Ansal Properties & Infrastructure

The Directors are pleased to present the 41st Annual Report along with
 the Audited Statements of Accounts of your Company for the Financial
 Year ended the 31st March, 2008.
 
 1.  COMPANY PERFORMANCE
 
 A.  Financial Highlights
 
                                             (Rupees in lacs)
 
 Particulars                            For the year       For the year
                                          ended                ended
                                        31.03.2008           31.03.2007
 
 Sales & Other Income                        86884               76614
 
 Profit (Before Interest, 
 Depreciation Exceptional                    25448               22018
 
 Items and Taxes)
 
 Less : Interest                       2001           1943
 
 Depreciation                           780   2781     311       2254
 
 Profit Before                               22667              19764
 
 Less : Provision for taxation                6510               6573
 
 Profit After Tax                            16157              13191
 
 Add : Surplus Profit brought                 6887               2345
 
 forward from previous year
 Disposable Profit :-                        23044              15536
 
 APPROPRIATIONS
 
 - Interim Dividend including 
 Dividend Tax                                  -                 485
 
 - Proposed Dividend including 
   Dividend Tax                               1660               664
 
 - Transfer to General Reserve               10000              7500
 
 - Debenture redemption reserve               2500                -
 
 Surplus carried to Balance Sheet             8884              6887
 
 B.  Operations
 
 Net Profit for the year 2007-08 stood at Rs 16,157 Lacs as against
 Rs.13,191 Lacs in the year 2006- 07, thus showing an increase of 22%.
 Further the total turnover for the year ended March 31, 2008 also saw a
 rise to Rs 86,844 Lacs, compared to Rs 76,614 Lacs for 2006-07, posting
 a growth of 13%.
 
 The table given below illustrates the growth of the Company during the
 last five years
 
 2.  REDEMPTION OF DEBENTURES ALLOTTED ON 28.11.2006
 
 The Company on 28.11.2006, had allotted 8,19,659 nos. of Secured
 Redeemable Optionally Convertible Debenture (ROCD), on preferential
 basis, having a tenure of 18 months, to HDFC Venture Trustee Company
 Limited at a price of Rs. 610.01 per ROCD calculated in terms of
 Chapter XIII of SEBI {DIP} Guidelines, 2000 aggregating to Rs. 50
 crores in terms of the approval granted by the members vide Special
 Resolution dated 18.11.2006. The same stood redeemed on 27.05.2008.
 
 3.  ISSUE AND ALLOTMENT OF ROCDs ON PREFERENTIAL ALLOTMENT BASIS
 
 In terms of the approval of the members given u/s 81 (1A) of the
 Companies Act, 1956, through Postal Ballot, result of which was
 declared on August 26, 2008, 20,73,770 (Twenty Lacs Seventy Three
 Thousand Seven Hundred Seventy) nos. of Secured Redeemable Optionally
 Convertible Debentures (“ROCDs”) of Rs 100/- each of the Company
 bearing interest of 16.5% p.a., redeemable at redemption premium of 10%
 or 6.67% p.a., were issued and allotted, on preferential basis, on
 August 26, 2008 to M/s HDFC Venture Trustee Company Limited at a price
 of Rs. 305/- per ROCD aggregating to Rs.  63.25 crores.
 
 The price computed in terms of Chapter XIII of SEBI {DIP} Guidelines
 2000 is approximately Rs. 151/- per Equity Share. The price has been
 calculated, as quoted on the National Stock Exchange, in which highest
 trading volume of the shares of the Company has been recorded during
 the preceding six months prior to the relevant date of the 26th July
 2008. The price of the ROCDs fixed at Rs. 305/- per ROCD is higher than
 the price of Equity Shares so determined under the said Guidelines and
 it is permitted therein.
 
 National Stock Exchange of India Limited (“NSE”) and The Bombay Stock
 Exchange Ltd. (“BSE”) having nationwide trading terminals have granted
 the requisite “in-principle” approval under Clause 24(a) of the Listing
 Agreement.
 
 4.  ANSAL API EMPLOYEES / DIRECTORS STOCK OPTION SCHEME
 
 Ansal Api Employee Stock Option Scheme 2006 {Scheme} was approved by
 the Board of Directors and the Remuneration/ Compensation Committee at
 their respective meetings held on the 20th October, 2006 & 26th
 October, 2006, respectively, in terms of the approval granted by the
 members of the Company by way of passing Special Resolutions in their
 Extra Ordinary General Meeting, held on 2nd May, 2006. SEBI (Employee
 Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines,
 1999 was complied in this regard.
 
 In terms of the referred Scheme, 1,16,700 Options were granted on 26th
 October, 2006. However, subsequently, due to steep fall in the price of
 shares of the Company, the said Options have become unattractive to the
 Option Holders. Vide Special Resolution passed through Postal Ballot on
 26th August, 2008, the members have, inter alia, approved the
 termination / closure of the Scheme. The detailed information on the
 Scheme, more particularly the present status, appears in the Corporate
 Governance Report forming the part of Directors Report.
 
 Details of the Options granted upto March 31, 2008 and other disclosure
 as required under Clause 12 of the referred guidelines are also
 enclosed as Annexure A. Moreover, the complete scheme is available on
 the website of your Company viz. www.ansalapi.com
 
 5.  DIVIDEND
 
 Your Directors are pleased to recommend, for approval of the members at
 the ensuing 41st Annual General Meeting,payment of Dividend at the rate
 of 25% on the paid up equity share capital of Rs.  56,75,05,500/- for
 the year ended the 31st March, 2008, which if approved, will absorb Rs.
 1659.88 lacs including Dividend Tax.
 
 6.  BUSINESS
 
 Your Company is one of the front runner real estate development
 companies in India. The business of real estate comprises development
 of residential and commercial estates on its own as well as through
 joint ventures and collaborations. As a major developer, the Company
 has successfully developed the entire range of real estate from plots,
 single homes, multi family homes, group housing, residential colonies,
 commercial properties to farm land and resorts. The Managements
 Discussion and Analysis Report forming part of the Directors Report
 gives a detailed overview about the nature of business, state of
 affairs and performance of the Company. This MD&A Report also covers
 the general economic scenario of the Country, and beyond, which has and
 shall have impact on the nature of Companys business and generally in
 the classes of business in which the Company has interest. The Company
 has ambitious growth plans to be achieved both by expansion of existing
 real estate activities as well as through diversifying into new fields.
 It is expected that with these endeavors your Company shall grow
 further its competitive benefits and continue to build upon its well
 acknowledged brand image.
 
 Power Project / Joint Venture with NTPC
 
 In terms of the approval granted by the members on 10th July, 2007
 through Postal Ballot, your Company has commissioned a 12MW Wind Power
 Project in Gujarat in the month of September, 2007.
 
 Your Company has now entered into a Heads of Agreement (normally known
 as Memorandum of Understanding) on 30th July, 2008 with NTPC Electric
 Supply Company Limited, a wholly owned subsidiary of NTPC Limited, for
 harnessing business opportunities in retail distribution and generation
 through mini gas engines / turbines on captive mode in green field
 projects through formation of a proposed Joint Venture Company.
 
 Education/ Schools
 
 Your Company has signed a Collaboration Agreement with Edu
 Infrastructure Pvt. Ltd., a Subsidiary of Educomp Solutions Ltd,
 Indias largest Education Company (Educomp) and Knowledge Tree
 Infrastructure Ltd (KTIL), a Subsidiary of the Company, for the purpose
 of operating and managing various schools / other educational
 institutions developed and/or to be developed at the various
 sites/projects of the Company. In furtherance to this, construction
 work for setting up first Millennium School, located within the Ansals
 Sushant City at Panipat has been initiated. This School, will be a part
 of a countrywide chain of schools leveraging the Millennium Learning
 System, Indias first fully- integrated learning delivery system for
 Schools developed by Educomp.
 
 IT / ITES SEZs/Parks
 
 Your Company is one of the first developers in India to obtain
 notification for setting up of IT/ITES SEZs in the country. The
 Company, with requisite approval, is setting up directly and / or
 through joint ventures, IT/ITES SEZs in Greater Noida, Gurgaon and
 Mumbai. The particulars of IT SEZs/ Parks to be developed by the
 Company are as follows:-
 
 IT / ITES SEZs
 
 -The Campus, Greater Noida (notified) spread over 75 acres
 
 Notified IT SEZ, ‘The Campus, Sohna Road Gurgaon, Haryana spread over
 approx. 27 acres (Phase I). To be increased in phases to approx. 106
 acres
 
 -The Campus, Lucknow spread over approx. 32 acres (under approval)
 
 -The Campus, Khapoli, Mumbai spread over approx. 28.73 acres (formally
 approved)
 
 IT Parks
 
 Net City, Lucknow, spread over approx. 18 acres
 Net City, Noida IT Park spread over approx. 10 acres
 
 Construction for some of the projects has already commenced and they
 are expected to be completed in the next five to seven years.
 
 HI-Tech City - “Megapolis”
 
 The Housing & Urban Planning Department, Government of Uttar Pradesh,
 keeping in view the mandates of the National and State Housing
 Policies, announced a Hi-Tech Township Policy to promote and facilitate
 private sector participation in the development of Hi-Tech Townships
 with World class infrastructure. The High Powered Committee constituted
 by the Government of Uttar Pradesh has selected the Consortium viz
 “Uttam Steels & Associates”, wherein your Company is having majority
 stake, for the development of the Hi-Tech Townships in Dadri, Gautam
 Budh Nagar, Uttar Pradesh under Hi-Tech Township Policy-2003 of U.P.
 Govt.
 
 The said Hi-Tech Township namely “Megapolis” will be developed by Ansal
 Hi-Tech Townships Limited (Ansal Hi-Tech) a Subsidiary of the Company,
 which is also a Special Purpose Vehicle Company formed under the said
 Consortium.
 
 With a view to execute the said Township Project various arrangements
 have been entered amongst, Consortium Members and HDFC Asset Management
 Company Limited- Portfolio Management Services – Real Estate Portfolio
 I (in short HDFC-AMC), pursuant to which HDFC-AMC has invested Rs. 225
 crores in Ansal Hi-Tech (i.e. Rs. 75 crores in the Equity Capital and
 Rs. 150 crores in the Debentures of Ansal Hi-Tech). As per one of the
 requirements, in this regard, the Company has provided
 Corporate/Performance Guarantee of Rs. 750 crores in favor of HDFC-AMC
 on behalf of Ansal Hi-Tech and / or others, among others, to ensure the
 execution / implementation of construction and development of Hi-Tech
 Township at Dadri by Ansal Hi-Tech. The requisite confirmation of the
 members has been obtained through Postal Ballot result of which were
 announced on 26.08.2008.
 
 7.  CORPORATE SOCIAL RESPONSIBILITY
 
 At the outset your Company acknowledges the right to housing for
 everyone and offers full support to Governments Schemes for
 economically weaker sections. The importance of Corporate Social
 Responsibility arises when the Company embarks on the responsibility to
 contribute to the society where it exists. Therefore the essential
 responsibility is to take due care for the community. Your Company
 endeavours to make a positive contribution to the underprivileged
 communities by supporting socio-economic initiatives. In addition,
 environmental issues have always been given due significance.  All the
 projects of your Company are aimed at environmental protection, up
 gradation, conservation, water harvesting etc. and plantation of trees
 etc., which are important steps in this direction. It is the strong
 faith of your Company that benefit comes as much from its strong
 organizational pledge to Corporate Governance, as from its pursuit and
 fulfillment of Corporate Social Responsibility.
 
 8.  SUBSIDIARY COMPANIES
 
 During the year under review, the Company has invested in the Equity
 Shares of Ansal API Power Limited, Star Facilities Management Limited
 and Knowledge Tree Infrastructure Limited, consequent upon which the
 said companies have become the Wholly Owned Subsidiaries (WOS) of the
 Company.
 
 The Company has applied for exemption from attaching the Annual
 Accounts of the fourteen (14) Subsidiaries as on March 31, 2008, with
 Audited Annual Accounts of the Company pursuant to the provisions of
 Section 212(8) of the Companies Act, 1956.
 
 In terms of the approval granted by the Ministry of Corporate Affairs
 (MCA), Government of India, vide its letters No. 47/492/2008-CL-III
 dated July 22, 2008 the provisions of section 212 (1) shall not apply
 in respect of all the fourteen (14) Subsidiaries of the Company, as on
 March 31, 2008, as mentioned below. The said exemption has been granted
 on the condition of preparing and circulating the Audited Consolidated
 Accounts of your Company and its Subsidiary Companies along with the
 standalone Audited Accounts of the Company. In compliance with the said
 conditions, the Audited Balance Sheets as at the March 31, 2008 and
 Profit and Loss Accounts for the year ending as on that date together
 with the Reports of Directors and Auditors thereon of the said
 Subsidiaries have not been attached with the Balance Sheet of the
 Company for the financial year ended March 31, 2008
 
 Sl. No.  Name of the Co.            Status
 
 1.  Delhi Towers Ltd. (DTL)       Wholly Owned Subsidiary (WOS)
 
 2.  Star Estates Management Ltd.  Wholly Owned Subsidiary
 
 3.  Ansal IT City & Parks Ltd.    Subsidiary
 
 4.  Ansal Condominium Ltd.*       Chain Subsidiary, as 100% share 
                                   capital is held by DTL which is WOS 
                                   of APIL
 
 5.  Ansal SEZ Projects Ltd. 
    (Ansal SEZ)                    Wholly Owned Subsidiary
 
 6.  Ansal Townships 
     Infrastructure Ltd.           Wholly Owned Subsidiary
 
 7.  Ansal API Power Limited       Wholly Owned Subsidiary
 
 8.  Star Facilities Management
     Ltd.                          Wholly Owned Subsidiary
 
 9.  Haridham Colonizers Ltd. **   Chain Subsidiary, as 100% share 
                                   capital is held by Ansal SEZ which
                                   is WOS of the Company
 
 10.Knowledge Tree Infrastructure
    Limited                        Wholly Owned Subsidiary
 
 11.Sukhdham Colonisers Ltd.       Chain Subsidiary, as 100% share 
                                   capital is held, (as on 31.03.2008)
                                   by DTL which is WOS of the Company.
 
 12.  Dreams Infracon Ltd.
 
 13.  Effulgent Realtors Ltd.
 
 14.  Mangal Murthi Realtors Ltd.
 
 However, the Annual Accounts of the aforesaid Subsidiary Companies and
 related detailed information can be inspected by / shall be made
 available to the members of the Company and its subsidiaries, seeking
 such accounts/ information, at any time, during the working hours at
 the Registered office of the Company and at the offices of the
 respective Subsidiaries.
 
 As per another condition for grant of exemption, information relating
 to the capital, reserves, assets, liabilities and turnover etc. of the
 Subsidiary Companies is given at the end of the Consolidated Balance
 Sheet of the Company.
 
 The Statement pursuant to Section 212 of the Companies Act, 1956,
 containing the details of the Subsidiary Companies as on the 31st March
 2008 is enclosed and marked as Annexure B
 
 Subsequent to the end of the financial year, the Company has also
 invested in the Equity Shares of Ansal Hi-Tech Townships Limited
 consequent upon which the said company became a Subsidiary of the
 Company.
 
 As on the date of report there are total thirty five (35) Subsidiaries
 of the Company which includes seven (7) Wholly Owned Subsidiaries, two
 (2) Subsidiaries and twenty six (26) Chain Subsidiaries.
 
 9.  STATUTORY STATEMENTS
 
 A.  Conservation of energy and technology absorption
 
 The information relating to Conservation of Energy and Technology
 Absorption as required to be disclosed under Section 217(1)(e) of the
 Companies Act, 1956, read with Rule 2 of the Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules, 1988, is not
 applicable to the Company.
 
 B.  Foreign Exchange Earnings and outgo
 
 Information about the foreign exchange earnings and outgo, as required
 to be given under Section 217(1)(e) of the Companies Act, 1956 read
 with Rule 2(c) of the Companies (Disclosure of Particulars in Report of
 Board of Directors) Rules, 1988, is given as follows:- {Rs. in lacs}
 
 Sl. No.  Particulars 
 
                                 For the Year ended For the Year ended
                                      on 31.03.2008      on 31.03.2007
 
 (i) Expenditure in Foreign Currency
 
 Traveling expenses                         93.79           27.94
 
 Payment to contractors/cost of lift       396.90          584.80
 
 Professional Fee                           25.05          163.90
 
 Advertisement                             174.78            7.21
 
 Architect Fee                             338.08          195.01
 
 Membership Fee                              4.96            1.63
 
 (ii) Earnings in Foreign Currency
 
 Sale of Flats/Plots/Farms etc.            313.66          587.75
 
 C.  Amount due to Small-Scale Industries
 
 During the Financial Year 2007-08, an amount of Rs. 1.22 lacs is due to
 small scale industrial undertakings as on March 31, 2008, (previous
 year Rs. 0.01 lacs) and the same has also been disclosed in the
 financial statement.
 
 D.  Particulars of Employees
 
 During the year under review, seventeen (17) employees/directors were
 in receipt of remuneration of Rs. 24 lacs or more per annum or Rs. 2
 lacs per month if employed for part of the year. In accordance with the
 provisions of Section 217(2A) of the Companies Act, 1956 and the Rules
 made thereunder, the names and other particulars of employees are set
 out in the annexure to the Directors Report (Annexure C)
 
 10.  CORPORATE GOVERNANCE
 
 Your Company constantly strives to uphold high standards of Corporate
 Governance norms. It believes that for sustainable and extended growth
 and that of every stake holder, the essential requirements are the
 judicious and effectual uses of available resources, unswerving efforts
 to attain excellence in business along with active participation in the
 growth of society, building of environmental balance, contribution to
 the economic growth, and laying emphasis on integrity, accountability,
 and regulatory compliances. These are the building blocks of Corporate
 Governance. Moreover, the Corporate Governance practices embody the
 dual goals of protecting the interests of all stakeholders while
 respecting the duty of the Board to oversee the affairs of the Company
 in the best interest of its business.
 
 a) A report on Corporate Governance together with a certificate
 received from M/s Khanna & Annadhanam, Statutory Auditors of the
 Company, confirming the compliance with the provisions of Corporate
 Governance as stipulated in Clause 49 of the Listing Agreement are
 given separately which forms part of this Report.
 
 b) Managements Discussion and Analysis Report is also given separately
 and also forms part of this Report.
 
 11.  FIXED DEPOSITS
 
 As on March 31, 2008 fixed deposits stood at Rs. 567.91 lacs as against
 Rs. 727.48 lacs in the previous year. Deposits amounting to Rs. 6.29
 lacs (as on 31.03.2008) have not been claimed by the depositors. Since
 then deposit amounting to Rs. 0.65 lacs have been renewed or claimed
 during the current year. Depositors are being intimated regarding the
 maturity of deposit with a request to either renew or claim their
 matured deposit amounts. Your Company has a track record of extending
 consistently good services to its fixed deposit holders. Therefore, the
 payment of deposits on maturity and interest thereon, in terms of the
 Companys Deposit Schemes, has been timely.
 
 12.  TRANSFER OF UNCLAIMED DEPOSIT / DIVIDEND TO IEPF
 
 As per the provisions of Section 205C of the Companies Act, 1956,
 deposits / dividend remaining unclaimed for a period of seven years
 from the date they become due for payment have to be transferred to
 Investors Education & Protection Fund (IEPF) established by the Central
 Government.
 
 Accordingly, the Unclaimed Dividend for the Financial Year 1994-95,
 1995-96, 1996-97, 1997-98, 1998-99 & 1999-2000 have been transferred to
 said IEPF.
 
 13.  DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956, Dr. R.C.
 Vaish, and ACM O.P. Mehra (Retd.), Directors of the Company are due to
 retire by rotation at the ensuing AGM. They are eligible for
 re-appointment and offer themselves for re-appointment. The matter of
 re-appointing them appears as Agenda items in the Notice of the 41st
 Annual General Meeting.
 
 None of the Directors is disqualified from being appointed/re-appointed
 as Director in terms of Section 274(1)(g) of the Companies Act, 1956.
 
 During the Year under review, Shri Pranav Ansal, who joined the Company
 as a Director {w.e.f.  22.04.2006 and confirmed by the Members at the
 Annual General Meeting held on 28th September, 2006} has been appointed
 as a Vice Chairman & Managing Director of the Company by the Board on
 31st October, 2007, with effect from the 1st November, 2007. His
 appointment and remuneration are in terms of provisions of Section 269
 read with Schedule XIII of the Companies Act, 1956 and other applicable
 provisions of the Act, and, were subject to the approval of the
 Members. The matter of confirming his appointment and remuneration was
 placed before the members through Postal Ballot, results of which have
 been declared on August 26, 2008 indicating due approval.
 
 Shri Anil Kumar, who was appointed as Whole Time Director & CFO
 (re-designated as WTD & CEO w.e.f. 14.12.2005) for a period of five
 years w.e.f. 01.04.2005 by the Members, by way of passing an Ordinary
 Resolution at the Annual General Meeting of the Company held on
 September 26, 2005 was promoted as Dy. Managing Director and CEO of the
 Company by the Board on 31st October, 2007, with effect from the 1st
 November, 2007
 
 14.  AUDITORS REPORT AND AUDITORS
 
 The Notes to Accounts, forming part of Balance Sheet as at 31st March,
 2008 and Profit & Loss Account for the year ended on that date,
 referred to in the Auditors Report are self explanatory.
 
 The tenure of the Statutory Auditors M/s. Khanna & Annadhanam,
 Chartered Accountants, New Delhi, comes to an end at the conclusion of
 this Annual General Meeting and are eligible for re-appointment.  The
 Company has received Certificate from the Statutory Auditors to the
 effect that their appointment, if made, would be within the limit
 prescribed under Section 224 of the Companies Act, 1956.
 
 The Board of your Company recommends their re-appointment for the
 Financial Year 2008-09.
 
 15. LISTING INFORMATION
 
 During the year under review, and as already reported in the Annual
 Report of the last year, the Company has issued and allotted 5,67,50,
 550 fully paid up Bonus Equity Shares in the ratio of 1:1 on
 04.05.2007, in terms of approval of the members given on 19.03.2007
 through Postal Ballot. The said shares have also been listed and
 permitted to be traded at DSE, BSE & NSE. There has been no trading at
 DSE since considerable number of years.
 
 Listing fees for the Financial Year 2008-09 has been paid by the
 Company to all the Stock Exchanges (i.e. DSE, BSE & NSE) in time and no
 amount is outstanding.
 
 16.  CONSOLIDATED FINANCIAL STATEMENT
 
 In accordance with Accounting Standard (AS -21) on Consolidated
 Financial Statement, the Company has prepared the Audited Consolidated
 Financial Statement for the Year 2007-08 which forms the part of this
 Annual Report. These Statements have been prepared on the basis of
 financial statements received from subsidiaries and joint venture
 companies, as approved by their respective Boards.
 
 17.  DIRECTORS RESPONSIBILITY STATEMENT
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956 and based on the information provided by the Management, your
 Directors hereby confirm:
 
 i) That in the preparation of the Annual Accounts, the applicable
 Accounting Standards have been followed and no material departures have
 been made from the same.
 
 ii) That appropriate accounting policies have been selected and applied
 them consistently, and, judgments and estimates that are reasonable and
 prudent have been made so as to give a true and fair view of the state
 of affairs of the Company as at the end of the financial year on March
 31, 2008 and of the profit or loss of the Company for the year ended on
 that date.
 
 iii) That proper and sufficient care has been taken for 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.
 
 iv) That the Annual Accounts have been prepared on a going concern
 basis.
 
 18.  ACKNOWLEDGMENT
 
 Your Directors would like to express their sincere appreciation and
 gratitude to:- all the regulatory authorities including SEBI, Stock
 Exchanges, Ministry of Corporate Affairs, Registrar of Companies and
 the Depositories.
 
 all Bankers and Financial Institutions, the Central and State
 Governments as well as their respective Departments and Development
 Authorities in India and abroad connected with the business of the
 Company for their co-operation and continued support.  the members,
 depositors, suppliers, contractors and customers for the trust and
 confidence reposed by them in the Company Your Directors also deeply
 appreciate the hard work, competence, loyalty, cooperation and
 professionalism of the employees of the Company and its subsidiaries,
 at all levels. The employees continue to remain the Companys most
 valuable assets and their relentless efforts have enabled the Company
 to achieve praiseworthy growth during the year under review.
 
 
 Regd. Office:                      For and on behalf of the Board
 115, Ansal Bhawan
 16, Kasturba Gandhi Marg,
 New Delhi-110001
                                  ( Sushil Ansal )
 Date : 30th August, 2008           Chairman