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Alacrity Housing Ltd.

BSE: 523738 Sector: Infrastructure
NSE: N.A. ISIN Code: INE781D01011
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Alacrity Housing Ltd. (ALACRITYHOUSG) - Director Report

Company director report

DIRECTORS

We take pleasure in presenting this our Twenty Second Annual Report of your Companytogether with the Audited Accounts for the year ended 31st 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 havetaken place in the business of the Company up to the date of the said Report. Accordinglythe material developments up to date of this Report are covered as appropriate in thefollowing paragraphs.

The Present Situation:

The Directors are pursuing their sincere efforts to resume the operations of theCompany with the help of like-minded investors.

Corporate Governance:

The Company is presently handicapped due to the absence of a Company Secretary (theprevious Company Secretary had resigned from the services of the Company in 2001-2002) andthere being no staff in the Secretarial Department it has not been possible to preparethe Corporate Governance and Management Analysis Reports required to be annexed to theAnnual 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 andAhmedabad Stock Exchanges. The Company is in arrears of the listing fees to the StockExchanges as detailed below. Trading of the Company's shares has been suspended on accountof non-payment of listing fees as well as non-compliance of corporate governance asstipulated 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 theCompany's shares from The Madras Stock Exchange The Coimbatore Stock Exchange TheAhmedabad Stock Exchange and The Hyderabad Stock Exchange while continuing listing in theBombay Stock Exchange. Such delisting will not adversely affect the interests of anyinvestors since nationwide online terminals are provided by the Bombay Stock Exchange.

DIRECTORS

Mr. Dilip Dharmasthal Director retires by rotation at the ensuing Annual GeneralMeeting 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 areself-explanatory and do not require any further explanations except for the reference tothe following in the Annexure to the Auditor's Report where the Directors wish to state asfollows:

i. Point (iv) & (vii): The internal control & systems which had slackened inthe earlier years of organizational agitation and demotivation are in the process ofgradual restoration although the operations now are on a much reduced scale. However theCompany 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 statutorydues in due course.

iii. Point (ix) b.: ESIC dues are subject of appeals filed by the Company beforecourts/ appropriate authorities.

iv. Point (xi): The Company is in constant negotiations with all the Banks and isrequesting them to waive interest in full in all cases and also portion of principal duesin 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 atthe ensuing Annual General Meeting and it is proposed that Mr. R. Vathsangam CharteredAccountant Chennai be appointed as Statutory Auditor of the Company at the ensuing AnnualGeneral 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 Earningsand Outgo:

Particulars with respect to Conservation of Energy and Technology absorption are notapplicable to the Company. During the year under review the foreign exchange earnings andoutgo were: NIL

b) Particulars of Employees under Section 217 (2A)

As there are no employees who are in receipt of remuneration exceeding the limitsprescribed the statement required under section 217 (2A) of the Companies Act1956 readwith 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 theCompany confirm:

• that in the preparation of the Annual Accounts the applicable AccountingStandards have been followed and that there are no material departures;

• that they have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe LOSS of the Company for the year under review;

• that they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the Assets of the Company and for preventing and detecting fraud and otherirregularities; and

• that they have prepared the annual accounts on a "going-concernbasis".

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 Company'sshares. Members are requested to hold their shares in demat form since it will help ineasy trading in shares even though they are informed that holding of shares in demat formis not compulsory but only optional.

ACKNOWLEDGEMENT

Your Directors take this opportunity to offer their sincere thanks to the CustomersShareholders and investors for their unstinted support and assistance and look forward totheir 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

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