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Alacrity Housing Directors Report, Alacrity Housin Reports by Directors
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Alacrity Housing

BSE: 523738|ISIN: INE781D01011|SECTOR: Construction & Contracting - Housing
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Download Annual Report PDF Format 2010
Directors Report Year End : Mar '14    Mar 13
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
Source : Dion Global Solutions Limited
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