You are here » Home » Companies » Company Overview » Alacrity Housing Ltd

Alacrity Housing Ltd.

BSE: 523738 Sector: Infrastructure
NSE: N.A. ISIN Code: INE781D01011
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Alacrity Housing Ltd. (ALACRITYHOUSG) - Auditors Report

Company auditors report

AUDITOR

To

The Members of Alacrity Housing Limited

A) Attention is invited to Point No: 9 of Note 15 (Notes to the Accounts) expressingthat the accounts have been prepared under 'going concern' concept even though most of theemployees of the Company had left and the full-fledged construction activities had stoppedduring the year 2003-04. since the Board of Directors are confident that the Company canbe revived in due course of time. We have relied on this assertion while making thisreport.

B) Attention is invited to Point No:14 of Note 15 expressing that the balances undersundry debtors 'sundry creditors and loans and advances remain to be confirmed and inabsence of evidence to the contrary book balances have been taken as correct subject tothe other notes as per of Note IS. Attention is also invited to Point No:l to Point A/o.7and Point No:10 to Point No. 12 of Note 15 giving the status of contingent liabilitiesold accounts pending cases and claims from various parties including Banks and StatutoryAuthorities (towards Gratuity PF Income tax and others) and non provision of interest asthe case may be. Accuracy of the balances stated in the financial statements depends onthe outcome of the court cases/settlements/negotiations in various stages and the accountsmay undergo changes as and when the liabilities crystallize/further information is madeavailable extent of such changes not ascertainable.

Subject to the observations asabove we report asbelow:

1. We have audited the attached Balance Sheet of Alacrity Housing Limited as at 31stMarch 2014 and also the Profit and Loss Account and the Cash Flow Statement for the yearended on that date annexed thereto. These financial statements are the responsibility ofthe Company's management. Our responsibility is to express an opinion on these financialstatements based on our audit.

2. We have conducted our audit in accordance with the auditing standards generallyaccepted in India. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining on a test basis evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by the management as well asevaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 and amendments theretoissued by the Central Government of India in terms of Sec 227(4A) of the Companies Act1956we annex hereto a statement on the matters specified in paragraphs 4 and 5 of thesaid order to the extent applicable to the Company.

4. Subject to our observations asmentioned in A and B and Ito3 above we furtherreport that:

i. We have obtained all the information and explanations which to the best of ourknowledge 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 thecompany so far as appears from our examination of those books;

iii. The company's balance sheet and profit and loss account dealt with by this reportare 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 thisreport comply with the applicable accounting standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956; v. The Company has filed Annual Accounts andAnnual Returns for all financial years up to 31.03.2013.

However two other Companies in which Mr. Dilip Dharmasthal (DIN 01737794) is aDirector have not filed their Annual Accounts and Annual Returns for more than threecontinuous financial years ason 31.03.2014. Consequently Mr. Dilip Dharmasthal isdisqualified as on 31.03.2013 from being appointed as Director under Clause (g) ofsub-section (1) of 274 of the Companies Act1956.

vi. In our opinion and to the best of our informationand according to the explanationsgiven to us the said accounts read together with and subject to notes thereon andsubject to our observations as mentioned in the above paragraphs and the annexureattached as mentioned in Para 3 above give the information required by the CompaniesAct1956in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

i. in the case of the Balance Sheet of the state of affairs of the Company asat31stMarch 2014; and

ii. in the case of Profit and Loss Account of the Loss for the year ended on thatdate.

iii. in the case of the cash flow statementof the cash flows of the company for theyear ended on that date.

R.VATHSANGAM
Place: Chennai Chartered Accountant
Dated: 1st September 2014 (Membershi p No.018978)

Annexure to Auditors Report

Annexure referred to in paragraph 3 of the auditor's report to the members ofAlacrity Housing Ltd for the year ended 31st March 2014.

As required by the companies (Auditor Report) Order 2003 (as amended) and according tothe information and explanations given to us during the course of the audit and on thebasis of such checks of the books and records as were considered appropriate we reportthat:

(!) a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) All the assets have been physically verified by the management in accordance with aphased programme of verification which in our opinion is reasonable considering the sizeand the nature of business. The frequency of verification is reasonable and no materialdiscrepancies have been noticedon 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 companiesfirms or other parties covered in the register maintained under section 301 of theCompanies Act 1956. Accordingly clauses 4 (iii) (b) to (d) of the Order are notapplicableto the company. The company has taken unsecured loans from one party to theextent of Rs 0.63 lacs during the year. The balance outstanding on 31-3-2014 is Rs 56.63lacs to companies firms or other parties covered in the register maintained under section301 of the Companies Act 1956. In our opinion and according to the informationandexplanations given to us the rate of interest andthe other terms and conditions ofloans taken by the company secured or unsecured are prima-facie not pre-judicial to theinterest of the company. The company is not regular in repayment of principal andinterest.

(iv) From the information and explanations made available at the time of Audit weare unable to express an opinion as to adequacy of internal control systems commensuratewith the size of the company and the nature of its business with regard to purchase ofinventories fixed assets and for the sale of goods and services and whether thereis a continuing failure to correct major weaknesses in internal control.

(v) a) The transactions made in pursuance of contracts or arrangements that need to beentered into the register maintained under section 301 of the Companies Act1956 hasbeenrecorded in the register.

b) The transactions have been made at prices which are reasonable having regard to theprevailing market prices at the relevant time.

(vi) The company has not accepted any deposits from the public within the meaning ofthe sections 58A58AA or any other relevant provision of the Act and the rules framedthere under. As per the information and explanations given no order from the CompanyLawBoard hasbeen passed.

(vii) TheCompany has noformal internal audit system commensurate with its size andnature of its business.

(viii) The Central Government has not prescribed for maintenance of cost records undersection 209 (1) (d) of the Companies Act 1956for the company.

(ix) a) According to the records of the company there are undisputed statutory duesincluding Pension Investor Education and Protection Fund Employees State InsuranceIncome Tax (including YDS) Sales Tax Service 7ox> and

Cess which have not been regularly deposited with the appropriate authorities. Theextent of arrears of statutory dues outstanding for more than 6 months as at 31-3-2014amounted to Rs 62.91 lacs. Reference is drawn to Point No:12 of Note 15 (Notes tothe Accounts) for details.

b) There are also disputed amounts payable in respect of Provident Fund EmployeesState Insurance Income Tax (including TDS) Sales Tax Service Tax and Cess which haveremained unpaid as at 31st March 2014to the extent o/ Rs 8.86 toes. Reference isdrawn to Point No: 11 of Note 15 (Notes to the Accounts)for details.

(x) The company hasaccumulated losses at the end of the financial year 2013-2014 whichhasfar exceeded its net worth andit hasincurred cash losses in this financial year as wellasin the immediately precedingfinancial year.

(xi) The Company has defaulted in repayment of dues to the Banks. For the amount andthe period of default refer Point A/os. 6 and 7of Note 15 (Notes to theAccounts).

(xii) The company has not granted any loans or advances on the basis of security by wayof pledge of.shares debentures or other securities.

(xiii) The provisions of any Special Statute applicable to Chit Fund Nidhi or MutualBenefit Fund/Societies are not applicable to the company.

(xiv) In our opinion and according to the information and explanations given to us thecompany is not a dealer or trader in shares securities debentures and other investments.

(xvi) Noterm loans have been received duringthe year bythe Company.

(xvii) Onanoverall examination of the financials of the company we areunable to reportthat funds raised on short term basis have been used for longterm investment.

(xviii) The company has not made any preferential allotment of shares to parties andcompanies covered in the Register maintained under section 301 of the Act.

(xix) The company hasnot issued anydebentures duringthe 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 companycarried out in accordance with . the generally accepted auditing practices in India wehave not come across any instance of fraud on or by the Company noticed or reported duringthe year.

R.VATHSANGAM
Place: Chennai Chartered Accountant
Dated: 1st September 2014 (Membershi p No.018978)

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard