On behalf of the Board of Directors and on my own behalf I feel proud to present the12th Annual Report for the FY 2016-17.
This year has been a landmark in the history of your Company as the company announcedBonus as well as received the in principle approval for migration from the BSE SMEplatform to BSE main Board.
Last Nine years ASHFL has consistently built a forward-looking organization. YourCompany set inclusive growth as part of its business goal at a time when there was nofocus on social equilibrium in rural area. Having built a foundation on theforward-thinking Vision of our Founder Promoter Mr Nirmal Kumar Jain today your Companyis one of the leading housing finance company in Southern Rajasthan and a leadingfinancial group having varied businesses under group banner like Auto DealershipHospitality Services NBFC's Real Estate and Construction.
At ASHFL we listen to our customers' aspirations assess their capabilities; anddevise solutions to meet their needs. This enhances their trust in our brand; and wecontinue to strengthen the trust our customers repose in us.
Your Company's core offering comprises housing loans mortgage loans. Company's majorloan portfolio comprises housing loans given for purchase of homes extension &improvements and self-construction.
It gives me immense pleasure to report that your Company registered a strongperformance in FY 2016-17. Your Company's continuous vision of empowering the lower andmiddle income segment and focusing on being a trusted partner to customers has helped itstand in good stead.
Our Company's main aim is to maximize its shareholder's wealth which is clearlyreflected in the financial statements as EPS of your company increased from 0.97 to 1.19during the year under review. During the year Company has issued Bonus in the ratio of 1:1to appreciate the value of shareholder of the company.
During the year ended March 31st 2017 the Company's total revenue increased from272.35 Lacs to Rs. 340.40 Lacs Profit before tax increased from Rs. 168.92 Lacs to Rs.210.39 Lacs and Profit After Tax increased from Rs. 115.52 Lacs to Rs. 140.73 Lacs. TheNet Owned Fund (NOF) of the Company as on March 31st 2017 stood at Rs. 1794.50 Lacs.
During the year your Company received term Loan Facility from Bank of Baroda for Rs7.36 Crore. Also AU Small Finance Bank Limited sanctioned the Cash Credit facility of Rs3.00 Crore in the Month of June 2017 which will further help in the strengthening theperformance and growth of the company.
At ASHFL We value the relationship with our shareholders and consistent efforts aremade to preserve and maintain a long and steady connect. One such step taken in thisdirection that during the Financial Year the Board announced Bonus issue in the ratio of1:1 to its existing shareholders as on record date and accordingly the company hadallotted the Bonus shares on 10th March 2017.
MIGRATION FROM BSE SME PLATFORM TO BSE MAIN BOARD
Your Company through its Initial Public offer of Rs. 480 lacs got listed on SMEPlatform of BSE Limited in the year 2014-15 with an issue of 1600000 equity shares atthe rate of Rs. 30/- per share which included premium of Rs. 20/- per share. After asuccessful IPO company maintained its worth which is clearly reflected through itsFinancial Statements.
The Company received in principle approval from BSE vide their letter dated 15th June2017 with respect to migration to Main Board of BSE Limited.
Your Company complies with the Corporate Governance guidelines for listed companiesenunciated in the Listing Agreement executed with Stock Exchange.
OUTLOOK AND VISION
The future outlook of your company is to expand its area of network and businessactivities and one such step taken in this direction is the opening of its CorporateOffice at Mumbai with the Management's aim of development of business. Your Company hasbeen consistently working at such a pace in order to maintain its position target newcustomers and always lead with the object of access to funds to the people in order tofulfill the dream of having their own Home.
The Board of Directors place on record its deepest appreciation of the valuableservices and dedicated efforts rendered by the employees of Akme Star Housing FinanceLimited and other stakeholders in achieving the performance objectives during the year2016-17.
I look forward to the continued support of all our stakeholders in taking your Companyforward on the journey of sustainable and profitable growth.
With best wishes
Mohan Lal Nagda
Chairman & Managing Director