Mar 31, 2016
Your Directors are pleased to present the Directors'' Report of your Company together with the Audited Financial Statements and the Auditors'' Report for the period ended 31st March, 2016. The summarized financial results for the Financial Year are as under:
WORKING RESULTS:
FINANCIAL PERFORMANCE:
During the year under review, company has Revenue from operation of Rs. 7181.66 Lakhs (Previous Year: Rs. 6608.21 Lakhs) and Other Income of Rs.1183.20 Lakhs (Previous Year: Rs.733.77 Lakhs), and the Gross Profit/ loss of the Company amounted to Rs.(792.55) Lakhs (Previous Year: Rs.158.04 Lakhs). After providing for Interest & Finance charges, and Depreciation, the Profit/Loss after Tax is Rs.(521.63) Lakhs (Previous Year: Rs.128.85 Lakhs).
(Rs. In Lakhs
S. No. |
Particulars |
1st January 2015 to 31st March, 2016 (15 Months) |
1st October 2013 to 31st December 2014 (15 Months) |
I. |
Total Revenue |
8364.860 |
7341.986 |
II. |
Total Expenses |
9157.407 |
7183.938 |
III |
Profit before exceptional and extraordinary items and tax (I-II) |
(792.546) |
158.047 |
IV |
Exceptional items |
- |
- |
V |
Profit before extraordinary items and tax (III -IV) |
(792.546) |
158.047 |
VI |
Tax expense: |
||
(1) Current tax |
47.805 |
37.000 |
|
(2) Deferred tax |
(318.72) |
7.807 |
|
VII |
Profit (Loss) for the period from continuing operations |
(521.632) |
128.855 |
VIII |
Transfer to Capital Redemption Reserve |
- |
- |
IX |
Profit (Loss) for the period (VII- VIII) |
(521.632) |
128.855 |
DIVIDEND
Your directors do not recommend any Dividend for the financial year ended 31st March 2016 as the company had incurred a loss during the current year. Hence, transfer to general reserves is not applicable.
DEPOSITS
During the year under review, the company didn''t raise funds by way of fixed deposits from Public.
Subsidiaries & Joint Ventures/Associates
There are four subsidiaries, four joint ventures, one associate of your Company as on 31st March, 2016. M/s Arihant Griha Limited, Vaikunt Housing Limited, Varenya Constructions Limited and Transperent Heights Real Estate Limited are the wholly-owned subsidiaries of your Company. M/s. Arihant Unitech Realty Projects Limited, North Town Estates Private Limited, Mangalagiri Realty Private Limited (formerly known as Arihant Indo-African Infra Developers and Builders Private Limited) and Escapade Real Estate Private Limited are Joint Venture entities of your Company. M/s. Heirloom Real Estate Private Limited is an Associate Company with 25% stake. Your Company does not have any material non-listed Indian Subsidiary Company. No Company ceases to be Subsidiary and no Company has been made Subsidiary during the year under review. Details of financial statements of subsidiaries is given in AoC-1 as Annexure 1.
Performance, Plans and Prospects of your Company
Your Company''s current year Projects:
During the year under review, the Company has executed and handed over 3 residential projects covering an area of 4.55 Lakh square feet. The Company''s Project managers are guided by policy and principle in the successful implementation and completion of various projects.
ONGOING PROJECTS
Project name |
Location |
Area (Sqft) |
Arihant â Esta (Residential Complex) |
Mugappair, Chennai |
1,94,145 |
Arihant Tiara (Residential Complex) |
Nandambakkam, Chennai |
1,49,568 |
TOTAL |
3,43,713 |
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments made during the year are given in the notes to the Financial Statements.
DIRECTORS:
Your Directors have played a very important role in the improvement of the Company''s Business Performance, Controls, Finances and Accounts, Compliances and Systems. Their active involvement and their critical and supportive monitoring have been of great value. They have brought in a breadth of experience and expertise coupled with commitment to the Company.
A) CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the period under review, the Board has appointed Mrs. Ann Amelia Gonsalvez as an independent woman Director of the Company In terms of section 149 read with section 152 of the Companies Act 2013, earlier in a meeting of the Board and later in the last AGM of the Company; being an Independent Director she is not liable to retire by rotation.
Mr.Harish Trivedi, Director of the Company resigned from the Board on 25.03.2015.
Mr.Ravikant Chaudry, Mr.Damodaran Arumugam and Mr.Karan Bhasin who were earlier Directors of the Company were appointed as independent directors for a period of 5 years from the date of last AGM pursuant to the provisions of Section 149 of the Companies Act, 2013.
In compliance of provisions of section 203 of the Companies Act, 2013 following persons have been designated as Key Managerial Personnel (KMP) of the company.
S. No. |
Name |
Designation |
Designated w.e.f. |
1 |
Kamal Lunawath |
Managing Director |
04/11/2005 |
2 |
Vimal Lunawath |
Chief Financial Officer |
04/11/2005 |
3 |
J. Meenakshi |
Company Secretary |
23/08/2013 |
B) DECLARATION BY INDEPENDENT DIRECTORS
A declaration by the Independent Directors that they meet the criteria of independence as provided in subsection (6) of Section 149 of the Companies Act, 2013 was taken on record by the Board in their meeting held on January 7, 2015. The terms and conditions of appointment of the Independent Directors are placed on the website of the Company http://www. arihantfoundations.com/investors-details/code-of-conduct/
The Company has also disclosed the Directors'' familiarization programme on its website http://www. arihantfoundations.com/investors-details/code-of-conduct/
The independent directors had met on 19.10.2015 and reviewed the performance of non-executive directors, chairman and executive directors and analyzed the flow of information to the Board. All the Independent directors were present at the meeting.
The Board also evaluated its own performance and that of its committees & Independent Directors.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
During the year, 13(thirteen) Board Meetings and 5 (five) Audit Committee Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
AUDIT COMMITTEE:
The Audit Committee had a number of meetings, both formal and internal interactions with the management team in reviewing Accounts, Finances, Compliances and Risks, and in ensuring improved internal reporting, analyses and financial performances. Given the increasing complexities presented by the new Companies Act and other Laws, the Audit Committee has also focused on Compliance and Governance to meet the needs of the present and the future. When necessary, external consultants have been brought in to support the Committee and the Management team.
We are happy to report to you that governance of your Company is of a high order as a result. Further improvements are being implemented.
Nomination and Remuneration Committee has been active in its role as stipulated in Section 178 of the Companies act 2013. The policy of remuneration of the Directors, KMPs and employees are stated elsewhere in the report.
FINANCE
All taxes and statutory dues have been paid. Payment of interest and installments to the Financial Institutions and Banks are being made as per schedule. Your Company had not collected any Fixed Deposits during the Financial Year.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard AS-21 on consolidated financial statements read with Accounting Standard AS-23 on investment in associates, AS-27 on financial reporting of interest in Joint Venture, Auditors Report on the consolidated financial statements are provided in the Annual Report.
REPORT ON CORPORATE GOVERNANCE
Your Company ensures good corporate governance by implementing and complying with the policies, standards set out by Securities and Exchange Board of India and other regulatory authorities. The requisite certificate issued by Mrs. G. Subhasree, Practicing Company Secretary, confirming compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015, is attached to this Report as Annexure 2 .
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN -EXCHANGE EARNINGS AND OUTGO.
The necessary details are furnished in Notes to Financial statements no. 34.
PARTICULARS OF EMPLOYEES:
Details of employees covered under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in Annexure 3 to this annual report. Employees at all levels have performed well.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee (ICC) has been set up by your Company to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The number of complaints filed during the year was Nil.
RELATED PARTY TRANSACTIONS
All transactions entered into with Related Parties (as defined under the Companies Act, 2013) during the financial year were in the ordinary course of business and on an Arm''s length pricing basis, and do not attract the provisions of Section 188 of the Companies Act, 2013 and within the ambit of Reg. 23 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. Approval of shareholders is being sought in the current AGM for material related party transactions. Suitable disclosure as required by the Accounting Standards (AS18) has been made in the notes to the Financial Statements.
The Board has approved a policy for related party transactions which has been uploaded on the Company''s website. http://www.arihantfoundations. com/investors-details/code-of-conduct.
Details of transactions with related parties are given in Form AOC - 2 which is attached to this report as Annexure 4.
REMUNERATION POLICY OF THE COMPANY
The objective of the remuneration policy of the Company is to ensure that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors of the quality required to run the company successfully; relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and remuneration to directors, key managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:
i) in the preparation of the annual accounts, the applicable accounting standards have 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 true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period.
iii) the directors have taken proper and sufficient care to maintain 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 directors have prepared the annual accounts on a going concern basis.
v) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.
vi) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
BUSINESS RISK MANAGEMENT
Business Risk Evaluation and Management is an ongoing process within the Organization. The Company has a robust risk management framework to identify, monitor and minimize risks. Pursuant to the requirement of Reg. 17(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted a Business Risk Management.
Committee and the details of the Committee are as under:
S. No. |
Name of the member |
Category |
1. |
Mr. Ravikant Choudhry |
Chairman, Non executive, Independent |
2. |
Mr. A. Damodaran |
Member, Non executive, Independent |
3. |
Mr. Bharatkumar Jain |
Member, Executive, Non Independent Director |
VIGIL MECHANISM / WHISTLE BLOWER MECHANISM
The Company has a vigil mechanism to deal with instance of fraud and mismanagement, if any. The details of the Policy are explained in the Corporate Governance Report and also posted on the website of the Company.
CORPORATE SOCIAL RESPONSIBILITY
Obligation to incur expenses Corporate Social Responsibility are not applicable to your Company for the current year. A CSR committee of the Board however has been constituted and a policy on Corporate Social Responsibility Policy has been uploaded on the Company''s website http://www.arihantfoundations. com/investors-details/code-of-conduct/
STATEMENT PURSUANT TO LISTING AGREEMENT
Your Company''s shares are listed with the National Stock Exchange of India Ltd and the BSE Ltd. We have paid the respective annual listing fees and there are no arrears.
REPORT ON CORPORATE GOVERNANCE
A Report on Corporate governance is annexed herewith as Annexure 5. An extract of Annual Return is attached as Annexure 6.
AUDITORS
The Company has appointed M/s B.P Jain & Co., Chartered Accountants (Firm Registration no. 050105S) in the 22nd Annual General Meeting held on 30th June, 2015 on such remuneration as may be fixed by the Board of Directors subject to ratification by the members every year. The ratification of the auditors is proposed during the current year taking into account the provisions of the Act read with Removal of difficulties Third Order dated 30th June 2016. The Auditors have confirmed their eligibility to the effect that their appointment, if made, would be within the prescribed limits under the Act and that they are not disqualified for appointment.
INTERNAL AUDITORS
The Internal Auditors M/s. Ernst & Young LLP have played an important role in strengthening the Systems and internal Controls within the Company.
SECRETARIAL AUDIT
The Board appointed Mrs. G.Subhasree, Practising Company Secretary, Chennai to conduct Secretarial Audit for the Financial Year 2015-16. The Secretarial Audit Report for the Financial Year ended March 31, 2016 is attached to this Report as Annexure 7.
PARTICULARS PURSUANT TO SECTION 197(12) AND THE RELEVANT RULES OF THE COMPANIES ACT, 2013:
a) The ratio of the remuneration of each Director to the median employee''s remuneration for the financial year and such other details as prescribed is as given below:
S. No. |
Name of the Director |
Ratio |
1. |
Mr. Kamal Lunawath |
2.275 |
2. |
Mr. Vimal Lunawath |
2.275 |
3. |
Mr. Bharatkumar Jain |
3.034 |
b) The median remuneration for the period from January 2015 to March 2016 Rs. 6,59,168/
c) The percentage increase in remuneration of the Managing Director, Chief Financial Officer, Company Secretary or Manager, if any, in the financial year:
Mr. Kamal Lunawath - (Managing Director) : N.A. Mr. Vimal Lunawath - (Chief Financial Officer) : N.A.
Mrs. J.Meenakshi - (Company Secretary) : N.A.
d) The percentage increase in the median remuneration of employees in the financial year: Nil
e) The number of permanent employees on the rolls of company: 29
f) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and any exceptional circumstances for increase in the managerial remuneration:
Increase in remuneration is based on remuneration policy of the Company.
g) If remuneration is as per the remuneration policy of the company: Yes
PERSONNEL
The Board wishes to place on record its appreciation of all employees of the Company, for their wholehearted efforts and contribution to the performance and growth of the Company.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the support and co- operation received from CMDA, Corporation of Chennai, Banks and Financial Institutions, Customers, Suppliers and Shareholders and for their continued support. The Board also wish to place its sincere appreciation to the dedicated and committed team of employees.
For and on behalf of the Board of Directors
ARIHANT FOUNDATIONS & HOUSING LIMITED
Sd/- Sd/-
(KAMAL LUNAWATH) (VIMAL LUNAWATH)
Place: Chennai Managing Director Whole time Director
Date: 26.05.2016 DIN: 00087324 DIN: 00586269
Dec 31, 2014
Dear Members,
The Directors are pleased to present the Directors'' Report of your
Company together with the Audited Statement of Accounts and the
Auditors'' Report for the Financial Year ended 31st December, 2014. The
summarized financial results for the Financial Year are as under:
FINANCIALS
(Rs. in Lakhs)
PARTICULARS 1st Oct 13 1st Oc 12
to 31st Dec 14 to 30th Sep 13
(15 months) (12 Months)
Income 7341.98 6912.86
Expenditure 5921.17 5629.65
Earnings before Interest,
Depreciation and Tax 1420.81 1283.21
Interest 1262.77 815.92
Depreciation 75.92 60.05
Profit before Tax and
Exceptional items -- 180.10
Profit before Tax 158.04 277.13
Provision for tax 29.19 60.00
Profit after Tax 128.85 167.13
APPROPRIATIONS
Proposed Dividend  Â
Balance profit carried forward 128.85 167.13
IMPLEMENTATION OF COMPANIES ACT 2013
As per General Circular No. 08/2014 of Ministry of Corporate Affairs
dated 04.04.2014 clarifies that, the financial statements (and
documents required to be attached thereto), auditor''s report and
Board''s report in respect of financial years that commenced earlier
than 1st April, 2014 shall be governed by the relevant provisions/
Schedules/ rules of the Companies Act, 1956. However, as good corporate
governance few important aspects are covered below:
a) DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY:
The main objective of Risk Management is risk reduction and avoidance
as also to help the Company identify the risks faced by the business
and optimize the risk management strategies. The Company has a defined
risk management framework. The company has laid down procedures to
inform Board members about the risk assessment and minimization
procedures and is responsible for framing, implementing and monitoring
the risk management plan for the company.
The company has constituted a risk management committee, whose
constitution is as below. It assists the Board in functioning of
framing, implementing, monitoring and reviewing the Risk Management
Plan, lays down procedures to inform the Board on the Risk Assessment
and Minimization Procedures, review the said procedures periodically
and to see whether the Executive Management controls the risks through
properly defined framework, and such other functions as it may deem
fit.
Constitution of Risk Management Committee:
S.No Name of the member Category
1 Mr. Ravikant Choudhry Chairman, Non executive
Independent
2 Mr. A. Damodaran Member, Non executive,
Independent
3 Mr. Bharat Jain Member, Executive,
Non Independent Director
b) INTERNAL FINANCIAL CONTROL
Your Company has well defined and adequate internal controls and
procedures, commensurate with its size and nature of its operations.
This is further strengthened by the Internal Audit done concurrently.
Your Company has appointed M/s. Ernst & Young LLP, Major international
accounting and consulting firm as the Internal Auditors of the Company.
The Internal Auditors directly and periodically report to the Audit
Committee as required by the Clause 49 of the Listing Agreement.
Besides, the Company has an Audit Committee, comprising Non-Executive
Directors, to monitor its financial management, operations and systems.
The Audit committee at its meeting held on 14.11.2014 has evaluated the
internal financial controls and risk management system accordingly.
c) EXTRACT OF THE ANNUAL RETURN:
The extract of Annual Return as provided under sub- section (3) of
section 92 of the Act is covered in the Corporate Governance Report of
this Annual Report.
d) NUMBER OF BOARD MEETINGS HELD DURING THE YEAR ALONG WITH THE DATES
OF THE MEETINGS
The details of number of Board Meetings held during the year along with
the dates of the meetings are covered in the Corporate Governance
Report of this Annual Report.
e) AUDIT COMMITTEE
The Audit Committee composition under provisions of section 177 of the
Act and Clause 49(III) of the Listing agreement are covered in the
Corporate Governance Report of this Annual Report.
f) CORPORATE SOCIAL RESPONSIBILITY (CSR):
Corporate Social Responsibility provisions are not applicable to your
Company as your Company did not qualify the rules provided in Section
135 of the Companies Act, 2013.
PERFORMANCE
The Company''s total Income is Rs.73.42 crores during the financial year
2013-14 as against Rs.69.13 crores in the previous year 2012-13 and the
Earnings before Interest, Depreciation and Tax (EBIDT) is Rs. 14.21
crores during the financial year 2013-14 as against Rs. 12.83 crores in
the previous year 2012-13. The Profit after tax (PAT) for the financial
year is Rs. 1.29 crores compared to previous year profit of Rs.1.67
crores. On consolidated basis, the total income of your Company and its
subsidiaries and Joint venture stands at Rs.101.02 crores and
consolidated loss after tax stood at Rs. 16.31 crores as compared to
the previous year consolidated loss after at Rs. 18.56. The earnings
per Share (EPS) basic and diluted stands at Rs. 1.50 considering the
total equity capital of Rs.8.60 crores (86,00,000 equity shares of
Rs.10/- each) as on 31st December, 2014.
This decrease in profit is primarily due to onetime settlement scheme
entered into by the Company with the HUDCO and made a full and final
settlement for the long pending claim filed against the Company by
HUDCO before the Debt Recovery Tribunal (DRT), whereby the DRT vide its
order dated 26/08/2011 ordered for payment of interest of 9% p.a. on
Rs. 15,48,54,845/- with interest pendent lite and future thereon from
1.7.2004. Your Company has successfully settled a claim pending
against it since 2004. This has significantly brought down the profits
of the Company for the year under review. The other reasons for
decrease include economic slowdown, depressed markets, increase in
interest costs and cost of raw materials. A more detailed discussion
and analysis on the performance of the Company in retrospect as well as
the outlook is detailed in the Management Discussion and Analysis
Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchanges is presented in a
separate section forming part of the Annual Report.
PROJECTS
During the year under review, the Company has executed and handed over
2 residential projects covering an area of 4.19 Lakh square feet. The
Company''s Project managers are guided by policy and principle in the
successful implementation and completion of various projects.
ONGOING PROJECTS
Project name Location Area
(Sqft)
Escapade Real Estate Pvt. Ltd.
Villa Viviana- Phase II GST Road, 13,00,000
Township Project Chennai
In association with J P Morgan
India Property Fund
North Town Estates Pvt. Ltd. Perambur, 30,24,000
Township Project Chennai
In association with
PVP Ventures Ltd and
Unitech Ltd.
Arihant Unitech Reality Projects
Ltd Green Wood Thazambur,
(Plotted development) Chennai 16,84,800
Arihant - Esta Mugappair,
(Residential Complex) Chennai 1,94,145
Arihant Tiara Nandambakkam,
(Residential Complex) Chennai 1,48,020
TOTAL 63,50,965
DIVIDEND
Your directors do not declare any Dividend for the financial year
ended, 31st December 2014 due to inadequate profit and to Conserve
reserves.
DEPOSITS
During the year under review, the Company did not raise funds by way of
fixed deposits from the public.
SUBSIDIARY COMPANIES AND ITS ACCOUNTS
There are four subsidiaries of your Company as on 31st December, 2014.
The financial details of the Subsidiary Companies as well as the extent
of holdings therein are provided in a separate section of the Annual
Report pursuant to Section 212 of the Companies Act, 1956. Ministry of
Corporate Affairs vide its general circular no.2/2011 dated 8th
February, 2011 has issued a direction under Section 212(8) of the
Companies Act, 1956 granting general exemption with respect to the
provision of section 212 of the Companies Act, 1956. With the consent
of the Board and following the aforesaid direction, the annual accounts
and other details of Subsidiary Companies are not attached. However the
annual accounts of subsidiary companies and the related detailed
information shall be made available to shareholders of holding and
subsidiary companies seeking such information at any point of time. The
annual accounts of the subsidiary companies shall also be kept for
inspection by any shareholders in the corporate office and registered
office of the holding company and of the subsidiary companies concerned
and a note to the above effect will be included in the details of
accounts of subsidiaries to any shareholder on demand. No Company
ceases to be Subsidiary and no Company has been made Subsidiary during
the year under review.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard AS-21 on consolidated
financial statements read with Accounting Standard AS-23 on investment
in associates, AS-27 on financial reporting of interest in Joint
Venture, Auditors Report on the consolidated financial statements,
audited consolidated Balance Sheet, Profit and Loss account and Cash
flow statements are provided in the Annual Report.
REPORT ON CORPORATE GOVERNANCE
Your Company ensures good corporate governance by implementing and
complying with the policies, standards set out by Securities and
Exchange Board of India and other regulatory authorities. The requisite
certificate issued by Mrs. V. Padmapriya, Practicing Company Secretary,
confirming compliance with the conditions of Corporate Governance as
stipulated under clause 49 of the Listing Agreement, is attached to
this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN -EXCHANGE
EARNINGS AND OUTGO.
The necessary details are furnished in Notes to Financial statements
no. 33.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
During the period under review, no employee was in receipt of
remuneration in excess of the limits laid down in Subsection (2A) of
Section 217 of the Companies Act, 1956.
DIRECTORS
In compliance with the provisions of section 149, 152 and other
applicable provisions, if any, of the Act, and listing agreement Mr.
Ravikanth Choudhry (DIN: 00831721), Mr. Damodaran Arumugam (DIN:
00083139), Mr. Karan Bhasin (DIN: 02168581) & Mrs. Ann Gonsalvez
(DIN: 07136630), are proposed to be appointed as Independent Directors
(Non - Executive) of the Company for a term of five consecutive years
from the conclusion of this Annual General Meeting, and shall not be
liable to retirement by rotation. The brief resume of directors, who
are to be appointed as stipulated under clause 49(II)(B) of the Listing
Agreement, are furnished in the Corporate Governance Report forming
part of this Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of the Company hereby state and
confirm that:
(i) That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) That the Directors had 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 the affairs of the Company at the end of the Financial Year and of
the profit of the Company for that period;
(iii) That the Directors had 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 and detecting fraud and other irregularities;
(iv) That the Directors had prepared the Annual Accounts on a
going-concern basis;
(v) That the directors, had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively;
(vi) That the directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
AUDITORS
The company has appointed M/s B.P Jain & Co., Chartered Accountants
(Firm Registration no.050105S) in the 22nd Annual General Meeting
proposed to be held on 30th June, 2015 until the conclusion of the next
Annual General Meeting of the Company, on such remuneration as may be
fixed by the Board of Directors subject to ratification of members
every year.
INVESTOR RELATIONS
Your Company always endeavors to keep the time of response to
shareholders'' requests/ grievances at the minimum. Priority is accorded
to address all the issues raised by the shareholders and provide them a
suitable reply at the earliest possible time. The Shareholders'' and
Investors'' Grievance Committee of the Board met to review the redressal
of investors grievances. The shares of your Company are continued to be
traded in Electronic Form and the ematerialized on arrangement exists
with both the depositories, viz., National Securities Depository
Limited (NSDL) and Central Depository Services (India) Limited (CDSL).
As on 31st December, 2014, 69,01,720 (Sixty Nine lakhs One thousand
Seven hundred and Twenty only) shares have been ematerialized,
representing 80.25% of the subscribed capital.
LISTING
The shares of your Company are listed in Madras Stock Exchange Limited,
Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. The Company has paid the listing fees for the Financial Year
2013-2014 to the Stock Exchanges where its securities are listed. The
listed capital of the Company with BSE and NSE is 86,00,000 fully
paid-up equity shares of Rs.10/- each. The Company had made a request
to Madras Stock Exchange Ltd for delisting its entire securities
(70,00,000 equity shares of Rs.10/- each) voluntarily after obtaining
the approval of shareholders at the 15th Annual General Meeting of the
Company held on 28.03.2008. The Exchange informed that it is in the
process of voluntary winding up vide circular issued by SEBI dated
22.05.2014.
TRANSFER OF UNPAID DIVIDEND TO IEPF (INVESTOR EDUCATION AND PROTECTION
FUND)
Details of unclaimed Dividend:
Financial Date of Unpaid Dividend Due date for
Year Declaration amount. transfer
of Dividend As on 30.09.2013 to IEPF.
(Rs.)
2007- 08 20-03-2009 64,470.00 18-04-2016
2008- 09 26-03-2010 1,44,244.00 24-04-2017
2010- 11 30-03-2012 65,606.00 28-04-2019
The Shareholders are requested to claim their unclaimed dividends
before the aforementioned due dates. The unpaid dividend once
transferred to IEPF, cannot be claimed by the Shareholders.
THE COMPANIES (COST ACCOUNTING RECORD) RULES, 2011
As per the Companies (Cost Records and Audit) Amendment Rules, 2014
dated 31st December, 2014, cost audit is not applicable to your
Company.
PERSONNEL
The Board wishes to place on record its appreciation of all employees
of the Company, for their wholehearted efforts and contribution to the
performance and growth of the Company.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the support and co-
operation received from CMDA, Corporation of Chennai, ELCOT, Banks and
Financial Institutions, Customers, Suppliers and Shareholders and for
their continued support. The Board also wish to place its sincere
appreciation to the dedicated and committed team of employees.
For and on behalf of the Board of Directors
ARIHANT FOUNDATIONS & HOUSING LIMITED
S/d. S/d.
(KAMAL LUNAWATH) (VIMAL LUNAWATH)
Managing Director Cheif Financial Officer
DIN: 00087324 DIN: 00586269
Place: Chennai
Date: 27.02.2015
Sep 30, 2013
The Directors take pleasure in presenting the 21st Annual Report to
the Shareholders together with the Audited Accounts for the year ended
30th September, 2013.
FinAnCiALs
(Rs. in Lakhs)
PArtiCuLArs 2012-13 2011-12
Income 6912.86 14392.54
Expenditure 5629.65 12960.08
Earnings before Interest,
Depreciation and Tax 1283.21 1432.46
Interest 815.92 820.83
Depreciation 60.05 56.35
Proft before Tax and
Exceptional items 407.24 555.28
Exceptional items 180.10 280.04
Proft before Tax 227.13 275.24
Provision for tax 60.00 61.99
Proft after Tax 167.13 213.25
APProPriAtions
Proposed Dividend 86.00
Balance proft carried forward 167.13 127.25
PerFormAnCe
The Company''s total Income is Rs.69.13 crores during the fnancial year
2012-13 as against Rs. 144 crores in the previous year 2011-12 and the
Earnings before Interest, Depreciation and Tax (EBIDT) is Rs. 12.83
crores during the fnancial year 2012-13 as against Rs. 14.32 crores in
the previous year 2011-12. The Proft after tax (PAT) for the fnancial
year is Rs.1.67 crores compared to previous year proft of Rs. 2.13
crores. On consolidated basis, the total income of your Company and its
subsidiaries and Joint venture stands at Rs.141.83 crores and
consolidated loss after tax stood at Rs. 18.56 crores as compared to
the previous year consolidated PAT of Rs. 4.84 crores. The earnings per
Share (EPS) basic and diluted stands at Rs.1.94 considering the total
equity capital of Rs.8.60 crores (86,00,000 equity shares of Rs.10/-
each) as on 30th September, 2013.
It is evident from the above fgures that the performance of the Company
has dropped slightly due to slow economic growth, high construction
cost, high home loan interest, escalation of raw materials and steel
prices in the real estate sector during the current reporting period.
However it is expected that with increasing Government support in the
real estate sector, the sector is bound to grow. A more detailed
discussion and analysis on the performance of the Company in retrospect
as well as the outlook is detailed in the Management Discussion and
Analysis Report.
mAnAgement disCussion And AnALYsis rePort
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchanges is presented in a
separate section forming part of the Annual Report.
ProJeCts
The Company recognises that conceiving, developing and implementing
projects aimed at growth and meeting market requirements, in a cost
effective and time bound manner, will always remain a key business
policy of the Company. The Company''s Project managers are guided by
this policy and principle in the successful implementation and
completion of various projects.
diVidend
Your directors do not declare any Dividend for the fnancial year ended,
30th September 2013 due to inadequate profts.
dePosits
Your Company has not received any fxed deposits during the year.
suBsidiArY ComPAnies And its ACCounts
There are four subsidiaries of your Company as on 30th September, 2013.
The fnancial details of the Subsidiary Companies as well as the extent
of holdings therein are provided in a separate section of the Annual
Report pursuant to Section 212 of the Companies Act, 1956. Ministry of
Corporate Affairs vide its general circular no.2/2011 dated 8th
February, 2011 has issued a direction under Section 212(8) of the
Companies Act, 1956 granting general exemption with respect to the
provision of section 212 of the Companies Act, 1956. With the consent
of the Board and following the aforesaid direction, the annual accounts
and other details of Subsidiary Companies are not attached. However the
annual accounts of subsidiary companies and the related detailed
information shall be made available to shareholders of holding and
subsidiary companies seeking such information at any point of time. The
annual accounts of the subsidiary companies shall also be kept for
inspection by any shareholders in the Corporate offce and r egistered
offce of the holding company and of the subsidiary companies concerned
and a note to the above effect will be included in the details of
accounts of subsidiaries to any shareholder on demand.
ConsoLidAted FinAnCiAL stAtements
In accordance with the Accounting Standard AS-21 on consolidated
fnancial statements read with Accounting Standard AS-23 on investment
in associates, AS-27 on fnancial reporting of interest in Joint
Venture, Auditors Report on the consolidated fnancial statements,
audited consolidated Balance Sheet, Proft and Loss account and Cash fow
statements are provided in the Annual Report.
rePort on CorPorAte goVernAnCe
Your Company ensures good corporate governance by implementing and
complying with the policies, standards set out by Securities and
Exchange Board of India and other regulatory authorities. The requisite
certifcate issued by Mrs.V.Padma Priya, Practicing Company Secretary
confrming compliance with the conditions of Corporate Governance as
stipulated under clause 49 of the Listing Agreement, is attached to
this Report.
ConserVAtion oF energY, teChnoLogY ABsorPtion, Foreign eXChAnge
eArnings And outgo.
The necessary details are furnished in Notes to Financial statements
no.33.
PArtiCuLArs oF emPLoYees under seCtion 217(2A)
During the year under review, no employee was in receipt of
remuneration in excess of the limits laid down in Subsection (2A) of
Section 217 of the Companies Act, 1956.
direCtors
In accordance with the relevant provisions of the Companies Act, 1956
and Articles of Association of the Company, Mr. Ravikant Choudhry and
Mr. Harish Trivedi, Directors are liable to retire by rotation at the
ensuing Annual General Meeting and, being eligible, offer themselves
for reappointment. The brief resume of directors, who are to be
re-appointed as stipulated under clause 49(IV) of the Listing
Agreement, are furnished in the Corporate Governance Report forming
part of the Annual Report.
direCtors resPonsiBiLitY stAtement
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of the Company hereby state and
confrm that:
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed along with the proper explanations
relating to the 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 affairs of the
company at the end of the fnancial year and of the proft or loss of the
company for that period.
iii. Proper and suffcient care have been taken to maintain adequate
accounting records in accordance with the provisions of this Act to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
Auditors
M/s B.P. Jain & Co., Chartered Accountants, Auditors of the Company
hold offce until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from them to the effect that they
offer themselves for reappointment and if appointed, it would be within
the prescribed limits under Section 224(1B) of the Companies Act, 1956.
inVestor reLAtions
Your Company always endeavors to keep the time of response to
shareholders'' requests/ grievances at the minimum. Priority is accorded
to address all the issues raised by the shareholders and provide them a
suitable reply at the earliest possible time. The Shareholders'' and
Investors'' Grievance Committee of the Board met to review the redressal
of investors grievances. The shares of your Company are continued to be
traded in Electronic Form and the dematerialisation arrangement exists
with both the depositories, viz., National Securities Depository
Limited (NSDL) and Central Depository Services (India) Limited (CDSL).
As on 30th September, 2013, 66,06,320 (Sixty six lakhs Six thousand
three hundred and twenty only) shares have been dematerialised,
representing 76.81% of the subscribed capital.
Listing
The shares of your Company are listed in Madras Stock Exchange Limited,
Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. The Company has paid the listing fees for the Financial Year
2012-2013 to the Stock Exchanges where its securities are listed. The
listed capital of the Company with BSE and NSE is 86,00,000 fully
paid-up equity shares of Rs.10/- each. The Company had made a request
to Madras Stock Exchange Limited for delisting its entire securities
(70,00,000 equity shares of Rs.10/- each) voluntarily after obtaining
the approval of shareholders at the 15th Annual General Meeting of the
Company held on 28.03.2008. Delisting approval from MSE is awaited. The
Company has also complied with the amendments in listing agreement from
time to time.
By Order of the Board
For Arihant Foundations &
Housing Limited
Sd/-
(J. Meenakshi)
Company Secretary
Place: Chennai
Date: 14.02.2014
Sep 30, 2012
The Directors take pleasure in presenting the 20th Annual Report to
the Shareholders together with the Audited Accounts for the year ended
30th September, 2012.
FINANCIALS
(Rs. in Lakhs)
PARTICULARS 2011-12 2010-11
Income 14392.54 13461.43
Expenditure 12960.08 12320.65
Profit before Interest 1432.46 1140.78
and Depreciation
Interest 820.83 747.63
Depreciation 56.35 53.92
Profit before Tax and 555.28 339.23
Exceptional items -
Exceptional items 280.04 -
Profit before Tax 275.24 339.23
Provision for tax 61.99 87.68
Profit after Tax 213.25 251.55
Previous year provision for Dividend added back - 74.80
APPROPRIATIONS
Proposed Dividend 86.00 86.00
Balance profit carried forward 127.25 240.35
PERFORMANCE
The Company''s total Income is Rs.144 crores during the financial year
2011-12 as against Rs.135 crores in the previous year 2010-11. The
Profit after tax (PAT) for the financial year is Rs.2.13 crores
compared to previous year profit of Rs.2.51 crores. On consolidated
basis, the total income of your Company and its subsidiaries and Joint
venture stands at Rs.225.74 crores and consolidated profit after tax
(PAT) stood at Rs. 4.84 crores as compared to the previous year
consolidated PAT of Rs.0.90 crores recording a four times increase in
the consolidated profit. The earnings per Share (EPS) basic and
diluted stands at Rs.2.48 considering the total equity capital of
Rs.8.60 crores (86,00,000 equity shares of Rs.10/- each) as on 30th
September, 2012.
It is evident from the above performance that the Company has fetched
substantial profit during the year from its JV and Associates as many
of the projects of the Company is in JV and with its Associates. In the
coming years the Company also foresee good profits from its own
projects and the JV Projects.
A more detailed discussion and analysis on the performance of the
Company in retrospect as well as the outlook is detailed in the
Management Discussion and Analysis Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchanges is presented in a
separate section forming part of the Annual Report.
PROJECTS
The Company recognises that conceiving, developing and implementing
projects aimed at growth and meeting market requirements, in a cost
effective and time bound manner, will always remain a key business
policy of the Company. The Company''s Project managers are guided by
this policy and principle in the successful implementation and
completion of various projects.
Project details:
ONGOING PROJECTS
Project name Location Area (Sqft)
VILLA VIVIANA GST Road, 13,00,000
Township Project Chennai
In association with J P
Morgan India Property Fund
NORTH TOWN ESTATES Perambur, 21,26,880
Township Project Chennai
In association with PVP
Ventures Ltd and Unitech Ltd.
ARIHANT - FRANGIPANI Pudupakkam,
Residential Complex Chennai 2,80,000
ARIHANT - PANACHE Arumbakkam, Chennai 1,05,400
ARIHANT - JASHN Egmore,
(Mixed development) Chennai 36,831
GREEN WOOD Thazambur,
(Plotted development) Chennai 39.665 acres
NEW PROJECT INITIATIVE:
ARIHANT - ''ESTA Mugappair,
Residential Complex Chennai 1,94,145
DIVIDEND
Your directors pleased to recommend final dividend for the financial
year ended 30th September, 2012 @ 10% i.e. Rs.1.00 per equity share on
the paid-up equity shares of Rs.10/- each for the financial year ended
30th September 2012, which if approved at the ensuing Annual General
Meeting , will be paid to:
i) all those shareholders whose name appears in the Register of Members
as on 21st March 2013 and;
ii) all those whose name appears on that date as beneficial owners as
furnished by National Securities Depository Limited and Central
Depository Services Limited.
DEPOSITS
The fixed deposits have been repaid in full during the year.
SUBSIDIARY COMPANIES AND IT''S ACCOUNTS
There are four subsidiaries of your Company as on 30th September, 2012.
The financial details of the Subsidiary Companies as well as the extent
of holdings therein are provided in a separate section of the Annual
Report pursuant to Section 212 of the Companies Act, 1956. Ministry of
Corporate Affairs vide its general circular no.2/2011 dated 8th
February, 2011 has issued a direction under Section 212(8) of the
Companies Act, 1956 granting general exemption with respect to the
provision of section 212 of the Companies Act, 1956. With the consent
of the Board and following the aforesaid direction, the annual accounts
and other details of Subsidiary Companies are not attached. However the
annual accounts of subsidiary companies and related detailed
information shall be made available to shareholder''s of holding &
subsidiary companies seeking such information at any point of time. The
Annual accounts of the subsidiary companies shall also be kept for
inspection by any share holder''s in the corporate office and
registered office of the holding company and of the subsidiary
companies concerned and a note to the above effect will be included in
the details of accounts of subsidiaries to any share holder on demand.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard AS-21 on consolidated
financial statements read with Accounting Standard AS-23 on investment
in associates, AS-27 on financial reporting of interest in Joint
Venture, Auditors Report on the consolidated financial statements,
audited consolidated Balance Sheet, Profit and Loss account and Cash
flow statements are provided in the Annual Report.
REPORT ON CORPORATE GOVERNANCE
Your Company ensures good corporate governance by implementing and
complying with the polices, standards set out by Securities and
Exchange Board of India and other regulatory authorities. The requisite
certificate issued by M/s. B.P Jain & Co., Chartered Accountants
confirming compliance with the conditions of Corporate Governance as
stipulated under clause 49 of the Listing Agreement, is attached to
this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN -EXCHANGE
EARNINGS AND OUTGO.
The necessary details are furnished in Notes to Financial statements no
29.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
During the period under review, no employee was in receipt of
remuneration in excess of the limits laid down in Subsection (2A) of
Section 217 of the Companies Act, 1956.
DIRECTORS
In accordance with the relevant provisions of the Companies Act, 1956
and Articles of Association of the Company, Mr. A. L Jayabhanu and Mr.
A Damodaran, Directors are liable to retire by rotation at the ensuing
Annual General Meeting and, being eligible, offer themselves for
reappointment. The brief resume of directors, who are to be
re-appointed as stipulated under clause 49(IV) of the Listing
Agreement, are furnished in the Corporate Governance Report forming
part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of the Company hereby state and
confirm that:
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with the proper
explanations relating to the 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 affairs of the
company at the end of the financial year and of the profit or loss of
the company for that period.
iii. Proper and sufficient care have been taken to maintain adequate
accounting records in accordance with the provisions of this Act to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
AUDITORS
M/s B.P Jain & Co., Chartered Accountants, Auditors of the Company hold
office until the conclusion of the ensuing Annual General Meeting. The
Company has received a letter from them to the effect that they offer
themselves for reappointment and if appointed, it would be within the
prescribed limits under Section 224(1 B) of the Companies Act, 1956.
INVESTOR RELATIONS
Your Company always endeavors to keep the time of response to
shareholders'' requests/ grievances at the minimum. Priority is
accorded to address all the issues raised by the shareholders and
provide them a suitable reply at the earliest possible time. The
Shareholders'' and Investors'' Grievance Committee of the Board met
to review the redressal of investors grievances. The shares of your
Company are continued to be traded in Electronic Form and the
dematerialisation arrangement exists with both the depositories, viz.,
National Securities Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL). As on 30th September, 2012, 6605720
(Sixty six lakhs Five thousands Seven hundred and twenty only) shares
have been dematerialised, representing 76.81% of the subscribed
capital.
LISTING
The shares of your Company are listed in Madras Stock Exchange Limited,
Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. The Company has paid the listing fees for the Financial Year
2011-2012 to the Stock Exchanges where its securities are listed. The
listed capital of the Company with BSE and NSE is 86,00,000 fully
paid-up equity shares of Rs.10/- each.
The Company had made a request to Madras Stock Exchange Ltd for
delisting its entire securities (70,00,000 equity shares of Rs.10/-
each) voluntarily after obtaining the approval of shareholders at the
15th Annual General Meeting of the Company held on 28.03.2008.
Delisting approval from MSE is awaited. The Company has also complied
with the amendments in listing agreement from time to time.
TRANSFER OF UNPAID DIVIDEND TO IEPF (INVESTOR EDUCATION AND PROTECTION
FUND)
Details of unclaimed Dividend:
Financial Date of Unpaid Due date for
Year Declaration Dividend transfer
of Dividend amount to IEPF.
As on
30.09.2012
(Rs.)
2004-05 24-03-2006 7488.20 22-04-2013
2005-06 23-03-2007 89,666.00 21-04-2014
2006-07 28-03-2008 1,92,744.00 26-04-2015
2007-08 20-03-2009 64,857.00 18-04-2016
2008-09 26-03-2010 1,44,331.00 24-04-2017
2010-11 30-03-2012 66,376.00 28-04-2019
The Shareholders are requested to claim their unclaimed dividends
before the aforementioned due dates. The unpaid dividend transferred to
IEPF, cannot be claimed by the Shareholders.
THE COMPANIES (COST ACCOUNTING RECORD) RULES, 2011
The Ministry of Corporate Affairs vide notification dated 3rd June,
2011 have issued Companies (Cost Accounting Record) Rules, 2011 and
made mandatory, the maintenance of cost accounting records and filing
of a compliance report in respect thereto with Registrar of Companies
for each financial year commencing on or after the 1 st day of April,
2011. The aforesaid Rule is applicable to your Company.
Pursuant to the aforesaid Rules, Mr. Srinivasan Ramachandran,
Practicing Cost Accountant was appointed as a Cost Auditor of the
Company and has submitted a duly certified copy of the Compliance
Report, along with necessary Annexure in prescribed format. The
observation made in the said report are self explanatory.
PERSONNEL
The Board wishes to place on record its appreciation of all employees
of the Company, for their wholehearted efforts and contribution to the
performance and growth of the Company.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the support and co-
operation received from CMDA, Corporation of Chennai, ELCOT, Banks and
Financial Institutions, Customers, Suppliers and Shareholders and for
their continued support. The Board also wish to place its sincere
appreciation to the dedicated and committed team of employees.
For and on behalf of the Board of Directors
Arihant Foundations & Housing Limited
Sd/- Sd/-
(KAMAL LUNAWATH) (VIMAL LUNAWATH)
Managing Director Whole time Director
Date:13.02.2013
Place: Chennai
Sep 30, 2011
The Directors commend the Resolution for your approval as an Ordinary
Resolution.
DIRECTORS' REPORT
Your Directors take pleasure in presenting the 19th Annual Report to
the Shareholders together with the Audited Ac- counts for the year
ended 30th September, 2011.
FINANCIALS (Rs.in Lakhs)
PARTICULARS 2010-11 2009-10
Income 13461.43 14505.01
Expenditure 12320.65 13223.78
Profit before Interest
and Depreciation 1140.78 1281.23
Interest 747.63 908.89
Depreciation 53.92 56.72
Profit before Tax 339.23 315.62
Provision for tax 87.68 105.56
Profit after Tax 251.55 210.06
Previous year provision for
dividend added back 74.80 -
APPROPRIATIONS
Proposed Dividend 86.00 74.80
Payment of Dividend for
Previous year 4.30
Balance profit carried forward 240.35 130.96
PERFORMANCE
The Company's total Income is Rs.135 crores during the financial year
2010-11 as against Rs.145 crores in the previous year 2009- 10. The
Profit after tax (PAT) for the financial year is Rs.2.52 crores compared
to previous year profit of Rs.2.10 crores. On consolidated basis, the
total income of your Company and its subsidiaries and Joint venture
stands at Rs.201.74 crores and consolidated profit after tax (PAT) stood
at Rs. 0.90 crores. The earnings per Share (EPS) basic and diluted
stands at Rs.2.93 considering the total equity capital of Rs.8.60
crores (86,00,000 equity shares of Rs.10/- each) as on 30th September,
2011.Sales has come down during the year. With stringent market
condition, competition and the strict funding from Banks and Financial
Institutions, your Company has made a profit of Rs.2.52 crores during
the financial year.
A more detailed discussion and analysis on the performance of the
Company in retrospect as well as the outlook is detailed in the
Management Discussion and Analysis Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
`The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchanges is presented in a
separate section forming part of the Annual Report.
PROJECTS
The Company recognises that conceiving, developing and implementing
projects aimed at growth and meeting market requirements, in a cost
effective and time bound manner, will always remain a key business
policy of the Company. The Company's Project managers are guided by
this policy and principle in the successful implementation and
completion of various projects.
Project Details
ONGOING PROJECTS
Project name Location Area (Sqft)
Villa Viviana
Township Project GST Road,
In association with Chennai 13,00,000
J P Morgan India
Property Fund
ARIHANT AmARA Poonamallee
Residential Complex High Road, 1,45,000
Chennai
NORTH TOWN
ESTATES
Township Project Perambur,
In association with Chennai 21,26,880
PVP Ventures Ltd
and Unitech Ltd.
ARIHANT -
FRANGIPANI Pudupakkam,
Residential Complex Chennai 2,80,000
ARIHANT - Arumbakkam,
PANACHE Chennai 1,05,400
ARIHANT - Jashn Egmore
(Mixed Chennai 36,831
development)
Green Wood Thazambur
Plotted development Chennai 39.665
Acres
DIVIDEND
Your directors pleased to recommend final dividend for the financial year
ended 30th September, 2011 @ 10% i.e. Rs.1.00 per equity share on the
paid-up equity shares of Rs.10 each for the financial year ended 30th
September 2011, which if approved at the ensuing Annual General Meeting
, will be paid to:
i) all those shareholders whose name appears in the Register of Members
as on 22nd March 2012 and;
ii) all those whose name appears on that date as beneficial owners as
furnished by National Securities Depository Limited and Central
Depository Services Limited.
DEPOSITS
The Company has outstanding fxed deposits of Rs.1,40,28,560 as on
30.09.2011, which is 0.87 % of aggregate of paid up capital and free
reserves of the Company.
SUBSIDIARY COMPANIES AND IT'S ACCOUNTS
There are four subsidiaries of your Company as on 30th September, 2011.
The financial details of the Subsidiary Companies as well as the extent
of holdings therein are provided in a separate section of the Annual
Report pursuant to Section 212 of the Companies Act, 1956. Ministry of
Corporate Affairs vide its general circular no.2/2011 dated 8th
February, 2011 has issued a direction under Section 212(8) of the
Companies Act, 1956 granting general exemption with respect to the
provision of section 212 of the Companies Act, 1956. With the consent
of the Board and following the aforesaid direction, the annual accounts
and other details of Subsidiary Companies are not attached. However
these documents will be made available upon request by any member of
the Company interested in obtaining the same.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard AS-21 on consolidated
financial statements read with Accounting Standard AS-27 on financial
reporting of interest in Joint Venture, auditors report on the
consolidated financial statements, audited consolidated Balance Sheet,
Profit and Loss account and Cash fow statements are provided in the
Annual Report.
CHANGES IN CAPITAL STRUCTURE
Issued and Paid up Share Capital: On 3rd February, 2011, your Company
allotted 11,20,000 fully paid-up equity shares of Rs.10/- each to
"Persons forming part of Promoter Group." and a body corporate upon
conversion of remaining 11,20,000 convertible equity warrants (out of
total 1550000 convertible equity warrants originally allotted on
05.08.2009 to persons forming part of Promoter Group and Body
Corporate) on a preferential basis at a total exercise price of Rs.89/-
(including premium of Rs.79/- ) in terms of Chapter VII of SEBI (Issue
of Capital & Disclosure Requirements) Regulations, 2009. The issued and
paid-up capital of the Company enhanced from Rs.74,80,000 equity shares
of Rs.10/- each to 86,00,000 equity shares of Rs.10/- each.
REPORT ON CORPORATE GOVERNANCE
Your Company ensures good corporate governance by implementing and
complying with the polices, standards set out by Securities and
Exchange Board of India and other regulatory authorities. The requisite
certificate issued by M/s. B.P Jain & Co., Chartered Accountants
confirming compliance with the conditions of Corporate Governance as
stipulated under clause 49 of the Listing Agreement, is attached to
this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN - EXCHANGE
EARNINGS AND OUTGO.
The necessary details are furnished in Notes to Accounts, point no.10.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
During the period under review, no employee was in receipt of
remuneration in excess of the limits laid down in Subsection (2A) of
Section 217 of the Companies Act, 1956.
DIRECTORS
In accordance with the relevant provisions of the Companies Act, 1956
and Articles of Association of the Company, Mr. Vimal Lunawath and Mr.
Bharat Jain, Directors are liable to retire by rotation at the ensuing
Annual General Meeting and, being eligible, offer themselves for
reappointment. The brief resume of directors, who are to be
re-appointed as stipulated under clause 49(IV) of the Listing
Agreement, are furnished in the Corporate Governance Report forming
part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of the Company hereby state and
confirm that:
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed along with the proper explanations
relating to the 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 affairs of the
company at the end of the financial year and of the profit or loss of the
company for that period.
iii. Proper and sufficient care have been taken to maintain adequate
accounting records in accordance with the pro- visions of this Act to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
AUDITORS
M/s B.P Jain & Co., Chartered Accountants, Auditors of the Company hold
office until the conclusion of the ensuing Annual General Meeting. The
Company has received a letter from them to the effect that they offer
themselves for reappointment and if appointed, it would be within the
prescribed limits under Section 224(1B) of the Companies Act, 1956.
INVESTOR RELATIONS
Your Company always endeavors to keep the time of response to
shareholders' requests/ grievances at the minimum. Priority is accorded
to address all the issues raised by the shareholders and provide them a
suitable reply at the earliest possible time. The Shareholders' and
Investors' Grievance Committee of the Board met to re- view the
redressal of investors grievances. The shares of your Company are
continued to be traded in Electronic Form and the dematerialisation
arrangement exists with both the depositories, viz., National
Securities Depository Limited (NSDL) and Central Depository Services
(India) Limited (CDSL). As on 30th September, 2011, 6599420 (Sixty fve
lakhs Ninety nine thousands Four hundred and twenty only) shares have
been dematerialised, represent- ing 76.74% of the subscribed capital.
LISTING
The shares of your Company are listed in Madras Stock Exchange Limited,
Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. The Company has paid the listing fees for the Financial Year
2011-2012 to the Stock Exchanges where its securities are listed.
During the year, 11,20,000 equity shares allotted upon conversion of
11,20,000 convertible warrants. These shares were listed at NSE on
13.04.2011 and BSE on 19.07.2011 respectively. The listed capital of
the Company with BSE and NSE is 86,00,000 fully paid-up equity shares
of Rs.10/- each. The Company had made a re- quest to Madras Stock
Exchange Ltd for delisting its en- tire securities (70,00,000 equity
shares of Rs.10/- each) voluntarily after obtaining the approval of
shareholders at the 15th Annual General Meeting of the Company held on
28.03.2008. Delisting approval from MSE is awaited. The Company has
also complied with the amendments in list- ing agreement from time to
time.
TRANSFER OF UNPAID DIVIDEND TO IEPF (INVES- TOR EDUCATION AND
PROTECTION FUND)
Pursuant to the provision of Section 205A (5) of the Com- panies Act,
1956, the amount transferred to the unpaid dividend account which
remains unpaid or unclaimed for a period of seven years from the date
of such transfer shall be transferred to the Investor Education
Protection Fund established under Sub- section (1) of Section 205C of
the Companies Act, 1956.
Unclaimed dividend amount of Rs.60,760/- relating to final dividend
for the financial year end 30th September, 2003 was transferred to
Investor Education and Protection Fund on 08.11.2011.
Details of unclaimed Dividend:
Financial Date of Unpaid Due date for
Year Declaration Dividend transfer to IEPF.
of dividend as on 30.09.10
amount.(Rs.)
2004-05 24-03-2006 8,453.20 22-04-2013
2005-06 23-03-2007 90,856.00 21-04-2014
2006-07 28-03-2008 1,93,944.00 26-04-2015
2007-08 20-03-2009 65,057.00 18-04-2016
2008-09 26-03-2010 1,44,331.00 24-04-2017
The Shareholders are requested to claim their unclaimed dividends
before the aforementioned due dates. The unpaid dividend transferred to
IEPF, cannot be claimed by the Shareholders.
PERSONNEL
The Board wishes to place on record its appreciation of all employees
of the Company, for their wholehearted efforts and impressive
contribution to the high level of performance and growth of the Company
during the Year.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the support and co-
operation received from CMDA, Corporation of Chennai, ELCOT, Banks and
Financial Institutions, Customers, Suppliers and Shareholders and for
their continued support. The Board also wish to place its sincere
appreciation to the dedicated and committed team of employees.
For and on behalf of the Board of Directors
Arihant Foundations & Housing Limited
sd/- sd/-
(KAMAL LUNAWATH) (VIMAL LUNAWATH)
Managing Director Wholetime Director
Place : Chennai
Date: 29.11.2011
Sep 30, 2010
The Directors take pleasure in presenting the 18th Annual Report to
the Shareholders together with the Audited Accounts for the year ended
30th September, 2010.
FINANCIALS (Rs.in Lakhs)
PARTICULARS 2009-10 2008-09
Total Income 14505.01 16014.66
Total Expenditure 13223.78 14972.75
Profit before Interest
and Depreciation 1281.23 1041.91
Interest 908.89 647.42
Depreciation 56.72 58.85
Profit before Tax 315.62 335.64
Provision for tax 105.56 57.35
Profit afiter Tax 210.06 278.29
APPROPRIATIONS
Transfer to General reserve -- 27.83
Proposed Dividend 74.80 70.50
Balance profit carried forward 135.26 179.96
PERFORMANCE
The Companys total Income is Rs.145 crores during the fnancial year
2009-10 as against Rs.160 crores in the previous year 2008-09. The
Profit afiter tax (PAT) for the fnancial year is Rs.2.10 crores compared
to previous year profit of Rs.2.80 crores. On consolidated basis, the
total income of your Company and its subsidiaries stands at Rs.145.59
crores and consolidated profit afiter tax (PAT) stood at Rs.2.11 crores.
The earning per Share (EPS) stands at Rs.2.88 (Basic) and Rs.2.44
(diluted) considering the total equity capital of Rs.7.48 crores
(74,80,000 equity shares of Rs.10/- each) as on 30th September,
2010.The prevoius years impact of recession had a considerable bearing
on the Companys performance. With stringent market condition,
competition and the strict funding from Banks and Financial
Institutions, your Company has made a profit of Rs.2.10 crores during
the fnancial year. However there are certain projects have been
identifed by your Company which are residential developments, will earn
substantial profits for the Company in the coming years.
A more detailed discussion and analysis on the performance of the
Company in retrospect as well as the outlook is detailed in the
Management Discussion and Analysis Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchanges is presented in a
separate section forming part of the Annual Report.
PROJECTS
The Company recognises that conceiving, developing and implementing
projects aimed at growth and meeting market requirements, in a cost
effective and time bound manner, will always remain a key business
policy of the Company. The Companys Project managers are guided by
this policy and principle in the successful implementation and
completion of various projects.
Project Details
ONGOING PROJECTS
Project name Location Area (Sqfit)
Villa Viviana
Township Project GST Road,
In association with Chennai 13,00,000
J P Morgan India
Property Fund
ARIHANT AMARA Poonamallee
Residential Complex High Road, 1,45,000
Chennai
NORTH TOWN ESTATES
Township Project Perambur,
In association with Chennai 21,26,880
PVP Ventures Ltd
and Unitech Ltd.
ARIHANT -
FRANGIPANI Pudupakkam,
Residential Complex Chennai 2,80,000
ARIHANT - Arumbakkam,
PANACHE Chennai 1,05,400
Residential Complex
NEW PROJECT INITIATIVES
ARIHANT - Egmore
Jashn (Mixed Chennai 36,831
development)
Green Wood Thazambur
Plotted development) Chennai 39.665
Partnership with Acres
Unitech Ltd.
DIVIDEND
Your directors pleased to recommend fnal dividend for the fnancial year
ended 30th September 2010, @ 10% i.e. Rs.1.00 per equity share on paid
up equity shares of Rs.10 each which if approved at the ensuing Annual
General Meeting , will be paid to:
i) all those shareholders whose name appears in the Register of Members
as on 24th March,2011 and;
ii) all those whose name appears on that date as benefcial owners as
furnished by National Securities Depository Limited and Central
Depository Services Limited.
DEPOSITS
The Company has outstanding fixed deposits of Rs.62,50,213 as on
30.09.2010, which is 0.42 % of aggregate of paid up capital and free
reserves of the Company.
SUBSIDIARY COMPANIES AND ITS ACCOUNTS
There are four subsidiaries of your Company as on 30th September, 2010.
The fnancial details of the Subsidiary Companies as well as the extent
of holdings therein are provided in a separate section of the Annual
Report. As required under Section 212(1) of the Companies Act, 1956, a
copy of the Balance Sheet, Profit and Loss account, Directors Report
and Auditors Report of the Subsidiary Companies have been attached to
the Annual Accounts of the Company.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard AS-21 on consolidated
fnancial statements, auditors report on the consolidated fnancial
statements, audited consolidated Balance Sheet, Profit and Loss account
and Cash flow statements are provided in the Annual Report.
CHANGES IN CAPITAL STRUCTURE
Issued and Paid up Share Capital:
On 16th March, 2010, your Company allotted 430000 equity shares of
Rs.10/- each to "Persons forming part of Promoter Group."
upon conversion of 430000 convertible warrants (out of total 1550000
convertible warrants originally allotted on 05.08.2009 to persons
forming part of Promoter Group and Body Corporate) on a preferential
basis at a total exercise price of Rs.89/- (including premium of
Rs.79/- ) in term of Chapter VII of SEBI (Issue of Capital & Disclosure
Requirements) Regulations, 2009. The issued and paid- up capital of the
Company enhanced from Rs.70,50,000 equity shares of Rs.10/- each to
74,80,000 equity shares of Rs.10/- each.
REPORT ON CORPORATE GOVERNANCE
Your Company ensures good corporate governance by implementing and
complying with the polices, standards set out by Securities and
Exchange Board of India and other regulatory authorities. The requisite
certifcate issued by M/s. B.P Jain & Co., Chartered Accountants
confrming compliance with the conditions of Corporate Governance as
stipulated under clause 49 of the Listing Agreement, is attached to
this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN -EXCHANGE
EARNINGS AND OUTGO.
The necessary details are furnished in Notes to accounts, point no.9.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
During the period under review, no employee was in receipt of
remuneration in excess of the limits laid down in Subsection (2A) of
Section 217 of the Companies Act, 1956.
DIRECTORS
In accordance with the relevant provisions of the Companies Act, 1956
and Article 101 of the Articles of Association of the Company, Mr. A
Damodaran, Mr. Harisharanlal Trivedi and Mr. Ravikant Choudhary,
Directors are liable to retire by rotation at the ensuing Annual
General Meeting and, being eligible, offer themselves for
reappointment. The brief resume of directors, who are to be
re-appointed as stipulated under clause 49(IV) of the Listing
Agreement, are furnished in the Corporate Governance Report forming
part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of the Company hereby state and
confrm that:
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed along with the proper explanations
relating to the 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 affairs of the
company at the end of the fnancial year and of the profit or loss of the
company for that period.
iii. Proper and suffcient care have been taken to maintain adequate
accounting records in accordance with the pro- visions of this Act to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
AUDITORS
M/s B.P Jain & Co., Chartered Accountants, Auditors of the Company hold
offce until the conclusion of the ensuing Annual General Meeting. The
Company has received a letter from them to the effect that they offer
themselves for reappointment and if appointed, it would be within the
prescribed limits under Section 224(1B) of the Companies Act, 1956.
INVESTOR RELATIONS
Your Company always endeavors to keep the time of response to
shareholders requests/ grievances at the minimum. Priority is accorded
to address all the issues raised by the shareholders and provide them a
suitable reply at the earliest possible time. The Shareholders and
Investors Grievance Committee of the Board met periodically and
reviewed the status of redressed investors grievances. The shares of
your Company are continued to be traded in Electronic Form and the
dematerialisation arrangement exists with both the depositories, viz.,
National Securities Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL). As on 30th September, 2010, 5628820
(Fifity Six Lakhs Twenty Eight Thousands Eight Hundred and Twenty only)
shares have been dematerialised, representing 75.25% of the subscribed
capital.
LISTING
The shares of your Company are listed in Madras Stock Exchange Limited,
Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. The Company has paid the listing fees for the Financial Year
2009-2010 to the Stock Exchanges where its securities are listed.
During the year 430000 equity shares allotted upon conversion of 430000
convertible warrants. The in- principle approval for listing of these
shares granted by BSE on 20.10.2010 and by NSE on 09.11.2010
respectively. The Company had made a request to Madras Stock Exchange
Ltd for delisting its entire securities (70,00,000 equity shares of
Rs.10/- each) voluntarily afiter obtaining the approval of shareholders
at the 15th Annual General Meeting of the Company held on 28.03.2008.
Delisting approval from MSE is awaited. The Company has also complied
with the amendments in listing agreement from time to time.
TRANSFER OF UNPAID DIVIDEND TO IEPF (INVESTOR EDUCATION AND PROTECTION
FUND)
Pursuant to the provision of Section 205A (5) of the Companies Act,
1956, the amount transferred to the unpaid dividend account which
remains unpaid or unclaimed for a period of seven years from the date
of such transfer shall be transferred to the Investor Education
Protection Fund- established under Sub- section (1) of Section 205C of
the Companies Act, 1956.
Details of unclaimed Dividend:
Financial Date of Unpaid Due date for
Year Payment Dividend transfer to IEPF.
as on 30.09.10
amount.(Rs.)
2002-03 15-04-2004 60,760.00 14-05-2011
2004-05 13-04-2006 1,10,509.20 12-04-2013
2005-06 28-03-2007 91,512.00 27-04-2014
2006-07 25-04-2008 1,93,944.00 25-05-2015
2007-08 30-03-2009 65,257.00 30-04-2016
2008-09 05-04-2010 1,34,939.00 24-04-2017
The Shareholders are requested to claim their unclaimed dividends
before the aforementioned due dates. The unpaid dividend transferred to
IEPF, can not be claimed by the Shareholders.
PERSONNEL
The Board wishes to place on record its appreciation of all employees
of the Company, for their wholehearted efforts and impressive
contribution to the high level of performance and growth of the Company
during the Year.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the support and co-
operation received from CMDA, Corporation of Chennai, ELCOT, Banks and
Financial Institutions, Customers, Suppliers and Shareholders and for
their continued support. The Board also wish to place its sincere
appreciation to the dedicated and committed team of employees.
For and on behalf of the Board of Directors
Arihant Foundations & Housing Limited
Sd/
(KAMAL LUNAWATH) (VIMAL LUNAWATH)
Managing Director Director
Place: Chennai
Date: 29.11.2010
Sep 30, 2009
The Directors take pleasure inj presenting the 17th Annual Report to
the Shareholders together with the Audited Accounts for the year ended
30th September 2009.
FINANCIALS
PARTICULARS 2008-09 2007-08
(Rs. in Lakhs)
Total Income 16014.66 21977.75
Total Expenditure 14972.75 17836.63
Profit before Interest
and Depreciation 1041.91 4141.12
Interest 647.42 697.07
Depreciation 58.85 55.96
Profit before Tax 335.64 3388.09
Provision for tax 57.35 461.59
Profit after Tax 278.29 2926.50
APPROPRIATIONS
Transfer to General
reserve 27.83 292.65
Proposed Dividend 70.50 70.50
Balance profit carried
forward 179.96 2563.35
PERFORMANCE
The Companys Total Income is Rs. 160 crores during the financial year
2008-09 as agaipst Rs.220 crores in the previous year 2007-08. The
Profit for the financial year is Rs. 2.8 crores compared to previous
year profit of Rs.29 crores. Despite various difficulties, the Company
was able to make a profit of Rs.2.8 crores. There are certain projects
viz., residential apartments and Township in the pipeline, which will
entail good profits forth^ Company in future years.
A more detailed discussion and analysis on the performance of the
Company in retrospect a|s well as the outlook is detailed in the
Management Discussion and Analysis Report.
DIVIDEND
Your directors are pleased to recommend dividend @ 10% i.e. Rs.1.00 per
equity share on 7050000 equity shares of Rs.10 each for the financial
year ended 30th September 2009, which if approved at the ensuing Annual
General Meeting , will be paid to:
i) Ail those shareholders whose name appears in the Register of Members
as on 18th March 2010 and;
ii) All those whose name appears on that date as beneficial owners as
furnished by National Securities Depository Limited and Central
Depository Services Limited.
DEPOSITS
The Company has outstanding fixed deposits of Rs.60,93,410 as on
30.09.2009, which is 0.42 % of aggregate of paid up capital and free
reserves of the Company.
PROJECTS
The Company recognises that conceiving, developing and implementing
projects aimed at growth and meeting market requirements, in a cost
effective and time bound manner, will always remain a key business
policy of the Company. The Companys Project managers are guided by
this policy and principle in the successful implementation and
completion of various projects.
Project details:
ONGOING PROJECTS
Project name Location Area (Sqft)
ARIHANT HEIRLOOM
Residential Complex Thazambur,
Chennai 3,58,000
Villa Viviana Township
Project In association with
J P Morgan GST Road, 13,00,000
India Property Fund Chennai
ARIHANT AMARA Poonamallee 1,45,000
Residential Complex High Road,
Chennai
ARIHANT INSIGHT II VSI Estate
IT Park Tharamani
Chennai 1,20,000
NEW PROJECT INITIATIVES
Project name Location Area (Sqft)
NORTH TOWN ESTATES
Township Project
In association with PVP
Ventures Private Ltd and Perambur,
Unitech Ltd. Chennai 21,26,880
ARIHANT- FRANGIPANI
Residential Complex Pudupakkam, 1,80,297
Chennai
ARIHANT-PANACHE Arumbakkam,
Residential Complex Chennai 98,800
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN -EXCHANGE
EARNINGS AND OUTGO.
The provisions of Section 217 (1) (e) of the Companies Act, 1956 are
not applicable to the Company. Conservation of Energy: Not applicable
Technology Absorption: Not applicable. Foreign Exchange Earnings: Nil
Outgo: Nil
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
During the period under review, no employee was in receipt of
remuneration in excess of the limits laid down in Subsection (2A) of
Section 217 of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors of the Company hereby state and
confirm that:
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed along with the proper explanations
relating to the 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 affairs of the
company at the end of the financial year and of the profit or loss of
the company for that period.
iii. Proper and sufficient care have been taken to maintain
adequate accounting records in accordance with the provisions of this
Act to safeguard the assets of the company and to prevent and detect
fraud and other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
DIRECTORS
In accordance with the relevant provisions of the Companies Act, 1956
and Article 101 of the Articles of Association of the Company, Mr. A
Damodaran , Mr. Harisharanlal Trivedi and Mr. Dilip Surana, Directors
are liable to retire by rotation at the ensuing Annual General Meeting
and, being eligible, offer themselves for reappointment. The brief
resume of directors, who are to be re-appointed as stipulated under
clause 49(IV) of the Listing Agreement, are furnished in the Corporate
Governance Report forming part of the Annual Report.
AUDITORS
M/s B.P Jain & Co., Chartered Accountants, Auditors of the Company hold
office until the conclusion of the ensuing Annual General Meeting. The
Company has received a letter from them to the effect that they offer
themselves for reappointment and if appointed, it would be within the
prescribed limits under Section 224(1 B) of the Companies Act, 1956.
INVESTOR RELATIONS
Your Company always endeavors to keep the time of response to
shareholders requests/ grievances at the minimum. Priority is accorded
to address all the issues raised by the shareholders and provide them a
suitable reply at the earliest possible time. The Shareholders and
Investors Grievance Committee of the Board met periodically and
reviewed the status of redressed investors grievances. The shares of
your Company are continued to be traded in Electronic Form and the
dematerialisation arrangement exists with both the depositories, viz.,
National Securities Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL). As on 30th September, 2009, 5627623
(Fifty Six Lakhs Twenty Seven Thousands Six Hundred and Twenty Three
only) shares have been dematerialised, representing 79.83% of the
subscribed capital.
LISTING
The shares of your Company are listed in Madras Stock Exchange Limited,
Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. The Company has paid the listing fees for the Financial Year
2009-2010 to the Stock Exchanges where its securities are listed except
Madras Stock Exchange Limited, where the Company has made a request for
voluntary delisting of its Securities (70,00,000 equity shares of Rs.
10/- each) after obtaining approval of the Shareholders at tie 15th
Annual General Meeting held on 28.03.2008. The reason for delisting
being, non trading in MSE from past 8 years. Since the Companys
Securities are listed in NSE and BSE having Nation wide trading
terminals and actively trading in these stock exchanges, the share
holders will not get affected in trading the equity shares of the
company clue to delisting from MSE. Hence the Board of Directors has
recommended the delisting of the aforementioned securities voluntarily
from MSE.
The Company has also complied with the amendments in listing agreement
from time to time.
TRANSFER OF UNPAID DIVIDEND TO IEPF (INVESTOR EDUCATION AND PROTECTION
FUND)
Pursuant to the provision of Section 205A(5) of the Companies Act,
1956, the amounl transferred to the unpaid dividend account which
remains unpaid or unclaimed for a period of seven years from the date
of such transfer shall be transferred to the Investor Education
Protection Fund established under Sub- section (I) of Section 205C of
the Companies Act, 1956.
Details of unclaimed Dividend:
Financial Date of Unpaid Due date for
Year Payment Dividend transfer to
amount.(Rs.) IEPF.
2002-03 15-04-2004 60,760.00 14-05-2011
2004-05 13-04-2006 1,10,565.20 12-04-2013
2005-06 28-03-2007 91,668.00 27-04-2014
2006-07 25-04-2008 1,94,344.00 25-05-2015
2007-08 30-03-2009 66,042.00 30-04-2016
The Shareholders are requested to claim their unclaimed dividends
before the aforementioned due dates. The unpaid dividend transferred to
IEPF, can not be claimed by the Shareholders.
PERSONNEL
The Board wishes to place on record its appreciation of all employees
of the Company, for their wholehearted efforts and impressive
contribution to the high level of performance and growth of the Company
during the Year.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the support and co-
operation received from CMDA, Corporation of Chennai, ELCOT, Banks and
Financial Institutions, Customers, Suppliers and Shareholders and for
their continued support. The Board also wish to place its sincere
appreciation to the dedicated and committed team of employees.
For and on behalf of the Board of Directors
Arihant Foundations & Housing Limited
Sd/
(KAMAL LUNAWATH) (VIMAL LUNAWATH)
Managing Director Director
Place: Chennai
Date: 28.12.2009
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