The Directors have great pleasure in submitting their 24th ANNUAL
REPORT on the business & operations of the Company along with the
Audited Balance Sheet and Profit And Loss Account, for the year ended
31st March, 2012.
1. FINANCIAL RESULTS:
Financial Results of the Company for the year under review along with
the figures for previous year are as follows:
(Amount in Rs.)
PARTICULARS Year Ended
Total Income 1,55,83,90,499 5,21,95,22,761
Depreciation 39,28,349 36,26,000
Profit before Taxation 11,40,62,175 41,17,50,790
Provision for Taxation 44215 52,12,542
Profit After Tax 11,40,17,960 40,65,38,248
PARTICULARS Year Ended
Total Income 572,932,047 1,475,637,349
Depreciation 3,928,349 3,626,000
Profit before Taxation 20,569,374 33,068,771
Provision for Taxation 44,215 5,212,542
Profit After Tax 20,525,159 27,856,229
During the year Company''s net profit before tax decrease from Rs.
33,068,771/- (Rupees Three Crores Thirty Lakhs Sixty Eight Thousand
Seven Hundred Seventy Only) to Rs. 20,569,374/- (Rupees Two Crores Five
Lakhs Sixty Nine Thousand Three Hundred Seventy Four Only). Your
Directors expects to achieve better performance in future and are
taking maximum efforts to control the cost and optimize the results in
the coming year.
3. EXPANSION PROGRAMMES:
The Company has received final sanction with NA from the Govt. of
Rajasthan for executing Affordable Housing Project 2009 under PPP. The
project detail is constructing 1800 houses on 52% land to be handed to
Avas Vikas Ltd. (Govt. of Rajasthan U/T) & 200 Independent Bungalow,
commercial complex & Mini theatre will be installed separately on 48%
land to be developed as per company choice. The total project will be
Further the company has taken up project for Affordable Housing under
PPP model with Govt. of Rajasthan at Jhunjhunu (Rajasthan) for
construction of 1500 Flats on 52% Land for EWS/LIG/MIG beneficiaries to
be allotted by Govt. directly. The company will construct same no. of
Flats on balance land 48% to be marketed by company. The total built up
area will be are 14 lac Sq. Ft to be completed in 3 years. The Govt. of
Rajasthan has already invited application from 2500 beneficiary in
September 2011. The project was delayed by Govt. due to some problems
Now application for land use convection is in process & likely to
completed by Mid October 2012 & construction will commence by mid
Installation of Slab/Block Manufacturing
Due to MNAREGA scheme high dev in Bihar, Chhattisgarh, getting laborer
for constriction is difficult day by day. To overcome these problems
the company is installing the Priestess Precast Hollow Core slab plant
by German Technology. The plant is fully automatic require 7 operators
yielding 7000 Sq. Ft. Slab/day to be used next day due to steam curing.
Similarly Company is planning to install Automatic concrete Block
making plant capacity 70,000 Blocks per day with German Machinery.
These two major raw materials will be used (75%) for captive use will
result in improvement of bottom line along with quality products & time
saving in construction period.
4. FUTURE PROSPECTS:
The robustness of the Indian Economy is reflected in the fact that
despite challenging headwinds, the Euro zone crisis and a substantially
weaker rupee, India GDP is expected to grow by about 6.5% in 2012-13.
The Company''s is optimistic of growth through continued network
expansion and innovation.
The Company has not declared any dividend during the year.
6. SHARE CAPITAL:
There is no change in Authorised Capital and Issued Share Capital
during the financial year.
7. FIXED DEPOSITS:
During the year your Company has not accepted any deposits from the
During the year Mr. Gaurang Shah resigned from the directorship of the
Company w.e.f. 28th January, 2012.
During the year Mr. Nilesh M. Bhaiyya and Mr. Venkatarao Karri,
Directors of the Company retire by rotation and being eligible has
offered themselves for re-appointment. The members are therefore
requested to re-appoint them in the forthcoming Annual General Meeting.
The Company has set up a subsidiary unit in Dubai for general trading
activities where profit margin and bottom-line is good. Statement
pursuant to Section 212 is attached herewith. (Annexure I)
10. DIRECTORS RESPONSIBILITY STATEMENT:
As required under Section 217 (2AA) of the Companies Act, 1956 the
Board of Directors hereby confirms:
i. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with the proper
explanation relating to material departures.
ii. That the Directors have selected such accounting policies and
applied them consistently and make 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 period.
iii. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision 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
11. CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a Management Discussion and Analysis Statement, Corporate Governance
Report, CEO, CFO and Auditors'' Certificate regarding compliance of
conditions of Corporate Governance are made a part of the Annual
12. STOCK EXCHANGE REQUIREMENTS:
Being listed at the Bombay Stock Exchange Limited, Mumbai, your Company
has paid listing fees till March, 2013. Not Paid – Whether can
delete this item
M/s B.M. Gattani & Co., Chartered Accountants, Mumbai, Statutory
Auditors of your Company hold office until the conclusion of the
forthcoming Annual General Meeting and have signified their willingness
to be re-appointment and have further confirmed their re-appointment if
shall be made shall be within the limits specified under Section 224
(1B) of the Companies Act, 1956.
14. AUDITORS'' REPORT:
The notes to Auditors'' Report are self explanatory and hence no
explanation is required from the Board as such.
15. CONSERVATION OF ENERGY:
Even though, the major activity of the Company does not involve high
consumption of energy, your Company is making all efforts to optimize
usage of energy.
Your Company has not imported any technology, hence no details are
The Company has designed and developed mechanical RC pilling machine
which will reduce the piling labor cost by 60% with improved quality
of construction and will help the reduction in project completion time.
17. PARTICULARS OF EMPLOYEES:
In accordance with the provision of Section 217 of the Companies Act,
1956, read with the Companies (Particulars of Employees) Amendment
Rules 1999 as amended up to date, there were no employees during the
whole or part of the year who were in receipt of remuneration in excess
of limits as mentioned in the said section and hence no details are
given as such.
Your Directors take this opportunity to place on record, gratitude for
corporation and support received from their Banker, various departments
and agencies of Central and State Government and dedication and
commitment of the staff at all levels, without which the all-round
growth and prosperity of the Company would not have been possible. Your
Directors also appreciate the support provided by the several overseas
and local customers to the Company''s marketing efforts and to the
esteemed shareholders who have maintained confidence in the Company.
By the Order of the Board
ASAHI INFRASTRUCTURE AND PROJECTS LIMITED
DATE: 20th AUGUST, 2012 L.J.RATHI
PLACE: AKOLA (CHAIRMAN &