You are here » Home » Companies » Company Overview » Amit International Ltd

Amit International Ltd.

BSE: 531300 Sector: Industrials
NSE: N.A. ISIN Code: INE053D01015
BSE LIVE 13:13 | 25 May 4.60 0.03
(0.66%)
OPEN

4.35

HIGH

4.60

LOW

4.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.35
PREVIOUS CLOSE 4.57
VOLUME 800
52-Week high 5.95
52-Week low 2.52
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.60
Sell Qty 1499.00
OPEN 4.35
CLOSE 4.57
VOLUME 800
52-Week high 5.95
52-Week low 2.52
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.60
Sell Qty 1499.00

Amit International Ltd. (AMITINTL) - Auditors Report

Company auditors report

Independent Auditor's Report

To the Membersof

AMIT INTERNATIONAL LIMITED

ReportontheStandaloneFinancialStatements

We have audited the accompanying standalone financial statements of AMIT INTERNATIONALLIMITED ('the Company') which comprise the Balance Sheet as at 31 stMarch2016 thestatement of Profit and Loss and theCash Flow Statement for the year and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

TheCompany's Board of Directors is responsible for the matters stated in Section 134(5)of the Companies Act 2013 ("the Act") with respect of the preparation andpresentation of these stand alone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section133 of the Act read with Rule7 of theCompanies(Accounts)Rules2014.

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 effectively 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these stand alone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing tandards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSectionl43(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material mis-statement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the stand alone financial statements.

Basis for Qualified Opinion

a. The company has not charged any interest as specified in Section 186 of theCompanies Act 2013 for loans and advances given before 01/04/2014.

Qualified Opinion

In ouropinion and to the best of our information and according to the explanationsgiven to us except forthe possible effects of the matters described in our basis forqualified opinion paragraph the stand alone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at31 st March2016 and its profit and its cash flows forthe year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section(11) ofsection 143 of the Act we give in the "Annexure A"a statement on the mattersspecified in the paragraph 3 and 4 of the Order to the extent applicable.

2. 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 forthe purposes of ouraudit.

(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) Thebalancesheet andthestatementofprofitandloss.dealtwithby this Reportareinagreementwith the books ofaccount;

(d) In our opinion the afore said stand alone financial statements comply with theAccounting Standards specified under Section 133 of the Act read withRule7of theCompanies (Accounts)Rules 2014;

(e) On the basis of the written representations received from the directors as on 31 stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2016 from being appointed as a director in terms ofSectionl64 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls referto ourseparate report in "Annexure B"

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

(i) The Company does not have any pending litigation on its financial position.

(ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company incorporated in India.

For Vinod S. Mehta & Co.

Chartered Accountants (Firm Reg. No. 111524W)

Place: Mumbai Date:

Girish L. Shethia Partner

Membership No: 044607

"AnnexureA "to the Independent Auditors' Report

The Annexure referred to in paragraph 1 of our Independent Auditors' Report to themembers of the Company on the standalone financial statements forthe year ended 31 March2016 we report that:

(i) (a) The company has maintained proper records showing full particulars includingquantitative

details and situation of fixed assets.

(b) The assets have been physically verified by the management during the year and ascertified by the management no material discrepancies were noticed on such verification.

(c) During the year the company has not disposed off any substantial/major part offixed asset.

(ii) (a) The inventories have been physically verified by the management during theyear at reasonable intervals

(b) The procedure of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the company and its nature of business.

(c) The company has maintained proper records of inventories and no materialdiscrepancies were noticed on physical verification of inventories as compared to bookrecords.

(iii) In our opinion and according to the information and explanations given to us thecompany has not granted any loans to parties covered in the register maintained undersection 189 of the Companies Act 2013('the Act'). Accordingly the provisions of Clause3(iii) (a) to (c) of the Order are not applicable to the Company and hence not commentedupon.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with provisions of section 185 and 186 of the Companies Act 2013 inrespect of loans investments guarantees and securityexcept that the company has notcharged interest for any loans given before 01/04/2014 and the same is not detrimental tothe interest of the company.

(v) The company has not accepted any deposits from the public. Further the directivesissued by the Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the Companies Act and the rules framed there under whereapplicable in this regard have been complied with.

(vi) As per the information and explanation given to us the Central Government has notprescribed the maintenance of cost records under sub-section (I) of section 148 of thecompanies Act 2013.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of

the records of the Company amounts deducted/accrued in the books of account in respectto undisputed statutory dues including provident fund income tax sales tax wealth taxservice tax duty of customs value added tax cess and other material statutory dueshave been regularly deposited during the year by the Company with the appropriateauthorities .As explained to us the Company did not have any dues on account of duty ofexcise sales tax duty of customs service tax or any other statutory dues outstandingfor more than 6 months.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2016 for a period of more than six months from the date they became payable.

(viii) The Company has not borrowed loans from financial institutions bank andgovernment or debenture holders during the year. Accordingly paragraph 3(viii) of theorder is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration. Managerial remuneration has been paid in accordance with provisions ofsection 197 of Companies Act 2013.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii)ofthe Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based onourexamination of the records of the Company the Company has not made preferentialallotment during the year hence the same is not prejudicial to the interest of thecompany.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Vinod S. Mehta & Co.

Chartered Accountants

(Firm Reg. No. 111524W)

Place: Mumbai

Date:

Girish L. Shethia

Partner

Membership No: 044607

Annexure - B to the Auditors' Report

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 AMITINTERNATIONAL LTD. ("the Company") as of 31 March 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established 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. Ouraudit 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 risk. 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 overfinancialreporting.

Meaning of Internal Financial Controls over Financial Reporting

Acompany's internal financial control overfinancial reporting is a process designed toprovide 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany'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 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 31 March 2016 based on theinternal control overfinancial 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 India.

For Vinod S. Mehta & Co.

Chartered Accountants (Firm Reg. No. 111524W)

Place: Mumbai Date:

Girish L. Shethia Partner

Membership No: 044607