Ashiana Housing Limited Annual Report 2014-15 Nurturing Customer JOY ASHIANA HOUSING LIMITED Head Office: 304, Southern Park, Saket District Centre, Saket, New Delhi - 110 017 Ph: 011 4265 4265, Fax : 011 4265 4200 Regd. Office: 5F, Everest, 46/C, Chowringhee Road, Ashiana Housing Limited | Annual Report 2014 - 15 Kolkata - 700 071 CIN: L70109WB1986PLC040864 E-mail: [email protected] ashianahousing.com Concept & Design by www.ma-associates.com, 9810089669 • [email protected] Annual Report 2014-15 CONTENTS Company Overview Management Reports 02 Nurturing Customer Joy 42 Management Discussion & Analysis 12 10 Years at a Glance 56 Spreading the Message 14 About Us 16 Company Snapshot Governance 18 Awards & Recognitions 58 Company Information 20 Operational Highlights 2014-15 60 Directors' Report 25 Financial Highlights 2014-15 82 Corporate Governance 26 Letter from Managing Director 91 CEO/CFO Certification 28 Organizational Structure Financial Statements 30 Key Management 94 Auditors' Report 38 Q&A with Joint Managing Director 98 Financials 118 Statement of Subsidiaries' Financials 121 Consolidated Auditors' Report 126 Consolidated Financials 01 Annual Report 2014-15 CONTENTS Company Overview Management Reports 02 Nurturing Customer Joy 42 Management Discussion & Analysis 12 10 Years at a Glance 56 Spreading the Message 14 About Us 16 Company Snapshot Governance 18 Awards & Recognitions 58 Company Information 20 Operational Highlights 2014-15 60 Directors' Report 25 Financial Highlights 2014-15 82 Corporate Governance 26 Letter from Managing Director 91 CEO/CFO Certification 28 Organizational Structure Financial Statements 30 Key Management 94 Auditors' Report 38 Q&A with Joint Managing Director 98 Financials 118 Statement of Subsidiaries' Financials 121 Consolidated Auditors' Report 126 Consolidated Financials 01 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer At the company’s core, there is a philosophy of JOY dealing with the customer - transparently and nurturing customer joy on an ongoing basis. This is how our founder built the Ashiana brand. We take pride in the fact that we have satisfied customers, who appreciate our way of doing things. 02 03 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer At the company’s core, there is a philosophy of JOY dealing with the customer - transparently and nurturing customer joy on an ongoing basis. This is how our founder built the Ashiana brand. We take pride in the fact that we have satisfied customers, who appreciate our way of doing things. 02 03 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer JOY "Ashiana not only gives us the safety of investment but also gives us the assurance A satisfied customer is our biggest brand ambassador. We have grown on the strength of that we are in safe hands." the trust that our customers have built in our Mrs & Mr. Rahul Mishra brand, and we prize this trust above anything else. Vrinda Gardens, Jaipur Satisfied customers also help us in another aspect - by focusing our teams’ efforts towards a single goal. Over time, focus on keeping customer first has helped us build a unique culture that has helped us grow with minimum attrition. Our customers have had a big hand in building the Ashiana’s success story. Today we can say with pride that a majority of Ashiana’s sales are referral sales, all through satisfied customers. This is an incredible strength that not many in the industry can claim. 04 05 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer JOY "Ashiana not only gives us the safety of investment but also gives us the assurance A satisfied customer is our biggest brand ambassador. We have grown on the strength of that we are in safe hands." the trust that our customers have built in our Mrs & Mr. Rahul Mishra brand, and we prize this trust above anything else. Vrinda Gardens, Jaipur Satisfied customers also help us in another aspect - by focusing our teams’ efforts towards a single goal. Over time, focus on keeping customer first has helped us build a unique culture that has helped us grow with minimum attrition. Our customers have had a big hand in building the Ashiana’s success story. Today we can say with pride that a majority of Ashiana’s sales are referral sales, all through satisfied customers. This is an incredible strength that not many in the industry can claim. 04 05 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer JOY "The lifestyle and security of their projects are planned to enhance the pleasure of our living." Mrs. & Mr. Manoj Rana Ashiana Town, Bhiwadi With over 2000 units lined up for handing over during FY2015-16, Ashiana has taken up ‘Happy Handover’ as focus area for the entire organization. Through this process Ashiana aspires to make the possession process for the customer to be happy and a memorable one. The following are the pillars of this theme: Operationally Ready Buildings: The engineering team should ensure that the flat being handed over to the customer is operationally ready in all aspects. Hassle Free Handover: From the moment IOP (Intimation of Possession) is received by the customer till the handover of the keys, the entire possession process needs to be hassle free for the customer. Physical Handover - WOW Moment: This pillar endeavors to make the moment of physical handover of the keys happy and memorable for the customer. Customer Satisfaction Measurement System: KHUSHIMETER 06 07 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer JOY "The lifestyle and security of their projects are planned to enhance the pleasure of our living." Mrs. & Mr. Manoj Rana Ashiana Town, Bhiwadi With over 2000 units lined up for handing over during FY2015-16, Ashiana has taken up ‘Happy Handover’ as focus area for the entire organization. Through this process Ashiana aspires to make the possession process for the customer to be happy and a memorable one. The following are the pillars of this theme: Operationally Ready Buildings: The engineering team should ensure that the flat being handed over to the customer is operationally ready in all aspects. Hassle Free Handover: From the moment IOP (Intimation of Possession) is received by the customer till the handover of the keys, the entire possession process needs to be hassle free for the customer. Physical Handover - WOW Moment: This pillar endeavors to make the moment of physical handover of the keys happy and memorable for the customer. Customer Satisfaction Measurement System: KHUSHIMETER 06 07 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer JOY "The experience of buying a home with Ashiana is very pleasant. We get timely construction reports & the team is always willing to help whenever needed." Mrs & Mr. Rajendra Sahu Ashiana Umang, Jaipur Under the pillar of Customer Satisfaction Measurement System, a survey will be carried out within a week from the completion of handover of unit to the customer. This survey is designed to find out the level of satisfaction of the customer with our possession process. This starts right from the moment IOP (Intimation of Possession) is received by him till the physical handover of the home. This survey will be carried out on the lines of ascertaining what we Customer Satisfaction generally call as NPS (Net Promoter Score). Measurement System NPS is a customer satisfaction measurement index used by companies across industries, KHUSHIMETER around the globe. Internally, we have named this process as KHUSHIMETER in the organization. While the above is a new initiative, we always had a robust system of taking customer feedback. The Senior Executive Team also seeks feedback from the customers after possession over a period of time. Happy Okay Unhappy 08 09 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer JOY "The experience of buying a home with Ashiana is very pleasant. We get timely construction reports & the team is always willing to help whenever needed." Mrs & Mr. Rajendra Sahu Ashiana Umang, Jaipur Under the pillar of Customer Satisfaction Measurement System, a survey will be carried out within a week from the completion of handover of unit to the customer. This survey is designed to find out the level of satisfaction of the customer with our possession process. This starts right from the moment IOP (Intimation of Possession) is received by him till the physical handover of the home. This survey will be carried out on the lines of ascertaining what we Customer Satisfaction generally call as NPS (Net Promoter Score). Measurement System NPS is a customer satisfaction measurement index used by companies across industries, KHUSHIMETER around the globe. Internally, we have named this process as KHUSHIMETER in the organization. While the above is a new initiative, we always had a robust system of taking customer feedback. The Senior Executive Team also seeks feedback from the customers after possession over a period of time. Happy Okay Unhappy 08 09 Ashiana Housing Ltd. Annual Report 2014-15 • Nurturing Customer Joy Nurturing Customer JOY "Ashiana is doing great by providing nice facilities to all age groups. We feel secure and enjoy all the activities organized by In 2014-15 we also introduced the process of them. Thank you for giving us our Ashiana." measuring customer satisfaction during site Mrs & Mr. Sahib Ram Sahu visits. The scores are regularly shared with the Ashiana Umang, Jaipur senior management team. All the above stated initiatives coupled with the brand promises of 'Forever Care' and 'Timely Delivery' have been instrumental in enhancing customer joy. To summarize, the theme of ‘Happy Handover’ is another significant leap in Ashiana being a customer centric organization. This initiative, we believe will not only enhance the level of customer satisfaction but also go a long way in further strengthening Ashiana brand as a credible player in the middle income housing space with pan-India aspirations.