You are here » Home » Companies » Company Overview » Amalgamated Electricity Company Ltd

Amalgamated Electricity Company Ltd.

BSE: 501622 Sector: Others
NSE: N.A. ISIN Code: INE492N01022
BSE 00:00 | 09 Dec 25.10 -0.10
(-0.40%)
OPEN

25.20

HIGH

25.20

LOW

25.10

NSE 05:30 | 01 Jan Amalgamated Electricity Company Ltd
OPEN 25.20
PREVIOUS CLOSE 25.20
VOLUME 30
52-Week high 76.80
52-Week low 14.35
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 25.20
CLOSE 25.20
VOLUME 30
52-Week high 76.80
52-Week low 14.35
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amalgamated Electricity Company Ltd. (AMALGAMATEDELEC) - Director Report

Company director report

TO THE SHAREHOLDERS

Your Directors present the EIGHTY-SEVENTH ANNUAL REPORT of your Company together withthe Audited Statements of Accounts for the year ended 31st March 2022.

1. FINANCIAL RESULTS

Amount (Rs)

Year ended 31st March 2022 Year ended 31st March 2021
Profit/Loss for the year (1247556) (1026768)
Less: Provision for Current Tax -- --
Total (1247556) (1026768)
Less: Prior Year Tax adjustments - --
Less: Additional Depreciation pursuant to enactment of Companies Act 2013 - --
Add: Balance of Profit brought forward (13170610) (12143843)
Balance carried to Balance Sheet (14418166) (13170610)

2. DIVIDEND

In view of the accumulated losses the Directors do not recommend any dividend for theyear under report.

3. CHANGE IN THE NATURE OF BUSINESS IF ANY

There has been no change in the nature of business of the Company.

4. MANAGEMENT ANALYSIS

The Company is exploring diversification into allied activities within the ambit of theObjects Clause in the Memorandum of Association.

5. MATERIAL CHANGES BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE BOARDREPORT

There has been no material change between the end of the Financial Year and the date ofthe Board Report.

6. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS

There are adequate internal control procedures commensurate with the size of theCompany and the nature of its business for the purchase of inventory and fixed assets andfor the sale of goods.

7. DETAILS OF SUBSIDIARY/JOINT VENTURES

As on the date of this Report the Company has no Subsidiary or Joint Venture.

8. ASSOCIATE COMPANIES

As on the date of this Report there is no Associate Company.

9. FIXED DEPOSITS

The Company has not invited/accepted any deposits from the public during the year ended31st March 2022.

10. AUDITORS

M/s. Mayur Mahesh Shah & Co Chartered Accountant has tendered their resignationto discontinue as the Statutory Auditor of the Company for the financial year 2021 - 2022and further remaining terms of their period.

Hence in order to fill up the casual vacancy the Company has appointed H G Sarvaiya& Co Chartered Accountant in the Board Meeting held on June 15 2022 to be confirmedby the members in the ensuing Annual General Meeting Further their appointment shall befor the tenure of 05 (Five) years subject to the approval of members in the ensuingAnnual General Meeting.

There are no observations (including any qualification reservation adverse remark ordisclaimer) of the Auditors in their Audit Report that may call for any explanation fromthe Directors

11. EXTRACT OF THE ANNUAL RETURN

The extract of the Annual Return prepared in Form MGT-9 in pursuance of Section 92 ofthe Companies Act 2013 is annexed as Annexure I and forms part of this Report.

12. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

The nature of business being retailing providing information with regard toconservation of energy and technology absorption as required under Section 134 of theCompanies Act 2013 and the Rules thereunder and forming part of this Report does notarise for your Company.

Further the Company neither used nor earned any foreign exchange during the year underreport.

13. CORPORATE SOCIAL RESPONSIBILITY

Since the Company's net worth as well as its net profits are both below the minimumprescribed limits the provisions of clause (o) of Section 134(3) of the Companies Act2013 read together with Rule 9 of the Companies (Corporate Social Responsibility) Rules2014 do not apply and hence disclosures on Corporate Social Responsibility are notrequired to be given.

14. DIRECTORS:

All Independent Directors have given declarations that they meet the criteria ofIndependence as laid down under Section 149 (6) of the Companies Act 2013 and Clause 49of the Listing Agreement.

Mr. Milan B. Dalal Director (DIN 00062453) retires at the ensuing Annual GeneralMeeting and being eligible offers himself for re-appointment.

15. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

During the year 2021-2022 the Board of Directors met 4 times viz. on May 27 2021August 11 2021 November 09 2021 and January 27 2022.

16. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186

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 and hence no information is required to be furnished.

Details of investments in all bodies corporate are given in Note No.4 in the FinancialStatements.

17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company's contract with related parties are given in Note No. 19 of the FinancialStatement has not entered into any contract or arrangement with related parties.

18. MANAGERIAL REMUNERATION

The Key Managerial Personnel are not paid any remuneration.

19 SECRETARIAL AUDIT REPORT

M/s Sanjay Soman & Associates Company Secretaries in Whole-time Practice Mumbaiwere appointed Secretarial Auditors of the Company pursuant to the provisions of Section204 of the Companies Act 2013 and the Rules made thereunder.

The Secretarial Audit Report issued by M/s Sanjay Soman & Associates is annexed asAnnexure II and forms part of this Report.

20. CORPORATE GOVERNANCE CERTIFICATE

The provisions pertaining to Corporate Governance do not apply to the Company and hencethe Company is not required to furnish any certificate with regard to CorporateGovernance.

21. RISK MANAGEMENT POLICY

The provisions pertaining to Corporate Governance do not apply to the Company and hencethe Company is not required to furnish any report regarding Risk Management Policy.

22. PARTICULARS OF EMPLOYEES

During the year under report there was no employee of the category mentioned inSection 134 of the Companies Act 2013 and the Rules thereunder and hence information inthis regard is not required to be furnished.

23. BOARD EVALUATION

The Board of Directors has carried out an annual evaluation of its own performanceCommittees of the Board and individual Directors pursuant to the provisions of the Act andSecurities and Exchange Board of India ("SEBI") (Listing Obligations andDisclosure Requirements) Regulation 2015. The Board reviewed the performance of theindividual directors on the basis of the criteria such as the contribution of theindividual director to the Board and Committee Meetings like preparedness on the issue tobe discussed meaningful and constructive contribution and inputs in Meetings. Theperformance of the Committees was evaluated by the Board after seeking inputs from theCommittee Members on the basis of the criteria such as the composition of committeeseffectiveness of committee meetings etc. In a separate meeting of Independent Directorsperformance of non-Independent Directors was evaluated.

24. DIRECTORS' RESPONSIBILITY STATEMENT

As required under Sections 134(3)(c) and 134(5) of the Companies Act 2013 theDirectors hereby confirm that:

1. In the preparation of the Annual Accounts the applicable accounting standards havebeen followed.

2. They have selected such accounting policies and applied them consistently and madejudgements and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the financial year covered underthis Report and of the profit of the Company for the year.

3. They have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.

4. The Annual Accounts have been prepared on a going concern basis.

5. They have laid down internal financial controls to be followed by the Company andthat such internal financial controls are adequate and were operating effectively.

6. They have devised proper systems to ensure compliance with the provisions of allapplicable laws and such systems were adequate and operating effectively.

25. ACKNOWLEDGEMENTS

Your Directors wish to place on record their appreciation of the co-operation anddiligent efforts of the employees of your Company.

For and on Behalf of the Board
Milan B. Dalal Nitin Velhal
Mumbai Director Whole Time Director
Dated: June 15 2022 Din: 00062453 Din: 00820859

.