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Alacrity Housing | Auditor's Report > Construction & Contracting - Housing > Auditor's Report from Alacrity Housing - BSE: 523738, NSE: N.A
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Alacrity Housing

BSE: 523738|ISIN: INE781D01011|SECTOR: Construction & Contracting - Housing
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Mar 13
Auditor's Report (Alacrity Housing) Year End : Mar '14
A) Attention is invited to Point No: 9 of Note 15 (Notes to the
 Accounts) expressing that the accounts have been prepared under ''going
 concern'' concept even though most of the employees of the Company had
 left and the full-fledged construction activities had stopped during
 the year 2003-04. since the Board of Directors are confident that the
 Company can be revived in due course of time. We have relied on this
 assertion while making this report.
 
 B) Attention is invited to Point No:14 of Note 15 expressing that the
 balances under sundry debtors, sundry creditors and loans and advances
 remain to be confirmed and in absence of evidence to the contrary, book
 balances have been taken as correct subject to the other notes as per
 of Note 15. Attention is also invited to Point No:l to Point No. 7 and
 Point No:10 to Point No. 12 of Note 15 giving the status of contingent
 liabilities, old accounts, pending cases and claims from various
 parties including Banks and Statutory Authorities (towards Gratuity,
 PF, Income tax and others) and non provision of interest as the case
 may be. Accuracy of the balances stated in the financial statements
 depends on the outcome of the court cases/settlements/negotiations in
 various stages and the accounts may undergo changes as and when the
 liabilities crystallize/further information is made available, extent
 of such changes not ascertainable.
 
 Subject to the observations as above, we report as below:
 
 1. We have audited the attached Balance Sheet of Alacrity Housing
 Limited as at 31st March 2014 and also the Profit and Loss Account and
 the Cash Flow Statement for the year ended on that date annexed
 thereto.  These financial statements are the responsibility of the
 Company''s management. Our responsibility is to express an opinion on
 these financial statements based on our audit.
 
 2. We have conducted our audit in accordance with the auditing
 standards generally accepted in India. Those standards require that we
 plan and perform the audit to obtain reasonable assurance about whether
 the financial statements are free of material misstatement. An audit
 includes examining, on a test basis, evidence supporting the amounts
 and disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 3. As required by the Companies (Auditors Report) Order, 2003 and
 amendments thereto issued by the Central Government of India in terms
 of Sec 227(4A) of the Companies Act 1956, we annex hereto a statement
 on the matters specified in paragraphs 4 and 5 of the said order, to
 the extent applicable to the Company.
 
 4. Subject to our observations as mentioned in A and B and lto3 above,
 we further report that:
 
 i. We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purposes of 
 our audit;
 
 ii. In our opinion, proper books of account as required by law have
 been kept by the company so far as appears from our examination of 
 those books;
 
 iii. /fhe company''s balance sheet and profit and loss account dealt
 with by this report are in agreement with the books of account 
 produced before us.
 
 iv. In our opinion, the profit and loss account and balance sheet dealt
 with by this report comply with the applicable accounting standards 
 referred to in sub-section (3C) of section 211 of the Companies Act, 
 1956;
 
 v. The Company has filed Annual Accounts and Annual Returns for all
 financial years up to 31.03.2013.  However, two other Companies in
 which Mr. Dilip Dharmasthal (DIN 0.1737794) is a Director have not
 filed their Annual Accounts and Annual Returns for more than three
 continuous financial years as on 31.03.2014.  Consequently, Mr. Dilip
 Dharmasthal is disqualified as on 31.03.2013 from being appointed as
 Director under Clause (g) of sub-section (1) of 274 of the Companies
 Act, 1956.
 
 vi. In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts read together with and
 subject to notes thereon and subject to our observations as mentioned
 in the above paragraphs and the annexure attached as mentioned in Para
 3 above, give the information required by the Companies Act, 1956 in
 the manner so required and give a true and fair view in conformity with
 the accounting principles generally accepted in India:
 
 i. in the case of the Balance Sheet of the state of affairs of the
 Company as at 31st March 2014; and
 
 ii. in the case of Profit and Loss Account, of the Loss for the year
 ended on that date.
 
 iii. in the case of the cash flow statement, of the cash flows of the
 company for the year ended on that date.
 
 Annexure referred to in paragraph 3 of the auditor''s report to the
 members of Alacrity Housing Ltd for the year ended 31st March, 2014.
 
 As required by the companies (Auditor Report) Order, 2003 (as amended)
 and according to the information and explanations given to us during
 the course of the audit and on the basis of such checks of the books
 and records as were considered appropriate we report that:
 
 (i) a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) All the assets have been physically verified by the management in
 accordance with a phased programme of verification, which in our
 opinion is reasonable, considering the size and the nature of business.
 The frequency of verification is reasonable and no material
 discrepancies have been noticed on such physical verification.
 
 (ii) The company doesn''t have any inventory.
 
 (iii) a) to g) The Company has not granted any loan secured or
 unsecured to companies, firms or other parties covered in the register
 maintained under section 301 of the Companies Act, 1956. Accordingly
 clauses 4 (iii) (b) to (d) of the Order are not applicable to the
 company. The company has taken unsecured loans from one party to the
 extent of Rs. 0.63 lacs during the year. The balance outstanding on
 31-3-2014 is Rs. 56.63 lacs to companies, firms or other parties covered
 in the register maintained under section 301 of the Companies Act,
 1956. In our opinion and according to the information and explanations
 given to us, the rate of interest and the other terms and conditions of
 loans taken by the company, secured or unsecured, are prima-facie not
 pre-judicial to the interest of the company.  The company is not
 regular in repayment of principal and interest.
 
 (iv) From the information and explanations made available at the time
 of Audit, we are unable to express an opinion as to adequacy of
 internal control systems commensurate with the size of the company and
 the nature of its business with regard to purchase of inventories,
 fixed assets and for the sale of goods and services and whether there
 is a continuing failure to correct major weaknesses in internal
 control.
 
 (v) a) The transactions made in pursuance of contracts or arrangements
 that need to be entered into the register maintained under section 301
 of the Companies Act, 1956 has been recorded in the register.
 
 b) The transactions have been made at prices which are reasonable
 having regard to the prevailing market prices at the relevant time.
 
 (vi) The company has not accepted any deposits from the public within
 the meaning of the sections 58A, 58AA or any other relevant provision
 of the Act and the rules framed there under. As per the information and
 explanations given, no order from the Company Law Board has been
 passed.
 
 (vii) The Company has no formal internal audit system commensurate with
 its size and nature of its business.
 
 (viii) The Central Government has not prescribed for maintenance of
 cost records under section 209 (1) (d) of the Companies Act, 1956 for
 the company.
 
 (ix) a) According to the records of the company, there are undisputed
 statutory dues including Pension, investor Education and Protection
 Fund, Employees State Insurance, Income Tax (including TDS), Sales Tax,
 Service Tax, and Cess which have not been regularly deposited with the
 appropriate authorities. The extent of arrears of statutory dues
 outstanding for more than 6 months as at 31-3-2014 amounted to Rs. 62.91
 lacs. Reference is drawn to Point No:12 of Note 15 (Notes to the
 Accounts) for details.
 
 b) There are also disputed amounts payable in respect of Provident
 Fund, Employees State Insurance, Income Tax (including TDS), Sales Tax,
 Service Tax, and Cess which have remained unpaid as at 31st March, 2014
 to the extent of Rs. 8.86 lacs. Reference is drawn to Point No: 11 of
 Note 15 (Notes to the Accounts) for details.
 
 (x) The company has accumulated losses at the end of the financial year
 2013-2014 which has far exceeded its net worth and it has incurred cash
 losses in this financial year as well as in the immediately preceding
 financial year.
 
 (xi) The Company has defaulted in repayment of dues to the Banks. For
 the amount and the period of default, refer Point Nos. 6 and 7 of Note
 15 (Notes to the Accounts).
 
 (xii) The company has not granted any loans or advances on the basis of
 security by way of pledge of. shares, debentures or other securities.
 
 (xiii) The provisions of any Special Statute applicable to Chit Fund,
 Nidhi or Mutual Benefit Fund/Societies are not applicable to the
 company.
 
 (xiv) In our opinion and according to the information and explanations
 given to us, the company is not a dealer or trader in shares,
 securities, debentures and other investments.
 
 (xvi) No term loans have been received during the year by the Company.
 
 (xvii) On an overall examination of the financials of the company, we
 are unable to report that funds raised on short term basis have been
 used for long term investment.
 
 (xviii) The company has not made any preferential allotment of shares
 to parties and companies covered in the Register maintained under
 section 301 of the Act. :
 
 (xix) The company has not issued any debentures during the year.
 
 (xx) The company has not raised any money by way of public issue during
 the year. ''
 
 (xxi) During the course of our examination of the books and records of
 the company carried out in accordance with .  the generally accepted
 auditing practices in India, we have not come across any instance of
 fraud on or by the Company noticed or reported during the year.
 
                                                        R.VATHSANGAM
 Place: Chennai                                 Chartered Accountant
 Dated: 1st September 2014                    (Membership No.018978)
 
Source : Dion Global Solutions Limited
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