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Timbor Home Ltd.

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Annual Report

For Year :
2014 2013 2012

Director’s Report

Dear members, The Directors take pleasure in presenting the Annual Report along with the Audited Statement of Accounts for the year ended 31st March, 2014 as under: FINANCIAL RESULTS: The summary of financial results for the year is given below: (Rs. In Lacs) Year Ended Year Ended Particulars 31/03/2014 31/03/2013 Sales & Operating Income 3346.50 8417.26 Other Income 165.57 57.6 Total Revenue 3512.07 8474.86 Operating Profits (PBDIT) -1163.16 864.2 Less: Depreciation 69.99 82.51 Interest 628.81 599.08 Profit/Loss Before Tax & Exceptional Items - 1861.96 182.61 Less: Exceptional Items 0 0 Current Tax 0 0 Provision for Taxation 0 55 Deferred Tax Liability -102.58 17.26 Profit/ loss after Tax -1759.38 110.34 DIVIDEND With a view to conserve resources, your directors have not recommended any dividend for the year under review. REVIEW OF BUSINESS OPERATION During the year under review, your company has registered the turnover of Rs. 3346.50 Lacs against the turnover of Rs. 8417.26 Lacs of previous year. The interest expense has also impacted the profitability. The Loss before Tax for the current year is Rs. 1861.96 Lacs as against the Profit of Rs. 182.61 Lacs of previous year. CORPORATE GOVERNANCE REPORT Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, Report on Corporate Governance and a certificate from the Statutory Auditors of the Company confirming compliance of the same has been included in the Annual Report as a separate section. DIRECTORS During the year the following directors have resigned from the post of Directors. Name of Director Date of Resignation Rakesh Puri May 1, 2013 Manan Patel May 7, 2013 Kalip Shastri February 10, 2014 Mr Tejdeepsingh Harvindersingh Anand liable to retire by rotation at the ensuing Annual General Meeting and being eligible, have been proposed for re- appointment. Brief resumes of the directors being reappointed together with other relevant details form part of the Notice of the ensuing Annual General Meeting. The Board recommends their reappointments. AUDITORS M/s. Motwani & Agarwal, Chartered Accountants has proposed them to be appointed as Statutory Auditors of the Company. Further a consent letter and certificate from M/s. Motwani & Agarwal, Chartered Accountants stating that their appointment, if made, will be in accordance with the provisions of Section 139 of the Companies Act 2013. The Audit Committee in its meeting held on August 8, 2014 has also recommended the appointment of M/s. Motwani & Agarwal as Statutory Auditors of the Company. Your directors also recommend their appointment There are certain reservations, Qualifications or adverse remarks in the Auditor''s Report for the period ended on 31st March 2014. The Board of Directors of the Company would like to Clarify / Explain the same as under : 1. The recovery cases and arbritation matters against the company have been contested by the company and hence in our opinion, the said legal cases and abritation matters would not affect the going concern concept of accounting to the company. 2. In the current financial year, the company had applied for Internal Restructuring of its Loans & Advance with the Union Bank of India. The Debt has been internally restructured and the revised terms & conditions have been issued to the company by UBI. The company is also in the process of applying for internal debt restructuring with other banks & financial institutions. The internal restructuring package might envisage reduction in interest rates and further also envisage funding of interest for prior period overdue interest, hence the defaulted amount shall be crystallized once the major portion of debt is restructured. Hence, in opinion of management of the company, the matter shall be resolved and will not affect the going concern concept of accounting to the company. 3. The Company is in the process of appointing capable qualified whole time company secretary for handling the corporate law matters of the company. Till that time, all the corporate law matters have been & will be handled by part time company secretary. DIRECTORS'' RESPONSIBILITY STATEMENT Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that: In the preparation of the Annual Accounts, the applicable accounting standards were followed: The Directors had selected such accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent so as to give a 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 that period; The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. The Directors had prepared the annual accounts on a going concern basis. PARTICULARS OF THE EMPLOYEES The Company had not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read along with the Companies (Particulars of Employees) Rules, 1975. Hence, no information is required to be appended to this report in this regard. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO The Company is doing the utmost for conservation of Energy. As regards Technology Absorption, the same is nil. During the year there were no foreign exchange earnings and outgo. ACKNOWLEDGMENTS: Your Directors express their sincere appreciation for the valuable assistance and co-operation extended to the company by its Customers, Bankers, Financial Institutions, State and Central Government Authorities, Service Providers, Contractors and the Stake Holders. Your Directors also wish to place on record their appreciation of the dedicated services and valuable contribution by the employees of the company at all levels. For and on behalf of the Board of Directors Place : Ahmedabad Anant Maloo Date : August 14, 2014 Managing Director

Director’s Report