1. We have audited the accompanying standalone financial statements of AMIT SECURITIES LIMITED, which comprise the
Balance Sheet as at 31 March 2024, the Statement of Profit and Loss,the Statement of Changes in Equity and the Statement
of Cash Flow on that date, a summary of the significant accounting policies and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
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 accounting standards prescribed under section 133 of the Act read with
the Companies (Accounting Standards) Rules, 2015, as amended and the otheraccounting principles generally accepted in
India, of the state of affairs of the Company as at 31 March 2024, the Profit and other comprehensive income,the changes
in equity and its cash flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the
Companies Act, 2013. Our responsibilities under those standards are further described in the Auditor's Responsibilities
for the Audit of the Financial Statements section of our 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 independence
requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the
rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code
of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
5. We have determined that there are no Key Audit Matters to be communicated in our audit report.
Information other than the Financial Statements and Auditor's Report thereon
6. The Company's Management and Board of Directors are responsible for the preparation of the other information and
presentation of its report (Hereinafter called as “Board Report”) which comprises various information required under
Section 134(3) of the Companies Act, 2013. However, our opinion on the financial statements does not cover 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
in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.
Management's and Board of Directors' Responsibility for the standaloneFinancial Statements
7. The Company's Management and Board of Directors are responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“The Act”) with respect to the preparation of thesestandalonefinancial 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 principles generally accepted in India, including the Indian Accounting Standards prescribedunder Section 133
of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of 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.
8. 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.
9. Those Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
10. Our responsibility is to express an opinion on these standalone financial statements based on our report. In conducting our
audit, we have taken into account the provisions of the act: the accounting and auditing standards and matter which are
required to be included in audit report under the provisions of the Act and Rules made thereunder.
11. 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 Standards on Auditing
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.
12. As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Ý Identify andassess the risksof material misstatementof 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.
Ý Obtain an understanding of internal control 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 the internal financial controls with reference to the consolidated financial statements and the operating
effectiveness of such controls.
Ý Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
Ý 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.
Ý 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.
13. 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.
14. 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.
15. 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 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
16. 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 Companies Act, 2013 we give in the “annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the order, to the extent applicable.
17. As required by Section 143 (3) of the Act, we report 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 of the Company.
(c) The Balance Sheet, the Statement of Profit and Loss(including other comprehensive income), the Statement of
Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31stMarch, 2024 and taken on record by
the Board of Directors, none of the directors is disqualified as on31stMarch, 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 with reference to financial statements of the Company
and the operating effectiveness of such controls, refer to our separate Report in “Annexure B'.
(g) 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, if any, of pending litigations on its financial position in itsInd AS
financial statements — Refer Note-30 to the Ind AS financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any on long term long-term contracts including derivative contracts.
iii. There were no amounts which were required to betransferred to the Investor Education and Protection Fund by
the Company.
(h)
(i) 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 any other sources or kind of funds) by the
Company to or in any other persons or entities, 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 (“Ultimate
Beneficiaries”) by or on behalf of the Company or
provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(ii) The management has represented, that, to the best of its knowledge and belief, no funds have been received by
the Company from any persons or entities, 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 (“Ultimate
Beneficiaries”) by or on behalf of the Funding Party or
provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.
(iii) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to
our notice that has caused us to believe that the representations under subclause (h) (i) and (h) (ii) contain any
material mis-statement.
(i) The Company has not declared any dividend during the current Financial year ended on March 31, 2024.
(j) Based on our examination, which included test checks, the Company has used accounting software for maintaining
its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit
log) facility and the same was operated throughout the year for all relevant transactions recorded in the software.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 01, 2023, reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory
requirements for record retention is not applicable for the financial year ended March 31, 2024.
18. With respect to the matter to be included in the Auditors' Report under section 197(16):
The Company has not paid/provided for any managerial remuneration during the year.
Place: Indore For M Mehta & Company
Dated:28.05.2024 Chartered Accountants
Firm Regn. No. 000957C
CA Nitin Bandi, (Partner)
M.No. 400394
UDIN: 24400394BKATNO6406
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