Amal Ltd 2012-13

Report of the Independent Auditors Report on theFinancial Statements Management's Responsibility for the Financial Statements Auditors' Responsibility We have audited the accompanying financial statements of Amal Ltd ("the Company"), which comp r i s e s t he Ba l an ce Shee t a s a t March 31,2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies andother explanatory information. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This r e s p on s i b i l i t y i n c l ud e s t he de s i gn , implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement,whetherduetofraudorerror. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements andplan andperformthe audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements inorder todesign audit procedures that are appropriate in the ci rcumstances. An audit also includes evaluating the appropriateness of accounting To the Members of Amal Ltd, policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, of the state of affairs of theCompany as atMarch31,2013; (b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date;and (c) in the case of the Cash FlowStatement,of the cash flows for the year endedon that date. We draw attention to Note No. 32 of the Financial Statements regarding the preparation of financial statements on a going concern basis for reasons stated therein and filing of Draft Rehabilitation Scheme for approval of B o a r d o f I n d u s t r i a l a n d F i n a n c i a l Reconstruction (BIFR). Our opinion is not qualified in respect of thismatter. 1. As required by the Companies (Auditors’ Report) Order, 2003, ("the Order") issued by the Central Government of India in terms of sub- section (4A) of Section 227 of the Act,we give in the Annexure a statement on the matters specified inparagraphs 4 and5 of theOrder. 2. As required by section 227(3) of the Act, we report that: (a) We have obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purposes of our audit; Opinion EmphasisofMatter Report on Other Legal and Regulatory Requirements 25