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Auditor Report of Amit International Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Amit International Limited, which comprise the Balance Sheet as at March 31,2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility:

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 ("the Act") and in accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control 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.

Auditor''s Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion:

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

b) in the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. Asrequiredbysection227(3)oftheAct,wereportthat:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

e) On the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Re: AMIT INTERNATIONAL LIMITED for the year ended 31 st March, 2014.

Referred to in paragraph 1 of our report of even date.

I) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. As certified by the management, no material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off any substantial/major part of fixed assets and the going concern of the Company is not affected.

II) (a) The inventories have been physically verified by the management during the year at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and as explained to us, there were no material discrepancies . noticed on physical verification of inventories as compared to book records.

III) (a) The Company had taken unsecured loans from Two (five) parties required to be listed in the Register to be maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 28,25,095/- (Rs. 2,91,92,075/-) and the year-end balance of loans taken from such parties was Rs. 11,84,095/- (Rs.20,40,095/-).The Company has also granted loans to Two (Six) parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 4,94,00,603/- (Rs. 6,10,30,000/-) and the year-end balance of loans taken from such parties was Rs. 4,82,00,603/- (Rs.4,68,05,603/-).

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the loans given by the Company, are not prima facie prejudicial to the interest of the company

(c) There is no stipulation as. regards the repayment schedule of the loans.

(d) There is no overdue amount of loans taken from or granted to parties listed in the register maintained under section 301 of the Companies Act 1956 as there is no stipulation as regards the repayment of loans.

IV) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

V) (a) In our opinion and according to information and explanations given to us, that the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000/- in respect of each party during the year have been made at prices which appear reasonable as per information . available with the company.

VI) According to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and the Rules framed there under and hence the provisions of clause 4(vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

VII) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

VIII) The Company being a trading concern the provision of Section 209(1 )(d) of the Companies Act, 1956 regarding maintenance of cost records does not apply to the company.

IX) (a) As certified by the management, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth-tax, Royalty, Customs Duty, Excise Duty, Cess and other statutory dues applicable to it.

(b) As certified by the management, there are no disputed Income tax, Sales-tax, Customs Duty, Excise Duty and Entry tax payable as on 31st March, 2014 fora period of more than six months from the date they became payable.

X) The accumulated losses of the company are not more than fifty percent of its net worth. However the company has not incurred cash losses during the financial year covered by our audit and incurred cash losses in the immediately preceding financial year.

XI) In our opinion, there are no dues payable to banks, financial institutions and debenture holders and hence the provisions of clause 4 (xi) of the Companies Auditor''s Report) Order, 2003 are not applicable to the Company.

XII) In our opinion and according to the explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

XIII) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

XIV) The Company is not dealing or trading in shares, securities, debentures or other Investments and hence, the requirements of Para 4(xiv) are not applicable to the Company.

XV) According to the information and explanation given to us, the company has not given any guarantees for loan taken by others from banks or financial institutions.

XVI) The Company has not taken any term loan during the year and hence, the requirements of Para 4(xvi) are not applicable to the Company.

XVII) According to the information and explanations given to us and on an overall examination of the balance sheet, we are of the opinion that no funds were raised either on short term or long term basis. Therefore clause 4(xvii) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company.

XVIII) According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the register required to be maintained under Section 301 of the Companies Act, 1956.

XIX) The company does not have any borrowings by way of issue of debentures and hence, the requirements of Para 4(xix) are not applicable to the Company.

XX) During the year, the Company has not raised any money by way of Public issue.

XXI) In our opinion and according to the information and explanations given to us, no fraud, on or by the Company has been noticed or reported during the financial year.

For M/S. VINOD S. MEHTA & CO. CHARTERED ACCOUNTANTS FRN NO. 111524W

PLACE: MUMBAI DATED: 4-7-2014

PARAG V. METHA PARTNER Membership No. 036867


Mar 31, 2013

We have audited the accompanying financial statements of AMIT INTERNATIONAL LIMITED, which * comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility:

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act").

This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from i material misstatement, whether due to fraud or error.

Auditor''s Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion:

In our opinion and to the best of our information and according to the explanations given to us, the financial . statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

b) in the case of the Profit and Loss Account, of the profits for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief _were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Re: AMIT INTERNATIONAL LTD.

Annexure Referred to in paragraph 3 of our report of even date.

1. (a)The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, there is no sale of fixed assets.

2. (a)The inventories have been physically verified by the management during the year at reasonable intervals.

(b) The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification of inventories as compared to book records.

3. in respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 Of the Companies Act, 1956

a. The company has taken loan from three parties during the year. The maximum credit balance outstanding during the year, aggregates to Rs. 12,39,13*678/- (Rs.1,04 ,99,671/-). The closing balance in respect of the same is Rs.20,40,095/- (Rs. 30,29,869/-). The Company has also granted loans to six parties. The maximum debit balance outstanding during the year aggregates to Rs.4,98,05,603/- (Rs. 88,00,000/-). The closing balance in respect of the same is Rs. 46,805,603/- (Rs. 46,06,198/-).

b. In our opinion, the terms and conditions on which loans have been taken from/granted to companies, firm or other parties listed in the registers maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company. However no interest is charged on these loans.

c. The loans taken and loans granted are repayable on demand. However since both the loans taken and loans granted are in the nature of current account, no interest is charged on these loan taken or granted.

d. Both, the loans taken and loans given by the company, are repayable on demand and since till the year-end no demand has been made in respect of outstanding amount, the question of overdue amounts does not arise.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a)Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted any deposit from the public, within the meaning of Section 58Aofthe companies Act, 1956.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records u/s. 209(l)(d) of The Companies Act, 1956.

9. (According to the records of the company, the company is generally regular in depositing with appropriate authority undisputed statutory dues including provident fund, investor education protection fund, income-tax, sales-tax, wealth-tax, custom duty, excise-duty, cess and other statutory dues applicable.

(b) According to the information and explanation given to us, no undisputed amounts payable in < respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding, as at 31st March 2013 for a period of more than six months from the date they became payable.

(c) According to the records of the company and explanation given to us, there are no dues of sale tax, income tax, customs tax/wealth-tax, excise duty/ cess which have not been deposited on account of any dispute.

10. The accumulated losses of the company are not more than fifty percent of its net worth. However the company has not incurred cash losses during the financial year covered by our audit and incurred cash losses in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to the company.

14. The company is trading in shares, securities, debentures and other investment and the company is maintaining proper records of all the investments purchased and sold during the year. All the Investments purchased and sold during the year are in the name of the company.

15. According to the information and explanation given to us, the terms and conditions on which the company has given guarantees for loan taken by others from banks or financial institutions are not prejudicial to the interest of the company.

16. Company has not taken any Bank Loan during the year.

17. On the basis of our examination of the Balance Sheet of the company, in our opinion, there are no funds raised on short-term basis, which have been used for long-term investment and vice versa.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act which is not prejudice to the interest of the company.

19. The company has not issued any debentures.

20. The company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

FOR M/S VINOD S. MEHTA & CO.

FRN NO :111524W

CHARTERED ACCOUNTANTS.

PLACE: MUMBAI

DATED: 29TH JUNE 2013

PARAG MEHTA

PARTNER

MEMBERSHIP NO 036867


Mar 31, 2012

1. We have audited the attached Balance Sheet of AMIT INTERNATIONAL LIMITED as at 31st March 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basisforouropinion.

3. As required bythe Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement of the matters specified in paragraphs4 and 5 of the said Order, to the extent applicable.

4. Furtherto ourcomments in the Annexure referred to in paragraph 3 above, we report that:

a) We have obtained the information and explanations, which to the best of our knowledge and belief were necessary forthe purpose of ouraudit;

b) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of such books;

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extentappiicable.

e) On the basis of written representations received from the directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2012 from being appointed asa director in terms of clause (g) of sub-section (1) of section 274 cf the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in thecaseof Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

b) in the case of Profit and Loss Account, of the profits for the year ended on that date; and in the case of cash flow statement, of the cash flows for the year ended on that date.

Re: AMIT INTERNATIONAL LTD.

Annexure Referred to in paragraph 3 of our report of even date.

1. (a)The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During theyear, there is no sale of fixed assets.

2. (a)The inventories have been physically verified by the management during the year at reasonable Intervals.

(b) The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification of inventories as compared to book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 Of the Companies Act, 1956

a. The company has taken loans from three parties. The maximum balance outstanding during the year, aggregates to Rs. 1,04 ,99,671/- (Rs. 1,08,23,000/-). The closing balance in respect of the same is Rs. 30,29,869/- (Rs. 58,45,000/-). The Company has also granted loans to three parties. The maximum balance outstanding during the year aggregates to Rs. 88,00,000/- (Rs. 1,07,55,000/-). The closing balance in respect ofthe same is Rs.46,06,198/-(Rs.88,10,131/-).

b. In our opinion, the terms and conditions on which loans have been taken from/granted to companies, firm or other parties listed in the registers maintained under Section 301 ofthe Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company. However no interest is charged on these loans.

c. The loans taken and loans granted are repayable on demand. However since both the loans taken and loans granted are in the nature of current account, no interest is charged on these loan taken or granted.

d. Both, the loans taken and loans given by the company, are repayable on demand and since till the year-end no demand has been made in respect of outstanding amount, the question of overdue amounts does notarise.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size ofthe company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) Basedon the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted any deposit from the public, within the meaning of Section 58A ofthe companies Act, 1956,

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records u/s. 209(l)(d) of The Companies Act, 1956.

9. (a)According to the records of the company, the company is generally regular in depositing with appropriate authority undisputed statutory dues including provident fund, investor education protection fund, income- tax, sales-tax, wealth-tax, custom duty, excise- duty, cess and other statutory dues applicable.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding, as at 31st March 2012 for a period of more than six months from the date they became payable.

(c) According to the records of the company and explanation given to us, there are no dues of sale tax, income tax, customs tax/wealth-tax, excise duty/ cess which have not been depositedon account of any dispute.

10. The accumulated losses of the company are not more than fifty percent of its net worth. However the company has not incurred cash losses during the financial year covered by our audit and incurred cash losses in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to the company.

14. The company is trading in shares, securities, debentures and other investment and the company is maintaining proper records of all the investments purchased and sold during the year. All the Investments purchased and sold during the year are in the name of the company.

15. In our opinion, the terms and conditions on which the company has given guarantees for loan taken by others from banks or financial institutions are not prejudicial to the interest of the company.

16. Company has not taken any Bank Loan during the year.

17. On the basis of our examination of the Balance Sheet of the company, in our opinion, there are no funds raised on short-term basis, which have been used for long-term investment and vise versa.

18. The company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act which is not prejudice to the interest of the company.

19. The compa ny has not issued any debentures.

20. The company has not raised any money through a public issue during theyear.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fra ud on or by the company has been noticed or reported during the course of our audit.

FOR M/S VINOD S. MEHTA & CO.

FRN NO :111524W

CHARTERED ACCOUNTANTS.

PLACE: MUMBAI

DATED: 30-06-2012

PARAG MEHTA

PARTNER

MEMBERSHIP NO 36867


Mar 31, 2010

1. We have audited the attached Balance Sheet of AMIT INTERNATIONAL LIMITED as at 31st March 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in tefr:: of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement of the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

a) We have obtained the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of such books;

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extent applicable.

e) On the basis of written representations received from the directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

b) in the case of Profit and Loss Account, of the profits for the year ended on that date; and

c) in the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE FOR M/S AMIT INTERNATIONAL LIMITED

Re: AMIT INTERNATIONAL LTD. Annexure Referred to in paragraph 3 of our report of even date.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, there is no sale of fixed assets.

2. There are no stock records during the year; hence this clause is not applicable.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 Of the Companies Act, 1956

(a) The company has taken loans from Five parties. The maximum balance outstanding during the year, aggregates to Rs. 1,31,45,000/- (Rs 38,55,000/-). The closing balance in respect of the same is Rs. 74,15,000/- (Rs.35,00,000/-). The Company has also granted loans to three parties. The maximum balance outstanding during the year aggregates to Rs. 1,33,00,000/- (Rs. 2,09,34,268/-). The closing balance in respect of the same is Rs.1,18,55,000/- (Rs. Nil/-).

(b) In, our opinion, the terms and conditions on which loans have been taken from/granted to companies, firm or other parties listed in the registers maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company. However no interest is charged on these loans.

(c) The loans taken and loans granted are repayable on demand. However since both the loans taken and loans granted are in the nature of current account, no interest is charged on these loan taken or granted.

(d) Both, the loans taken and loans given by the company, are repayable on demand and since till the year-end no demand has been made in respect of outstanding amount, the question of overdue amounts does not arise.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted any deposit from the public, within the meaning of Section 58A of the companies Act, 1956.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records u/s. 209(1 )(d) of The Companies Act, 1956.

9. (a) According to the records of the company, the company is generally regular in depositing with appropriate authority undisputed statutory dues including provident fund, investor education protection fund, income-tax, sales-tax, wealth-tax, custom duty, excise-duty, cess and other statutory dues applicable.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect, of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding, as at 31st March 2010 for a period of more than six months from the date they became payable.

(c) According to the records of the company and. explanation given to us, there are no dues of sale tax, income tax, customs tax/wealth-tax, excise duty/ cess which have not been deposited on account of any dispute.

10. The accumulated losses of the company are not more than fifty percent of its net worth. However the company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to the company.

14. The company is trading in shares, securities, debentures and other investment and the company is maintaining proper records of all the investments purchased and sold during the year. All the Investments purchased and sold during the year are in the name of the company.

15. In our opinion, the terms and conditions on which the company has given guarantees for loan taken by others from banks or financial institutions are not prejudicial to the interest of the company.

16. Company has not taken any Bank Loan during the year.

17. On the basis of our examination of the Balance Sheet of the company, in our opinion, there are no funds raised on short-term basis, which have been used for long-term investment and vise versa.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. The company has not issued any debentures.

20. The company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

FOR M/S VINOD S. MEHTA & CO. CHARTERED ACCOUNTANTS.

FRN:111524W

PARAG MEHTA PLACE: MUMBAI PARTNER

DATED: 30-6-2010 MEMBERSHIP NO 36867

 
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