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Asahi Infrastructure And Projects Directors Report, Asahi Infra Reports by Directors
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Asahi Infrastructure And Projects
BSE: 512535|ISIN: INE933C01036|SECTOR: Construction & Contracting - Housing
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Directors Report Year End : Mar '12    « Mar 10
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.) 
 Consolidated
 
 PARTICULARS                        Year Ended
                                    2012               2011
 
 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
 
 Appropriations
 
 Profit After Tax                      11,40,17,960       40,65,38,248
 
 Standalone
 
 PARTICULARS                       Year Ended
                                   2012                2011
 
 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
 
 Appropriations
 
 Profit After Tax                    20,525,159            27,856,229
 
 2.  OPERATIONS:
 
 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
 Rs.200 Cr.
 
 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
 by Govt.
 
 Now application for land use convection is in process & likely to
 completed by Mid October 2012 & construction will commence by mid
 January 2013.
 
 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.
 
 5.  DIVIDEND:
 
 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
 public.
 
 8.  DIRECTORS:
 
 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.
 
 9.  SUBSIDIARIES:
 
 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
 concern basis.
 
 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
 Report.
 
 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
 
 13. AUDITORS:
 
 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.
 
 16.TECHNOLOGY ABSORPTION:
 
 Your Company has not imported any technology, hence no details are
 given.
 
 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.
 
 18. ACKNOWLEDGEMENTS:
 
 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
 
                                                                 Sd/-
 
 DATE: 20th AUGUST, 2012                                  L.J.RATHI
 
 PLACE: AKOLA                                           (CHAIRMAN &
 
                                                  MANAGING DIRECTOR)
Source : Dion Global Solutions Limited
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