The directors have pleasure in presenting the 25th Annual Report
 together with the audited statement of accounts for the year ending
 31st March 2011.
 
 1. FINANCIAL RESULTS
 
 The financial results of the Company for the year ended 31st
 March, 2011 are as follows:-                         (Rs. in Lakhs)
 
 Sl. 
 No. PARTICULARS                               CURRENT     PREVIOUS
                                                  YEAR         YEAR
 
 1.  Sales and other Income                  14,804.96    11,101.32
 
 2.  Profit before Depreciation               6,403.20     4,405.90
 
 3.  Depreciation                               200.54       101.67
 
 4.  Profit after Depreciation but 
     before Taxation                          6,202.65     4,304.23
 
 5.  Provision for Taxation                   1,308.04       763.73
 
 6.  Profit after Depreciation
     and Taxation                             4,894.61     3,540.50
 
 7.  Surplus brought forward from
     previous year                              232.91       199.79
 
 8.  Profit available for
     Appropriation                            5,127.52     3,740.29
 
 9.  Proposed Dividend                          325.67       281.04
 
 10. Tax on Proposed Dividend                    47.96        26.35
 
 11. Transfer to General Reserve                 4,400        3,200
 
 12. Balance Surplus carried to
     Balance Sheet                              353.88       232.91
 
 For the year under review your Company has registered impressive
 results. Financial year 2010-11 showed remarkable results as compare to
 the previous financial year 2009-10.
 
 Your company achieved new heights in revenues as well as profits during
 the year. Total income increased to 14,804.96 lakhs compared to
 11,101.32 lakhs recorded last year representing an increase of 33% and
 net profit increased to 4,894.61 lakhs as compare to 3,540.50 lakhs
 recording an increase of 38%.
 
 On Consolidated basis, the total income of your company and its
 subsidiaries rose by 27% to Rs. 15,412.49 lakhs, as against Rs.
 12,102.91 lakhs during the previous year. Further, the consolidated net
 profit increased by 19% to Rs. 4,385.75 lakhs as compare to Rs.
 3,676.96 lakhs in the previous year ended 31st March, 2011.
 
 OPERATIONS
 
 A brief summary of on-going projects
 
 Project Name       Type          Saleable Area      Area Booked
 & Location                       (lsqf)             as on (lsqf)      
                                                     31-03-201
 
 Ashiana Aangan     Group
 BHIWADI            Housing         20.62              14.41
 
 Utsav*             Retirement
 JAIPUR             Housing          3.88               1.45
 
 Ashiana 
 Greenwood*         Group
 JAIPUR             Housing          3.62               3.24
 
 Ashiana 
 Brahmananda        Group
 JAMSHEDPUR         Housing          4.79               2.32
 
 Ashiana Amarbagh*  Group
 JODHPUR            Housing          5.33               3.04
 
 Utsav              Retirement 
 LAVASA             Housing          6.87               2.02
 
 Rangoli Gardens*   Group
 JAIPUR             Housing         25.00               3.50
 
 *In partnership
 
 2. SECTION 80(IB) PROJECTS
 
 Your Directors have pleasure in reporting that following projects are
 eligible for claiming deduction under Section 80 (IB) of the Income Tax
 Act, 1961:
 
 Sl.  Project Name
 
 1.   Ashiana Aangan, Bhiwadi
 
 2.   Ashiana Utsav, Jaipur
 
 3.   Ashiana Greenwood, Jaipur
 
 4.   Ashiana Amarbagh, Jodhpur
 
 3. DIVIDEND
 
 The Board of Directors of the Company has recommended a dividend @ 17.5
 % i.e. Rs. 1.75/- (Rupee One and Seventy Five Paisa) per equity share
 of the Company for the Financial Year 2010-2011.
 
 4. DIRECTORS
 
 There are seven directors on the Board of the Company and there is no
 change in the directorship during the year under review. Mr. Varun
 Gupta, Mr. Lalit Kumar Chhawchharia and Ms. Sonal Mattoo, Directors are
 retiring by rotation at the ensuing Annual General Meeting of the
 Company and are eligible for re-appointment. Further the term of
 appointment of Mr. Varun Gupta as Whole time director is going to
 expire on June 30, 2011. The Board of directors of the Company has re-
 appointed him as Whole Time Director for a further term of three years
 with effect from July 01, 2011 subject to approval of shareholders of
 the Company.
 
 5. AUDITORS
 
 M/s. B. Chhawchharia & Co., Chartered Accountants, Auditors of the
 Company, retires at the conclusion of ensuing Annual General Meeting
 and being eligible, offer them for re-appointment. The Company has
 received a Certificate to the effect that their re-appointment, if
 made, will be within the prescribed limit under Section 224 (1B) of the
 Companies Act, 1956. The Directors and the Audit Committee recommends
 their re-appointment.
 
 6. FIXED DEPOSITS
 
 The Company had neither invited nor accepted any deposits from the
 public within the meaning of the Companies (Acceptance of Deposits)
 Rules 1975.
 
 7.  AMALGAMATION OF ERSTWHILE ASHIANA RETIREMENT VILLAGES LTD.
 (TRANSFEROR COMPANY) INTO ASHIANA HOUSING LTD. (TRANSFEREE COMPANY)
 
 Pursuant to the order dated March 21, 2011 of the Honble High Court at
 Kolkata, erstwhile Ashiana Retirement Villages Ltd. (Transferor
 Company) has been amalgamated with your company with effect from April
 01, 2010 and annual accounts have been prepared accordingly. Therefore:
 
 - The net surplus of Rs. 5,41,48,464/- remaining after adjustments,
 dividend from the transferor company to the transferee company Rs.
 92,40,050/- and dividend from the transferee company Rs.  7,86,113/-
 have been credited to General Reserve.
 
 - Increase in authorised share capital represents 10000000 equity
 shares of Rs. 10/- each of the transferor company added in terms of
 Scheme of Amalgamation
 
 - The Issued, Subscribed and Paid up Capital has been reduced from
 18735850 Equity shares of Rs. 10/- each to 18609955 Equity shares of
 Rs. 10/- each due to inter se cancellation of 125895 Equity shares upon
 amalgamation.
 
 8. SUBSIDIARY COMPANIES
 
 There are three wholly owned subsidiary companies namely M/s. Vatika
 Marketing Ltd., M/s. Latest Developers Advisory Ltd. and M/s. Topwell
 Projects Consultants Ltd. However, in terms of general circular No.
 2/2011 dated February 08, 2011 read with clarification in respect of
 above circular vide general circular No. 22/2011 dated May 02, 2011,
 the Board of directors of the Company has consented for not attaching
 the annual accounts of the subsidiary companies and instead has
 incorporated financial information of subsidiaries in the Notes to the
 Consolidated Accounts prepared in compliance with the applicable
 accounting standards and listing agreement which have been duly audited
 by the Statutory Auditors B. Chhawchharia & Co.  Chartered Accountants.
 
 The Company further undertakes that annual accounts of the subsidiary
 companies and the related detailed information shall be made available
 to the shareholders of Ashiana Housing Ltd. seeking such information at
 any point of time.  The annual accounts of the subsidiary companies are
 also available for inspection by any shareholder at the registered
 office and at the head office of the Company.
 
 9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 The Annual Report also contains a separate section on the ‘Management
 Discussion and Analysis which is a part of the Directors Report.
 
 10. CORPORATE GOVERNANCE
 
 As required under clause 49 of the Listing Agreement with the Stock
 Exchanges, the Report on Corporate Governance together with Auditors
 Certificate regarding Compliance of the SEBI Code of Corporate
 Governance is annexed herewith.
 
 A certificate from M/s. B. Chhawchharia & Co. Chartered Accountants
 confirming compliance of conditions of corporate governance as
 stipulated under clause 49 of the listing agreement executed with
 Bombay Stock Exchange is also annexed to the Report on Corporate
 Governance.
 
 11.  PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Your Directors are of the opinion that particulars with respect to
 Conservation of Energy and Technology Absorption as per Section 217
 (1)(e) of the Companies Act, 1956 read with the Companies (Disclosure
 of Particulars in the Report of the Board of Directors) Rules, 1988 are
 not relevant in view of the nature of business activities of the
 company and hence, are not required to be given.
 
 There have been no foreign exchange earnings whereas expenditure of Rs.
 31,03,660/- (Rupees Thirty One Lakhs Three Thousand Six Hundred and
 Sixty only) has been incurred in foreign currency during the year under
 review.
 
 12. PARTICULARS OF EMPLOYEES
 
 None of the employees of your Company is drawing remuneration exceeding
 limits laid dawn under the provisions of section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Amendment Rules, 2011.
 
 13. DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 - In the preparation of annual accounts, applicable accounting
 standards have been followed by the Company;
 
 -Such accounting policies have been selected and consistently applied
 and judgments & estimates made that are reasonable and prudent so as to
 give a true and fair view of the state of affairs of the Company as at
 31st March, 2011 and of the profit of the Company for the year ended on
 that date;
 
 - Proper and sufficient care has been taken 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;
 
 - Annual accounts have been prepared on a going concern basis.
 
 14. CODE OF CONDUCT AND ETHICS
 
 The Board of the Company has adopted a Code of Conduct and Ethics for
 the Directors and Senior Executives of the Company. The object of the
 Code is to conduct the Companys business ethically and with
 responsibility, integrity, fairness, transparency and honesty. The Code
 sets out a broad policy for ones conduct in dealing with the company,
 fellow directors and with the environment in which the company
 operates. The code is available on the Companys website
 (www.ashianahousing.com).
 
 15. ACKNOWLEDGEMENTS
 
 The Board of Directors takes this opportunity to express its grateful
 thanks and wish to place on record its appreciation to the Government
 of India, The Govt. of Rajasthan, the Government of Maharashtra and the
 Govt. of Jharkhand and their agencies for providing us excellent
 business opportunities, to our bankers for their continued support and
 guidance from time to time and to the employees of the Company at all
 levels for the continued co-operation and unstinted support extended to
 the Company.  The Directors also express their sincere thanks to all
 the shareholders for the continued support and trust they have reposed
 in the Management.
 
                                   On behalf of the Board of Directors
 
                                 Vishal Gupta          Ankur Gupta
                              Managing Director  Jt. Managing Director
 
 Place : New Delhi 
 Dated : May 26, 2011