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Notes to Accounts of Ashiana Housing Ltd.

Mar 31, 2015

1) Term/R ights attached to Equity Shares

The Company has only one class of Equity Share having a par value of 2 per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares and pays dividend s in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March, 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 0.50/- (31 March 201 4: 0.50). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2) Contingent Liability, not provided for, in respect of :

a) Claims not acknowledged a s debts

Cess - Sonari land Rs. 62.66 lakhs (Rs.54.28 lakhs)

Bank Guarantee Rs. 1345.00 lakhs (Rs.1375 lakhs)

Service Tax Rs.85.55 lakhs (Rs. 89 lakhs)

Income Tax Rs. 36.00 lakhs (Rs.39.14 lakhs)

Provident Fund Rs. 185.27 lakhs (Rs.185.27 lakhs)

Entry Tax Rs. 19.23 lakhs (Rs.19.23 lakhs)

Employee State Rs. 4.28 lakhs (Rs. 4.28 lakhs) Insurance Corporation

b) Contested claim of Secretary, UIT, Bhiwadi for payment of Completion Certificate Charges amounting to 1 2.53 lakhs (Rs. 12.53 lakhs) against which the Company has deposited Rs. 12.53 lakhs (Rs. 12.53 lakhs) under protest.

3) Companys land at Milakpur Gujar, Bhiwadi, District Alwar (Rajasthan) admeasuring 15.02 hectares, appearing in these accounts at book value of Rs. 338.97 lakhs, is under acquisition, 12.834 hectares for residential purposes and 2.186 hectares for development of road, by the Government of Rajasthan. The Company has filed a Writ Petition before the Honble High Court of Rajasthan against acquisition of land admeasuring 12.834 hectares challenging the entire acquisition proceeding. A compensation of Rs. 3873.12 lakhs has been declared by the Government which and interest thereon Rs. 1049.91 lakhs approx as at the close of the year shall be considered in the accounts on finality and receipt.

4) The Company filed a writ petition against Jamshedpur Notified Area Committee's (JNAC) order stopping construction work in Company's commercial project Marine Plaza in Sonari, Jamshedpur, which has been allowed by the Hon'ble High Court of Jharkhand, by their Order dated 1 7.1 2.201 4. Consequently, the Company has been allowed to carry out construction and marketing of the project, and the State Government has been directed by the Court to complete their enquiry, if any, in the matter on or before 31.03.2015 which was subsequently extended by three months by the Court by their Order dated 08.04.2015. A sum of Rs. 1951.93 lakhs has been incurred by the Company on this project till the close of this year.

5) Company s projects Ashiana Anantara, Jamshedpur, Ashiana Navrang, Halol, Ashiana Dwarka, Jodhpur and Ashiana Anmol, Sohna are being developed under Development Agreement with respective land owner s on revenue sharing/ area sharing basis.

6) Estimated amount of contract remaining to be executed on capital account and not provided for amounts to Rs. 37.20 lakhs (P.Y. Rs. 12.64 lakhs); against which the Company has given advance of Rs. 2.52 lakhs (P.Y. Rs. 4.68 lakhs).

7) a) In view of non confirmation/response from the suppliers regarding their status as SSI units, the amount due to Small Scale Industrial undertaking can not be ascertained.

b) Due to non receipt of confirmation/response from the suppliers for compliance under the Micro, Small and Medium Enterprises Development Act, 2006, the Company is unable to provide the information required under the said a ct.

8) The disclosure required under Accounting Standard -15, Employees Benefit, notified in the Companies (Accounting Standard) Rules, 2006 are given below, based on the Actuarial Report certified by a Practicing Actuary.

Defined Benefit Plan

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

9) In accordance with Accounting Standard 17 Segment Reporting as prescribed under Companies (Accounting Standards) Rules, 2006, the Company has determined its business segment as Real Estate Business. Since there are no other business segments in which the Company operates, there are no other primary reportable segments. Therefore, the segment revenue, segment results, segment assets, segment liabilities, total cost incurred to acquire segment assets, depreciation charge are all as is reflected in the financial statements.

10) Related parties and transactions with them as specified in the Accounting Standard 1 8 on Related Parties Disclosures prescribed under Companies (Accounting Standards) Rules, 2006 has been identified and given below on the basis of information available with the Company and the same has been relied upon by the auditors.

a) Enterprises where control exits

Ashiana Maintenance Services Limited Latest Developers Advisory Ltd Topwell Projects Consultants Ltd. Neemrana Builders LLP MG Homecraft LLP Ashiana Amar Developer s Vista Housing

b) Associates and Joint Ventures

Ashiana Greenwood Developers Megha Colonizers Ashiana Manglam Developers Ashiana Manglam Builders

c) Individual Owning an interest in the voting power of the Company and their relatives

Nil

d) Key Management Personnel and their Relatives

Mr. Vishal Gupta, Managing Director Mr. Ankur Gupta, Jt. Managing Director Mr. Varun Gupta, Whole Time Director Mr. Hemant Kaul, Independent Director Mr. Abhishek Dalmia, Independent Director M s. Sonal Mattoo, Independent Director Ms. Hem Gupta, Relative of Directors

Mr. Vikash Dugar, Chief Financial Officer

M r. Nitin Sharma, Company Secretary

M s. Aparna Sharma, Relative of Company Secretary

e) Enterprises over which any person referred to in (c) or (d) is able to exercise significant influence

OPG Realtors Limited Karma Hospitality Limited R G Woods Limited OPMG Investments Private Limited AHL Group Investments Pvt. Ltd.

11) These accounts have been prepared as per Guidance note on Recognition of Revenue by Real Estate Developers in respect of projects undertaken between 1st April, 2006 and 31st March, 2011 , which have reached the level of construction as considered appropriate by the management within 31" March, 2011.

12) In term s of the provisions of the Companies Act, 201 3, the management, based on technical evaluation, has reassessed the useful life of the tangible fixed assets. Con sequently, the depreciation for the year is higher by Rs. 674 lakh s.

13) Unabsorbed MAT credit to be allowed in future years amounts to Rs. 2706.69 lakhs/- (Rs. 2596.69 lakhs/-)

14) On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2015.

15) During the year, the Company has incurred Rs.107.55 lakh s (P.Y. 60.95 lakhs) towards Corpora te Social Responsibility which has been charged to the respective heads of accounts.

16) a) Previous year figures above are indicated in brackets.

b) Previous year figure have been reg rouped / rearranged, wherever found necessary.


Mar 31, 2013

1) Contingent Liability, not provided for, in respect of:

a) Claimsnotac knowled gedasdebts

Cess-Sonari land Rs.45.91 lakhs [Rs. 37.53 lakhs)

BankGuarantee Rs.0.25 lakhs [Rs.0.25 lakhs)

b) Contested claim of the Government of Rajasthan for refund of State Capital Subsidy including interest Rs.55.79 lakhs [Rs.54.75 lakhs) againstwhich the company has deposited X 55.79 lakhs [Rs.15 lakhs) under protest.

c) Contested claim of Secretary, UIT, Bhiwadi for payment of Completion Certificate Charges amounting to Rs.1 2.53 lakhs [Rs.1 2.53 lakhs) againstwhich the company has deposited Rs.12.53 lakhs [Rs. 12.53 lakhs) under protest.

d) Contested claim of a customer pursuant to the order of the District Consumer Forum Rs.2.66 lakhs [Nil) againstwhich the company has depositedRs. 2.66 lakhs [Nil) under protest.

2) Estimated amount of contract remaining to be executed on capital account and not provided for amounts to Rs.1 82.86 lakhs [P.Y. Nil); against which the company has given advance ofRs.1 5.1 ? lakhs [P.Y. Nil).

3) a) In view of non confirmation/response from the suppliers regarding their status as SSI units, the amount due to Small Scale Industrial undertaking can notbe ascertained.

b) Due to non receipt of confirmation/response from the suppliers for compliance under the Micro, Small and Medium Enterprises Development Act, 2006, the company is unable to provide the information required under the said act.

B) The company'' s Writ Petition before the Hon'' ble Rajasthan High Court, challenging applicability of service tax to the company under the category '' Construction of Residential Complex Services'' , has been dismissed by the Court. In view of this, the amounts of '' Service Tax Received from customers [subjudice)'' and '' Service Tax paid under Protest'' appearing under the heads "Other Current Liabilities" and "Short Term Loans and Advances" respectively in the previous year accounts have been regrouped/recasted.

4) The company has acquired Thada/Udaipur Business Divisions alongwith land admeasuring 22.296 hectares situated atThada and Udaipur villages, District Alwar, Rajasthan from its wholly owned subsidiaries namely M/s Topwell Projects Consultants Limited and M/s Latest Developers Advisory Limited byway of slump sale during the year, and assets and liabilites acquired thereof have been considered in these accounts accordingly. The company plans to launch project ''Ashiana Town'' on the aforesaid land.

5) In accordance with Accounting Standard 1 7 "Segment Reporting" as prescribed under Companies [Accounting Standards) Rules, 2006, the company has determined its business segment as Real Estate Business. Since there are no other business segments in which the company operates, there are no other primary reportable segments. Therefore, the segment revenue, segment results, segment assets, segment liabilities, total cost incurred to acquire segment assets, depreciation charge are all as is reflected in the financial statements.

6) Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" presribed under Companies [Accounting Standards) Rules, 2006 has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

7) The earning per share has been calculated as specified in Accounting Standard 20 on "Earnings Per Share" issued by ICAI and related disclosures are as below:

8) The disclosure required under Accounting Standard -15, Employees Benefit, notified in the Companies [Accounting Standard) Rules, 2006 are given below:

9) These accounts have been prepared as per the revised Accounting Standard [AS) 9 on "Revenue Recognition" and the Guidance note on "Recognition of Revenue by Real Estate Developers" in respect of projects undertaken on or after 1st April, 2006 which have reached the level of construction as considered appropriate by the management within 31st March, 2011.

Since, in terms of provisions of the Income Tax Act, 1 961 the income accrues upon delivery of physical possession/ deemed possession of constructed unit and as deduction u/s 80IB [10) is claimed by the company after completion of construction, '' Net Profit'' for computing Total Income under the said Act is as follows: -

10) Unabsorbed MAT credit to be allowed in future years amounts to Rs. 259,435,295/- [ Rs.362,982,478/-)

11) The following changes in the accounting policies have been adopted during the year:

a) The project specific indirect expenses are being included in the cost in valuing Unsold Completed Construction and work in Progress.

b) Selling Expenses related to Specific Projects are being charged to Profit & Loss Account in the year in which sale thereof is offered for taxation.

Due to the aforesaid changes, profit for the year is higher byRs. 71 7.97 lakhs.

12) On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.201 3.

13) During the year, the company has incurred Rs. 79.00 lakhs [P.Y. Rs. 37.92 lakhs) towards Corporate Social Responsibility which has been charged to the respective heads of accounts.

14) a) Previous year figures above are indicated in brackets.

b) Previous year figure have been regrouped/rearranged, wherever found necessary.

c) In view of changes in accounting policies as stated in Note No. 14 above, corresponding previous year figures are not comparable to that extent.


Mar 31, 2012

1) Contingent Liability, not provided for, in respect of:

2011 -2012 2010-2011

a) Contested demand of

ESIC NIL (Rs.4.28 lakhs)

Cess - Sonari land RS 37.53 lakhs (Rs 29.15 lakhs)

Service tax Rs.17.94 lakhs (NIL)

b) Contested claim of the Government of Rajasthan for refund of State Capital Subsidy including interest Rs 54.75 lakhs (Rs 52.50 lakhs). However the company has deposited Rs. 15 lakhs under protest.

2)a) In view of non confirmation/response from the suppliers regarding their status as SSI units, the amount due to Small Scale Industrial undertaking can not be ascertained.

b) Due to non receipt of confirmation/response from the suppliers for compliance under the Micro, Small and Medium Enterprises Development Act, 2006, the company is unable to provide the information required under the said Act.

4) Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

5) These accounts have been prepared as per the revised Accounting Standard (AS) 9 on "Revenue Recognition" and the Guidance note on "Recognition of Revenue by Real Estate Developers".

Since, in terms of provisions of the Income Tax Act, 1961 the income accrues upon delivery of physical possession/deemed possession of constructed unit and as deduction u/s 80IB(10) is claimed by the company after completion of construction, 'Net Profit' for computing Total Income under the said Act is as follows: -

6) On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on March 31,2012.

7) Unabsorbed MAT credit to be allowed in future years amounts toRs 363,013,527/- (Rs 239,257,176/-)

8) a) Previous year figures above are indicated in brackets.

b) Previous year figure have been regrouped/rearranged, wherever found necessary.'


Mar 31, 2011

1 Contingent Liability, not provided for, in respect of : (a) Contested demand of

Sl. Rs. in Lakhs Rs. in Lakhs No. 2010-11 2009-10

1. Income tax and penalty 6.90 6.90

2. ESIC 4.28 4.28

3. Cess - Sonari land 29.15 19.43

(b)Contested claim of the Government of Rajasthan for refund of State Capital Subsidy including interest Rs. 52.50 lakhs (Rs. 50.25 lakhs).

(c)Corporate Guarantee in favour of Housing Development Finance Corporation Ltd. against borrowing of Rs. NIL Crores (Rs. 1.61 Crores) by M/s. Ashiana Greenwood Developers, a firm in which the company is a partner.

2 Estimated amount of contracts remaining to be executed on capital account and not provided for amounts (net of advance) to Rs. Nil (Rs. 8.74 lakhs)

3 Paid up Share Capital of the Company includes 1993100 (P.Y.1993100) Equity Shares, allotted pursuant to Schemes of Amalgamation without payment being received in cash and 13256855 (P.Y.13382750) Equity Shares, allotted as fully paid up Bonus Shares, by capitalisation of General Reserves.

4 a. Pursuant to Order dated 21st March, 2011 of the Honble High Court at Kolkata, certified true copy whereof was filed with the Registrar of Companies, West Bengal on the 11th May, 2011, erstwhile Ashiana Retirement Villages Limited (Transferor company), has been amalgamated with the company w.e.f. 1st April , 2010 and these accounts have been prepared accordingly. The net surplus of Rs. 54148464 remaining after adjustments, dividend from the transferor company to the transferee company Rs. 9240050 and dividend from the transferee Company to the transferor Company Rs. 786113 have been credited to "General Reserves".

b. Increase in Authorised Capital represents 10000000 Equity Shares of Rs. 10/- each of the Transferor company added in terms of Scheme of Amalgamation as referred in (5)a. above.

c. The Issued, Subscribed and Paid up Share Capital has been reduced from 18735850 Equity shares of Rs. 10/- each to 18609955 Equity Shares of Rs. 10/- each due to inter-se cancellation of 125895 Equity shares upon amalgamation.

5 Method of Accounting for recognisation of Revenue in respect of Real Estate Projects has been changed, as evident in the related Accounting Policies hereinabove. There is however, no effect on the profit for the year due to such change.

6 a. In view of non confirmation/response from the suppliers regarding their status as SSI units, the amount due to Small Scale Industrial undertaking can not be ascertained.

b. Due to non receipt of confirmation/response from the suppliers for compliance under the Micro, Small and Medium Enterprises Development Act, 2006, the company is unable to provide the information required under the said Act.

7 Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

Related Parties & Relationship

a. Enterprises that directly, or indirectly through one or more intermediaries, Control or are controlled by or are under common control with the company (including holding companies, subsidiaries and fellow Subsidiaries):

Defined Benefit Plan

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

8 These accounts have been prepared as per the revised Accounting Standard (AS) 9 on "Revenue Recognition" and the Guidance note on "Recognition of Revenue by Real Estate Developers".

9 On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2011.

10 a. Buildings under Fixed Assets include Rs. 39,874,160 pending registration in the name of the company.

b. Depreciation includes differential depreciation of Rs. 503,500/- vis a vis written down value as per Income Tax Act, 1961 relating to building transferred to Investment.

11 Unabsorbed MAT credit to be allowed in future years amounts to Rs. 239,257,176/-

12 a. Previous year figures above are indicated in brackets.

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




Mar 31, 2010

1. Contingent Liability, not provided for, in respect of:

a) Contested Demand of

Sl. No. (Rs.) in lakhs (Rs.) in lakhs

1. Income lax and penalty 6.90 (6.90)

2. ESIC 4.28 (4.28)

3. Additional Lease Rent Nil (34.73)

4. Provident Fund Nil (185.26)

5. Cess - onari land 19.43 _ (9.72)



(b) Show cause notice received for service tax Rs.Nil lakhs (Rs. 267.93 lakhs).

(c) Contested claim of the Government of Rajasthan for refund of State Capital Subsidy including interest Rs. 50.25 lakhs (Rs. 48.00 lakhs).

(d) Corporate Guarantee in favour of Housing Development Finance Corporation Ltd. against borrowingof Rs.1.61 Cr(Rs. Nil) by M/s. Ashiana Greenwood Developers, a firm in which the company is a partner.

2. Estimated amount of contract remaining to be executed on capital account and not provided for amounts (net of advance) to Rs. 8.74 lakhs (Rs. 5.20 lakhs).

3. Paid up Share Capital of the Company includes 19,93,100 Equity Shares, allotted pursuant to Schemes of Amalgamation without payment being received in cash and 1,33,82,750 Equity Shares, alloted as fully paid up Bonus Shares, by capitasation of General Reserves.

4. (a) In view of non confirmation/response from the suppliers regarding their status as SSI units, the amount due to Small Scale Industrial undertaking can not be ascertained.

(b) Due to non receipt of confirmation/response from the suppliers for compliance under the Micro, Small and Medium Enterprises Development Act, 2006, the company is unable to provide the information required under the said Act.

5. (a) Loans and advances includes Rs. 1,513,642/- (P.Y. Rs.1,658, 489/-) due from Ashiana Retirement Villages Limited, a company under the same management, Maximum Amount outstanding at any time during the year is Rs. 1,658,489/- (P.Y. Rs.1,658,489/-).

(b) Sundry Debtors includes Nil (P.Y. Rs.2,838,289/-) due from Ashiana Retirement Villages Limited, a company under the same management, Maximum Amount outstanding at any time during the year is Rs. 2,868,461 (P.Y. Rs.7,286,680/-).

6. These accounts have been prepared as per the revised Accounting Standard (AS) 9 on "Revenue Recognition" and the Guidance note on "Recognition of Revenue by Real Estate Developers".

7. On the basis of physical verification of assets, as specified in Accounting Standard - 28 and cash generation capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2010.

8. Unabsorbed MAT credit to be allowed in future years amounts to Rs. 1 34,721,483/-

9. (a) Previous year figures above are indicated in brackets.

(b) Previous year figure have been regrouped/rearranged, wherever found necessary.

 
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