AMIT INTERNATIONAL LIMITED
ANNUAL REPORT 2011-2012
Yours directors have pleasure in presenting this annual report and audited
statement of accounts of the Company for the year ended March 31, 2012 and
also management discussion and analysis thereon.
1. FINANCIAL PERFORMANCE:
The total income during the year stood at Rs. 195.17 lacs and profit before
tax during the year stood at Rs. 5.32 lacs as against income of Rs. 460.14
lacs and loss of Rs. 4.26 lacs in the previous year.
Your Directors do not recommend any dividend in view of carried forward
3. RESPONSIBILITY STATEMENT: The Directors confirm:
(i) That in the preparation of the annual account for the year under
review, the Applicable accounting standards have been followed and that no
material departures have been made from the same;
(ii) That they have selected appropriate accounting policies and applied
them consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company at the end of March 31, 2012 and of the profit for the year ended
on that date;
(iii) That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act 1956 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
(iv) That they have prepared the annual accounts for the year ended on
March 31, 2012 on a going concern basis.
4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
In view of company engaged only in trading activity there is no information
to furnish for energy conservation and technology absorption. During the
year, earnings in foreign exchange amounted to Rs. Nil, while Rs. Nil was
outgo in foreign exchange.
5. PARTICULARS OF EMPLOYEES:
During the year, none of the employee of the Company was in receipt of
remuneration prescribed for disclosure under section 217(2A)of the
Companies Act, 1956.
6. CORPORATE GOVERNANCE:
Certificate from auditors on compliance of conditions of corporate
governance is annexed to this report. The management discussion and
analysis report and compliance report on corporate governance as required
by clause 49 of the listing agreement form part of this annual report.
7. PUBLIC DEPOSITS
The Company has not accepted any deposits from public or shareholders.
Mr. Dinesh Shah, director, retire by rotation and being eligible has
offered himself for reappointment.
Vinod S. Mehta & Co., Auditors of the company, hold office until the
conclusion of the ensuing annual general meeting. Vinod S. Mehta & Co. has
expressed their willingness and confirmed their eligibility for re-
appointment as auditors of the company.
10. AUDITORS REPORT:
As regards auditors comments vide paragraph 3 of annexure to their report,
your directors have to inform you that the company has not only charged
interest on certain advances but also has not paid interest on advances
received from certain parties. This is not prejudicial to the interest of
11. MANAGEMENT DISCUSSION & ANALYSIS RISK & CONCERN:
There are no specific risks perceived by the Company. The recent global
recession and overall fall in textile exports from India and also fall in
Capital market remains a cause of concern.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an adequate system of internal controls. The internal
control systems provide for clearly spelt out policy guidelines and
approval procedures. This system of internal controls is supplemented by
internal audit. MATERIAL DEVELOPMENTS IN HUMAN
There were no material developments on human resources front.
For and on behalf of Board of Directors
Kirti J. Doshi
Chairman & Managing Director
Date : 14.08.2012