Amit International Ltd has submitted a statement on the impact of audit qualifications to BSE Limited in compliance with SEBI LODR Regulation 33(3)(d). The statement pertains to the audit report issued by Vinod S. Mehta & Co. dated 29th May 2026 for the financial year ended 31st March 2026. This statement was reviewed and approved by the company's Audit Committee and Board of Directors at their respective meetings held on 29th May 2026.
The statement provides details of each audit qualification, management's views and explanations, and the quantified and/or qualitative impact on the financial statements.
Financial Figures
According to the audited figures provided in the statement:
- Turnover/Total Income: ₹8.26 lakhs
- Total Expenditure: ₹23.51 lakhs
- Net Loss: ₹15.25 lakhs
- Earnings Per Share: -₹0.08
- Total Assets: ₹1991.24 lakhs
- Total Liabilities: ₹1991.24 lakhs
- Net Worth: ₹1958.57 lakhs
The statement notes that the adjusted figures for all line items remain identical to the audited figures, indicating no adjustments were made for the audit qualifications.
Audit Qualifications Details
The statement details six specific audit qualifications:
1. Doubtful Advances: Non-provision for doubtful advances amounting to ₹232.26 lakhs granted to Topson Iron Ore India Private Limited. The auditors were unable to determine the consequential impact due to absence of sufficient appropriate audit evidence regarding recoverability. This represents a qualified opinion.
2. RBI Registration Non-compliance: The company was required to obtain registration under section 45-IA of the Reserve Bank of India Act, 1934 but has not obtained such registration. Management represented that the requirement arose because no new project was undertaken during the year. The impact has not been determined. This represents a qualified opinion.
3. Employee Retirement Benefits: The company has not recognized/provided for employee retirement benefits in accordance with Indian Accounting Standards (Ind AS) 19. Retirement benefit obligations are being accounted for on a cash basis. In the absence of an actuarial valuation report, the company has not determined the liability, and auditors are unable to quantify the impact. This represents a qualified opinion.
4. Investment Valuation: The company measured certain investments at fair value in accordance with Ind AS 109 based on financial information available as at 31 March 2021, as latest financial statements of investee entities were not available. Auditors are unable to determine the impact on carrying value of investments. This represents a qualified opinion.
5. Loans and Advances Measurement: The company has not measured loans and advances at fair value upon initial recognition as required under Ind AS 109. Instead, financial assets were initially recognized at the transaction amount without discounting requirements. This may have resulted in misstatement of carrying amount and related finance income. This represents a qualified opinion.
6. Interest Income Recognition: As required under Section 186 of the Companies Act, 2013, the company is required to charge interest on loans granted at a rate not lower than prevailing yield of Government Security. However, the company has not charged interest on certain loans, resulting in unrecorded interest income of ₹24.91 lakhs, causing understatement of income and overstatement of loss. This represents a qualified opinion.
Management Response
For all audit qualifications where impact is not quantified by the auditor, management's response is consistently stated as "Management is looking into concern matter." Management has provided no estimation of impact for any qualification and has not provided reasons for being unable to estimate the impact.
Location and Date
Place: Mumbai
Date: 29.05.2026