Home  »  Company  »  CHD Developers Ltd.  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of CHD Developers Ltd.

Mar 31, 2014

Dear members,

The Directors are pleased to present their Twenty Fourth Annual Report together with the Audited Accounts and Financial Statements for the year ended 31st March, 2014.

1. Financial Results

The summarized financial results of the Company for the year ended 31st March, 2014 are as follows:

(Amount in Rs.Lacs)

Particulars Current Year ended Previous Year Ended 31.03.2014 31.03.2013

Gross revenue 31164.21 25250.82

Profit before Tax, Depreciation and Interest 3840.24 2386.31

Interest 1993.32 694.59

Depreciation 139.45 93.20

Profit before Tax 1707.47 1598.51

Profit after Tax 1145.99 1066.83



2. Dividend

Keeping in view need to conserve resources for growth of the Company, your Directors are constrained not to recommend any dividend for the year under review.

3. Performance

During the financial year 2013-14 your Company achieved a turnover of Rs. 31,164.21 Lacs with a 23.42% increase over last year turnover. Net profit (Post tax) for the year 2013-14 stood at RS. 1,145.99 Lacs. The Earning per share (EPS) is 1.01.

4. Directors

In accordance with the provisions of the Companies Act, 2013, Clause 49 of the Listing Agreement and Articles of Association of the Company, Mr. Rajinder Kumar Mittal, Whole Time Director of your Company retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment, subject to the approval of Shareholders of the Company. A brief Resume of Mr. Rajinder Kumar Mittal is attached with the Notice of Annual General Meeting.

A casual vacancy is created in the Board of Directors on 10th April, 2014, due to sudden demise of Mr. M. P. Goel.

Pursuant to the provisions of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, it is proposed to appoint Mr. Pran Nath and Mr. M. S. Kapur, as Independent Director of the Company for a term of 5 consecutive years.

Company has received notice from member of the Company proposing the candidature of Mr. Pran Nath, Mr. M. S. Kapur and Mr. Rajinder Kumar Mittal, for Directorship of the Company.

5. Auditors

M/s. Mohan & Mohan, Chartered Accountants, the Auditors of the Company, hold office until the conclusion of the 26th Annual General Meeting.

The Auditors have forwarded a certificate under section 141(3)(g] of the Companies Act, 2013, to the effect that their re-appointment, if made, would be within the limits specified in the said section. The Directors recommend their re- appointment. The report of the Auditors is self-explanatory and does not call for any comment.

6. Corporate Governance

Corporate Governance report is annexed to this Report as Annexure A'' and Management Discussion and Analysis report is separately given under the Annual Report.

7. Directors'' Responsibility Statement

As required by the provisions of section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

* In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed.

* The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

* The Directors have prepared the annual accounts on a going concern basis.

8. Subsidiaries of the Company

As on 31st March, 2014, the Company had following subsidiaries, all incorporated in India:

Direct Subsidiaries

S.No. Name of the Company % Holding

1. Golden Infracon Private Limited 100

2. Horizon Realtech Private Limited 100

3. Divine Townships Private Limited 100

4. CHD Facility Management Private Limited 100

5. CHD Retirement Townships Private 100 Limited

6. CHD Armaan Realtech Private Limited 100

7. CHD Energy Private Limited 100

8. Empire Realtech Private Limited 100

9. International Infratech Private Limited 100

10. Delight Spirits Private Limited 100

11. CHD Elite Realtech Private Limited 100*

12. CHD Blueberry Realtech Private Limited 100* Subsidiaries of CHD Armaan Realtech Private Limited

1. CHD Hospitality Private Limited 100**

* A part of total share capital of CHD Elite Realtech Private Limited and CHD Blueberry Realtech Private Limited is held by M/s CHD Armaan Realtech Private Limited, which itself is a 100% subsidiary of CHD Developers Limited.

** CHD Hospitality Private Limited is a 100% Subsidiary of CHD Developers Limited through CHD Armaan Realtech Private Limited which holds 99.71 % shareholding of CHD Hospitality Private Limited.

9. Fixed Deposits

Fixed Deposits from the public and members of the Company as on 31st March, 2014 stood at Rs. 3,017.92 Lacs as against Rs. 2,660.98 Lacs at the close of the preceding financial year There were unclaimed deposits aggregating Rs. 10,000/- pertaining to 1 depositor as on that date.

10. Particulars of Employees and Other Additional Information

The information required under Section 217(2A) of the Companies Act, 1956 and the rules made there under is given in Annexure B'' to this report and form part of this Report. However in terms of Section 219(1)(b)(iv) of the said Act, the Report and Accounts are being send to the shareholders excluding the said Annexure. Any shareholder interested in obtaining the copy of the same may write to the Company Secretary at the Registered Office of the Company.

11. Other Information

A Statement pursuant to the provisions of Section 217(1) (e) of the Companies Act, 1956 read together with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is annexed hereto and forms part of this Report in Annexure C''.

12. Listing at Stock Exchange

The Equity Shares of the Company continue to be listed on the Bombay Stock Exchange. The annual listing fees for the current year have been paid to the Bombay Stock Exchange.

13. Particulars required as per Section 212 of the Companies Act, 1956

Ministry of Corporate Affairs, Government of India through circular dated 51/12/2007-CL-III has granted a general exemption to all Companies dispensing with the requirements to attach various documents in respect of subsidiary companies, as set out in sub-section (1) of Section 212 of the Companies Act, 1956 Accordingly, the Balance Sheet, Profit & Loss Account and other documents of the subsidiary Companies of the Company have been adopted and are made a part of the consolidated financial results of the Company. A statement containing brief financial details of the Company''s subsidiaries for the year ended as on March 31, 2014 is included in the Annual Report. The Company will make available the audited annual accounts and related information of the subsidiary companies, on request by any member of the Company. These documents will also be available for inspection during business hours at our Registered Office.

14. Signing of Notice, Balance Sheet, Profit And Loss A/C and Directors Report etc.

This is to inform you that the Company have approved and authenticated its Audited Financial Results for the year ended 31st March, 2014 in the Board meeting duly held on 29th May, 2014, which is well within the statutory time limits as prescribed in the Companies Act, 1956 and Listing Agreement.

15. Acknowledgements

Your Directors place on record their appreciation of the support extended by its employees, Bankers, Customers and various Government Agencies. The Board also wishes to thank the shareholders for their unstinted support.



By order of the Board of Directors For CHD Developers Limited

Place: New Delhi Rajinder Kumar Mittal Date: 29th May, 2014 (Chairman)


Mar 31, 2013

To , The Members of CHD Developers Limited

The Directors are pleased to present their Twenty Third Annual Report together with the Audited Accounts and Financial Statements for the year ended 31st March, 2013.

1. Financial Results

The summarized fnancial results of the Company for the year ended 31st March, 2013 are as follows:

(Amount in Rs. Lacs)

Current Year ended Previous Year Ended 31.03.2013 31.03.2012

Gross receipts 25250.82 7031.71

Proft before Tax, Depreciation and Interest 2386.31 1031.84

Interest 694.59 379.35

Depreciation 93.20 59.03

Proft before Tax 1598.51 593.46

Proft after Tax 1066.83 435.96

2. Dividend

Your directors are pleased to recommend a dividend of Rs. 0.10/- per equity share (5%) on the paid up Equity Share capital of the Company for the fnancial year ended 31st March, 2013. The total payout of the proposed dividend is Rs. 113.59 Lacs. A motion for the confrmation of the dividend is placed before the shareholders at the Annual General Meeting.

3. Performance

During the fnancial year 2012-13 turnover of the Company was Rs. 25250.82 Lacs and net proft (Post tax) for the year 2012-13 stood at Rs. 1066.83 Lacs. The Earning per share (EPS) is 0.94.

4. Directors

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Mr. Pran Nath Director of your Company retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment, subject to the approval of Shareholders of the Company.

5. Auditors

M/s. Mohan & Mohan, Chartered Accountants, the Auditors of the Company, hold offce until the conclusion of the ensuing Annual General Meeting.

The Auditors have forwarded a certifcate under section 224(1B) of the Companies Act, 1956, to the effect that their re-appointment, if made, would be within the limits specifed in the said section. The Directors recommend their re- appointment. The report of the Auditors is self-explanatory and does not call for any comment.

6. Corporate Governance

Corporate Governance and Management Discussion and Analysis report are separately given.

7. Directors'' Responsibility Statement

As required by the provisions of section 217 (2AA) of the Companies Act, 1956, the Directors confrm that:

Rs. In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed.

The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the fnancial year and of the proft or loss of the Company for the year under review.

The Directors have taken proper and suffcient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

Rs. The Directors have prepared the annual accounts on a going concern basis.

8. Subsidiaries of the Company

As on 31st March, 2013, the Company had following subsidiaries, all incorporated in India:

Direct Subsidiaries

S. No. Name of the Company % Holding

1. Golden Infracon Private Limited 100

2. Horizon Realtech Private Limited 100

3. Divine Townships Private Limited 100

4. CHD Facility Management Private Limited 100

5. CHD Retirement Townships Private 100 Limited

6. CHD Armaan Realtech Private Limited 100

7. CHD Energy Private Limited 100

8. Empire Realtech Private Limited 100

9. International Infratech Private Limited 100

Subsidiaries of CHD Armaan Realtech Private Limited

1. CHD Blueberry Realtech Private Limited 100

2. CHD Elite Realtech Private Limited 100

3. CHD Hospitality Private Limited 100

9. Fixed Deposits

Fixed Deposits from the public and shareholders of the Company as on 31st March, 2013 stood at Rs. 2660.98 Lacs as against Rs. 2559.09 Lacs at the close of the preceding fnancial year. There were unclaimed deposits aggregating Rs. 10,000/- pertaining to 1 depositor as on that date.

10. Particulars of Employees and Other Additional Information

The information required under Section 217(2A) of the Companies Act, 1956 and the rules made there under is given in Annexure to this report and form part of this Report. However in terms of Section 219(1)(b)(iv) of the said Act, the Report and Accounts are being send to the shareholders excluding the said Annexure. Any shareholder interested in obtaining the copy of the same may write to the Company Secretary at the Registered Offce of the Company.

11. Other Information

A Statement pursuant to the provisions of Section 217(1) (e) of the Companies Act, 1956 read together with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is annexed hereto and forms part of this Report in Annexure B.

12. Listing At Stock Exchange

The Equity Shares of the Company continue to be listed on the Bombay Stock Exchange. The annual listing fees for the current year have been paid to the Bombay Stock Exchange.

13. Particulars Required As Per Section 212 Of The Companies Act, 1956

Ministry of Corporate Affairs, Government of India through circular dated 51/12/2007-CL-III has granted a general exemption to all Companies dispensing with the requirements to attach various documents in respect of subsidiary companies, as set out in sub-section (1) of Section 212 of the Companies Act, 1956 Accordingly, the Balance Sheet, Proft & Loss Account and other documents of the subsidiary Companies of the Company have been adopted and are made a part of the consolidated fnancial results of the Company. A statement containing brief fnancial details of the Company''s subsidiaries for the year ended as on March 31, 2013 is included in the Annual Report. The Company will make available the audited annual accounts and related information of the subsidiary companies, on request by any member of the Company. These documents will also be available for inspection during business hours at our Registered Offce.

14. Signing of Notice, Balance Sheet, Proft and Loss A/C and Directors Report etc.

This is to inform you that the Company have approved and authenticated its Audited Financial Results for the year ended 31st March, 2013 in the Board meeting duly held on 30th May, 2013, which is well within the statutory time limits as prescribed in the Companies Act, 1956.

15. Acknowledgements

Your Directors place on record their appreciation of the support extended by its employees, Bankers, Customers and various Government Agencies. The Board also wishes to thank the shareholders for their unstinted support.



By order of the Board of Directors

For CHD Developers Limited

Place: New Delhi R.K. Mittal

Date: 30th May, 2013 (Chairman)


Mar 31, 2012

The Directors are pleased to present their Twenty Second Annual Report together with the Audited Accounts and Financial Statements for the year ended 31 March, 2012.

1. FINANCIAL RESULTS

The summarised financial results of the Company for the year ended 31 March, 2012 are as follows:

(Rs. in lacs)

Particulars Current Year ended Previous Year Ended 31 March, 2012 31 March, 2011

Gross receipts 7031.71 8866.68

Profit before Tax, Depreciation and Interest 1031.84 1334.17

Interest 379.35 487.10

Depreciation 59.03 46.42

Profit before Tax 593.46 800.65

Profit after Tax 435.96 531.93

2. DIVIDEND

Your Directors are pleased to recommend a dividend of Rs. 0.10/- per equity share (5%) on the paid-up equity share capital of the Company for the financial year ended 31 March, 2012. The total payout of the proposed dividend is Rs. 113.59 lacs. A motion for the confirmation of the dividend is placed before the shareholders at the Annual General Meeting.

3. PERFORMANCE

During the financial year 2011-12 turnover of the Company was Rs. 7031.71 lacs and net profit (post tax) for the year 2011-12 stood at Rs. 435.96 lacs. The Earning per share (EPS) is 0.38.

4. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Mr. M. S. Kapur Director of your Company retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment, subject to the approval of shareholders of the Company.

5. AUDITORS

M/s. Mohan & Mohan, Chartered Accountants, the Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting.

The Auditors have forwarded a certificate under section 224(1B) of the Companies Act, 1956, to the effect that their reappointment, if made, would be within the limits specified in the said section. The Directors recommend their reappointment. The report of the Auditors is self-explanatory and does not call for any comment.

6. CORPORATE GOVERNANCE

Corporate Governance and Management Discussion and Analysis report are separately given.

7. DIRECTORS' RESPONSIBILITY STATEMENT

As required by the provisions of section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

- In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed.

- The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

- The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

- The Directors have prepared the annual accounts on a going concern basis.

8. SUBSIDIARIES OF THE COMPANY

As on 31 March, 2012, the Company had following subsidiaries, all incorporated in India:

DIRECT SUBSIDIARIES

Sl. No. Name of the Company % Holding

1. Golden Infracon Private Limited 100

2. Horizon Realtech Private Limited 100

3. Divine Townships Private Limited 100

4. CHD Facility Management Private Limited 100

5. CHD Retirement Townships Private Limited 100

6. CHD Armaan Realtech Private Limited 100

7. CHD Energy Private Limited 100

SUBSIDIARY OF CHD ARMAAN REALTECH PRIVATE LIMITED

1. CHD Blueberry Realtech Private Limited 100

2. CHD Elite Realtech Private Limited 100

9. FIXED DEPOSITS

Fixed Deposits from the public, shareholders and employees of the Company as on 31 March, 2012 stood at Rs. 2559.09 lacs as against Rs. 1834.61 lacs at the close of the preceding financial year. There were unclaimed deposits aggregating Rs. 10,000/- pertaining to 1 depositor as on that date.

10. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

The information required under Section 217(2A) of the Companies Act, 1956 and the rules made there under is given in Annexure to this report and form part of this Report. However in terms of Section 219(1) (b)(iv) of the said Act, the Report and Accounts are being send to the shareholders excluding the said Annexure. Any shareholder interested in obtaining the copy of the same may write to the Company Secretary at the Registered Office of the Company.

11. OTHER INFORMATION

A Statement pursuant to the provisions of Section 217(1) (e) of the Companies Act, 1956 read together with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is annexed hereto and forms part of this Report in Annexure B.

12. LISTING AT STOCK EXCHANGE

The equity Shares of the Company continue to be listed on the Bombay Stock Exchange. The annual listing fees for the current year have been paid to the Bombay Stock Exchange.

13. EMPLOYEE STOCK OPTION PLAN-ESOP 2007

The Company has adopted an ESOP Scheme i.e. CHD ESOP 2007 scheme for benefit of permanent employees of the Company.

The options granted under the scheme would vest over a period of four years and the year under consideration was last year. No employee or director of the Company has been granted options in excess of 1% of the issued equity share capital of the Company.

Complete details of ESOP Scheme implemented during the year are attached to this report as Annexure 'A-I '

14. CHANGES IN THE PAID UP SHARE CAPITAL OF THE COMPANY

During the year your Company made an allotment of 2,97,034 equity shares of Rs. 2/- each, at par, to the employees of the Company under CHD ESOP 2007 Scheme.

The paid up capital after taking the effect of changes as above, stood at Rs. 22,71,84,572/- on 31 March, 2012 as against Rs. 22,65,90,504/- on 31 March, 2011.

15. PARTICULARS REQUIRED AS PER SECTION 212 OF THE COMPANIES ACT, 1956

Ministry of Corporate Affairs, Government of India through circular dated 51/12/2007-CL-III has granted a general exemption to all Companies dispensing with the requirements to attach various documents in respect of subsidiary companies, as set out in Sub-section (1) of Section 212 of the Companies Act, 1956 Accordingly, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies of the Company have been adopted and are made a part of the consolidated financial results of the Company. A statement containing brief financial details of the Company's subsidiaries for the year ended as on 31 March, 2012 is included in the Annual Report. The Company will make available the audited annual accounts and related information of the subsidiary companies, on request by any member of the Company. These documents will also be available for inspection during business hours at our registered office.

16. SIGNING OF NOTICE, BALANCE SHEET, PROFIT AND LOSS A/C AND DIRECTORS REPORT AMONG OTHERS

This is to inform you that the Company have approved and authenticated its audited financial results for the year ended 31 March, 2012 in the Board meeting duly held on June 10, 2012, which is well within the statutory time limits as prescribed in the Companies Act, 1956.

17. ACKNOWLEDGEMENTS

Your Directors place on record their appreciation of the support extended by its employees, Bankers, Customers and various Government Agencies. The Board also wishes to thank the shareholders for their unstinted support.

By order of the Board of Directors

For CHD Developers Limited

Place: New Delhi R.K. Mittal

Date: June 10, 2012 (Chairman)


Mar 31, 2010

The Directors are pleased to present their Twentieth Annual Report together with the Audited Accounts and Financial Statements for the year ended 31st March, 2010.

1. Financial Results

The summarized financial results of the Company for the year ended 31st March, 2010 are as follows:

(Amount in Rs. Lacs) Current Year ended Previous Year Ended 31.03.2010 31.03.2009

Gross receipts 4067.84 4050.33 Profit before Tax, Depreciation and Interest 598.51 455.32

Interest 413.36 365.18

Depreciation 39.07 45.79

Profit befute Tax 146.08 44.35

Profit after Tax 91.54 12.59

2. Dividend

Keeping in view need to conserve resources, your Directors are constrained not to recommend any dividend for the year under review.

3 Performance

Your Company is striving continuously for better performance each year and even after being a player of worst effected sector in global economic meltdown your Company has achieved a turnover of Rs. 4067.84 Lacs (Pr. Yr. Rs. 4050.33 Lacs).

4. Projects

Avenue 71 (Gurgaon):-

During the year the Company has entered into a collaboration agreement for development of a Group Housing Complex, named Avenue 71, at Sector 71, Gurgaon, at an area of 16.465 Acre. The total developed area of this project will be 15 Lacs sq. ft. and the Company expects to generate a revenue of Rs. 350 Crores apx. from this project.

The Company will get 65.5 % of the total built up

area and the balance 34.5% built up area will go to the collaborators. To make this project a mega success for the Company, your Company has brought in master national and international architects and designers.

CHD City (Karnal):-

Construction & development is going on at full swing at 123 Acres CHD City, at Sector 45, Karnal. The Company has launched following new sub projects under this mega project:-



S. No. Particulars No. of Units

1 Residential Plots 872

2 Silver County Villas 22

3 Life Style Floors 138

4 CHD Grand 135

5 CHD Prime 102

6 Karnal Business Centre (KBC) 32

7 CHD Plaza 156

5. Directors

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Mr. M. P. Goel, Director of your Company retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment, subject to the approval of Shareholders of the Company.

6. Auditors

M/s. Mohan & Mohan, Chartered Accountants, the Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting.

The Auditors have forwarded a certificate under section 224(1 B) of the Companies Act, 1956, to the effect that their re-appointment, if made, would be within the limits specified in the said section. The Directors recommend their reappointment. The report of the Auditors is self-explanatory and does not call for any comment.

7. Corporate Governance

Corporate Governance and Management Discussion and Analysis report are given in AnnexureA&C.

8. Directors Responsibility Statement

As required by the provisions of section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

In the preparation of the annual accounts, the applicable accounting standards have been followed.

The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

The Directors have prepared the annual accounts on a going concern basis.

9. Subsidiaries of The Company

As on 31st March, 2010, the Company had following subsidiaries:

S. No. Name of the Company % Holding

1. Golden Infracon Private Limited 100

2. Horizon Realtech Private Limited 100

3. Divine Townships Private Limited 100

4. CHD Facility Management Private Limited 100

5. CHD Retirement Tow nships Private Limited 100

6. CHD Armaan Realtech Private Limited 100

7. CHD Blueberry Realtech Private Limited 100

8. CHD Elite Realtech Private Limited 100

10. Fixed Deposits

Fixed Deposits from the public, shareholders and employees of the Company as on 31st March, 2010 stood at 931.53 Lacs as against 494.52 Lacs at the close of the preceding financial year. There were unclaimed deposits aggregating Rs. 55,000/- pertaining to 4 depositors as on that date.

11. Personnel

The employees at all levels continued to put sincere efforts in the growth of the Company. The Employee relations continued to be cordial.

During the year under review details of employees, whose particulars are required to be furnished as required under section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of the Employees) Rules, 1975, as amended, is as follows:

Sr. Name Relationship Remuneration No. 1. R. K. Mittal Managing Director 2,00,000 P.M.

2. Ravi Saund Head-Business Development 3,75,000 P.M.

Name Total No. of shares Payments held

R. K. Mittal 24,00,000/- 21583550

Ravi Saund 6,17,130/- NIL

Employee Benefits:

a. Short-term employee benefits

Short-term employee benefits are recognized in the period during which the services have been rendered.

b. Long-term employee benefits

(i) Defined Contribution plan Contributions to provident fund are deposited with the appropriate authorities and charged to the Profit and Loss Account on accrual basis.

(ii) Defined benefit plan Gratuity The Company provides for the Gratuity based on actuarial valuation as per the Projected Unit Credit method in accordance with Accounting Standard 15, as applicable, related to employee benefits.

12. Other Information

A Statement pursuant to the provisions of Section 217(1) (e) of the Companies Act, 1956 read together with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is annexed hereto and forms part of this Report in Annexure B.

13. Listing at Stock Exchange

The Equity Shares of the Company continue to be listed on the Bombay Stock Exchange. The annual listing fees for the year 2009-2010 have been paid to the Bombay Stock Exchange.

14. Employee Stock Option Plan-esop 2007

The Company has adopted an ESOP Scheme i.e. CHD ESOP 2007 scheme for benefit of permanent employees of the Company. The options granted under the scheme would vest over a period of four years and the year under consideration was its 3rd year. No employee or director of the Company has been granted options in excess of 1 % of the issued equity share capital of the Company. Complete details of ESOP Scheme implemented during the year is attached to this report as Annexure A-l.

15. Changes in the Paid up Share Capital of the Company

During the year your Company made an allotment of 2,96,067 equity shares of Rs. 21-each, at par, to the employees of the Company under CHD ESOP 2007 Scheme. Further pursuant to conversion of 1,56,60,000 share warrants your Company also made allotment of 1,56,60,000 equity shares of Rs. 21-each at a premium of Rs. 2.65/- per shares, on preferential basis to the non promoters. The paid up capital after taking the effect of changes as above, stood at Rs. 22,58,39,328/-as on 31st March, 2010 as against Rs. 19,39,27,9141- as on 31 st March, 2009.

16. Particulars Required As Per Section 212 of the Companies Act, 1956

The Company had filed the necessary application for the approval of Ministry of Corporate Affairs, Government of India dispensing with the requirements to attach various documents in respect of subsidiary companies, as set out in sub-section (1) of Section 212 of the Companies Act, 1956 Accordingly, the Balance Sheet, Profit & Loss Account and other documents of the subsidiary Companies of the Company have been adopted and are made a part of the consolidated financial results of the Company. A statement containing brief financial details of the Companys subsidiaries for the year ended as on March 31, 2010 is included in the Annual Report. The Company will make available the audited annual accounts and related information of the subsidiary companies, on request by any member of the Company. These documents will also be available for inspection during business hours at our Registered Office.

17. Signing of Notice, Balance Sheet, Profit & Loss A/c & Directors Report Etc.

This is to inform you that the Company have approved and authenticated its Audited Financial Results for the year ended 31st March, 2010 in the Board meeting duly held on 29.05.2010, which is well within the statutory time limits as prescribed in the Companies Act, 1956 and Listing Agreement entered into by the Company with Bombay Stock Exchange, Mumbai.

18. Acknowledgements

Your Directors place on record their appreciation of the support extended by its Bankers, Customers and various Government Agencies. The Board also wishes to thank the shareholders for their unstinted support.

By order of the Board of Directors

For CHD Developers Limited Place: New Delhi Date: 29-05-2010

R.K. Mittal (Chairman cum Managing Director)



 
Subscribe now to get personal finance updates in your inbox!