Auditor Report of Amit International Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of
Amit International Limited(“the Company”), which comprise
the Balance Sheet as at March 31, 2024, the Statement of
Profit and Loss (including Other Comprehensive
Income/Expense), the Statement of Changes in Equity and
the Statement of Cash Flows for the year ended on that
date, and a summary of the significant accounting policies
and other explanatory information (hereinafter referred to as
“the financial statements”).

In our opinion and to the best of our information and
according to the explanations given to us, except for the
effects of the matter described in the Basis for Qualified
Opinion paragraph above, the aforesaid financial
statements give the information required by the Companies
Act, 2013 (“the Act”) in the manner so required and give a
true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015,
as amended, (“Ind AS”) and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at March 31, 2024, the loss and total
comprehensive income/expense, changes in equity and its
cash flows for the year ended on that date.

Basis for Qualified Opinion

a) The company has not charged interest to few parties to
whom loan is given as specified in Section 186 of the
Companies Act, 2013. This matter was also qualified in
the report on the financial statements for the year
ended 31stMarch 2024.

b) We draw attention to Note 4(b) point (d) of the Financial
Statements regarding non-provision for doubtful
advance amounting to Rs. 2,32,25,603/- given to Top
son Iron Ore India Private Limited. The ultimate out
come of the above matter cannot be presently be
determined. Being unable to make informed judgement,
we are unable to express our opinion on the same.

c) The company is required to be registered under section
45-IA of the Reserve Bank of India Act 1934, however
the company has not obtained such registration
because as per management such a situation has
arisen as no new project is undertaken by the company.

d) Company is required to get Internal Audit done as per
Sec 138 of the Companies Act, 2013 however, the
same has not been complied with by the company.

e) Company has not made provisions in the books of
accounts of the Company on account of retirement
benefits of the employees, in accordance with the Ind
AS-19, as the same is made on cash basis and shall be
provided in the books of the company as and when
paid.

f) Company has valued investments at fair value in
accordance with Ind AS-109 as the financials are not
available with the management. Refer Note No.4(a).

We have conducted the audit of the Financial Statements in
accordance with the Standards on Auditing (SAs), as
specified under Section 143(10) of the Act. Our
responsibility under those Standards are further described
in the Auditors'' Responsibility for the Audit of the Financial
Statements section of my report. We are independent of the
Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to
my audit of the financial statements under the provisions of
the Act and the Rules thereunder, and we have fulfilled my

other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe
that the audit evidence obtained by me is sufficient and
appropriate to provide a basis for my audit opinion on the
Financial Statements.

Other Matter

In connection with our audit of the financial statements, we
would like to state that:

i) The Ledger Balance confirmations of few parties to whom
loan are granted or from whom loans are taken by the
company during the year is not available and hence, cannot
be verified by us and same is subject to management
written representation letter.

Information Other than the Financial Statements and
Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board''s Report including
Annexures to Board''s Report, Business Responsibility
Report, Corporate Governance and Shareholder''s
Information, but does not include the financial statements
and our auditor''s report thereon.

Our opinion on the financial statements does not cover the
other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained during the course of our audit or otherwise
appears to be materially misstated.

If, based on the work we have performed, we conclude that
there is a no material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these financial statements that give a true
and fair view of the financial position, financial performance,
total comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and
other accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, 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.

In preparing the financial statements, management is
responsible for assessing the Company''s ability to continue
as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis
of accounting unless management either intends to
liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors are responsible for overseeing the
Company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Financial
Statements

Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to
issue an auditor''s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls system in place and
the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management''s use
of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may
cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
attention in our auditor''s report to the related disclosures
in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor''s report. However, future events or conditions
may cause the Company to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the financial
statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with

governance, we determine those matters that were of most
significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditor''s report unless law or
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our
audit we report, to the extent applicable

that:

a. We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

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

c. The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income/Expense, the
Cash Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement with
the relevant books of account.

d. In our opinion, the afore said financial statements
comply with the Indian Accounting Standards prescribed
under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 except Ind AS - 19
Retirement Benefits and Ind AS - 109.

e. On the basis of the written representations received
from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the director is
disqualified as on 31st March, 2024 from being
appointed as a director in terms of Section 164 (2) of
the Act.

f. With respect to the adequacy of the internal financial
controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our
separate Report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial
controls over financial reporting.

g. With respect to the other matters to be included in the
Auditor''s Report in accordance with the requirements of
section 197(16) of the Act, as amended, in my opinion
and to the best of my information and according to the
explanations given to me, the remuneration paid by the
Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

h. With respect to the other matters to be included in the
Auditor''s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us:

i) The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements.

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

iii) There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.

iv) (a) The Management has represented that, to the best

of it''s knowledge and belief, as disclosed in the
note 54 to the financial statements, no funds have
been advanced or loaned or invested (either from
borrowed funds or share premium or any other

sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign
entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, directly or indirectly lend or
invest in other persons or entities identified in any
manner whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(b) The Management has represented, that, to the best
of it''s knowledge and belief, as disclosed in the
note 54 to the financial statements, no funds have
been received by the Company from any person(s)
or entity(ies), including foreign entities (“Funding
Parties”), with the understanding, whether recorded
in writing or otherwise that the Company shall,
directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by
or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have
been considered reasonable and appropriate in the
circumstances, nothing has come to my notice that
has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any
material misstatement.

v) The company has not declared or paid any dividend
during the year and has not proposed final dividend for
the year.

vi) Provision to Rule 3(1) of the Companies (Accounts)
Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company
w.e.f. April 1, 2023, and accordingly, reporting under
Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is applicable for the financial year ended March
31, 2024. However, the said is not enabled by the
company in its accounting software.

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

For Vinod S Mehta& Co.

Chartered Accountants
Firm Reg. No. 111524W

Place : Mumbai

Date : 30.05.2024

UDIN : 24036867BKAQOS6435

Parag Mehta

Patner

Membership No : 036867

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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

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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