We have audited the accompanying financial statements of M/s AMIC Forging Limited
(CIN:L27100WB2007PLC116674)which comprise the Balance Sheet as at 31st March
,2026, Statement of Profit and Loss for the year ended 31stMarch, 2026, Cash Flow
Statementfor the yearended on that date, notes to the financial statements and a summaryof
significant accounting policiesand other explanatory information.In our opinion and to the
best of our information and according to the explanations given tous, theaforesaid financial
statements give the information required by the Companies Act,2013 in the mannerso
required and give a true and fair view in conformity with theaccounting principles generally
acceptedin India of the State of Affairs of the Company as at31stMarch 2026 and its
Profit/Loss and Cash flowsforthe year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with
theStandards onAuditing specified under section 143(10) of the Act (SAs). Our
responsibilitiesunder those Standards arefurther described in the Auditor’s Responsibilities
for the Audit ofthe Standalone Financial Statementssection of our report. We are independent
of theCompany in accordance with the Code of Ethics issuedby the Institute of
CharteredAccountants of India (ICAI) together with the independence requirementsthat are
relevantto our audit of the standalone financial statements under the provisions of the Act
andtheRules made thereunder, and we have fulfilled our other ethical responsibilities
inaccordance withthese requirements and the ICAI’sCode of Ethics. We believe that the audit
evidence we have obtainedis sufficient and appropriate to provide a basis for our auditopinion
on the standalone financialstatements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of
mostsignificance in ouraudit of the financial statements of the current period. These
matterswere addressed in the context ofour audit of the financial statements as a whole, and
informing our opinion thereon, and we do notprovide a separate opinion on these matters.
Other Information
The Company’s Board of Directors is responsible for the other information. The
otherinformationcomprises the Directors’ Report, but does not include the financial
statementsand our auditor’s reportthereon.Our opinion on the financial statements does not
coverthe other information and we do not expressany form of assurance conclusion
thereon.Inconnection with our audit of the financial statements, our responsibility is to read
the otherinformation and, in doing so, consider whether such other information is
materiallyinconsistent withthe financial statements or our knowledge obtained in the audit
orotherwise appears to be materiallymisstated. If, based on the work we have performed,
weconclude that there is a material misstatementof this other information, we are required
toreport 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)
ofthe Act withrespect to the preparation of these financial statements that give a true andfair
view of the financialposition and financial performance of the Company in accordancewith
the Accounting Standardsreferred to in Section 133 of the Companies Act, 2013 (“theAct”),
read with Rule 7 of Companies (Accounts) Rules, 2014. This responsibility
includesmaintenance of adequate accounting records inaccordance with the provisions of the
Actfor safeguarding the assets of the Company and for preventingand detecting frauds
andother irregularities; selection and application of appropriate accountingpolicies;
makingjudgments and estimates that are reasonable and prudent, the design,
implementationandmaintenance of internal control relevant to the preparation and
presentation of thefinancialstatements that give a true and fair view and are free from material
misstatement,whether due to fraudor error.In preparing the standalone financial
statements,management is responsible for assessing theCompany’s ability to continue as a
goingconcern, disclosing, as applicable, matters related to goingconcern and using the
goingconcern basis of accounting unless management either intends to liquidatethe Company
orto cease operations, or has no realistic alternative but to do so.The Board of Directors
areresponsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibility
Our objectives are to obtain reasonable assurance about whether the standalone
financialstatementsas a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’sreport 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 misstatementwhen it exists. Misstatements can arise
fromfraud or error and are considered material if, individuallyor in the aggregate, they
couldreasonably be expected to influence the economic decisions of userstaken on the basis
of these standalone financial statements. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the standalone
financialstatements,whether due to fraud or error, design and perform audit
procedures responsiveto those risks,and obtain audit evidence that is sufficient and
appropriate to provide a basisfor our opinion.The risk of not detecting a material
misstatement resulting from fraud ishigher than for oneresulting from error, as fraud
may involve collusion, forgery, intentionalomissions,misrepresentations, or the
override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order
todesignaudit 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 hasadequateinternal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
ofaccountingestimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis
ofaccountingand, based on the audit evidence obtained, whether a material uncertainty
exists related toevents or conditions that may cast significant doubt on the Company’s
ability to continue as agoing concern. Ifweconclude that a material uncertainty exists,
weare required to drawattention in our auditor’s report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify
ouropinion. Our conclusions are based on theaudit evidence obtained up to the date of
ourauditor’s report. However, future events orconditions may cause the Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial
statementsrepresent theunderlying transactions and events in a manner that achieves
fair presentation.
• We communicate with those charged with governance regarding, amongother
matters, the plannedscope and timing of the audit and significant audit findings,
including any significant deficiencies ininternal control that we identify during our
audit.
• We also provide those charged with governance with a statement that we have
complied withrelevantethical requirements regarding independence, and to
communicate with them all relationships andother matters that may reasonably be
thought to bear on ourindependence, and where applicable,related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give
in the“Annexure A”a statement on the matters specified in paragraphs 3 and 4 of the Order
to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a. we have sought and obtainedall 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 accounts as required by law have been kept by the
Company so far as appears from our examination of those books.
c. the Balance Sheet and Statement of Profit andLoss and Cash Flow Statement along with
Notes to accounts, dealt with by this Report are in agreement with the books of accounts.
d. in our opinion, the Balance Sheet and Statement of Profit and Loss and Cash Flow
Statement comply with the Accounting Standards referred to in Section 133 of the
Companies Act, 2013 (“the Act”), read with Rule 7 of Companies (Accounts) Rules, 2014.
e. on the basis of written representations received from the directors as on 31stMarch 2026,
and taken on record by the Board of Directors, none of the directors is disqualified as on 31st
March 2026, from being appointed as a director in terms of Section 164 (2) of the Companies
Act, 2013.
f. With respect to the adequacy of the internal financial controls with reference to these
financial statements and the operating effectiveness of such controls, refer to our separate
Report in “Annexure B” to this report.
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 our opinion and to the best of
our information and according to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisionsof section 197 of
the Act.
h. In our opinion and to the best of our information and according to the explanations given
to us, we report as under with respect to other matters to be included in Auditors Report in
accordance with Rule11 of the Companies (Audit and Auditors) Rules, 2014:
i) The company does not have any pending litigations which would impact
itsfinancialposition.
ii) The company did not have any long-term contracts including Derivative contracts for
which there areany material foreseeable losses.
iii) There were no amounts which were required to be transferred by the company to the
Investor Education & Protection Fund.
iv)
a) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or anyother 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, whetherrecorded inwriting or otherwise, that the Intermediary shall,
whether, directly or indirectlylend or invest inother persons or entities identified in
any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or thelike on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, no
funds havebeen 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, whether, directly or indirectly, lend or
invest in otherpersons or entitiesidentified 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; and
c) Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (a) and (b) contain any material
misstatement.
v) No dividend has been declared or paid during the year by the Company.
(vi) Proviso 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 isapplicable to the Company with effect from April 1, 2023. Based on our
examination which included test checks, the company has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility
and the same has operated effectively from 1st April 2025 till the end of the Financial Year
for all relevant transactions recorded in the software. Further, during the course of our audit
we did notcome across anyinstance of audit trail feature being tampered with.
The company has complied with the proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 and Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
onpreservation of audit trail as per the statutory requirements for record retention for the
financial year ended March 31, 2026.
For K. N. Gutgutia& Co.
Chartered Accountants
FRN 304153E
CA Bharat Kumar Seta
Partner
Membership No :053061
Place : Kolkata
Date :30.05.2026
UDIN :26053061VVSLZV4781
|