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Amalgamated Electricity Company Ltd.

BSE: 501622 Sector: Financials
NSE: N.A. ISIN Code: INE492N01014
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Amalgamated Electricity Company Ltd. (AMALGAMATEDELEC) - Auditors Report

Company auditors report

To the Members of The Amalgamated Electricity Company Limited.

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Theamalgamated Electricity company limited which comprises of Balance Sheet as at 31stMarch 2015 and the Statement of Profit and Loss and the Cash Flow Statement for the yearended on that date and a summary of significant accounting policies and other explanatoryinformation.

management’s responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by Company’s Directors as wellas evaluating the overall presentation of the financial statements

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of state of affairs of the Company asat March 312015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2015 issued by theCentral Government of India in terms of Section (11) of section 143 of the Act(hereinafter referred to as the "Order")and on basis of such checks of the booksand records of the Company as we considered appropriate and according to the informationand explanations given to us we give in the Annexure a statement on the matters specifiedin 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 all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books and proper returns adequatefor the purposes of our audit have been received from branches not visited by us;

c) The Balance Sheet Statement of Profit and Loss Account and Cash Flow statementdealt with by this report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. -

e) On the basis of written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on 31st March 2015 from being appointed as a director interms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956;

f) With respect to the other matters included in the Auditor’s Report and to ourbest of our information and according to the explanations given to us :

i. The Company does not have any pending litigations which would impact its financialpositions.

11. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

For N M PANDYA & ASSOCIATES
Chartered Accountants
Firm no.
N M PANDYA
Proprietor
Mumbai Membership No.135633
Dated: 21st May 2015.

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

i a The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

b The Fixed Assets have been physically verified by the management during the year.

ii. The provisions of clause 4 (ii) of the Companies (Auditors Report) Order 2015 arenot applicable to the Company.

iii a The Company has not granted any loans secured or unsecured to companiesfirms or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly provisions of sub-clause (b) are not applicable.

iv. In our opinion and according to the information and explanation given to usthere are adequate internal control procedures commensurate with the size of the companyand the nature of its business for the purchase of fixed assets and for the sale ofservices. During the course of audit no major weakness has been noticed in these internalcontrols.

v The Company has not accepted any deposits from the public within the meaning ofSections 73 and 74 of the Act and rules framed there under to the extent notified.

vi The provisions of clause 4 (vi) of the Companies (Auditors Report) Order 2015 arenot applicable to the Company.

vii a According to the records of the Company the Company is generally regular indepositing with appropriate authorities undisputed statutory dues in respect of ProvidentFund Employee’s State Insurance Income tax Sales-tax Wealth tax Custom DutyExcise Duty value added tax Cess and any other statutory dues with appropriateauthorities except for income tax ' 45152/- ( previous year ' 45152/-) .

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees State Insurance Income tax Sales tax.Wealth tax Custom Duty Excise Duty Value Added tax cess and any other statutory dueswere in arrears as at 31st March 2015 for a period of more than six monthsfrom the date they became payable except for income tax ' 45152/- ( previous year '45152/-) .

b According to the information and explanations given to us there were no dues inrespect of Income tax wealth tax sales tax service tax duty of custom and value addedtax which have not been deposited on account of any dispute

c According to the information and explanation given to us the amount required to betransferred to investor education and protection fund in accordance with the relevantprovision of the Companies Act 2013 and rules made there under has been transferred tosuch fund within time.

viii The Company has accumulated losses at the end of the financial year however it hasnot incurred any cash losses in the current financial year.

ix According to information and explanation given to us the Company has not defaultedin repayment of dues to the financial institution or banks. The Company has not issued anydebentures.

x According to information and explanation given to us the Company has not given anyguarantee for loans taken by others from bank or financial institutions.

xi According to information and explanation given to us the term loans have beenapplied for the purpose for which they were raised.

xii According to the information and explanation given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

For N M PANDYA & ASSOCIATES
Chartered Accountants
Firm no.
N M pANDYA
Mumbai Proprietor
Dated: 21st May 2015 Membership No.135633

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