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Arihant Foundations and Housing

BSE: 531381|NSE: ARIHANT|ISIN: INE413D01011|SECTOR: Construction & Contracting - Housing
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Chairman's Speech (Arihant Foundations and Housing) Year : Dec '14
Dear Shareholders,
 
 The legendary Winston Churchill had once commented, ''To improve is to
 change; To be perfect is to change often.'' The world needs people who
 have the ability to change. In the context of organizations too, the
 prudent blend of knowledge and transformative success is the key for
 any business to grow in a sustainable way. In FY2015, ARIHANT will
 enter its 22nd year of operations. From a business perspective, we have
 learnt to focus on creating more sustainable business strategies with
 the inherent experience of dealing with crests and troughs of economic
 cycles.
 
 The year 2014 was another year that our business had to face different
 problems and obstacles from economic, social, and political
 environments.
 
 During the Financial Year 2014, the Indian economy grew by a paltry
 4.9%. In fact, for the last 8 quarters beginning with Q1, FY2013, India
 has now grown by less than 5%.  Naturally, this has affected real
 estate businesses. However, Your Company was able to achieve 10% growth
 in revenue over this period.
 
 During the year, Your Company has entered into a one time settlement
 scheme with the HUDCO and made a full and final settlement for the long
 pending claim filed against the Company by HUDCO before the Debt
 Recovery Tribunal (DRT). Your Company has successfully settled a claim
 pending against it since 2004. However, this has significantly brought
 down the profits of the Company for the year under review.
 
 During the year under review, your Company has completed and handed
 over our projects ARIHANT PANACHE comprising of 1,14,000 sq.ft.
 situated at Arumbakkam, Chennai, Arihant Jashn comprising of 36,381
 sq.ft. situated at Egmore, Chennai and VILLA VIVIANA - Phase 1
 comprising of 3,05,382 sq.ft. situated at GST Road, Chennai during the
 year. A major highlight among these was the Company''s project ARIHANT
 PANACHE, which stands as a landmark of Arumbakkam and gained strong
 acceptance in the city of Chennai among the customers.
 
 During the year our associate Company M/s. Escapade Real Estate Private
 Limited has entered into a Development Agreement, on revenue sharing
 basis with M/s. Ashiana Housing Limited, a Delhi based Real Estate
 Company for development of ''Senior Living Project'' as well as ''Regular
 Group Housing Project'', on 20 acres (approx.) of land with saleable
 area of 9.70 Lakhs sq.ft. at Sengundaram Village, Maraimalai Nagar, Off
 GST road, Chennai.
 
 Going forward there are only better things to look ahead to.  Consumer
 confidence is increasing. For the first time in 30 years, we have a
 stable government with a clear majority and mandate to provide good
 governance. The union budget presented on the 10th of July seems to
 bear this out with measures being announced to bring in more FDI, boost
 infrastructure and create more jobs, which certainly bodes well for the
 overall economic climate. With specific reference to our industry, the
 decision to introduce Real Estate Investment Trusts and allow FDI in
 urban construction projects is a welcome one.
 
 Residential real estate, for one, has been growing steadily in most
 markets in India. Between 2008 and 2012, despite the downturn in the
 markets due to the 2008 financial crisis, real estate in India remained
 stable, with 11 out of 15 Residex cities giving positive returns in
 that time frame. As for market direction in 2015, it is forecasted that
 the trend will be better than in 2014. This is due to clearer
 governmental policy and the stimulation of budget approval. All these
 represent good opportunity for the real estate business.
 
 Today, India stands on the threshold of a new era, a new form of
 governance and values that inspire a ''country-first'' approach. There is
 also a deep hope that an understanding of the country''s economic levers
 will soon restore the economic momentum. Given the dynamic business
 environment in our country over the years, ARIHANT has been exposed to
 several micro and macro challenges. Regardless of this, we continued to
 build our business and achieve milestones rooted in ethics,
 transparency and the highest standards of corporate governance, with
 financial prudence and ''aggression with caution'' being our philosophy.
 
 Today, we truly believe that we are prepared for an active tomorrow as
 the aid by the tailwinds of a national governance framework resonates
 with our broader business model and keeps us committed to enhance
 long-term value for our stakeholders.
 
 I would like to take this opportunity to express my sincere gratitude
 to our bankers, financial institutions, Chennai Metropolitan
 Development Authority and Corporation of Chennai and related
 departments of Govt. of Tamil Nadu for having supported us on all our
 efforts and endeavors and all those who work for or are associated with
 Arihant. We look forward to your continued support in the years ahead
 and wish you the very best.
 
                                                               Thank You
 
 
                                                        (Kamal Lunawath)
                                          Chairman and Managing Director
Source : Dion Global Solutions Limited
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