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Akme Star Housing Finance Ltd.

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Sep 28, 12:19
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Annual Report

For Year :
2018 2017 2016 2015

Chairman's Speech


Dear Shareholders,

We are deeply saddened to announce that Dr. Mohan Lal Nagda, Chairman & Managing Director of our Company passed away, his brilliance, passion and energy were the source of countless innovations that enrich and improved all of our lives. He was Wall of Iron for the company and under his vision and guidance your Company has attained a good reputation and position in the market and Company''s shares are now listed on the Main Board of BSE Limited and also during his tenure this year has been the year of Dual Results as major key financial are standing almost at twofold compared to the last year. His presence will truly be missed and it cannot be fulfilled but we at ASHFL will continuously strive with the best of our efforts to achieve his vision of growth and performance of the Company by giving shelter to the every person in need at all possible levels and take the Company to more powerful and newer heights.

I Ashish Jain would like to welcome you all to the 13th Annual General Meeting of Akme Star Housing Finance Limited (ASHFL). At the outset, I would like to thank you all for the confidence reposed and the support extended to the Company. It is your confidence and support that enables us to grow and perform every year. The Financial Statements for the year ended 31st March 2018 along with the Directors'' Report and Auditors'' Report have already been circulated to you. With your permission, I would like to take them as read.


Being a part of business cycle of the Indian economy, growth and standing of the Indian Economy directly impinge on the business of the Company. The Analysts agree that despite the volatility in global markets, the economy is well poised for growth. Emerging economies are expected to lead that growth and India has emerged as the fastest growing major economy in the world as per the Central Statistics Organization and International Monetary Fund. Strong government reforms and RBI''s sustained focus on reducing inflation combined with benign global commodity prices, provided the impetus needed to improve India''s economic fundamentals.

India is set to overtake China as the world''s most populous nation by 2021. By then, the country will be home to more than one of every six persons in the world. This fast growing population brings with it many socio-economic challenges, not the least of which is housing.

As the youth mass of the India are now more enthusiastic and energetic, demand for housing loan has been increased due to improved living standard. We, at ASHFL assure to contribute in the economy by performing at our best to meet with the rising demand of the home loan and other approved loan services.


Your Company''s geographical presence apart from Rajasthan extended to some other states of the Country like Madhya Pradesh, Gujarat & Maharashtra. The Company is growing by serving the customers smoothly in accordance with their requirements and the separate mechanism has also been equipped for the disbursement of various loan products. Housing needs of the various lower and middle income segment people in the rural and semi urban area is being fulfilled by the ASHFL by providing housing and other required loans at simplified and easy dealings.

Your Company''s core offering comprises housing loans, SME loans, mortgage loans. Major portion of Company''s loan portfolio comprises of housing loans given for purchase of homes, extension & improvements and self-construction.

ASHFL is spreading its wings to feed needy people, and Mount in disbursement is proof of the same. By and large, the disbursement has been increased by 2471.54 lacs i.e. 279.27% in the year. Your Company believes in long term relationship with the customers and thereby creates sustainability to run the race in the long future and we have built the systems for delivering best-in-class customer experience and expertise for assessing credit worthiness, financial protection needs.


With the Company''s main objective of maximizing Shareholder''s wealth the EPS of your company increased from 1.19 to 2.43 during the year under review.

At March 31st, 2018 the Company''s total revenue increased from 340.40 Lacs to Rs. 705.82 Lacs, Profit before tax increased from Rs. 210.40 Lacs to Rs. 400.04 Lacs and Profit After Tax increased from Rs. 140.73 Lacs to Rs. 289.50 Lacs that is almost 105.71% growth as compared to the last year The Shareholder''s fund of the Company stood at Rs. 2307.66 Lacs.


Your Company raised fresh term Loan from AU Small Finance Bank Limited amounting to 5.00 Crore along with the Cash Credit facility Rs 3.00 Crore, And also, State Bank of India sanctioned an amount of Rs. 15.00 Crore which will further help in the strengthening the performance and growth of the company.

The Members of the Company approved the Issue of Warrants on preferential Basis pursuant to SEBI (ICDR) Guidelines vide EOGM dated 16th October, 2017. Warrants are a very easy investment for a company to offer. Issuing warrants along with other financial instruments increases attractiveness and reduces the funding cost of the financial instruments offered, the details of which forms part of this Annual Report.


Your Company received Trading Approval from BSE Limited during the year and accordingly the Shares of your Company are successfully migrated to BSE Main Board effective from 30th June, 2017.


ASHFL''S long-term credit rating is upgraded to BBB- by SMERA Ratings Limited.


Your Company is committed to maintain the highest standards of Corporate Governance. A diverse composition of your Company''s Board of Directors, providing timely and accurate information to the Board and its Committees, transparency and fairness in all dealings, appropriate disclosures, compliance with applicable laws and regulations, internal controls, all aggregate to meet the ultimate objective of maximizing the shareholders'' value. Your company encourages its employees to act ethically all the time, every single time.

Further your Company has followed and complied all the applicable Laws and regulations and has strictly adhered to the principles of Corporate Governance.


The future outlook of your company is to expand its area of network and business activities in other States and also to expand the range of businesses in existing States. Your Company continuously striving to achieve this goal with the Management''s aim of development of business. Your Company has been consistently working at such a pace in order to maintain its position, target new customers and always lead with the object of making available the funds to the people in order to fulfill the dream of having their own Home and to achieve this I am glad to have you all along on this exciting journey.

We at ASHFL are committed to follow the core values and principles targeted to focus on new and innovative business ideas, practicing high ethical standards during work, to respect and protect the environment and meet the dynamic needs and desires of clients and consumers with the constant changing economy.

The Board of Directors places on record its deepest appreciation of the valuable services and dedicated efforts rendered by the employees of Akme Star Housing Finance Limited and other stakeholders, in achieving the performance objectives during the year 2017-18.

I would like to thank each one of you for contributing to our Founder''s vision Late Dr. Mohan Lal Nagda and building ASHFL into a successful and meaningful entity.

I convey my heartfelt thanks to our stakeholders, customers, bankers and the Team AKME and further look forward to the continued support of all them in taking the Company forward on the journey of sustainable and profitable growth.

With best wishes,


Ashish Jain

Chairman & Managing Director

DIN: 02041164