| Dear members,
The Directors have pleasure in presenting before you the Twentieth
Annual Report and the Audited Accounts for the year ended 31st March
2014.
FINANCIAL RESULTS:
The financial performance of the Company for the year ended March 31,
2014 is summarized below:
( Rs. in Lakh)
Particulars March 31, 2014 March 31, 2013
Sales / Income - 1.350
Total Expenses 5.526 8.467
Profit before tax (5.526) (7.117)
Exceptional Items - -
Profit after exceptional Items (5.526) (7.117)
FINANCIAL & OPERATIONAL HIGHLIGHTS
Your Company did not carry out any business activities/operations
during the year. Management is considering various options of raising
financial resources to revive the Business Operations of the Company.
DIVIDEND
In view of the loss incurred by the Company, no dividend is recommended
for the year.
DIRECTORS
During the period under review, Mr. Willam Smith retired by rotation in
the Annual General Meeting dated 27th September, 2013.
Mr. Aakash Atri was appointed as the Additional Director of the Company
in the Board Meeting dated 23rd August, 2013.
It is proposed to appoint Mr. Vikrant Patil (DIN:03201000), Mr. Aakash
Attri (DIN:06636960)and Mr. Shoaib Se-queira (DIN: 06610911) as non
Executive Independent Director for a fresh period of 5 consecutive
years to comply with the provisions of Section 149, 150, 152 and any
other applicable provisions of the Companies Act, 2013 read with
Companies (Appointment and Qualification of Directors) Rules, 2014 of
Company.
Mr. Yogesh Dave (DIN:02042550) retires by rotation at the forthcoming
AGM and being eligible, offers himself for re-appointment.
Brief details of the Directors proposed to be appointed and
re-appointed have been incorporated in the Notice for the ensuing
Annual general meeting pursuant to Clause 49(iv)(g)(i) of Listing
Agreement.
FIXED DEPOSITS
The Company has not accepted any deposit from public under section 58A
& 58AA of the Companies Act, 1956.
AUDITORS :
In accordance with the provisions of Section 139 of the Companies Act,
2013 read with Companies (Audit and Auditors) Rules, 2014, M/s. Sarda
Pareek, Chartered Accountants, Mumbai [Firm Registration No. 109262 W]
being eligible to be appointed as Statutory Auditors of the Company are
recommended by the Board to be appointed as Statutory Auditors of the
Company in the ensuing Annual General Meeting of the Company, to hold
the office from the conclusion of this Annual General Meeting until the
conclusion of the Twenty Second Annual General Meeting of the Company
to held in the year 2016 (subject to the ratifications by the members
in every year).
AUDITORS' REPORT:
The observations and comments given by Auditors in this report read
together with notes to accounts are self explanatory and hence do not
call for any further comments under section 217 of the Companies Act,
1956.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to requirement under Section 217(2AA) of the Companies Act,
1956 with respect to Directors' Responsibility Statement, it is herby
confirmed that:
(a) in the preparation of annual accounts for the year ended March 31,
2014, the applicable accounting standards read with requirements set
out under Schedule VI to the Companies Act, 1956, have been followed ;
(b) the Directors have selected such accounting policies and applied
consistently and made judgments and estimates made that are reasonable
and prudent so as to give true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the
Company for the year ended period;
(c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
(d) the Directors have prepared the annual accounts of the Company on a
'going concern' basis.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended up to
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING/ OUTGO
The information under section 217(1) (e) of the Companies Act, 1956 on
Conservation of Energy, Technology Absorption as required to be
disclosed is not applicable to your Company.
During the year under review, the Company has no Foreign Exchange
Earnings and Outgo.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement forms part of the Annual Report. A certificate from
Priti J. Sheth & Associates, Company Secretaries confirming Compliance
with the conditions of the Corporate Governance as stipulated aforesaid
is attached to this Report.
The Company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
Company has also implemented some of the non mandatory provisions of
Clause 49.
LISTING
The Equity Shares of the Company is listed on the Stock Exchange at
Mumbai, Delhi and Rajkot (Saurashtra). During the year 2013-2014, the
Company has sought approval from the Ahmedabad Stock Exchange for
delisting of its shares.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
sub-contractors, suppliers, Officers and other employees of the Company
throughout the year.
For and on behalf of the Board of Directors
TRIBHUVAN HOUSING LIMITED
By Order of the Board
-SD-
Mr. Yogesh Dave
Director
Date: 13-08-2014 DIN: 02042550
Place: Mumbai
-SD-
Mr. Vikrant Patil
Director
Registered Office: DIN: 03201000
10th Floor, Fairlink Centre,
Near Monginis Factory, Off Link Road,
Andheri (W), Mumbai - 400 058,
Maharashtra, India
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