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Company Information

Home » Market » Company Information

Alchemist Realty Ltd.

Dec 06
3.19 +0.00 (+ 0.00 %)
VOLUME : 796
Prev. Close 3.19
Open Price 3.19
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
Alchemist Realty Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 23.64 Cr. P/BV -5.42 Book Value ( ₹ ) -0.59
52 Week High/Low ( ₹ ) 4/1 FV/ML 2/1 P/E(X) 0.00
Bookclosure 30/09/2020 TTM EPS ( ₹ ) 0.00 Div Yield (%) 0.00
You can view full text of the latest Director's Report for the company.
Year End :2015-03 1. We have audited the accompanying standalone financial statements of Alchemist Realty Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standard specified under Section 133 of the Act, read with the provision of the Companies (Accounts) Rules, 2014. This responsibility includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentations of the financial statements that give a true and fair view and free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these Standalone financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Qualified audit opinion on the Standalone financial statement.


8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2015 and its profit and its Cash Flow for the year ended on that date.

Emphasis of the Matter

a. Attention is invited to note No 14.1 and 14.2 of the financial statements wherein amount of Rs. 5867.44 lacs has been shown under the head of long term advances, "out of which Rs. 1247.14 Lacs has been given to various parties and the matter is sub judice in various courts for acquiring properties and advances amounting to Rs. 1830.12 lacs given to various other parties but the sale deeds for properties have not so far been executed in favor of the company". These advances have been considered as good by the management of the company . It is relevant to point out that these are material advances and are pending since long, more than three years, and the management has not made any provision for the same.

Attention is also invited to note No 14.3 of the financial statements for amount shown under the head " long term advance Rs. 1887.92 Lacs given to various parties on account of franchisee fee and other expenses for acquiring rights of Realogy Corpn. Inc. USA for their brand (Century 21 ) which is recoverable from its subsidiary Century 21 Properties (India) Pvt. Ltd as and when the rights will be transferred to it". It is relevant to note that the amount has been advanced since long and rights have not been transferred so far.

b. We draw attention to note 14.4, the company has advanced as loan a sum of Rs.7.21 Cores to two parties as interest free unsecured loan, the same is in violation of sub section 7 of section 186 of the Companies Act 2013. This sub section requires the "No loans shall be given under this section at a rate lower than the prevailing yield of one year, three year, five year or ten year Government Security closest to the tenure of the loan.

c. Attention is invited to note No 17 and 17.1 of the financial statements which states Trade receivables amounting to Rs. 14931.00 lacs out of Which export debtors for merchant trade transaction are 14171.29 lacs and other receivables are Rs. 742.10 which are outstanding for more than six months from the date they become due from payment. Attention is invited to point 17.1 wherein the company has extended credit from time to time as per the market practice for export debtors and regular follow up is being done to recover the same and management is confident to recover the same, in view of the same, management feels that the same are recoverable and there is no need to make the provision at this juncture. For other receivables amounting to Rs. 742.10 lacs, these are long outstanding for more than 3 years and the management has not made any provision for the same.

Report on Other Legal and Regulatory Requirement's

9. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

10. As required by section 143(3) of the Act, we report that:-

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies(Accounts) Rules,2014;

e) In our opinion the matter described in observation and comments made in Emphasis of the matter can adversely affect the functioning of the company.

f) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Companies Act, 2013.

g) With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of Companies (Audit and Auditors)Rules, 2014 in our opinion and to the best of our information and according to explanations given to us:

i. The Company has not disclosed the impact of pending litigations in its financial statements with respect to suits on or by the company in respect of suits filed by the company for acquisition of properties as referred to in note 14.1 and 14.2 of the financial statements.

ii. The company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There no amounts which required to be transferred, to the Investor Education and Protection Fund by the company

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report of even date to the members of Alchemist Realty Limited on the financial statements as of and for the year ended 31st March, 2015 . We report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no substantial part of fixed asset has been disposed during the year and therefore it does not affect the going concern status of the company.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. a) According to information and explanations given to us, the company has granted unsecured loan to two subsidiary company, i.e. Alchemist Hill Resorts Private Limited and Century 21 Properties India Private Limited (party covered under section 189 of the companies Act. 2013) amounting to Rs. 721.12 Lacs which is prejudicial to the interest of the company.

i) The principle amounts are repayable over the varying periods as informed to us , while the interest is recoverable at the discretion of the company.

ii) We are unable to comment on the overdue amount of Rs One lakh in respect of principle and interest as necessary documents, terms and conditions on which loans have been given have not been made available to us .

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and for the sale of goods and services. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. According to the information ad explanation given to us, the company has not accepted deposits from public. Therefore the provision of clause (v) of paragraph 3 of CARO 2015 are not applicable to the company

6. The rules prescribed by the Central Government for the maintenance of cost records under sub-section (1) of section 148 the Companies Act, 2013 are not applicable to the Company.

7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

8. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

10. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution the terms and conditions whereof are prejudicial to the interest of the company.

11. The Company has not raised any new term loan during the period. The total amount of vehicle loan from HDFC Bank Ltd has been repaid during the year.

12. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practice in India, and according to the information and explanation given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the management.

                                              FOR K.SINGH & ASSOCIATES
                                                  CHARTERED ACCOUNTANTS
                                                       Firm No. 012458N

                                                           KULTAR SINGH
PLACE : New Delhi                                               Partner
DATED:28/05/2015                                  Membership No. 091673