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Amit International Ltd.

BSE: 531300 Sector: Industrials
NSE: N.A. ISIN Code: INE053D01015
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NSE 05:30 | 01 Jan Amit International Ltd
OPEN 2.19
PREVIOUS CLOSE 2.19
VOLUME 1000
52-Week high 3.77
52-Week low 1.35
P/E 12.17
Mkt Cap.(Rs cr) 4
Buy Price 2.19
Buy Qty 180.00
Sell Price 2.19
Sell Qty 304.00
OPEN 2.19
CLOSE 2.19
VOLUME 1000
52-Week high 3.77
52-Week low 1.35
P/E 12.17
Mkt Cap.(Rs cr) 4
Buy Price 2.19
Buy Qty 180.00
Sell Price 2.19
Sell Qty 304.00

Amit International Ltd. (AMITINTL) - Auditors Report

Company auditors report

Independent Auditor's Report

To the Members of

AMIT INTERNATIONAL LIMITED

Report on the Standalone Ind AS Financial Statements

I have audited the accompanying standalone Ind AS financial statements of AmitInternational Limited (the Company) which comprise the Balance Sheet as at 31st March2018and the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management s Responsibility for the Standalone Ind AS Financial Statements

The Company s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (the Act) with respect to the preparation of thesestandalone Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed undersection 133 of the Act.

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 standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor s Responsibility

My responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. In conducting my audit I have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder.

I conducted my audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that I comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor s judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company spreparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements. I believe that the audit evidence obtained by me referred to in theOther Matters paragraph below is sufficient and appropriate to provide a basis for myqualified audit opinion on the standalone Ind AS financial statements.

Basis for Qualified Opinion a) The company has not charged interest to few parties towhom loan is given as specified in Section 186 of the Companies Act 2013.

This matter was also qualified in the report of the predecessor auditors on thestandalone financial statements for the year ended 31stMarch 2017.

Qualified Opinion

In my opinion and to the best of my information and according to the explanations givento me except for the effects of the matter described in the Basis for Qualified Opinionparagraph abovethe aforesaid standalone Ind AS 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 at 31st March 2018 and its profit/losstotal comprehensive income/ loss itscash flows and the changes in equity for the year ended on that date.

Other Matters

The comparative financial information of the Company for the year ended 31st March 2017and the transition date opening balance sheet as at 1st April 2016 prepared in accordancewith Ind AS included in these standalone Ind AS financial statements have been audited bythe predecessor auditor. The report of the predecessor auditor on the comparativefinancial information and the said opening balance sheet dated 30th May 2017 expressed amodified opinion on those standalone financial statements and have been restated tocomply with Ind AS. Adjustments made to the previously issued said financial informationprepared in accordance with the Companies (Accounting Standards) Rules 2006 to complywith Ind AS have been audited by us.

My opinion on the standalone financial statements and my report on Other Legal andRegulatory Requirements belowis not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on my audit I report to the extentapplicable that: Compliance Certificate from auditor M/s J H Bhandari & Co. regardingCompliance of conditions of

a) I have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of my audit.

b) Except for the effects of the matter described in the Basis for Qualified Opinionparagraph above in my opinion proper books of account as required by law have been keptby the Company so far as it appears from my examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other. ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

d) Except for the effects of the matter described in the Basis for Qualified \ Opinionparagraph above in my opinion the aforesaid standalone Ind AS financial statementscomply with the Indian Accounting Standards prescribed under section 133 of the Act.

e) The matter described in the Basis for Qualified Opinion paragraph above in myopinion does not have an adverse effect on the functioning of the Company.

f) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164(2) of the Act.

g) The qualification relating to the maintenance of accounts and other mattersconnected therewith are as stated in the Basis for Qualified Opinion paragraph above.

h) With respect to the adequacy of the internal financial controls over financialreporting of the Company refer to my separate Report in Annexure A .

i) With respect to the other matters to be included in the Auditor s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protec- tion Fund by the Company].

2. As required by the Companies (Auditor s Report) Order 2016 (the Order) issued bythe Central Government in terms of Section 143(11) of the Act we give in Annexure B astatement on the matters specified in paragraphs 3 and 4 of the Order.

For J H Bhandari & Co.
Chartered Accountants
(Firm Reg. No. 138960W)
Place :Mumbai
Date : 29/05/2018
Jinal Bhandari
Partner
Membership No: 158795

Annexure - A 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")

In conjunction with my audit of the standalone financial statements of the Company asof and for the year ended 31st March 2018 I have audited the internal financial controlsover financial reporting of Amit International Limited ("the Company") inconjunction with my audit of the standalone financial statements of the Company for theyear ended on that date.

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’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and ef3cientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

My responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on my audit. I conducted my audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") issued by the ICAI and the Standards on Auditing deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of internalfinancial controls and both issued by the ICAI. Those Standards and the Guidance Noterequire that I comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly re3ect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

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

Opinion In my 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 31st March 2018 based on theinternal control over financial 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 J H Bhandari & Co.
Chartered Accountants
(Firm Reg. No. 138960W)
Place : Mumbai
Date : 29/05/2018
Jinal Bhandari
Partner
Membership No: 158795

"Annexure B" 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 for the year ended 31 March2018 I 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 veri3ed 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) The company does not have any inventory as it is a dormant and inactive servicecompany and hence the reporting requirements contained in clause 4(ii) of the orderregarding inventory are not applicable to the company.

(iii) In my opinion and according to the information and explanations given to me thecompany has not granted any loans to parties covered in the register maintained undersection 189 of the Companies Act 2013 (‘the Act’). Accordingly the provisionsof Clause 3(iii) (a) to (c) of the Order are not applicable to the Company and hence notcommented upon.

(iv) In my opinion and according to the information and explanations given to me thecompany has complied with provisions of section 185 and 186 of the Companies Act 2013 inrespect of loans investments guarantees and security except that the company has notcharged interest to few parties to whom loan is given 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 (l) of section 148 of thecompanies Act 2013.

(vii) (a) According to the information and explanations given to me and on the basis ofmy examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to me the Company did not have any dues onaccount of duty of excise sales tax duty of customs service tax or any other statutorydues outstanding for more than 6 months.

(b) According to the information and explanations given to me 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 2017 for a period of more than six months from the date they became payable.

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order 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 me no material fraud by theCompany or on the Company by its of3cers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to me and based on myexamination of the records of the Company the Company has not paid/provided formanagerial remuneration.

Accordingly paragraph 3 (xi) of the Order is not applicable.

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

(xiii) According to the information and explanations given to me and based on myexamination 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 me and based on ourexamination of the records of the Company the Company has not made any preferentialallotment during the year which is prejudicial to the interest of the company.

(xv) According to the information and explanations given to me and based on myexamination 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 J H Bhandari & Co.
Chartered Accountants
(Firm Reg. No. 138960W)
Place : Mumbai
Date : 29/05/2018
Jinal Bhandari
Partner
Membership No: 158795