Mar 31, 2018
To
The Members
The Board of Directors are pleased to present the 31st Annual Report on the business and operations of your Company for the year ended 31 March, 2018.
HIGH LIGHTS OF FINANCIAL RESULTS:
(Rs. in Lakhs)
Key Financial indicators |
Standalone |
Consolidated |
||
2017-2018 |
2016-2017 |
2017-18 |
2016-2017 |
|
Revenue from Operations (net) |
30221.21 |
26575.56 |
38682.88 |
29196.33 |
EBIDTA |
13676.17 |
11334.16 |
15554.87 |
12145.64 |
Less: Finance costs |
4065.83 |
3522.16 |
4631.89 |
3628.01 |
Less: Depreciation |
162.72 |
195.54 |
274.84 |
195.54 |
Profit before Exceptional Items & Tax |
9447.62 |
7664.34 |
10648.14 |
8322.09 |
Exceptional Item |
- |
- |
- |
- |
Profit before Taxation |
9447.62 |
7664.34 |
10648.14 |
8322.09 |
Less: Tax Expense |
||||
- Current Tax (Net of MAT Credit) |
1889.52 |
1523.87 |
2203.26 |
1712.40 |
Profit after tax |
7558.10 |
6140.67 |
8444.88 |
6609.69 |
Less: Minority Interest |
- |
- |
216.77 |
91.53 |
Profit for the year before Comprehensive Income |
7558.10 |
6140.67 |
8228.11 |
6518.16 |
Add : Comprehensive Income |
49.02 |
13.20 |
49.02 |
13.20 |
Profit for the year After Comprehensive Income |
7607.12 |
6153.67 |
8277.13 |
6531.36 |
Opening balance in Statement of Reserves and Surplus |
40497.01 |
35518.11 |
46933.46 |
39632.24 |
Adjustment to Construction Cost and WIP & ECL |
- |
(56.37) |
- |
1888.27 |
Amount available for appropriation |
48104.13 |
41615.41 |
55210.59 |
48051.87 |
Less: Proposed Dividend |
1171.00 |
1064.55 |
2171.00 |
1064.55 |
Tax on Dividend |
34.82 |
53.85 |
296.56 |
53.86 |
Closing Balance in the Statement of Reserves & Surplus |
46898.31 |
40497.01 |
52743.03 |
46933.46 |
a. Profits standalone:
During the year under review, your Companyâs total revenue stood at Rs. 30,221.21 Lakhs as compared to Rs. 26,575.56 Lakh for the previous year, representing an increase of 13.71%; profit before tax stood at Rs. 13,676.17 Lakhs for the year under review as compared to Rs.11,334.16 Lakhs for the previous year representing an increase of 20.66%; and the total comprehensive income stood at Rs. 7,607.12 Lakhs as compared to Rs. 6,153.67 Lakhs for the previous year representing an increase of 23.61%.
b. Profits Consolidated :
On consolidated basis, the Company achieved revenue of Rs. 38,682.88 Lakhs as against Rs. 29,196.33 Lakhs a growth of 32.49%. Net profit after controlling interest for the Company for current year is Rs. 8,277.13 Lakhs as against Rs. 6,531.36 Lakhs in the previous year a growth of 26.73%.
APPROPRIATIONS:
a. Dividend:
The Directors have recommended payment of Rs. 3.30/- per share (@ 33% per share) on 35,484,875 Equity Shares of Rs.10/- each of the Company for the Financial Year 2017-18, for the approval of shareholders at the ensuing Annual General Meeting.
The Dividend payout on Equity Shares, if declared as above, will result in outflow of Rs. 1,171 Lakhs towards Dividend and Rs. 35 Lakhs towards Dividend Tax, resulting in total outflow of Rs. 1,206 Lakhs.
The Register of Members and Share Transfer Books of the Company will remain closed from 18th September, 2018 to 21st September, 2018 (both days inclusive) for the purpose of Annual General Meeting to be held on 21st September 2018 as decided by the Board and for the payment of Equity Dividend.
The Dividend if approved at the Annual General Meeting scheduled on 21st September, 2018, will be paid to (a) All members whose names appear on Register of Members of the Company as on 17th September 2018 (b) and to those whose names appear as beneficial owner, as on 17th September 2018 as furnished by National Securities Depositories Ltd. & Central Depository Services (India) Ltd for the purpose.
b. Transfer to reserves:
We propose to transfer Rs. 760.71 Lakhs to the general reserve. An amount of Rs. 5,640.60 Lakhs is proposed to be retained in the surplus at standalone level.
MANAGEMENT DISCUSSION ANALYSIS:
Management Discussion and Analysis as stipulated under Listing Regulations is presented in a separate section forming part of this Annual Report. It speaks about overall industry structure, global and domestic economic scenarios, developments in business operations/performance of the Companyâs various projects, internal controls and their adequacy, risk management systems, and other material developments during the financial year 2017-18.
SUBSIDIARIES AND ASSOCIATES:
A separate statement containing the salient features of financial statements of all subsidiaries of the Company in the prescribed Form AOC-1 âAnnexure-Iâ forms part of consolidated financial statements in compliance with Section 129(3) and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts)Rules, 2014.The said form also highlights the financial performance of each of the subsidiaries, joint ventures and associate companies included in consolidated financial statements of the Company pursuant to Rule 8(1) of the Companies (Accounts) Rules, 2014.
In accordance with Section 136 of the Companies Act, 2013, the financial statements of the subsidiary and associate companies are available for inspection by the members at the registered office of the Company during business hours on all days except Saturdays, Sundays and public holidays upto the date of the Annual General Meeting (âAGMâ).
Any members desirous of obtaining the copy of financial statements may write to the Company Secretary at the registered office of the Company. The financial statements including the consolidated financial statements, and all other documents required to be attached to this report have been uploaded on the website of the Company (www.aril.co.in).The Company has formulated policy for determining material subsidiaries. The policy may be accessed on the website of the Company (http://www.aril.co.in/ download/Material-subsidiary-Policy-ariil-final-printed.pdf).
During the year under review:
The Company acquired 70% stake in Ajmera Infra Development LLP with an objective to undertake Infra Projects especially focussing on Government tenders, bidding and leading infra projects on PAN India basis.
CONSOLIDATED FINANCIAL STATEMENTS:
As per Regulation 33 of the Securities and Exchange Board of India (LODR) Regulations, 2015 (hereinafter referred to as âListing Regulationsâ) and applicable provisions of the Companies Act, 2013 read with the Rules issued thereunder, the Consolidated Financial Statements of the Company for the financial year 2017-18 have been prepared in compliance with applicable Accounting Standards and on the basis of Audited financial Statements of the Company, its subsidiaries and associate companies, as approved by the Respective Board of Directors.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Retirement by rotation and subsequent reappointment:
In accordance with provisions of Section 152 and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors)Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and the Articles of Association of the Company, Mr. Sanjay C. Ajmera, (00012496) Whole-time Director is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.
In accordance with the provisions of the Companies Act, 2013 read with Rules issued thereunder, the Listing Regulations and Articles of Association of the Company, the Independent Directors of the Company are not liable to retire by rotation.
Declaration of independence from independent Directors:
The Company has received declaration from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of the Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as Regulation 16 of Listing Regulations (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).
Familiarization program for independent director:
In compliance with the requirements of Listing Regulations, the Independent Directors have been familiarized on the Board of the Company by the functional heads of various departments of the Company which includes detailed presentations on the vision and mission of the Company, its operations, business plans, technologies and also future outlook of the entire industry.
The familiarization programs extended to the Nonexecutive & Independent Directors are put up on the website of the Company from time to time at: www. aril.co.in/download/famil-iarisation-programme-for-indep.dirs.pdf
Committee of the Board:
The Company has constituted the following Committees of the Board of Directors:
1. Audit Committee;
2. Stakeholders Relationship Committee;
3. Corporate Social Responsibility Committee;
4. Nomination and Remuneration Committee; and
5. Committee of Independent Directors.
The Report of Corporate Governance contains the details of the composition of each of the above Committees, their respective role and responsibilities.
Key Managerial personnel:
Mr. Manoj I. Ajmera, Managing Director, Mr. O. p. Gandhi, Chief Financial Officer and Ms. Harshini D. Ajmera, Company Secretary of the Company are Key Managerial personnel as per the provisions of Companies Act, 2013 and rules made thereunder.
None of the Key Managerial personnel of the Company has resigned during the financial year under review.
Pecuniary Relations:
The Company does not pay any remuneration to its Non-Executive / Independent Directors except sitting fees and reimbursement of expenses for attending Meetings of the Board and of its Committees. No commission on the net profit of the Company is paid to any Director. There are no pecuniary relationships or transactions of the Non- Executive Directors vis-a-vis the Company.
Number of Board meetings:
5 meetings of the Board of Directors were held during the financial year. The details of the meetings of the Board of Directors of the Company conveyed during the financial year 2017-18 are given in the Corporate Governance Report which forms part of Annual Report.
Remuneration of directors, key managerial personnel and particulars of Employees:
The remuneration paid to Directors is in accordance with Nomination and Remuneration policy formulated in accordance with Section 178 of the Companies Act, 2013 and Regulation 19 of Listing Regulations (including any statutory modification (s) or reenactments) thereof for the time being in force).
The information required under section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) in respect of Directors /employees of the Company is set out in the âAnnexure-Mâ to this report.
Further information as required as per the provisions of Section 197 of the Companies Act, 2013 read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial personnel)Rules, 2014, is appended to this report as âAnnexure-IIIâ. Nomination and Remuneration Policy:
The Company has formulated and adopted Nomination and Remuneration Policy in accordance with the provisions of Companies Act, 2013 read with Rules issued thereunder and Listing Regulations.
The said Policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall formulate the criteria for appointment of Executive, Non-Executive Director, and Independent Directors on the Board of Directors of the Company and persons in Senior Management of the Company, their remuneration including determination of qualifications, positive attributes, independence of Directors and other matters as provided under sub-section (3) of section 178 of Companies Act, 2013 (including any statutory modification(s) or re-enactment (s) thereof for time being in force).
The salient features of the Policy is set out in the Corporate Governance Report which forms part of this Annual Report. The Policy is also available on the website of the Company http://www.aril.co.in/ download/Remuneration-Policy.pdf
Performance Evaluation:
The Company has devised a policy for performance evaluation of the Board, committees and other individual Directors (including independent Directors) which includes criteria for performance evaluation of the non-executive Directors and executive Directors. The evaluation process inter-alia considers attendance of the Directors at the Board and Committee meetings, acquaintance with business, communicated inter-se Board Members, effective participation, domain knowledge, compliance with code of conduct, vision and strategy, benchmarks established by the global peers, etc., which is in compliance with applicable laws, regulations and guidelines.
The Board carried out annual performance evaluation of the Board, Board Committee and individual Directors and Chair person. The Chairman of the respective Board Committee shared the report on evaluation with the respective committee members. The performance of each committee was evaluated by the Board, based on report of evaluation received from respective Board Committees.
The reports on performance evaluations of the individual Directors were reviewed by the chairman of the Board.
Directors responsibility statement:
Pursuant to the requirement of clause (c) of subsection (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) in the preparation of the annual accounts for the year ended March 31, 2018, the applicable accounting standards read with requirements set out under Schedule III to the Companies Act, 2013, have been followed and there are no material departures from the same;
(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2018 and of the profit of the Company for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) the Directors have prepared the annual accounts on a âgoing concernâ basis;
(e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and
(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
AUDIT COMMITTEE:
The Audit Committee is in alignment with provisions of Section 177 of the Companies Act, 2013 read with Rules issued thereunder and Regulation 18 of the Listing Regulations. The members of the Audit Committee are financially literate and have experience in financial management.
The Audit Committee comprises of Mr. J. J. Doshi, Independent Director (Chairman), Mr. A. C. Patel Independent Director, Mrs. Aarti Ramani Independent Woman Director, Mr. Rajnikant S. Ajmera Executive Director & Ms. Harshini D. Ajmera acts as a Company Secretary to the Audit Committee.
All recommendation made by Audit Committee were accepted by the Board of Directors of the Company.
CORPORATE GOVERNANCE REPORT:
In compliance with Regulation 34 of the Listing Regulations, a separate report on Corporate Governance along with a certificate from the Auditors on its compliance forms an integral part of this Annual Report.
AUDITORâS AND AUDITORâS REPORT:
STATUTORY AUDITOR:
M/s. Manesh Mehta & Associates, Chartered Accountants (Firm Registration No.115832W)were appointed as Statutory Auditors of the Company at the 30th AGM till the conclusion of 35th AGM.
M/s. Manesh Mehta & Associate have confirmed their eligibility and qualification required under Section 139,141 and other applicable provisions of the Companies Act, 2013 and Rules issued thereunder (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).
The Auditorâs report for the financial year ended 31st March, 2018, on financial statements of the Company forms a part of this Annual Report. The Auditorâs Report for the Financial year ended 31st March, 2018 does not contain any qualification, reservation or adverse remark.
Cost Auditor:
The Board of Directors, on recommendation made by Audit Committee, has appointed M/s. D R Mathuria & Co., Cost Accountants (Firm Registration No.101535) as Cost Auditor of the Company to conduct the audit of cost records for the financial year 2018-19. The remuneration proposed to be paid to the Cost Auditor, subject to ratification by the shareholders of the Company, at the ensuing 31st Annual General Meeting would not exceed Rs. 82,500/- (Rupees Eighty two Thousand Five Hundred only)excluding taxes and out of pocket expenses, if any.
The Company has received consent from M/s D R Mathuria & Co., Cost Accountants, to act as the Cost Auditor for conducting audit of the cost records for the financial year 2018-19 along with a certificate confirming their independence an armâs length relationships.
SECRETARIAL AUDITOR:
The Board of Directors of the Company has appointed Mr. Haresh Sanghvi, Practising Company Secretary (Certificate of Practise No. 3675) as the Secretarial Auditor to conduct an audit of Secretarial records for the financial year 2017-18.
The Company has received consent from Mr. Haresh Sanghvi to act as the auditor for conducting audit of Secretarial records for the financial year ending 31st March, 2018.
The Secretarial Audit Report for the financial year ended 31st March, 2018 is set out in âAnnexure IVâ to this Report. The Secretarial Audit Report does not contain any adverse remarks, qualification, or reservation except noting of delay in filing of E-form CHG-4.
Internal Auditor :
Pursuant to section 138(1) read with the Company (Accounts) Rules, 2014, Mr. Hitesh Panchal, a qualified Chartered Accountant is appointed as the Internal Auditor of the Company under whole-time employment. The Internal Auditor conducts the internal audit of the functions and operations of the Company and reports to the Audit Committee and Board quarterly.
HUMAN RESOURCES AND INDUSTRIAL RELATIONS:
Your company firmly believes that employees are the most valuable assets and key players of business success and sustained growth. The Company continued to conduct various employee benefit, recreational and team building programs to enhance employee skills, motivation as also to foster team spirit. Company also conducted in-house training programs to develop leadership as well as technical/functional capabilities in order to meet future talent requirements.
EXTRACT OF THE ANNUAL RETURN:
Pursuant to sub-section 3(a) of Section 134 and sub section (3) of Section 92 of the Companies Act, 2013, read with Rule 12 of the Company (Management and Administration) Rules, 2014 the extract of the Annual Return as at 31st March, 2018 is provided in âAnnexure - Vâ in prescribed format MGT-9.
RELATED PARTY TRANSACTIONS:
All contracts / arrangements / transactions entered by the Company with Related Parties were in ordinary course of business and at arms length basis.
During the year under review, the Company has not entered into any contracts /arrangements /transactions where related parties qualify as material in accordance with the policy of the Company on materiality of related party transactions.
All transactions with related parties were reviewed and approved by the Audit Committee and are in accordance with the policy on Related party Transactions formulated by the Company.
The details of related party transactions as per Indian Accounting Standards (IND AS) - 24 are set out in Note 40 to the standalone Financial Statements of the Company.
LOANS AND INVESTMENTS:
Details of loans, guarantee and investments under the provisions of section 186 of the Companies Act, 2013 read with the Companies (Meeting of Board and its powers) Rules, 2014 as on 31st March, 2018, are set out in Notes 5 & 13 to the Standalone Financial Statements of the Company.
RISK MANAGEMENT:
The board of directors of the Company has framed, implemented and monitored the risk management plan for the Company. The Audit committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.
The development and implementation of risk management policy has been covered in the management discussion and analysis, which forms part of this report.
VIGIL MECHANISM:
The Whistle blower policy has been approved and adopted by Board of Directors of the Company in compliance with the provisions of Section 177(10) of the Companies Act, 2013 and Regulation 22 of the Listing Regulations. The same is available on the Companyâs website http://www.aril.co.in/download/ whistle-blower-policy%20ariil.pdf
POLICY ON PREVENTION OF SEXUAL
HARASSMENT AT Workplace:
The Companyâs policy on prevention of Sexual Harrasment at Workplace is in line with the requirements of Sexual Harassment of Women at Workplace (prevention, prohibition and Redressal) Act, 2013, prevention of Sexual Harassment of Women at Workplace Act and Rules framed thereunder. Internal Complaints Committee have also been set up to redress complaints received regarding sexual harassment.
The Company has conducted sessions for employees across the organization to build awareness amongst employees about the policy and the provisions of prevention of Sexual Harassment of Women at Workplace Act.
During the financial year 2017-18, no complaints of harassment were received under pOSH policy.
The Company is committed to providing a safe and conducive work environment to all of its employees and associates.
CORPORATE SOCIAL RESPONSIBILITY:
During the financial year ended 31stMarch, 2018, the Company incurred CSR expenditure of â94.75/- Lakhs (Rupees Ninety Four Lakhs Seventy Five Thousand only).The CSR initiatives of the Company were under the thrust areas of health & hygiene, education, water management and enhancement of vocational training.
The Companyâs CSR policy and annual report on CSR activities undertaken during the financial year ended 31st March, 2018, in accordance with Section 135 of the Companies Act, 2013 and Companies (Corporate Social Responsibility policy)Rules, 2014 (including any statutory modification (s) or re-enactment (s) thereof for the time being in force) is set out in âAnnexure -Vlâ to this report.
DETAILS OF INTERNAL FINANCIAL CONTROLS RELATED TO FINANCIAL STATEMENTS:
Internal Financial control system of the Company have been designed to provide reasonable assurance with regards to recording and providing reliable financial and operational information, complying with applicable Accounting Standards.
The Company uses an established Enterprise Risk Management (ERp) system to record day to day transactions for accounting and financial reporting. The ERp system is configured to ensure that all transactions are integrated seamlessly with underlying books of accounts.
The Company has adopted accounting policies which are in line with the Indian Accounting Standards notified under Section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standards) Rules, 2015.These are in accordance with Generally Accepted Accounting Principles in India. Changes in policies, if any, are approved by the Audit Committee in consultation with the Statutory Auditors.
The Company in preparing its financial statements makes judgments and estimates based on sound policies and uses external agencies to verify/ validate them as and when appropriate. The basis of such judgments and estimates are also audited by the Statutory Auditors and reviewed by the Audit Committee.
The accounts of the subsidiary and joint venture companies are audited and certified by their respective Statutory Auditors for consolidation.
AWARDS AND RECOGNITIONS:
During the year under review, MCHI-CREDAI introduced âthe Golden Pillar Award â the Oscars of Real Estate Industry and awarded our Chairman with âLife time Achievement Awardâ for his noble contribution throughout his journey in Real Estate.
OTHER DISCLOSURES:
1. During the year under review, the Company has not accepted any deposit within any meaning of Section 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits)Rules, 2014.
2. The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.
3. There are no significant material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and its operations in future.
4. The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, is set out in the âAnnexure - VIIâ to this report.
5. The Managing Director & CEo of the Company has not received any remuneration or commission from any of Company subsidiary.
6. None of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143 (12) of the Companies Act, 2013 (including any statutory modification(s) or reenactment (s) thereof for the time being in force).
7. The Company does not have any scheme or provision of money for the purchase of its own shares by employees/ Directors or by trustees for the benefit of employees/Directors.
8. The Company has not issued equity shares with differential rights as to dividend, voting or otherwise.
9. There were no material changes and commitments, affecting the financial position of the Company between the year ended 31st March, 2018 and the date of Directors Report on 26th July, 2018.
10. The Company has not bought back any of its securities during the year under review.
11. No Bonus Shares were issued during the year under review.
APPRECIATION & ACKNOWLEDGMENTS:
Your Directors thank the Central and various State Government Departments, organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. customers, members, dealers, vendors, banks and other business partners for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.
By Order of the Board of Directors
For AJMERA REALTY & INFRA INDIA LTD.
RAJNIKANT S.AJMERA
CHAIRMAN & MANAGING DIRECTOR
DIN:00010833
Place: Mumbai
Date: 26th July, 2018
Registered office: Citi Mall, 2nd Floor,
New Link Road, Andheri (W),
Mumbai-400053
Mar 31, 2017
TO,
Dear Members,
The Board of Directors are pleased to present the Companyâs Thirtieth Annual Report and the Companyâs audited financial statements (standalone and consolidated) for the financial year ended March 31, 2017.
FINANCIAL RESULTS:
(Rs. in Lakhs)
Key Financial Indicators |
Standalone |
Consolidated |
||
2016-2017 |
2015-2016 |
2016-2017 |
2015-2016 |
|
Revenue from Operations (net) |
26572.60 |
22235.07 |
29173.62 |
32936.26 |
EBIDTA |
11334.16 |
7263.50 |
12079.20 |
9206.58 |
Less: Finance costs |
3519.26 |
2863.49 |
3625.11 |
3099.58 |
Less: Depreciation |
195.54 |
242.61 |
195.54 |
242.61 |
Profit before Exceptional Items & Tax |
7619.36 |
4157.40 |
8258.55 |
5864.39 |
Exceptional Item |
- |
- |
- |
- |
Profit before Taxation |
7619.36 |
4157.40 |
8258.55 |
5864.39 |
Less: Tax Expense |
- |
- |
- |
- |
Current Tax (Net of MAT Credit) |
1523.87 |
764.02 |
1706.51 |
1306.50 |
Profit after tax |
6095.49 |
3393.38 |
6552.04 |
4557.89 |
Less: Minority Interest |
- |
- |
91.53 |
316.06 |
Profit for the year |
6095.49 |
3393.38 |
6460.51 |
4241.84 |
Opening balance in Statement of Reserves and Surplus |
35375.68 |
32870.27 |
41378.17 |
38024.29 |
Amount available for appropriation |
41471.17 |
36263.65 |
47838.68 |
42266.14 |
Less: Proposed Dividend |
1064.55 |
887.12 |
1064.55 |
887.12 |
Tax on Dividend |
53.86 |
0.85 |
53.86 |
0.85 |
Closing Balance in the Statement of Reserves & Surplus |
40352.76 |
35375.68 |
46720.27 |
41378.17 |
Highlights of Companyâs Performance (Standalone) for the year ended 31st March, 2017:
Networth increased by 12.79 % to Rs. 43901.25 Lakhs.
EPS increased by 79.70 % to Rs. 17.18 Lakhs.
Total Revenue increased by 19.50 % to Rs. 26572.60 Lakhs.
Dividend Income increased by 79.10% to Rs. 1080.00 Lakhs.
Total Assets increased by 18.46 % to Rs. 115433.78 Lakhs.
Finance Cost increased by 22.90 % to Rs. 3519.26 Lakhs.
Highlights of Companyâs Performance (Standalone) for the year ended 31st March, 2017:
Networth increased by 11.89 % to Rs. 50268.76 Lakhs.
EPS increased by 52.38 % to Rs. 18.21 Lakhs.
Dividend Income increased by 79.10 % to Rs. 1080.00 Lakhs.
Total Assets increased by 14.06 % to Rs. 143831.42 Lakhs.
Finance Cost increased by 16.95 % to Rs. 3625.11 Lakhs.
DIVIDEND:
The Board of Directors has recommended a dividend of Rs. 3/- (that is, 30%) per equity share of Rs.10/- each (previous year Rs. 2.50 per equity share) for the financial year ended March
31, 2017 amounting to Rs. 1064.55 Lakhs towards Dividend and Rs. 53.86 Lakhs towards Dividend Distribution Tax, resulting in total outflow of Rs. 1118.41 Lakhs. The dividend payment is subject to approval of members at the ensuing Annual General Meeting.
TRANSFER TO RESERVES:
Your Company proposes to transfer Rs. 609.55 Lakhs to the general reserve. An amount of Rs. 4367.53 Lakhs is proposed to be retained in the surplus at standalone level.
CONSOLIDATED FINANCIAL STATEMENTS:
The Consolidated Financial Statements of the Company have been prepared in accordance with relevant Accounting Standards (AS) viz. AS 21, AS 23 and AS 27 issued by the Institute of Chartered Accountants of India form part of this Annual Report.
SUBSIDIARIES AND ASSOCIATES:
The Company has 11 subsidiaries as on March 31, 2017 and 3 associate companies/joint venture companies within the meaning of section 2(6) of the Companies Act, 2013 (âActâ). There has been no material change in the nature of the business of the subsidiaries. Pursuant to provisions of section 129(3) of the Act, a statement containing salient features of the financial statements of the Companyâs subsidiaries in Form AOC-1 is attached to the Directorâs Report in Annexure-I.
During the year, a wholly owned subsidiary named, Radha Raman Dev Ventures Private Limited was incorporated on 5th October, 2016 to explore the real estate expansion.
Further, pursuant to the provisions of section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries, are available on the Companyâs website: www.aril.co.in
HUMAN RESOURCES AND INDUSTRIAL RELATIONS:
Your company firmly believes that employees are the most valuable assets and key players of business success and sustained growth. The Company continued to conduct various employee benefit, recreational and team building programs to enhance employee skills, motivation as also to foster team spirit. Company also conducted in-house training programs to develop leadership as well as technical/functional capabilities in order to meet future talent requirements. Industrial relations were cordial throughout the year.
PARTICULARS OF EMPLOYEES:
Information required in accordance with Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forming part of the Boardâs Report for the year ended 31st March, 2017 is provided in Annexure II to Boardâs Report.
Further, the details of person in its employment drawing remuneration in excess of limits as defined under the provisions of Section 197 of the Companies Act, 2013, read with Rule 5(2) and 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure II.
STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:
Adequate internal control systems commensurate with the nature of the Companyâs business and size and complexity of its operations are in place and have been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.
MANAGEMENT DISUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis as required under Regulation 34 read with Schedule V of the Listing Regulations, forms part of the Annual Report.
CORPORATE GOVERNANCE REPORT:
The Report on Corporate Governance and the Certificate of the Auditors of the Company regarding compliance of the conditions of Corporate Governance as stipulated in Part C of Schedule V of the Listing Regulations, 2015, are enclosed as a separate section and forms part of this Report. A declaration signed by the Managing Director in regard to compliance with the Code of Conduct by the members of the Board and Senior Management Personnel also forms part of this Report.
CORPORATE GOVERNANCE DISCLOSURES: OUR CORPORATE GOVERNANCE PHILOSOPHY:
Corporate Governance is about maximizing shareholders value legally, ethically, and sustainably. At Ajmeraâs ,the goal of corporate governance is to ensure fairness for every stakeholders .We believe sound corporate governance is critical to enhance and retain investor trust. We always seek to ensure that our performance is driven by integrity .Our Board exercises its fiduciary responsibilities in the widest sense of term. Our disclosures seek to attain the best practices in the international corporate governance. We also endeavour to enhance long term shareholders value and respect minority rights, in all our business decisions. Our corporate governance report forms part of Annual Report for Fiscal year 2016-17.
POLICIES:
We seek to promote the highest level of ethical standards in all our business transactions guided by our value system. The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain policies for all listed Companies. All our policies are available on our Company website: www.aril.co.in.
The policies are reviewed periodically by the Board and updated based on need and new compliance requirement.
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:
In compliance with the requirements of Listing Regulations, the Independent Directors have been familiarized on the Board of the Company by the functional heads of various departments of the Company which includes detailed presentations on the vision and mission of the Company, its operations, business plans, technologies and also future outlook of the entire industry.
Of the familiarization programs extended to the Non-executive & Independent Directors are also disclosed on the Company website from time to time at: www.aril.co.in/download/famil-iarisation-programme-for-indep.dirs.pdf
MEETINGS:
The Board of Directors of the Company met 5 (Five) times during the Financial Year 2016-17 and the gap intervening between 2 (two) meetings of the Board of Directors is as prescribed in the applicable provisions of the Act. The âCorporate Governance Reportâ contains the details of the Board Meetings held during the Financial Year under review.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has established a Vigil Mechanism/ Whistle blower Policy for the employees to report their genuine concerns or grievances and the same has been posted on the Companyâs website www.aril.co.in/download/whistleblower-policy%20arill.pdf The Audit Committee of the Company oversees the Vigil Mechanism.
BOARD EVALUATION:
The Company has devised a policy for performance evaluation of the Board, committees and other individual Directors (including independent Directors) which includes criteria for performance evaluation of the non-executive Directors and executive Directors. The evaluation process inter-alia considers attendance of the Directors at the Board and Committee meetings, acquaintance with business, communicated inter-se Board Members, effective participation, domain knowledge, compliance with code of conduct, vision and strategy, benchmarks established by the global peers, etc., which is in compliance with applicable laws, regulations and guidelines.
The Board carried out annual performance evaluation of the Board, Board Committee and individual Directors and Chair person. The Chairman of the respective Board Committee shared the report on evaluation with the respective committee members. The performance of each committee was evaluated by the Board, based on report of evaluation received from respective Board Committees.
The reports on performance evaluations of the individual Directors were reviewed by the chairman of the Board.
DECLARATIONS FROM INDEPENDENT DIRECTORS:
The Company has received necessary declaration from each Independent Director of the Company under the provisions of section 149(7) of the Act, that they meet the criteria of independence as laid down in section 149(6) of the Act and applicable provisions of Listing Regulations.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
a) Inductions:
There were no new Inductions in the Board of Directors of the Company for the financial year 2016-17.
b) Retirement by Rotation:
Pursuant to provisions of section 152(6) of the Act and the Articles of Association of the Company, Mr. Manoj I. Ajmera (DIN:00013728) retires by rotation and being eligible, offer himself for re-appointment at the ensuing Annual General Meeting of the Company.
Your Directors recommend that the resolution relating to the appointment of Mr. Manoj I. Ajmera (who is liable to retire by rotation), as Director. Brief resume of the said Director is furnished along with the Explanatory Statement to the Notice to the Annual General Meeting of the Company.
c) Committees of board:
The Company has constituted the following Committees of the Board of Directors:
1. Audit Committee;
2. Stakeholders Relationship Committee;
3. Corporate Social Responsibility Committee;
4. Nomination and Remuneration Committee; and
5. Committee of Independent Directors.
The Report of Corporate Governance contains the details of the composition of each of the above Committees, their respective role and responsibilities.
d) Key Managerial Personnel:
Mr.Manoj I.Ajmera,Managing Director ,Mr.O.P.Gandhi ,Chief Financial Officer and Ms.Harshini D. Ajmera, Company Secretary of the Company are Key Managerial Personnel as per the provisions of Companies Act,2013 and rules made thereunder.
None of the Key Managerial Personnel of the Company has resigned during the financial year under review.
e) Pecuniary Relations:
The Company does not pay any remuneration to its Non Executive / Independent Directors except sitting fees and reimbursement of expenses for attending Meetings of the Board and of its Committees. No commission on the net profit of the Company is paid to any Director. There are no pecuniary relationships or transactions of the Non Executive Directors vis-a-vis the Company.
DIRECTORS REPONSIBILITY STATEMENT:
Pursuant to the requirement of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) in the preparation of the annual accounts for the year ended March 31, 2017, the applicable accounting standards read with requirements set out under Schedule III to the Companies Act, 2013, have been followed and there are no material departures from the same;
(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2017 and of the profit of the Company for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) the Directors have prepared the annual accounts on a âgoing concernâ basis;
(e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and
(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
AUDITORS:
a) Statutory Auditors:
M/s V Parekh & Associates, Chartered Accountants having Registration No. 107488W, the Statutory Auditors of the Company, hold office till the conclusion of the 30th Annual General Meeting of the Company. The Board has recommended the appointment of M/s. Manesh Mehta & Associates, chartered accountants (Firm Regn. No. 115832W) as the Statutory Auditors of the Company in their place, for a term of five consecutive years, from the conclusion of the 30th Annual General Meeting of the Company till the conclusion of the 35th Annual General Meeting to be held in the year 2022, for approval of shareholders of the Company, based on the recommendation of the Audit Committee.
Statutory Auditorsâ Observations:
The notes on financial statements referred to in the Auditorsâ Report are self-explanatory and therefore, do not call for any further explanations or comments. There are no qualifications, reservations or adverse remarks or disclaimer made in the Auditorsâ Report which requires any clarification or explanation.
b) Cost Auditors:
In terms of the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the Board of Directors, on the recommendation of the Audit Committee, has appointed M/s D R Mathuria & Co., Cost Accountants as Cost Auditors of the Company for the Financial Year 201718, at a remuneration as mentioned in the Notice convening 30th Annual General Meeting, for conducting the audit of the cost records maintained by the Company, subject to the ratification by the Members on the remuneration to be paid to the Cost Auditor. A certificate from them has been received to the effect that their appointment as Cost Auditors of the Company, if made, would be in accordance with the limits specified under Section 139 and 141 of the Companies Act, 2013 Act and Rules framed thereunder.
c) Secretarial Auditor and Secretarial Audit Report:
The Board had appointed M/s H P Sangvhi & Co., Company Secretaries to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the financial year 2017-18. There were no qualifications, reservations or adverse remarks by Secretarial Auditors of the Company. The detailed report on the Secretarial Audit is annexed as Annexure - III to this Report.
d) Internal Auditors:
Pursuant to section 138(1) read with the Company (Accounts) Rules, 2014, Mr. Hitesh Panchal, a qualified Chartered Accountant is appointed as the Internal Auditor of the Company under whole-time employment. The Internal Auditor conducts the internal audit of the functions and operations of the Company and reports to the Audit Committee and Board quarterly.
EXTRACT OF ANNUAL RETURN:
Pursuant to sub-section 3(a) of Section 134 and sub section (3) of Section 92 of the Companies Act,2013,read with Rule 12 of the Company (Management and Administration) Rules, 2014 the extract of the Annual Return as at 31st March, 2017 is provided in Annexure-IV in prescribed format MGT-9.
PARTICULARS OF LOAN, GUARANTEE OR INVESTMENTS:
Details of Loans, Guarantees and Investments covered under provisions of Section 186 of Companies Act,2013 have been disclosed in the financial statements provided in Annual Report.
CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:
During the year under review, all the Related Party Transanctions were entered in to by the Company in the ordinary course of business and on armâs length basis. Hence reporting in Form AOC-2 is not applicable to the Company.
SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATOR OR COURT:
There are no significant material orders passed by the Regulators / Courts / Tribunals which would impact the going concern status of the Company and its future operations.
CORPORATE SOCIAL RESPONSIBILITY:
Your Company has constituted a Corporate Social Responsibility Committee. The Committee is constituted to manage and overview the Corporate Social Responsibility programs of the Company. The Corporate Social Responsibility Policy as approved by the Board is available at the website of the Company at the link: (URL: http://www.aril.co.in/download/ csrpolicy-ariil.pdf).
The Annual Report on Corporate Social Responsibility activities is annexed herewith as Annexure -V.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information pertaining to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as provided under section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014:
(a) Conservation of Energy
1) Steps taken or impact on conservation of energy:
Though the operations of the Company are not energy intensive, efforts are made for conservation of energy on an on-going basis. The Company is not using DG set but uses alternate power lines if Mains failure. The Company has installed capacitor banks and filters for improvement in powerfactor. It has also installed UPS CTP machines / Computers / Image Setters on state power. Other energy conservation measures taken during the financial year under review includes optimization of operations of the compressors and standby power not used when machines were not in use. The energy conservation initiatives have resulted in improvement of power factor.
2) Steps taken for utilization of alternate sources of energy: The Company has commenced use of LED lights to reduce energy consumption. Further, the Company has installed high efficiency lighting fixtures and old high power consumption light fittings have been replaced by low power consumption light fittings.
3) Capital Investment on energy conservation equipments: NIL
(b) Technology Absorption
1) Efforts made towards technology absorption : Not Applicable
2) Benefits derived :Not Applicable
3) Details of technology imported in last three years
a. Details of technology imported : Not Applicable
b. Year of import : Not Applicable
c. Whether the technology been fully absorbed : Not Applicable
d. If not fully absorbed, areas where absorption has not taken place, and the reasons thereof : Not Applicable
4) Expenditure in curred on :Not Applicable Research and Development
(c) Foreign Exchange Earnings and Outgo:
During the Financial Year, the foreign exchange earned in terms of actual inflows was NIL, whereas the foreign exchange in terms of actual outflows was NIL.
RISK MANAGEMENT:
The board of directors of the Company has frame, implement and monitor the risk management plan for the Company. The Audit committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.
The development and implementation of risk management policy has been covered in the management discussion and analysis, which forms part of this report.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company is committed to provide healthy environment to all employees of Ajmeraâs and does not tolerate any discrimination and/or harassment in any form. The Company has in place a Prevention of Sexual Harassment (POSH) policy in line with requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
During the Financial Year 2016-17, the Company did not receive any complaints under the POSH policy.
GREEN INITIATIVE FOR PAPERLESS COMMUNICATIONS:
The Ministry of Corporate Affairs (MCA) has taken a âGreen Initiative in Corporate Governanceâ by allowing service of documents by a Company to its Members through electronic mode. The move of the ministry allows public at large to contribute to the green movement.
Keeping in view the underlying theme, the Company will continue to send various communications and documents like notice calling general meetings, audited financial statements, directorâs report, auditorâs report etc. in electronic form to the email address provided by the Members to the Depositories or to the Company.
This is also a golden opportunity for every shareholder of Ajmera Realty & Infra India Limited to contribute to this Corporate Social Responsibility initiative of the Company. To support this green initiative in full measure, members who have not registered their email addresses so far, are requested to registered their e-mail addresses in respect of electronic holdings with the Depository through their concerned Depository Participant. Members who hold shares in physical form are requested to fill in the registration form which can be obtain from Companyâs registrar.
AWARDS AND RECOGNITIONS
During the year under review the Company was recognised as âThe Worldâs Greatest Brands & Leaders 2016-17- Asia & GCCâ by AsiaOne Magazine. It was awarded at the Indo-UAE Business Summit & Social Forum, organised by AsiaOne Magazine.
Nevertheless, another was Luxury Developer Award of the year by Realty Fact. Our Ahmedabad project also won the best project in Mid Segment category at 11th Real Estate Award by CNBC Awaaz.
These awards underline our commitment to performance excellence, which will continue to be key drivers of our growth in the years to come.
GENERAL DISCLOSURES:
The Board of Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except Employeesâ Stock Option Scheme referred to in this Report.
4. The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.
5. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.
6. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companyâs operations in future.
7. No fraud has been reported by the Auditors to the Audit Committee or the Board.
8. There were no material changes and commitments, affecting the financial position of the Company between the year ended 31st March,2017 and the date of Directors Report on 10th July,2017
9. The Company has not bought back any of its securities during the year under review.
10 No Bonus Shares were issued during the year under review.
APPRECIATION & ACKNOWLEDGEMENTS:
Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. customers, members, dealers, vendors, banks and other business partners for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.
By Order of the Board of Directors
for AJMERA REALTY & INFRA INDIA LTD
RAJNIKANT S. AJMERA
CHAIRMAN & MANAGING DIRECTOR
DIN:00010833
Place : Mumbai,
Date : 10th July,2017
Registered Office:
CitiMall,2nd Floor,
New Link Road, Andheri (W),
Mumbai-400053
Mumbai
Mar 31, 2015
TO THE MEMBERS OF AJMERA REALTY & INFRA INDIA LIMITED
The Directors take pleasure in presenting Twenty Eighth Annual Report
together with the Audited Financial Statements for the year ended 31st
March, 2015.
HIGHLIGHTS OF THE PERFORMANCE:
(Rs. in lakhs)
Key Financial Indicators Standalone Consolidated
2014-2015 2013-2014 2014-2015 2013-2014
Revenue from
Operations (net) 14391.67 797.08 22158.36 10827.38
EBIDTA 4626.98 776.23 6309.83 3257.08
Less: Finance costs 1747.17 - 2336.51 369.39
Less: Depreciation 231.77 119.75 681.85 579.29
Profit before
Exceptional Items
& Tax 2648.04 656.48 3291.47 2308.40
Exceptional Item - - - -
Profit before Taxation 2648.04 656.48 3291.47 2308.40
Less: Tax Expense
- Current Tax (Net
of MAT Credit) 428.74 42.66 676.29 568.22
Profit after Tax 2219.30 613.82 2615.18 1740.18
Less: Minority Interest - - 47.05 120.04
Profit for the year 2219.30 613.82 2568.13 1620.14
Opening balance in
Statement of Reserves
and Surplus 31255.95 31175.64 36061.14 35057.60
Less: Depreciation
charged to Retained
Earnings 1.59 - 1.59 -
Amount available for
appropriation 33473.67 31789.46 38627.69 36677.74
Less: Proposed
Dividend 603.24 532.27 603.24 525.00
Tax on Dividend 0.16 1.24 0.16 91.60
Closing Balance in the
Statement of Reserves
& Surplus 32870.27 31255.95 38024.29 36061.14
Revenue Standalone:
During the Financial year under review, net revenue stood at Rs.
14391.67 Lakhs as compared to Rs. 797.08 Lakhs for the previous year.
The Company earned a Net Profit after Tax of Rs. 2219.30 Lakhs as
compared to Rs. 613.82 Lakhs in the previous year. The Company proposes
to transfer an amount of Rs. 221.93 Lakhs to the General Reserves.
Revenue Consolidated:
During the Financial year under review, the Company has realised net
revenue of Rs. 22158.36 Lakhs as compared to Rs. 10827.38 Lakhs. The
Company's Net Profit after Tax for the year increased by 58.51%
amounting to Rs. 2568.13 Lakhs as compared to NPAT of Rs. 1620.14 Lakhs
in the previous year.
Consolidated profit before tax for the year is Rs. 3291.47 as compared
to Rs. 2308.40 in the previous year.
DIVIDEND
Your Directors have recommended a dividend of Rs. 1.70/- per equity
share, i.e. 17% of the paid up equity share capital for the year ended
March 31, 2015 (Previous Year: Rs. 1.50/- per equity share, i.e. 15% of
the paid up equity share capital). The dividend payout is subject to
approval of members at the ensuing Annual General Meeting.
To tal amount of dividend payout will be Rs. 603.24 Lakhs. The Register
of Members and Share Transfer Register shall remain closed during the
period 19th September, 2015 to 25th September, 2015 (both days
inclusive) for the purpose of Annual General Meeting and for payment of
dividend. The dividend, if approved at the Annual General Meeting, will
be payable to members whose names appear on the Register of Members of
the Company on 18th September, 2015 and to those whose names appear as
beneficial owner in the records of National Securities Depositories
Ltd. and Central Depository Services (India) Ltd. on close of business
hours as on 18th September, 2015.
CORPORATE SOCIAL RESPONSIBILITY:
Pursuant to Section 135 of Companies Act, 2013 and the relevant rules,
the Board has constituted the Corporate Social Responsibility (CSR)
Committee, under the Chairmanship of the Board's Chairman, Mr . R
ajnikant S. Ajmera. The other members of the Committee are Mr . Manoj
I.Ajmera and Mr . Ambalal C. Patel. A detailed CSR Policy has also
been framed which is placed on the Company's website. Other details of
CSR activities as required under Section 135 of the Companies Act,
2013, are given in the CSR Report at Annexure I.
STATUTORY DISCLOSURES UNDER COMPANIES ACT, 2013:
a) Extract of Annual Return
Pursuant to sub-section 3(a) of Section 134 and sub section (3) of
Section 92 of the Companies Act, 2013, read with Rule 12 of the Company
(Management and Administration) Rules, 2014, the extract of the Annual
Return as at 31st March, 2015 is provided in AnnexureÂII.
b) Share Capital
The paid up Equity Share Capital as on March 31, 2015 is Rs.
35,48,48,750/-. During the year under review, the Company has not
issued any shares with differential voting rights nor granted stock
options nor sweat equity.
c) Related Party transactions
All related party transactions are entered on arms length and are in
ordinary course of business . There are no materially significant
related party transactions made by the Company with Promoters, Key
Managerial Personnel, etc. which may have potential conflict with the
interest of the Company at large.
All Related Party Transactions are presented to the Audit Committee.
A statement of all related party transactions is placed before the
Audit committee on a quarterly basis specifying nature, value, terms
and conditions of the transaction.
The material Related Party Transactions policy as approved by the
Board is uploaded on website of the Company and the link for the same
is www.aril.co.in
Since all related party transactions entered into by the Company were
in the ordinary course of business and were on arms length basis, form
AOC-2 is not applicable to the Company.
d) Directors Responsibility Statement
In terms of Section 134(3)(c) & Section 134(5) of the Companies Act,
2013 your Directors confirm that:
(i) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
(iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities;
(iv) The annual accounts has been prepared on a going concern basis;
(v) Internal financial controls as laid down, are followed by the
company and that such internal financial controls are adequate and were
operating effectively.
Explanation - For the purposes of this clause, the term "Internal
financial controls" means the policies and procedures adopted by the
company for ensuring the orderly and efficient conduct of its business,
including adherence to company's policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation
of reliable financial information; and
(vi) Proper systems have been devised to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
e) A Statement of declaration given by the Independent Directors
Necessary declaration has been obtained from Independent Directors
under section 149(7) of the Companies Act, 2013 and clause 49 of the
Listing Agreement.
f) Particulars of loans, guarantees or investments
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
Notes no. 12, 13 & 24 of the Standalone Audited Financial Statements.
g) The Conservation of Energy, Technology absorption, Foreign Exchange
Earnings and Outgo, in such manner as may be prescribed
The particulars relating to energy conservation, technology absorption,
Foreign exchange earnings and outgo as required to be disclosed under
Section 134 of the Companies Act, 2013 read with the Companies
(Accounts) Rules, 2014, is provided in Annexure III.
h) Deposits
In terms of provisions of Section 73 of the Companies Act, 2013 read
with relevant Rules of the Act, the Company had no opening or closing
balances and also has not accepted any fixed deposits during the year
under review and as such, no amount of principal or interest was
outstanding as on March 31, 2015.
CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION ANALYSIS:
The company has complied with the Corporate Governance requirements
under Companies Act, 2013 and as stipulated as per Listing Agreement
with the Stock Exchanges. A separate section on Corporate Governance
under Listing Agreement, alongwith a certificate from auditor's
confirming the compliance, is annexed and forms part of the Annual
Report.
A detailed Management Discussion Analysis forms part of this Annual
Report.
BOARD MEETINGS, BOARD OF DIRECTORS, KEY MANAGERIAL PERSONNEL &
COMMITTEE OF DIRECTORS:
a) No. of Board Meetings
During the year, Four Board Meetings and Four Audit Committee Meetings
were convened and held. The details of which are given in the Corporate
Governance Report. The intervening gap between the Meetings was within
the period prescribed under the Companies Act, 2013.
b) Re-appointment
In accordance with the provisions of Section 152(6) of the Companies
Act, 2013, Mr . Manoj I. Ajmera, Managing Director will retire by
rotation at the ensuing Annual General Meeting of the Company and being
eligible, offers himself for re-appointment .Your Directors recommend
that the resolution relating to re-appointment of Mr . Manoj I. Ajmera,
Managing Director who is liable to retire by rotation. Pursuant to the
provisions of Clause 49 of the Listing Agreement, brief resume of the
Director is furnished along with Explanatory Statement to the notice of
this Twenty Eighth Annual Report.
c) Resignation,Cessation,Changes in the Directors/KMP
Mr. Jitendra Anandpara , who was appointed as Independent Director with
effect from 18th January, 2010, resigned with effect from 1st April,
2014.
The Board of Directors of your Company placed on record their deep
appreciation for the services and expert advise of Mr. Jitendra
Anandpara and wished him the very best in his future endeavours.
Ms. Aarti M. Ramani was appointed as women Independent Director in
place of Mr. Jitendra Anandpara with effect from 12th August, 2014.
Mr. O. P. Gandhi was appointed with effect from 13th May, 2014 as a
Chief Financial Officer of the Company.
Ms. Harshini D. Ajmera,Company Secretary, Mr. O.P. Gandhi, Chief
Financial Officer and Mr. Manoj I. Ajmera, Managing Director were
designated as KMP .
d) Board Committees
The Company has the following statutory Committees of Board
Audit Committee
Nomination & Remuneration Committee
Stakeholders Relationship Committee
Corporate Social Responsibility Committee
The composition of each of the above Committees, their respective roles
and responsibilities are given in detail in the Corporate Governance
Report.
e) Board Evaluation
Pursuant to the provisions of Companies Act, 2013 and Clause 49 of the
Listing Agreement, the Board has carried out an annual evaluation of
its own performance, the directors individually, as well as the
evaluation of working of its Committees. At the meeting of the Board
all relevant factors that are material for evaluating performance of
individual Directors, the Board and its various committees were
discussed in detail. A structured questionnaire for evaluation of the
Board, its various Committees and individual Directors was prepared and
recommended to the Board by Nomination & Remuneration Committee for
doing the required evaluation after taking into consideration the input
received from the Directors covering various aspects of the Board's
functioning such as adequacy of the composition of the Board and its
Committees, execution and performance of specific duties, obligations
and governance etc.
A separate exercise was carried out to evaluate the performance of
individual Directors including the Chairman of the Board, who were
evaluated on parameters such as level of engagement and contribution,
independence of judgement, safeguarding the interest of the Company and
its minority shareholders etc. The performance evaluation of the
independent Directors was carried out by the entire Board. The
performance evaluation of the Chairman and Non-Independent Directors
was also carried out by the independent Directors at their separate
meeting. The Directors expressed their satisfaction with the evaluation
process.
REMUNERATION & NOMINATION POLICY:
The Board of Directors has framed a policy which lays down a framework
in relation to remuneration of Directors, Key Managerial Personnel and
Senior Management of the Company.
The policy lays down the criteria for selection and appointment of
Board Members. The details of the policy are explained in the Corporate
Governance Report.
VIGIL MECHANISM /WHISTLE BLOWER POLICY:
Pursuant to Section 177(9) read with Rule 7 of Companies (Meetings of
Board and its powers) and Clause 49 of Listing Agreement, the Company
has a vigil mechanism named Whistle Blower Policy (WBP) to deal with
instance of fraud and mismanagement, if any. The details of the WBP
Policy is explained in the Corporate Governance Report and also posted
on the website of the Company.
AUDITORS:
The Company's Statutory Auditors , M/s. V. Parekh & Associates,
Chartered Accountants, Mumbai was appointed in the last Annual General
Meeting for a period of three financial years. They have confirmed
their eligibility under section 141 of the Companies Act, 2013 and the
Rules framed thereunder for appointment as Auditors of the Company. As
required under Clause 49 of the Listing Agreement, the auditors have
also confirmed that they hold a valid certificate issued by the Peer
Review Board of the Institute of Chartered Accountants of India. We
propose the ratification of appointment of Statutory Auditors from
conclusion of this Annual General Meeting till conclusion of 30th
Annual General Meeting, subject to shareholder's approval.
a) Auditors and their report
The Independent Auditors Report to the Shareholders does not contain
any reservation,qualification or adverse remark.
b) Cost Auditor and Cost Audit Report
Pursuant to Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Amendment Rules, 2014, the cost
audit records maintained by the Company in respect of its real estate
activity is required to be audited. Your Directors had, on the
recommendation of the Audit Committee, appointed M/s. D.R.Mathuria &
Co., Cost Accountants as the Cost Auditors to audit the cost records of
the Company for the FY 2015-2016 at a remuneration not exceeding Rs.
75,000/- (Rupees Seventy Five Thousand only). As required under the
Companies Act, 2013, the remuneration payable to the cost auditor is
required to be placed before the Members in a General Meeting for their
ratification. Accordingly, a resolution seeking member's ratification
for the remuneration payable to M/s. D.R.Mathuria & Co.,Cost
Accountants is included in Item No.5 of the Notice convening the Annual
General Meeting.
Also the Cost Audit report for FY 2014-15 was placed before Board
Meeting as on 23rd July, 2015 with no qualifications.
c) Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s H.P. Sanghvi &
Co, Practising Company Secretary to undertake the Secretarial Audit of
the Company. The Secretarial Auditor's Report is annexed in Annexure
IV. It does not contain any qualification.
PARTICULARS OF REMUNERATION TO DIRECTORS / EMPLOYEES:
The Information relating to Remuneration of Directors as required under
Section 197 (12) is given in Annexure V herewith. Also information as
required under the provisions of Rules 5(2) & 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, are
set out in Annexure V to the Directors' Report. As per the proviso to
Rule 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is set out in Annexure V. There are no
employees posted and working outside India except Directors drawing
more than Rs. 6 million per financial year or Rs. 5 lakhs per month.
SUBSIDIARY COMPANIES:
As per section 129(3) the salient features of financial statements of
Subsidiaries,Associates and Joint Ventures are provided in Form AOC-1
in the Annexure-VI.
RISK MANAGEMENT:
The Audit Committee has also been delegated the responsibility for
monitoring and reviewing risk management, assessment and minimization
procedures, developing, implementing and monitoring the risk management
plan and identifying, reviewing and mitigating all elements of risks
which the Company may be exposed to. The Board also reviews the risk
management assessment and minimization procedures.
CONSOLIDATED ACCOUNTS:
The Consolidated Financial Statements of your Company for the Financial
Year 2014-15 are prepared in compliance with applicable Accounting
Standards and applicable clauses of the Listing Agreement as prescribed
by the Securities and Exchange Board of India. The consolidated
accounts have been prepared on the basis of audited financial
statements received from subsidiaries and joint venture companies, as
approved by their respective Boards.
The annual accounts and financial statements of the subsidiary
companies and related information in detail shall be made available to
members on request and are open for inspection at the Registered Office
of your Company.
UNPAID/UNCLAIMED DIVIDEND :
Pursuant to Section 205C and other applicable provisions of Companies
Act, 1956 (the corresponding provision in the Companies Act, 2013 have
not yet been notified). Dividends that are unpaid/unclaimed for a
period of seven years are required to be transferred to the Investor
Education and Protection Fund administered by the Central Government.
During the year under review the Company has transferred Rs. 3.61 Lakhs
towards unclaimed dividend pertaining to the Financial Year 2006-07 to
Investor Education Protection Fund.
Attention is drawn that the unclaimed/unpaid dividend for the financial
year 2007-2008 which is due for transfer to IEPF on or before 5th
November,2015. In view of this, the Members of the Company, who have
not yet encashed their dividend warrant(s) or those who have not
claimed their dividend amounts, may write to the Company/Company's
Registrar and Share Transfer Agent, Sharex Dynamic (India) Private
Limited.
The details of the consolidated unclaimed/unpaid dividend details as
required by the Investor Education and Protection Fund (Uploading of
information regarding unpaid and unclaimed amounts lying with
companies) Rules, 2012, for all the unclaimed/ unpaid dividend accounts
outstanding (drawn upto the date of Twenty Seventh Annual General
Meeting held on 27th September, 2014) in terms of the Ministry of
Corporate Affairs Notification No. G.S.R 352 (E) dated May 10, 2012 has
been uploaded on the Company website: http://www.aril.co.in
THE BALANCE IN THE UNPAID/UNCLAIMED DIVIDEND ACCOUNTS AS ON 31ST MARCH,
2015 ARE AS FOLLOWS:
Year Type of Dividend per Date of declaration of
Dividend Share (Rs.) Dividend
2007-2008 Final 1.10 30th Sept, 2008
2008-2009 Final 1.10 30th Sept, 2009
2009-2010 Final 1.10 29th Sept, 2010
2010-2011 Final 1.40 30th Sept, 2011
2011-2012 Final 1.70 28th Sept, 2012
2012-2013 Final 1.50 27th Sept, 2013
2013-2014 Final 1.50 27th Sept, 2014
Year Due date of Transfer Amount in Rs. as on
31st March, 2015
2007-2008 5th Nov, 2015 3,75,852.00
2008-2009 5th Nov, 2016 1,22,917.30
2009-2010 4th Nov, 2017 1,26,477.50
2010-2011 5th Nov, 2018 1,61,192.60
2011-2012 3rd Nov, 2019 2,04,108.80
2012-2013 2nd Nov, 2020 2,49,903.50
2013-2014 2nd Nov, 2021 4,63,768.00
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There was no significant and material orders passed by the regulators /
courts during the year under review.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company is committed to provide healthy environment to all
employees of Ajmera's and does not tolerate any discrimination and/or
harassment in any form. The Company has in place a Prevention of Sexual
Harassment (POSH) policy in line with requirements of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
During the Financial Year 2014-15,there were no complaints received by
the Company.
ACKNOWLEDGEMENT:
Your Directors thank the various Central and State Government
Departments, Organizations and Agencies for the continued help and
co-operation extended by them. The Directors also gratefully
acknowledge all stakeholders of the Company viz. customers, members,
dealers, vendors, banks and other business partners for the excellent
support received from them during the year . The Directors place on
record their sincere appreciation to all employees of the Company for
their unstinted commitment and continued contribution to the Company.
By Order of the Board of Directors
for AJMERA REALTY & INFRA INDIA LTD.
RAJNIKANT S.AJMERA
CHAIRMAN & MANAGING DIRECTOR
DIN: 00010833
Place : Mumbai
Date : 23rd July, 2015
Registered Office:
"Citi Mall", Link Road,
Andheri (W), Mumbai  400 053
Mar 31, 2014
Dear members,
The Directors take pleasure in presenting the TWENTY-SEVENTH Annual
Report of the Company along with the Audited Accounts for the financial
year ended 31 st March, 2014.
FINANCIAL HIGHLIGHTS (Rs. in Lakhs)
Standalone Consolidated
2013-2014 2012-2013 2013-2014 2012-2013
Revenue from
Operations (net) 797.08 1309.22 10827.38 8878.56
EBIDTA 776.23 1272.74 3257.08 3015.59
Less: Finance costs - - 369.39 393.55
Less: Depreciation 119.75 117.82 579.29 635.40
Profit before
Exceptional Items & Tax 656.48 1154.92 2308.40 1986.64
Exceptional Item - - - -
Profit before Taxation 656.48 1154.92 2308.40 1986.64
Less:Tax Expense
*Current Tax 42.66 130.33 568.22 318.33
*Deferred
Tax(charge)/credit - - - 44.60
*MAT credit
utilization/entitlement - - - -
Profit after tax 613.82 1024.59 1740.18 1623.71
Less:Minority Interest - - 120.04 74.69
Profit attributable to
the shareholders of the 613.82 1024.59 1620.14 1549.02
Company
Opening balance in
Statement of Profit
and Loss 31175.64 30683.70 35057.60 36590.96
Amount available for
appropriation 31850.84 31759.51 36785.56 35966.23
Final Dividend 532.27 532.27 525.00 532.27
Tax on Dividend 1.24 0.37 91.60 0.37
Transfer to general
Reserve 61.38 51.23 107.82 375.99
Closing Balance in
the Statement of
Profit and Loss 31255.95 3175.64 36061.14 35057.60
PERFORMANCE:
Revenue Standalone:
Net revenue stood at Rs. 797.98 Lacs as compared to Rs.1309.28 Lacs.
The Company earned a Net Profit after Tax of Rs. 613.82 Lacs as
compared to NPAT of Rs. 1024.59 lacs in the previous year . The Company
has its geographical presence in the State of Maharashtra, Gujarat and
Karnataka.
Revenue Consolidated:
During the year under review, the Company has earned net revenue of
Rs.10287.38 Lacs as compared to Rs.8878.56 Lacs. The Company earned a
Net Profit after Tax of Rs.1740.18 lacs as compared to NPAT of Rs
1623.71 Lacs in the previous year.
CONSOLIDATED ACCOUNTS:
The Consolidated Financial Statements of your Company for the financial
year 2013-14 are prepared in compliance with applicable Accounting
Standards and applicable clauses of the Listing Agreement as prescribed
by the Securities and Exchange Board of India. The consolidated
accounts have been prepared on the basis of audited financial
statements received from subsidiaries and joint venture companies, as
approved by their respective Boards.
The annual accounts and financial statements of the subsidiary
companies and related detailed information shall be made available to
members on request and are open for inspection at the Registered Office
of your Company till the meeting.
OPERATIONS:
Your Company has launched three prime projects AEON, ZEON & TREON at
i-LAND, Wadala which has approximately 1.2 Million Sq. Ft. of saleble
area. Then this project consists of high end Luxurious residential
apartments and enjoys the added advantage of Monorail, the elevated
freeway which is connecting the south and central business districts in
span of 20 Minutes. It has its presence in Ahmadabad & Bangluru also.
TRANSFER TO RESERVES :
An amount of Rs. 61.38 Lacs is proposed to be transferred out of the
current profits to General Reserve.An amount of Rs.18.93 lakhs is
proposed to be retained in the Statement of profit and loss.
DIVIDEND :
Your Directors have recommended a dividend of Rs.1.5 per equity share,
i.e. 15% of the paid up equity share value for the year ended March 31,
2014 (Previous Year: Rs.1.5 per equity share, i.e.15% of the paid up
equity share value) . The dividend payout is subject to approval of
members at the ensuing Annual General Meeting.
Total amount of dividend payout will be Rs.532.27 Lakhs. The Register
of Members and Share Transfer Register shall remain closed during the
period 21st September, 2014 to 27th September, 2014 (both days
inclusive) for the purpose of Annual General Meeting and for payment of
dividend. The dividend, if approved at the Annual General Meeting, will
be payable to members whose names appear on the Register of Members of
the Company on 21st September, 2014, being the first day of
Book-Closure and to those whose names appear as beneficial owner in the
records of National Securities Depositories Ltd. and Central Depository
Services (India) Ltd. on close of business as on 20th September, 2014.
SUBSIDIARY COMPANIES / JOINT VENTURES :
The Company has five direct Subsidiaries as on 31st March 2014, namely
Jolly Brothers Private Limited, Ajmera Estate Karnataka Private
Limited, Ajmera Mayfair Global Realty W.L.L, Ajmera Bio-fuel Limited
and Ajmera Realty Ventures Private Limited.
In accordance with the General Circular no.2/2011 dated 8th
February,2011 issued by Ministry of Corporate Affairs, Government of
India, the Balance Sheet, Profit & Loss Account and other documents of
the subsidiary companies are not being attached with Balance Sheet of
the Company. The Company will make available the Annual Accounts of the
Subsidiary Companies and related detailed information to any member of
the Company who may be interested in obtaining the same at the
registered office of respective subsidiary Companies. The same
information is also made available on the website of the Company.
As on 1st April,2014 ,the Company has acquired 100% stake in the Ajmera
Realcon Private Limited. The said subsidiary has acquired 50% stake in
Amisha Buildcon Pvt. Ltd. which has project in Khidkali , Dist. Thane.
DIRECTORS RESPONSIBILITY STATEMENT :
the Annual Report. The requisite Certificate from the Auditors of the
company confirming compliance with conditions of Corporate Governance
as stipulated under Clause 49, is attached to this report.
Pursuant to Clause 49 of the Listing Agreement with BSE & NSE,
Management Discussion and Analysis, Corporate Governance Report,
Auditors'' Certificate for compliance of conditions of Corporate
Governance and CEO Certificate on Code of Conduct is made as a part of
the Annual Report.
CODE OF CONDUCT :
Pursuant to Clause 49 of the Listing Agreement, the declaration signed
on the Code of Conduct by the Directors and senior management personnel
for the year forms part of the Corporate Governance Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT :
The Management Discussion and Analysis Report has been separately
furnished in the Annual Report and forms part of the Annual Report.
PUBLIC DEPOSITS :
During the year under review, your company has not accepted or renewed
any fixed Deposit from the public.
UNPAID/UNCLAIMED DIVIDEND :
Pursuant to the provisions of Section 124 of the Companies Act, 2013,
dividend which remains unpaid or unclaimed for a period of seven years
from the date of its transfer to unpaid dividend account is required to
be transferred by the Company to Investor Education and Protection Fund
(IEPF). Shareholders of the Company who have not received or encashed
their dividend warrants for the Financial years, as mentioned below,
are requested to claim the unpaid / unclaimed dividend from the Company
before its transfer to the above mentioned Fund:
Year Type of Dividend Date of declaration
Dividend per Share (Rs) of Dividend
2006-2007 Final 1.10 28th Dec 2007
2007-2008 Final 1.10 30th Sept 2008
2008-2009 Final 1.10 30th Sept 2009
2009-2010 Final 1.10 29th Sept 2010
2010-2011 Final 1.40 30th Sept 2011
2011-2012 Final 1.70 28th Sept 2012
2012-2013 Final 1.50 27th Sept 2013
Year Due date of Transfer Amount in Rs. as on
31st March, 2014
2006-2007 27 Jan 2015 3,55,709.00
2007-2008 29th Oct 2015 3,75,852.00
2008-2009 29th Oct 2016 1,22,917.30
2009-2010 28th Oct 2017 1,26,477.50
2010-2011 29th Oct 2018 1,83,844.20
2011-2012 27th Oct 2019 2,10,767.70
2012-2013 26th Oct 2020 2,57,234.00
SECRETARIAL AUDIT
The secretarial Audit Report for the year ended March 31, 2014 issued
by Mr. Haresh P Sanghvi, Practicing Company Secretary is provided
separately in the annual report.
CONSOLIDATED FINANCIAL STATMENTS :
As required under ''Accounting Standard 21-Consolidated Financial
Statements'' read with Accounting Standard 23 on Accounting for
investments in associates, As-27 on financial reporting of interest in
joint ventures, the Company is providing the audited consolidated
financial statements in the Annual Report incorporating the results of
the subsidiary companies.
INTERNAL AUDIT AND INTERNAL CONTROL
The Company has in place well-defined internal control mechanisms and
comprehensive internal audit programmes with the activities of the
entire organisation under its ambit. the internal audit programme is
reviewed and approved by the Audit Committee at the beginning of each
financial year and progress reports are placed before the Committee on
a quarterly basis.
PARTICULARS OF THE EMPLOYEES :
During the year, no employee of the Company was in receipt of
remuneration exceeding the sum prescribed under Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
AND OUTGO LNEED TO TALK TO PREETAM DUSEJA)
The particulars relating to energy conservation, technology absorption.
Foreign exchange earnings and outgo, as required to be disclosed under
Section 217 (1) (e) of the Companies Act, 1956 tread with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 are not applicable.
Since the company caters to domestic market only, it has not undertaken
any activities relating to export, initiatives to increase exports,
development of new export markets for products and services or
formulated any export plans.
The transaction involving foreign exchanges during the year are as
below:
Total expenditure in foreign Exchange:
Travelling Rs. : Nil (Nil in previous year)
Architecture fees Rs. : 31.86 Lakhs ( Rs.22.30 Lakhs in previous year)
HUMAN RESOURCE DEVELOPMENT:
Human resource is an invaluable asset of any Organization. Induction
and refresher training schemes covering functional and behavioral areas
were conducted during the year and employees at all levels were exposed
to various training programmes which is an ongoing process.
APPRECIATION :
Your Directors wish to convey their gratitude and place on record their
appreciation for all the employees at all levels for their hard work,
solidarity, cooperation and dedication during the year.
Your Directors sincerely convey their appreciation to customers,
shareholders, vendors, bankers, business associates, regulatory and
government authorities for their continued support.
By Order of the Board of Directors
for AJMERA REALTY & INFRA INDIA LTD
Sd/-
RAJNIKANT S. AJMERA
CHAIRMAN & MANAGING DIRECTOR
Place : Mumbai,
Date : 12th August,2014
Registered Office:
"Citi Mall", Link Road,
Andheri (W), Mumbai - 400 053
Mar 31, 2013
To, The Members,
The have pleasure in presenting the TWENTY SIXTH ANNUAL REPORT AND
AUDITED ACCOUNTS of the Company for the year ended on 31 st March,
2013.
FINANCIAL HIGHLIGHTS (Rs. in Lakhs)
Standalone Consolidated
2012-2013 2011-2012 2012-2013 2011-2012
Total Revenue 1309.22 1886.92 8878.56 21689 68
Total Expenditure 36.48 141.30 5862.97 16836.21
Earnings before interest, 1272.74 1745.62 3015.59 4853.47
depreciation
and amortisation
Depreciations Amortisation 117.82 78.28 635.40 324 98
Finance Cost 393.55 154.62
Profit before Taxation 1154.92 1667.34 1986.64 4373.87
Tax Expense
-Current Tax 130.33 214.25 318.33 214.25
-Deferred Tax
(Charge)/Credit 44.60
-MAT credit
utilization/entitlement -
Profit after tax 1024.59 1453.09 1623.71 4159 62
Minority Interest 74.69 286.19
Share Profit /Loss
of Associate -
Profit for the year 1024.59 1453.09 1549.02 3873.43
PERFORMANCE:
Consolidated Performance:
The total revenue stood at Rs.8878.56 Lacs as compared to Rs.21689.68
Lacs due to liquidation of stock of Ajmera Infiniti which was declared
in 2011-2012.The Company earned a Net Profit after Tax of Rs. 1549.02
Lacs as compared to NPAT of Rs.3873.43 lacs in the previous year. The
Company has its geographical presence in the State of Maharashtra,
Gujarat and Karnataka.
Standalone Performance:
During the year under review, the Company has earned total revenue of
Rs.1309.22 Lacs as compared to Rs.1886.92 Lacs.The Company earned a Net
Profit after Tax of Rs. 1024.59 lacs as compared to NPAT of Rs1453.09
Lacs in the previous year.
OPERATIONS:
During the year under review the Company has commenced Ajmera Zeon
project comprising of 5.32 Lacs Sq. ft of area at Wadala, Mumbai and
has also declared the project named "Treon" at Wadala comprising approx
5.32 Lacs q. ft of area.
TRANSFER TO RESERVES:
An amount of Rs.51.23 Lacs is proposed to be transferred out of the
current profits to General Reserve.
DIVIDEND:
Your Directors are pleased to recommend dividend at the rate of Rs.1.5
per equity share, i.e. 15% of the paid up equity share value for the
year ended March 31, 2013 (Previous Year: Rs.1.7 per equity share, i.e.
17% of the paid up equity share value) subject to the approval by the
Shareholders at the forthcoming Annual General Meeting.
Total amount of dividend payout will be Rs.532.27 Lacs. The Register of
Members and Share Transfer Register shall remain closed during the
period 21st September, 2013 to 27th September, 2013 (both days
inclusive) for the purpose of Annual General Meeting and for payment of
dividend. The dividend, if approved at the Annual General Meeting, will
be payable to members whose names appear on the Register of Members of
the Company on 20th September, 2013, being the first day of
Book-Closure and to those whose names appear as beneficial owner in the
records of National Securities Depositories Ltd. and Central Depository
Services (India) Ltd. on close of business as on 20th September, 2013.
SUBSIDIARY COMPANIES/JOINT VENTURES:
As on 31 st March, 2013, the Company has five Subsidiaries namely Jolly
Brothers Private Limited, Ajmera Estate Karnataka Private Limited,
Ajmera Mayfair Global Realty W.L.L, Ajmera Biofuel Limited and Ajmera
Realty Ventures Private Limited.
In accordance with the general circular issued by Ministry of Corporate
Affairs, Government of India, the Balance Sheet, Profit & Loss Account
and other documents of the subsidiary companies are not being attached
with Balance Sheet of the Company The Company will make available the
Annual Accounts of the Subsidiary Companies and related detailed
information to any member of the Company who may be interested in
obtaining the same at the registered office of respective subsidiary
Companies. The same information is also made available on the website
of the Company. A statement pursuant to Section 212 of the Companies
Act, 1956 is set out as Annexure-I to this report.
During the year under review the Company has acquired 100% stake in the
Ajmera Realty Ventures Private Limited. The said subsidiary has
acquired 50% stake in Sumedha Spacelinks LLP in partnership with
Sheetal Infrastructure Private Limited which is in progress of setting
up a project named Casa Vyoma, Ahmedabad and developing a residential
zone in an upcoming area.
STATEMENT UNDER SECTION 212(1)(e) OF THE COMPANIES ACT.1956 FOR
SUBSIDIARIES:
A statement pursuant to Section 212(1) (e) read with Sub- Section (3)
of Section 212 of the Companies Act, 1956 for the Financial Year 2013
for the subsidiary companies is set out as Annexure -1 to this Report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the
Directors, based on the representations received from the operating
management, confirm that: -
I. in the preparation of the annual accounts for the Financial Year
ended 31 March, 2013, the applicable accounting standards had been
followed along with the proper explanation relating to material
departures;
II. the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year end and of the Profit &
Loss of the Company for the year ended under review;
III. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing & detecting fraud and other irregularities; and
IV. the Directors had prepared the annual accounts of the Company for
the financial year under review on a Going Concern basis.
DIRECTORS:
Mr. Ambalal C Patel, Director retires by rotation at the ensuing Annual
General Meeting and, being eligible, offers himself for re-
appointment.
Mr. Manoj I. Ajmera, Managing Director retires by rotation at the
ensuing Annual General Meeting and, being eligible, offers himself for
re-appointment.
Brief resume of the Directors proposed to be appointed/ re-appointed,
nature of his experience in specific functional areas, names of the
companies in which he holds directorship and membership/chairmanship of
Board Committees, as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchanges, are provided in the Notice for
convening the Annual General Meeting.
AUDITORS:
The Company''s Auditors, M/s. V Parekh & Associates, Chartered
Accountants, retire as Auditors of your Company at the conclusion of
the ensuing Annual General Meeting and are eligible for re-appointment.
They have indicated their willingness to accept reappointment and have
further furnished necessary Certificate in terms of Section 224 (1B) of
the Companies Act, 1956.
The Audit Committee has considered and recommended the reappointment of
M/s. V. Parekh & Associates, Chartered Accountants, Mumbai, as
Statutory Auditors of the Company, to the Board of Directors at its
meeting held on 9th May,2013. Your Directors have accepted the
recommendation and recommend to the shareholders the re-appointment of
M/s. V. Parekh & Associates, Chartered Accountants, Mumbai as the
Statutory Auditors of the Company.
COST AUDITOR
As per companies (Cost Accounting Records) Rules 2011, The Company
filed the Cost Audit Report along with Cost Compliance Report for the
financial year 2011-12 in XBRL format.
The Board of Directors, subject to the approval of the Central
Government, reappointed Mr. D. R. Mathuria & Company, Cost Accountant,
holding certificate of practice No. 5670 as a Cost Auditors for
conducting the Cost Audit for financial year 2013-14. Subject to the
compliance with all the requirements as stipulated in circular no.
15/2011 Dated 11th April 2011 and No. 36/2011 Dated 6th November 2012
issued by MCA, the audit committee of directors recommended his
reappointment.
The Company has also received a letter from the Cost Auditor, stating
that the appointment, if made, will be within the limits prescribed
under the Section 224 (1B) of the Companis Act, 1956.
AUDITORS'' REPORT:
The observations made by the Auditors in their Report referring to the
Notes forming part of the Accounts are self-explanatory and therefore,
do not require any further comments under Section 217(3) of the
Companies Act, 1956,
LISTING:
The Company''s equity shares are presently listed with Bombay Stock
Exchange Ltd (Code - 513349) and National Stock Exchange of India
Limited (Code-AJMERA).
CORPORATE GOVERNANCE:
The Company has committed to maintain the highest standards of
Corporate Governance as set out by SEBI. The Report on Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
part of the Annual Report. The requisite Certificate from the Auditors
of the company confirming compliance with conditions of Corporate
Governance as stipulated under Clause 49, is attached to this report.
Pursuant to Clause 49 of the Listing Agreement with BSE & NSE,
Management Discussion and Analysis, Corporate Governance Report,
Auditors'' Certificate for compliance of conditions of Corporate
Governance and CEO Certificate on Code of Conduct is made as a part of
the Annual Report.
CODE OF CONDUCT:
Pursuant to Clause 49 of the Listing Agreement, the declaration signed
on the Code of Conduct by the Directors and senior management personnel
for the year forms part of the Corporate Governance Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report has been separately
furnished in the Annual Report and forms part of the Annual Report.
PUBLIC DEPOSITS:
During the year under review, your company has not accepted or renewed
any fixed Deposit from the public.
UNCLAIMED DIVIDEND:
An amount of Rs. 10.33 Lacs is lying in the unpaid equity dividend
account of the Company in respect of the dividend declared so far on 31
st March, 2013. Members who have not yet received /claimed their
dividend entitlements are requested to contact the Company or the
Registrar and Transfer Agent of the Company.
CONSOLIDATED FINANCIAL STATEMENTS:
As required under Accounting Standard 21-Consolidated Financial
Statements'' read with Accounting Standard 23 on Accounting for
Investments in Associates, As-27 on financial reporting of interest in
joint ventures, the Company is providing the audited consolidated
financial statements in the Annual Report incorporating the results of
the subsidiary companies.
PARTICULARS OF THE EMPLOYEES:
During the year, no employee of the Company was in receipt of
remuneration exceeding the sum prescribed under Section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
AND OUTGO:
The provisions of Section 217(1) (e) of the Companies Act, 1956 and the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 regarding conservation of energy and technology
absorption are not applicable.
Since the company caters to domestic market only, it has not undertaken
any activities relating to export, initiatives to increase exports,
development of new export markets for products and services or
formulated any export plans.
The transaction involving foreign exchanges during the year are as
below:
Total expenditure in foreign Exchange: Travelling Rs.: Nil (Rs. 1.04
Lacs in previous year) Architecture fees Rs. :22.30(Rs. 18.67 Lacs in
previous year)
HUMAN RELATIONS:
During the year employee relations continued to be cordial and
harmonious at all levels and in all divisions of the Company. There
was a total understanding of the Management objectives by the workers.
The Company has consistently tried to improve its HR policies and
processes so as to acquire, retain & nurture the best of the available
talent in the Industry.
ACKNOWLEDGMENT:
Your Directors would like to express their appreciation for the
assistance and co-operation received from Financial Institutions/Term
Lenders like HDFC Bank and ICICI Bank.
The Board of Directors wishes to thank the Central Government, State
Government, RBI, SEBI, The Bombay Stock Exchange Limited (BSE) and
National Stock Exchange of India Ltd. (NSE) for their co-operation in
various spheres of your Company''s functions.
Your Directors thank all the shareholders of the Company, its clients
and investors for their support during the year and look forward to
their continued support in the years to come.
Your Company has also gained considerably from the sincere and devoted
services rendered by its employees at all levels. The Board of
Directors wishes to place on record its appreciation of their efforts
in enhancing the image of your Company in the market.
By order of the Board of Directors
For AJMERA REALTY & INFRA INDIA LTD
RajnikantS.Ajmera Chairman & Managing Director
Date:12th August,2013
Place: Mumbai
Mar 31, 2012
The Members,
We have pleasure in presenting the TWENTY FIFTH ANNUAL REPORT AND
AUDITED ACCOUNTS of the Company for the year ended on 31 st March,
2012.
FINANCIAL HIGHLIGHTS (Rs. in Lakhs)
Standalone Consolidated
2011-2012 2010-2011 2011-2012 2010-2011
Total Revenue 1886.92 1809.46 21689.68 17204.45
Total Expenditure 219.58 501.14 17315.81 14455.83
Earnings before interest,
Depreciation and 1745.62 1361.95 4853.47 4362.04
Amortisation
Depreciation &
Amortisation 78.28 47.08 324.98 47.08
Finance Cost - 6.56 154.62 1566.34
Profit before Taxation 1667.34 1308.31 4373.87 2748.61
Tax Expense
-Current Tax 214.25 260.89 214.25 260.89
-Deferred Tax(charge)
/credit
-MAT credit utilization
/entitlement
Profit aftertax 1453.09 1047.42 4159.62 2487.72
Minority Interest - - 286.19 144.06
Share Profit/Loss of
Associate
Profit for the year 1453.09 1047.42 3873.43 2343.66
PERFORMANCE:
Consolidated Performance
During the year under review, the Company has sold approx 4 Lakhs sq.
ft. of area valuing Rs.145 crores. The total revenue stood at Rs. 216
crores as compared to Rs.172 crores representing an increase of 21 %
The Company earned a Net Profit after Tax of Rs. 38.73 crores as
compared to NPAT of Rs.23.43 crores in the previous year representing
increase of 65%. The Company has its geographical presence in the State
of Maharashtra, Gujarat and Karnataka.
Standalone Performance:
During the year under review, the Company has earned total revenue of
Rs.18.86 crores as compared to Rs.18.09 crores representing an increase
of 4.2% . The Company earned a Net Profit after Tax of Rs.14.53 crores
as compared to NPAT of Rs.10.47 crores in the previous year
representing increase of 39%.
OPERATIONS:
During the year under review the Company has commenced Ajmera Zeon
project comprising of 15 Lakhs sq.ft. of area in the city of Mumbai.
TRANSFER TO RESERVES:
An amount of Rs.108.98 Lakhs is proposed to be transferred out of the
current profits to General Reserve
DIVIDEND:
Despite facing several odds such as challenging business environment,
sluggish demand, lower industry volume and increased costs, having
regard to the Companys policy to pay sustainable dividend linked to
long term growth objectives of the Company to be met by internal cash
accruals and the shareholders' aspirations, your Directors are pleased
to recommend dividend at the rate of Re.1.7 per equity share, i.e. 17%
of the paid up equity share value for the year ended March 31, 2012
(Previous Year: Rs.1.4per equity share, i.e.14 % of the paid up equity
share value) subject to the approval by the Shareholders at the
forthcoming Annual General Meeting.
Total amount of dividend payout will be Rs.603.77 Lakhs The Register of
Members and Share Transfer Register shall remain closed during the
period 22nd September, 2012 to 28th September, 2012 (both days
inclusive) for the purpose of Annual General Meeting and for payment of
dividend. The dividend, if approved at the Annual General Meeting, will
be payable to members whose names appear on the Register of Members of
the Company on 21st September, 2012, being the first day of
Book-Closure and to those whose names appear as beneficial owner in the
records of National Securities Depositories Ltd. and Central Depository
Services (India) Ltd. on close of business as on 21st September, 2012.
SUBSIDIARY COMPANIES/JOINT VENTURES:
As on 31st March, 2012,the Company has four Subsidiaries namely Jolly
Brothers Private Limited, Ajmera Estate Karnataka Private Limited,
Ajmera Mayfair Global Realty W.L.L and Ajmera Biofuel Limited.
In accordance with the general circular issued by Ministry of Corporate
Affairs, Government of India, the Balance Sheet, Profit & Loss Account
and other documents of the subsidiary companies are not being attached
with Balance Sheet of the Company. The Company will make available the
Annual Accounts of the Subsidiary Companies and related detailed
information to any member of the Company who may be interested in
obtaining the same at the registered office of respective subsidiary
Companies. The same information is also made available on the website
of the Company. A statement pursuant to Section 212 of the Companies
Act, 1956 is set out as Annexure-I to this report.
During the year under review the Company has acquired 100% stake in the
Ajmera Biofuel Limited. The said subsidiary has acquired 49% stake in
Comet Power Private Limited (CPPL) which has the one of the best
performed Solar Power Plant. The CPPL has commenced operation for 5.75
MW solar power project at Rajasthan.The commercial production has
commenced from November,2011 and has reached optimum production in the
month of January,2012.The performance of the Project is comm endable in
the Country and one of the best plant in generation so far.
The Company has invested in 90 % stake of Laudable Infrastructure LLP
("Laudable") subject to such approvals, consent, sanctions and
permissions of the appropriate authorities.
The Laudable has entered into ai Partnership with "Ajmera Bora
Associates", wherein Laudable holds 67% stake and rest 33% vests in
Bora Group The said Partnership firm holds a land of approx 1,87,000
Sq. Ft. atPune.
The SaNa BuildPro LLP ("the LIP") is 74.90% owned by the Company to
carry on some really extensive real estate projects through such
collaborations.
Further the Company has associated with V.M.Procon Private Limited
("the JVC"),by acquiring 50% of Equity shares and the rest is held by
Sheetal Infrastructure Private Limited. It has launched HI- END
Residential project "Enigma-Fragrance of life" at Ahmadabad
on28thMay,2011.
The JVC holds land of approx. 7661.00 sq.mts. The Project is situated
Opposite Auda Sports Complex, S.G.Road, Ahmedabad ,a fast growing area
in the City.
This project will have saleable area of 3.00 Lakhs sq.ft approx.
comprising of multi storey premium Towers with modern lifestyle
amenities like Club House, Swimming Pool.etc.
STATEMENT UNDER SECTION 212(1 )(e) OF THE COMPANIES ACT, 1956
FORSUBSIPJARIES
A statement pursuant to Section 212(1) (e) read with Sub-Section (3) of
Section 212 of the Companies Act, 1956 for the Financial Year 31st
March, 2012 for the subsidiary companies is set out as Annexure I to
this Report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the
Directors, based on the representations received from the operating
management, confirm that: -
I. in the preparation of the annual accounts for the Financial Year
ended 31 March, 2012, the applicable accounting standards had been
followed along with the proper explanation relating to material
departures;
II. the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year end and of the Profit &
Loss of the Company for the year ended under review;
III. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing & detecting fraud and other irregularities; and
IV. the Directors had prepared the annual accounts of the Company for
the financial year under review on a Going Concern basis.
DIRECTORS:
Mr. J.J Doshi, Director retires by rotation at the ensuing Annual
General Meeting and, being eligible, offers himself for re-
appointment.
Mr. Jitendra Anandpara, Director retires by rotation at the ensuing
Annual General Meeting and, being eligible, offers himself for re-
appointment.
Mr. Manoj I Ajmera and Mr. Sanjay C. Ajmera, who were appointed as an
Additional Director w.e.f April, 24,2012, shall vacate the office at
the Ensuing General Meeting. A resolution for their appointment as
Managing Director and Whole Time Director, respectively at the Ensuing
General Meeting is incorporated in the Notice of Annual General
Meeting.
Brief resume of the Directors proposed to be appointed/re- appointed,
nature of his experience in specific functional areas, names of the
companies in which he holds directorship and membership/chairmanship of
Board Committees, shareholding and relationship between Directors
inter-se, as stipulated under Clause 49 of the Listing Agreement with
the Stock Exchanges, are provided in the Notice for convening the
Annual General Meeting.
AUDITORS.
The Company's Auditors, M/s. V. Parekh & Associates, Chartered
Accountants, retire as Auditors of your Company at the conclusion of
the ensuing Annual General Meeting and are eligible for re-
appointment. They have indicated their willingness to accept
reappointment and have further furnished necessary Certificate in terms
of Section 224 (1B) of the Companies Act, 1956.
The Audit Committee has considered and recommended the reappointment of
M/s. V. Parekh & Associates, Chartered Accountants, Mumbai, as
Statutory Auditors of the Company, to the Board of Directors at its
meeting held on 30th July,2012. Your Directors have accepted the
recommendation and recommend to the shareholders the re-appointment of
M/s. V. Parekh & Associates, Chartered Accountants, Mumbai as the
Statutory Auditors of the Company.
AUDITOR SiREPQRT.:
The observations made by the Auditors in their Report referring to the
Notes forming part of the Accounts are self-explanatory and therefore,
do not require any further comments under Section 217(3) of the
Companies Act, 1956.
LISTING.:
The Company's equity shares are presently listed with The Bombay Stock
Exchange Ltd (Code - 513349) and The National Stock Exchange of India
Limited (Code - AJMERA). CORPORATE. GOVERNANCE.:
The Company has committed to maintain the highest standards of
Corporate Governance as set out by SEBI. The Report on Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
part of the Annual Report. The requisite Certificate from the Auditors
of the company confirming compliance with conditions of Corporate
Governance as stipulated under Clause 49, is attached to this report.
Pursuant to Clause 49 of the Listing Agreement with BSE & NSE,
Management Discussion and Analysis, Corporate Governance Report,
Auditors' Certificate for compliance of conditions of Corporate
Governance and CEO Certificate on Code of Conduct is made as a part of
the Annual Report.
CODE OF CONDUCT:
Pursuant to Clause 49 of the Listing Agreement, the declaration signed
by the Code of Conduct by the Directors and senior management personnel
for the year which forms part of the Corporate Governance Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report has been separately
furnished in the Annual Report.
PUBLIC DEPOSITS:
During the year under review, your company has not accepted or renewed
any fixed Deposit from the public.
UNCLAIMED DIVIDEND.:
An amount of Rs. 9.09 Lakhs is lying in the unpaid equity dividend
account of the Company in respect of the dividend for the Financial
Year 2011. Members who have not yet received /claimed their dividend
entitlements are requested to contact the Company or the registrar and
transfer agent of the Company.
CONSOLIDATED FINANCIAL STATEMENTS:
As required under 'Accounting Standard 21-Consolidated Financial
Statements' read with Accounting Standard 23 on Accounting for
Investments in Associates, AS-27 on financial reporting of interest in
joint ventures, the Company is providing the audited consolidated
Financial Statements in the Annual Report incorporating the results of
the subsidiary companies.
PARTICULARS OFTHE EMPLOYEES:
During the year, no employee of the Company was in receipt of
remuneration exceeding the sum prescribed under Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
AND OUTGO:
The provisions of Section 217 (1) (e) of the Companies Act, 1956 and
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 regarding conservation of energy and technology
absorption are not applicable.
Since the company caters to domestic market only, it has not undertaken
any activities relating to export, initiatives to increase exports,
development of new export markets for products and services or
formulated any export plans.
The transaction involving foreign exchanges during the year are as
below:
Total expenditure in foreign Exchange:
Travelling Rs.1.04 Lakhs, Architecture fees Rs.18.67 Lakhs (Rs10.76
Lakhs as in Previous year)
HUMAN RELATIONS:
During the year employee relations continued to be cordial and
harmonious at all levels and in all divisions of the Company. There was
a total understanding of the Management objectives by the workers. The
Company has consistently tried to improve its HR policies and processes
so as to acquire, retain & nurture the best of the available talent in
the Industry.
ACKNOWLEDGEMENT:
The Board of Directors wishes to thank the Central Government, State
Governments, RBI, SEBI, The Bombay Stock Exchange Limited (BSE) and
National Stock Exchange of India Ltd. (NSE) for their co-operation in
various spheres of your Company's functions. The Board of Directors
expresses its gratitude for the co-operation extended by the Financial
Institutions / Term Lenders like Dena Bank, HDFC Bank, Kotak Bank and
Axis Bank for their support.
Your Directors thank all the shareholders of the'Company, its clients
and investors for their support during the year and look forward to
their continued support in the years to come.
Your Company has also gained considerably from the sincere and devoted
services rendered by its employees at all levels. The Board of
Directors wishes to place on record its appreciation of their efforts
in enhancing the image of your Company in the market.
By order of the Board of Directors
For AJMERA REALTY & INFRA INDIA LTD.
Rajnikant S.Ajmera
Chairman & Managing Director
Date : 30th July, 2012
Place: Mumbai
Mar 31, 2011
The Members,
We have pleasure in presenting the TWENTY FOURTH ANNUAL REPORT AND
AUDITED ACCOUNTS of the Company for the year ended on 31 st March,
2011.
FINANCIAL HIGHLIGHTS (Rs. in Lakhs)
2010-11 2009-10
Turnover Gross 1740.36 2357.25
Profit before interest, Depreciation &Taxation 1358.22 1488.75
Less: Interest 2.10 98.71
Profit before Depreciations Taxation 1356.12 1390.04
Less: Depreciation 47.08 21.54
Profit before Taxation 1309.04 1368.50
Provision for Taxation 261.62 232.64
Profit after Tax 1047.42 1135.86
Less: Adjustment in respect of Previous Year
Net Profit Available for Appropriations 1047.42 1135.86
Appropriations
Proposed Dividend (Including Tax) 579.30 456.65
Transfer to General Reserve 57.61 45.46
Balance carried to Balance Sheet 17946.63 17536.12
OPERATIONS
During the year under review, the Company has achieved Sales Turnover
of Rs.1740.36 Lakh with Net Profit of Rs. 1047.42 Lakh.
The historic land acquisition cost, ready project, world-class
construction and deliverance on time has helped company to become one
of the leading player in the industry.
The Company's operations are as follows:
"Aeon"
The only destination with advanced intercity connection. For those in a
habit of wanting the best out of life, AEON is a lifestyle innovation
that fulfils the greater needs of luxury class citizens. Ajmera Aeon, a
49 storey tower planning 2/3/4 BHK homes, and top of the line modern
amenities, promises to lift your lifestyle to a whole new level,
destined to get the Green Building Certification. Aeon is planned by
Singapore-based architects Space Matrix, and will offer the latest in
technology, clean renewable energy, myriad comforts, and single access
control to multiple facilities that will propel you into the New Age
with slick splendor.Till date, the company has completed 4th level of
podium parking, and the execution of rest work is going as per the
project plans. We have achieved a very progressive response and aspire
to receive the same.
"Ajmera Summit"
Ultra Tech Property Developers Private Limited, one of our associate
Company has announced its latest project at Kalina at Santacruz- East
(BKC) - the sophisticated business hub of Mumbai named as "Ajmera
Summit". Owing to its timeless style of creation and strategic
location, Ajmera Summit provides a perfect launching pad for all
businesses giving each the opportunity to thrive in an invigorating
global ambience. Ajmera Summit is a universal platform where both
business and prosperity will move hand in hand.The project has been
completed till the 4th Level of the plan .giving a ray to a effacacious
movement of work.
"Enigma-Fragrance of Life"
The Company has entered into Joint Venture with Sheetal Infrastructure
Private Limited The Joint Venture Company named "VM.Procon Private
Limited" (JVC) has launched HI-END Residential project
"Enigma-Fragrance of life" at Ahmedabad The JVC holds land of approx.
7661.00 sq.mts. The Project is situated Opposite Auda Sports Complex,
S.G.Road, Ahmedabad ,a fast growing area in the City.
This project will have saleable area of 3.00 Lakhs sq. ft approx.
comprising of multi storey premium towers with modern lifestyle
amenities like Club House, Swimming Pool, etc. We have gained a very
affirmative response from the potential customers, which has in return
accelerated the growth of the project smoothly.
RESERVES
An amount of Rs.57.61 Lakhs is proposed to be transferred out of the
current profits to General Reserve
DIVIDEND
Your Directors are pleased to recommend a dividend of 14% (Rs.1.4 per
equity share of Rs.10 each), subject to the approval by the
Shareholders at the forthcoming Annual General Meeting. The total
amount of dividend payout will be Rs.4.97 crores. The Register of
Members and Share Transfer Register shall remain closed during the
period 24th September,2011 to 30th September.2011 (both days inclusive)
for the purpose of Annual General Meeting and for payment of dividend.
The dividend, if approved at the Annual General Meeting, will be
payable to members whose names appear on the Register of Members of the
Company on 24th September.2011, being the first day of Book-Closure and
to those whose names appear as beneficial owner in the records of
National Securities Depositories Ltd. and Central Depository Services
(India) Ltd. on close of business as on 23rd September,2011 .
The Dividend payout for the year under review has been formulated in
accordance with the Company's policy to pay sustainable dividend linked
to long term growth objectives of the Company to be met by internal
cash accruals and the shareholders1 aspirations.
SUBSIDIARIES
In accordance with the general circular issued by Ministry of Corporate
Affairs, Government of India ,the Balance Sheet, Profit & Loss Account
and other documents of the subsidiary companies are not being attached
with Balance Sheet of the Company. The Company will make available the
Annual Accounts of the Subsidiary Companies and related detailed
information to any member of the Company who may be interested in
obtaining the same at the registered office of respective subsidiary
Companies. A statement pursuant to Section 212 of the Companies Act.
1956 is set out as Annexure-I to this report.
DIRECTORS
Shri Ambaiai C. Patei, Director retires by rotation at toe ensuing
Annual General Meeting and, being eligible, offers himself for re-
appointment.
Brief resume of the Directors proposed to be re-appointed, nature of
his experience in specific functional areas, names of the companies in
which he holds directorship and membership/chairmanship of Board
Committees, shareholding and relationship between Directors inter-se,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, are provided in the Notice for convening the Annual General
Meeting.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the
Directors, based on the representations received from the operating
management, confirm that: -
I. in the preparation of the annual accounts for the Financial Year
ended 31 March, 2011, the applicable accounting standards had been
followed along with the proper explanation relating to material
departures;
II. the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year end and of the Profit &
Loss of the Company for the year ended under review;
III. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing & detecting fraud and other irregularities; and
IV. the Directors had prepared the annual accounts of the Company for
the financial year under review on a going concern basis.
LISTING
The Company's equity shares are presently listed with Bombay Stock
Exchange Ltd (Code - 513349) and National Stock Exchange of India
Limited (Code-AJMERA).
CORPORATE GOVERNANCE
The Company has committed to maintain the highest standards of
Corporate Governance as set out by SEBI.
The Report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement forms part of the Annual Report.
The requisite Certificate from the Auditors of the company confirming
compliance with conditions of Corporate Governance as stipulated under
Clause 49. is attached to this report.
Pursuant to Clause 49 of the Listing Agreement with BSE & NSE,
Management Discussion and Analysis, Corporate Governance Report,
Auditors' Certificate for compliance of conditions of Corporate
Governance and CEO Certificate on Code of Conduct is made as a part of
the Annual Report..
CONSOLIDATED FINANCIAL STATEMENTS
As required under 'Accounting Standard 21-Consolidated Financial
Statements' read with Accounting Standard 23 on Accounting for
Investments in Associates, AS-27 on financial reporting of interest in
joint ventures, the Company is providing the audited consolidated
financial statements in the Annual Report incorporating the results of
the subsidiary companies.
AUDITORS
The Company's Auditors, M/s. V. Parekh & Associates, Chartered
Accountants, retire as Auditors of your Company at the conclusion of
the ensuing Annual General Meeting and are eligible for re-
appointment. They have indicated their willingness to accept
reappointment and have further furnished necessary Certificate in terms
of Section 224 (1B) of the Companies Act, 1956.
The Audit Committee has considered and recommended the reappointment of
M/s. V. Parekh & Associates, Chartered Accountants, Mumbai, as
Statutory Auditors ot the Company, to the Board of Directors. Your
Directors have accepted the recommendation and recommend to the
shareholders the re- appointment of M/s. V. Parekh & Associates,
Chartered Accountants, Mumbai as the Statutory Auditors of the Company.
AUDITORS' REPORT
The observations made by the Auditors in their Report referring to the
Notes forming part of the Accounts are self-explanatory and therefore,
do not require any further comments under Section 217(3) of the
Companies Act,1956.
PARTICULARS OF THE EMPLOYEES
During the year, no employee of the Company was in receipt of
remuneration exceeding the sum prescribed under Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
AND OUTGO
The provisions of Section 217(1) (e) of the Companies Act, 1956 and the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 regarding conservation of energy and technology
absorption are not applicable.
Since the company caters to domestic market only ,it has not undertaken
any activities relating to export,initiatives to increase exports,
developmemt of new export markets for products and services or
formulated any export plans.
The transaction involving foreign exchanges during the year are as
below:
Total expenditure in foreign Exchange.
Travelling Rs.26.28 Lakhs
Architecture fees Rs.31.22 Lakhs (Rs.353.19 Lakhs as in Previous year)
HUMAN RELATIONS
During the year employee relations continued to be cordial and
harmonious at all levels and in all divisions of the Company. There was
a total understanding of the Management objectives by the workers. The
Company has consistently tried to improve its HR policies and processes
so as to acquire, retain & nurture the best of the available talent in
the Industry.
FIXED DEPOSITS
During the year under review, your company has not accepted or renewed
any fixed Deposit from the public.
ACKNOWLEDGEMENT
The Board of Directors wishes to thank the Central Government, State
Governments, RBI, SEBI, The Ministry of Corporate Affairs, The Bombay
Stock Exchange Limited (BSE) and National Stock Exchange of India Ltd.
(NSE) for their co-operation in various spheres of your Company's
functions. The Board of Directors expresses its gratitude for the
co-operation extended by the Financial Institutions / Term Lenders like
Dena Bank, HDFC Bank and KotakBankfor their support.
Your Directors thank all the shareholders of the Company, its clients
and investors for their support during the year and look forward to
their continued support in the years to come.
Your Company has also gained considerably from the sincere and devoted
services rendered by its employees at ali levels. The Board of
Directors wishes to place on record its appreciation of their efforts
in enhancing the image of your Company in the market.
By order of the Board of Directors
For AJMERA REALTY & INFRA INDIA LTD
Ishwarlal S.Ajmera Rajnikant S.Ajmera
Whole Time Director Managing Director
Date: 10th June, 2011
Place: Mumbai
Mar 31, 2010
The Board of Directors have pleasure in presenting the TWENTY THIRD
ANNUAL REPORT AND AUDITED ACCOUNTS of the Company for the year ended
on 31st March, 2010.
FINANCIAL HIGHLIGHTS (Rs. in Lakhs)
2009-10 2008-09
Turnover Gross 2357.25 5105.38
Profit before Interest, Depreciation
& Taxation 1488.75 2662.15
Less: Interest 98.71 590.72
Profit before Depreciation & Taxation 1390.04 2071.43
Less: Depreciation 21.54 16.74
Profit before Taxation 1368.50 2054.69
Provision for Taxation 232.64 236.19
Profit after Tax 1135.86 1818.50
Less: Adjustment in respect
of Previous Year
Net Profit 1135.86 1818.50
Add: Balance in P&L Account B/F 16902.37 15083.87
Balance carried to Balance Sheet 18038.23 16902.37
OPERATIONS
During the year under review, the Company has achieved Sales Turnover
of Rs.2357.25 Lakh with Net Profit of Rs. 1135.86 Lakh.
The historic land acquisition cost, ready project, world-class
construction and deliverance on time has helped company to become one
of the leading player in the industry.
The Company has acquired 36% stake in Ultra Tech Property Developers
Private Limited which is holding land Kalina, Santacruz, adjacent to
BKC and is having potential of development of approx 40,000 Sq. Ft.
Civil work has already been commenced.
DIVIDEND
Your Directors are pleased to recommend a dividend of 11 % (Rs.1.10 per
equity share of Rs.10 each), subject to the approval by the
Shareholders at the forthcoming Annual General Meeting. The total
amount of dividend payout will be Rs.3.90 crore, 34.51 % of profit
for the year against a payout of Rs.3.90 crore, 21.45% of profit in
the previous year. The Register of Members and Share Transfer Register
shall remain closed during the period 23rd September, 2010 to 29th
September, 2010 (both days inclusive) for the purpose of Annual General
Meeting and for payment of dividend. The dividend, if approved at the
Annual General Meeting, will be payable to members whose names appear
on the Register of Members of the Company on close of business as on
22nd September, 2010.
SUBSIDIARIES
As on 31 st March, 2010 Company had three subsidiaries viz. Jolly
Brothers Pvt. Limited, Ajmera Estate (Karnataka) Private Limited and
Ajmera Mayfair Global Realty W.L.L. A statement pursuant to Section 212
of the Companies Act, 1956 is set out as Annexure-1 to this report.
DIRECTORS
In the financial year 2009 -10, Industrial Development Bank of India
Limited has withdrawn its nominee Mr. Ashok U Katra from the Board of
the Company w.e.f. 1 st July, 2009.
The Board of Directors have appointed Shri Jitendra Anandpara as an
additional director of the Company at their meeting held on January
18,2010.
Shri Jagdish J Doshi, Director retires by rotation at the ensuing
Annual General Meeting and, being eligible, offers himself for
re-appointment.
Brief resume of the Directors proposed to be re-appointed, nature of
their experience in specific functional areas, names of the companies
in which they hold directorship and membership/chairmanship of Board
Committees, shareholding and relationship between Directors inter-se,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, are provided in the Notice for convening the Annual General
Meeting.
GROUP
Persons constituting group coming within the definition of "group" for
the purpose of Regulation 3(1)(e)(l) of the Securities and Exchange
Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 are set out as Annexure-2 of this report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the
Directors, based on the representations received from the operating
management, confirm that: -
I. in the preparation of the annual accounts for the Financial Year
ended 31 March 2010, the applicable accounting standards had been
followed along with the proper explanation relating to material
departures;
II. the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the Profit &
Loss of the Company for the year ended under review;
III. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing & detecting fraud and other irregularities; and
IV. the Directors had prepared the annual accounts of the Company for
the financial year under review on a going concern basis.
LISTING
The Companys equity shares are presently listed with Bombay Stock
Exchange Ltd (Code - 513349) and National Stock Exchange of India
Limited (Code-AJMERA).
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with BSE & NSE,
Management Discussion and Analysis, Corporate Governance Report,
Auditors Certificate regarding compliance of conditions of Corporate
Governance and CEO Certificate on Code of Conduct is made as a part of
the Annual Report.
CONSOLIDATED FINANCIAL STATEMENTS
As required under Accounting Standard 21-Consolidated Financial
Statements read with Accounting Standard 23 on Accounting for
Investments in Associates, the Company is providing the audited
consolidated financial statements in the Annual Report incorporating
the results of the subsidiary companies.
AUDITORS
The Companys Auditors, M/s. V. Parekh & Associates, Chartered
Accountants, retire as Auditors of your Company at the conclusion of
the ensuing Annual General Meeting and are eligible for re-appointment.
They have indicated their willingness to accept reappointment and have
further furnished necessary Certificate in terms of Section 224 (1B) of
the Companies Act, 1956.
The Audit Committee has considered and recommended the reappointment of
M/s. V. Parekh & Associates, Chartered Accountants, Mumbai, as
Statutory Auditors of the Company, to the Board of Directors. Your
Directors have accepted the recommendation and recommend to the
shareholders the re-appointment of M/s. V. Parekh & Associates,
Chartered Accountants, Mumbai as the Statutory Auditors of the Company.
AUDITORS REPORT
The observations made by the Auditors in their Report referring to the
Notes forming part of the Accounts are self- explanatory and therefore,
do not require any further comments under Section 217(3) of the
Companies Act, 1956.
PARTICULARS OF THE EMPLOYEES
During the year, no employee of the Company was in receipt of
remuneration exceeding the sum prescribed under Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
AND OUTGO
The provisions of Section 217 (1) (e) of the Companies Act, 1956 and
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 regarding conservation of energy, technology
absorption are not applicable to the Company. The transaction involving
foreign exchanges during the year are given as Annexure-3 of this
report.
HUMAN RELATIONS
During the year employee relations continued to be cordial and
harmonious at all levels and in all divisions of the Company. There was
a total understanding of the Management objectives by the workers. The
Company has consistently tried to improve its HR policies and processes
so as to acquire, retain & nurture the best of the available talent in
the Industry.
FIXED DEPOSITS
During the year under review, your company has not accepted or renewed
any fixed deposit from the public.
ACKNOWLEDGMENT
The Board of Directors wishes to thank the Central Government, State
Governments, RBI, SEBI, The Bombay Stock Exchange Limited (BSE) and
National Stock Exchange of India Ltd. (NSE) for their co-operation in
various spheres of your Companys functions. The Board of Directors
expresses its gratitude for the co-operation extended by the Financial
Institutions / Term Lenders like Dena Bank, HDFC Bank, Kotak Bank and
Axis Bank for their support.
Your Directors thank all the shareholders of the Company, its clients
and investors for their support during the year and Jook forward to
their continued support in the years to come.
Your Company has also gained considerably from the sincere and devoted
services rendered by its employees at all levels. The Board of
Directors wishes to place on record its appreciation of their efforts
in enhancing the image of your Company..
By order of the Board of Directors
For AJMERA REALTY & INFRA INDIA LTD
Date: 30th July, 2010 C S AJMERA
Place: Mumbai Chairman & Managing Director