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Company Information

Home » Market » Company Information

Alacrity Housing Ltd.

May 14
2.31 +0.37 (+ 19.07 %)
 
VOLUME : 500
Prev. Close 1.94
Open Price 2.31
TODAY'S LOW / HIGH
2.31
 
 
 
2.31
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
1.70
 
 
 
6.82
Alacrity Housing Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 1.85 Cr. P/BV -0.02 Book Value ( ₹ ) -98.10
52 Week High/Low ( ₹ ) 7/2 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/09/2013 TTM EPS ( ₹ ) -2.34 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2014-03 1. Contingent liabilities not provided for:

a. Liability that may arise towards interest as claimed by ESIC is to the extent of Rs.3.50 lacs for the period April 2001 to Sept. 2005.

b. The Provident Fund Department has issued a Show Cause Notice cum Levy Order dated 01.03.2013 to Alacrity Foundations (P) Ltd seeking payment of interest relating to the Company of Rs.28,65,390/- u/s. 7Q of the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 for delayed remittance of monthly contributions and Rs.32,70,851/- for penalty u/s. 14B of the Act for delayed payment of monthly contributions. Rs.28,65,390/- has been provided for in the books of accounts. No provision is made for the penalty as the Com- pany, given its financial circumstances, has filed an appeal with the Provident Fund Appellate Tribunal, New Delhi for a waiver of penalty and damages.

c. The Company had preferred an appeal for income tax demand for the assessment year (AY) 1993-94 amounting to Rs. 27.10 Lacs excluding interest and penalty thereon with the High Court of Madras. The Hon'ble Court allowed the appeal in favour of the Company. The Company is awaiting revised orders from the assessing officer deleting the demand for tax and interest. As per letter dated 13.10.2006, the Tax authorities had further demanded payment of Rs.243.57 lacs including interest of Rs.32.47 lacs and penalty of Rs.184 lacs for the above AY 1993- 94. The Company had received order dated 12.10.2011 from the Commissioner of Income-Tax, (A)-lll, Chennai deleting the demand for penalty to the extent of Rs.184 lacs.

No provision has also been made for the tax demand of Rs.289.78 lacs including interest of Rs. 44.20 lacs for the AY 1994- 95 which arose due to the disallowance of the brought forward loss and unabsorbed depreciation of the AY 1993-94. The Company is awaiting the revised assessment orders in its favour in the light of the above High Court order.

No provision has also been made for the tax demands for the AY 1995-96 of Rs.39.55 lacs (including interest of Rs.6.03 lacs) which is also consequent to the disallowance of the brought forward loss for AY 1993-94 and the Company is awaiting revised assessment orders in its favour.

d. Interest claim of about Rs.27.11 lacs made by creditors/customers disputed by the Company in courts.

e. Claim against the company of Rs.20 lacs made by a landowner of a property, disputed by the company.

2. The balance shown as dues from Debtors represents the money due mostly from customers with whom the Company had entered into agreements before 2003-04 for many of whom the company would have to execute sale deeds after getting various clearances and hence considered recoverable and no provision made there against even though due for a long period of time.

3. Presently, a total of 37 cases are pending against the company by customers, creditors and other parties before various courts including the State & District Consumer Forum, Metropolitan Magistrate Court, District Munsif Court, Fast Track Court, City Civil Court and High Court of Madras for non-fulfillment of certain obligations by the company. Suitable provisions to the extent of Rs.500.92 lacs (Rs. 530.32 lacs) have been made in the accounts wherever judgments have gone against the company and remain undisputed. Value of claims against the company for which no provision has been made since they are under dispute amounted to Rs.91.35 lacs as at 31.03.2014.

4. Unsecured loan includes a loan viz. Chakiat Agencies Pvt Ltd (Rs. 9.56 lacs) who has approached the courts seeking repayment of loan dues. No provision is made towards interest on the unsecured loan from the year 2003-04.

5. Sundry Creditors include dues to Small Scale Industrial Undertakings Rs. 9.24 lacs (Rs. 9.24 lacs). The Small Scale Industrial Undertakings to whom the amount outstanding for more than 30 days, such due exceeding Rs. 1 lac are as follows:

                             31.03.2014 (in Lacs) 31.03.2013 (in Lacs)

1 Kailash Hi-Tech Timber 
India Ltd                            1.53              1.53

2 Prosteel Industries                5.63              5.63

3 The Mayuram Timber & 
General Trading Co.                  2.08              2.08
6. Note on Secured Loans:

a. ICICI Bank Ltd - Rs. 1359.91 lacs: The loan outstanding as per books of account as at 31.03.2014 is Rs. 1359.91 lacs after payments amounting to Rs. 531 lacs by Land Marvel Homes (LMH) to whom the Company had transferred Project Paramount Gardens' (Saligramam) development rights with related liabilities vide agreement dated 31.03.2005. The bank has filed an application before the Debt Recovery Tribunal (DRT). The bank had earlier issued notice under the Securitization and Reconstruction of Financial Assets & Enforcement of Securities Inter- est Act 2002 (SARFAESI) dated 10.07.2008 to recover an amount of Rs.4070.12 lacs including interest up to 22nd May 2008. The claim of the Bank towards interest, penalties and other charges is disputed by the Company and no provision made there against. The properties held by ICICI Bank as collateral security are i) Property in Perambur ii) 55.52% undivided share in the 129 grounds at West Mogappair and 39 flats under construction (from which the Bank ceded 11.84% undivided share to State Bank of Indore). (Note: The landowners who hold 23.86% ownership of the undivided share have not cooperated with the Company for registering the sale deeds in favour of 175 flat owners, 18 of whom have filed suits in various courts for registration of sale deeds) iii) The bank holds a first charge on the property at No 25, Thirumalai Road, Chennai - 600 017 belonging to Alacrity Foundations Private Limited'

b. State Bank of Hyderabad - Rs. 118.56 lacs: The Bank has obtained an order dated 03.02.2010 from the Debt Recovery Tribunal (DRT) directing the Company to pay the Bank Rs. 118.56 lacs including interest @ 15% p.a. until 03.02.2010. 7118.56 lacs has been provided for by the Company in its books of accounts. No provision has been made in the books for interest after 03.02.2010 since the Company is confident of getting necessary waiver from the Bank.

c. Union Bank of India - Rs. 1216.70 lacs: The Bank has obtained an order from the Debt Recovery Tribunal (DRT) directing the Company to pay the Bank Rs. 1216.70 lacs including interest upto 19.12.2008. Rs. 1216.70 lacs has been provided for by the Company in its books of accounts. No provision has been made in the books for interest after 19.12.2008 since the Company is confident of getting necessary waiver from the Bank.

d. Phoenix ARC Private Limited - the Asset Reconstruction Company had been assigned the Company's debt and accrued interest thereon along with underlying security earlier by State Bank of India to the extent of 11.84% on the Mogappair (Tarangini project), vide Registrar of Companies, Certificate of Registration for Modification of Mortgage, u/s 132 read with section 135 of the Companies Act, 1956. State Bank of India had earlier obtained an order dated 25.10.2010 from the Debt Recovery Tribunal (DRT) directing the Company to pay the Bank Rs. 585.45 lacs with further interest @ 13.5% p.a from 11.07.2005 until date of settlement. Rs. 585.45 lacs has been provided for by the Company in its books of accounts. No provision has been made in the books towards further interest from 11.07.2005 since the Company is confident of getting necessary waiver now from Phoenix.

7. Status on other Bank Loans

a. Citibank N.A.: The principal amount of Rs. 560 lacs of unsecured loan facility (employee home loans converted vide agreement dated 02.08.2006) is remaining outstanding to the Bank. Even though the Bank has claimed a total due of Rs. 2653.90 lacs as at 31.03.2014 including interest at a compounded rate of 9%, no interest is provided in the books of account since the Company is confident of getting necessary waiver from the 6ank.

b. State Bank of Indlia: The principal loan amount of Rs.97 lacs (balance after repayment by Jam Housing A Constructions Ltd (JHCL) of Rs. 283 lacs to the Bank of the employee home loans converted after transferring project Prasan's development rights with related liabilities to JHCL vide Agreement dated 06.10.2005) is / remaining outstanding to the Bank. No interest is provided in the books of account since the Company is confident of getting necessary waiver from the Bank. The Bank has obtained an order dated 09.04.2012 from the Debt Recovery Tribunal (DRT) claiming a total of Rs. 216 lacs with further interest @> 10.25% from 04.03.2011. The Bank holds a second charge on the property at No 25, Thirumalai Road, Chennai - 600 017 belonging to Alacrity Foundations Private Limited, (Company in which two of the Directors of the Company are Directors).

8. The Company is engaged in the business of promoting, developing and construction of residential flats which is the significant business segment. There is no other business segment.

9. Due to financial difficulties, the Company had to stop its business of full fledged construction activities during 2003-04. The accounts have been prepared now taking the present position into account as a "going concern" since the Board of Directors are confident that the Company can be revived in due course of time.

10. The present value of gratuity obligation and superannuation benefits payable is not recognized as expense by the Company. The Company shall meet its gratuity and other employee retirement benefits as and when the concerned employee retires. Accordingly, no provision has been made in the accounts of the Company towards employee benefits including gratuity. The company has not deposited the provision created upto March 2004 for Rs. 28.66 lacs towards superannuation fund.

13. Previous year's figures have been regrouped and rearranged wherever necessary in order to make them

comparable with the current year's figures. .

14. 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 notes given above. .

15. Related party disclosures under Accounting Standard 18:

Key managerial persons (KMP), 
their relatives'                1. Ashok R Karnad    - Managing Director
names                           
                                2. Ajit Hattikudur   - Director

                                3. Dilip Dharmasthal - Director

                                Relatives of key managerial person

                                1. Sunil Karnad

                                2. Nita Hattikudur
16. Since the Company is in losses, there is NIL Liability towards Deferred Tax. No Deferred Tax Asset has also been created as there is no reasonable certainty that the Deferred Tax Asset can be set-off against future income.

17. The nature of business carried on by the Company, viz. construction activity is such that furnishing quantitative details relating to consumption / stock of building materials is not feasible.

18. The Company could not fulfill the requirements of Section 383A of the Companies Act, 1956 relating to appointment of Company Secretary for the Company due to financial difficulties.

20. Figures in brackets represent previous year's figures.