthouses, bungalows, apartments, IT parks,
build-to-suit c o m p l e x e s , energy efficient buildings, malls,
etc. However, most developers are targeting the upper end
of the segment, whether it is residential, retail, or commercial
spaces. H o m e s have b e c o m e o u t ' o f reach for most
individuals of t h e country, rents are u n v i a b l e for m o s t
r e t a i l e r s , a n d o f f i c e s p a c e rentals h a v e m a d e c o s t o f
business too expensive for many. T h e challenge before
the industry is to build quality spaces at affordable prices.
Homes that are within the reach of middle class Indians.
S h o p p i n g c e n t r e s t h a t g e n e r a t e e n o u g h r e v e n u e s for
retailers to justify the rents they are paying.
ITM
Ashiana

Your c o m p a n y h a s b e e n a p i o n e e r in t h e real e s t a t e
development and has focused on providing homes to the
Indian Middle Class. Through 22 years of experience in
building, your company has endeavored to provide a better
lifestyle with affordable, functional, and practical homes to
the middle income group of the society. Your c o m p a n y
t h r o u g h its w h o l l y o w n e d subsidiary, Vatika M a r k e t i n g
Limited, also maintains projects and ensures that Ashiana
residents live in complexes that are clean, secure, and well
kept. Maintaining complexes also gives access to current
rental/capital v a l u e s a n d c u s t o m e r p r e f e r e n c e s , w h i c h
allows for faster reactions to changing market conditions.
The boom in the industry along with the low entry barriers
has led to a huge increase in the number of players. Some
players are here for one project a n d have not delivered
anything even after taking substantial payments from their
customers. Most developers are facing time over-runs and
erosion in quality of development due to their rapid growth.
Going forward the brand and reputation of a developer will
play a key role in determining at what price and how fast a
developer can sell. Your Company has a track record of
quality and timely delivery. Prominent financial institutions
do not have a problem with providing down payment funding
to our borrowers. Ashiana enjoys excellent reputation and
brand value in all markets it operates.
As the real estate space has gotten extremely crowded,
the need to innovate is ever increasing. The market is more
competitive than ever before and differentiated products
that serve specific needs can provide the advantage needed
i n the m a r k e t p l a c e . Your c o m p a n y e n t e r e d i n t o t h e
specialized segment of retirement housing with Ashiana
Utsav, India's first retirement resort at Bhiwadi.
Success of theme-based residential projects like retirement
housing for seniors has strengthened the company's' belief
that retirement communities are very much needed a n d
desired by the people in the country. Your company is filled
with excitement to provide senior citizens with lifestyle
products, which enable them to enjoy their life with dignity.
The real estate industry is rapidly growing and
institutionalizing itself, as the Indian economy continues to
grow. H o w e v e r rising inflation a n d h i g h i n t e r e s t rates
continue to remain hurdles towards the industry's growth.
But, these are short-term in nature and will correct in the
medium term. During the short term, the companies with
good brand equity and differentiated products will continue
to grow and thrive even through challenging times.
4.
Launch of Ashiana Greenwood, a premium residential

project in Jaipur offering 200 units to the public.
5.
Launch of A s h i a n a A m a r b a g h offering aesthetically

built 349 villas in Jodhpur.
Other than these accomplishments, new partnerships were

formed and new projects have been planned to continue
the growth momentum of the organization.
Geographical expansion
Your c o m p a n y c o n t i n u e s its effort t o e x p a n d b e y o n d
Bhiwadi, J a m s h e d p u r and N e e m r a n a . Our geographical
expansion plan has already taken us to Jaipur, Jodhpur,
Pune and Lucknow. We are also in the process of evaluating
projects for various other Indian cities to be executed either
independently or in collaboration.
Senior Living
With the grand success of Ashiana Utsav in Bhiwadi, your
company's business model around senior living has been
validated and we are now all set to establish the company
as a leader in retirement housing in the country. Senior
h o u s i n g is a w e l l e s t a b l i s h e d i n d u s t r y in m o s t of the
developed world. In the US alone the industry is estimated
to be $26 billion by American Senior Housing Association.
With nuclear families becoming a norm in India, there is now
a growing need for similar such products in the country.
Your company is an early mover in this niche segment and
the Ashiana brand has already become synonymous with
quality senior housing. This is what some of our customers
have had to say about the Ashiana Utsav:
At Ashiana, everything is provided for a hassle - free

lifestyle including moving in services.
Ashiana gave us a beautiful home which became a

reason for us to smile.
Beauty of Ashiana facilities is in the continuous care

provided.
Ashiana is always eager to go that extra mile to see

the smile of satisfaction.
Going forward the thrust shall be on more senior housing

projects across the country. Your c o m p a n y has already
launched the second senior housing project at Jaipur and
another project in Lavasa near Pune is in the offering. The
company is also evaluating other locations to start similar
projects either independently or in collaboration with other
developers.
Other development activities
Developments during the year

There are many accomplishments of the company during
the year these include:
1.
Handing over of flats for the second and third phases
of Ashiana Utsav at Bhiwadi.
2.
Handing over of flats of A s h i a n a G r e e n w o o d at
Neemrana.
3.
Ashiana Treehouse - Hotel & Club, a 50 room boutique
business hotel in Bhiwadi becomes operational.
CD
The company has successfully entered into development

of commercial real estate with Ashiana Village Centre at
Bhiwadi. Ashiana Village Centre is going to be on a lease
only model and will be the first of its kind shopping cum
office complex in Bhiwadi. The rent from it should create a
steady flow of revenue for the company. The group forayed
into the Hospitality sector by launch of its first 50 room
boutique business hotel, "The Treehouse," in Bhiwadi. The
ITM
Ashiana

T r e e h o u s e caters to the business clientele visiting the
Industrial Township. The hotel has received good response
from customers and has already started generating positive
cash flows for the company.
4. Partnering with land owners in financial structures

that link land prices to the price of apartments.
1. Buy land banks with clear title and where
Delay in
government approval is already available.
Governmental
approvals
2. Partner with local land owners with approved
necessary for
lands.
project
3. Projects are launched only after all necessary
launch
government approvals have been received.
Opportunities
High e c o n o m i c growth has fuelled the d e m a n d for real
estate. Changing demographics, rising disposable income,
and increasing aspirations have created a huge demand
for housing. The Indian Middle Class is one of the largest
and the fastest growing in the world. The Middle Segment
is going to be the largest s e g m e n t within any industry
including real estate. Your company has focused on this
segment of the market and provided them with great quality
of c o n s t r u c t i o n , timely delivery, a n d p o s t - h a n d i n g over
m a i n t e n a n c e at affordable prices. Your c o m p a n y
understands the middle class mindset, has products suited
for them, and a sales team which can sell to them. As the
middle class grows in every nook and corner of the country
with economic growth becoming widespread, opportunities
in the sector are ever increasing.
Senior housing has emerged as a profitable niche in which
y o u r c o m p a n y has b e e n a b l e t o b u i l d a b r a n d . W i t h
increasing urbanization and a c h a n g i n g culture there is
increasing demand for senior housing. The Indian senior
citizens of today are increasingly independent and do not
want to be dependent on their children. They seek a life
with dignity and a secure place, where their companionship
and medical needs are met. The market for senior housing
i s v a s t a n d p r o v i d e s g r e a t o p p o r t u n i t i e s for n a t i o n a l
expansion.
Risks and concerns
Risk is inherent in all business activities including the real
estate industry. While risk cannot be completely wished away,
adequate mitigation plans can be laid out to effectively manage
the risks. Likewise your c o m p a n y has m a d e a d e q u a t e
provisions to protect the business from known risks.
Risks
Decreasing
demand for
real estate
from
Investors.
Mitigation plan
1. Majority of customers are end users and not
investors. Majority of projects handed over are
over 95% occupied. End user demand is still
buoyant.
2. Limited number of concurrently running projects
in one location. Projects are spread out over
different locations for diversification.
3. Projects are developed in multiple phases.
4. Down payment bookings form a significant
portion of sales.
1. Selecting markets and locations that haven't

Correction
appreciated as much as other markets.
in real estate
2. New marketing strategies like EMI sharing plan,
prices.
which suit the end user.
3. Innovating products like senior housing that are
differentiated and less linked to the investor
driven market.
Execution
delays
1. Continuously improve project planning and

management.
2. Increased management bandwidth and flexible
talent planning.
3. Modernize development processes and project
tracking.
4. Increased mechanization to improve labour
output.
5. Training of labour to increase productivity.
Outlook
The future of the real estate industry as well as Company
is bright. The Central Govt, has opened up a new vista by
allowing FDI in the real estate industry. Your Company has
necessary infrastructure and experience to develop
residential, commercial and industrial project and is looking
for various opportunities in consonance with Government
efforts to provide housing in various cities of Rajasthan,
Jharkhand, Maharashtra and other parts of the country
Internal C o n t r o l S y s t e m a n d their a d e q u a c y
The Company has proper and adequate system of internal
controls c o m m e n s u r a t e with its size a n d nature of the
Company's business to provide reasonable assurance that
all assets are safe-guarded; transactions are authorized,
r e c o r d e d a n d reported properly. S y s t e m s are regularly
reviewed to ensure effectiveness. The Company has
qualified and experienced professionals who are
instrumental in maintaining the growth and success of the
company and implement the policies.
Material
Development
in
Human
Resources/
Industrial Relations front, Including number of people
employed.
Developing human resource has always been a focus area
over the years'for the Company. During the year training
programs were ranging from organizational thrust areas
a n d skill d e v e l o p m e n t t o b e h a v i o r a l p r o g r a m s . T h e s e
p r o g r a m s are built a r o u n d t h e t h e m e s for e n h a n c i n g
m a n a g e r i a l e f f e c t i v e n e s s , e m p l o y e e m o t i v a t i o n , quality
culture and building functional expertise. During the year,
the Company maintained harmonious and cordial industrial
relations. The total headcount for the year stood.at 320
excluding labor and workers.
CD-
For Ashiana H o u s i n g Limited

Om Prakash Gupta
(Managing Director)
ITM
Ashiana

REPORT ON CORPORATE GOVERNANCE FORMING PART
OF THE DIRECTORS' REPORT
1.
( b ) Board Meeting held in Financial Year 2007 - 2008

and a t t e n d a n c e of Directors:
Company's Philosophy on Code of Governance
T h e meeting of the B o a r d a n d its C o m m i t t e e / s are

generally held in N e w Delhi a n d s c h e d u l e d well in
advance. Normally the Board meets at least once in a
quarter to consider a m o n g s t other b u s i n e s s e s , the
quarterly performance of the C o m p a n y and financial
results. Detailed agenda notes with MIS reports, charts
etc. are circulated well in advance. The Directors actively
participate in the deliberation at these meetings.
The Company firmly believes in good Corporate

Governance and has made Corporate Governance a
practice and continuous process of development right
across the company. The Company's Philosophy on
corporate governance envisages the attainment of the
highest levels of transparency and accountability in the
functioning of the company and conduct of business.
The Company's corporate philosophy is focused on its
people who are the most important assets. The company
values its employee's integrity, creativity and ability who
in turn demonstrate the highest ethical standard and
responsibility towards the shareholders. The Company
believes that over a period of time all its operations and
actions must serve the underlying goal of enhancing
overall shareholder value.
2.
During the year, five Board Meetings were held on 28*'

April, 2007, 2 9 June, 2007, 3 0 July, 2007, 2 9 Oct.,
2007, 2 4 Jan, 2008 and 0 1 ' March, 2008. The
attendance of each Director in the Board Meetings a n d
the last Annual General Meeting is detailed herein below:
th
Name of
Directors
Designation
Board of Directors
The Company has optimum combination of executive
a n d non-executive directors. T h e B o a r d consists of
eight directors out of which four are Executive Directors,
four are Non-Executive & Independent Directors. None
of the Directors on the Board is a member of more than
10 Committees and Chairman of more than 5 Committees
(as specified in the Clause 49 of the Listing Agreement),
across all the companies in which he is a director. The
necessary disclosures regarding Committee positions
have been made by the Directors.
(a) T h e p r e s e n t c o m p o s i t i o n
Directors is as under:Sr.
Name of
No. Directors
Executive/
Non-Executive
of
the
Board
No. of other
Director- Committee
ship
Membership
2
1.
Shri Om
Prakash Gupta
Executive
2.
Shri Vishal
Gupta
Executive
3.
Shri Ashok
Kumar Mattoo
Non-Executive
& Independent
4.
Shri Abhishek
Dalmia
Non-Executive
& Independent
14
5.
Shri Lalit Kumar

Chhawchharia
Non-Executive
& Independent
81
6.
Smt. Sonal
Mattoo
Non-Executive
& Independent
7.
Shri Ankur Gupta Executive
Shri Varun Gupta Executive
of
CD
th
Number of
Board Meetings
held during
theYear
20O7OB
Attendance
Number of
Board Meetings at the last
attended during AGHhekJ
on21day
theYear
ofSept 07
200703
t
Executive
Directors
ShriOm
Prakash
Gupta
Managing
Director
Present
Shri Vishal
Gupta
Jt. Managing 6
Director
Not Present
Shri Ankur
Gupta
Executive
Director
Not Present
Independent
Shri Ashok
Kumar Mattoo Director
Not Present
Shri Abhishek Independent

Director
Dalmia
Not Present
Shri Lalit Kr. Independent

Chhawchharia Director
Present
Smt. Sonal
Mattoo
Not Present
Non-Executive
Independent
Directors
c)
Note:- As per clause 49 of the Listing Agreement membership

of Audit C o m m i t t e e S h a r e h o l d e r s / Investors Grievance
Committee are required to be disclosed.
,h
, h
Independent
Director
Remuneration paid to Whole Time Directors and

sitting f e e s t o t h e N o n - e x e c u t i v e Directors
Remuneration to Whole Time Directors are being paid
as per ter ms of their a p p o i n t m e n t . The details of
remuneration paid to the Whole Time Directors during
the year are stated herein below:
ITM
Ashiana

Sr. Name
No.
Designation Salaries & - Total

Allowances
1.
Shri Om
Prakash Gupta
Managing
Director
2.
3.
Rs. 18.00
Lacs
Shri Vishal Gupta Jt.Managing

Director
Rs.18.00
Lacs
Rs.18.00
Lacs
3.
To ensure compliance of Internal Control System.
Shri Ankur Gupta
Rs.18.00
Lacs
Rs.18.00
4.
Oversight of the company's financial reporting process

and disclosure of its financial information to ensure that
the financial statement is correct, sufficient and credible.
Noting appointment and removal of external auditors.

R e c o m m e n d i n g the fixation of audit fees of external
auditors and also approval for payment for any other
services.
6.
Reviewing with Management the annual financial

statements before submission to the Board.
Whole Time
(b) To review and take on record the unaudited quarterly

results of the company before publication.
Lacs
T e r m s of a p p o i n t m e n t of W h o l e - t i m e Directors
The current term of appointment of Shri Om Prakash Gupta,

Managing Director, Shri Vishal Gupta, Jt Managing Director
and Shri Ankur Gupta are up to 3 1 March, 2010.
s t
3.
Audit Committee
The C o m p a n y has an Audit Committee of the Board since

J a n u a r y 2001 which comprises of three Non-Executive
I n d e p e n d e n t Directors * namely Shri Lalit K u m a r
C h h a w c h h a r i a - C h a i r m a n , Shri Ashok Kumar Mattoo Member, Smt. Sonal Mattoo - Member. The q u o r u m of the
Audit Committee is two m e m b e r s . The C o m p a n y Secretary
is the Secretary of the Audit Committee. The Audit
Committee meeting was held on five times during financial
year 2 0 0 7 - 2 0 0 8 , the date of w h i c h are as follows:
1.
April 26, 2007
2.
J u n . 29, 2007
3.
July 30, 2007
4.
Oct. 29, 2 0 0 7
5.
J a n . 24, 2 0 0 8
4.
Name of M e m b e r s of
Audit Committee
No. of meetings
attended
1.
Shri Lalit Kumar Chhawchharia
2.
co
Sr.
No.
Smt. Sonal Mattoo
Remuneration Committee
The C o m p a n y has a duly constituted " R emu n e r a t i o n
Committee". T h e Committee consists of three (3) n o n executive independent directors. All matters relating
to finalization of remuneration of directors are being
t a k e n t o the c o m m i t t e e for their c o n s i d e r a t i o n a n d
a p p r o v a l . T h e following Directors are the m e m b e r s
of the Remuneration C o m m i t t e e :
A t t e n d a n c e of the m e m b e r s of the Audit C o m m i t t e e at

these meetings is as under:
Sr.
No.
N a m e of D i r e c t o r s
Designation
1.
Chairman
2.
Shri Lalit Kumar Chhawchharia
Member
3.
Smt. Sonal Mattoo
Member
No meeting of the Remuneration Committee held during the

financial year 2007-08.
5.
s t
T h e terms of reference of Audit Committee include interalia the fallowings:

Discussion with the auditor* periodically about the internal
control systems, the scope of audit including the
observation of the auditors.
411^
Sr.
No.
N a m e of D ir ect o r s
Designation
1.
Smt. Sonal Mattoo
Chairman
C\i
The primary function of the Audit Committee is to assist

t h e B o a r d o f D i r e c t o r s i n f u l f i l l i n g its o v e r s i g h t
responsibilities by reviewing the financial reports and
other financial information provided by the C o m p a n y to
any Statutory Authority or to the investors or the public,
the Company's system of Internal Controls regarding
finance, accounting and legal c o m p l i a n c e s that
Management a n d the B o a r d have established.
Transfer and Shareholders' / Investors' Grievance

Committee
The Transfer and Shareholders'/Investors' Grievance
Committee was reconstituted o n 1 September 2003.
T h e following directors are m e m b e r s of the Transfer
and Shareholder's/Investors' Grievance Committee:
Brief Terms of Reference of Audit C o m m i t t e e :
1.
(a) To review t h e quarterly, half y e a r l y a n d a n n u a l

financial statements before submission to the Board.
Rs. 18.00
Lacs
Director
(d)
2.
Shri Om Prakash Gupta
Member
3.
Shri Vishal Gupta
Member
The scope of the "Transfer and Shareholders'/Investors'

Grievance Committee" was enlarged to monitor
investors' grievances/complaints along with the share
transfer. The Committee approved the share transfer at
its meeting which w a s held once or twice in a month.
ITM
Ashiana

T h e Transfer a n d Shareholders'/Investors' Grievance
Committee also took note of the findings of audit carried
out by practicing Company Secretary and implemented
the suggestions.
of the Company at large. Transactions with related

parties are disclosed in Note No. 9 of Schedule to
the Accounts in the Annual Report.
=>
As required by the listing agreement executed with Stock

Exchanges, Mr. Bhagwan Kumar, Company Secretary,
was appointed as a 'Compliance Officer' and entrusted
to monitor the share transfer process and liaise with
the regulatory authorities.
8.
There has been no complaint that has not been resolved
to the satisfaction of the shareholders nor are there
any pending complaints.
6.
The details of last three Annual General Meetings are as

mentioned below:
Venue
Date
Day
and
Time
Whether
Special
Resolution
2004 G a n g a s h a h r
2005 Hall, Ashutosh
Mukherjee Road,
Kolkata-20
Sept. 23, Friday, Y e s

2005
12.30
P.M.
2005 K a l a k u n j 2006 Kalamanmdir, 48

Shakespeare
Sarani, Kolkata
Sept. 19,
Tues.
2006
10.30
2006 Kalakunj 2007 Kalamandir, 48

Shakespeare
Sarani, Kolkata
Sept. 2 1 , Friday, No
2007
3.00
P.M.
9.
Yes
A.M.
2006 Kalakunj 2007 Kalamandir, 48

Shakespeare
Sarani, Kolkata
Jan. 15,
2008
Mar. 30,
2007
General Shareholder's Information

Annual General Meeting
th
Day, Date
and Time
Thursday, 1 8
11.30 AM
September, 2008
Venue
Kalakunj, Kalamandir, Kolkata
Financial Calendar
Ashiana Housing follows the financial year from April
to March. The Unaudited Financial Results for the first
three quarters and the Audited Financial Results for
the year ended 3 1 ' March, 2008 were taken on record
a n d a p p r o v e d b y t h e B o a r d o f D i r e c t o r s i n its
meeting(s) held on the following dates:
Yes
Friday, Yes
10.30
A.M.
No resolutions requiring postal ballot as recommended

under Companies (Passing of Resolution by Postal Ballot)
Rules, 2001 have been placed for s h a r e h o l d e r s '
approval at the last Annual General Meeting.
7.
10.
(a)
(b)
Tues.
11.30
A.M.
C E O / C F O Certification
Shri O m P r a k a s h G u p t a , C h a i r m a n a n d M a n a g i n g
Director a n d Shri Naval Kishore, General Manager
(Finance) have furnished the requisite certificate to
the Board of directors under clause 49 of the Listing
Agreement.
Extraordinary General Meeting

2007 Bengal National
2008 Chamber of
Commerce &
Industry
M e a n s of C o m m u n i c a t i o n
The quarterly Unaudited Financial Results and Annual
Financial Results are published in leading national
n e w s p a p e r s , i.e., A s i a n A g e / B u s i n e s s S t a n d a r d /
Financial Express (English) and Khabarer Kagaj/
Kalantar (Bengali). It is also displayed on Company's
w e b site at www.ashianahousing.com. The Company
has not made any representation to any Institutional
Investor. The Management's Discussion and Analysis
report prepared by the Management forms part of the
Annual Report.
General Body Meetings
For
the
year
There has been no non compliance of the provisions/

requirements of Stock Exchange/SEBI. No penalties/
strictures have been imposed on the Company by
S E B I , Stock E x c h a n g e ( s ) or any other statutory
authority on any matter relating to Capital Market.
Quarter Ended
Date of Board Meeting
April-June, 2007
30* July, 2007
July - September, 2007
29
October - December, 2007
24* January, 2008
Year Ended 3 1 March, 2008

(c)
Disclosures
,h
October, 2007
th
30 June, 2008
Book Closure
The Company's Register of Members and Share
Transfer books will remain closed from 1 1 September,
2008 to 1 8 September, 2008 (both days inclusive) for
the purpose of Annual General Meeting of the Company.
t h
None of the transactions with any of the related

parties were in potential conflict with the interests
4 12}--
,h
ITM
Ashiana

(d) Stock Exchanges
( g ) A H L S h a r e P e r f o r m a n c e Chart V s . BSE S e n s e x
During the year Company voluntarily delisted its shares

form Magadh Stock Exchange and Kolkata Stock
Exchange. Now the Company's equity shares are listed
on the Bombay Stock Exchanges the details of which
are as follows:
Sr.
No.
N a m e a n d a d d r e s s of the
Stock E x c h a n g e
Security
C o d e No.
1.
The Stock Exchange,

Mumbai P.J. Towers, Dalai Street
Mumbai - 400 001
523716
T h e r e is no outstanding listing fees payable to Bombay

Stock Exchange.
<
<
(e)
Sr.
No.
(f)
,/r
c?"
i?
#
i f
Dividend paid for t h e last t h r e e y e a r s

Date of
Declaration
Dividend in
Total
A m o u n t of
Dividend in
Rs.
( h ) Distribution o f S h a r e h o l d i n g a s o n 3 1 . 0 3 . 2 0 0 6
Range
Shareholders
No. of Shares
UPTO
1.
2.
3.
f
v*"
rd
2 3 Sep., 2005
19 Sep., 2006
2 1 Sep., 2007
th
s t
10
20
25
53,53,100
1,07,06,200
1,33,82,750
501
1001
2001
3001
4001
5001
10001
Market Price Data: Monthly High and Low quotation

of shares traded in Mumbai Stock Exchange
The Company has its ISIN No. INE 365D 01013 for
dematerialisation of equity shares.
High
Low
April, 2007
58.25
45.75
May, 2007
53.40
53.40
J u n e , 2007
57.60
58.60
July, 2 0 0 7
74.25
55.70
August, 2007
74.85
60.60
September, 2 0 0 7
91.60
65.60
October, 2007
151.85
80.00
November, 2 0 0 7
147.40
209.10
124.30
January, 2008
215.40
139.40
February, 2008
150.00
134.00
M a r c h , 2008
132.95
78.00
8,641
TO
1000
TO
2000
TO
3000
TO
4000
TO
5000
TO
10000
A N D ABOVE
1,256
295
67
41
16
57
60
i
10,433
:
82.82
12.04
2.83
0.64
0.39
0.15
0.55
0.58
i
100.00
Sr. Shareholders
No.
A.
t-r.
22,61,969
8,86,541
4,07,527
1,63,119
1,42,279
72,624
3,97,197
1,44,04,594
1,87,35,850
i_j
12.0729
4.7318
2.1751
0.8706
0.7594
0.3876
2.1200
76.8825
- l
100.00
::
r r
No. of shares Percentage
Promoter's Holding
1.
Indian Promoters
B.
Non-Promoter's Holding
12221715
65.23
2.
Banks, FIs, Insurance Cos.,

(Central/State Govt.
Institutions/ Non-Govt.
Institutions
15491
0.08
3.
Foreign Institutional Investors
33950
0.18
C.
Others
4.
Private Corporate Bodies
1407721
7.51
5.
Indian Public
4953416
26.44
6.
NRIs/OCBs
71089
0.38
7.
Others (shares in transit)
32468
0.17
18735850
100.00
Grand Total
(j)
'Monthly High and Low price of shares on BSE have been

d i v i d e d b y 3.5 ( B o n u s S h a r e s ) for m a k i n g p r i c e d a t a
comparable with post bonus issue price on BSE.
% to total
S h a r e h o l d i n g Pattern (As on 3 1 . 0 3 . 2 0 0 8 )
r = F T :
121.40
December, 2007
500
(i)
Month
Shares
Numbers % to total Numbers
13 |=
Registrar & Transfer A g e n t :

M/s. Beetal Financial & Computer services Pvt. Ltd.,
having its address at Beetal House, 99, Madangir, Behind
Local Shopping Centre, Near Dada Harsukh Das Mandir,
New Delhi -110 062 has been appointed by the Company
for registration of share transfer and other related work.
TM
AS HI AN A HOUSING LIMITED
(k) Share Transfer Process
(o) Offices Locations
The Company's shares being in compulsory demat list

are transferable through the depository system. Shares
in Demat Form are processed by the Registrar & Transfer
Agent - M/s Beetal Financial & Computer Service Pvt.
Ltd., Beetal House, 99, Madangir, Near Dada Harsukh
Dass Mandir, Behind Local Shopping Centre,
New Delhi - 110062. Transfer of shares both by Demat
and Physical mode are approved by the 'Transfer and
Shareholders/Investors Grievance Committee'.
(I)
T h e Shares of the company are compulsorily traded in

dematerialised form. In order to enable the shareholders
to hold their shares in electronic form and to facilitate
scripless trading, the Company has enlisted its shares
with National Securities Depository Ltd. a n d Central
Depository Services (India) Ltd. Out of 18735850 Equity
Shares of the company 5348860 Equity shares have
been dematerialised as on 31.03.2008.
11.
As stipulated by the Securities and Exchange Board of

I n d i a , M/s. B . C h h a w c h h a r i a a n d C o . C h a r t e r e d
A c c o u n t a n t s , S t a t u t o r y A u d i t o r s o f the c o m p a n y ,
carries out the Secretarial Audit to reconcile the total
admitted capital with National Securities Depository
Limited (NSDL) and Central Depository Services (India)
Ltd. (CDSL) and the total issued and listed capital. This
audit is carried out every quarter and the Report thereon
is submitted to the Stock Exchanges and is also placed
before the Audit Committee. T h e audit, inter alia confirms
that the total listed and paid up capital of the company is
In agreement with the aggregate of the total number of
shares in dematerialised form (held with N S D L a n d
CDSL) and the total number of shares In physical form,
Head Office & Share Dept.:
5F, Everest
46/C, Chowringhee
Road
Kolkata-700 071
Unit No. 4&5, 3 Floor, Plot No.

D-2, Saket District Center,
Saket New Delhi - 110 017
r t
Branch Offices:
D e m a t e r i a l i s a t i o n of S h a r e s a n d Liquidity
(m) Secretarial Audit Report
Registered Office:
(a)
Ashiana
Trade
Centre,
Jamshedpur - 831 013
(b)
Ashiana Bageecha, Bhagat Singh Colony,

Bhiwadi, Rajasthan
(c )
413, Ashiana
Patna - 800 001
(d)
604, Apex Mall, Tonk Road, Lai Kothi, Jaipur
(e)
Vill. Kuri Bhagtasani, Pali Road, Jodhpur
(f)
T h e Business Centre, Office No. 2, 2 Floor,

Purushottam Plaza, Baner Road, Pune - 411045
Tower,
Aditya
Exhibition
Pur,
Road,
n d
A d d r e s s for c o r r e s p o n d e n c e
Shareholders are advised to correspond the Registrar
& Share Transfer A g e n t - M/s. Beetal Financial &
Computer Services Private Ltd. , Beetal House, 99,
Madangir, Near Dada Harsukh Dass Mandir, Behind
Local Shopping Centre, New Delhi - 110 062 for any
query regarding Share Transfer / Transmission etc.
and other related matter or may contact Mr. Bhagwan
Kumar, Company Secretary and Compliance Officer
on Phone No. 011-42654265 ; fax No. 011-42654200;
and e-mail: bhagwan@ashianahousing.com.
On behalf of the Board of Directors
(n) Compliance with Non Mandatory Requirements

The Board has already f o r m e d a R e m u n e r a t i o n
Committee. Other non-mandatory requirements are yet
to be adopted.
03
Place : New Delhi

3 0 June, 2008
Dated
th
(Om Prakash Gupta)

Chairman and
M a n a g i n g Director
TM

AUDITORS' CERTIFICATE
To,
The Members of Ashiana Housing Limited
We have examined the compliance of conditions of Corporate Governance by M/s Ashiana Housing Limited for the year
ended 31st March, 2008 as stipulated in Clause 49 of the Listing Agreement of the said Company with Stock Exchanges.
The compliance of conditions of corporate governance is the responsibilty of the management. Our examination was limited
to procedures and implementation thereof, adopted by the Company for ensuring compliance of the conditions of corporate
governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our infomation and according to the explanations given to us, we certify that the Company has
complied with the conditions of corporate governance as stipulated in the above mentioned Listing Agreement.
As required by the Guidance Note issued by the Institute of Chartered Accountants of India, we have to state that no investor
grievance is pending for a period exceeding one month against the company as per the records maintained by the company.
We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the company.
For B. Chhawchharia & Co.
Chartered A c c o u n t a n t s
Place : Gurgaon
Vinit Bagaria
Partner
Membership No. : 500872
GD
ITM
Ashiana
(iv) S u b j e c t t o o u r c o m m e n t s h e r e i n a f t e r , t h e
AUDITORS' REPORT
B a l a n c e S h e e t , profit a n d loss a c c o u n t a n d
T h e M e m b e r s o f A s h i a n a H o u s i n g Limited
c a s h flow s t a t e m e n t dealt with by this report
We have audited the attached Balance S h e e t of
comply with the accounting standards referred
A s h i a n a Housing Limited as at 31st M a r c h 2 0 0 8 ,
to in s u b - s e c t i o n ( 3 C ) of section 2 1 1 of t h e
a n d also t h e profit a n d loss a c c o u n t a n d t h e c a s h
C o m p a n i e s Act, 1 9 5 6 ;
f l o w s t a t e m e n t for t h e y e a r e n d e d o n t h a t d a t e
a n n e x e d thereto. T h e s e financial s t a t e m e n t s a r e the
responsibility o f t h e c o m p a n y ' s m a n a g e m e n t . O u r
responsibility is to e x p r e s s an opinion on t h e s e
financial s t a t e m e n t s b a s e d on our audit.
(v) O n t h e
basis of written
representations
received from the directors, as on 31 st M a r c h

2 0 0 8 and taken on record by the Board of
Directors, we report that n o n e of the directors
is disqualified as on 3 1
s 1
March 2 0 0 8 from
We h a v e conducted our audit in a c c o r d a n c e with the
b e i n g a p p o i n t e d as a d i r e c t o r in t e r m s of
auditing standards generally a c c e p t e d in India. T h o s e
clause (g) of sub-section (1) of section 2 7 4 of
S t a n d a r d s require that we plan a n d perform the audit
the C o m p a n i e s Act, 1 9 5 6 ;
t o obtain r e a s o n a b l e a s s u r a n c e a b o u t w h e t h e r t h e
financial
statements
are
free
of
material
misstatement. An audit includes e x a m i n i n g , on a test

basis,
evidence
supporting
the
amounts
and
disclosures in the financial s t a t e m e n t s . An audit also

includes a s s e s s i n g t h e a c c o u n t i n g principles u s e d
a n d significant e s t i m a t e s m a d e b y m a n a g e m e n t , a s
well as evaluating the overall financial statement
p r e s e n t a t i o n . W e b e l i e v e that our audit provides a
r e a s o n a b l e basis for our opinion.
1.
(vi) In our opinion a n d to the best of our information

a n d according to the explanations given to us,
the said
read
Policies
with
and
significant
Notes
to
the
Accounts, give the information required by the

1 9 5 6 , in the manner so
required a n d subject to notes on schedule 21

particularly Dues to SSI Units (note 6) give a
true a n d fair v i e w in conformity with t h e
a c c o u n t i n g principles g e n e r a l l y a c c e p t e d in
A s required b y the C o m p a n i e s (Auditor's Report)

Order, 2 0 0 3 issued by the Central G o v e r n m e n t of
India in t e r m s of sub-section ( 4 A ) of section 2 2 7
India:
( a ) in t h e c a s e of t h e b a l a n c e s h e e t , of t h e
state of affairs of the c o m p a n y as at 31st
of t h e C o m p a n i e s Act, 1 9 5 6 , we e n c l o s e in t h e
March 2008;
A n n e x u r e a s t a t e m e n t on the m a t t e r s specified
in p a r a g r a p h s 4 a n d 5 of t h e said Order.
2.
accounts
Accounting
(b) in the c a s e of the profit a n d loss account,

of t h e profit for the y e a r e n d e d on that d a t e ;
Further to our c o m m e n t s in the A n n e x u r e referred
and
to a b o v e , we report that:
(c) in the c a s e of the c a s h flow s t a t e m e n t , of
(i) W e h a v e o b t a i n e d all t h e i n f o r m a t i o n a n d
explanations,
which
to
the
best
the c a s h flows for the y e a r e n d e d on that
of our
date..
k n o w l e d g e a n d belief w e r e n e c e s s a r y for the

purposes of our audit;
For B. C H H A W C H H A R I A & C o .
(ii) In our o p i n i o n , p r o p e r b o o k s of a c c o u n t as
Chartered Accountants
required by law h a v e b e e n kept by the c o m p a n y

s o far a s a p p e a r s f r o m our e x a m i n a t i o n o f
those books;
(VINIT B A G A R I A )
( i i i ) T h e B a l a n c e S h e e t , p r o f i t ' a n d loss a c c o u n t
a n d c a s h flow s t a t e m e n t d e a l t with b y this
r e p o r t a r e i n a g r e e m e n t with t h e b o o k s o f
account;
CD
Place: Gurgaon
Date: 30
t h
June, 2008
Partner
Membership
Number: 500872
ITM
Ashiana

Annexure to the Auditor's Report
b e e n g i v e n t o t h e c o m p a n y listed i n t h e
register m a i n t a i n e d u n d e r S e c t i o n 3 0 1 o f
R e f e r r e d to in p a r a g r a p h 1 of our Report of e v e n d a t e
for the y e a r e n d e d 3 1
s t
t h e C o m p a n i e s Act, 1 9 5 6 is, prima facie,
March, 2008.
not
1)
a)
T h e company has maintained

showing
full
particulars
records
prejudicial
to
the
interest
of
the
company.
including
c)
q u a n t i t a t i v e d e t a i l s a n d situation of f i x e d
T h e c o m p a n y is r e g u l a r in r e c e i v i n g t h e
principal a m o u n t s a s p e r stipulation a n d
assets.
h a s b e e n regular in t h e receipt of interest,

b)
According
to
the
information
and
as applicable.
explanation given to us, all the fixed a s s e t s

d)
a n d capital work in progress h a v e not b e e n
amount of loan given to the c o m p a n i e s
during the y e a r but t h e r e is a regular
listed i n t h e r e g i s t e r s m a i n t a i n e d u n d e r
program of verification w h i c h , in our opinion,
section 3 0 1 of the C o m p a n i e s Act, 1 9 5 6 .
is r e a s o n a b l e having r e g a r d to the s i z e of
e)
the C o m p a n y a n d n a t u r e of its a s s e t s . As
concern c o v e r e d in the register m a i n t a i n e d
noticed on such verification.

In
our opinion
and
under Section 3 0 1 of the C o m p a n i e s Act,
according
a)
1956.
to the
information a n d e x p l a n a t i o n s g i v e n to us,
2)
T h e c o m p a n y h a s not t a k e n a n y u n s e c u r e d
loans from companies, parties or other
e x p l a i n e d , no material discrepancies w e r e
c)
As e x p l a i n e d to us there is no o v e r d u e
physically verified by the m a n a g e m e n t
4)
In our opinion a n d according to the information
the C o m p a n y h a s not d i s p o s e d substantial
and
part of its fixed assets during the year.
adequate
According
to
the
information
explanations
given
internal
to
us,
control
there
are
procedures
c o m m e n s u r a t e with the size of the c o m p a n y a n d
and
explanations given to u s , the m a n a g e m e n t
t h e n a t u r e o f its b u s i n e s s w i t h
regard to
h a s physically verified t h e inventory during
purchases of inventory a n d fixed assets a n d
the year. In our opinion, the f r e q u e n c y of
with r e g a r d to the sale of constructed units a n d
verification is r e a s o n a b l e .
services. During the course of our audit, we h a v e

not o b s e r v e d a n y continuing failure to correct
b)
In our opinion, the p r o c e d u r e s of physical
major w e a k n e s s in internal controls.
verification of inventories f o l l o w e d by t h e
management
are
reasonable
and
5)
a)
According
to
the
information
and
a d e q u a t e in relation to the size of t h e
explanations given to us, we are of the
c o m p a n y a n d the nature of its business.
opinion that the particulars of contracts a n d

a r r a n g e m e n t s referred to in Section 3 0 1 of
c)
On the basis of our e x a m i n a t i o n of the
the C o m p a n i e s Act, 1 9 5 6 that n e e d t o b e
records of inventory, we a r e of the opinion
e n t e r e d into t h e register m a i n t a i n e d under
that the c o m p a n y is maintaining proper
that Section h a v e b e e n s o e n t e r e d .
records of inventory. T h e discrepancies

noticed on verification b e t w e e n the physical
b)
In
our opinion
and
according
to the
stocks a n d t h e b o o k r e c o r d s w e r e not
information a n d e x p l a n a t i o n s g i v e n to us,
material.
the
transactions
that
were
made
in
p u r s u a n c e of contracts or a r r a n g e m e n t s
3)
a)
b)
T h e C o m p a n y h a s g r a n t e d u n s e c u r e d loan
t h a t n e e d t o b e e n t e r e d into t h e register
to one c o m p a n y covered in the Register
m a i n t a i n e d in p u r s u a n c e of Section 3 0 1 of
maintained
of the
t h e C o m p a n i e s Act, 1 9 5 6 a n d a g g r e g a t i n g
maximum
during t h e y e a r to R s . 5 , 0 0 , 0 0 0 / - or m o r e , in
the year was
respect o f e a c h party, h a v e b e e n m a d e a t
under Section 301
1956.
amount
during
involved
The
R s . 7 8 . 0 6 lacs a n d y e a r e n d b a l a n c e of
prices which a r e r e a s o n a b l e having regard
loans given to such c o m p a n y w a s R s . nil.
to the prevailing market prices at the
In our opinion the rate of interest a n d other

t e r m s a n d conditions o n which loans h a s
relevant t i m e .
ITM

6)
7)
In our opinion a n d according to the information
a n d a d v a n c e s on the basis of security by w a y of
a n d explanations given to us, the c o m p a n y h a s
pledge
not a c c e p t e d a n y deposits from the public.
securities.
I n our o p i n i o n , t h e c o m p a n y h a s a n i n t e r n a l
13)
audit s y s t e m c o m m e n s u r a t e with t h e size a n d
of
shares,
debentures
and
other
In our opinion the c o m p a n y is not a chit fund or

a nidhil mutual benefit f u n d / society.
n a t u r e of its business.
14)
8)
9)
As informed to us m a i n t e n a n c e of cost records
T h e c o m p a n y is not dealing or trading in s h a r e s ,

securities, d e b e n t u r e s a n d other i n v e s t m e n t s .
under Section 2 0 9 ( 1 ) (d) of the C o m p a n i e s Act,
H o w e v e r , Investments of t h e C o m p a n y a r e held
1 9 5 6 is not applicable to the c o m p a n y .
in its o w n n a m e .
a)
According to the records of t h e c o m p a n y ,

generally
the
company
regular
15)
A s per information a n d e x p l a n a t i o n s p r o v i d e d
in
to us, the c o m p a n y h a s not given a n y g u a r a n t e e
depositing with appropriate authorities
for loans t a k e n by others from b a n k or financial
undisputed
institutions.
statutory
is
dues
including
provident fund, investor education and

protection
fund,
employees'
state
16)
insurance, income tax, sales tax, wealth

tax, service tax, c u s t o m duty, excise duty,
T h e C o m p a n y h a s not t a k e n a n y T e r m L o a n
during the y e a r c o n c e r n e d .
17)
c e s s a n d other material statutory d u e s , a s
According t o t h e information a n d e x p l a n a t i o n s
given to us a n d on an overall e x a m i n a t i o n of the
applicable, and no such statutory d u e s
b a l a n c e s h e e t o f t h e c o m p a n y , w e report that
w e r e outstanding as at the last d a y of the
t h e no funds raised on short- t e r m basis h a v e
financial y e a r under review for a period of
b e e n u s e d for l o n g - t e r m i n v e s t m e n t e x c e p t
m o r e t h a n six m o n t h s f r o m t h e d a t e t h e y
p e r m a n e n t w o r k i n g capital.
became payable.
18)
b)
T h e c o m p a n y h a s not m a d e a n y p r e f e r e n t i a l
T h e r e are no dues of Income Tax, Sales
a l l o t m e n t of s h a r e s to parties a n d c o m p a n i e s
Tax, W e a l t h Tax, Service Tax, C u s t o m s Duty,
c o v e r e d in t h e register maintained under section
Excise Duty a n d C e s s , a s applicable, which
3 0 1 o f the C o m p a n i e s Act, 1 9 5 6 .
h a v e not b e e n deposited on account of a n y

19)
dispute e x c e p t as detailed below:
During the period c o v e r e d by our audit report,

the c o m p a n y h a s not issued a n y d e b e n t u r e s .
Name of the
Statute
Nature of
the Dues
Amount
(Lacs)
Income Tax
Act, 1961
Income Tax 7.51 lacs
Relating
to the
year
Forum where
Dispute
Pending
20)
T h e c o m p a n y h a s not raised m o n e y b y public

issues during the financial y e a r c o n c e r n e d .
1989-1990 Appellant Tribunal

Commissioner
andAsst. of
Income Tax
21)
A c c o r d i n g t o t h e information a n d e x p l a n a t i o n s
given to u s , no fraud on or by the c o m p a n y h a s
b e e n noticed or reported during t h e course of
our audit.
10)
The company does
not h a v e a c c u m u l a t e d
losses. T h e c o m p a n y h a s not incurred a n y c a s h

For B. C H H A W C H H A R I A & C o .
losses during the financial y e a r c o v e r e d by our

audit a n d t h e i m m e d i a t e l y p r e c e d i n g financial
year.
11)
In our opinion a n d according to t h e information
(VINIT BAGARIA)
a n d explanations given to us, the c o m p a n y h a s

Partner
not defaulted in r e p a y m e n t of d u e s to a financial

institution, b a n k or d e b e n t u r e holder.
12)
Membership Number: 500872
A s p e r information a n d e x p l a n a t i o n s p r o v i d e d
Place: Gurgaon
to us the c o m p a n y h a s not g r a n t e d a n y loans
Date: 30th June, 2008
CD
ITM
Ashiana

BALANCE SHEET AS AT 31 ST MARCH, 2008
SCHEDULES
SOURCES OF FUNDS
Shareholders' Funds:
Share Capital
Reserves & Surplus
1
.2
Loan Funds:
Secured Loans .
Deferred Tax liability
(Rs.)
AS AT
31.03.2007
(Rs.)
187,358,500
451,700,506
639,059,006
53,531,000
247,019,470
300,550,470
3
4
APPLICATION OF FUNDS
Fixed Assets:
a) Gross Block
b) Less: Depreciation
c)
d)
(Rs.)
A S AT
31.03.2008
(Rs.)
Less: Current Liabilities & Provisions

Net Current Assets
9,761,687
4,755,000
654,733,547
315,067,157
5
137,178,276
16,032,994
153,817,424
17,958,498
135,858,926
665,110
Net Block
Capital Work In Progress
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash & Bank balances
Other Current Assets
Loans & Advances
7,246,541
8,428,000
12
121,145,282
520,938
415,315,184
31,822,337
62,540,817
303,318,554
132,386,566
578,019,661
13,599,418
227,817,692
28,293,279
60,514,407
945,383,458
908,244,457
959,056,306
(13,672,848)
967,303,094
(59,058,637)
315,067,157
654,733,547
NO.TES ON ACCOUNTS
BALANCE SHEET ABSTRACT A N D COMPANY'S
GENERAL BUSINESS PROFILE
121,666,220
252,459,574
531,882,359
6
7
8
9
10
11
136,524,036
21
22
The Schedules referred above form an integral part of the accounts.

In terms of our report of even date attached herewith
For B. CHHAWCHHARIA & CO.
VINIT BAGARIA
Partner
B h a g w a n Kumar
Company Secretary
For and on behalf of the Board

O m Prakash Gupta
Managing Director
Vishal Gupta
Jt. Managing Director
Naval Kishore
G.M. (F&A)
Place :
Date :
Place: Gurgaon
CD
New Delhi
30th June, 2008
ITM
Ashiana
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2008
SCHEDULES
2007-2008
(Rs.)
2006-2007
(Rs.)
1,233,494,261
39,037,654
(144,402,694)
496,897,256
37,261,237
74,686,525
1,128,129,221
608,845,018
60,473,127
366,239,921
143,407,806
39,465,213
5,772,839
91,151,844
26,794,263
383,237,390
16,814,531
23,642,885
3,533,907
43,578,460
706,510,750
497,601,436'
421,618,471
51,640,763
111,243,582
14,391,114
369,977,708
5,519,470
96,852,468
4,324,152
INCOME
Sales
Other Income
Increase/ (Decrease) in Stock
13
14
15
EXPENDITURE
Purchases
Project Expenses
Ongoing Project Expenses Adjusted
Expenses on Employees
Depreciation
Other expenses
16
17
18
19
PROFIT FOR THE YEAR

Less: Provision for Taxation
20
Profit after Tax

Surplus brought forward from previous year
375,497,178
101,176,620
Appropriations:
Proposed Dividend
Corporate Dividend Tax
332,416,660
28,103,775
4,776,237
80,000,000
13,382,750
2,274,400
Surplus Carried to Balance Sheet
10,200,506
5,519,470
19.75
5.17
Adjusted Earning Per Share

(On Shares of nominal value of Rs. 101- each)
Basic and Diluted

VINIT BAGARIA
Partner
B h a g w a n Kumar
Company Secretary

O m Prakash Gupta
Managing Director
Vishal Gupta
Naval Kishore
G.M. (F&A)
Place :
Date :
Place: Gurgaon
4 20
New Delhi
30th June, 2008
ITM
Ashiana

SCHEDULES TO THE ACCOUNTS
SHARE CAPITAL
Authorised :
25000000 (P.Y.7000000 )Equity shares of Rs. 10/- each
Issued, Subscribed and Paid up :
18735850 (P.Y.5353100) Equity shares of Rs. 10/- each
fully paid up
A S AT
AS AT
31.03.2008
31.03.2007
(Rs.)
(Rs.)
250,000,000
70,000,000
187,358,500
53,531,000
187,358,500
53,531,000
RESERVES & SURPLUS

Capital Reserve
General Reserves :
As per last Account
A d d : On adoption of statement for employees benefits (AS-15)
A d d : Transfer from Profit & Loss A/c
Less: Utilised for issue of fully paid up Bonus shares
1,500,000
1,500,000
240,000,000
1,410,840
332,416,660
133,827,500
160,000,000
Profit & Loss Account
440,000,000
10,200,506
240,000,000
5,519,470
451,700,506
247,019,470
1,873,486
202,735
1,940,635
4,437,007
94,135*
767,673*
4,308,512*
871,158*
1,668,285*
844,602*
7,246,541
9,761,687
10,115,000
6,330,000
1,687,000
2,000
1,573,000
8,428,000
4,755,000
SECUREDLOANS
I) Working Capital from :
State Bank of Bikaner & Jaipur
HDFC Bank Limited
- Secured by pledge of certain Fixed Deposit Receipts
II)
Vehicle Loans from :

ABN Amro Bank Ltd.
ICICI Bank Limited
HDFC Bank Limited
- Secured against hypothecation of vehicles
80,000,000
'Includes Rs.2178657/- due within 12 months

DEFERRED TAX LIABILITY (NET)
Deferred Tax Liability on Fiscal allowance of fixed assets
Less: Deferred Tax Assets on
Unabsorbed losses
Employee Benefits
GD
ITM
Ashiana

5
FIXED ASSETS
DEPRECIATION
GROSS BLOCK
Particulars
As at
01.04.2007
Additions/
(Deductions)
As at
31-3-2008
Up to
31-3-2007
(Rs.)
(Rs.)
(Rs.)
(Rs.)
100,000
1,364,954
1,045,396
NET BLOCK
Up to
31-3-2008
As at
31-3-2008
As at
31-3-2007
. (Rs)
(Rs.)
(RS.)
1,057,509
(284,169)
1,818,736
100,000
69,546,218
100,000
71,270,597
For the
year
(AcJustmBnts)
GOODWILL
(RS.)
BUILDING
100,000
72,315,993
PLANT & MACHINERY
27,674,765
10,977,017
(353,014)
38,298,768
4,781,694
1,1591,881
(305,336)
6,068,239
32,230,529
22,893,071
FURNITURE & FIXTURES
8,350,555
2,287,822
(1,448,118)
9,190,259
2,212,618
550.232
(1,167,622)
1,595,228
7,595,031
6,137,937
ELECTRICAL INSTALLATIONS
3,377,545
1,007,909
(139,324)
4,246,130
1,020,816
183,399
(112,378)
1,091,837
3,154,293
2,356,729
OFFICE FACILITIES &

EQUIPMENTS
14,950,799
3,174,079
(1,369,877)
16,755,001
4,474,744
1,262,305
(1,179,107)
4,557,942
12,197,059
10,476,055
VEHICLES
10,408,61-9
5,800,470
(2,346,777)
13,862,312
2,497,726
1,127,513
(798,723)
2,826,516
11,035,796
7,910,893
137,178,276
23,603,247
(6,964,099)
153,817,424
16,032,994
5,772,839
(3,847,335)
17,958,498 1 35,858,926
121,145,282
520,938
665,110
(520,938)
665,110
665,110
520,938
137,699,214
24,268,357
(7,485,037)
154,482,534
16,032,994
5,772,839
(3,847,335)
17,958,498 136,524,036
57,728,598
83,122,424
(3,151,808)
137,699,214
14,599,441
3,533,907
(2,100,354)
16,032,994
TOTAL
CAPITAL WORK IN PROGRESS
GRANDTOTAL
PREVIOUS YEAR FIGURES
355,950
(1,306,989)
- 121,666,220
Includes Building of Rs. 65,730,110/- pending registra'an in the name of the Company.
No. of
AS AT
No. of
A S AT
Shares/unit
31.03.2008
Shares/unit
31.03.2007
Face
Value
Rs.
Nos.
(Rs.),
Nos.
(Rs-)
INVESTMENTS
(A) LONG TERM INVESTMENTS
1. In fully paid up Equity Shares:
Subsidiary Companies (Unquoted)
A s h i a n a Retirement Villages Ltd.
10
1,140,050
92,412,550
240,050
2,412,550
Vatika Marketing Ltd.
10
50,000
520,120
50,000
520,120
100
782
Others:
i.
Quoted
Arihant Foundation Ltd.
10
100
34,186
Eldco Housing Ltd.
10
100
20,942
H D F C Ltd.
10
50
84,969
Ispat Profile Ltd.
10
100
782
Larsen & Tubro Ltd.
10
17,598
Lok Housing Ltd.
10
100
18,906
31,068
Mahindra Lifespace Developers Ltd.
10
50
Modern Threads Ltd.
10
23
280
23
280
Modern W o o l e n Ltd.
10
50
1,575
50
1,575
Parsvnath Developers Ltd.
10
100
32,973
<22>
ITM
Ashiana

Face
Value
No. of
A S AT
No. of
AS AT
Shares/unit
31.03.2008
Shares/unit
31.03.2007
Nos.
(Rs.)
Nos.
(Rs.)
25,000
Rs.
ii.
2.
S.M. Telesys Ltd.
10
2,500
25,000
2,500
Sobha Developers Ltd.
10
50
43,732
Spectrum Commercials Ltd. -
10
132,000
330,775
132,000
330,775
Timken India Ltd.
10
54
3,696
54
3,696
Unitech Limited (includes 50 bonus shares)"! 0
100
21,597
Unquoted
Elite Leasings Ltd.
10
3,750
6,218
3,750
6,218
Adityapur Toll Bridge Company Ltd.
10
17,000
170,000
17,000
170,000
1,000,000
56,000,000
In Partly paid Debentures:

Subsidiary Company ( U n q u o t e d )
Ashiana Retirement Villages Ltd. Zero Percent Unsecured Optionally
Fully Convertible Debentures
Series -1 (paid up Rs. Nil, P.Y.Rs. 56/-
100
per debenture)
Series - II (paid up Rs.82,
100
1,000,000
82,000,000
P.Y.Rs.Nil per debenture)
3.
in Immoveable Properties:
Building at W-177, Greater Kailash - II, New Delhi
32,939,879
32,939,879
Land at Vasundhara Nagar, Phase II, Bhiwadi, Rajasthan
11,021,003
11,021,003
Land at RIICO Industrial Area, Bhiwadi, Rajasthan
15,896,985
2,491,146
C o m m o n Facility Area, Utsav, Bhiwadi
. In Capital of Partnership Firms

48,500,000
103,503,204
Ashiana Amar Developers

Ashiana A m a r Infrastructure
14,110,150
4,000,000
Ashiana Green W o o d Developers
77,762,930
55,191,081
433,502,264
211,122,959
(A)
(B) CURRENT INVESTMENTS
In Mutual Funds
Unquoted
FT India Bluechip Fund -Dividend Reinvestment 10
6,066.1770
231,629
HDFC Top 200 Fund - Dividend Reinvestment 10
15,344.1150
567,793
23,053.1120
561,297
117,308.2270
2,657,738
50,000.0000
500,000
50,000.0000
500,000
HDFC Capital Builder Fund -
10
Dividend Reinvestment
HDFC Growth Fund - Dividend Reinvetsment 10
49360.9679
1,293,160
HDFC Growth Fund - Growth
10
8387.7702
600,000
Tata Contra Fund -Growth
10
50000.0000
500,000
Standard Chartered Imperial Equity Fund-DR 10
CD
ITM
Ashiana

No. of
A S AT
No. of
AS AT
Shares/unit
31.03.2008
Shares/unit
31.03.2007
Nos.
(Rs.)
Nos.
(Rs.)
10
57363.7700
600,000
50,000.0000
500,000
Reliance Equity Fund- Dividend Reinvestment 10
150,000.0000
1,500,000
10
5460.9759
89,701
33,917.8680
473,928
Fidelity Equity Fund -Growth
10
33702.0389
900,000
79,227.8170
1,300,000
Reliance Growth Fund - Growth
10
250,000
10
83,534.0000
1,200,000
Reliance Diverisified Power sector -
10
1,244.0900
HSBC India Opportunities Fund -DR
14,347.8390
354,847
Face
Value
Rs.
SBI Blue Chip Fund -DR

Prudential ICICI Infrastructure Fund Dividend Re-investment
Dividend Reinvetsment
SBI Magnum Global Fund-Dividend
10
27601.4350
1,000,000
27,601.4350
1,000,000
Tata Infrastructure Fund -Gr.
10
40196.4800
1,000,000
40,196.4800
1,000,000
HDFC Index Fund-Series Plus Plan
10
8472.0349
1,400,000
8,462.7970
1,100,000
HDFC Capital Builder Fund - Growth
10
5,244.9390
250,000
HSBC Advantage India Fund - Div.Rein
10
95,534.5000
1,100,000
HSBC Fixed Term Series-13-Growth
10
Standard Chartered Liquidity Manager
10
57,433.3866
Sunderam BNP Paribas FTP Int.
10
489,787.9218
HDFC FMP 90D January 2008
10
2,000,000.0000
20,000,000
HSBC Advantage India Fund-Gr.
1000
33,189.4600
600,000
HDFC FMP 13M March 2006 (1) Retail-Gr
10
HSBC Fixed Term Series-IV-Gr
10
500,000.0000
5,000,000
1,000,000.0000
10,000,000
- 1,128,938.2700
5,000,000
-
11,289,383
65,397,234
Fund Quart. Series-Plan-C
98,380,095"
(B)
Aggregate amount of Quoted Investments

Aggregate amount of Unquoted Investments
Market value of quoted Investments
Repurchase price of units of mutual funds
41,336,615
252,459,574
531,882,359
TOTAL (A + B)
668,079
362,108
531,214,280
252,097,466
669,862
336,504
99,821,550
44,329,517
A S AT
AS AT
31.03.2008
31.03.2007
(Rs.)
(Rs.)
INVENTORIES
Stock (As taken, valued and certified by the management)
64,655,950
108,893,841
Freehold land
102,630,099
94,209,628
Unsold completed constructions
144,010,431
24,196,074
Work-in-progress
68,360,013
324,881,390
Construction materials
35,658,691
25,838,728
415,315,184
578,019,661
Leasehold Land
<24>
ITM

A S AT
AS AT
31.03.2008
31.03.2007
(Rs.)
(Rs.)
SUNDRY DEBTORS
(Unsecured, Considered Good)
Due for more than six months
Other Debts
31,822,337
13,599,418
885,999
2,485,586
Cheques/Drafts-in-hand
1,673,733
889,560
With Scheduled Banks :

In Current Accounts
10,597,571
6,354,121
2,409,467
1,452,437
In Unclaimed Dividend Account

In Fixed Deposit Accounts (Pledged with Banks
Rs. 20113839/-; P. Y . R s . 19586326/-)
11
1,019,616
12,579,802
CASH A N D BANK BALANCES

Cash-in-hand
10
601,930
31,220,407
46,974,047
OTHER CURRENT ASSETS

Ongoing Projects Adjustment Account
LOANS A N D ADVANCES
216,635,988
62,540,817
227,817,692
303,318,554
28,293,279
7,306,109
>
(Unsecured, considered good)

Loans
To Subsidiary Companies
'
To Others
Advance against land etc.
33,288
89,925
57,611,005
13,558,250
Advances recoverable in cash or in kind

or for value to be received
10,143,716
17,886,207
Taxation advance and refundable
61,798,076
20,056,533
Deposits
12
2,800,481
1,617,383
132,386,566
60,514,407
C U R R E N T LIABILITIES & PROVISIONS

A)
CURRENT LIABILITIES
Sundry Creditors
Advance from Customers
Security deposits
31,401,280
867,585,758
23,238,986
15,202,438
Due to subsidiary companies
2,105,733
153,516
Unclaimed Dividend
2,409,467
1,452,437
270,756
24,129,038
12,927,483
859,198,574
928,993,668
For Taxation
62,014,000
18,025,000
For Proposed Dividend
28,103,775
13,382,750
Temptory overdraft due to over issue of cheques

Other liabilities
B)
41,159,590
766,155,760
PROVISIONS
For Corporate Dividend Tax
'
For Gratuity
CD
4,776,237
2,274,400
4,963,720
4,627,276
959,056,306
967,303,094
ITM
Ashiana

13
2007-2008
(Rs.)
2006-2007
(Rs.)
922,078,231
435,539,004
36,390,755
33,064,973
SALES
Real Estate:
a)
Completed Projects
Eligible Projects U/s 80IB of the Income Tax Act, 1961
Other Projects*
b)
Ongoing Projects
includes transfer to Investment
275,025,275
28,293,279
1,233,494,261
496,897,256
13,649,281
15,351,757
14 OTHER INCOME
Interest
(Net)
Income from Investment:

Rent
900,000
900,000
Dividend
642,230
1,399,041
10,485,326
13,749,852
Sale (net)
693,079
Income from Revenue Sharing arrangements

Rent and hire charges
1,156,121
1,725,122
Miscellaneous Income
1,844,439
3,744,125
Provision for Doubtful Debts Written Back
100,000
Profit on sale of Fixed Assets (Net)
2,620,127
46,784
Items relating to previous year (Net)
136,190
Share of Profit from Partnership
6,357,810
Liabilities Written Back
15 I N C R E A S E / ( D E C R E A S E ) IN STOCK
Closing Stock:
Leasehold land
Freehold Land
Unsold completed construction
Work-in-progress
689,241
108,366
39,037,654
37,261,237
64,655,950
108,893,841
102,630,099
94,209,628
144,010,431
24,196,074
68,360,013
324,881,390
379,656,493
552,180,933
Less: Opening Stock :

97,826,517
Leasehold * Land*
78,806,417
11,021,003
Less: Transferred to Investment on 1st April, 2006
97,826,517
Freehold land*
77,155,206
132,279,658
24,196,074
16,158,320
324,881,390
261,271,016
524,059,187
477,494,408
(144,402,694)
74,686,525
56,810,756
26,602,533
3,662,371
191,730
60,473,127
26,794,263

Work-in-progress
*net of ongoing project adjustment amounting to
67,785,414
Rs. 28,121,746/- (P.Y. Rs. 33,16,083/-)

16
PURCHASES
Land
Flats/ Bunglows/ Shops
<26>
ITM
Ashiana

(Rs.)
2006-2007
(Rs.)
PROJECTEXPENSES
Consumption of construction materials (Indigenous)
Wages
Labour charges
Power & Fuel
Leasehold land rent and other charges
Architects' Fee and Consultancy Charges
Miscellaneous project expenses
314,068,375
79,309,428
40,119,812
6,472,421
491,453
5,602,878
35,461,614
262,876,530
60,222,042
39,759,134
4,221,014
780,507
2,609,693
26,266,918
Less: Ongoing Project Adjustment
481,525,981
115,286,060
396,735,838
13,498,448
366,239,921
383,237,390
29,219,095
18,827,037

17
18
EXPENSES ON EMPLOYEES
Salary, Wages, bonus and allowances
(includes Gratuity Provision Rs.17,47,284/-;PY Rs. 10,07,920/-)
Directors' Remuneration
Contribution to Provident & Other Funds
Staff & Labour welfare expenses
19 OTHER EXPENSES
Rent
Rates and Taxes
Insurance
Travelling and Conveyance
Legal and Professional expenses
Advertisement and Business Promotion
Commission
Management Fee
Telephone, Telex & Fax
Printing & Stationery
Repairs and Maintenance :
To Machineries
To Building
To Others
Directors' Fees
Auditors' Remuneration :
Foi* Statutory Audit
For Internal Audit
For Tax Audit
For Other Services
Miscellaneous expenses
Irrecoverable Balances Written off
Fixed Assets Written Off
Items relating to previous year.(Net)
20
PROVISION FOR TAXATION

Income Tax
Deferred Tax
Fringe Benefit Tax
Wealth Tax
Income tax Adjustments *
2007-2008
5,400,000
902,765
3,943,353
2,250,000
789,890
1,775,958
39,465,213
23,642,885
1,541,126
128,291
2,760,034
5,296,941
1,084,468
26,726,846
95,306
33,746,205
2,296,468
1,842,416
1,275,506
310,679
2,936,597
3,729,368
1,169,288
15,306,324
1,717,404
2,651,662
1,557,468
1,517,990
296,269
2,976,846
512,521
17,000
561,524
2,176,225
537,219
26,000
337,080
101,124
84,270
241,685
10,114,833
413,315
373,192
174,608
336,720
16,836
84,180
174,824
7,097,415
171,686
223,545
91,151,844
43,578,460
47,000,000
3,673,000
920,000
69,000
(21,237)
12,250,000
1,276,000
790,000
30,000
45,114
51,640,763
14,391,114
ITM
Ashiana

21
NOTES ON A C C O U N T S
1)
SIGNIFICANT ACCOUNTING POLICIES
b)
S Y S T E M OF ACCOUNTING :
The company adopts accrual basis of accounting in
the preparation of accounts.
FIXED ASSETS AND DEPRECIATION :
1.
Fixed assets are v a l u e d at cost a n d depreciation is

provided on straight line basis in accordance with the
provisions of Schedule XIV to the Companies Act, 1956.
2.
Capital work in progress is valued at cost.
INVESTMENTS:
a.)
Long term investments are carried at acquisition

cost and investments intended to be held for less
than one year are classified as current investments
and are carried at lower of cost and market value.
Long Term Investments which have attained the
stage of permanent diminution in their value are
revalued at their current value.
b)
Value of Intangible capital rights created in favour

of the c o m p a n y in the p r o c e s s of Real E s t a t e
activities, being not determinate, are not shown in
the books of a c c o u n t s . .
INVENTORIES:
Leasehold and Freehold land, unsold completed
construction, work-in-progress and construction
materials are valued at cost, which is derived at
average basis, except that value of construction material
is derived at FIFO basis.
DeferredTax is recognised, subject to consideration

of p r u d e n c e , in respect of d e f e r r e d tax A s s e t s /
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 o n e or m o r e s u b s e q u e n t p e r i o d .
Deferred tax in respect of differential income due
to accounting of sales on percentage completion
basis, being not determinate, is not recognised.
FOREIGN CURRENCY T R A N S A C T I O N S :
REAL ESTATE PROJECTS
a)
b)
c)
Revenue in respect of projects undertaken before

31st March, 2006, is accounted for on the basis of
date of delivery of physical possession to the
respective customers.
Revenue in respect of other projects is recognised
on the " Percentage of Completion Method" (POC)
of accounting and represents value of units
contracted to be sold to the extent of actual work
done against total estimated cost of execution upon
the project reaches a level as c o n s i d e r e d
appropriate by the management. The estimates of
saleable areas, estimated costs and cost of
completion are reviewed periodically by the
management and effects of any changes in
estimates is recognised in the period such changes
are determined.
Interest on delayed payments and other charges
are accounted for on realisation.
OTHER INCOME
Other income is a c c o u n t e d on accrual basis except
where the receipt of income is uncertain.
TAXES O N I N C O M E :
a)
Current Tax is determined as the a m o u n t of tax

payable in respect of taxable income for the year.
Income and Expenditure in foreign currency is converted

into rupee at the rate of exchange prevailing on the
elate of the transactions.
EMPLOYEE BENEFITS
(a) Short term employee benefits are charged off at
the undiscounted amount in the year in which the
related service is rendered.
(b) Post employment and other long term employee
benefits are charged off in the year in which the
employee has rendered services. The amount
charged off is recognised at the present value of
the a m o u n t s payable determined using actuarial
valuation techniques. Actuarial gain and losses in
respect of post employment and other long term
benefits are charged to Profit and Loss Account.
USE OF ESTIMATES
T h e preparation of financial statements in confirmity
with generally accepted accounting principles requires
estimates/ exemptions to be made that affect the reported
amount of assets and liabilities on the date of financial
statements and the reported amount of revenues and
expenses during the reporting period. Difference
between actual results and estimates are recognised
in the period in which the results are k n o w n /
materialised.
ITM
Ashiana

IMPAIRMENT OF ASSETS :
b) Ashiana Amar Developers
Impairment Loss in the value of assets, as specified in

Accounting Standard -28 is recognised whenever
carrying value of such assets exceeds the market value
or value in use , whichever is higher.
2)
Contingent Liability, not provided for, in respect o f :
a)
Contested demand of
c)
3)
4)
5)
Balance
+Capital
(Rs.)
Miras Properties
Pvt. Ltd.
15/35
.15%
(20,983,923)
Income tax and penalty Rs.7.51 lacs
(Rs. 7.51 lacs).
Narayan Ladha
4/35
4%
870,954
ESIC
Rs.4.25 lacs
(Rs.3.04 lacs)
Suresh Kewlani
6/35
6%
1,306,430
Rs.34.73 lacs
(Rs.34.73 lacs)
Sunil Talwar
5/35
5%
1,088,692
Harish Talwar
5/35
5%
1,088,692
"
Additional Lease Rent

b)
Share
30% of pre tax
yearly profit upto
Name of Partner cumulative
aggregate of
Rs.1250 lacs
S h o w c a u s e notice r e c e i v e d for service tax

Rs. 118.47 lacs (Rs.46.59 lacs)
Contested claim of the Government of Rajasthan
for refund of State Capital Subsidy including interest
Rs. 45.75 lacs (Rs. 43.50 lacs).
Estimated amount of contract remaining to be executed

on capital account and not provided for amounts (net
of advance) to Rs. Nil (Rs. 15.05 lacs)
35%
Ashiana Mousing
Limited
c)
TDS
Rs.2444073/-;
103,503,204
Ashiana G r e e n w o o d Developers
Share
Name of Partner
Paid up Share Capital of the Company includes 1993100

Equity Shares, allotted pursuant to S c h e m e s of
Amalgamation without payment being received in cash
and 13382750 Equity Shares, alloted as fully paid up
Bonus Shares, by capitasation of General Reserves.
Interest Income (Including
P.Y.Rs.34,07,129/-) is net of
65%
3 0 % of pre tax
yearly profit upto
cumulative
aggregate of
Balance
+Capital
(Rs.)
Rs. 544 lacs
Shubhlabh Buildhome
Private Ltd.
100%
50% (9,788,906)
50%
77,762,930
Interest :
+ on the basis of audited Balance Sheet as at 31.03.2008
To Others
6)
7)
Rs.920,824
(Rs.330,888/-)
In view of insufficient information from the suppliers

regarding their status as SSI units, the amount due to
S m a l l S c a l e I n d u s t r i a l u n d e r t a k i n g c a n not b e
ascertained.
T h e particulars of partnership businesses are given
below :a)
Ashiana A m a r Infrastructure
N a m e of P a r t n e r s
Miras Properties Pvt. Ltd.
Share
+ Capital (Rs.)
25%
Narayan Ladha
4%
Suresh Kewlani
6%
65%
14,110,150
<29>
8)
Expenditure in Foreign Currency:

Travelling
9)
Rs.15,93,030/- (Rs.17,60,109/-)
Related parties and transactions with them as specified

in the A c c o u n t i n g S t a n d a r d 18 on " R e l a t e d Parties
Disclosures" issued by ICAI has been identified a n d
given below on the basis of information available with
the company and the same has been relied upon by the
auditors.
Related Parties & R e l a t i o n s h i p
Transactions:
a)
Enterprises that directly, or indirectly through one

or more intermediaries, Control or are controlled by
or are under c o m m o n control with the c o m p a n y
(including holding companies, subsidiaries and
fellow Subsidiaries) :
ITM
Ashiana

2007-08
(Rs.)
2006-07
(Rs.)
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
2007-08
(Rs.)
Vatika Marketing Ltd.:
il)
Ashiana Retirement Villages Ltd.:

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
Rs.Nil
Rs.37.40 lacs
Rs.0.60 lacs
Rs.0.60 lacs
Interest received
Sales
Hire charges Received
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
Rs. 7.19 lacs
Rs.101.95 lacs
Year end Receivable

b)
Associates and joint ventures:

Bahari Estates (P) Ltd.
Year end payable
Rs.77.43 lacs
Rs.5.69 lacs
Rs.Nil
Rs.30.21 lacs
Rs.319.58 lacs
Rs.6.02 lacs
Year end Receivable

Management Fee
iii)
Ashiana Greenwood Developers
as above
Ashiana Amar Developers
as above
iv) Ashiana Amar Infrastructure

c)
as above
Key management personnel and their relatives

Rs. In lacs
Shri Om Prakash Gupta,
Managing Director
Remuneral
Remuneration
18.00
9.00
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
3699.78
968.52
53.53
133.83
53.53
133.83
187.36
187.36
11) Effective 1st April, 2007, employee benefit obligations have beenmeasured/ 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.
(Rs. In lacs)
Employer's Contribution to
Provident & Pension Fund
9.03
Defined Benefit Plan

The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises
il)
Shri Vishal Gupta,

Remuneration 18.00
7.50
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 Limited
Year end Payable
Karma Hospitality Private Limited
Amount used as numerator in

calculating basic and diluted EPS:
Defined Contribution Plan

Contribution to Defined Contribution Plan, recognised are charged
off for the year are as under:
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.
i)
a)
2006-07
(Rs.)
Rs. in lacs
318.82
318.82
Nil
Amount Written off in respect of above parties

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 :
{I}
each period of service as giving rise to additional unit of employee

benefit entitlement and measures each unit separately to build up
the final obligation.
Gratuity
(Unfunded)
(Rs. in lacs)
a. Reconciliation of opening and closing
balances of Defined Benefit obligation:
Defined Benefit obligation at
beginning of the year
32.16
Current Service Cost

Interest Cost
Actuarial (gain)/loss
Benefits (paid)
Defined Benefit obligation at year end
9.78
2.57
5.22
(0.10)
49.63
ITM
Ashiana

b. Reconciliation of fair value of assets
and obligations:
Add:- As per Income Tax Act:

Sales Real Estate -
Present value of obligation

as at 31st March, 2008
49.63
Amount recognised in Balance Sheet
49.63
ongoing projects completed

(upon delivery of physical
possession)
c. Expenses recognized during the year
Less: Cost of Sales
9.78
Interest Cost
2.57
Actuarial (gain) / loss
5.22
Net Cost
Net Profit for Income Tax Purpose

13) Stock, Purchase and Sales:
Flats/
17.57
d. Actuarial assumptions
Mortality Table (L.I.C.)
1994-96(duly modified)
Discount rate (per annum) compounded
8.00%
Rate of escalation in salary (per annum)
8.00%
Opening Stock
12) These accounts have been prepared as per the revised

Accounting Standard (AS) 9 on "Revenue Recognition" and the
Guidance note on "Recognition of Revenue by Real Estate
Developers".
Since, in terms of provisions of the Income Tax Act, 1961 the
income accrues upon delivery of physical possession/ deemed
possession of constructed unit and deduction u/s 80IB(10) is
allowed after completion of construction, 'Net Profit' for computing
Total Income under the said Act is as follows: -
Purchases
275,025,275
Less: Ongoing project

expenses adjusted
143,407,806
191,730
(1,450,000)
Closing Stock
(Rs.)
3,662,371
(191,730)
3,773,603
Sales
(3)
1
(2,215,270)
191,730
0)
(191,730)
14) On the basis of physical verification of assets, as specified in

Accounting Standard - 28 and cash generation capacity of those
assets, in the management perception there is no impairment of
such assets as appearing in the balance sheet as on 31.03.2008.
15) Unbasorbed MAT credit to be allowed in future years amounts to
Rs.37,125,087/
16) a)
421,618,471
Less:- Sales Real Estate

- ongoing projects
Amount
(1)
Rs,
Net Profit as per Profit &
Loss Account
Bungalows/
Shops
(Nos.)
(3)
The estimates of future salary increase considered in the actuarial

valuation takes into account factors like inflation, seniority,
promotion and other relevant factors. The expected return on
Plan Assets is based on actuarial expectations of the average
long term rate of return expected on investments of the fund
during the estimated terms of the obligations. The above
information is certified by the Actuary.
Since this is the first year of adoption of the AS, only the current
years figures have been disclosed.
290,001,002
131,617,469
290,001,002
4 31 K
b)
Previous year figures above are indicated in brackets.

Previous year figure have been regrouped/rearranged,
wherever found necessary.
ITM
Ashiana

SCHEDULES TO THE A C C O U N T S
22.
1.
II.
III.
BALANCE SHEET ABSTRACT A N D COMPANY'S GENERAL BUSINESS PROFILE

Registration Details
Registration No.
40864
Balance Sheet Date
31/03/2008
Capital raised during the year
Public Issue
(Amount in Rs. Thousand)

Position of Mobilisation and
State Code
21
NIL
Right Issue
NIL
Bonus Issue
133828
Private Placement
NIL
Total Liabilities
654,734
Total Assets
654,734
Paid-up Capital
187,358
Reserves & Surplus
451,701
Secured Loans
7247
Unsecured Loans :
NIL
Deferred Tax Liability
8428
Net Fixed Assets
136,524
Investments
531,883
Net Current Assets
(13,673)
Misc. Expenditure :
NIL
A c c u m u l a t e d Losses
NIL
Turnover (Gross Revenue):
1,272,532
Total Expedinture
850,913
Deployment of funds
Sources of Funds
Application of Funds
Performance of Company
+/- Profit/Loss
Before Tax
+ 421,618
+ -Profit/Loss
After Tax*
Earning' per share
19.75
Dividend Rate %
Item Code No.
N.A
+ 369,978
15
IV. Generic Name of Three

Products/Services of Company
(as per monetary terms)
(ITC Code)
Product Description
Real Estate
Signature to Schedules 1 to 22
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary

O m Prakash Gupta
Managing Director
Naval Kishore
G.M. (F&A)
Vishal Gupta
Place :
Date :
Place: Gurgaon
CD
New Delhi
30th June, 2008
till Ashiana
ITM
CASH FLOW STATEMENT FOR T H E YEAR ENDED 31 ST M A R C H , 2008

2007-2008
(Rs.)
2006-2007
(Rs.)
421,618,471
111,243,582
5,772,839
(14,570,105)
(12,027,556)
373,192
(2,,620,127)
3,533,907
(15,682,645)
(16,048,893)
(100,000)
223,545
(46,784)
398,546,714
83,122,712
(323,378,810)
162,704,477
(69,004,840)
(20,610,842)
(69,089,579)
182,150,658
168,867,541
(47,994,706)
(13,871,768)
Cash flow before extra ordinary items

Extra Ordinary items
120,872,835
161,701,181
Net cash from Operating activities (A)
120,872,835
161,701,181
(23,747,420)
5,363,700
(268,937,459)
14,570,105
1,542,230
(82,523,731)
276,000
(22,990,554)
15,682,645
2,299,041
(271,208,844)"
(87,256,5997
(2,515,146)
(12,425,720)
264,764
(10,012,559)
C A S H FLOW F R O M 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 receivables
Inventories
Trade Payables and advances from customers
CASH GENERATED FROM OPERATIONS
Direct Taxes paid / adjusted
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)
C A S H FLOW FROM FINANCING ACTIVITIES :

Proceeds from long term and other borrowings
Dividend paid
Net Cash used in Financing activities (C)
175,572,949
(9,747,795)"
(14,940,866)
NET INCREASE IN CASH A N D C A S H EQUIVALENTS (A+ B+ C)

CASH A N D CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH A N D CASH EQUIVALENTS AT T H E END OF T H E YEAR
64,696,787
163,120,905
227,817,692
(165,276,875)
227,817,692
62,540,817
0 1 . Proceeds from long term and other borrowings are shown net of repayment.
02. Cash and Cash equivalents represent cash and bank balances only.
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary

O m Prakash Gupta
Managing Director
P l a c e : Gurgaon
Vishal Gupta
Naval Kishore
G.M. (F&A)
Place :
Date :
<33>
New Delhi
30th June, 2008
ITM
Statement pursuant to Section 212 of the Companies Act, 1956 relating to

Company's interest in the Subsidiary Companies
Ashiana
1.
Financial Year of the Subsidiary Company ended on
2.
a.
b.
Vatlka
Retirement Villages
Marketing
Ltd.
Ltd.
31.03.2008
31.03.2008
No. of shares held by Ashiana Housing Limited.
9240050 Equity
50000 Equity
(Holding Company) in the subsidiary at the end
Shares of
Shares of
of the financial year of the subsidiary
Rs. 10/- each
Rs. 10/- each
Extent of interest of Holding Company at the end
100%
100%
of the financial year of the subsidiary :

3.
T h e net aggregate amount of subsidiary's profit/(Loss)

not dealt with in the Company's accounts.
a.
for the financial year of the subsidiary (in Rs.)
b.
for the all previous financial years of the subsidiary

since it became the Holding Company's subsidiary
4.
1,53,39,980
9,19,005
11,91,872
97,873
The net aggregate amount of subsidiary's profit/(Loss)

dealt with in the Company's accounts.
a.
for the financial year of the subsidiary (in Rs.)
Nil
Nil
b.
for the all previous financial years of the subsidiary
Nil
Nil
since it became the Holding Company's subsidiary

5.
Changes in the Holding Company's interest, in the
N. A.
N.A.
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
N.A.
N.A.
b.
its investments
N.A.
N.A.
c.
the money lent by it, and
N.A.
N.A.
d.
the money borrowed by it for any purpose other

N.A.
N.A.
than that of meeting current liabilities.

P l a c e : New Delhi
D a t e : 30th June, 2008
CD
O m Prakash Gupta
Vishal Gupta
Managing Director
ITM
Ashiana
VATIKA MARKETING LIMITED

DIRECTORS' REPORT
T O T H E MEMBER (S)
DIRECTORS RESPONSIBILITY STATEMENT
The Directors of your Company have pleasure in presenting

the Twelfth Annual Report, together with audited
statement of accounts for the year ended 3 1 March 2008.
the Directors confirm that:
Pursuant to Section 217 (2AA) of the Companies Act, 1956,
s t
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 c o m p a r e d to
Rs. 1,93,73,582/- during the previous financial year. The
Company has earned a profit, after depreciation and tax, of
R s . 1 1 , 9 1 , 8 7 2 / - d u r i n g the f i n a n c i a l y e a r 2 0 0 7 - 0 8 a s
compared to loss of Rs. 9,29,319/- in the previous financial
year.
DIVIDEND
Your directors do not r e c o m m e n d 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 deposits
f r o m the public w i t h i n the m e a n i n g of the C o m p a n i e s
(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 Companies Act, 1956. T h e
Auditors report is self-explanatory and requires 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 be
ascertained.
PARTICULARS OF EMPLOYEES
T h e r e is no e m p l o y e e in r e s p e c t of w h o m p a r t i c u l a r s
pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (Particulars of Employees)
(Amendments) Rules, 1999 are required to be given.
(I)
In the p r e p a r a t i o n of the a n n u a l a c c o u n t s , the

applicable accounting standards have been followed
by the Company;
(II)
S u c h a c c o u n t i n g policies have b e e n s e l e c t e d a n d
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 a n d sufficient c a r e has b e e n t a k e n for t h e

accordance with the provisions of the Companies Act,
1956, for safeguarding the assets of the C o m p a n y
a n d for p r e v e n t i n g a n d d e t e c t i n g f r a u d a n d o t h e r
irregularities;
(IV)
A n n u a l a c c o u n t s h a v e b e e n p r e p a r e d on a g o i n g
concern basis.
PARTICULARS OF CONSERVATION
OF ENERGY,
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO
Your Directors are of opinion that particulars with respect
to Conservation of Energy, Technology Absorption as per
Section 217(1)(e) read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988
are not relevant in 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 e x p r e s s grateful
thanks to the Central and State G o v e r n m e n t s and
Company's bankers for their support and guidance to the
Company from time to time. The Directors wish to place on
record their appreciation of efficient a n d loyal s e r v i c e s
rendered by the officers and staff members of the Company.
Your C o m p a n y ' s p e r s o n n e l r e l a t i o n s c o n t i n u e d t o b e
excellent.
For a n d on behalf of Board
Vishal G u p t a
Whole Time Director
Place
Date
N e w Delhi
3 0 June, 2008.
th
Ankifr G u p t a
Whole Time Director
ITM
Ashiana
the said accounts read with significant

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
conformity with the accounting principles
generally accepted in India:
AUDITORS' REPORT
The Members of Vatika Marketing Limited
We have audited the a t t a c h e d b a l a n c e 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 financial
statements are the responsibility of the company's
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing
standards generally accepted in India. T h o s e Standards
r e q u i r e that w e p l a n a n d p e r f o r m t h e a u d i t t o o b t a i n
reasonable assurance about whether the financial
s t a t e m e n t s are free of material m i s s t a t e m e n t . 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
presentation. We believe that our audit provides a
reasonable basis for our opinion and we report that:
1.
2.
(a)
in the case of the balance sheet, of the

state of affairs of the company as at 3 1 "
March 2008;
(b)
in the case of the profit and loss account,

of the profit for the y e a r e n d e d 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.
(VINIT BAGARIA)
Partner
As required by the C o m p a n i e s (Auditor's Report)

Order, 2003 issued by the Central Government of India
in t e r m s of sub-section (4A) of section 2 2 7 of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4
and 5 of the said Order.
Place: G u r g a o n
Date: 3 0 June, 2008
Further to our comments in the Annexure referred to

above, we report that:
Referred to in paragraph' 1 of our Report of even date for

the year ended 3 1 March, 2008.
(i)
We have o b t a i n e d all the i n f o r m a t i o n and

explanations, which to the best of our knowledge
and belief were necessary for the purposes of
our audit;
1)
(ii)
In o u r o p i n i o n , p r o p e r b o o k s of a c c o u n 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 account

dealt with by this report are in agreement with
the books of account;
(iv)
Subject to our comments hereinafter, the Balance

Sheet and profit and loss account dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v)
On the basis of written representations received

from the directors, as on 31st March 2008 and
taken on record by the Board of Directors, we
report that none of the directors is disqualified
as on 3 1 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;
th
ANNEXURE TO THE AUDITORS' REPORT

s t
2)
a)
T h e c o m p a n y has maintained records showing

full particulars including quantitative details and
situation of fixed assets.
b)
A c c o r d i n g to the information a n d explanations

g i v e n t o us, the a s s e t s h a v e b e e n p h y s i c a l l y
verified by the management during the year. No
material discrepancies were noticed on such
verification.
c)
The company has not disposed off its Substantial

fixed assets during the year.
a)
A c c o r d i n g to the information and explanations

g i v e n t o us, the m a n a g e m e n t h a s p h y s i c a l l y
v e r i f i e d t h e i n v e n t o r y d u r i n g the year. In our
opinion, the frequency of verification is
reasonable.
b)
In our o p i n i o n , the p r o c e d u r e s of physical

verification of inventories followed by the
m a n a g e m e n t are r e a s o n a b l e and a d e q u a t e in
relation to the size of the company and the nature
of its business.
c)
On the basis of our examination of the records of

inventory, we are of the opinion that the company
is maintaining proper records of inventory. T h e
discrepancies noticed on verification between the
physical stocks and the book records were not
material.
s t
(vi)
In our opinion and to the best of our information

and according to the explanations given to us,
{ 3 6 }
ITM
Ashiana

3)
T h e c o m p a n y has not taken/given unsecured loans

from/ to companies, firms and other parties covered in
the Register m a i n t a i n e d u n d e r S e c t i o n 301 of the
Companies Act, 1956.
4)
In our opinion and according to the information and

explanations given to us, there are adequate internal
control p r o c e d u r e s c o m m e n s u r a t e with the size of
the company and the nature of its business with regard
to purchases of inventory a n d 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 w e a k n e s s in
internal controls.
5)
a)
b)
6)
A c c o r d i n g to the information and explanations

given to us, we are of the opinion that the
particulars of contracts and arrangements
referred to in Section 301 of the Companies Act,
1956 that n e e d to be entered into the register
maintained under that Section have been so
entered.
In our opinion and according to the information
a n d explanations given to us, the transactions
that w e r e m a d e in p u r s u a n c e of c o n t r a c t s or
arrangements that need to be entered into the
register maintained-in pursuance of Section 301
' of the C o m p a n i e s Act, 1956 a n d a g g r e g a t i n g
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 t h e prevailing
market prices at the relevant time.

e x p l a n a t i o n s g i v e n t o u s , t h e c o m p a n y h a s not
accepted any deposits from the public.
7)
T h e C o m p a n y is not required to maintain a formal

internal audit system.
8)
The Central G o v e r n m e n t has not p r e s c r i b e d

maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of
the Company.
9)
a)
b)
A c c o r d i n g to the records of the c o m p a n y ,

generally the company is regular in depositing with
appropriate authorities undisputed statutory dues
including provident fund, investor education and
protection fund, employees' state insurance,
income tax, sales tax, w e a l t h tax, service tax,
custom duty, excise duty, cess and other material
statutory dues, as applicable, and no such
statutory dues w e r e outstanding as at the last
day of the financial year under review for a period
o f m o r e t h a n six m o n t h s f r o m t h e d a t e t h e y
became payable.
given to us, no d u e s of sale tax, i n c o m e t a x ,
GD
customs duty wealth tax, service tax, excise duty,

a n d c e s s , as a p p l i c a b l e , w h i c h have not b e e n
deposited on account of any dispute.
10) T h e company does not have accumulated losses. T h e
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)
T h e company has no borrowings from any financial

institution, bank or debenture holder.
12) As per information and explanations provided to us

the company has not granted any loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.
13) The Company is not a chit fund or a nidhi mutual benefit
fund/society.
14) T h e c o m p a n y is not d e a l i n g or t r a d i n g in s h a r e s ,
securities, debentures and other investments.
However, Investments of the Company are held in its
own name.
15) As per information and explanations provided to us,
the c o m p a n y has not given any guarantee for loans
taken by others from bank or financial institutions.
16) The Company has not taken any Term Loan during the
year c o n c e r n e d .
17) According to the information and explanations given
to us a n d on an overall examination of the balance
sheet of the company, we report that the no f u n d s
raised on short- term basis have been used for longterm investment.
18) The company has not made any preferential allotment
of shares to parties a n d c o m p a n i e s c o v e r e d in the
register maintained under section 301 of the Companies
Act, 1956.
19) The Company has not issued any debentures during
the year under review.
20)
T h e C o m p a n y has not raised any money by public

issue during the year under review.
21)
According to the information and explanations given

to us, no fraud on or by the Company has been noticed
or reported during the year.
For B. C H H A W C H H A R I A & Co.
Partner
Date: 30"' June, 2008
ITM
Ashiana

SCHEDULES
(Rs.)
AS AT
31.03.2008
(Rs.)
(Rs.)
AS AT
31.03.2007
(Rs.)
SOURCESOFFUNDS:
Share Capital
500,000
500,000
Reserves & Surplus
2,597,603
1,915,873
3,097,603
2,415,873
CO
Fixed Assets
Gross Block
182,233
181,634
Less: Depreciation
59,902
83,170
98,464
122,331
13,564,168
15,719,401
451,000
478,000
Net Block
Investments
Deferred Tax Assets (Net)

Inventories
243,678
283,678
Sundry Debtors
5,753,567
5,038,976
10,638,942
4,467,361
Loans & Advances
3,175,305
1,220,147
19,811,492
11,010,162
30,827,521
24,914,021
Less: Current Liabilities

& Provisions
10
Net Current Assets
NOTES ON ACCOUNTS
(11,016,029)
(13,903,859)
3,097,603
2,415,873
18
BALANCE SHEET ABSTRACT AND COMPANY'S

19


VINIT BAGARIA
Partner
Vishal Gupta
Whole time Director
Ankur G u p t a
Whole time Director
Place : New Delhi
Date : 30thJune, 2008
Place : Gurgaon
<38>
ITM
Ashiana
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2008
SCHEDULES
2007-2008
(Rs.)
2006-2007
(Rs.)
11
17,762,696
15,749,157
INCOME
Project Maintenance Charges
Sales of Shops
Other Income
12
1,374,930
2,240,437
2,249,495
(113,742)
(602,065)
20,187,336
18,771,517
13
Increase / (Decrease) in Stock
297,945
EXPENDITURE
Project Maintenance- Expenses
14
8,887,454
10,711,160
15
6,208,941
5,740,233
80
4,676
23,308
23,337
3,681,031
3,610,894
18,800,814
20,090,300*
1,386,522
(1,318,783)
194,650
(389,464)
1,191,872
(929,319)
Interest- Others
Depreciation
Other expenses
16
PROFIT / (LOSS) FOR T H E YEAR

17
Less : Direct Tax
97,873
327,192
1,289,745
(602,127)
(1,110,142)
700,000
179,603
97,873
Basic
23.84
(19.24)
Diluted
23.84
(19.24)
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)


VINIT BAGARIA
Partner
Vishal Gupta
Whole time Director
Place : Gurgaon
Ankur Gupta
Whole time Director
Place : New Delhi
<39>
ITM
Ashiana

AS AT
AS AT
31.03.2008
31.03.2007
(Rs.)
(Rs.)
500,000
500,000
500,000"
500,000
500,000
500,000
500,000
500,000
1,800,000
2,500,000
S H A R E CAPITAL
Authorised :
50000 Equity shares of Rs. 10/- each

50000 Equity shares of Rs. 10/- each fully paid up
held by Ashiana Housing Limited, the holding company
RESERVES & SURPLUS

General Reserves :
As per last account
Less: On adoption of statetement for employees be befits (AS-15)
(510,142)
Less: Transfer from / (to) Profit & Loss A/c
1,110,142
(700,000)
2,400,000
1,800,000
Capital Reserve
18,000
18,000
179,603
97,873
2,597,603
1,915,873
FIXED ASSETS
GROSS BLOCK
Particulars
OFFICE EQUIPMENT
COMPUTER
VEHICLE
Upto
31-3-2007
(Rs.)
For the
year
(Rs.)
Upto
31-3-2008
(Rs.)
As at
31-3-2008
(Rs.)
As at
31-3-2007
(Rs.)
36,900
36,900
5,557
1,752
7,309
29,591
31,343
116,336
116,336
42,109
18,858
60,967
55,369
74,227
28,398
28,398
12,196
2,698
14,894
13,504
16,202
40
559
83,170
98,464
59,902
122,331
599
(599)
TOTAL
182,233
(40)
181,634
59,902
(599)
PREVIOUS YEAR
FIGURES
NET BLOCK
DEPRECIATION
As at
Additions/
As at
01.04.2007 (Deductions) 31-3-2008
(Rs.)
(Rs.)
(Rs.)
182,233
23,308
(40)
182,233
GD
36,565
23,337
ITM
Ashiana

Face
No. of
AS AT
No. of
AS AT
Value
Shares/
31.03.2008
Shares/
31.03.2007
Unit
(Rs.)
Unit
(Rs.)
(Rs.)
(No.s)
(No.s)
INVESTMENTS - LONG T E R M
In Mutuai Funds - Unquoted
Birla Bond Plus -Growth Option
10
42,364.27
500,000
42,364.27
Birla Floating Ratefund Short Term Gr.
10
10,160.76
114,144
Franklin India Flexi cap Dividend-Reinvestment
10
30,120.48
500,000
DSPML Opportunities Fund - Div.Reinvestment
10
67,995.00
1,620,529
65,906.97
1,570,529
4,582.93
150,000
500,000
DSPML Opportunities Fund - Gr.
10
7,060.56
500,000
DSPML Tiger Fund - Div.Reinvestment
10
15,546.23
600,000
24,449.88
250,000
24,449.88
250,000
123,850.67
1,250,000
Fidelity Equity Fund -Div. Reinvestment
10
JM Equity & Derivative Fund -Growth
10
DSP Merrill Lynch FMP 3M Series 3
10
200,000.00
2,000,000
Franklin India Prima Fund Dividend-Reinvestment
10
15,044.20
729,495
Birla Cash Plus -Growth Option
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
Sundaram BNP Paribas Fixed Term
10
100,000.00
1,000,000
50,000.00
500,000
DBS Chola FMP-Series 6 (371 Days Plan)-DP
10
450,000.00
4,500,000
450,000.00
4,500,000
Franklin India Prima Fund Gr.
10
2,019.62
500,000
HDFC FMP 90D March 2007
10
500,000.00
5,000,000
13,661.62
647,526
Plan Services XXV-90Days
Repurchase Price of units of mutual funds
15,719,401
14,127,918
16,382,835
AS AT
31.03.2008
(Rs.)
AS AT
31.03.2007
(Rs.)
Unabsorbed losses
236,000
441,000
Employee Benefits
236,000
61,000
21,000
24,000
451,000
478,000
243,678
169,936
243.678
283,678
SCHEDULES TO T H E ACCOUNTS
13,564,168
DEFERRED TAX (NET)

Deferred Tax Assets on
Less : Deferred Tax Liability on Fiscal allowance of fixed assets
INVENTORIES
(As taken, valued and certified by the Management)
113,742
Shops
Maintenance Materials
TM

10
SUNDRYDEBTORS
Due for more than six months
Others
CASH A N D BANK BALANCES
Cash-in-hand
Cheques-in-hand
In Current Accounts
In Fixed Deposit Accounts
(Pledged with Bank Rs. 8 1 7 9 3 5 / - ; P.Y. Rs. 528389/-)
Deposits
Taxation Advance and Refundable
A ) C U R R E N T LIABILITIES
Sundry Creditors
A d v a n c e from customers
Deposit from Customers
Other liabilities
B) PROVISIONS
For Taxation
For Gratuity
11
12
PROJECT MAINTENANCE CHARGES

General Maintenance Charges
Capital Maintenance Charges (Net)
A S AT
AS AT
31.03.2008
31.03.2007
(Rs.)
(Rs.)
2,771,937
2,981,630
2,027,607
3,011,369
5,753,567
5,038,976
104,790
892,655
95,863
1,172,724
8,126,795
1,514,702
2,142,303
1,056,471
10,638,942
4,467,361
2,534,233
106,526
534,546
290,398
106,526
823,223
3,175,305
1,220,147
1,045,869
256,086
27,112,300
1,435,956
420,083
559,120
20,966,040
2,599,788
29,850,211
24,545,031
215,000
762,310
172,000
196,990
30,827,521
24,914,021
2007-2008
<R8.)
2006-2007
(Rs.)
16,568,903
1,193,793
16,407,058
(657,901)
17,762,696
15,749,157
537,513
847,850
OTHER INCOME
Interest (Includes T D S Rs. 26,927/-; P.Y. Rs. 90210/-)
Rent
Profit on sale of investments
8,520
473,467
289,128
300,999
Dividend
487,121
378,140
Miscellaneous Receipts
674,639
384,420
67,697
40,438
2,240,437
2,249,495
Commission (Includes T D S Rs. Nil/- P.Y. Rs.1290/-)
GD

13 INCREASE/ (DECREASE) IN STOCK

Closing Stock:
Shops
14
15
Less: Opening Stock

Shops
PROJECT MAINTENANCE EXPENSES
Consumption of Maintenance Materials (Indigenous)
Work Charges
Power & Fuel (net)
Security charges
Supervision Charges
Other Maintenance Expenses
Salary, Allowances, Bonus & Gratuity
(including Provision for Gratuity Rs.55,178/- P.Y. Rs. 58,471/-)
Contribution to Provident Fund
Staff Welfare
2007-2008
2006-2007
(Rs.)
(Rs.)
113,742
113,742
113,742
715,807
(113,742)
(602,065)
661,509
3,716,965
7,117
, 2,961,443
5,432
1,534,988
508,245
3,271,195
3,125,113
2,537,381
75,068
1,194,158
8,887,454
10,711,160
5,362,114
5,304,773
198,267
648,560
204,817
230,643
6,208,941
5,740,233
16 OTHER EXPENSES
4,192
140,592
Rent
648,205
731,250
Insurance
Public Relation and Communication
500,000
228,112
500,998
Printing and Stationery
340,175
340,964
Rates and Taxes
Establishment Charges
Traveling & Conveyance
Donation
Directors' Fees
For Statutory Audit
20,224
16,836
670,106
567,606
255,000
296,343
279,579
7,000
12,000
67,344
67,344
For Tax Audit
16,836
16,836
For Other Services
10,675
9,260

Fixed Assets Written off
Items relating to previous year
17
98,291
DIRECT TAXES
Income Tax
Deferred Tax
Fringe Benefit Tax
Income tax Adjustments
22,807
2,572
846,664
571,466
558
1,790
300
3,681,031
3,610,894
86,000
27,000
67,000
(455,385)
62,000
14,650
3,921
194,650
(389,464)
ITM
Ashiana

SCHEDULES TO THE A C C O U N T S
MISCELLANEOUS EXPENDITURE:
18
1)
SIGNIFICANT A C C O U N T I N G POLICIES
Prelim;
ry Expenses is written off over a period of
ten y e a i s .
S Y S T E M OF ACCOUNTING :
IMPAIRMENT OF ASSETS
The company adopts the accrual basis of accounting

in the preparation of accounts.
Impairment loss in the value of assets as specified in

A c c o u n t i n g S t a n d a r d - 28 is r e c o g n i z e d w h e n e v e r
carrying value of s u c h assets e x c e e d s the m a r k e t
value or value in use, whichever is higher.
FIXED ASSETS A N D DEPRECIATION :

Fixed assets are valued at cost and depreciation is
provided on straight line basis in accordance with the
provisions of Schedule XIV to the C o m p a n i e s Act,
1956.
2)
In view of insufficient information from suppliers

regarding their status as SSI units, the amount
due to small industrial u n d e r t a k i n g c a n n o t be
ascertained.
3)
The Earning Per Share (EPS) has been calculated

as s p e c i f i e d in A c c o u n t i n g S t a n d a r d - 20 on
"Earning Per Share" and related disclosures are
as below :
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 a n d are
carried at lower of cost and market value.
INVENTORIES:
2007-2008
(Rs.)
2006-2007
(Rs.)
amount used as
numerator in
calculating basic
and diluted E P S :
Profit after tax (Rs.) 1,191,872
(929,319)
weighted average
number of equity
shares used as the
denominator in
calculating EPS ( N o s ) :
Opening Balance
50,000
48,000
Maintenance Materials and Shops are valued at cost.

SALES, PROJECT MAINTENANCE FEE A N D OTHER
INCOME:
a)
Sale of constructed unit and others is accounted

for on the basis of date of delivery of physical
possession to the respective customer.
b)
Project maintenance charges a n d other income

are accounted for on accrual basis except where
the receipt of income is uncertain.
c)
Interest from customer is accounted for on receipt

basis.
EMPLOYEE BENEFITS
(a)
(b)
Short term employee benefits are charged off at

the undiscounted amount in the year in which the
related service is rendered.
Post employment and other long term employee
benefits are charged off in the year in which the
e m p l o y e e has r e n d e r e d s e r v i c e s . T h e a m o u n t
charged off is recognised at the present value of
the amounts payable determined using actuarial
valuation techniques. Actuarial gain and losses in
respect of post employment and other long term
a)
Current Tax is determined as the amount of tax

payable in respect of taxable income for the year.
b)
D e f e r r e d Tax is r e c o g n i s e d , subject to
consideration of prudence, in respect of deferred
tax Assets/Liabilities arising on timing differences,
being the difference between taxable income and
accounting income that originate in one period and
are capable of reversal in one or more subsequent
period.
a)
b)
A d d : Preference
shares c o n v e r t e d
into Equity shares
during the year
on 2nd February,
2007 (200X57/365)
31
Alloted during the year

on 3rd February,
2 0 0 7 (1800X57/365)
For Basic EPS
281
50,000
48,312
A d d : Potential Equity Shares

Preference Converted
into Equity on 2nd
February, 2007
(200X308/365)
For Diluted EPS
169
50,000
48,481
Diluted EPS, however, wherever being greater than

Basic EPS, has been restricted to Basic EPS
Ashiana

11)
Effective 1st April, 2007, employee benefitlobligations

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 A S , the differential
obligations on E m p l o y e e Benefits as on that d a t e ,
amounting to Rs. 5,10,142/- has been transferred from
the G e n e r a l R e s e r v e i n t e r m s o f t h e t r a n s i t i o n a l
"provisions of the said s t a n d a r d . T h e c h a r g e to the
Profit a n d Loss a c c o u n t is l o w e r by an a m o u n t of
Rs. 50,550/- with its consequential effect on the profit
before tax for the current year.
The estimates of future salary increase considered in

the actuarial valuation takes into account factors like
inflation, seniority, promotion and other relevant factors.
T h e e x p e c t e d r e t u r n o n Plan A s s e t s i s b a s e d o n
actuarial expectations of the average long term rate of
return expected on investments of the fund during the
estimated terms of the obligations. The above
information is certified by the Actuary.
Since this is the first year of adoption of the AS, only
the current years figures have been disclosed.
4)
Stock, Purchase and Sales:
D e f i n e d C o n t r i b u t i o n Plan
Contribution to Defined Contribution Plan, recognised are
charged off for the year are as under:
Opening Stock
(Rs. in lacs)
Employer's Contribution to Provident &
Pension Fund
Shops
(Nos.)
1
(4)
Amount
(Rs.)
.113,742
(715,807)
Purchases
1.98
Sales
D e f i n e d Benefit Plan
(-)
(-)
1
(3)
297,945
(1,374,930)
(1)
(113,742)
Closing Stock
T h e 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.
5)
Remuneration of Whole Time Directors:

Salary
(Rs.)
900,000
(900,000)
Perquisites
(Rs.)
348,818
(441,311)
Gratuity
(Unfunded)
6)
Related parties a n d t r a n s a c t i o n s with t h e m as

specified in the Accounting Standard 18 on
"Related Parties Disclosures" issued by ICAI has
been identified and given below on the basis of
information available with the
a.
Reconciliation of opening and

closing balances of Defined
Benefit obligation at
beginning of the year:
7.07
R e l a t e d Parties & R e l a t i o n s h i p T r a n s a c t i o n s
1.34
a)
Interest Cost
0.57
(1.36)
Benefits (paid)
b.
c.
31st March, 2008
7.62
7.62
Expenses recognized during the year
Maintenance charges
received
7.67 lacs
Rent paid
6.00 lacs
6.00 lacs
1.20 lacs
1.20 lacs
20.91 lacs
8.57 lacs
Current Sen/ice Cost
1.34
Hire charges paid
Interest Cost
0.57
Year end receivable

(net)

Net Cost
d.
7.62
Reconciliation of fair value of

assets and obligations:
Present value of obligation as at
Enterprises that directly, or indirectly through one

or more intermediaries, Control or are controlled
by or are under c o m m o n control with the company
(including holding c o m p a n i e s , subsidiaries a n d
fellow Subsidiaries) :
2007-2008
2006-2007
(Rs.)
(Rs.)
A s h i a n a H o u s i n g Ltd:
(1.36)
0.55
Actuarial assumptions
Mortality Table (L.I.C.)
Discount rate c o m p o u n d e d
(per a n n u m )
Rate of escalation in salary
(per annum)
1994-96
(duly modified)
8.00%
8.00%
b)
Associates a n d joint ventures
c)
Individuals o w n i n g directly or
indirectly, an interest in the
voting power of the c o m p a n y
that gives them control or
s i g n i f i c a n t influence o v e r t h e
company, a n d relatives of any
such individual.
6.79 lacs
ITM
Ashiana

d)
(e)
f)

Shri Vishal Gupta,
Director
Shri Ankur Gupta,
Director
Smt Rachna Gupta,
Director
Enterprises over which any person described in (c) or
is able to exercise significant influence :
Remuneration
Remuneration
Remuneration
Rs. 3.00 lacs

Rs. 3.00 lacs
Rs. 3.00 lacs
Rs. 3.00 lacs

Rs. 3.00 lacs
Rs. 3.00 lacs
(d)
7)
On the basis of physical verification of assets, as specified in A c c o u n t i n g Standard - 28 and cash generating
capacity of those assets, in the management perception, there is no impairment of such assets as appearing in the
balance sheet as on 31.03.2008.
8)
9)
Unabsorbed MAT credit to be allowed in future years amount to Rs.38,797/a)

Previous year figures are rearranged/regrouped wherever considered necessary,
b)
Previous year figures above are given in brackets.
GD
ITM
Ashiana

S C H E D U L E S TO THE A C C O U N T S
19
I.
BALANCE SHEET A B S T R A C T A N D COMPANY'S G E N E R A L BUSINESS PROFILE

Registeration No.
79014
Balance Sheet Date
31/03/2008
Public Issue

Deployment of funds
Sources of Funds
State Code
21
Nil
Right Issue
Nil
Bonus Issue
Nil
Private Placement
Nil
Total Liabilities
3,098
Total Assets
3,098
Paid-up Capital
500
Reserves & Surplus :
2,598
Secured Loans
Nil
Unsecured Loans :
Nil
Net Fixed Assets
99
Investments
13564
Net Current Assets
(11,016)
Misc. Expenditure
Nil
Nil
Deferred Tax
Assets
451
20,301
Total Expedinture
18,915
+/- Profit/Loss
Before Tax
1,386
+/- Profit/Loss
After Tax
1,192
23.84
Dividend
Nil
Basic Earning per share

IV
Generic Name of Three

Products/Services of Company
Item Code No.
(ITC Code)
Product Description
Rate %
N.A
Real Estate M a i n t e n a n c e

VINIT BAGARIA
Partner
Place
Date
Vishal Gupta
Whole time Director
Gurgaon
30th June, 2008
Ankur Gupta
Whole time Director
Place
Date
GD
New Delhi
30thJune, 2008
TM
Ashiana
CASH FLOW STATEMENT FOR T H E YEAR ENDED 31 ST M A R C H , 2008

2007-2008
(Rs.)
2006-2007
(Rs.)
1,386,522
(1,318,783)
CASH FLOW F R O M OPERATING ACTIVITIES :

Net Profit / (Loss) before tax and extraordinary items
Adjusted for :
23,308
23,337
Interest Income
(537,513)
(847,850)
(473,467)
(289,128)
Depreciation
558

399,408
(2,432,424)
(2,958,425)
2,265,807

Adjusted for :

Inventories
Trade Payables and other payable
40,000
590,948
5,360,358
3,872,092
2,841,341
4,296,423
164,027
(418,220)
3,005,368
3,878,203
3,005,368
3,878,203
2,628,700
(6,829,493)
537,513
847,850

Interest Income
Net Cash from investing activities (B)
3,166,213
(5,981,643)'
18,000"
C A S H FLOW F R O M FINANCING ACTIVITIES :

Proceeds from issuance of share capital
18,000

NET INCREASE IN CASH A N D CASH EQUIVALENTS (A+ B+ C)
6,171,581
CASH A N D C A S H EQUIVALENTS AT T H E END OF THE YEAR
(2,085,440)
4,467,361
6,552,801
10,638,942
4,467,361
CASH AND CASH EQUIVALENTS A T T H E BEGINNING O F T H E YEAR


VINIT BAGARIA
Partner
Place : Gurgaon

Vishal Gupta
Whole time Director
Ankur Gupta
Whole time Director
Place : New Delhi
ASHIANA RETIREMENT VILLAGES LIMITED

DIRECTORS' REPORT
T O T H E MEMBER (S)
PARTICULARS OF E M P L O Y E E 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 March 2008.
s t
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 representing an
increase of 3 5 6 % . Further, your c o m p a n y has recorded
Rs. 1,53,39,980/- as profit after tax as against
Rs. 32,11,789/- for the previous year.
T h e r e is no e m p l o y e e in r e s p e c t of w h o m p a r t i c u l a r s
pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (Particulars of Employees)
(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:
OPERATIONS
Your directors are pleased to inform you that TreehouseHotel and Club (eariler called Ashiana Gymkhana), a 50
room b o u t i q u e b u s i n e s s hotel in B h i w a d i has b e c o m e
operational and is picking up business very well.
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 r e c o m m e n d dividend for the year.
The profits generated are being reinvested in the business
of the Company.
(I)
In the preparation of the annual accounts, the applicable

accounting standards have been followed by the
Company;
(II)
S u c h a c c o u n t i n g policies h a v e b e e n s e l e c t e d a n d
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 2 0 0 8 a n d of the profit or loss of the
Company for the year ended on that date.
(III) Proper a n d sufficient c a r e has b e e n t a k e n for t h e

accordance with the provisions of the Companies Act,
1956, for s a f e g u a r d i n g the assets of the C o m p a n y
a n d for p r e v e n t i n g a n d d e t e c t i n g f r a u d a n d o t h e r
irregularities;
(IV) A n n u a l a c c o u n t s h a v e b e e n p r e p a r e d on a g o i n g
concern basis.
DIRECTORS
During the year under review no change has been made in
the directorship of the company. At the forthcoming annual
g e n e r a l m e e t i n g of the c o m p a n y Shri Lalit K u m a r
C h h a w c h h a r i a a n d Shri Vishal G u p t a , Directors of the
Company retire by rotation and being eligible, offers them
for re-appointment. An application under section 257 of
the Companies Act, 1956 has been received from a
m e m b e r proposing candidature of Shri Varun G u p t a 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 themselves for re-appointment. The
Company has received a certificate to the effect that their
re-appointment, if made, will be within the prescribed limit
under section 224(1 B) of the Companies Act, 1956. Auditors
Report is self-explanatory and requires no c o m m e n t s by
the Directors.
As regards 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 Industrial Undertaking can not be ascertained.
PARTICULARS OF CONSERVATION OF ENERGY,

TECHNOLOGY ABSORPTION A N D 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
a r e not relevant in the v i e w of t h e nature of b u s i n e s s
activities of the C o m p a n y and hence, not required to be
given. There has been no foreign exchange earnings and
outgo during the year under review.
ACKNOWLEDGMENT
Your directors t a k e this o p p o r t u n i t y to e x p r e s s grateful
thanks to the Central and State Governments and
Company's bankers for their support and guidance to the
Company from time to time.
Place : New Delhi

GD
O m Prakash Gupta
Chairman
ITM
Ashiana

AUDITORS' REPORT
said accounts read with significant A c c o u n t i n g

P o l i c i e s a n d N o t e s t o the A c c o u n t s , give the
information required by the Companies Act, 1956,
in the manner so required and subject to notes on
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:
The 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
statements are the responsibility of the c o m p a n y ' s
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing
standards generally accepted in India. T h o s e Standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial
s t a t e m e n t s are free of material m i s s t a t e m e n t . 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
presentation. We believe that our audit provides a
reasonable basis for our opinion and we report that:
(a)
in the case of the balance sheet, of the state of

affairs of the company as at 3 1 March 2008;
a
(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)
Partner
th
1.
2.
As required by the Companies (Auditor's Report) Order,

2 0 0 3 issued by the Central G o v e r n m e n t 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.
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)
T h e company has maintained records showing

full particulars including quantitative details and
situation of fixed assets.
b)
According to the information a n d explanations

given to us, all the fixed assets, except capital
work in progress have been physically verified
by the management during the year. No material
discrepancies were noticed on such verification.
c)
T h e company has not disposed substantial off its

fixed assets during the year.
a)
According to the information a n d explanations

given to us, the management has physically
v e r i f i e d t h e i n v e n t o r y d u r i n g t h e year. In our
opinion, the frequency of verification is
reasonable.
b)
In our o p i n i o n , the p r o c e d u r e s of physical

verification of inventories followed by the
m a n a g e m e n t are r e a s o n a b l e a n d a d e q u a t e i n
relation to the size of the company and the nature
of its business.
a)
T h e C o m p a n y h a s not g r a n t e d a n y l o a n s t o
companies, firms and other parties covered in the
Register m a i n t a i n e d under S e c t i o n 301 of the
Companies Act, 1956.
T h e company has taken loans from three parties
and a company covered in the register maintained
under Section 301 of the Companies Act, 1956.
T h e m a x i m u m amount involved during the year
w a s Rs.213.01 lacs a n d y e a r - e n d balances of
Further to our comments in the Annexure referred to

above, we report that:
(i)
We h a v e o b t a i n e d all t h e i n f o r m a t i o n a n d
explanations, which to the best of our knowledge
a n d belief w e r e necessary for the purposes of
our audit;
(ii)
In our opinion, proper books of account as required

by law have been kept by the company so far as
appears from our examination of those books;
2)
(iii) T h e Balance Sheet and profit and loss account

dealt with by this report are in agreement with the
books of account;
(iv) Subject to our comments hereinafter, the Balance
Sheet and profit and loss account dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v)
On the basis of written representations received

from the directors, as on 31st March 2008 a n d
taken on record by the Board of Directors, we
report that none of the directors is disqualified as
on 3 1 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;
3)
s t
(vi) In our opinion and to the best of our information

and according to the explanations given to us, the
-(50)-
b)
ITM
Ashiana

loans taken from such parties are Rs. 130.75 lacs.
c)
d)
e)
4)
'
5)
In our opinion the rate of interest and other terms

and conditions on which loans have been taken
from the parties and a company listed in the register
maintained under Section, 301 of the Companies
Act, 1956 are, prima facie, not prejudicial to the
interest of the company.
The company is regular in repaying the principal
amounts as per stipulation and has been regular
in the payment of interest, as applicable.
As explained to us there is no overdue amount of
loan taken from the company listed in the registers
maintained under section 301 of the Companies
Act, 1956.

explanations given to us, there are adequate internal
control p r o c e d u r e s c o m m e n s u r a t e with the size of
the company and the nature of its business with regard
to purchases of the fixed assets and sale of services.
During the course of our audit, we have not observed
any continuing failure to correct major weakness in
internal controls.
a)
b)

given to us, we are of the opinion t h a t t h e
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,
In our opinion and according to the information
and explanations given to us, a transaction made
in pursuance of contracts or a r r a n g e m e n t s
entered in the registers maintained under Section
301 of the Companies Act, 1956 and exceeding
the value of five lakh rupees in respect of a party
during the year has been made at price which is
reasonable having regard to prevailing market
prices at the relevant time.
b)
day of the financial year under review for a period

o f m o r e t h a n six m o n t h s f r o m t h e d a t e t h e y
became payable,
A c c o r d i n g to the information a n d e x p l a n a t i o n s
g i v e n to us, no d u e s of sale tax, i n c o m e t a x ,
customs duty wealth tax, service tax, excise duty,
a n d c e s s , as applicable, which have not b e e n
deposited on account of any dispute.
10) The company does not have accumulated losses. T h e

company has not incurred any cash losses during the
financial year covered by our audit and the immediately
preceding financial year.
11)

explanations given to us, the c o m p a n y has not
defaulted in repayment of dues to a financial institution,
bank or debenture holder, as applicable.
12) As per information and explanations provided to us

the company has not granted any loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.
13) The Company is not a chit fund or a nidhi mutual benefit
fund/society.
14) T h e c o m p a n y is not d e a l i n g or t r a d i n g in s h a r e s ,
securities, debentures and other investments.
However, Investments of the Company are held in its
own name.
15) As per information and explanations provided to us,
the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16) The Company has not taken any Term Loan during the
year c o n c e r n e d .
to us and on an overall examination of the balance
sheet of the company, we report that the no f u n d s
raised on short- term basis have been used for longterm investment.
18) The company has made 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.
6)

explanations given to us, the company has not
accepted any deposits from the public.
7)
In our opinion, the Company has a formal internal audit

system commensurate with the size and nature of its
business.
19)
T h e Central- G o v e r n m e n t has not p r e s c r i b e d

maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of
the Company.
20) T h e C o m p a n y has not raised any money by public

issue during the year under review.'
8)
9)
a)
A c c o r d i n g to the records of the c o m p a n y ,

generally the company is regular in depositing with
appropriate authorities undisputed statutory dues
including provident fund, investor education and
protection fund, employees' state insurance,
income tax, sales tax, w e a l t h tax, service tax,
custom duty, excise duty, cess and other material
statutory dues, as applicable, and no such
statutory d u e s w e r e outstanding as at the last
Since the company has issued unsecured debentures,

no securities or charge has been created in respect
of debentures issued by the company.

to us, no fraud on or by the Company has been noticed
or reported during the year.
th
51
Partner
ITM
Ashiana

SCHEDULES
AS AT
31.03.2007
AS AT
31.03.2008
(Rs.)
(Rs.)
(Rs.)
135,801,412
28,319,005
(RS.)
SOURCES OF FUNDS
Share Capital
92,400,500
Reserves & Surplus
43,400,912
2,400,500
30,719,505
Loan Funds:
Unsecured Loans
Security Deposit from Customers
100,361,678
85,105,945
22,282,606
16,786,000
258,445,696
132,611,450
Fixed Assets:
a)
Gross Block
b)
Less: Depreciation
c)
Net Block
d)
Capital Work in Progress
4
125,671,226
1,543,065
8,460,660
841,482
701,583
117,210,566
25,175,332
142,385,898
61.,973,831
62,675,414
Investments
93,072,601
66,630,209
Deferred Tax Asset - Net
4,867,000
307,000
Current Assets, Loans & Advances:

a)
Inventories
1,857,820
b)
Sundry Debtors
2,509,815
13,000
c)
4,489,593
1,883,448
d)
Loans & Advances
10
11
30,251,051
9,153,094
39,108,279
15,465,887
NOTES ON ACCOUNTS
BALANCE SHEET ABSTRACT A N D COMPANY'S
15,767,083
23,488,740
Net Current Assets

Miscellaneous Expenditure
4,416,345
12
15,619,539
(301,196)
2,500,658
3,300,023
258,445,696
132,611,450
22
23
The Schedules referred above form an integral part of the accounts

VINIT BAGARIA
Partner
Place : Gurgaon

O m Prakash Gupta
Whole time Director
Vishal Gupta
Director
Place : New Delhi
ITM
ana

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2008
SCHEDULES
2007-2008
(RS.)
2006-2007
(Rs.)
13
11,177,770
1,916,093
INCOME
Sales
1,246,000

Commission
14
Other Income
3,668,106
2,640,973
28,461,134
5,213,503
44,553,010
9,770,569
1,660,680
EXPENDITURE
Decrease In Stock
15
450,000
Cost of Material
16
2,862,083
Power and Fuel
1,888,364
Project Maintenance Expenses
1,472,774
Rooms and Restaurant running Expenses
4,124,113
142,421
C o s t of borrowing
17
274,670
4,039
18
7,014,292
2,222,767
8,457,591
31,276
19
6,830,131
2,352,990
33,374,018
6,414,173
11,178,992
3,356,396
Depreciation
Other expenses
PROFIT FOR T H E YEAR
315,801
LESS: EXTRA - ORDINARY ITEM
21
Less: Direct Taxes
10,863,191
3,356,396
(4,476,789)
144,607
PROFIT AFTER TAX
15,339,980
3,211,789
15,258,073
4,703,000
Brought forward from the previous year

SURPLUS CARRIED TO BALANCE SHEET
919,005
2,410,216
1,000,912
919,005
2.63
1.07
13.38
0.64
EARNING PER SHARE

(On Shares of nominal Value of Rs. 10/- each)
Basic
Diluted
This Schedule referred above form an integral part of the accounts.

VINIT BAGARIA
Partner
O m Prakash Gupta
Whole time Director
Vishal Gupta
Director
Place : New Delhi
Place : Gurgaon
GD
ITM
Ashiana

,
<
SCHEDULES T O T H E ACCOUNTS
AS AT
31.03.2008
(Rs.)
AS AT
31.03.2007
(Rs.)
95,500,000
4,500,000
92,400,500
2,400,500
As per the last account
13,000,000
8,000,000
A d d : Transfer from Profit & Loss Account
15,258,073
4,703,000
SHARE CAPITAL
Authorised :
9 5 5 0 0 0 0 (P.Y. 4 5 0 0 0 0 ) Equity s h a r e s o f R s . 1 0 / - e a c h
Issued, Subscribed a n d Paid up :
9 2 4 0 0 5 0 (P.Y. 2 4 0 0 5 0 )
Equity s h a r e s of R s . 1 0 / -
e a c h fully paid up in c a s h
H e l d by A s h i a n a Housing Limited, the holding c o m p a n y
RESERVES & SURPLUS
General
Reserve
297,000
A d d : On initial adoption of D e f e r r e d Tax A s s e t

Less: On adoption of statement for employees benefits ( A S - 1 5 )
Securities P r e m i u m A c c o u n t
(258,073)
28,000,000
13,000,000
14,400,000
14,400,000
1,000,912
919,005
43,400,912
28,319,005
5,286,278
12,303,731
13,075,400
9,496,105
UNSECUREDLOANS
i)
Loans :
From Bodies Corporate
-
Holding C o m p a n y
Others
7,306,109
F r o m Directors
ii)
1 0 0 0 0 0 0 Z e r o P e r c e n t U n s e c u r e d Optionally Fully Convertible

D e b e n t u r e s of
R s . 1 0 0 / - e a c h series - I (paid up Nil ;P.Y.Rs.56/-
per d e b e n t u r e ) convertible to t h e extent of a m o u n t paid up into

Equity S h a r e s of R s . 1 0 / - e a c h at par at t h e option
of
D e b e n t u r e Holders within T w e l v e y e a r s from the d a t e

of allotment or r e d e e m a b l e after o n e y e a r from the d a t e
of allotment at the option of the C o m p a n y if option to

convert into Equity S h a r e s is not e x e r c i s e d by the
D e b e n t u r e H o l d e r - F r o m Holding C o m p a n y
56,000,000
iii) 1 0 0 0 0 0 0 Z e r o P e r c e n t U n s e c u r e d Optionally Fully

Convertible D e b e n t u r e s of R s . 1 0 0 / - e a c h S e r i e s - II
(paid up R s . 8 2 / - per d e b e n t u r e ) convertible to the
extent of a m o u n t paid up into Equity S h a r e s of R s . 1 OAe a c h at par at t h e option of D e b e n t u r e Holders within
T w e l v e y e a r s from the d a t e of allotment or r e d e e m a b l e
after o n e y e a r from the d a t e of allotment at the option of the
C o m p a n y if option to convert into Equity S h a r e s is not
e x e r c i s e d by the D e b e n t u r e Holder - F r o m Holding C o m p a n y
82,000,000
100,361,678
CD
85,105,945
ITM
Ashiana

4
FIXED ASSETS
DEPRECIATION
GROSS BLOCK
BUILDING
As at
01A07
(Rs.)
Additions/
(Deductions)
(Rs.)
As at
31-3-08
(Rs.)
Up to
31-3-07
(Rs.)
For the
year
(Rs.)
Up to
31-3-08
(Rs.)
1,463,000
92,517,386
(1,463,000)
15,715,089
6,874,954
4,777,019
(4,400)
5,711,113
92,517,386
834,013
15,715,089
6,889,294
4,838,344
376
7,093
1,244,991
(834,013)
1,248,225
5,125,331
454,513
(4,400)
384,531
384,531
5,326,582
1,543,065
125,595,561
(1,467,400)
125,671,226
841,482
8,457,591
(838,413)
8,460,660
117,210,566
60,794,598
60,388,381
(121,182,979)
909,430
23,086,669
909,430
' 24,265,902
1,179,233
25,175,332
61,973,831
PLANT AND MACHINERY

OFFICE FACILITIES AND EQUIPMENTS
14,340
65,725
ELECTRICAL INSTALLATIONS.
TOTAL
NET BLOCK
'
5,711,113
As at
31-348
(Rs.)
As at
31-3-07
(Rs.)
1,244,991
91,272,395
628,987
1,248,225
5,125,707
457,206
14,466,864
1,763,587
4,381,138
13,964
58,632
701,583
CAPITAL WORK IN PROGRESS

TREE HOUSE
LUCKNOW OFFICE
VILLAGE CENTRE
1,179,233
909,430
24,265,902
TOTAL
61,973,831
84,384,480
(121,182,979)
25,175,332
GRANDTOTAL
63,516,896
209,980,041
(1,467,400)
150,846,558
841,482
8,457,591
(838,413)
8,460,660
PREVIOUS YEAR FIGURES
23,520,960
40,002,567
(6,631)
63,516,696
816,573
31,276
(6,367)
841,482
crwpnin P C T O T H F ArrmiMTc
!>UMEOULEbTUTMtAOOOUNi5
(Rs.)
5
share/Unit
Nos.
60,794,598
142,385,898
62,675,414
o f
31.03.2008
Shares/Unit
31.03.2007
(Rs.)
Nos.
(R .)
S
INVESTMENTS
(I) L O N G T E R M INVESTMENT
a) In Government Securities
Unquoted
National Saving Certificate
(Lodged with Sales Tax Authorities)
b) In fully paid up Equity Shares
Quoted
Ashiana Housing Ltd. (includes 465282 bonus shares) 10
IFGL Refractories Ltd
. 1 0
c) In a P a r t n e r s h i p Firm
M/s Ashiana Manglam Developers - In Capital Account
d) In Immovable Properties
(i) 21 nos single room Flats at Rangoli - II, at Bhiwadi
(ii) Roof rights, Ashiana Trade Centre, Jamshedpur
(iii) Shops, Ashiana Trade Centre, Jamshedpur +
(II) C U R R E N T INVESTMENT
Unquoted
In Mutual Funds
DSP Merill Lynch Bond Liquidity Fund-Regular-Growth
DSP Merill Lynch Bond Fund (GR)
Aggregate amount of quoted investments

Aggregate amount of unquoted investments
Market Value of quoted investments
Repurchase value of units of Mutual Fund
+Transferred from Fixed Assets on 01.04.2007
10
10
30,000
651,395
10,224
7,682.509
-
20,000
2,639,549
790,939
186,113
9,835
2,639,549
764,832
83,941,607
59,367,640
3,740,000
1,500,000
313,186
3,740,000
117,320
-
5192.410
98,188
93,072,601
66,630,209
3,430,488
89,642,113
59,054,958
3,404,381
63,225,828
32,695,460
150,281
129,854
ITM

DEFERRED TAX A S S E T - N e t
On fiscal allowances on fixed assets
On unabsorbed losses
INVENTORIES
(As taken, valued and certified by the Management)
Shops and others
Stores
Raw Material
Construction Material
CASH AND BANK BALANCES

Cash-in-hand
Cheques in hand
In Current Account
In Fixed Deposit Account (pledged)
*
10 L O A N S & ADVANCES
Loans
Advances recoverable in cash or in kind or for value to be received
Advances against purchase of properties
Security Deposit
Taxation Advances and Refundables
11
AS AT
31.03.2007
(Rs.)
332,000
4,535,000
(97,000)
404,000
4,867,000
307,000
376,400
208,492
135,928
1,137,000
826,400
3,589,945
1,857,820
4,416,345
2,509,815
13,000
2,509,815
13,000
188,457
752,536
325,270
3,508,600
40,000
1,518,178
40,000
4,489,593
1,883,448
199,247
2,046,162
26,404,754
433,769
1,167,119
359,247
7,667,163
30,251,051
9,153,094
5,014,936
12,986,564
212,928
4,696,060
8,720,917
4,598,395
552,661
1,694,010
22,910,488
15,565,983
SUNDRYDEBTORS
Due for less than six months
A S AT
31.03.2008
(Rs.)
180,949
945,735

CURRENT LIABILITIES
Sundry Creditors
Advance / Deposit from Customers
Temporary Overdraft due to over issue of Cheques
Other liabilities
-
PROVISIONS
For Gratuity
381,252
For Taxation
197,000
201,100
23,488,740
15,767,083
CD
ITM
Ashiana
A S AT
12
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Preoperative Expenses (pending allocation)
A d d : incurred during the year
Furniture Hire Charges
Interest
Miscellaneous Expenses
31.03.2008
31.03.2007
(Rs.)
(Rs.)
3,300,023
i,
Less: Transferred to Fixed Assets
SALES
Shops & Others
Rooms,. Restaurant, Banquets and other services
14 OTHER INCOME
Interest
Dividend
Rent
Fee and Subscription
Profit on sale of Investments
Share of profit from Partnerhsip firm
Miscellaneous Receipts
15 DECREASE IN STOCK
Opening Stock :
Shops and others
Less: Closing Stock:
Shops and others
16 COST OF MATERIAL
Raw material consumed
Stores c o n s u m e d
600,000
160,500
2,095,478
103,732
524,858
600,000
117,600
2,189,637
122,800
269,986
6,784,591
4,283,933
3,300,023
2,500,658
3,300,023
2007 -2008
(Rs.)
2006 - 2007
(Rs.)
1,134,000
10,043,770
1,916,093
11,177,770
1,916,093
17,818
463,533
803,471
699,783
56,748
25,036,713
25,116
83,010
1,274,942
23,913
372,226
277,830
1,400,058
2,904,894
2,900
231,682
28,461,134
5,213,503
826,400
2,487,080
376,400
826,400
450,000
1,660,680
1,447,139
1,414,944
2,862,083
17 COST OF BORROWING
Interest :
t o Directors
To Others
274,670
4,039
274,670
57}=
4,039
ITM
Ashiana

18
2007-2008
2006-2007
(Rs.)
(Rs.)
6,693,903
2,069,404
Salary & Allowances
(includes Gratuity Provision Rs.1,23,179/-;PY Nil)
Contribution to Provident and other funds
Staff Welfare
11,353
309,036
153,363
7,014,292.
2,222,767
1,115,323
271,500
19 OTHER EXPENSES
Rent
Rates and Taxes
Insurance
Advertisement
Commission
8,630
5,824
25,844
25,815
2,085,436
500,000
207,485
75,982
Legal & Professional Expenses
102,590
102,343
Travelling & Conveyance
366,951
197,292
417,330
67,016
Telephone Expenses
Repairs and Maintenance:
549,402
159,441
To Plant and Machinery

To Building
34,665
26,976
188,268
85,852
8,000
7,000
For Statutory Audit
67,344
67,344
For Tax Audit
16,836
16,836
2,000
2,000
To Others
Directors' Sitting Fees
For internal Audit

For Other Services
14,271
6,285
1,724,283
349,500
273,267
64
Loss on sale of Fixed Assets
8,126
Preliminary Expenses Written off

6,830,131
2,352,990
20 EXTRA ORDINARY ITEM

Differential Depreciation relating to building transferred
to investments
315,801
315,801
21
DIRECT TAXES
Provision for :10,000
Income Tax
(4,560,000)
(10,000)
Income Tax Ajustments
(21,789)
62,607
Fringe Benefit Tax
105,000
82,000
(4,476,789)
144,607
Deferred Tax
ITM

22
1)
Ashiana
SYSTEM OF A C C O U N T I N G :
The company adopts accrual basis of accounting in the preparation of accounts.
a)
Fixed assets are valued at cost a n d depreciation is provided on straight line basis
b)
Capital work-in-progress is stated at cost.
in accordance
with the
INVENTORIES:
a)
Stock of raw material and stores are carried at cost.
b)
Shops and other and Construction material is valued 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 attained the stage of permanent diminution in their value are revalued at their current value.
TAXES ON INCOME :
a)
Current Tax is determined as the amount of tax payable in respect of taxable income for the year.
b)
Deferred Tax is recognised, subject to consideration of prudence, in respect of deferred tax Assets/Liabilities
arising on timing differences, being the difference between taxable income and accounting income that originate in
one period and are capable of reversal in one or more subsequent period.
EMPLOYEE BENEFITS
a)
Short term employee benefits are charged off at the undiscounted amount in the year in which the related service
is rendered.
(b) Post employment and other long term employee benefits are charged off in the year in which the employee has
rendered services. T h e 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
SALES
(a) Sales, comprising of sale of r o o m s , food and b e v e r a g e s , club a n d 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 c h a r g e s , a n d 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 A S S E T S
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.
GD
ITM
Ashiana

2)
The Earning Per Share (EPS) has been calculated as specified in Acer
7 Standard - 20 on "Earning Per Share" and
related disclosures are as below :
a)
2006-2007
(Rs.)
(Rs.)
15,339,980
3,211,789
240,050
240,050
amount used as numerator in calculating basic and diluted EPS

Profit after tax (Rs.)
b)
^007-2008
Amount used as denominator for calculating EPS. (In Nos.)

Fo, :\ ...,c EPS ( N o s ) :
opening
Add: Alloted during the year on 18-08-2007
5,581,967
(9000000*227/366)
5,822,017
240,050
Add: Potential Equity Shares

Debentures convertible to the extent of amount paid up
in equity shares at par alloted on 18-08-2007
5,085,792
(10000000*82/100 *227/366)
3,418,033
(10000000*90/100 *139/365)
(10000000*56/100 *310/365)
For Diluted EPS
3)
4,756,164
14,325,842
4,996,214
The particulars of Partnership business is given below:

Ashiana Mangalam Developers
Share
Name of the Partner
3 0 % of pre-tax yearly
Balance
# Capital (Rs.)
profit upto cumulative

aggregate of
917.40 lacs
65.00%
Ashiana Retirement Villages Ltd.

Rajkumarl Garg
33.00%
83,941,607
11.55%
16,794,184
S a n g e e t a Agarwal
17.00%
5.95%
(3,319,926)
Sanjay Gupta
33.00%
11.55%
(8,955,389)
Vinod Goyal
17.00%
5.95%
(6,810,351)
# on the basis of audited Balance Sheet as at 31.03.2008

4)
On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generating capacity
of
those assets, in the management perception, there is no impairment of such assets as appearing in the balance
sheet as on 31.03.2008.
5)
In view of insufficient information from the suppliers regarding their status as SSI units, the amount due to Small Scale
Industrial undertaking can not be ascertained.
CD
Ashiana

6)
Stock, Purchase and Sales:

Amount
(Rs.)
Shops
(Sft.)
Total A m o u n t
(Rs.)
1,316
526,400
15
300,000
826,400
(2,246)
(898,400)
(15)
(300,000)
(2,487,080)
(-)
(-)
(-)
(728)
(1,295,593)
1,134,000
(725,000)
(-)
-
(-)
1,125
(930)
(-)
(-)
(-)
(-)
(-)
(-)
300,000
(300,000)
376,400
(2,487,080)
Purchases
7)
Amount
(Rs.)
(728)
Closing Stock
Parkings
(Nos.)
(1,288,680)
Opening Stock
Sales
Store Rooms A m o u n t
(Sft.)
(Rs.)
(-)
-
191
(2,246)
76,400
(898,400)
15
(15)
1,134,000
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 258073/- has
been transferred from 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 176821/- with its consequential effect on the profit before tax
for the current year.
D e f i n e d C o n t r i b u t i o n Plan
Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:
(Rs. in lacs)
0.11
Employer's Contribution to Provident & Pension Fund
Defined Benefit Plan

T h e 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.
Reconciliation of opening and closing balances of Defined Benefit obligation

Defined Benefit obligation at beginning of the year
Interest Cost
Benefits (paid)
2.58
1.20
0.21
(0.18)
3.81
Value of assets and obligations

Present value of obligation
as at 31st March, 2008
3.81
3.81
Expenses recognized during the year

Interest Cost
Net Cost
d.
1.20
0.21
(0.18)
1.23
Actuarial assumptions
Mortality Table ( L L C . )
Discount rate (per annum) compounded
Rate of escalation in salary (per annum)
1994-96 (duly modified)

8.00%
8.00%
The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation,
seniority, promotion and other relevant factors. The expected return on Plan Assets is based on actuarial e>; ;sctations
of the average long term rate of return e x p e c t e d on investments of the fund during the e s t i m a t e d t e r m s of the
obligations. 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.
61
ITM
Ashiana

8)
Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures"
issued by ICAI has been identified and given below on the basis of information available with the company and the
same has been relied upon by the auditors.
Related Parties & Relationship
Transactions
a)
Enterprises that directly, or indirectly through one or more intermediaries, Control or are controlled by or are under
common control with the company (including holding companies, subsidiaries and fellow Subsidiaries) :
2007-2008
2006-2007
(Rs.)
(Rs.)
Ashiana Housing Ltd

Rs.Nil
Rs. 3.28 lacs
Lease Rent paid
Rs.6.00 lacs
Rs.9.00 lacs
Revenue sharing
Rs.5.02 lacs
Rs.Nil
Rs.Nil
Rs.37.40 lacs
Hire charges paid
Rs.0.60 lacs
Rs.0.60 lacs
Rs.2.51 lacs
Rs.Nil
(Rs.73.06 lacs)
Rs.67.05 lacs
Interest paid
Fixed assets purchased
Loan received / (repaid) (net)

Year end payable
b)
Rs.Nil
Rs. 7.19 lacs
Rs.101.95 lacs
Associates and joint ventures

as above
Ashiana Mangalam Developers

c)
Rs. 64.05 lacs
Individuals owning directly or indirectly,

in
an interest
the voting power of the company that gives
them control or significant influence over the

company, and
d)
relatives of any such individual.

Shri Om Prakash Gupta,
Remuneration
Rs.6.00 lacs
Director
e)
Enterprises over which any person described in (c)

or
f)
9)
(d) is able to exercise significant influence :
(a) Previous year figures above are given in bracket.

(b) Previous period figures are rearranged/ regrouped wherever considered necessary.
CD
Rs.6.00 lacs
TM

23
I.
BALANCE SHEET A B S T R A C T A N D COMPANY'S GENERAL BUSINESS PROFILE

Registeration No.
U70101WB
State Code
2002PLC94479
Balance Sheet Date
31/03/2008
Public Issue
Nil
Right Issue
Bonus Issue
Nil
Private Placement
Total Liabilities
258,446
Total Assets
Paid-up Capital
92,401
Reserves & Surplus
43,401
Secured Loans
Nil
Unsecured Loans
100,362
Deposits
22,282
Net Fixed Assets
142,386
Investments
Net Current Assets
15,619
Misc. Expenditure
Nil
Defferred Tax
4,867
44,553
Total Expedinture
33,374
+/- Profit/Loss
Before Tax
+11,179
+/- Profit/Loss
After Tax*
Earning per share
2.63
Dividend Rate %
21
Nil
:
90,000
258,446
Deployment of funds
Sources of Funds
93073
:
2501
:'
+15,340
Nil
* Before deducting extra ordinary tax payment.

IV
Generic Name of Three Products/Services of Company

Item Code No.
N.A
(ITCCode)
Product Description
Real Estate, Hospitality
O m Prakash Gupta
Whole time Director
VINIT BAGARIA
Partner
Place : Gurgaon
Vishal Gupta
Director
Place : New Delhi
GD
ITM
Ashiana

C A S H FLOW STATEMENT FOR T H E YEAR E N D E D 31ST M A R C H , 2008
2007-2008
(Rs.)
2006-2007
11,178,992
3,356,396
8,457,591
(17,818)
31,276
(23,913)
(1,400,058)
64
( Rs.)
C A S H FLOW FROM OPERATING ACTIVITIES :

Adjusted for :
Depreciation
Interest Income
(56,748)
19,562,017
1,963,765
(22,574,023)
2,558,525
(5,942,902)
Adjusted for :
Inventories
Trade Payables and other payable
12,964,290
(1,929,265)
17,353,989
12,510,809
11,445,587
(308,695)
(177,183)
12,202,114
11,268,404
12,202,114
11,268,404
(88,797,062)
(40,002,567)
200
(51,810,787)

C A S H FLOW F R O M INVESTING ACTIVITIES :
(26,072,458)
17,818

Interest Income
CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from issuance of share capital
23,913
(114,851,702)
(91,789,241)
15,255,733
90,000,000
81,445,337
105,255,733
81,445,337
2,606,145
1,883,448
924,500
958,948
1,883,448

CASH A N D CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH A N D CASH EQUIVALENTS A T T H E END OF THE YEAR
4,489,593

VINIT BAGARIA
Partner
B h a g w a n Kumar
Company Secretary

Om Prakash Gupta
Managing Director
P l a c e : Gurgaon
Vishal Gupta
Naval Kishore
G.M. (F&A)
Place :
Date :
CD
New Delhi
30th June, 2008
ASHIANA HOUSING LIMITED - CONSOLIDATED

AUDITORS' REPORT TO T H E B O A R D OF DIRECTORS OF ASHIANA HOUSING LIMITED ON T H E CONSOLIDATED
FINANCIAL STATEMENTS OF M/S ASHIANA HOUSING LIMITED
AND
ITS SUBSIDIARIES VATIKA M A R K E T I N G
LIMITED A N D ASHIANA RETIREMENT VILLAGES LIMITED

We have audited the attached consolidated Balance Sheet of Ashiana Housing Limited and its subsidiaries Vatika Marketing
Limited and Ashiana Retirement Villages Limited as at 31st March, 2008, the consolidated Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis,
evidence supporting the a m o u n t s and disclosures in the financial statements.
An audit also includes assessing the
accounting principles used and significant estimates made by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
We report that the c o n s o l i d a t e d financial s t a t e m e n t s have b e e n p r e p a r e d by the c o m p a n y in a c c o r d a n c e with the
requirements of Accounting Standard (AS) 2 1 , consolidated financial statements, issued by T h e Institute of Chartered
Accountants of India and on the basis of separate audited financial statements of A s h i a n a Housing Limited a n d its
subsidiaries included in the consolidated financial statements.
On the basis of information and explanations given to us and on the consideration of separate audit reports on individual
audited financial statements of Ashiana Housing Limited and its aforesaid subsidiaries, the said financial statements,
subject particularly to notes in Schedule '22' regarding, Dues to SSI Units (note 8), give a true and fair view:
i.
in so far as it relates to the Consolidated Balance Sheet, of the state of affairs of the Company as at 31st March,
2008; and,
ii.
in so far as it relates to the Consolidated Profit & Loss Account, of the Profit for the year ended on that date.
iii.
In the case of Consolidated Cash Flow Statement, of the cash flow for the year ended on that date.

Partner
th
CD
ITM
Ashiana

CONSOLIDATED BALANCE SHEET OF ASHIANA HOUSING
31 ST MARCH, 2008
SCHEDULES
(Rs.)
LTD.
& ITS SUBSIDIARIES AS AT
AS AT
31.03.2008
(RS.)
(Rs.)
AS AT
31.03.2007
(RS.)
SOURCES OF FUNDS
Share Capital
Reserves & Surplus
180,844,550
496,832,636
51,669,870
271,735,143
323,405,013
677,677,186
Loan Funds:
Secured Loans
Unsecured Loans
7,246,541
18,361,678
Security Deposit From Customers

Deferred Tax liability
Fixed Assets:
a) Gross Block
b) Less: Depreciation
c)
d)
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Other Current Assets
Loans & Advances
Net Current Assets
Miscellaneous Expenditure .
25,608,219
22,282,606
3,110,000
31,561,523
16,786,000
3,970,000
728,678,011
375,722,536
280,480,873
26,502,328
139,691,920
16,934,378
253,978,54T
25,512,884
122,757,542
62,167,211
279,491,429
184,924,753
457,206,909
269,496,965
7
8
9
10
11
415,965,035
39,328,975
77,669,352
303,318,554
157,324,970
581,290,280
18,651,394
234,168,501
28,293,279
63,477,879
12
993,606,886
1,004,127,871
925,881,333
1,007,880,538
13
NOTES ON ACCOUNTS
BALANCE SHEET ABSTRACT AND COMPANY'S
9,761,687
21,799,836
(10,520,985)
2,500,658
(81,999,205)
3,300,023
728,678,011
375,722,536
23
24

In terms of our report of even date attached herewith.
For B. CHHAWCHHARIA & C O .
VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary
O m Prakash Gupta
Managing Director
Vishal Gupta
Naval Kishore
G..M. (F&A)
Place : New Delhi
Place : Gurgaon
j
66

C O N S O L I D A T E D PROFIT & L O S S A C C O U N T OF A S H I A N A H O U S I N G LTD. & ITS SUBSIDIARIES FOR
T H E YEAR ENDED 31 ST MARCH, 2008
SCHEDULES
2007-2008
(Rs.)
2006-2007
(Rs.)
496,448,279
INCOME
Sales
14
1,244,911,331
15
18,049,089
15,069,726
Other Income
16
71,550,392
45,352,910
17
(144,966,436)
74,084,460
1,189,544,376
630,955,375
Increase/ (Decrease) in Stock
EXPENDITURE
60,473,127
26,794,263
Cost of Material
2,862,083
1,660,680
Rooms & Resturant Running exp
3,621,924
375,127,375
383,237,390
Purchases
18
Project Expenses
19
Project Maintenance Expenses

Ongoing Project Expeses Adjustment
20
Depreciation
Other expenses
21
PROFIT FOR T H E YEAR

Less: Extra ordinary Item
1,472,774
10,711,160
143,407,806
16,814,531
52,629,801
31,605,885
14,253,738
3,588,520
101,511,763
47,929,309
755,360,391
522,341,738
434,183,985
108,613,637
315,801
47,358,624
14,146,257
Profit after Tax
386,509,560
94,467,380
Appropriations:
348,784,875
84,003,000
Less: Direct Taxes
22
Surplus brought forward from previous year
1,721,363
6,914,133
28,103,775
13,382,750
Tax on Proposed Dividend
4,776,237
2,274,400
Surplus Carried to Balance Sheet
6,566,036
1,721,363
21.37
5.22
Proposed Dividend
Earning Per Share

(On Shares of nominal value of Rs. 10/- each)
Basic and Diluted
The Schedules referred above form an integral part of the accounts

For B. CHHAWCHHARIA & C O .

VINIT BAGARIA
Partner
Bhagwan Kumar
Company Secretary

O m P r a k a s h Gupta
Managing Director
Place : Gurgaon
Vishal Gupta
Jt'. Managing Director
Naval X i s h o r e
L.iVl. (F&A)
Place : New Delhi

67
ITM
Ashiana
ASHIANA HOUSING LIMITED CONSOLIDATED

A S AT
31.03.2008
(RS.)
AS AT
31.03.2007
(RS.)
250,000,000
70,000,000
187,358,500
53,531,000
S H A R E CAPITAL
Authorised :
25000000 (P.Y. 7000000) Equity shares of Rs. 10/- each
18735850 (P.Y. 5353100) Equity shares of Rs. 10/- each
fully paid up
Less: 651395 (P.Y.186113) Equity shares of Rs. 10 each on Consolidation
6,513,950
1,861,130
180,844,550
51,669,870
1,518,000
1,518,000
RESERVES & SURPLUS

Capital Reserve
General Reserves :
As per last Account
254,095,780
A d d : on initial adoption of Deferred Tax Assets in subsidary company

Less: On adoption of statement for employees benefits (AS-15)
Less: Utilised for issue of fully paid up Bonus shares
A d d : Transfer from Profit & Loss A/c
Securities Premium Account

169,795,780]
297,000
642,625
(129,174,680)
348,784,875
84,003,000
474,348,600
254,095,780
14,400,000
6,566,036
14,400,000
1,721,363
496,832,636
271,735,143
1,873,486
1,940,635
202,735
4,437,007
SECUREDLOANS
I)
Working Capital Loans from :

State Bank of Bikaner & Jaipur
HDFC Bank Ltd.
II)
Vehicle Loans from :

A B N Amro Bank Ltd.
ICICI Bank Limited
94,135
871,158
767,673
1,668,287
HDFC Bank Ltd.
4,308,512
844,604
- Secured by hypothecation of vehicles
7,246,541
9,761,687
5,286,278
12,303,731
UNSECUREDLOANS
From Bodies Corporate
- Others
Debenture Holder - From Holding Company
From Directors
GD
13,075,400
9,496,105
18,361,678
21,799,836
ITM
Ashiana

.
AS AT
A S AT
31.03.2008
31.03.2007
(Rs.)
(Rs.)
9,804,000
6,451,000
D E F E R R E D TAX LIABILITY (NET)

Deferred Tax Liability on Fiscal allowance of fixed assets
Less: Deferred Tax Assets on
U n a b s o r b e d losses
4,771,000
847,000
Employee Benefits
1,923,000
1,634,000
3,110,000
3,970,000
FIXED A S S E T S
NET B L O C K
DEPRECIATION
GROSSBLOCK
As at
Additions/
0 1 . 0 4 . 2 0 0 7 (Deductions)
(Rs.)
(Rs.)
As at
31-3-2008
(Rs.)
Up to
31-3-2007
(Rs.)
For the
year
(Rs.)
Up to
31-3-2008
(Rs.)
As at
31-3-2008
(Rs.)
As at
31-3-2007
(Rs.)
GOODWILL
100,000
100,000
100,000
100,000
GOODWILL ON
CONSOLIDATION
788,346
22,243
810,589
810,589
788,346
BUILDING
73,778,993
92,873,336
(2,769,989)
'163,882,340
1,879,409
2,302,500
(1,118,182))
3,063,727
160,818,613
71,899,584
PLANT&
MACHINERY
27,674,765
26,692,106
(353,014)
54,013,857
4,781,694
2,840,106
(305,336)
7,316,464
46,697,393
22,893,071
8,365,494
. 9,162,776
(1,448,717)
16,079,553
2,213,034
5,675,563
(1,167,662)
6,720,935
9,358,618
6,152,460
OFFICE FACILITY AND

EQUIPMENTS
15,169,760
7,951,098
(1,374,277)
21,746,581
4,529,503
1,737,428
(1,183,507)
5,083,424
16,663,157
10,640,257
VEHICLES
10,437,017
5,800,470
(2,346,777)
13,890,710
2,509,922
1,130,211
(798,723)
2,841,410
11,049,300
7,927,095
3,377,545
6,719,022
(139,324)
9,957,243
1,020,816
567,930
(112,378)
1,476,368
8,480,875
2,356,729
139,691,920
149,221,051
(8,432,098)
280,480,873
16,934,378
14,253,738
(4,685,788)
26,502,328
253,978,545
122,757,542
62,167,211
85,049,590
(121,703,917)
25,512,884
25,512,884
62,167,211
FURNITURE &
FIXTURES
ELECTRICAL
INSTALLATIONS
TOTAL
CAPITAL WORK
IN PROGRESS
LUCKNOW OFFICE
VILLAGE CENTRE
GRAND TOTAL
201,859,131
234,270,641
(130,136,015)
305,993,757
16,934,378
14,253,738
(4,685,788)
26,502,328
279,491,429
PREVIOUS
YEAR FIGURES
81,431,791
123,124,991
(3,158,439)
201,398,343
15,452,579
3,588,520
(2,106,721)
16,934,378
184,924,753
Note: Includes building of Rs. 65730110/- pending registration in the name of the Company
GD
|TM

AS AT
31.03.2007
(Rs.)
INVENTORIES
Stock
(As taken, valued and certified by the management)
113,742
Stock in Trade
376,400
826,400
Stores
208,492
Shops
Raw Material
135,928
Maintenance Material
243,678
169,936
64,655,950
108,893,841
Leasehold Land
A S AT
31.03.2008
(Rs.)
Freehold land
102,630,099
94,209,628
Unsold completed constructions
144,010,431
24,196,074
Work-in-progress
68,360,013
323,451,986
Construction/ Maintenance materials
35,344,044
29,428,673
415,965,035
581,290,280
SUNDRY DEBTORS
(Unsecured, Considered Good)
Due for more than six months:
Other Debts
Cheques/Drafts-in-hand
39,328,975
18,651,394
1,179,246
3,318,924
2,810,856
2,158,147
In Current Accounts
22,232,966
In Unclamied Dividend Accounts

In Fixed Deposit Accounts
10,014,602
2,409,467
1,452,437
48,528,749
217,732,459
77,669,352
234,168,501
303,318,554
28,293,279
OTHER CURRENT ASSETS

Ongoing Projects Adjustment Account
11
3,047,223
15,604,171
C A S H A N D B A N K BALANCES
Cash-in-hand
10
3,373,867
35,955,108
(Unsecured, considered g o o d , unless otherwise stated)
Loans
To Others
232,535
449,172
77,611,005
13,558,250
12,708,962
25,740,108
Taxation advance and refundable
63,431,692
21,825,491
3,340,776
1,904,858
157,324,970
63,477,879
Advance against land/building purchase

Deposits
[TM

12
AS AT
31.03.2007
(RS.)

A)
CURRENT LIABILITIES
Sundry Creditors
Advance from Customers
Deposit from Customer
Unclaimed Dividend
40,542,280
889,529,273
63,337,850
19,382,478
2,409,467
1,452,437
823,417
30,261,054
17,271,137
902,714,577
969,001,022
For Taxation
62,426,000
18,398,100
For Proposed Dividend
28,103,775
13,382,750
For Tax on Proposed Dividend
4,776,237
2,274,400
For Gratuity
6,107,282
4,824,266
1,004,127,871
1,007,880,538
Other liabilities
B)
46,486,186
760,007,092
212,928
Temprory overdraft due to over issue of cheques
13
AS AT
31.03.2008
(Rs.)
PROVISIONS
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Preoperative Expenses (pending allocation)
Furniture Hire Charges
Interest
Telephone Expenses
Less Transferred To Fixes assets
14
600,000
600,000
160,500
117,600
2,095,478
2,189,637
103,732
122,800
86,996
524,858
182,990
6,784,591
3,300,023
4,283,933
2,500,658
3,300,023
2007-2008
2006-2007
(Rs.)
(Rs.)
922,078,231
435,539,004
SALES
a)
Completed project
Other Projects
b)
Ongoing Projects
Rooms, Restaurant, Banquets and other sen/ices
15
3,300,023
37,822,700
32,615,996
275,025,275
28,293,279
9,985,125
1,244,911,331
496,448,279
16,855,296
16,407,058
1,193,793
(657,901)
18,049,089
15,749,157
PROJECT MAINTENANCE C H A R G E S
General Maintenance Charges
Capital Maintenance Charges (Net)
TM

16
2007-2008
(Rs.)
2006-2007
(Rs.)
13,929,862
15,891,286
OTHER INCOME
Interest
Income from Long Term Investment:
Rent
Dividend
Sale (net)
Commission
803,471
1,592,884
2,149,407
10,485,326
15,149,910
3,668,106
2,941,972
Fee & Subscription
699,783
Income from Revenue Sharing arrangements
190,890
Rent and hire charges
976,121
1,411,472
Share of profit from partnership

Miscellaneous Income
31,394,523
3,794,020
4,180,228
100,000
530,215
3,194,022
Provision for Doubtful Debts Written Back

Profit on sale of Investment
Profit on sale of Fixed Assets (Net)
Items relating to previous year (Net)
2,620,127
46,720
25,116
136,190
839,948
151,705
71,550,392
45,352,910
64,655,950
108,893,841
102,630,099
94,209,628
17 INCREASE/ (DECREASE) IN STOCK

Closing Stock:
Leasehold Land
Freehold Land
Shops
Work-in-progress
376,400
113,742
144,010,431
24,196,074
68,360,013
324,881,390
380,032,893
552,294,675
97,826,517
67,785,414
Less: Openinq Stock :

Leasehold land*
Shop
Freehold land*
Work-in-progress
940,142
715,807
77,155,206
132,279,658
24,196,074
16,158,320
324,281,390
261,271,016
524,399,329
478,210,215
(144,366,436)
74,084,460
*net of ongoing project adjustment amounting to Rs.28,121,746/- (P.Y.Rs.33,16,083/-)

18
PURCHASES
Land
Flats/ Bunglows
56,810,756
26,602,533
3,662,371
191,730
60,473,127
26,794,263
Ashiana
i
2007-2008
(Rs.)
2006-2007
PROJECT EXPENSES
Consumption of construction materials (Indigenous)
Wages
Security Charges
Power & Fuel
Supervision Charges
Architects' Fee and Consultancy Charges
Miscellaneous project expenses
314,729,884
83,026,393
43,081,255
6,479,538
496,885
5,602,878
36,996,602
262,876,530
60,222,042
39,759,134
4,221,014
780,507
2,609,693
26,266,918
Less: Ongoing Project Expeses Adjustment
490,413,435
115,266,060
396,735,838
13,498,448
375,127,375
383,237,390
46,675,112
1,112,385
4,842,304
28,451,214
994,707
2,159,964
52,629,801
31,605,885
2,404,654
1,888,364
141,113
3,260,034
228,112
46,068
6,333,998
1,187,058
28,812,282
171,288
33,746,205
3,142,213
2,599,921
1,378,256
4,494,266
1,271,631
15,513,809
1,717,404
2,651,662
1,996,488
1,585,006
330,934
2,035,215
700,789
32,000
561,524
1,496,794
623,071
38,000
471,768
103,124
117,942
266,631
12,505,780
436,122
176,398
373,750
19
m1
TM
Salary, W a g e s , bonus and allowances
Contribution to Provident & Other Funds
Staff & Labour welfare expenses
OTHER EXPENSES
Rent
Power & Fuel
Rates and Taxes
Insurance
Public Relation and Communication
Travelling and Conveyance
Legal and Professional expenses
Advertisement and Business Promotion
Commission
Management Fee
Printing & Stationery
Repairs and Maintenance :
To Machineries
To Building
To Others
Directors' Fees
For Statutory Audit
For Internal Audit
For Tax Audit
For. Other Services
Fixed Assets Written Off
Preliminary Exp. W/off
PROVISION FOR TAXATION
Income Tax
Deferred Tax
Fringe Benefit Tax
Wealth Tax
Income tax Adjustments
(Rs.)
457,095
3,937,595
471,408
35,672
110,276
181,109
8,728,747
174,258
273,567
223,545
8,126
101,511,763
47,929,309
47,086,000
(860,000)
1,092,000
69,000
(28,376)
12,260,000
810,615
934,000
30,000
111,642
47,358,624
14,146,257
ITM

23
1)
miS^MmkdMkdMm
SYSTEM O F A C C O U N T I N G :
The company adopts accrual basis of accounting in the preparation of accounts.
1.
Fixed assets are valued at cost a n d depreciation is provided on straight line basis
2.
Capital work in
in accordance
with the
progress is valued at cost.
INVENTORIES:
Leasehold and Freehold land, unsold completed construction, work-in-progress and construction materials are valued
at cost, which is derived at average basis, except that value of construction material is derived at FIFO basis.
REAL ESTATE PROJECTS A N D S A L E S
a)
Revenue in respect of projects undertaken before 31st March, 2006, is accounted for on the basis of date of
delivery of physical possession to the respective customers.
b)
Revenue in respect of other projects is recognised on t h e " Percentage of Completion Method" (POC) of accounting
and represents value of units contracted to be sold to the extent of actual work done against total estimated cost
of execution upon the project reaches a level as considered appropriate by the management. The estimates of
saleable areas, estimated costs and cost of completion are reviewed periodically by the management and effects
of any changes in estimates is recognised in the period such changes are determined.
c)
Sales, comprising of sale of rooms, food and beverages, club and other allied services, is recognised upon
rendering of the services.
d)
Project maintenance charges and other income is accounted for on accrual basis except where the receipt of
income is uncertain.
e)
Interest on delayed payments and other charges are accounted for on realisation
OTHER INCOME
Other income is accounted on accrual basis except where the receipt of income is uncertain.
a)
Current Tax is determined as the amount of tax payable in respect of taxable income for the year.
b)
Deferred Tax is recognised, subject to consideration of prudence, in respect of deferred tax Assets/Liabilities
arising on timing differences, being the difference between taxable Income and accounting Income that originate
In one period and are capable of reversal In one or more subsequent period. Deferred tax In respect of differential
Income due to accounting of sales on percentage .completion basis, being not determinate, Is not recognised.
NVESTMENTS:
a)
Long term investments are carried at acquisition cost and investments intended to be held for less than one year
are classified as current investments and are carried at lower of cost and market value. Long Term Investments
which have attained the stage of permanent diminution in their value are revalued at their current value.
b)
Value of Intangible capital rights created in favour of the company in the process of Real Estate activities, being
not determinate, are not shown in the books of accounts.
FOREIGN CURRENCY T R A N S A C T I O N S :
Income and Expenditure in foreign currency is converted into rupee at the rate of exchange prevailing on the date of
the transactions.
GD
[TM
WiE^tmtoJmmHmm
EMPLOYEE BENEFITS
(a)
Short term employee benefits are charged off at the undiscounted amount in the year in which the related service
is rendered.
(b)
Post employment and other long term employee benefits are charged off in the year in which the employee has
rendered services. The amount charged off is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gain and losses in respect of post employment and other
long term benefits are charged to Profit and Loss Account.
USE OF ESTIMATES
T h e preparation of financial statements in confirmity with generally accepted accounting principles requires estimates/ exemptions to be m a d e that affect the reported amount of assets and liabilities on the date of financial
statements and the reported amount of revenues and expenses during the reporting period. Difference b e t w e e n
actual results and estimates are recognised in the period in which the results are known/ materialised.
IMPAIRMENT OF A S S E T S :
Impairment Loss in the value of assets, as specified in.Accounting Standard -28 is recognised whenever carrying
value of such assets exceeds the market value or value in use , whichever is higher.
2)
Contingent Liability, not provided for, in respect o f :

a)
Contested d e m a n d of
Income tax a n d penalty
Rs.7.51 lacs
ESC
Rs.4.25 lacs
(Rs. 7.51 lacs).

(Rs.3.04 lacs)
Additional Lease Rent
Rs.34.73 lacs
(Rs.34.73 lacs)
b)
Show cause notice received for service tax Rs. 118.47 lacs (Rs.46.59 lacs)
c)
Contested claim of the Government of Rajasthan for refund of State Capital Subsidy including interest
Rs. 45.75 lacs (Rs. 43.50 lacs).
3)
Estimated a m o u n t of contract remaining to be e x e c u t e d on capital account and not provided for a m o u n t s

(net of advance) to Rs. Nil (Rs.15.05 lacs)
4)
Paid up Share Capital of the C o m p a n y includes 1993100 Equity S h a r e s , allotted pursuant to S c h e m e s of

Amalgamation without payment being received in cash and 13382750 Equity Shares, alloted as fully paid up
Bonus Shares, by capitasation of General Reserves.
5)
In view of insufficient information from the suppliers regarding their status as SSI units, the amount due to Small
Scale Industrial undertaking can not be ascertained.
6)
Expenditure in Foreign Currency:

Travelling
7)
Rs.15,93,030/-
(Rs.17,60,109/-)
T h e 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 :
2006-2007
2Q07-2QP3
(Rs.)
(Rs.)
a) Amount used as numerator in calculating basic and diluted EPS:
Profit/(Loss) after tax
b)
(Rs. in lacs)
3865.1
944.67
51.67
51.67
129.17
129.17
180.84
180.84
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
GD
ITM
Ashiana

8)
These accounts have been prepared as per the revised Accounting Standard (AS) 9 on "Revenue Recognition"
and the Guidance note on "Recognition of Revenue by Real Estate Developers".
Since, in terms of provisions of the Income Tax Act, 1961 the income accrues upon delivery of physical possession/
deemed possession of constructed unit and deduction u/s 80IB(10) is allowed after completion of construction,
'Net Profit' for computing Total Income under the said Act is as follows: (Rs.)
(Rs.)
421,618,471
Net Profit as per Profit & Loss Account

Less:- Sales Real Estate- ongoing projects
275,025,275
Less: Ongoing project expenses adjusted
143,407,806
131,617,469
290,001,002
Add:- As per Income Tax Act:

Sales Real Estate - ongoing projects completed
(upon delivery of physical possession)
Less: Cost of Sales
290,001,002
Net Profit for Income Tax Purpose

9)
10)
The Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21 (AS 21)
- "Consolidated Financial Statements" issued by The Institute of Chartered Accountants of India. The subsidiaries
(which along with Ashiana Housing Ltd., the parent, constitute the Group) considered in the preparation of these
consolidated financial statements are:
Name
C o u n t r y of
Incorporation
P e r c e n t a g e of
voting power as at
31st March, 2008
P e r c e n t a g e of
voting power as at
31st March, 2007
Ashiana Retirement Villages Limited
India
100%
100%
Vatika Marketing Limited
India
100%
100%
On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation
capacity of those assets, in the management perception there is no impairment of such assets as appearing in the
balance sheet as on 31.03.2008.
11) a)
b)
Previous year figures above are indicated in brackets.

Previous year figure have been regrouped/rearranged, wherever found necessary.
ITM
Ashiana

24
I
II
III
BALANCE SHEET A B S T R A C T A N D COMPANY'S GENERAL BUSINESS PROFILE

Registeration No.
40864
Balance Sheet Date
31/03/2008
Public Issue
Nil
Right Issue
Bonus Issue
129175
Private Placement
Nil
Total Liabilities
728,678
Total Assets
728,678
Paid-up Capital
180,844
Reserves & Surplus
496,833
Secured Loans
7,246
Unsecured Loans
18,362
Deffered
3,110
Other
22283
Net Fixed Assets
279,491
Investments
457,207
Net Current Assets
(10,521)
Misc. Expenditure
2501
Nil
Turnover (Gross Revenue) :
1,334,511
Total Expedinture
900,327
+/- Profit/Loss
Before Tax
+434,184
+/- Profit/Loss
After Tax*
+386,510
Earning per share
21.37
Dividend
15
21
State Code
Nil
Deployment of funds
Sources of Funds
Tax Liabilities
IV
Rate %
Generic Name of Three Products/Services of Company

Item Code No.

(ITC Code)'
Product Description
N.A
Real Estate
in terms of our report of even date attached herewith.
VINIT BAGARIA
Partner
B h a g w a n Kumar
Company Secretary

O m Prakash Gupta
Managing Director
Place : Gurgaon
Vishal Gupta
Naval Kishore
G.M. (F&A)
Place : New Delhi
4 ii Y
M Ashiana!
C A S H FLOW STATEMENT FOR T H E YEAR ENDED 31 ST M A R C H , 2008

2007-2008
(RS.)
2006-2007
(Rs.)
434,183,985
108,613,637
14,253,738
(15,125,436)
(12,557,771)
373,750
(2,620,127)
3,588,520
(15,891,286)
(17,299,317)
(100,000)
223,545
(46,720)
418,508,139
79,088,379
(348,911,258)
165,303,002
(50,680,192)
(15,708,706)
(68,998,492)
205,395,513
(3,291,897)
184,219,691
(48,139,374)
196,484,797
(16,088,402)

136,080,317
180,396,395
136,080,317
180,396,395
Other Income from Long Term Investments
(112,544,482)
5,363,700
(292,381,217)
15,125,436
1,542,230
(119,638,994)
276,200
(22,139,253)
15,891,286
2,149,407
(382,894,333)
(123,461,354)
12,740,587
(12,425,720)
90,000,000
18,403,992
11,768,662
90,314,867
30,172,654

(156,499,149)
CASH AND CASH EQUIVALENTS A T T H E BEGINNING OF THE YEAR
234,168,501
CASH A N D CASH EQUIVALENTS A T T H E END OF THE YEAR
77,669,352
0 1 . Proceeds from long term and other borrowings are shown net of repayment
87,107,695
170,632,653
234,168,501
C A S H FLOW FROM OPERATING ACTIVITIES :

Adjusted for :
Depreciation
Interest Income
Provision for doubtful loans written back

Adjusted for :
Inventories
Trade Payables and advances from customers
(Increase)/ Decrease in Miscellaneous expenditure

Interest Income
C A S H FLOW F R O M FINANCING ACTIVITIES :

Dividend paid
Proceeds from issuance from share capital
VINIT BAGARIA
Partner
Place
Date
B h a g w a n Kumar
Company Secretary
O m Prakash Gupta
Managing Director
Naval Kishore
G.M. (F&A)
Vishal Gupta
Place
Date
Gurgaon
30th June, 2008
<78>
New Delhi
30th June, 2008
Ashiana Housing Limited

Registered Office : 5 F, Everest, 46 /C, Chowringhee Road, Kolkata - 700 071
PROXY FORM
I/We
Of
being a member(s) of the above mentioned Company hereby
appoint Mr./Mrs./Miss
Of.
or failing him/ her, Mr./Mrs./Miss
of.
as my/our Proxy to attend and vote for me / us and on my behalf at the 22nd Annual General Meeting of the Company to be
held on Thursday, the 18th September, 2008 at 11.30 A.M. and at 'Kalakunj' (Basement - Kalamandir), 48, Shakespeare
Sarani, Kolkata - 700 017.
Signed this
day of.
2008.
Signature
Registered Folio No./Client ID No
Affix
Re. I/
Revenue
Stamp
No of Shares
D. P. ID No
Note : I. Any Member entitled to attend and vote at the meeting is entitled to attend and either vote in person or by
proxy and the proxy need not be a member.
2. The Proxies, in order to be effective, must be received by Company not less than 48 hours before the time of
the Meeting at the Registered Office : 5 F, Everest, 46 /C, Chowringhee Road, Kolkata - 700 071
o
Ashiana
Ashiana Housing Limited

Registered Office : 5 F, Everest, 46 /C, Chowringhee Road, Kolkata - 700 071
ATTENDANCE SLIP
TO BE HANDED OVER AT THE ENTRANCE OF THE MEETING HALL
Name of the attending member.
(in block letters)
Members registered folio number...^
Name of the Proxy (in Block letters)
(To be filled in if the proxy attends instead of the Members)
No. of shares held
I hereby record my presence at the 22nd Annual General Meeting of the Company held at 'Kalakunj' (Basement - Kalamandir),
48, Shakespeare Sarani, Kolkata - 700 017 on Thursday 18th September 2008 at 11.30 A.M.
Member's/ Proxy's Signature

(To be signed at the time of handing over the slip)
NOTE : The copy of the Annua) Report may please be brought to the Meeting Hall.
ITM
Ashiana
Nurturing Smites
(Itundelivered, please send to)
ASHIANA HOUSING LIMITED:
304, Southern Park, Saket District Centre, Saket, New Delhi-110017, Ph:011 -4265 4265
E-mail: lnve8tors@a8hlanahoiislng.com; Web: www.ashianahousing.com

Ashiana Housing Annual ReportFY08

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Ashiana Housing Annual ReportFY08

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1^1 A.

Our Current Projects

JAIPUR & LAVASA

Consolidated Total Income (Rs.in lacs)

Consolidated Net Profit (Rs.in lacs) 3 3 ^ 5 ^

Dividend (Rs.in lacs)

Achievements during the year 2007-08

citizens can lead active, fun filled, secure life with

Freedom to work & Speak

brick or c o n c r e t e / but our people: the

Family like working environment

Ashiana Retirement Villages Ltd.

Vatika Marketing Ltd.

Ashiana Housing Ltd.

M/s. B. Chhawchharia & C o . K - 3 / 2 7 , DLF City,

5F Everest 4 6 / c , Chowringhee Road

3 0 4 , Southern Park, Saket Disst. Centre, Saket,

HDFC Bank Ltd., State Bank of Bikaner & Jaipur

M/s. Beetal Financial & C o m p u t e r Services Pvt. Ltd.

Share Transfer Agent

Vishal Gupta (Joint Managing Director)

Ankur Gupta (Whole Time Director)

Varun Gupta (Whole Time Director)

Sonal Mattoo (Director)

ABHISHEK DALMIA qualified as a Chartered Accountant in 1992 and started an investment

Abhishek Dolmio (Director)

LALIT KUMAR CHHAWCHHARIA , a commerce graduate, is a practicing consultant. He has

Message from Managing Director andJt. Managing Director

HEALTH OF THE COMPANY/GROUP

9 We are a debt free group.

The g r o u p works based on values and principles.

better product at economical cost.

is being converted to manure, water-harvesting torecharge the underground

Training at all levels is a continuous process.

First C o m p a n y to bring retiral housing to India in a

Ashiana trains Engineers in commercia

House keeping at sites and offices is

G r o u p provides healthy living

HEALTH OF THE INDUSTRY AS A

WHOLE IN THE COUNTRY

developer is specializing in his areas of interest.

ASHIANA HOUSING LIMITED

3 1 0 & 3 1 6 ( 2 ) r e a d with S c h e d u l e X I I I a n d other

transact the following business :

R e s o l u t i o n , consent of the Board of Directors be

1. To receive, consider a n d a d o p t the Audited B a l a n c e

and is hereby accorded unanimously to the

Director of the C o m p a n y for a period of three years

5. To appoint Auditors a n d fix their r e m u n e r a t i o n .

To consider a n d if thought fit, to p a s s with or without

T h e expenditure incurred b y the C o m p a n y o n g a s ,

electricity, W a t e r & furnishings will be v a l u e d as

appointed as an Additional Director under section

Contribution to the Provident F u n d as per rules of

Directors of t h e c o m p a n y a n d holds office upto

the C o m p a n y , subject to a ceiling of 1 2 % of Basic

respect of w h o m the C o m p a n y has received a

notice from a m e m b e r proposing the candidature

7. APPOINTMENT OF SHRI VARUN GUPTA AS

Contribution to s u p e r a n n u a t i o n fund as per rules

ASHIANA HOUSING LIMITED

E x p e n s e s actually incurred for self a n d family.

A MEMBER ENTITLED TO ATTEND A N D VOTE AT

Proxy form duly filled up a n d e x e c u t e d must be