Anant Raj Industries
BSE: 515055 | NSE: ANANTRAJ | ISIN: INE242C01024 | Construction & Contracting - Real Estate
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Directors Report | Year End : Mar '08 |
The Directors take pleasure in presenting the Twenty Third Annual
Report of the Company together with the consolidated audited accounts
for the year ended March 31, 2008.
Particulars For the year ended For the year ended
March 31, 2008 March 31, 2007
(Rs. in lacs) (Rs. in lacs)
Sales and other income 63342.55 21254.08
Profit before depreciation 58824.58 17891.99
Depreciation 820.30 782.31
Profit after depreciation 58004.28 17109.68
Prior year adjustment 15.35 (0.99)
Adjustment for Deferred Tax 40.06 28.38
Provision for taxation (14424.16) (4590.94)
Profit after tax 43635.53 12546.13
Appropriations:
Proposed dividend/Interim Dividend 6876.45 2570.94
Dividend Tax 752.27 436.93
Transfer to General Reserves 4516.60 1007.31
Balance carried over to Reserves 44223.75 12730.90
and Surplus Account
Operations
As you are aware that the Company had diversified into construction and
development business and has made investment in hospitality/hotel,
infrastructure for information technology services and
residential/commercial developments. Further the Company, during the
year under review, successfully completed the merger of its group
companies with itself. The Companys strategy has yielded results and
has led to improved overall business. The Company during the year under
review has posted net profit before tax of Rs. 580.04 crores as against
profit before tax of Rs. 171.10 crores in the previous year.
Tile Division:
The Company, during the year under review, has earned cash profit of
Rs. 5.74 crores. The margins in the Ceramic Industry continue to remain
under pressure due to rise in input costs and lower price realization
due to increase in import of tiles. The Company has initiated measures
like reduction and optimization of cost and increase in sale volume
through expansion of its production capacity. A subsidiary company has
been allotted 26 acres land by Gujarat Industrial Development
Corporation. The land is being used for setting up of a plant for
manufacturing ceramic tiles.
Construction/Hospitality:
The company as a part of overall strategy and as a step towards
integration of existing business of manufacturing tiles ventured into
construction and development of infrastructure for Information
Technology centric avenues and projects relating to hospitality sector.
The main focus of the Company during the year under review has been on
construction of IT Parks and investments in projects relating to
hospitality sector.
Construction
The Company is in the process of constructing an IT Park at Manesar,
Haryana. The said project is at an advance stage of completion and
would be operational by September 2008.
The Company has undertaken to develop and construct an IT Park at Rai,
Sonepat, Haryana on the land allotted to it by HSIIDC.
The Company has been granted approval by the Board of Approvals,
Ministry of Commerce, Government of India to the proposal for
development of an IT Special Economic Zone (SEZ) of 25 acres of land at
Rai, Haryana.
The 1st phase of construction at Rai, Haryana would be completed by
January 2009 and the entire construction at the site would be completed
by December 2009. The expected cost of project is Rs. 1000 crores.
Further the Company has been allotted 25 acres land at Greater Noida,
Uttar Pradesh for setting up a IT Park.
The Companys subsidiaries have been allotted 10 acres of land at
Jaipur, Rajasthan & Panchkula, Haryana for setting up of IT Parks. The
Project at Panchkula is a joint venture between the Company & Monsoon
Capital.
Besides the construction of IT Parks, the Company has made substantial
investments in projects relating to Hospitality and Service appartment
Hospitality
The Companys hospitality projects are on track and the project under
the name Romano Retreat would be operational by July 2008.
The Companys other project named as Romano Exotica would be
operational by September 2008. These projects will be managed by Aitken
Spences Hotels Holding Ltd., a reputed International Hotel Chain.
The said projects on completion would add substantially to revenue and
profit of the Company.
Dividend
The Board of Directors, subject to approval of shareholders at the
ensuing Annual General Meeting, has recommended a dividend @75% on
equity shares for the year ended March 31, 2008.
Split of Shares
The shareholders of the Company at its general Meeting held on
September 10,2007 had approved the Split of Equity Shares of the
Company from 1 Equity Share of Rs. 10/- each to 5 equity shares of Rs.
2 each.
Preferential Allotment of shares to FIIs
The Company during the year under review has issued 5560222 equity
shares of Rs. 10/- each at 1229.51 per share to Foreign Institutional
Investors (FIIs) on preferential basis. The proceeds of the issue have
been / are being utilized for Companys ongoing projects relating to
construction of IT Park, hospitality sector and for general corporate
requirement.
Issue of Shares Pursuant to scheme of Arrangement/ Merger:
The Company, during the year under review, on September 14,2007 had
issued and allotted 2,75,33,720 equity shares of
Rs. 2/- each pursuant to scheme of merger to the shareholders of (i)
Grand Meadows limited (ii) Papillon Estates Limited (iii) Roseview
Estates Private Limited (iv) Bhasin Resorts Private Limited.
Further the Company, during the year under review, on December 24,2007
had issued and allotted 3,31,73,830 equity shares of Rs. 2/- each
pursuant to scheme of arrangement with (i) Anant Raj Agencies Private
Limited (Construction Division) (ii) Anant Raj Export Private Limited
(iii) Greenwood Promoters Private Limited (iv) Jasmine Promoters
Private Limited (v) Mayur Buildtech Private Limited (vi)Northland
Estates Private Limited (vii) Parkland Promoters Private Limited (viii)
Rockfield Buildtech Private Limited (ix) Springdales Estates Private
Limited (x) Sunrise Buildtech Private Limited (xi) Victor Promoters
Private Limited, and (xii) West Land Buildtech Private Limited.
Conversion of warrants
The Company, during the year under review, has on July 3,2007 converted
1504000 warrants issued to FIIs into equivalent number of equity shares
of Rs. 10/- each.
Issue of Global Depository Receipts
Your Company, during the year under review, had issued 20,144,000
Global Depository Receipts (GDRs), each representing one equity share
of nominal value Rs. 2 each at the Offer Price of US$ 7.494 aggregating
to US$ 151 million(approx).
Your Company had issued GDRs with an intent to use the net proceeds
received from the Issue in FDI eligible projects for development and
construction business primarily in SEZs, IT parks and the hospitality
sector, augmenting long-term resources and working capital purposes as
may be permissible under applicable laws and government policies and
for general corporate purposes, including initiatives, such as
strategic relationships, investments or acquisitions and improving the
leveraging strength of the Company.
The Global Depository Receipts issued by the Company have been enlisted
on Euro MTF market in Luxembourg Stock Exchange.
Energy conservation, Technology adaptation, Foreign Exchange earnings
and outgo
Your Company continuously strives for conservation of resources like
fuel, water, gas and Power as in the liberalized, globalised and
competitive business scenario; there is a continuous need for employing
sophisticated techniques and mechanized form of construction for
timely, speedier and quality execution of projects. Therefore,
emphasis is being laid on employing techniques which result in
conservation of energy.
A detailed report on Conservation of energy, technology absorption,
foreign exchange earnings and outgo has been annexed to this report.
Fixed Deposits
The Company has not invited or accepted any fixed deposits from public
in terms of provisions of Section 58-A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 and, as such,
no amount of principal or interest was outstanding as of the balance
sheet date.
Insurance
The Companys properties including Building, Plant and Machinery,
Stocks, Stores, etc., have been adequately insured against all risks.
Major Changes- Organisation Structure
During the financial year ending 31st March 2008, there has not been
any major change in the organization structure of the Company.
Management Discussion & Analysis Report
Management Discussion & Analysis Report is annexed to this report.
Corporate Governance Report
As per the requirements of Clause-49 of the Listing Agreement a
separate report on Corporate Governance is annexed to this report. The
Auditors certificate on compliance under Corporate Governance is also
annexed.
Directors Responsibility Statement
The Board of Directors hereby confirms and accepts the responsibility
for the following in respect of the audited annual accounts for the
financial year ended March 2008:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed with no material departure.
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit of the company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis
Subsidiaries
The statement of financial information pursuant to section 212 of the
Companies Act, 1956, regarding subsidiary companies forms part of this
Annual Report.
Shareholders desirous of obtaining Annual Accounts of the Company’s
Subsidiaries may obtain same upon request. The annual report and
accounts of subsidiary comapnies will be kept for inspection at your
Companys registered office.
Directors
Pursuant to Section 256 of the Companies Act, 1956 read with the Clause
86 of Articles of Association of the Company, Shri Maneesh Gupta,
retires by rotation at the ensuing Annual General Meeting and being
eligible has offered himself for reappointment.
Brief resume of the Director seeking re-appointment together with the
nature of his expertise in specific functional areas and names of
companies in which he holds directorship and membership of
Board/Committee and number of shares held as stipulated under Clause 49
of the Listing Agreement are stated in the notice forming part of this
Annual Report.
Auditors
B. Bhushan & Co., Chartered Accountants, Auditors of the Company,
retire on the conclusion of the ensuing Annual General Meeting and
being eligible have offered themselves for re-appointment.
Acknowledgements
The Directors place on record their appreciation for the assistance,
help and guidance provided to the company by the State Bank of India
and authorities of State Government from time to time. The Directors
also place on record their gratitude to employees and shareholders of
the Company for their continued support to and confidence in management
of the Company.
By order of the Board of Directors
New Delhi Ashok Sarin
May 29, 2008 Chairman
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| Source : Religare Technova | |
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