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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
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656
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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

Report on the Financial Statements We have audited the accompanying financial statements of The Amalgamated Electricity Company Limited (the Company), which comprise the Balance Sheet as at March 31, 2013, 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 Management is responsible for the preparation of these 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 Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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. 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. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information , subject to above qualification and according to the explanations given to us, the 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013. (b) in the case of the statement of Profit and Loss, of the profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Emphasis of Matters We draw your attention to the note 2 (xvii) (ii) of financial statement in respect of contingent liability which states that the company is liable to pay rent / compensation of Rs. 3,52,16,875/- from 1st September, 2007 to 31st March, 2013 together with interest of Rs. 87,19,514/- consequent to the judgment of Hon''ble Bombay High Court dated 13th March 2013. No provisions for the same has been made in the books of accounts towards the referred liability due to which the-expenses for current year have been understated by Rs. 4,39,36,389/-. We qualify the report accordingly. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order),as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, we report that: a. we have 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;and e. on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. 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 management 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 opinion 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 provision 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 explanations 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 Company. (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 section 301 of the Companies Act, 1956. Hence the provision of clause 4(v) (a) & (b) of the Companies (Auditors Report) Order, 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 applicability 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) Considering the size of business and number of transactions as carried out, the management is of the opinion that the company did not require internal audit system. (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 any undisputed statutory dues except Income Tax and Tax Deducted at source under Income Tax Act, 1961 as under: Nature of Dues Assessment Year Amount Rs. Due Date Income Tax 2001 -02 3,80,360/- 27/10/2009 2002 - 03 4,12,659/- 27/10/2009 7,93,019/- However, the company has made a claim for waiver interest on delayed income tax refund to the extent of Rs. 3,65,056/- and Rs. 7,16,342 (inclusive of the Interest on delayed refund) have remained unadjusted against above demand. (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 account 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 incurred cash loss during the current financial year but not in the 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 / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the companies (Auditor''s Report) Order, 2003 are not applicable to the Company. (xiv)The Company has maintained proper records of the transactions and contracts in respect of shares and debentures and other securities and timely entries have been made therein. (xv) As per the information and explanations given to us, the Company 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 (Auditor''s 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 maintained 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 during the course of our audit. For Ganesh & Rajendra Associates Chartered Accountants Firm Reg no.103055W (Ganesh Mehta) Place: Mumbai Partner Dated: 31st May, 2013 Membership no. 32939