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Amalgamated Electricity Company Ltd.

BSE: 501622 Sector: Others
NSE: N.A. ISIN Code: INE492N01022
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NSE 05:30 | 01 Jan Amalgamated Electricity Company Ltd
OPEN 30.90
PREVIOUS CLOSE 30.90
VOLUME 10
52-Week high 76.80
52-Week low 14.35
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.65
Sell Qty 631.00
OPEN 30.90
CLOSE 30.90
VOLUME 10
52-Week high 76.80
52-Week low 14.35
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.65
Sell Qty 631.00

Amalgamated Electricity Company Ltd. (AMALGAMATEDELEC) - Auditors Report

Company auditors report

To the Members of THE AMALGAMATED ELECTRICITY COMPANY LIMITED. Report on the StandaloneFinancial Statements

Opinion

We have audited the accompanying financial statements of THE AMALGAMATED ELECTRICITYCOMPANY LIMITED ('the company') which comprises of Balance Sheet as at 31st March 2022the Statement of Profit and Loss (Including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year ended on that date and asummary of significant accounting policies and other explanatory information.

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 Companies Act 2013 ("the Act'') in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind-AS) and other accounting principles generally accepted in India of the stateof affairs of the Company as at 31st March 2022 and its loss (including othercomprehensive income) its cash flows and the changes in the equity for the year ended onthat date.

Basis of Opinion

We conducted our audit of the standalone financial- statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the independent requirement that are relevant to ouraudit of the standalone- financial statements under the provisions of the Act and therules made there under and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion on standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

We have determined that there are no key audit matters to communicate in our report.

Information other than standalone financial statements and Auditors report thereon

The Company's Board of Directors is responsible for the preparation of otherinformation. The other information comprises of the information in included in themanagement discussion and analysis Boards report including Annexure to Boards ReportCorporate Governance and Shareholders information but does not include the standalonefinancial statements and our auditors report thereon. Our opinion on standalone financialstatements does not cover the other information and we do not express any form ofassurance or conclusion thereon.

In connection with our audit of the standalone financial statement our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statement or other informationobtained during the course of our audit or otherwise appear to be materially misstated.If based on the work we have performed we conclude that there is a material misstatementof this other information; we are required to report that fact. We have nothing to reportin this regard.

Responsibilities of Management and those charged with governance for the StandaloneFinancial Statements

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 preparationof these standalone financial statements that give a true and fair view of the financialposition financial performance (Including Other Comprehensive Income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectlvelv for ensuring the accuracy and completeness ofthe accounting 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.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. The Board of Directors are responsible for overseeingthe Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will al"ways detect a materiel misstatement when it exists. Misstatementscan arise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to Influence the economic decisions -of userstaken on the basis of these standalone financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the stand-al-onefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error 'as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe- are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with them anrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance ln the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication

Report on Other Legal and Regulatory Requirements

1. 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 bestof our knowledge and belief were necessary for the purposes of our audit.

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

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder section 133 of the Act as applicable.

e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164 (2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls we refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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

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

ii. The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses on account of such contracts.

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

2. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section 11 of section 143 of theAct we give in the "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

For MAYUR MAHESH SHAH & CO
Chartered Accountants
Reg. No. 117604W
Mayur M. Shah
Proprietor
Membership No.: 103146
UDIN : 22103146AITRQF9534
Mumbai
Date : 11th May 2022

Annexure A to the Independent Auditor's report of even date on the Standalone FinancialStatements of The Amalgamated Electricity Company Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TheAmalgamated Electricity Company Limited ("the Company'') as of 31st March 2022 Inconjunction with our audlt of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintatntng internalfinancial controls based on the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued byThe Institute of Chartered Accountants of India. These responsibilities Include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing to the extent applicable toan audit of Internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was estabtished andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed rtsk The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; .

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amateriel effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of Indra.

For MAYUR MAHESH SHAH & CO
Chartered Accountants
Reg. N 117604W
Mayur M. Shah
Proprietor
Membership No-. : 103146
UDIN: 22103146AITRQF9534
Mumbai
Date: - 11th May 2022

Annexure B to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the Members of the Companyon the financial statements for the year ended 31 March 2022 and on such checks as weconsidered appropriate and according to the information and explanations given to us wereport that:

i. The Company does not have fixed assets. Therefore the provisions of clause 3(i) ofthe said order are not applicable to the company.

ii. The company did not carry any inventories during the year. In view of the aboveclauses 3 (ii} of the said Order are not applicable to the Company.

iii. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013. Accordingly provisions of sub clause (a) (b) (c) (d) (e} and (f) are notapplicable.

iv. The company has not made investments or provided any guarantee or security orgranted any loans or advances in nature of loans secured or unsecured to the partiescovered under section Section 185 and 186 of the Companies Act 2013. Accordingly theprovision of clause (iv) of the said order ls not applicable.

v. The provision of clause 3(v) of the Companies (Auditors Report) Order 2020 are notapplicable to the company.

vi. The provision of clause 3(vi) of the Companies {Auditors Report) Order 2020 are notapplicable to the company.

vii. (a) According to the information and explanation given to us and according to therecords of the Company as examined by us undisputed statutory dues including Goods andService Tax Provident Fund Employees State Insurance Income tax Sales Tax ServiceTax custom duty excise duty service tax cess and any other statutory dues have beenregularly deposited during the year with the appropriate authorities. No undisputedamounts payable were outstanding as at 31st March 2022 for a period of more than sixmonths from the date on which they become payable ..

(b) According to the information and explanation given to us and based on the recordsof the Company examined by us there are no dues of income tax VAT and other statutorydues outstanding as on 31st March 2022 which have not been deposited on account of anydispute.

viii. According to information and explanations given to us there are no transactionsnot recorded in books of accounts which have been surrendered or disclosed as incomeduring the year in tax assessments under Income Tax Act 1961.

ix. According to the information and explanations given to us the company has notdefaulted in repayment of any loans or other borrowings or in payment of interest thereonto any lender . Accordingly provisions of sub clause (b) (c) (d) (e) and (f) (viii) ofthe Order are not applicable.

x. a. According to the information and explanations provided to us and as per therecords of the company examined by us company has not raised funds by way of public offeror further public offer (including debt instruments) during the year under review.

b. During the year the company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully partially or optionallyconvertible).

xi. To the best of our knowledge and belief and according to the information andexplanation given to us no fraud on or by the Company has been noticed or reported duringthe year. Accordingly sub clause (b) and (c) are not applicable.

xii. In our opinion and according to information and explanations given to us theCompany is not a Nidhi Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the details of such transactions with the related partiesare in compliance with section 177 and 188 of the Companies Act where applicable anddetails of such transactions have been disclosed in the financial statements required bythe applicable accounting standards.

xiv. a. According to the information and explanations given to us the company hasinternal audit commensurate with the size and nature of its business.

b. We have considered the reports of the internal auditors for the period under audit.

xv. According to the information and exptanations given to us and the representationobtained from management the company has not entered into any non-cash transactions withdirectors or persons connected with him.

xvi. The company is not required to be registered under section 45-IA of Reserve Bankof India Act 1934. Accordingly provisions of the clause are not applicable to thecompany.

xvii. The Company has not incurred Cash losses in the financial year and also inimmediately preceding financial year.

xviii. There has been no resignation of the Statutory Auditors during the year and suchclause is not applicable.

xix. According to the information and explanations -given to us and on the basis offinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting such assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on date of the audit report that thecompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date. Wehowever states that our reporting is based on the facts upto the date of the audit reportand we neither give any guarantee nor any assurance that all liabilities falling duewithin a period of one year from the balance sheet date will get discharged by thecompany as and when they fall due.

xx. The provision of Clause 3 (xx) are not applicable to the company

For MAYUR MAHESH SHAH & CO
Chartered Accountants
Reg. N 117604W
Mayur M. Shah
Proprietor
Membership No-. : 103146
UDIN: 22103146AITRQF9534
Mumbai
Date: - 11th May 2022

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