Arihant Superstructures Ltd.
|BSE: 506194||Sector: Infrastructure|
|NSE: ARIHANTSUP||ISIN Code: INE643K01018|
|BSE LIVE 15:48 | 26 Apr||137.60||
|NSE 15:31 | 26 Apr||137.25||
|Mkt Cap.(Rs cr)||566.36|
|Mkt Cap.(Rs cr)||566.36|
Arihant Superstructures Ltd. (ARIHANTSUP) - Director Report
Company director report
FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2016
To the Members
The Directors submit the Annual Report of your Company Arihant Superstructures Limited(the Company or ASL) along with the Audited Financial Statementsfor the Financial Year (FY) ended 31st March 2016. Consolidated performance ofthe Company and its Subsidiaries has been referred wherever required.
1. Financial Results (Rs. in Lacs)
The Financial performance of the Company for the Year ended 31st March2016 is summarized below:
The Audited Consolidated and Standalone Financial Statements of the Company areattached to this Report and the Audited Financial Statements of the Subsidiaries areavailable on the website of the Company at www.asl.net.infor the review of the Members.
Based on the Company's performance the Board of Directors are pleased to recommend forapproval of the Members at the Annual General Meeting a Final Dividend of Rs. 0.90/- perequity share of the Company for the FY 2015-16. The Final Dividend on equity shares ifapproved by the Members would involve a cash outflow of Rs. 445.85 lacs including Dividendtax resulting in a payout of 29.36% of the Standalone profits of the Company. Dividendshall be payable to all the shareholders of the Company as on the record date of 14thSeptember 2016.
3. Transfer to Reserve
The Company proposes to transfer Rs. 1072.90 lacs to the General Reserve.
4. Company Performance
On Consolidated Basis Revenue from operations for FY 2015-16 at Rs. 12236.46 lacs washigher by 13.42% over last Year (Rs. 10789.09 lacs in FY 2014-15). Earnings beforeinterest tax depreciation and amortization (EBITDA) was Rs. 3503.00 lacsregistering a growth of 31.82% over EBITDA of Rs. 2657.36 lacs in FY 2014-15. Profit aftertax (PAT) for the Year was Rs. 1973.33 lacs recording a growth of 73.68% overthe PAT of '1136.19 lacs of FY 2014-15.
On Standalone basis Revenue from operations for FY 2015-16 at Rs. 6506.61 lacs washigher by 10.73% over last Year (Rs. 5876.91 lacs in FY 2014-15). EBITDA at Rs. 2531.03lacs registered a growth of 32.87% over the EBITDA of '1904.96 lacs in FY 2014-15. PAT forthe Year was Rs. 1518.75 lacs registering a growth of 56.29% over the PAT of Rs. 971.77lacs in FY 2014-15.
The Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.
All the subsidiary companies are non-material non-listed subsidiary companies asdefined under Regulation 24 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 and pursuant to provisions of section 129(3) of the Companies Act 2013a statement containing salient features of the Financial statements of the Company'ssubsidiaries in Form AOC-1 is attached to the Financial statements of the Company.
Adeshwar Realty Private Limited (ARPL) (wholly owned subsidiary) of ArihantSuperstructures Limited (ASL) has made an application with Hon'ble High Court Mumbai forAmalgamation with the Company. The appointed date was fixed as 1st April 2014.ASL has already obtained the In-principal approval for the same from BSE and SEBI videLetter No. DCS/AMAL/LP/24(f)/252/20l5-l6 dated 29th May 2015. The final orderof Amalgamation of ARPL with ASL was passed by the Hon'ble High Court Bombay in its orderdated 22nd July 2016. The details of the Amalgamation are available on thewebsite of the Company. The Non-Promoter Public Shareholders have consented to the Schemeof Amalgamation through Postal Ballot the result of which were declared on 29thJune 2016.
Further pursuant to the provisions of section 136 of the Companies Act 2013 theFinancial statements of the Company Consolidated Financial statements along with relevantdocuments and separate audited accounts in respect of subsidiaries are available on thewebsite of the Company.
7. Operations Review of the Company and its Subsidiaries
PROJECT ARIHANT AMODINI- Taloja CIDCO Ltd.
It is a 23 storeyed tower building and is completed with occupancy certificateobtained. The balance 5% sale is unsold for which Revenue recognisation will add intodirect profit with no major expenses balance to be spend.
PROJECT ARIHANT CLAN AALISHAN - Khargar Annex
The residential project named as Arihant Clan Aalishan is situated atKharghar Annex Navi Mumbai. A project of 9 lacssq feet of sale. It is on the assets lightmodel where the land was taken under Joint Venture with the land owner Clanwith all approvals in place and construction of two out of four towers started.Arihant Clan Aalishan is the tallest tower of Navi Mumbai of 53 level &180 meter high rise structures. The world best professionals are working on the project.It is on a unique theme of Persian Architecture and is the talk of Mumbai real estateendorsed by the Brand Ambassador Actor Ranveer Singh. The Company on itslaunch did 210 flats sale approx. worth of Rs. 200 crores in first 7 days of launch inMarch 2016.
PROJECT ARIHANT ANSHULA - Taloja
The project is under the category of affordable housing portfolio of Company. The 488flats in 25 buildings. The project sales have started good and construction of all 25buildings is in full swing. Being a low rise structures and price is in budget will givegood Revenues in the coming Financial Year 2016-17 and 2017-18. The 40% of the project issold and is getting good attraction due to its price cap. The project is schedule forcompletion in the Year 2017.
PROJECT ARIHANT ARSHIYA - Khopoli Khalapur
This project is spread across 20 acres housing 1600 homes near Imagica. The firstphase of 29 buildings contains 522 flats are near to completion with 95% stage completedand 80% sales done. The second phase of 200 flats is in possession. Again the product isin affordable housing segment the product range is from Rs. 15 lacs to Rs. 30 lacs perflat.
PROJECT ARIHANT ANMOL - Badlapur
In the affordable housing category the project spread across 7 acres with 600 flats.The Occupancy Certificate of the first phase of 521 flats is received and possession tostart. This Year the project is the most desired project in the region. The sales havebeen achieved to 90% and the first phase of the project is completed to 98%. The secondphase has started and in progress. This project is with all amenities of club.
PROJECT ARIHANT AAROHI - Kalyan-Shil Road
This is a residential project located at KalyanShil Road Navi Mumbai. ArihantAarohi isa 18 storeyed building consisting Two towers on main road leading to Pallava is near toNavi Mumbai boundaries. The 80% of the project has been sold & constructed. Thebuilding entering to drape of color is doing good and with all club facilities.
PROJECT ARIHANT AKANKSHA - Panvel
The white features of project of the group spread on 16 acres 8 buildings 2056 flatsat a very strategic location of Navi Mumbai. Airport is awaiting permission. With thecontractor finalized the 200 flats in 35 floor building have been sold in pre bookinglaunch. The Company is expecting the approval in 3rd Quarter of Financial Year2016-17. The lands for project bought at very low price of land cost at Rs. 200 per sqfeet and the sale price is Rs. 5500 per sq feet which shows a good business model to be inthe group.
PROJECT ARIHANT AMISHA - Taloja
This residential project is spread across 7 acres with 555 flats. It is a value formoney in affordable housing project category which is nearing to completion. First phaseof 250 flats with price range of Rs. 25 lacs for 1 BHK is an attraction and it has shapedup good.
PROJECT ARIHANT ALOKI - Karjat
On an assets light model of Joint venture the project is in the best selling locationof second homes. It situated at 100 meters from bus stand and Karjat railway station.First phase of 33% of total size of project is in best progress.
PROJECT ARIHANT ANAIKA - Taloja
The residential project named as ArihantAnaika is situated at near MetroStation of Navi Mumbai. This project consists of 348 flats and 12 buildings. 192 flats areunder construction and completed up to 30% stage in first phase. It is progressing fastwith possession schedule for completion in Year 2017. Again in budget affordable housingand is a project to the current demand in the market.
PROJECT ARIHANT ADITA - Jodhpur
The residential project is situated at Pal Road Gangana Jodhpur (Rajasthan) and isjust 1 km from the National Highway. The affordable housing for the middle income and mostadorable living apartment selected as the top 100 residential projects of India in 2014by CRISIL. This project consists of 1069 flats in 14 buildings. 18 phases of 6 buildingsand 400 flats has been delivered in the Financial Year 2015-16. Second phase of 4buildings & 330 flats is scheduled for completion in the Year 2016-17. This project isa piece of quality it currently selling at Rs. 3000 per Sq feet inclusive all.
PROJECT ARIHANT NAGAR - Jodhpur
This is an affordable residential housing project situated at Jodhpur Rajasthan. TheCompany has delivered the second phase consisting 200 flats of the PPP project ofGovernment of Rajasthan.
PROJECT ARIHANT AYATI - Jodhpur
The residential project named as ArihantAyati is situated at DevnagarJodhpur (Rajasthan). The premium location and premium product in city Jodhpur is 75%completed and the possession will be delivered in the Year 2017. It is a super deluxeroyal luxury segment project depicts Companies ability to do very high quality and highfinishes product.
PROJECT ARIHANT ANCHAL - Jodhpur
The mega launch of affordable housing below Rs. 20 lacs. The Company witnessed 450flats sold in just 4 days in February 2016. Construction of 18 buildings and 504 flats offirst phase have started. The project is sized to 2324 flats 85 building in four phasesto be constructed. The first phase is schedule to be delivered before December 2018.
PROJECT ARIHANT ANGAN and ARIHANT ASHRAY - Jodhpur
These are Affordable Housing Projects located at Jodhpur (Rajasthan). The price isbetween Rs. 7 lacs to Rs. 10 lacs. The 220 flats witness sale of 180 flats. Theconstruction is initiated and will be scheduled to complete by March 2018.
8. Disclosure Requirements
The equity shares of the Company are listed at the Bombay Stock Exchange Limited (BSE).The Company has paid the applicable listing fees to the above stock exchange up to date.The Company's Equity Shares are also traded in the dematerialized segment for allinvestors and the Company has entered into agreements with the Central Depositary Services(India) Limited (CDSL) and National Securities Depository Limited (NSDL) for custodialservices.
9. Directors and Key Managerial Personnel
The Board of Directors comprise of eminent experienced and reputed Individuals of theIndustry. During the Year the non-executive Directors of the Company had no pecuniaryrelationship or transactions with the Company other than the sitting fees andreimbursement of expenses incurred by them for the purpose of attending meetings of theCompany.
Pursuant to the provisions of the Companies Act 2013 following are the changes in theBoard of Directors and Key Managerial Personnel of the Company.
The current compositions of the Board of Directors of the Company are as follows:
Details of the Key Managerial Personnel of the Company
*Mr. Naval Singh was appointed w.e.f. 1st February 2016.
Mr. Dinkar Samant (DIN: 00023459) Whole time Executive Director of the Company who isliable to retires by rotation and does not offer himself for re-appointment and retires asa Director of the Company by stating his unwillingness to be re-appointed at this AnnualGeneral meeting.
The disclosures pertaining to the equity shares held and the remuneration received bythe Directors and Key Managerial Personnel during the Financial Year are disclosed inMGT-9 which forms a part of this Report.
10. Independent Directors
The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed both under the Actand Regulation 26 of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015.
11. Board and Committee Meetings
The Board of Directors meets at regular intervals to discuss the business andcompliance matters of the Company. The details of the Meetings of the Board of Directorsand the Committees of the Board of Directors and their respective constitution are statedin the Corporate Governance Report attached to this Annual Report.
The Board has constituted the following mandatory and non-mandatory Committees of theBoard of Directors:
The Company Secretary of the Company is the Secretary to each of these Committees.
Separate meeting of Independent Directors is conducted during every Financial Year interms of the requirements of Schedule IV to the Companies Act 2013 and Regulation 25(3)of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015
Further the Board of Directors have adopted various policies on the functioning andrunning of the Board of Directors as mandated by the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 and which are also available on the website ofthe Company.
12. Board Evaluation
The Board of Directors has carried out an annual evaluation of its own performanceBoard Committees and individual Director pursuant to the provisions of the Companies Act2013 and the corporate governance requirements as prescribed by SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015.
The performance of the Board was evaluated by the Board after seeking inputs from allthe Directors on the basis of the criteria such as the Board composition and structureeffectiveness of Board processes information and functioning etc. The performance of theCommittees was evaluated by the Board after seeking inputs from the Committee Members onthe basis of the criteria such as the composition of Committees effectiveness ofCommittee Meetings etc.
The Board and the Nomination and Remuneration Committee reviewed the performance of theindividual Directors on the basis of the criteria such as the contribution of theindividual Director to the Board and Committee meetings like preparedness on the issues tobe discussed meaningful and constructive contribution and inputs in meetings etc. Inaddition the Chairman was also evaluated on the key aspects of his role.
In a separate meeting of Independent Directors performance of Non-IndependentDirectors performance of the Board as a whole and performance of the Chairman wasevaluated taking into account the views of Executive Directors and Non-ExecutiveDirectors. The same was discussed in the Board Meeting that followed the Meeting of theIndependent Directors at which the performance of the Board its Committees andindividual Directors was also discussed. Performance evaluation of independent Directorswas done by the entire Board excluding the independent Director being evaluated
13. Internal Financial Control Systems and their adequacy
The management continuously reviews the Internal Control Systems and procedures for theefficient conduct of the Company's business. The Company adheres to the prescribedguidelines with respect to the transactions Financial reporting and ensures that all itsassets are safeguarded and protected against losses. The Internal Auditor of the Companyconducts the audit on regular basis and the Audit Committee actively reviews InternalAudit Reports and effectiveness of Internal Control Systems.
Internal Control Systems are implemented to safeguard the Company's assets from loss ordamage to keep constant check on the cost structure to prevent Revenue leakages toprovide adequate Financial and accounting controls and implement Accounting Standards
14. Accounting Standards and Consolidated Financial Statements
The Consolidated Financial Statements of the Company and its subsidiaries prepared inaccordance with Accounting Standards issued by the Institute of Chartered Accountants ofIndia which forms part of the Annual Report.
1 5. Auditors
M/s Kailash Chand Jain & Co. Chartered Accountants were in the 31stAnnual General Meeting (AGM) appointed as the Statutory Auditors of the Company for aperiod of four Years i.e. till the conclusion of the AGM to be held in the Year 2018subject to ratification of the Members in every AGM. The Board recommends the ratificationof the appointment of the Statutory Auditors in this AGM for the Financial Year 2016-17.
16. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Act and Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Company has appointed M/s D. A.Kamat & Co Practicing Company Secretaries Mumbai to undertake the Secretarial Auditof the Company for the Financial Year under review. The Secretarial Audit Report isannexed as Annexure I.
17. Internal Auditors
The Board of Directors have appointed M/s MPK & Associates Chartered AccountantsMumbai as the Internal Auditors for the Financial Year 2015-16. The Internal Auditorsconduct their review and audit on a quarterly basis and report to the Board of Directors.
18. Reply by Director's on Secretarial Audit Report
The Observation by the Secretarial Auditor in the Audit Report has been noted by theBoard and necessary steps has been undertaken to avoid the same.
19. Directors Appointment and Remuneration Policy
The Board has on the recommendation of the Nomination and Remuneration Committee frameda policy for selection and appointment of Directors Senior Management and theirremuneration. The Remuneration Policy is stated in the Corporate Governance Report andalso available on the website of the Company.
20. Related Party Transactions
The Board of Directors has a Related Party Transaction Policy approved as mandated bythe Act and SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015. Allrelated party transactions are placed before the Audit Committee and the Board ofDirectors along with the Quarterly Financial Results. Further details of material relatedparty transactions are also reported to the BSE in the Quarterly Corporate GovernanceReport. Omnibus approvals for repetitive transactions are obtained from Audit Committeeand Shareholders' approval for material related party transactions undertaken as per SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 is obtained. Copy ofthe related party transactions policy is available on the website of the Company onwww.asl.net.in
Information on transactions with related parties pursuant to section I34(3)(h) of theAct read with rule 8(2) of the Companies(Accounts) Rules 2014 are given in Annexure IIin Form AOC-2 and the same forms part of this report.
21. Code of Conduct
The Board of Directors has approved a Code of Conduct which is applicable to theMembers of the Board and all employees in the course of day to day business operations ofthe Company.
The Code lays down the standard procedure of business conduct which is expected to befollowed by the Directors and the designated employees in their business dealings and inparticular on matters relating to integrity in the work place in business practices andin dealing with stakeholders.
All the Board Members and the Senior Management personnel have confirmed compliancewith the Code.
22. Particulars of Loans Guarantees or Investments
Particulars of loans given investments made guarantees given and securities providedalong with the purpose for which the loan or guarantee or security is proposed to beutilized by the recipient are provided in the Financial Statements forming part of theAnnual Report.
23. Prevention of Insider Trading
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code requires pre-clearance for dealing in the Company's shares and prohibitsthe purchase or sale of Company shares by the Directors and the designated employees
while in possession of unpublished price sensitive information in relation to theCompany and during the Period when the trading window is closed. The Board is responsiblefor implementation of the Code.
All Board Directors and the designated employees have confirmed compliance with theCode.
24. Particulars of Employees
There are no employees drawing remuneration of Rs. 850000 (Rupees Eight lacs fiftythousand) per month or Rs. 10200000/- (Rupees One crore two lacs) and above per annumduring the Year under review. The details of the remuneration drawn by the Whole-timeExecutive Directors and Managing Director and Independent Directors are stated in theCorporate Governance Report other information required under section 197 of the Act readwith rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 forms part of this report.
Details pertaining to remuneration as required under section 197(12) of the companiesact 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are given in Annexure III of this report.
25. Prevention Prohibition and Redressal of Sexual Harassment of Women at theWorkplace
The Company has adopted a policy on Prevention Prohibition and Redressal of SexualHarassment of Women at Workplace in accordance with the Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013 and no complaints werereceived by the Company during the Year under review.
26. Directors' Responsibility Statement
In terms of Section 134 (5) of the Companies Act 2013 the Directors would like tostate that:
(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed and that no material departures have been made from the same;
(b) the Directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the Financial Year and ofthe profit and loss of the Company for that period;
(c) the Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
(d) the Directors had prepared the annual accounts on a going concern basis; and
(e) the Directors had laid down Internal Financial Controls to be followed by theCompany and that such Internal Financial Controls are adequate and were operatingeffectively;
(f) The Directors have devised proper system to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
27. Extract of the Annual Return
The details forming part of the extract of the Annual Return in form MGT 9 is annexedas Annexure IV.
28. Risk Policy
The Company has a Risk Management Commitee of Board of Directors that reviewsformulates and monitors the Risk Management of the Company.
29. Investors' Relation and Grievances
During the Year under review the Company has not received any complaint/grievance fromthe investors of the Company. The Company has a dedicated e-mail address
30. Management Discussion and Analysis Report
In accordance with the Listing Regulations the Management Discussion and AnalysisReport and the Report of the Directors on Corporate Governance form part of this report.
31. Corporate Social Responsibility
The brief outline of the Corporate Social Responsibility (CSR) Policy of the Companyand the initiatives undertaken by the Company on CSR activities during the Year are setout in Annexure V of this report in the format prescribed in the Companies(Corporate Social Responsibility Policy) Rules 2014. For other details regarding the CSRCommittee please refer to the corporate governance report which forms part of thisreport. The policy is available on the website of the Company
32. Conservation of Energy & Technology Absorption
The information required to be furnished pursuant to Section 134(3)(m) of the CompaniesAct 2013 read with Rule 8 of Companies (Accounts) Rules 2014 is enclosed as AnnexureVI and forms part of this report.
The Board expresses its gratitude and appreciates the assistance and co-operationreceived from the Creditors Banks Government Authorities Customers and Shareholdersduring the Year under review.
(A) CONSERVATION OF ENERGY
I. Measures adopted for conservation of conventional energy:
a. Use of CFLs metal halide and LED light fixtures in all common areas of residentialprojects;
b. Use of occupancy sensors in commercial project and common areas of large scaleresidential projects;
c. Use of best quality wires cables switches and low self power loss MCCB's andRCCB's;
d. Following standard specifications like colour codes independent neutral andearthing for each circuit to curb energy leakage;
e. Selection of high efficiency transformers ( BEE rated) DG sets and otherequipments;
f. Integration of auto-correction power factor capacitors and harmonic filters in allHT/LT feeder pillars;
g. Use of energy efficient lifts with group control in residential projects;
h. Use of high performance glasses for double glazing facades of commercial buildingsto maintain optimum & ambient indoor environment of occupied spaces which helps inreducing air conditioning load;
i. Use of highly energy efficient air conditioning screw chillers & compressorswith VFD's for commercial building projects;
j. Use of low water flow CP fixtures for common areas of buildings.
II. Measures adopted for utilizing renewable sources of energy:
Use of solar hot water system consisting of Flat plate solar panels & insulatedwater storage tanks & insulated separate piping for all flats in all our projectsthereby reducing almost 20% demand of conventional energy. These system is alsosuccessfully installed in operation in 2 our projects.
III. Water Preservation
a. Rainwater harvesting:
Rain water harvesting is one of the most viable options to meet increasing waterrequirements and also helps in restoring depleted ground water levels of surroundingareas. We have been executing ground water recharge pits & harvesting rainwaterthrough collection tanks for roof-based runoffs in all our projects. This helps inreduction of precious potable drinking water demand of the project by using rain harvestedwater (after primary sedimentation & filtration) for non potable uses such as washing& cleaning needs of residents .
b. Sewage treatment plant:
The sewage treatment plants (STP) of total 1200 KLD capacities based on Moving Bio bedReactor technology has been successfully commissioned in 3 of our projects and are alsocommitted to install 9650 KLD capacity by inclusion of STP's in the sewerage design of allour ongoing and future projects. The generated waste water is treated up to the tertiarylevel conforming to applicable IS standards and is used for flushing of toilets andlandscaping. This helps in reduction of fresh water requirement of projects by almost 40%.We also ensure that operation & maintenance of STP's are done by efficient STP vendorsfor atleast initial 3 Years after installation so that it becomes an integral part ofdaily society maintenance affairs.
Few environment friendly measures adopted for construction phase of all projects:
a. Use of Aerated Autoclaved blocks & fly ash bricks for all our projects includingaffordable housing projects of upto 4 floors buildings;
b. Use of available rain harvested water for construction purposes;
c. Use of energy efficient CFL & LED lamps & highly efficient motors duringconstruction phase;
d. Following standard specifications like colour codes independent neutral andearthing for each electrical circuit's to curb energy leakage;
e. For FY 2016-2017 to install portable & modular STP's for treating grey watergenerated from Labour camps of our large scale projects and use the treated water forconstruction purposes thereby committing ourselves to reduce impact on fresh watersources.
(B) TECHNOLOGY ABSORPATION
The efforts made towards technology absorption:
I. VS1 system used for facade glazing: The VS-1 system developed by Franz Saffordof USA is a point supported glass wall system for the glass walls .The system iscomprised of vertical high grade aluminum blade extrusions and through-the-joint point supported aluminum cast fittings the system does not have any horizontalmember. This allows the use of standard glass panels (non-drilled glass) supplied by anyglass manufacturer at clients discretion. The system is also very fast to erect. Unlikeall other glass facade systems there are neither aluminium horizontal Members nor theirassociated connections in the VS-1 system solution and thus aesthetically a complete glasswall look is achieved. Our project is the only the second project in India to be executedwith this technology.
The benefits derived:
VSI system is more structure efficient. Larger size of vision glass panel is possiblewith this system. Replacement of glass is convenient. The installation is very fast ascompared to semi unitized systems
II. High speed elevators with Destination dispatch system: As one accesses theelevators through the lobby he or she passes through security which can be cleared by anidentification card which includes the information for one's desired floor. Allpassengers need to do is walk to the designated elevator and wait for its arrival.
The benefits derived:
Elevators with DOAS technology not only helps improve traffic flow and reduce powerconsumption it also enhances building security.
III. In case of imported technology (imported during the last three Years reckoned fromthe beginning of the Financial Year:
No Technology was imported during the Year under review.