THE AMALGAMATED ELECTRICITY COMPANY LIMITED

Regd. Office: G-1, Ground Floor, Nirmal Nest CHSL, Vayu Devta Mandir
Complex, Borivali (W), Mumbai 400103
Tel: +91 22 67476080
CIN: L31100MH1936PLC002497 E-mail: milan@cifco.in

April 13, 2023

The Secretary,
Bombay Stock Exchange Limited,
ist Floor, Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai — 400001

Scrip Code: 501622

Dear Sir,

Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulation 2015 we would like to inform you that the Board of Directors of
the Company at its meeting held today has interalia

1, Approved the Audited Financial Statements for the year ended March 31, 2023 and the Audited
Financial Results for the quarter/ year ended March 31, 2023.

2. Audit Report of the Financial Results for the said period

M/s. H G Sarvaiya & Co, the Statutory Auditors of the Company have issued the Auditor's Report with
an unmodified opinion on the Audited Standalone Financial Statements for Financial Year ended 31st
March 2023. This declaration is made pursuant to Regulation 33(3) (d) of the Listing Regulations.

3. To increase the Authorised Capital of the Company from % 2,25,00,000 to % 2,75,00,000

4, Convening an Annual General Meeting of the Company:

To hold an Annual General Meeting ("AGM") of the members of the Company on Friday May 12,
2023 at 10.00 a.m. (IST) through Video Conferencing ("VC")/Other Audio-Visual Means ("OAVM")

5. Preferential issue of Equity shares : The Board of Directors of the company has Proposed to
postpone the said issue to the next meeting to be fixed by the Board of Directors

The meeting of the Board of Directors commenced at 10.30 @,m. and concluded at 4.40 p.m.

Yours Truly
For Am ated Electricity Company Limited

LY
Whole Time Director
DIN: 00820859
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INDEPENDENT AUDITOR'S REPORT

TO
THE MEMBERS OF
THE AMALGAMATED ELECTRICITY COMPANY LIMITED.
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of THE AMALGAMATED
ELECTRICITY COMPANY LIMITED (the "Company"), which comprise the Balance Sheet
as at March 31, 2023 , the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that
date and a summary of significant accounting policies and other explanatory information
(hereinafier referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid standalone financial statements give the information required by the Companies Act,
2013 (the -Act-) in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of 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 state of affairs of the Company as at March 31, 2023
and its profit, total comprehensive income, changes in equity and its cash flows for the year ended
on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards
on Auditing ("SA.'s) specified under section 143 (10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") logether
with the ethical requirements that are relevant to our audit of the standalone financial statements
under the provisions of the Act and the Rules made there under, and we have fulfilled our other

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ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We
believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for
our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the standalone financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board's Report
including Annexure to Board's Report and Shareholder’s Information, but does not include the
standalone financial statements and our auditor's report thereon.
Our opinion on the standalone financial statements does not cover the other information and we
do not express any form of assurance or conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read
the other information and in doing so consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained during the course
of our audit or otherwise appears to be materially misstated.
If based on the work we have performed, we conclude that there is a material misstatement of this
other information; we are required to report that fact. We have nothing to report in this regard,

Management's Responsibilities for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134 (5)
of the
Act with respect to the preparation of these standalone financial statements that give a true and
fair view of the financial position, financial performance, including other comprehensive income.

changes in equity and cash flows of the Company in accordance with the Ind AS and other
accounting principles generally accepted in India. This responsibility also includes maintenance

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of adequate accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities: selection
and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the standalone financial
statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the 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 standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not guarantee that an audit conducted in accordance with SAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these standalone financial
statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit, We also:
« Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one

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resulting from error. As fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
* Obtain an understanding of internal financial control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143 (3)(0) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.
¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.
* Conclude on the appropriateness of management’s use of the going concern basis of accounti ng
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern, If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the standalone financial statements
or if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
e Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (1) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements
in the standalone financial statements.

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

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence. And to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the standalone financial statements of the current
period and are therefore the key audit matters, We describe these matters in our auditor’s report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be 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, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of 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 the Company
so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March
31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as

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on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the
Act,

f) With respect to the adequacy of the internal financial controls over financial reporting
of the Company and operating effectiveness of such controls, refer to our separate
Report in “Annexure B”, Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s Internal financial controls over financial
reporting.

g) With respect to the other matters to be included in the Auditor's Report in accordance with
the requirements of section 197 (16) of the Act, as amended:
As the company has not paid remuneration to its directors during the year under reference
hence the reporting under section 197(16) of the Act is not applicable.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules. 2014, as amended, in our opinion
and to the best of our information and according to the explanations given to us:
1) The Company has disclosed the impact of pending litigations (as applicable) on its

financial positioning on its standalone financial statements.

ii) The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.
ul) There were no amounts which were required to be transferred to the investor Education
and protection Fund by the Company.
iv) (a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person or entity, including
foreign entity (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, direetly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries:

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(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received
by the Company from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;
(c)Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11 (e), as provided under (a)
and (h) above, contain any material misstatement.
2) As required by the Companies (Auditor’s Report) Order, 2020 (the “Order”) issued by the
Central Government in terms of Section 143(11)of the Act, we give in “Annexure A” a
statement on the matters specified in paragraphs 3 and 4 of the Order.

For H.G. SARVAIVA & CO

Chartered Accountants,
Firm Registration No, 115705SW

hf. Ly S$ omrwn~- a - >

Mr. Hasmukhbhai G. Sarvaiya Place : Mumbai

Proprietor
Membership No. 045038
UDIN No. : 23045038BGSKXY2501 Date : 13-04-2023

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ANNEXURE ‘A’ TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’

section of our report to the Members of THE AMALGAMATED ELECTRICITY
COMPANY LIMITED of even date)

To the best of our information and according to the explanations provided to us by the Company
and the books of account and records examined by us in the normal course of audit, we state that:

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

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

lil. The company has not granted any loans, secured or unsecured to cotnpanies,
firms or other parties covered in the register maintained under section 189 of the
Companies Act, 2013. Accordingly, provisions of sub clause (a). (b), (c), (d), (et
and (f} are not applicable,

lv. The company has not made investments or provided any guarantee or security
or
granted any Loans or advances in nature of Loans, secured or unsecured to the parties
covered under section 185 and 186 of the Companies Act, 2013, Accordingly the
provision of clause (iv) of the said order Is not applicable,

v. The provision of clause 3(v) of the Companies (Auditors Report) Order 2020 are not
applicable to the company,

vi. The provision of clause 3(vi) of the Companies {Auditors Report) Order 2020 are
not
applicable to the company.

vii, a) According to the information and explanation given to us and according to the
records of the Company as examined by us, undisputed statutory dues includin
g,
Goods and Service Tax, Provident Fund , Employees State Insurance. Income tax.
Sales Tax. Service Tax, . custom duty, excise duty, service tax, cess and any
other statutory dues have been regularly deposited during the year with the
appropriate authorities, No undisputed amounts payable were outstanding
as at
31st March 2023 fora period of more than six months from the date on which
they become payable .,

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(b) According to the information and explanation given to usand based on the records
of the Company examined by us, there are no dues of income tax, WAT and
other statutory dues outstanding as on 31st March 2023 which have not been
deposited on account of any dispute.

vil, According to information and explanations given to us, there are no transactions
not recorded in books of accounts which have been surrendered or disclosed as income
during the year in tax assessments under Income Tax Act, 1961.

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

x. a. According to the information and explanations provided to us and as per the records
ofthe company examined by us, company has not raised funds by way of public
offer or further public offer Gineluding debt instruments) during the year under
review.

b. During the year, the company has not made any preferential allotment or private
placement of shares or convertible debentures (fully, partially, or optionally convertible).

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

xii, In our opinion and according to information and explanations given to us, the Company
is nota Nidhi Company.

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

xiv. a, According to the information and explanations given to us, the company has internal
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 explanations given to us and the representation
obtained from management, the company has not entered into any non-cash
transactions with directors or persons connected with him.

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

XVI. The Company has not incurred Cash losses in the financial year and also in immediately
preceding financial year.

Vili, There has been no resignation of the Statutory Auditors during the year and such clause
is not applicable.

xix, According to the information and explanations -given to us .arrd on the basis of financial
ratios, ageing and expected dates of realization of financial assets and payment of
financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based un our
examination of the evidence supporting such assumptions, nothing has come to
our attention, which causes usto believe that any material uncertainty exists as on
date of the audit report that the company is not capable of meeting its liabilities existing
at the date of balance sheet as and when they fall due within a period of one year from
the balance sheet date. We, however, states that our reporting is based on the facts up to
the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities falling due within a period of one year from the balance sheet date, will
get discharged by the company as and when they fall due.

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

For H. G. SARVAIYA & CO

Chartered Accountants,
Firm Registration No, 115705W

fe ty Gon On yA
Mr, Hasmukhbhai G. Sarvaiya
Proprietor
Membership No, 045038
UDIN No. : 23045038BGSKXY2501

Place: Mumbai
Date 2 13.04.2023

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ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOT’S REPORT

(Referred to in paragraph 1(f) under “ Report on Other Legal and Regulatory Requirement’s )
section of our report to the Members of THE AMALGAMATED ELECTRICITY COMPANY
LIMITED of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of the sub-
section 3 of Section 143 of the Companies Act,2013 (the “Act”)

We have audited the internal financial controls over financial reporting of THE AMALGAMATED
ELECTRICITY COMPANY LIMITED (“the Company”) as of 31 March 2023 in conjunction with
our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAT’).
These responsibilities include the design, implementation and maintenance of adequate internal
jinancial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to company’s policies, the safeguarding of its assets. the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013,

Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial
reporting based on our audit, We conducted our audit in accordance with the Guidance Note on Audit
of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on
Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our audit of
internal financial controls over financial reporting included obtaining an understanding of internal
financial controls over financial reporting, assessing the risk that a material weakness exists. and
testing and evaluating the design and operating effectiveness of internal control based on the assessed

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risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the Company’s internal financial controls system over financial reporting,

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
company's internal financial control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company: (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company: and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition,
use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system
over financial reporting and such internal financial controls over financial reporting were operating
effectively as at 31 March 2023, based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India.
For H. G. SARVAIYA & CO
Chartered Accountants,
Firm Registration No. 113705 W
hfe tp SG mane Aa a

Mr. Hasmukhbhai G. Sarvaiya Place: Mumbai

Proprietor
Membership No. 045038
UDIN No. : 23045038BGSKXY2501 Date : 1 3.04,2023
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Opp. Morar Baugh,€. P. Tank Circle, Murnbai-400 004. INDIA.
 AMALGAMATED ELECTRICITY COMPANY LIMITED
Regitered Office:G-1, Ground Floor, Nirmal Mest CHSL, Vayu Devta Mandir Complex, Sorivali (WV), Mumbal 400103
Website: waw.secnetin Emailmilan@ecifeo.in Tel: 02267476080
CIM: LALIDOMHI926PLCO02497

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023
{2 Lacs)
Sr. For the Quarter Ended For the Year ended
No. Particulars 31-Mar-23 31-Dec-22 31-Mar-22 31-Mar-23 31-Mar-22
Audited Un Audited Audited Audited Audited
1 Income from Operations
(a) Net Sales/Income from Operations (Net of excise duty) . . - - “
(b} Other Operating revenue - = 0.65 0.41
Total revenue from operations . . : 0.65 0.44

2 Other Income 1.40 O.87 0.99 0.89

3 [Total income 142 1.40 0.87 1.64 1.30

4 Expenses
(a) Cost of materials consumed Ls 2 “ ss
(b) Purchase of stock-in-trade 7 s - . .
(c) Changes In inventories of finished goods,work-in-progress
and stock-in-trade 7 z i i
(d) Employee benefits expense - 7 a = .
fe} Finance Costs * . - - -
(e} Depreciation and amortisation expense . . 2 -
(f} Legal & Professional charges " x . 7 rl
(g) Other expenses 2.67 1.56 3.07 12.45) 13.72
Total expenses 2.67 1.56 3,07 12.48 13.72
5 | Profity (Loss) before tax (4.27) (4.56) (2.20) (10.85) (12.42)
6 Tax expense
a. Current tax - =| ei .
b. Deferred tax 3 s a = a
7 [Profit / (Loss) for the period (1.27) (1.56) (2.20) (10.85) (12.42)
B | Other Comprehensive Income
{i) tems that will not be reclassified to profit or loss:
(a) Remeasurement of the net defined benefit liabilitiess 2
(b) Equity instruments through other comprehensive income 4 . 7 .
(i) Income tax relating to items that will not be rectassified to
profitor foss ‘
Other Comprehensive Income for the period 3 ‘ rs ‘ =
3 | Total Comprehensive Income for the period {4.27} (1.56) (2.20) (10,85) (12.42)
10 |Paid up Equity share capital of ® 5/- each 135.83 138.83 138.83 136.83 133,83
11 Other Equity
(155,02) (144.13)
iz Earnings Per Share @ 5/- each} (net annualised)
alBasic @ = 5 i
a)Oiluted % - - . (0.78) (0.90)
(NOTES:
—
1 The above financial results after being reviewed by the dudit Committee, were approved and taken
on record by the Board of Directors of the Company at its meeting held on April
13,2023

2 There were Nil investor complaints pending at the beginning of the quarter. Ouring the quarter,Mil invester
complaints were received and there were Nil investor complaints
pending at the end of the quarter.
2 The figures of the previous quarter/ year has been regrouped/ restated wherever necessary
4 This statement has been prepared in accordance with the companies {Indian Accounting Standards)
Rules, 2015 (IND AS) preseribed under section 133 of the Companies Act, 2013
read with Rule 3 of the Companies {indian Accounting Standard] Rule, 2025 and Companies (Indian Accounting Standard] Accounting
Rules, 2016
S The above results are available on the Company's website at www.aecknetin

For Amalgamated Electricity Co

Place: Mumbai
Date: April 13, 2023 Nitin Veihal
Whole Time Director
DIN: OOS 208 59)
 AMALGAMATED ELECTRICITY COMPANY LIMITED
Registered Office:5-1, Ground Flaor, Nirmal Nest CHSL, Vayu Devta Mandir Complex, Borivali (¥), Mumbai 400103
Website wanw.aaclnetia Emalinilan@eifes.in Tel: 22674 rede
CIN: L391 100KMH1996PLO002497
BALANCE SHEET {Amount in 3)
Particulars 31.03.2023 31.03.2022
A | ASSETS
Non Current Assets
(a) Property, plant and equipments
(b) Other Non Currents assets
(i) Investments 2,51,921.00 2.51.921.00
(ii) Other Financial Assets 27,76,130,00 25,69.842.00
Deferred Tax Assets [Net] 6,975.00 8,975.00
Total non current assets 30.37,026.00 29,90,738.00
Current Assets
Financial assets

(a) Current Investments -

(b) Cash and Cash Equivalents 6,687.00 27,994 00
(¢) Short Term Loans and Advances

Other Current Assets 4,104.00 9,113.00

Total Currant Assets 10,785.00 36,507.00
TOTAL 30,47,677.00 29,67,245.00
B JEQUITY AND LIABILITIES
Equity
ja) Equity Share Capital 1,48,62,560.00 1,38,62,560.00
(o} Other Equity (1,55,02,319.00) (1,44, 18,165.00)
Total Equity (16,19,759.00) (5,35,606.00)
Current Liabilities
(a) Trade Payables . -
(6) Other Financial Uabilities = =
(¢} Short Term Provisions . .
(dl) Other Current Labulities 46,67 570.00 35,02,851.00
Total Current Liabilities 46,67 ,570,00 36,02.857.00
TOTAL 20,47 ,817.00 29,67,245,00

For Amalgamated ElectricityC

Place: Mumbai
tim Velh
Date: April 13, 2023. f
DIN: Odaz0a59 |
 THE AMALGAMATED ELECTRICITY COMPANY LIMITED.
Corporate Identity Number : L31100MH1936PLC002497

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2023.
Year ended Year emled
Fist March 2023 Fist March 2022
E t
A. Cash Flow from operating activities ;
Net profit before tax and extraordinary items (10,84,153) (12,477,556)
Adjustment far :
Depreciation =
Assets written off
-
Operating Prodit before working capital charges (10,84,153) (12.47.5956)

Adjustment for :
Other Current Assets S010 Pa
‘Other Financial Assets (106,288) (86,394)
Other Current Liabilities 11,64,719 (51,571,369)
(20,712) (64,85,081)
Less: Tax paid - -
Net cash fram operating activities (A) (20,712) (64,55,081)

8, Cash Flow from investment activities-

Sale of investments - 65, 001,(0K
Purchase of Preference Shares . -
Net cash used in Investing activities (B)
-

© Cash Flow from Financing activities ;

Net cash used in Financing activities (C} :

Net increase in cash and cash equivalent (A+B+C} (20,712) 14,919

Cash é& Cash equivalent at the beginning of the year 27,393 22,474
Cash & Cash equivalent at the end of the year 6,681 27,393

Whole Time Director

DIN: 00820859
 pei ed
——

Thirdwave Financial Intermediaries Limited

13" April, 2023

The Manager
Department of Corporate Services
BSE Limited
Phirozee Jeejeeboy Towers, Dalal Street
Fort, Mumbai - 400 001

Scrip Code — 531652

Dear Sir,

Sub : Outcome of Board meeting under Regulation 30 of SEBI (LODR), 2015

Pursuant to regulation 30 & 33 of SEBI (LODR), 2015, this is to inform you that the Board of
Directors of the Company at their meeting held today i.e 13th April, 2023 has approved the
Audited Financial Results of the Company for the quarter and year ended on 31° March, 2023.
The said results have been reviewed by the Audit Committee of the Board. We are enclosing
herewith the following :-

I. Audited Financial Results (Standalone) for the quarter & year ended on 31.03.2023.
2. Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligation & Disclosure
Requirements), 2016.
3. Auditors” Report on the said Financial Results for the Quarter ended 31.03.2023.

The meeting of Board of Directors started at 11.30 am and concluded at 01.00 pm.

Kindly acknowledge receipt.

Thanking you,

Yours faithfully
for THIRDWAVE FINANCIAL INTERMEDIARIES LTD.
NIDHI nama He
JASRASARIA Sa MEAL.

Nidhi Jasrasaria (Mem No — 40168)

Company Secretary & Compliance Officer

Encl : a/a

Regd. Office : Unit - 601, Ambuja Neotia Ecocentre, EM-4, EM Block, Sector V, Kolkata 700 091, West Bengal, India
Tel : 033-4603-9630/www.twfil.com/investor.thirdwave@gmail.com/CIN:L15100WB1989PLC046886
 THIRDWAVE FINANCIAL INTERMEDIARIES LIMITED
601 AMBUJA NEOTIA ECOCENTRE. EM-4, EM BLOCK SECTOR
V, KOLKATA 700091
AUDITED FINANCIAL RESULTS FOR QUARTER & YEAR ENDED ON 31ST
MARCH, 2023
CIN: L15100WB1989PLC046886
INR in Lacs
uarter Ended Year ended
Particulars 31-Mar-23 31-Dec-22 31-Mar-22 31-Mar-23 31-Mar-22
Audited Unaudited Audited Audited
I [Revenue From Operations Audited
54.25 215 4.39 136.89
Il [Other Income 178.63
2.86 232 4.26 14.44 14.06
In Total Income from Operations (1+11) 57.11 4.47 8.65 151.33 192.68
IV [Expenses ;
4 Purchases of Stock-in-Trade
- 2.00 7.97 79.83
Changes in inventories of finished goods, Stock-in 176.36
-Trade and 47.32
work-in-progress 210 478 53.17 (15.20)
Employee benefits expense
4.58 4.57 4.58
Finance costs -
18.36 16.74
Operation Expenses
- - - -
2.00 1.10 1.54 862 824
Total Expenses (IV) 53.90 7.77 18.87 159.98 186.14
V. Profit before exceptional and extraordinary items and tax
3.21 (3.30) (10.22) (8.65)
VI. Exceptional Items 6.54
- - - - -
VII |ProfitLoss) Before tax (V+VI)
3.21 (3.30) (10.22) (8.65) 654
Tax Expenses
(1) Current Tax
- - (2.10) -
(2) Deffered Tax 1.00
x 5 3 S. =
(3) Mat Credit Entitlement Y % % 2
Total Tax Expenses (VIII) 0.00 - (2.10) - 1.00
IX |Profit/ (Loss) for the period from Continuing Operations
3.21 (3.30). (8.12) (8.65) 5.54
X | Profit/(loss) from Discontinued Operations
XI [Tax expense of Discontinued Operations
Profit/(loss) from Discontinued operations (after tax)
& = 5 - -
XII |Profit/(loss) from continued operations (after tax)
321 (3.30) (8.12) (8.65) 5.54
Xi (Other Comprehensive Income
- 5 i
A (i) Items that will not be reclassified to profit or loss 3
(ii) Income tax relating to items that will not be
reclassified to profit or loss
B. (i) Items that will be reclassified to profit or loss
(ii) Income tax on items that will be reclassified to
profit or loss
' Total other comprehensive income
3 3 . 3 E

XIV [Total Comprehensive Income for the period [XX]

3.21 (3.30) (8.12) (865) 5.54

Paid-up Equity Share Capital (Face Value Rs:10/-)

220.76 220.76. 220.76 220.76
Xv Earnings per equity share (for continuing operation) (of
Rs 10/- 220.76
each) (not annualised)
(a) Basic 0.14 (0.15) (0.37) (0.39) 0.25
(b) Diluted 0.14 (0.15) (0.37) (0.39) 0.25
The Audited Financial results for the year and quarter ended
on 31st March, 2023 have been reviewed by the Audit Committee
Board of Directors at its meeting held on 13th April, 2023 of the Board and approved by the

2 These results have bee prepared in accordance

with applicable principles of INndAS.

Figures of previous year has been regrouped wherever necessary.

Figures for quarter ended 31.3.2023 & 31.03.2022 are balancng
figures of year ended 31.03 2023 & 31.03.2022 and limited figures with respect to audited
reviewed figures upto 31.12.2022 & 31.12.2021
During the year and quarter ended 31st March » 2023 and the corresponding previous quarter/yea
reporting not given. r, the Company has operated in single segment.
Hence segment

Place : Kolkata
Dated : 13th April, 2023
 THIRDWAVE FINANCIAL INTERMEDIARIES LIMITED
Regd.Office : 601 Ambuja Neotia Ecocentre, EM-4,
EM Block, Sector V, Kolkata - 700 091
Tel : 033-46039630, Email : investor.thirdwave@gmail.com
BALANCE SHEET AS AT 31ST MARCH, 2023
INR in Lacs
Particulars Figures as at 31.03.2023 Figures as at 31.03.2022
I. ASSET

(1) Non-Current Assets

(a) Property, Plant and Equipment
(b) Capital work-in-progress
(c) Intangible assets
(d) Financial Assets
(i) Investments
(il) Trade receivables
(iii) Loans & Advances
(iv) Others Financial Assets
(e) Defefred tax assets (net)
(f) Other non-current assets

(2) Current Assets

(a) Inventories
(b) Financial Assets
(i) Investments
(i) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
(v) Loans & Advances
(vi) Others Financial Assets
(c) Current Tax Assets (Net)
(d) Other current assets
Total
ILEQUITY AND LIABILITIES

(1) Equity
(a) Equity Share capital
(b) Other Equity
(i) Reserve & Surplus

(2) Non-Current Liabilities

(a) Financial Liabilities
(i) Borrowings
(ii) Trade payables
Total outstanding dues of Micro enterprise
and Small enterprises
Total outstanding dues of creditors other than
| Micro enterprises and Small enterprises
(iii) Other financial liabilities
(b) Provisions
(c) Employees Benefit Obligations
(d) Deferred tax Liabilities (Net)
(e) Other Non-Current Liabilities
(f) Inter Unit Balances

(3)Current Liabilities
(a) Financial Liabilities
(i) Borrowings
(ii) Trade payables
Total outstanding dues of Micro enterprise
and Small enterprises
Total outstanding dues of creditors other than
Micro enterprises and Small enterprises
(iii) Other financial liabilities
(b) Other current liabilities
(c) Provisions for Income Tax
(d) Employees Benefit Obligations
(e) Current Tax Liabilities (Net)
Total
 THIRDWAV
———
IN —x=
TE E FINAN
TTANL
RM CIAL
IAL
ED INTER
IA MEDIA RIESES
LIMITED
RI
Regd. Office : 601 Ambuja Neotia Ecocentre, EM-4, EM Block, Sector V, Kolkata — 700 091
Tel : 033-46039630, Email : investor.thirdwave
@gmail.com
Cash Flow Statement for the year ended
31st March, 2023
INR in Lacs
For the year ended For the year ended
31st March, 2023 31st March, 2022
Rs. Rs. Rs.
A. Cash flow from operating activities: Rs.
Profit before exceptional items and tax
-8.65 6.54
Non-cash adjustments to reconcile profit before
tax
to net cash flows
Depreciation / amortization
(Profit) / Loss on Sale of Fixed Assets
Interest Expense
Interest Income
Remeasurement of Net Defined Benefit Plans
Provision for Doubtful Debts and Advances
Provisions / Liabilities no longer required written
back
Unrealized foreign exchange (Gain) / Loss (net)

Operating Profit before working capital change

s
Movements in Working Capital -8.65 6.54
Increase / (Decrease) in Trade Payables
Increase / (Decrease) in Long Term Provisi 0.01 -0.29
ons
Increase / (Decrease) in Other Current Liabiliti
es
Increase / (Decrease) in Short Term Provisions
Decrease / (Increase) in non-current
Financial Assets
Decrease / (Increase) in Other non-cur
rent assets
Decrease / (Increase) in Other Bank
Balances
Decrease / (Increase) in Inventories
Decrease / (Increase) in Trade Receivables -15.20
Decrease / (Increase) in Short Term Loans -4.17
Decrease / (Increase) in Other Financial Assets -75.16
Decrease / (Increase) in Other Current
Assets
-2.63
Cash generated from / (used in) operations
Direct Tax paid (Net of Refunds)
Cash flow before extraordinary Item
Extraordinary items
Net cash from / (used in) Operating Activiti
es (A)
B. Cash flow from Investing Activities
Purchase of Property, Plant and Equipment
/ Intangible
Assets including Capital Work-in-progress
Proceeds from Sale of Property, Plant and Equipme
nt
Interest Received
Net Cash from / (used in) Investing Activiti
es (B)
C. Cash flow from Financing Activities
Proceeds from loan and advances (New
Loans Made
during the Year)
Short Term Borrowing Receipts (Repayments)
(Net)
Other Financial Liabilities (Net)
Interest paid
Net cash from / (used in) Financing Activit
ies ©)

Net Increase / (Decrease) in Cash and

Cash Equivalents

Cash and Cash Equivalents as on curren

t year
Cash and Cash Equivalents as on previo
us year
90.91
Notes
1 The above Cash Flow Statement has
been prepared under the "indirect method
on Cash Flow Statements prescribed under " as setoutin Indian Accounting Standa
the Companies Act, 2013 rd (Ind AS - 3)
 ——
a cn,
mcm.

mms
a
Te

Thirdwave Financial Intermediaries Limited

13" April, 2023

To
The Manager
Department of Corporate Services
BSE Limited
Phirozee Jeejeeboy Towers, Dalal Street
Fort. Mumbai - 400 001

Scrip Code — 531652

Dear Sir,

Sub: Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligation &

Disclosure Requirements), 2016.

I. Nidhi Jasrasaria, Company Secretary and Compliance Officer of the Company hereby
declare that, M/s J Gupta & Co. LLP, Chartered Accountants, Statutory Auditors to the
Company. have issued an audit report with unmodified opinion on Audited Standalone
Financial Results of the Company for the year ended on 31%"March, 2023.

This declaration is given in compliance of Regulation 33(3)(d) of SEBI (Listing Obligation

& Disclosure Requirements) Regulations, 2015 & amendments thereof,

Kindly acknowledge receipt.

Thanking you,

Company Secretary & Compliance Officer

Regd. Office : Unit - 601, Ambuja Neotia Ecocentre, EM-4, EM Block, Sector V, Kolkata 700 091, West Bengal, India
Tel : 033-4603-9630/www.twfil.com/investor.thirdwave @gmail.com/CIN:L15100WB1989PLC046886
 — h J. Gupta & Co. LLp
@AN
Mee
| Chartered Accountan ts
Metsanine ing
25, Jawa harlal Nehru Road
Kolkata — 700 087
@ (033) 4600 6636
Email ; cajainarayan
gupta@gm ail.com /
Jgupta.co.ca@gmail.com

INDEPENDENT AUDI
TORS’ REPORT

TO THE BOARD OF DIRECTORS

LIMITED OF THIRDWAVE FINANCIAL INTERMEDIARIES

Report on the audit of the

Standalone Annual Financ
ial Results
Opinion

In our opinion and to the

best of our information and
aforesaid standalone annua] according to the explanati
financial results: ons given to us, the
a. are presented in accord
ance with the requirements
this regard; and of Regulation 33 of the Lis
ting Regulations in

Basis for Opinion

We conducted our audit in
accordance with the Standa
143(10) of the Companies rds on Auditing (“SAs”)
Act, 2013 (“the Act”). Our specified under section
described in the Auditor's responsibilities under tho
Responsibilities for the Aud se SAs are further
it of the Standalone Annual
Financial Results

Management’s and Board

of Directors’ Responsibilitie
Results s for the Standalone Ann
ual Financial

€ faid down in Indjan Accoun

ting Standard 34, ‘Interim
€Chon 133 of the Act read with rel
evant rules issued
 the accounting records, rel
evant to the Preparation and
results that give a true and fair presentation of the standalon
view and are free from materi e financial
or error. al misstatement, whether due
to fraud

material if, individually or

in the aggregate, they could
economic decisions of users reasonably be expected to
taken on the basis of these sta influence the
ndalone financial results.
As part of an audit in accord
ance with SAs, we exercise
professional skepticism throug professional judgment and
hout the audit, We also: maintain

* Identify and assess the risk

s of material misstatement
whether due to fraud or erro of the standalone financial
r, design and perform aud results,
risks, and obtain audit eviden it procedures responsive to tho
ce that is sufficient and app se
opinion. The risk of not det ropriate to provide a basis
ecting a materia] misstatem for our
than for one resulting fro ent resulting from fraud
m error, as fraud may inv is higher
olve collusion, forgery, int
entional

procedures that are appropria

te in the circumstances, but
an opinion on the effective not for the purpose of expres
ness of the company’s intern sing
al control.
¢ Evaluate the appropriaten
ess of accounting polici
accounting estimates and rel es used and the reasonabl
ated disclosures made by the eness of
Board of Directors.

financial results or, if suc

h disclosures are inadequat
conclusions are based-oriy e, to modify our opinion.
e:audit evidence obtained up Our
However, future Hon (3 to the date of our auditor
I
going concern. // ©,

Page 2 of 3
 ® Evaluate the overall presen
tation, structure and conten
including the disclosures, t of the standalone financ
and whether ial results,
transactions and events in a the financial results repres
manner that achieves fair pre ent the underlying
sentation.
We communicate with those
charged with governance reg
scope and timing of the audit arding, among other matters,
and significant audit findings, the planned
in internal control that we ide including any significant def
ntify during our audit, iciencies
We also provide those charge
d with governance with a sta
ethical requirements regarding tement that we have complied
independence, and to commun with relevant
other matters that may reason icate with them a] relati
ably be thought to bear on onships and
related safeguards. our independence, and where
applicable,

Other Matters
The standalone annual financia
l results include the results
the balancing figure between for the quarter ended 3 | Mar
the audited f; gures in respec ch 2023 being
t of the ful] financial year
and the published

For J. GUPTA & CoO. LLP

Chartered Accountants
F.R.N.: 314010E/E300029
LLP NO. : AAM-2652

Place: Kolkata NZ
NT
/
Got
Nancy Murarka
Date: 13% April, 2023 Accosts
= Partner
M.No: 067953
UDIN: 220679Ca pg YY FES O—

Page 3 of 3