| Dear Members,
We take pleasure in presenting this, our Twenty Second Annual Report of
our Company together with the Audited Accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS
2013-2014 2012-2013
(Lacs) (Lacs)
Profit/(Loss) before Depreciation and Tax (16.72) (40.16)
Less: Depreciation 0.18 0.23
Loss before Tax (16.90) (40.39)
Less: Provision for Tax including Deferred Tax Nil Nil
Loss after Tax (16.90) (40.39)
Add: Balance brought forward from previous year (8630.89) (8590.50)
Balance carried forward to Balance Sheet (8647.79) (8630.89)
The Directors in their report are required to state the material
developments that have taken place in the business of the Company up to
the date of the said Report. Accordingly, the material developments up
to date of this Report are covered as appropriate in the following
paragraphs.
The Present Situation:
The Directors are pursuing their sincere efforts to resume the
operations of the Company with the help of like- minded investors.
Corporate Governance:
The Company is presently handicapped due to the absence of a Company
Secretary (the previous Company Secretary had resigned from the
services of the Company in 2001-2002) and there being no staff in the
Secretarial Department, it has not been possible to prepare the
Corporate Governance and Management Analysis Reports required to be
annexed to the Annual Report which shall be circulated to the members
as soon as they are compiled.
PUBLIC DEPOSITS
Your Company has neither invited nor accepted any deposits from the
Public.
LISTING
Your Company's shares are currently listed at Mumbai, Coimbatore,
Hyderabad and Ahmedabad Stock Exchanges. The Company is in arrears of
the listing fees to the Stock Exchanges as detailed below. Trading of
the Company's shares has been suspended on account of non-payment of
listing fees as well as non-compliance of corporate governance as
stipulated in Clause 49 of the Listing Agreement with the stock
exchanges.
Name of Stock Exchange Arrears in listing fees
Bombay Stock Exchange 2010-11
Madras Stock Exchange 2010-11
Hyderabad Stock Exchange 2004-05
Coimbatore Stock Exchange 2003-04
Ahmedabad Stock Exchange 2003-04
Your Company proposes to save procedure and expenses by voluntarily
delisting the Company's shares from The Madras Stock Exchange, The
Coimbatore Stock Exchange, The Ahmedabad Stock Exchange and The
Hyderabad Stock Exchange while continuing listing in the Bombay Stock
Exchange. Such delisting will not adversely affect the interests of any
investors since nationwide online terminals are provided by the Bombay
Stock Exchange.
DIRECTORS .
Mr. Dilip Dharmasthal, Director, retires by rotation at the ensuing
Annual General Meeting and being eligible offers himself for
reappointment. .
SECRETARY
The Company Secretary's post in your Company is vacant.
AUDITOR'S REPORT
The observations made in the Auditor's Report and Notes on accounts are
self-explanatory and do not require any further explanations except for
the reference to the following in the Annexure to the Auditor's Report
where the Directors wish to state as follows:
i. Point (iv) & (viO: The internal control & systems which had
slackened in the earlier years of organizational agitation and
demotivation are in the process of gradual restoration although the
operations now are on a much reduced scale. However, the Company is
presently taking steps to improve the position in all areas.
ii. Point (ix) a.: The Company is making every effort to clear the
undisputed statutory dues in due course.
iii. Point lix) b.: ESIC dues are subject of appeals filed by the
Company before courts/ appropriate authorities.
iv. Point (xi): The Company is in constant negotiations with all the
Banks and is requesting them to waive interest in full in all cases and
also portion of principal dues in certain cases. The Company is
confident to clear the agreed sums in due course.
AUDITORS
Mr. R. Vathsangam, Chartered Accountant, Chennai, Auditor of the
Company, retires at the ensuing Annual General
Meeting and it is proposed that Mr. R. Vathsangam, Chartered
Accountant, Chennai be appointed as Statutory , Auditor of the Company
at the ensuing Annual General Meeting.
STATUTORY DISCLOSURES
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988:
' a) Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
Particulars with respect to Conservation of Energy and Technology
absorption are not applicable to the Company. During the year under
review the foreign exchange earnings and outgo were: NIL
b) Particulars of Employees under Section 217 (2A)
As there are no employees who are in receipt of remuneration exceeding
the limits prescribed, the statement required under section 217 (2A) of
the Companies Act,1956, read with Companies (Particulars of Employees)
Rules, 1975 is not provided.
c) Directors'Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors of the Company confirm:
- that in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed and that there are no material
departures;
- that they 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 LOSS of the
Company for the year under review;
- that they have 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; and
- that they have prepared the annual accounts on a "going-concern
basis".
DEMATERIALISATION OF SHARES
The company has entered into an agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services Ltd. (CDSL) for
dematerialization of the Company's shares. Members are requested to
hold their shares in demat form since it will help in easy trading in
shares even though they are informed that holding of shares in demat
form is not compulsory but only optional.
ACKNOWLEDGEMENT
Your Directors take this opportunity to offer their sincere thanks to
the Customers, Shareholders and investors for their unstinted support
and assistance and look forward to their continuing support and
encouragement.
For and on behalf of the Board
For Alacrity Housing Limited
Place: Chennai Ashok Karnad
Date: 1st September 2014 MANAGING DIRECTOR |