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Amalgamated Electricity Ltd.

BSE: 501622 | NSE: | Series: NA | ISIN: INE492N01014 | SECTOR: Finance - Leasing & Hire Purchase

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Sep 17, 16:00
17.35 -0.90 (-4.93%)
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553
10-Day
294
30-Day
406
656
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    18.25

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    18.45

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NSE Live

Dec 27, 11:22
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Amalgamated Electricity is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the attached Balance Sheet of THE AMALGAMATED ELECTRICITY COMPANY LIMITED as at 31st March 2009, Profit and Loss Account and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the Indian auditing standards issued by the Institute of Chartered Accountants of India. Our audit includes an examination, on a test basis, of evi- dence relevant to the amounts and disclosures in the financial statements, assessing the accounting principles used and sig- nificant estimates and judgements made by the management in the preparation of financial statements and evaluating the over- all financial statement presentation. We planned and performed our audit, so as to obtain all the informations and explanations which we considered necessary in order to provide us the suf- ficient evidence to give reasonable assurance that the financial statements are free from material misstatements and to provide a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we give in the Annexure a Statement on the matters specified in the paragraph 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to in Para- graph (3) above, we report that: a) we have obtained all the information and explanations which to the best of our knowledge and belief were neces- sary 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 the books; c) the Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account; d) in our opinion, the Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Company, 1956 in so far as they apply to Company ; e) in our opinion and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2009 from being appointed as directors in terms of clause (g) of subsection (1) of section 274 of Companies Act 1956 ; f) in our opinion and to the best of our information and ac- cording to the explanations given to us the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally ac- cepted in India:- i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2009; ii) in the case of the Profit and Loss Account, of the profit for year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 3 of our Report of even date. (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets. (b) All the assets have been physically verified by the man- agement during the year. No material discrepancies were noticed on such verification. (c) The Company has not disposed off substantial part of the fixed assets during the year, (ii) Considering the activity carried out during the year, in our opin- ion the provision of clause 4(ii) of the Companies (Auditors Report) Order, 2003 are not applicable. (iii) The Company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the registered maintained U/s. 301 of the Act. Hence the provi- sion of clause 4 (iii) (a), (b), (c), (d), (e) & (f) of the Companies (Auditors Report) Order 2003 are not applicable. (iv) In our opinion and according to the information and explana- tions given to us and in view of the activities carried on by the Company, the provision of clause 4(iv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Com- pany. (v) According to the information and explanations given to us, we are of the opinion that there were no contracts or arrangements that need to be entered into the register maintained under sec- tion 301 of the Companies Act, 1956. Hence the provision of clause 4(v) (a) & (b) of the Companies (Auditors Report) Or- der, 2003 are not applicable to the Company. (vi) The Company has not accepted any deposits from the public during the year, therefore, in our opinion the question of appli- cability of directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under does not arise. (vii) As informed to us, the Company did not have formal internal audit system during the year. (viii) As informed to us, the maintenance of cost records has not been prescribed by the Central Government U/s. 209(1 )(d) of the Companies Act, 1956, in respect of the activities carried on by the company. (ix) (a) The Company did not have to pay any undisputed statu- tory dues except Income Tax and Tax Deducted at source under Income Tax Act, 1961 as under: Nature of Dues Assessment Year Amount Due Date Income Tax 2001 - 02 5,792/- 08/08/2005 2002 - 03 5,28,055/- 27/09/2005 5,33,847/- However, the company has paid Rs. 4,50,000/- on account during the year. (b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess, which have not been deposited on ac- count of any dispute. (x) In our opinion, the accumulated losses of the Company are not more than fifty percent of its net worth. The company has not incurred cash loss during the current financial year. How- ever company has incurred cash loss of Rs. 32,794/- during the year and Rs. 2,098/- during immediate preceding year. (xi) The Company has no dues payable to financial institutions, banks or debenture holders during the year. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities (xiii) In our opinion, the Company is not a chit fund or a nidhi / mu- tual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the companies (Auditors Report) Order, 2003 are not applicable to the Company. (xiv) The Company has maintained proper records of the transac- tions and contracts in respect of shares and debentures and other securities and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in its own name except in case of investments in Preference Shares of Rs. 66,11,200/- and we have been informed that the transfer is still in process. (xv) As per the information and explanations given to us, the Com- pany has not given any guarantee for loans taken by others from banks or financial institutions. (xvi) The Company has not taken term loans during the year. (xvii) The Company has not raised any fund either short term or long term during the year. Accordingly the clause 4(xvii) of the Companies (Auditors Report) Order, 2003 is not applicable to the company. (xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register main- tained U/s. 301 of the Act during the year. (xix) The Company has not issued any debentures and hence the question of creating securities thereof does not arise. (xx) The Company has not raised money by public issue during the year. (xxi) According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported dur- ing the course of our audit. For GANESH & RAJENDRA ASSOCIATES CHARTERED ACCOUNTANTS (GANESH MEHTA) PARTNER (Membership No. 32939) MUMBAI, DATED : 4th September 2009