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Directors Report of Tulive Developers Ltd.

Mar 31, 2014

Dear Members,

1. The Directors have great pleasure in presenting the Fifty Second Annual Report regarding the operations and financial results of the Company for the year ended 31st March 2014 together with the Audited Statement of accounts and the report of the auditors.

2. Financial Results

The Directors are pleased to give the financial highlights of the company for the year ended 31st March 2014

Particulars 31.3.2014 31.3.2013 Rs Rs

Profit before depreciation 3,67,45,549 8,38,53,996

Less: Depreciation 5,01,460 5,63,885

Profit after depreciation 3,62,44,089 8,32,90,111

Less: Taxation (including earlier Years'' taxation) 33,67,290 -

Profit after taxation 3,28,76,799 8,32,90,111

Add: Surplus brought forward 54,51,92,743 46,19,02,632

Surplus carried to Balance sheet 57,80,69,542 54,51,92,743

3. INCREASE IN PAID UP SHARE CAPITAL:

The directors did not issue any right /bonus shares during the year and the paid up capital of Rs. 3,48,43,750/- remains same as at 31.03.2014.

4. INVESTMENTS:

In addition to investments in the firms M/s Kerry Estate, M/s Tulive Estate & M/s Tulive Properties, the Company had become a partner in the firm Messrs. TULIVE - ECR on 18.01.2013 contributing share capital of Rs 7,00,000/-. However as per decision of the directors, the company retired from the firm with effect from close of transactions as at 31.03.2013 withdrawing its investment. The company also retired from M/S Kerry Estate with effect from close of transactions as at 31st December 2013.

Your Directors are happy to inform you that as per provisional accounts of the three firms for this financial year ending 31st March 2014 the share of Profit /Loss are as follows:

Name of Firm 31.3.2014 31.3.2013 Rs in lakhs Rs in lakhs

1. M/s Kerry Estate - (Loss) / Profit (0.42) 12 .05

2. M/s Tulive Estate - (Loss) / Profit (6.73) 345.38

3. M/s Tulive Properties - (Loss) (0.48)

4. M/s Tulive Builders 344.45 450.00

Net income from the firms 337.30 806.92

Your Directors are pleased to inform that the entire share income (Net) being exempt under Section (102A) of the Income Tax Act 1961, provision for taxation including taxation (MAT) on "Book Profit" under Section 115JB is considered as not necessary.

5. AGRICULTURAL DEVELOPMENTS AND INCOME:

Your directors had made moderate further developments of agricultural activities of the company during this year and earned license fee of Rs. 6,00,000/- for plucking coconuts and other crops grown in the agricultural lands at Kelambakkam Village, (Kancheepuram District) then company has also incurred development of agricultural Lands to an amount of Rs.54.75 Lakh .

6. DIVIDENDS:

In anticipation of further investments in the partnership firms , your directors are not in a position to recommend for declaration of any dividend for this financial year.

7. FIXED DEPOSITS:

Your company did not accept any deposit from public during the year.

8. UNSECURED LOANS:

Your Company had accepted interest free unsecured loans from Corporate bodies in which two Directors are interested, besides receipt of personal advances from Directors free of interest . During the year substantial amounts have been returned to the directors.

9. RETIRING DIRECTORS:

In terms of Clause 128 of the Articles of Association of the Company, Director Mr. K.V.RAMANASHETTY will be retiring by rotation and being eligible, offers himself for reappointment at the ensuing Annual General Meeting.

10. "DIRECTORS RESPONIBILITY STATEMENT" PURSUANT- TO SECTION 217 (2AA) OF THE COMPANIES ACT 1956

The Directors state and confirm:

(i) That all applicable Accounting Standards have been followed in the preparation of the Annual Accounts along with proper reasons and explanations for material departures;

(ii) That the Directors have selected such Accounting Policies and applied them consistently and 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 for that period;

(iii) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities;

(iv) That the annual accounts have been prepared on a going concern basis.

11. LISTING:

The Company''s Equity shares continue to be listed in the Bombay Stock Exchange, Mumbai. The listing fees for the financial year 2014- 2015 has already been paid to Bombay Stock Exchange and Custodial fees have been paid to NSDL and CDSL due for the Financial year 2014-2015.

12. AUDITORS:

M/s BHANDARI & KESWANI. Chartered Accountants ( Registration No 000433S) , the Statutory Auditors of the company will be retiring at the conclusion of this 52nd Annual General Meeting of the members and are eligible for reappointment till the conclusion of 55th Annual General Meeting. The necessary consent and the certificate of eligibility has been obtained from the Auditors as required under section 139 of the company Act 2013.

13. PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) , OF "COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975".

(a) Employed throughout the year and in receipt of remuneration in aggregate of not less than Rs 60 lakhs per annum NIL

(b) Employed for part of the year and in receipt of remuneration more than Rs 5 lakhs per month. NIL

14. PARTICULARS OF ENERGY CONSERVATION, FOREIGN EXCHANGE EARNINGS AND OUTGO SEC 217(1) (e):

The company is not carrying on any manufacturing activity resulting in consumption of power and technology absorption. The company did not earn any income in foreign exchange and there was no expenditure involving foreign exchange as out go.

15. REPORT ON CORPORATE GOVERANCE:

A detailed report on Corporate Governance is attached to this report. The company has complied with all the requirements of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. The Certificate obtained from the Statutory Auditors of the company regarding compliance of conditions is attached to this report.

16. SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the requirements of Section 383A of the Companies Act 1956 your company has obtained Compliance Certificate from Mr. Adit N Bhuva a practicing Company Secretary and a copy of the same is attached to this report.

17. ACKNOWLEDGEMENT:

Your directors are pleased to place on record their sincere thanks for the kind co-operation and all assistance extended by company''s Bankers, Auditors, and all employees and above all the shareholders and other stake holders for their continued support and patronage and the Directors look forward for the same relationship and cooperation in the years to come.

By Order of the Board For TULIVE DEVELOPERS LIMITED

Place : Chennai. Date: 14-08-2014 K.V. RAMANA SHETTY CHAIRMAN / DIRECTOR


Mar 31, 2013

To The Members of Tulive Developers Limited

1. The Directors have great pleasure in presenting the Fifty-first Annual Report regarding the operations and financial results of the Company for the year ended 31st March 2013 together with the Audited Statement of accounts and the report of the auditors.

2. Financial Results:

The Directors are pleased to give the financialhighlights of the company forthe ended 31st March 2013

Particulars 31.3.2013 31.3.2012 Rs. Rs.

Profit before depreciation 8,38,53,996 17,17,58,576

Less: Depreciation 5,63,885 2,46,161

Profit after depreciation 8,32,90,111 17,15,12,415

Less: Taxation __ __

Profit after taxation 8,32,90,111 17,15,12,415

Add: Surplus brought forward 46,19,02,632 29,03,90,217

Surplus carried to Balance sheet 54,51,92,743 46,19,02,632



3. INCREASE OF PAID UP SHARE CAPITAL:

The Directors did not issue any right /bonus shares during the year and the paid up capital of Rs 3,48,43,750/-remains same as at 31.03.2013.

4. INVESTMENTS:

In addition to investments in partnership firms M/s Kerry Estate, M/s Tulive Estate, &.M/s Tulive Properties, the Company had become a partner in the firm Messrs TULIVE ECR on 18.01.2013 contributing share capital of Rs 7,00,000/-. However as per decision of the directors, the company retired from the firm with effect from close of transactions as at 31.03.2013 withdrawing its investment.

Your Directors are happy to inform you that as per provisional accounts of the five firms for this financial year ending 31 * March 2013 the share of Profit/Loss are follows:

Name of Firm, 31.3.2013 31.3.2012 Rs in lakhs Rs in lakhs

1. M/s Kerry Estate 12.05 1,657.34

2. M/s Tulive Estate 345.38 41.08

3. M/s Tulive Properties (0.48) 26.54

4. M/s Tulive Builders 450.00 (Loss) (1.50)

5. M/s Tulive ECR (0.03) -

Net income from the firms 806.92 1,723.46

Your Directors are pleased to inform that the entire share income being exempt under Section 10(2A) of the Income Tax Act 1961, provision fortaxation including taxation on ''Book Profit" under Section 115JB is considered as not necessary.

5. AGRICULTURAL DEVELOPMENTS AND INCOME:

Your directors had made moderate further developments of agricultural activities of the company during this year and earned license fee of Rs. 6,00,000/ for plucking coconuts and other crops grown in the agricultural lands at Kelambakkam Village, (Kancheepuram District)

6. DIVIDENDS.

In anticipation of further investments in the partnership firms, your directors are not in a position to recommend for declaration of any dividend forthis financial year.

7. FIXED DEPOSITS:

Your company did not accept any deposit from public duringthe year.

8. UNSECURED LOANS:

Your Company had accepted interest free unsecured Loans from Corporate bodies in which two Directors are interested, besides receipt of personal advances from Directors free of interest .During the year substantial amounts have been returned to the directors.

9. RETIRING DIRECTORS:

In terms of clause 128 of the Articles of Association of the Company, Directors Mr. Atul Gupta and Mr. P J George will be retiring by rotation and being eligible offer themselves for reappointment at the ensuing Annual General Meeting.

10. DIRECTORS "RESPONIBILITY STATEMENT PURSUANT-TO SECTION

217 (2AA) OF THE COMPANIES ACT 1956

The Directors state and confirm:

(i) That all applicable Accounting Standards have been followed in the preparation of the Annual Accounts along with proper reasons and explanations for material departures;

(ii) That the Directors have selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affai rs of the company at the end of the f i nancial year and of the profit for that period.

(iii) That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities;

(iv) That the annual accounts have been prepared on a going concern basis.

11. LISTING:

The Company''s Equity shares continue to be listed in the Bombay Stock Exchange, Mumbai. The listing fees forthe financial year 2013- 2014 has already been paid to Bombay Stock Exchange and Custodial fees have been paid to NSDL and CSDL due forthe Financial year 2013-2014.

12. AUDITORS:

M/S.Bhandari & Keswani. Chartered Accountants ( Registration No 000433S), the Statutory Auditors of the company will be retiring at the conclusion of this 51 st Annual General Meeting of the members and are eligible for reappointment. They have also filed the required certificate to the effect that if reappointed as Statutory Auditors, the same will be within the limits specified under Section 224(1 B) of Companies Act 1956.

13 PARTICULARS OF EMPLOYEES as per SECTION 217(2A), of "Companies

(Particulars of Employees) Rules 1975".

(a) Employed throughout the year and in receipt of remuneration in aggregate of not less than Rs 60 lakhs per annum NIL

(b) Employed for part of the year and in receipt of remuneration more than Rs 5 lakhs per month. NIL

14. PARTICULARS ENERGY CONSERVATION, FOREIGN EXCHANGE EARNINGS AND OUTGO SEC 217(1) (e):

The company is not carrying on any manufacturing activity resulting in consumption of power and technology absorption. The company did not earn any income in foreign exchange and there was no expenditure involving foreign exchange as out go.

15. REPORT ON CORPORATE GOVERANCE:

A detailed report on Corporate Governance is annexed to this report. The company has complied with all the requirements of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. The Certificate obtained from the Statutory Auditors of the company regarding compliance of conditions is attached to this report.

16. SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the requirements of Section 383A of the Companies Act 1956 your company has obtained Compliance Certificate from Mr. Adit N Bhuva a practicing Company Secretary and a copy of the same is attached to this report.

17. ACKNOWLEDGEMENT:

Your directors are pleased to place on record their sincere thanks for the kind co-operation and all assistance extended by company''s Bankers, Auditors, and all employees and above all the shareholders and other stake holders for their continued support and patronage and the Directors look forward for the same relationship and cooperation in the years to come.



By Order of the Board

For TULIVE DEVELPOERS LTD.,



Place : Chennai - 600 006 K.V. RAMANASHETTY

Date: 30.5.2013 Chairman/Director


Mar 31, 2012

The Members of Tulive Developers Limited

1.The Directors have great pleasure in presenting the Fiftieth Annual Report regarding the operations and financial results of the company for the year ended 31st March 2012 together with the Audited Statement of accounts and the report of the auditors.

2. REVISEDSCHEDULE VI:

The Directors are pleased to inform you that the accounts have been prepared in accordance with the Revised Schedule VI to the Companies Act 1956 in terms of Notification No So 447(E) dated 28.2.2011 and the figures for the previous year ended 31.3.2011 have also been regrouped to conform to the groupings for 31.3.2012 as per revised Schedule VI.

3. The Directors are pleased to give the financial high lights of the company for the year ended 31st March 2012

Particulars 31.3.2012 31.3.2011 Rs. Rs.

Profit before depreciation 17,17,58,576 26,95,91,799

Less: Depreciation 2,46,161 1,61,000

Profit after depreciation 17,15,12,415 26,94,30,799

Less: Taxation - 1,471

Profit after taxation 17,15,12,415 26,94,29,328

Add: Surplus brought forward 29,03,90,217 2,09,60889

Surplus carried to Balance sheet 46,19,02,632 29,03,90,217

4. INCREASE OF PAID UP SHARE CAPITAL:

The Directors did not issue any right /bonus shares during the year and the paid up capital of Rs 3,48,43,750/- remains same.

5. INVESTMENTS:

In addition to investments in the firms M/s Kerry Estate, M/s Tulive Estate, & M/s Tulive Properties, your company had made an Investment of Rs 15,00,000/-as share Capital in another Partnership Firm "M/s Tulive Builders". The company is continuing its investments in the firms engaged to the business of housing development projects.

Your Directors are happy to inform you that as per provisional accounts of the four firms for this financial year ending 31 st March 2012 the share of Profit/Loss are follows:

Name of Firm 31.3.2012 31.3.2011 Rs. in lakhs Rs. in lakhs

1. M/s Kerry Estate 16,57.34 27,57.44

2. M/sTulive Estate 41.08 (3.59)

3. M/sTulive Properties 26.54 (0.82)

4. M/sTulive Builders (Loss) (1.50) -

Net income from the firm 1,723.46 2,747.03

Your Directors are pleased to inform that the entire share income being exempt under Section 10(2A) of the Income Tax Act 1961, provision for taxation including taxation on "Book Profit" under Section 115JB is considered as not necessary.

6. AGRICULTURAL DEVELOPMENTS AND INCOME:

Your directors had made moderate further developments of agricultural activities of the company incurring capital expenditure amounting to Rs 3,84,927/ during this year and earned license fee of Rs. 6,00,000/ for plucking coconuts grown in the agricultural lands at Kelambakkam Village, (Kancheepuram District)

7. DIVIDENDS:

In anticipation of further investments in the partnership firms and expansion of agricultural developmental activities, your directors are not in a position to recommend for declaration of any dividend for this financial year

8. FIXED DEPOSITS:

As in earlier years, your company did not accept any deposit from public.

9. UNSECURED LOANS:

Your Company had accepted interest free Loans from Corporate bodies in which two Directors are interested, besides receipt of personal advances from Directors free of interest.

10. DISPUTED INCOME -TAX DEMAND RS. 78,64,120/- The Income Tax Department had raised disputed demand of Rs 78,64,120/- relating to Income Tax Assessment year 2005-2006. Directors are pleased to inform the members that the appeal filed by the company before Income Tax Appellate Tribunal Mumbai Bench E has been decided in favour of your company resulting in deletion of the entire disputed demand . The company is awaiting revised Orders from the Assessing Authority giving effect to the relief granted by the Appel late Tribunal.

11. RETIRING DIRECTORS:

In terms of Clause 128 of the Articles of Association of the Company Directors K.V.Ramana Shetty and Mr.S.Venkatramani will be retiring by rotation and being eligible offer themselves for reappointment at ; the ensuing Annual General Meeting.

12. DIRECTORS "RESPONIBIUTY STATEMENT PURSUANT- TO SECTION:

217 (2AA) OF THE COMPANIES ACT 1956

The Directors state and confirm

a) That all applicable Accounting Standards have been followed in the preparation of the annual accounts along with proper reasons and explanations for material departures;

b) That the Directors have selected such Accounting Policies and applied them consistently;

(c) That judgments and estimates are made in a reasonable and prudent manner to ensure true and fair view of the State of Affairs at the end of the financial year and of the profit for that period.

(d) That adequate accounting records are maintained in accordance with the provisions of the Companies Act 1956 for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities.

(e) That the annual account have been prepared on a growing concern basis.

13. LISTING:

The Company's Equity shares continue to be listed in the Bombay Stock Exchange, Mumbai. The listing fees for the financial year 2012- 2013 has been paid to Bombay Stock Exchange and Custodial fees have been paid to NSDL and CSDL due for the Financial year 2012-2013.

14. AUDITORS:

M/s BHANDARI &KESWANI. Chartered Accountant (Registration No000433S), the Statutory Auditors of the company will be retiring at the conclusion of this 50th Annual General Meeting of the members and are eligible for reappointment. They have also filed the required certificate to the effect that if reappointed as Statutory Auditors, the same will be within the limits specified under Section 224(1 B) of Companies Act 1956.

15. REPLY TO AUDITORS REMARKS:

The Directors are making arrangements to introduce satisfactory Internal Audit System during current year taking into account the nature and size of the company.

16. PARTICULARS OF EMPLOYEES as per SECTION 217(2A) - of "Companies (Particulars of Employees) Rules 1975".

(a) Employed throughout the year and in receipt of remuneration in aggregate of not less than Rs 60 lakhs per annum

NIL

(b) Employed for part of the year and in receipt of remuneration more than Rs 5 lakhs per month.

NIL

17. PARTICULARS ENERGY CONSERVATION, FOREIGN EXCHANGE EARNINGS AND OUTGO

SEC 217(1) (e):

The company is not carrying on any manufacturing activity resulting in consumption of power and technology absorption. The company did not earn any income in foreign exchange and there was no expenditure involving foreign exchange as out go.

18. REPORT ON CORPORATE GOVERANCE:

A detailed report on Corporate Governance is annexed to this report. The company has complied with all the requirements of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. The Certificate obtained from the Statutory Auditors of the company regarding compliance of conditions is attached to this report.

19. SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the requirements of Section 383A of the Companies Act 1956 your company has obtained Compliance Certificate from Mr. S. ESHWAR a practicing Company Secretary and a copy of the same is attached to this report.

20. ACKNOWLEDGEMENT:

Your directors are pleased to place on record their sincere thanks for the kind co-operation and all assistance extended by company's Bankers, Auditors, and all employees and above all the shareholders and other stake holders for their continued support and patronage and the Directors look forward for the same relationship and cooperation in the years to come.

By Order of the Board

For TULIVE DEVELOPERS LIMITED

Place: Chennai - 600006.

Date: 30/05/2012 K V Ramana Shetty

CHAIRMAN


Mar 31, 2011

The Members of Tulive Developers Limited.

The Directors have great pleasure in presenting the Forty Nineth Annual Report of the company regarding operations and financial results for the year ended 31 st March 2011 together the audited statement of accounts and the report of Auditors.

Particulars Year ended Year ended 31.3.2011 31.03.2010 Rs. Rs.

Profit before depreciation & Tax 269591799 2795093

Less Depreciation 161000 (178178)

Profit after depreciation 269430799 2616915

Less short provision for taxation relating to earlier years (1471) (164)

Profit after Deprecation & Tax 269429328 2616751

Add Surplus brought forward 20960889 18344138

Surplus Carried to Balance Sheet 290390217 20960889

2.RIGHTS ISSUE:

As explained in our previous report the Right Issue was completed and 496875 Equity Shares of Rs. 10/- each were allotted at par.

3.BONUS ISSUE:

Following the successful completion of Rights Issue, your Directors in accordance with the resolution passed by Members in the 48th AGM held on 16th Sept 2010 allotted Bonus Shares in the proportion of four Equity Shares of Rs. 10/-each for every equity shares held.

Both the issues were well appreciated by all the shareholders. The Board places on record its sincere thanks to all the members for their support and cooperation.

4.INVESTMENTS:

Besides making investments as a partner in the firms M/s Kerry Estate and M/s Tulive Estate, your company had entered into partnership in the firm M/s TULIVE PROPERTIES, during the year. All the firms are currently- engaged in the business of development of Housing Projects.

Your Directors are happy to inform the members that as per provisional accounts of the firms for the year ending 31.3.2011 the Share of Profit/Loss of your company are as follows;

Names of the firm Share Income/Loss

1. Messrs KERRY ESTATE 2751.44

2. Messrs TULIVE ESTATE (3.58)

3. Messrs TULIVE PROPERTIES (0.83)

Net Income from Investments in Partnership Firms 2747.03

Your Directors are happy to inform that share income from the firms being exempt under Section 10 of Income Tax Act provision for taxation is not considered necessary.

5. AGRICULTURAL OPERATIONS:

Your Directors also propose to carry out intensive operation in the Agricultural Lands at Pudupakkam exploringthe possibility of highergreen revolution the needoftheday.

6. DIVIDEND:

In order to conserve the required resource for the proposed expansion of business in Agricultural Development etc., your Directors do not recommend any dividend for this financial year.

7. FINANCE:

Promoter Directors and their interested companies have granted interest free unsecured Loans amounting to Rs. 29.22 crores.

8. FIXED DEPOSITS:

Your company did not accept during the year any fixed deposit from the public or members.

9. DIPUTED TAX DEMAND:

Kind attention is invited to Note NOH (7) of Schedule 15 regarding disputed Income Tax Demand of Rs.7864120/- relating to Income Tax Assessment year 2005-2006. Your company's appeal is pending before Income Tax Appellate Tribunal Mumbai Bench. The Board is advised by the counsel that there are very fair chances of succeeding in the appeal based on the decision in respect of similar issues, before the Tribunal in which case the entire demand is likely to get fully deleted.

10. DIRECTORS:

(a) In term of Clause 128 of the Articles of Association of the company Shri Atul Gupta Director of the company will be retiring by rotation and being eligible offers himself for reappointment at the ensuring Annual General Meeting.

(b) ADDITIONAL DIRECTOR: Shri P.J George

Your Board co-opted Shri P. J. George an eminent Advocate of Chennai on 30th May 2011 as a Additional Director.Notice has been received from a member together with Deposit of Rs. 500/- as per Section 257 of the Companies Act 1956 proposing the name of Shri P. J. George to be appointed as a Director in the Annual General Meeting. This has been included in the Notice as an item of Special Business with necessary Explanatory Statement as required under Section 173(2) of the Companies Act 1956.

11. DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO Section 217(2AA) OF THE COMPANIES Act 1956

The Directors state and confirm:

(a) that in the preparation of annual accounts, the applicable Accounting standards have been followed and there are no material departures;

(b) that the directors have selected such Accounting Policies and applied them consistently and made judgments and estimates that ate reasonable and prudent so as to give a true and fail view of the state of affairs of the company at the end of the financial year and of the PROF II < >t the company for the year;

(c) that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safe guarding the assets of the company and for preventing and detecting fraud and othei irregularities;

(d) that the directors have got prepared the annual account on a going concern basis

12. AUDITORS:

MESSRS. BHANDARI & KESWANI, Chartered Accountants, the Statutory Auditors of the company retire at the conclusion of this 49th Annual General Meeting of the members and are eligible for reappointment. They have also filed required certificate to the effect that if reappointed as statutory auditors the same will be within the limits specified under Section 224(1 B) of the Companies Act 1956.

REPLY TO AUDITORS REMARKS:

The Directors are taking necessary steps to introduce satisfactory Internal Audit System at an early date.

13. PARTICULARS OF EMPLOYEES - 217 (2A)

There were no employee drawing remuneration exceeding Rs. 24,00,000/- per annum or Rs. 2,00,000/- per month.

14. PARTICULARS OF ENERGY CONSUMPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO 2l7(1)(e)

The company is not carrying any manufacturing activity relating to conservation oi energy and technology absorption. The company did not earn any income in foreign exchange and there was no expenditure in Foreign Exchange.

15. REPORT ON CORPORATE GOVERNANCE:

The company had taken all necessary steps and complied with all requirements of Corporate Governance after increase of paid up share capital above Rs. 3 cores on completion issue of Bonus shares. A detailed report on Corporate Governance is annexed to this report. The company has fully complied with all the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. The certificate of compliance of conditions of Corporate Governance from the Statutory Auditors of the company is annexed to this report.

16. SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the requirements of Section 383A of the Companies Act 1956, your company has obtained Compliance Certificate from Mr. S ESWAR Practicing Company Secretary and a copy of the same is attached to this report.

17. ACKNOWLEDGEMENT:

Your Directors to place on record their sincere thanks for the cooperation and assistance extended by company's Bankers "Royal Bank of Scotland, Union Bank of India, Auditors and employees at all levels and above all the Shareholders for their continued support and patronage and Directors look forward to the same cordial relationship in the years to come.

By Order of the Board

For TULIVE DEVELOPERS LTD,

Place : Chennai 600 006 K V RAMANA SHETTY

Date : 13 - 08 - 2011 CHAIRMAN






Mar 31, 2010

The Directors have great pleasure in presenting the Forty Eigth Annual Report of the company regarding operations and the financial results for the year ended on 31 st March 2010.

FINANCIAL RESULTS:

Particulars Year ended Year ended 31.03.2010 31.03.2009 Rs. Rs.

Net ProfitALoss) Before Depreciation & Tax 27,95,092 (1,63,894)

Depreciation (1,78,178) (2,42,618)

Provision for Taxation (164) (26,000)

Profit / Loss after Deprecation & Tax 26,16,751 (4,32,512)

Less / Add Deficit brought forward 1,83,44,138 1,87,76,650

Surplus / Deficit Carried to Balance Sheet 2,09,60,889 1,83,44,138

RIGHT ISSUE:

As the Members are aware, the company had come out with a Rights Issue of 4,96,875 equity shares of Rs. 101- each at Rs. 10/- each in the ratio of 159 rights equity shares for every 64 Equity Shares held on the Record date., i.e 19th March 2010. Thereafter the Basis of Allotment of 4,96,875 Equity Shares in respect of the above issue, which was oversubscribed by 30.44%, was approved by Bombay Stock Exchange on 23rd April 2010. Subsequently the allotment of the same had been made at the meeting of Board of Directors held on 24th April 2010. The company had received letters from Central Depository Services (India) Limited (CDSL) and Bombay Stock Exchange Limited, intimating the credit of 4,02,638 Equity Shares (for shares held in Demat form) and according the permission to trade Equity Shares respectively.

In this regard, the Board would like to thank its members for reposing confidence in the Company.

INVESTMENT IN PARTNERSHIP FIRMS M/s. KERRY ESTATE & M/s. TULIVE ESTATE:

The company had already entered with Partnership "KERRY ESTATE" and the construction of Building for Residential purposes are in good progress. Since the work is still under progress, the marginal share of profit is Rs.33,29,041.30 during the FY 2009-10. During the year the company become a partner in another firm namely "TULIVE ESTATE", The marginal share of loss is Rs.4,100.00 during the FY 2009-10.

DEPOSITS:

Your company did not accept during the year any fixed deposit from the public.

PROVISION FOR TAXATION.

No provision for tax as per the provisions of Income Tax Act, 1961, for the year under review has been made since the company did not have taxable income or liabilities U/s. 115JB. The question of provisions for Fringe Benefit Tax does not arise since the same is withdrawn with effect from 01.04.2009.

DIVIDEND:

In order to conserve resources, your directors do not recommend any dividend for the current year. DIRECTORS:

In terms of Article 128 of the Articles of Association of the Company, Shri. S. Venkataramani - Director of the Company retires by rotation and being eligible, offers himself for reappointment at the ensuing Annual General Meeting.

AUDITORS.

Messrs. Bhandari & Keshwani, Chartered Accountants statutory auditors of the company will be retiring at the conclusion of the 48th Annual General Meeting and are eligible for reappointment. They have also filed required certificate to the effect that if reappointed as statutory auditors, the same will be within the limits specified under Section 224 (IB) of the Companies Act, 1956.

SECRETARIAL COMPLIANCE CERTIFICATE.

In accordance with the provisions of Section 383A of the Companies Act, 1956 the Company has obtained a Compliance Certificate from Mr. S.Eshwar, Practicing Company Secretary and copy of the same is attached to this report.

PARTICULARS OF EMPLOYEES U/S.217 (2A)

There were no employees drawing remuneration exceeding Rs.24,00,OOOAper annum or Rs.2,00,000/- per month and hence particulars of employers are not stated.

ADDENDUM TO AUDITORSREMARKS.

The Notes (Schedules) forming part of this account give adequate reply / explanation with regard to qualifications / remarks stated in the report of statutory Auditors.

CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY, FOREIGN EXCHANGE EARNINGS & OUTGO: Sec.217 (1) (C) of the Companies Act, 1956.

The Company has no activity relating to conservation of energy and technology absorption. The company has not incurred any expenditure in Foreign Currency towards professional fees and there were no earnings in foreign exchange during the year.

DIRECTORS RESPONSIBILITY STATEMENT

Your Directors confirm:

(a) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanations relating to material discrepancies.

(b) That the Directors had selected such accounting policies and applied them consistently and 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 financial year and of the profit or loss of the company for that period.

(c) That the Directors had 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.

(d) That the Directors had prepared the annual accounts on a going concern basis.

ACKNOWLEDGEMENT:

The Directors wish to place on record their sincere thanks for the help and services rendered by the Bank, Auditors, Employers at all levels and above all the shareholders and valued customers for their continued support and patronage.

By Order of the Board For TULIVE DEVELOPERS LTD.

K.V. RAMANA SHETTY CHAIRMAN

Place: Chennai-6. Date: 30.06.2010.

 
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