We have audited the accompanying financial statements of Amit International Limited (“the
Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and
Loss (including Other Comprehensive Income), 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, 2025, 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 31^st March 2024.

b) We draw attention to Note 4(b) point (d) of the Financial Statements regarding non-provision
for doubtful advance amounting to Rs. 232.26/-(in lakhs) given to Topson Iron Ore India
Private Limited. The ultimate outcome 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 with Ind AS-109 at fair value as on 31^st March 2021 as the
latest financials are not available with the management. Refer Note No.4(a).

g) Company has not measured loans and advances at present value at the time of initial
recognition as required by Ind AS-109. Instead, these financial assets were initially recorded
at their nominal value. Although interest income and repayments on the loans have been
received during the period, the failure to initially measure these loans at fair value may have
resulted in a misstatement of the carrying amount of financial assets and the related income.
Refer Note No.4(b)

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 boards of directors 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 boards of directors 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 boards of directors, 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 aforesaid 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 31 st March, 2025
taken on record by the Board of Directors, none of the director is disqualified as on 31st
March, 2025 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 other notes of 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 other notes of 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.) Based on our examination, which included test checks, the Company has not used
accounting software systems for maintaining its books of account for the financial year
ended March 31, 2025 which have the feature of recording audit trail (edit log) facility and
the same has not been operated throughout the year for all relevant transactions recorded
in the software systems.

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^th May, 2025

UDIN: 25036867BMIKDW1874

Parag Mehta

Partner

Membership No: 036867