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Directors Report of Alacrity Securities Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting their 21st Annual Report on the business and operations of the Company and the accounts for the Financial Year ended March 31, 2015.

1. Financial summary or highlights/Performance of the Company

The Board's Report shall be prepared based on the stand alone financial statements of the company.

FINANCIAL RESULTS

PARTICULARS Year ended Year Ended March 31, 2015 March, 31, 2014

Gross Income 41,58,01.806 22754203

Profit/Loss Before Depreciation (1,55,34,594) 60,281,29

Less : Depreciation 33,01,033 17,431,50

Profit/Loss before Tax (1,22,33,561) 42,849,79

Less:

Provision for Tax NIL 900000

Provision for Deferred Tax (5,93,289) 495617

Prior Period Tax (93084)

MAT Credit Entitlement(Availed) 6,86,373 -

84208

Net Profit/Loss After Tax (1,15,47,188) 28,051,54

Balance of Profit brought forward 3,36,51,524 3,08,46,370

Balance available for appropriation - 3,36,51,524

Proposed Dividend on Equity Shares - -

Tax on proposed Dividend - -

Transfer to General Reserve - -

Surplus carried to Balance Sheet 2,21,04,336 3,36,51,524

Operations

The Indian Economy has been passing through a stagnant phase for the last two years which has affected industry and Finance companies/ Banks tremendously. The outlook on India in the last couple of years had become bearish with infrastructure projects (which are the backbone of any economy) languishing due to no clear policy of the then Government. Many industries/projects shut down or did not take off from the drawing board. All these factors led to the finance sector including Banks coming under tremendous pressure from collection of loans from Industry.

With a new Government having been formed in at the Central level there is a wave of optimism in industrial and financial sectors and with decisions being taken for clearances of projects of over 21000 crores by the Government, there is full hope of high growth for the economy which would result in the financial sector gaining back its robust health.

2. Financial Highlights Standalone Revenues:

During the fiscal 2015, the gross operational income of the Company stood at Rs. 404665048 as compared to previous fiscal of 'Rs. 13696429 .

Standalone Profits / (Loss) :

Loss stood at Rs -1,22,33,561 before tax and loss after tax stood at -1,15,47,188 for the fiscal 2015 as compared to the previous year profit before tax ' Rs 42,84,979 and after tax Rs 28,05,154.

3. Change in the nature of business, if any

No change of business occurs during the year under review.

4. Dividend

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid last year.

5. Reserves

The amounts, as on ended of financial year in, Share Premium account is Rs 3,04,00,000 and Reserves is Rs. 53,50,000.

6. Share Capital

ISSUE OF SHARES WITH DIFFERENTIAL RIGHTS

The company under the provision of Section 43 read with Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014 [Chapter IV] does not issued shares with differential rights during the year under review.

ISSUE OF SWEAT EQUITY SHARE

The company under the provision Section 54 read with Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014 has not issued any sweat equity share during the year under review

BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the year under review.

BONUSSHARES

No Bonus Shares were issued during the year under review.

7. Directors and Key Managerial Personnel

Ms. Pooja H Mehta, Directors retire by rotation at the forthcoming Annual General Meeting and being eligible, offer themselves for reappointment.

Mr Kishore V Shah has been Re designated as Whole Time Director and Chief Financial Officer with effect from 30 th March 2015 .

Mr. Ganeshprasad Gupta Company Secretary and Compliance officer has resigned with effect from June 2015, respectively

8. Meetings

A calendar of Meetings is prepared and circulated in advance to the Directors. During the year six Board Meetings and four Audit Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

9. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 52 of the Listing Agreement the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and Compliance Committees. The manner in which the evaluation has been carried out is explained in Corporate Governance Report.

10. Declaration by an Independent Director(s) and re- appointment, if any

A declaration by an Independent Director(s) that he/they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013 and Clause 49 of Listing Agreement.

An independent director shall hold office for a term up to five consecutive years on the Board of a Company, but shall be eligible for reappointment for next five years on passing of a special resolution by the Company and disclosure of such appointment in the Board's report.

11 Remuneration Policy:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy has been stated in the Corporate Governance Report.

12. Managerial Remuneration:

A) Details of the ratio of the remuneration of each director to the median employee's remuneration and other details as required pursuant to Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in this report.

13. Details of Subsidiary/Joint Ventures/Associate Companies

Pursuant to sub-section (3) of section 129 of the Act, the statement containing the salient feature of the financial statement of a company's subsidiary or subsidiaries, associate company or companies and joint venture or ventures is not applicable to the company.

Company does not have any subsidiary.

14. Auditors:

M/s. Lalit Kumar Dangi & Co., Chartered Accountants, FR No.112107W hold office until the conclusion of ensuing Annual General Meeting and being eligible offer themselves for re-appointment as Auditors of the Company.

The Company has received letter from M/s. Lalit Kumar Dangi & Co., Chartered Accountants to the effect that ,their appointment ,if made would be in the prescribed limit under 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re appointment.

The Notes in the Financial statement referred to in the Auditor's report are self explanatory and do not call for any further comments

15. Auditors' Report

The Auditors' Report does not contain any qualification. Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any further comments.

16. Disclosure about Cost Audit

As per the Cost Audit Orders, Cost Audit is not applicable to the Company.

17. Secretarial Audit Report

In terms of Section 204 of the Act and Rules made there under, M/s Nishu Jain & Associates Practicing Company Secretary has been appointed Secretarial Auditors of the Company. The report of the Secretarial Auditors is enclosed as Annexure II to this report.

As required under section 204 (1) of the Companies Act, 2013 the Company has obtained a secretarial audit report. Certain observations made in the report which were mainly due to ambiguity and uncertainty of the applicability of the new law for the relevant period. However, the company would ensure in future that all the provisions are complied to the fullest extent.

18. Internal Audit & Controls

The Company has appointed Hemant P Bhalekar ,external firm of Chartered accountants as its Internal Auditor. During the year, the Company continued to implement their suggestions and recommendations to improve the control environment. Their scope of work includes review of processes for safeguarding the assets of the Company, review of operational efficiency, effectiveness of systems and processes, and assessing the internal control strengths in all areas. Internal Auditors findings are discussed with the process owners and suitable corrective actions taken as per the directions of Audit Committee on an ongoing basis to improve efficiency in operations.

19. Issue of employee stock options

The Board of directors, shall, inter alia, disclose in the Directors' Report for the year, the details as provided in rule 12 (9) of Companies (Share Capital and Debentures) Rules, 2014.

Particulars

Approval Options granted Options vested Options exercised

Total number of shares arising out of exercise of options

Options forfeited/lapsed/cancelled Variations of terms of options Money realized by exercise of options

Not Applicable

Total number of options in force

Not Applicable

1. Details of options granted during the Financial Year 2014-15 to:

Particulars

(a) Directors and key managerial personnel

(b) Any other employee who received a grant in any one year of options

amounting to 5% or more of the options granted during the year (includes employees and group company employees)

(c) Identified employees who are granted options, during any one year equal to exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant

NOT APPLICABLE

20 Vigil Mechanism :

In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company at www.alacritysec.com under investors/policy documents/Vigil Mechanism Policy link.

21 Risk management policy:

Pursuant to Section 134(3) (n) of the Companies Act 2013 & Clause 49 of the Listing Agreement, the Company has constituted a Business Risk Management Committee. The details of the Committee and its terms of reference are set out in the Corporate Governance Report forming part of the Boards Report.

At present the Company has not identified any element of risk which may threaten the existence of the Company.

22 Extract Of Annual Return:

As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in MGT 9 as a part of this Annual Report as ANNEXURE I .

23 Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report

Material changes occurred subsequent to the close of the financial year of the Company to which the balance sheet relates and the date of the report like settlement of tax liabilities, operation of patent rights, depression in market value of investments, institution of cases by or against the company, sale or purchase of capital assets or destruction of any assets etc.

24. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future

No significant and material order has been passed by any regulators or courts or tribunals impacting the going concern status and company's operations in future. The company is doing reasonable growth and development.

25. Details in respect of adequacy of internal financial controls with reference to the Financial Statements.

The company has adequate internal control systems in place. With a view to monitor the Company's performance as well as to make sure that internal checks and controls are operating properly, the Company has appointed external firms of Chartered Accountant as Internal auditor. The audit committee ensures that the internal control systems are adequate and working effectively.

26. Deposits

The details relating to deposits, covered under Chapter V of the Act,-

a. accepted during the year; NIL

b. remained unpaid or unclaimed as at the end of the year; NIL

c. whether there has been any default in repayment of deposit or payment of interest thereon during the year and if so, number NIL

of such cases and the total amount involved

(i) at the beginning of the year; NIL

(ii) maximum during the year;

(iii) at the end of the year;

The details of deposits which are not in compliance with the requirements of Chapter V of the Act; ------

27. Particulars of loans given, guarantees provided or investments made under section 186

Particulars of loans given, Investment made guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the financial statement(Please refer to Note No. 6 to the financial statement).

28. Particulars of contracts or arrangements with related parties:

The particulars of every contract or arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act,

2013 and Clause 49 of the Listing Agreement during the financial year ended March 31,2015 are given below. Suitable disclosures as required under AS 18 have been made in the Financial Statement.

Interest Free Loan to two body corporate

Sub Brokerage: Mrs Meeta H Mehta -INR 5,50,058 & Mr. Mihir K Shah - INR 27502

Remuneration of Key Managerial Personnel: Mr. Kishore V Shah -INR 6, 48,000.00 and Hiten R Mehta -INR 1,80,000.00

All transactions entered into with related parties are in the ordinary course of business and are on arm's length except transaction of Interest free Loan to associate Company.

All Related Party Transaction are placed before the Audit committee for approval. Prior omnibus approval of the Audit committee is obtained on yearly bases which are of foreseen and repetitive in nature. The policy on Related Party Transactions as approved by Board is uploaded on the Company's website at http://www.alacritysec.com/policy.

Your Directors draw attention of the members to Note No. 28 to the Financial Statement which sets out related party disclosure.

29. Particulars of Employees

In terms of the provisions of Section 197 of the Companies Act, 2013, read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request .However as per the provisions of Section 136 of the said Act, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. Any, member interested in obtaining the information on employee's particulars, which is available for inspection by the members at the registered office of the Company during Business hours on working days of the Company up to the date of ensuing Annual General Meeting, may write to the Company at the registered office of the Company in advance.

30. Conservation of energy, technology absorption and foreign exchange earnings and outgo

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows: a) Conservation of energy

(i) the steps taken or impact on conservation of energy

(ii) the steps taken by the company for utilizing alternate sources of energy

(iii) the capital investment on energy conservation equipment's

NOT APPLICABLE

(b) Technology absorption

(i) the efforts made towards technology absorption

(ii) the benefits derived like product improvement, cost reduction, product development or import substitution

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

(a) the details of technology imported

(b) the year of import;

(c) whether the technology been fully absorbed

(d) if not fully absorbed, areas where absorption

has not taken place, and the reasons thereof

(iv) the expenditure incurred on Research and Development

NOT APPLICABLE

(c) Foreign exchange earnings and Outgo

a) Conservation of energy

(i) the steps taken or impact on conservation of energy

(ii) the steps taken by the company for utilizing alternate sources of energy

(iii) the capital investment on energy conservation equipment's

NOT APPLICABLE

(i) the efforts made towards technology absorption

(ii) the benefits derived like product improvement,

cost reduction, product development or import substitution

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

(a) the details of technology imported

NOT APPLICABLE

(c) whether the technology been fully absorbed

(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof

(iv) the expenditure incurred on Research and Development

(c) Foreign exchange earnings and Outgo not APPLICABLE

31. Corporate Social Responsibility (CSR)

The disclosures as per Rule 9 of Companies (Corporate Social Responsibility Policy) Rules, 2014 shall not be applicable to the Company.

32. Human Resources:

Your Company treats its "human resources" as one of its most important assets.

Your Company continuously invest in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.

33. Corporate Governance:

As per Clause 52 of the Listing Agreement with the Stock Exchanges, a detailed report on corporate governance practices followed by the Company together with the certificate from the Company's Statutory Auditors confirming compliance forms part of this report as "Annexure "

34. Insider Trading Regulations:

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, the code of conduct for prohibition of insider trading, as approved and adopted by the Directors and designated Employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and designated

employees while in possession of unpublished price sensitive information during the period of Trading Window Closure. The Board is responsible for implementation of the Code. All Board of Directors and designated employees have confirmed compliance with the Code. The Board has appointed Jai Prakash Jindal, Compliance officer under the code.

35. Directors' Responsibility Statement:

The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state that—

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had 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 profit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

36. Transfer of Amounts to Investor Education and Protection Fund :

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

37. Corporate Governance and Management Discussion And Analysis:

The Management Discussion and Analysis forms part of this Annual Report for the year ended 31st March, 2015

38.. Acknowledgements

An acknowledgement to all with whose help, cooperation and hard work the Company is able to achieve the results.

For and on behalf of the Board of Directors

Place:Mumbai Whole Time Director Whole Time Director and CFO Date: 14/08/2015 sd/- sd/- Hiten R Mehta Kishore V Shah




Mar 31, 2014

Dear Members,

The Directors of your Company have pleasure in presenting their 20th Annual Report together with the audited annual accounts for the financial year ended 31st March 2014.

FINANCIAL RESULTS

PARTICULARS Year ended Year Ended March 31, 2014 March, 31, 2013 Rs (In ''000) Rs (In ''000)

Gross Income 22754203 262465814

Profit/(Loss) Before Depreciation 6028129 (7247575)

Less: Depreciation 1743150 1748569

Profit/(Loss) Before Tax 4284979 (8996144)

Less: - Provision for tax 900000 -

Deferred Tax 495617 (597872)

Prior Period Tax - (1615)

MAT Credit Entitlement 84208 -

Profit/(Loss) After Tax 2805154 (8396657)

Profit Brought Forward from Last Year 30846370 99243027

Amount Available for Appropriation 33651524 90846370

Less: Appropriations -

Transfer to General Reserve - -

Capitalization during the year(Issue of Bonus Shares) - 60000000

Proposed Dividend - -

Dividend tax thereon - -

Surplus carried to Balance Sheet 33651524 30846370

OPERATION

During the year the company has gross receipt of Rs. 227.54 Lacs as against 2624.65 Lacs in previous year.

DIVIDEND

Due to not having adequate distributable profit in the current year the Board of Directors of the Company have not recommended dividend for equity share.

PARTICULARS OF EMPLOYEES IN TERMS OF SECTION 217 (2A) OF THE COMPANIES ACT, 1956.

None of the Employees fall within the preview of the above Section and the Rules Framed there under, hence particulars are nil.

FIXED DEPOSIT

The Company has not accepted / renewed any Fixed Deposits from Shareholders, Directors and public during the year under review.

PERFORMANCE REVIEW & FUTURE PROSPECTS

Capital Markets & Asset Management is the business of Alacrity Securities Limited and our successes in this business have helped us diversify into adjacent spaces .Presently we are in the businesses Retail, Broking, .Due to the tough macro-economic situation and subdued primary and secondary market activity,

The Company is taking number of initiatives to consolidate and improve margins and return on capital which will in turn enhance the shareholders value. The current year was a better year for the Company. Due to uncertain finance market, the Company is taking a cautious view and will adopt its investment policies accordingly.

CONSERVATION OF ENERGY/TECHNOLOGY ABSORTION /FOREIGN EXCHANGE EARNINGS /OUTGO

The provisions of Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of the Particulars in the Report of the Board of Directors) Rules, 1988 relating to conservation of energy and technology absorption are not applicable to the Company.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to section 217 (2AA) of Companies Act, 1956, you''re Directors confirm that:

1. In the preparation of the annual accounts, the applicable accounting standard has been followed and that no material departures have been made from the same;

2. 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 Profit of the company for the year ended on that date.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4. The annual accounts have been prepared on a going concern basis;

AUDITORS

M/s. LALIT KUMAR DANGI & CO., Chartered Accountants,hold office until the conclusion of ensuing annual General Meeting and being eligible offer themselves for re-appointment as Auditors of the Company.

The Company has received letter from M/s. LALIT KUMAR DANGI & CO., Chartered Accountants to the effect that ,their appointment ,if made would be in the prescribed limit under 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re appointment.

The Notes in the Financial statement referred to in the Auditor''s report are self explanatory and do not call for any further comments

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The company has adequate internal control systems in place. With a view to monitor the Company''s performance as well as to make sure that internal checks and controls are operating properly, the Company has appointed external firms of Chartered Accountant as Internal auditor. The audit committee ensures that the internal control systems are adequate and working effectively.

ACKNOWLEDGMENT

The Board of Directors expressed deep gratitude for the assistance, co-operation and support extended to your company by the bankers of the company, customers as well as the investing community and look forward to their continued support.

By Order of the Board

For Alacrity Securities Limited

sd/- sd/- Hiten R Mehta Kishore Shah Director Director Date: 30/05/2014 Place: Mumbai


Mar 31, 2013

The Members,

The Directors of your Company have pleasure in presenting their 19th Annual Report together with the audited annual accounts for the financial year ended 31 st March 2013.

FINANCIAL RESULTS 2012-13 2011-12

Gross Income 262465814.00 118389961.00

Profit/(Loss) Before Depreciation (7247575.00) 4106024.00

Less: Depreciation 1748569.00 2036410.00

Profit/(Loss) Before Tax (8996144.00) 2069614.00

Less: - Provision for tax - 700000.00

Deferred Tax (597872.00) 2189.00

Prior Period Tax (1615.00) -

MAT Credit Entitlement - 329101.00

Profit/(Loss) After Tax ( 8396657.00) 1038324.00

Profit Brought Forward from Last Year 99243027.00 99948041.00

Amount Available for Appropriation 90846370.00 100986365.00

Less: Appropriations

Transfer to General Reserve - -

Capitalization during the year 60000000.00 - (Issue of Bonus Shares)

Proposed Dividend - 1500000.00

Dividend tax thereon - 243338.00

Surplus carried to Balance Sheet 30846370.00 99243027.00

OPERATION :

During the year the company has gross receipt of Rs. 2624.65 Lacs as against 1183.89 Lacs in previous year.

The Company has Net Loss of Rs. 89.96 Lacs after tax as against profit of Rs. 20.69 Lacs in previous year The Company hopes to do better in current year.

DIVIDEND :

Due to Loss in the current year the Board of Directors of the Company have not recommended dividend for equity share.

SUB DIVISION OF EQUITY SHARES

Your Company has already intimated you regarding the Sub division of Shares of the Company from Rs. 100 to Rs.10 each equity share and accordingly your approval has also taken in the general meeting held on 29th January, 2013 by passing the special resolution.

ISSUE OF BONUS SHARES

The Directors have, subject to the approval of the shareholders, declared a bonus issue of equity shares in the ratio of two equity share of the company of Rs. 10/- each fully paid up for every one equity shares held by the shareholder of the Company as on the Record Date as determined by the Board of Directors. Necessary resolution for obtain- ing the approval of shareholders has been incorporated in the Notice for the forthcom- ing Annual General Meeting of the Company.

FURTHER ALLOTMENT OF SHARES

Your Company has issued the 60,00,000 warrants under preferential allotment which were converted into equity and your company''s paid up equity capital has increased to 15,00,00,000 Crore Equity shares of Rs. 10/- each

INCREASE IN AUTHORISED SHARE CAPITAL

During the year under review, the authorized share capital of the company was in creased from Rs. 20 crores divided into 200 Lakhs equity shares of Rs. 10/- each to Rs. 22 Crore divided into 220 Lakhs equity shares of Rs. 10/- each.

INITIAL PUBLIC OFFERING (IPOl AND LISTING OF SHARES

The company came out with an Initial Public Offering of 6080000 Equity Shares of the face value of Rs. 10 each for cash at a price of Rs. 15 per Equity Share (including a share premium of Rs. 5 per Equity Share. The public issue opened for subscription on 29th July, 2013 and closed on 1st Augustl, 2013. The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - Bombay Stock Exchange LTD. and while finalising the basis of allotment 80,000 additional Equity Shares were issued due to rounding off along with the shares issued through the IPO. The allotment of, 6080,000 Equity Shares was made on August 09, 2013.

The Company''s shares got listed on the SME segment of Bombay Stock Exchange LTD., on 14th August, 2013.

The Company has paid Listing fees to the Bombay Stock Exchange for the year 2013- 2014.

INCREASE IN BORROWING LIMIT

The Company has increased its borrowing limit from the existing subject to shall not exceeding the aggregate of the paid up Capital and free reserve of the Company by more than the sum of Rs. 50,00,00,000 at any one time.

PARTICULARS OF EMPLOYEES IN TERMS OF SECTION 217 (2A) OF THE COMPANIES ACT. 1956.

None of the Employees fall within the preview of the above Section and the Rules Framed there under, hence particulars are nil.

FIXED DEPOSIT

The Company has not accepted / renewed any Fixed Deposits from Shareholders, Directors and public during the year under review.

PERFORMANCE REVIEW & FUTURE PROSPECTS

Capital Markets & Asset Management is the business of Alacrity Securities Limited and our successes in this business have helped us diversify into adjacent spaces .Presently we are in the businesses Retail, Broking, .Due to the tough macro-economic situation and subdued primary and secondary market activity, FY13 was a tough year for the Capital Market & Asset Management business group. Despite this there were several positives during the year.

The Company is taking number of initiatives to consolidate and improve margins and return on capital which will in turn enhance the shareholders value. The current year was a better year for the Company. Due to uncertain finance market, the Company is taking a cautious view and will adopt its investment policies accordingly.

CONSERVATION OF ENERGY/TECHNOLOGY ABSORTION /FOREIGN EXCHANGE EARNINGS /OUTGO

The provisions of Section 217(1) (e) of the Companies Act, 1956 read with the Compa- nies (Disclosure of the Particulars in the Report of the Board of Directors) Rules, 1988 relating to conservation of energy and technology absorption are not applicable to the Company.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to section 217 (2AA) of Companies Act, 1956, you''re Directors confirm that:

1. In the preparation of the annual accounts, the applicable accounting standard has been followed and that no material departures have been made from the same;

2. 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 Profit of the company for the year ended on that date.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4. The annual accounts have been prepared on a going concern basis;

AUDITORS

M/s. LALIT KUMAR DANGI & CO., Chartered Accountants, retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment as Auditors of the Company. The Company has received declaration under 224(1 B) of the Companies Act, 1956 from the Auditors of the Company.

COMMENTS ON AUDITOR''S REPORT :

As regards of the annexure to the Auditors Report, the directors are looking after the day to day business of the Company and expenditure on formal internal audit system is not warranted. However the company is in process of appointing a firm of chartered accountant as an internal auditor.

ACKNOWLEDGMENT

The Board of Directors expressed deep gratitude for the assistance, co-operation and support extended to your company by the bankers of the company, customers as well as the investing community and look forward to their continued support.

By Order of the Board For Alacrity Securities Limited

Sd/- Sd- Hiten R Mehta Kishore Shah Director Director

Date: 04/09/2013 Place: Mumbai

 
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