We have audited the accompanying financial statements of
Amit International Limited(“the Company”), which comprise
the Balance Sheet as at March 31, 2024, the Statement of
Profit and Loss (including Other Comprehensive
Income/Expense), the Statement of Changes in Equity and
the Statement of Cash Flows for the year ended on that
date, and a summary of the significant accounting policies
and other explanatory information (hereinafter referred to as
“the financial statements”).
In our opinion and to the best of our information and
according to the explanations given to us, except for the
effects of the matter described in the Basis for Qualified
Opinion paragraph above, the aforesaid 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, 2024, the loss and total
comprehensive income/expense, changes in equity and its
cash flows for the year ended on that date.
Basis for Qualified Opinion
a) The company has not charged interest to few parties to
whom loan is given as specified in Section 186 of the
Companies Act, 2013. This matter was also qualified in
the report on the financial statements for the year
ended 31stMarch 2024.
b) We draw attention to Note 4(b) point (d) of the Financial
Statements regarding non-provision for doubtful
advance amounting to Rs. 2,32,25,603/- given to Top
son Iron Ore India Private Limited. The ultimate out
come of the above matter cannot be presently be
determined. Being unable to make informed judgement,
we are unable to express our opinion on the same.
c) The company is required to be registered under section
45-IA of the Reserve Bank of India Act 1934, however
the company has not obtained such registration
because as per management such a situation has
arisen as no new project is undertaken by the company.
d) Company is required to get Internal Audit done as per
Sec 138 of the Companies Act, 2013 however, the
same has not been complied with by the company.
e) Company has not made provisions in the books of
accounts of the Company on account of retirement
benefits of the employees, in accordance with the Ind
AS-19, as the same is made on cash basis and shall be
provided in the books of the company as and when
paid.
f) Company has valued investments at fair value in
accordance with Ind AS-109 as the financials are not
available with the management. Refer Note No.4(a).
We have conducted the audit of the Financial Statements in
accordance with the Standards on Auditing (SAs), as
specified under Section 143(10) of the Act. Our
responsibility under those Standards are further described
in the Auditors' Responsibility for the Audit of the Financial
Statements section of my report. We are independent of the
Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to
my audit of the financial statements under the provisions of
the Act and the Rules thereunder, and we have fulfilled my
other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe
that the audit evidence obtained by me is sufficient and
appropriate to provide a basis for my audit opinion on the
Financial Statements.
Other Matter
In connection with our audit of the financial statements, we
would like to state that:
i) The Ledger Balance confirmations of few parties to whom
loan are granted or from whom loans are taken by the
company during the year is not available and hence, cannot
be verified by us and same is subject to management
written representation letter.
Information Other than the Financial Statements and
Auditor's Report Thereon
The Company's Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board's Report including
Annexures to Board's Report, Business Responsibility
Report, Corporate Governance and Shareholder's
Information, but does not include the financial statements
and our auditor's report thereon.
Our opinion on the financial statements does not cover the
other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the 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 no material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.
Management's Responsibility for the 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 financial statements that give a true
and fair view of the financial position, financial performance,
total 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 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 financial statements that give a true and
fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the 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 are responsible for overseeing the
Company's financial reporting process.
Auditor's Responsibility for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about
whether the 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 a 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 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 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 resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3)(i) 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 management.
• Conclude on the appropriateness of management's use
of the going concern basis of accounting 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 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.
• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) 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 financial
statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, 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 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, to the extent applicable
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/Expense, the
Cash Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement with
the relevant books of account.
d. In our opinion, the afore said financial statements
comply with the Indian Accounting Standards prescribed
under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 except Ind AS - 19
Retirement Benefits and Ind AS - 109.
e. On the basis of the written representations received
from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the director is
disqualified as on 31st March, 2024 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 the
operating effectiveness of such controls, refer to our
separate Report in “Annexure A”. 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, in my opinion
and to the best of my information and according to the
explanations given to me, the remuneration paid by the
Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.
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, in our
opinion and to the best of our information and according
to the explanations given to us:
i) The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements.
ii) The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.
iii) 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 it's knowledge and belief, as disclosed in the
note 54 to the financial statements, no funds 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(s) or entity(ies), including foreign
entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, directly 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.
(b) The Management has represented, that, to the best
of it's knowledge and belief, as disclosed in the
note 54 to the financial statements, no funds have
been received by the Company from any person(s)
or entity(ies), including foreign entities (“Funding
Parties”), with the understanding, whether recorded
in writing or otherwise that the Company shall,
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 performed that have
been considered reasonable and appropriate in the
circumstances, nothing has come to my 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 (b) above, contain any
material misstatement.
v) The company has not declared or paid any dividend
during the year and has not proposed final dividend for
the year.
vi) Provision to Rule 3(1) of the Companies (Accounts)
Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company
w.e.f. April 1, 2023, and accordingly, reporting under
Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is applicable for the financial year ended March
31, 2024. However, the said is not enabled by the
company in its accounting software.
2. As required by the Companies (Auditor's Report) Order,
2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in
“Annexure B” a statement on the matters specified in
paragraphs 3 and 4 of the Order.
For Vinod S Mehta& Co.
Chartered Accountants
Firm Reg. No. 111524W
Place : Mumbai
Date : 30.05.2024
UDIN : 24036867BKAQOS6435
Parag Mehta
Patner
Membership No : 036867
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