LETTER TO SHAREHOLDERS
It give me immense pleasure to communicate with you the 11th Annual reportof the Company.
In the Financial year 2017-2018 your company completed its 11 successful years and thissuccess would not have been possible without the unstinted support and cooperation of allstakeholders and our satisfied customers. For this I would like to place on record mydeep sense of gratitude to each one of you. During 2017-2018 your company completed abenchmark residential project in Jaipur named as "Sunshine Prime". In additionthe progress on other residential project namely "Sunshine Aditya" wassatisfying with full swing construction and continued sales.
In Financial year 2017-2018 the wholly owned subsidiary of our company "TriveniKripa Buildhome Pvt Ltd" has initiated its first ever commercial and office complexat Main Sikar Road namely "Sunshine Bhagat". All statutory bodies like JDA andRERA Rajasthan have approved this Project and construction is in full swing at the site.
As you are aware the Indian economy is poised on the cusp of a new era of exponentialgrowth and rapid development under the leadership of our visionary Prime Minister ShriNarendra Modi. This will undoubtedly open up new and unprecedented business opportunitiesin the country.
Responding to the inspiring call and dream of Honorable prime minister of India toproviding house for all by 2022 your company has entered into Affordable Housing sectorby taking over a Company which was dealing in Affordable Housing i.e. "DhanukaAffordable Housing Private Limited". With takeover of this company DRLgot one moreunder construction project namely "Araddhya" which is Affordable Housing having310 residential Apartments. This take over has given the company a new business stream ofaffordable housing which is seeing good growth and traction in current scenario.
As all of you know that our country is going through transitional phase wherein theGovernment has undertaken so many transformational changes like demonetizationIntroduction of RERA implementation of GST and other reforms in sequential manner.Because of aftershocks from these onetime reforms some transitional impact is there onbusiness working capital flow and overall sentiments in real estate market. We arepleased to inform you that company has been able to successfully face the challengesappropriately and register respectable growth.
I have the pleasure and privilege to share with you the that consolidated revenue ofthe company has increased by 58.03% to Rs 244143235/-from Rs 154490995/-of previousyear. The net profit after tax on consolidated basis has gone down from Rs 7395793/- toRs 3698777/- mainly on account of increased cost of construction material lower pricerealization on product sales and change in taxation accounting due to GST implementation.The Company is working continuously and rigorously in reducing its debt and trade credit.During the year company on standalone basis has reduced its debt and trade credit frommore than Rs 7.25 Crores as on 31-3-2017 to Rs just under Rs 4.50 Cores as on 31-3- 2018excluding one new term loan taken during the year from Indian bank to execute the newresidential project "Sunshine Aditya".
During the year your company successfully issued 3520020 bonus shares to theshareholders in the ratio of 1:1.
Before I conclude I am thankful to all our Stakeholders our Bankers our Investorsour vendors and most importantly our customers fortheirtrust and faith. I alwayslookforward to your continued support and best wishes.
|(Girish Chandra Dhanuka) |