alacrity housing ltd Directors report

DIRECTORS

We take pleasure in presenting this, our Twenty Second Annual Report of your Company together with the Audited Accounts for the year ended 31^st March, 2014.

FINANCIAL RESULTS

	2013-2014	2012-2013
	( Rs Lacs)	(Rs 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 Companys 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 Companys 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 Companys 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 Secretarys post in your Company is vacant.

AUDITORS REPORT

The observations made in the Auditors 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 Auditors Report where the Directors wish to state as follows:

i. Point (iv) & (vii): 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 (ix) 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) DirectorsResponsibility 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".

DEMATERIAUSATION 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 Companys 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