Amit International Limited reported a net loss of ₹15.25 for the financial year ended March 31, 2026, alongside a qualified audit opinion citing non-provision for doubtful advances and non-compliance with regulatory accounting standards. The company’s auditor, Vinod S. Mehta & Co., highlighted lapses including the absence of actuarial valuation for employee benefits and incorrect initial measurement of financial assets. The Audit Committee and the Board of Directors reviewed and approved the statement on the impact of these qualifications on May 29, 2026.

Audit Qualifications and Financial Impact

The audit report identified six key areas of concern, though the adjusted financial figures remained unchanged from the audited figures reported before adjusting for qualifications. The primary qualification involved a non-provision for doubtful advances amounting to ₹232.26 Lakhs granted to Topson Iron Ore India Private Limited. The auditor stated that insufficient evidence regarding recoverability prevented the determination of the consequential impact on the financial statements.

Regulatory and Accounting Non-Compliances

Amit International failed to obtain mandatory registration under Section 45-IA of the Reserve Bank of India Act, 1934. Management attributed this lapse to the absence of new projects undertaken during the year. Additionally, the company did not recognize or provide for employee retirement benefits in accordance with Indian Accounting Standards (Ind AS) 19, accounting for them on a cash basis instead. The absence of an actuarial valuation report meant the liability could not be determined.

Valuation and Income Recognition Issues

The auditor drew attention to the valuation of certain investments at fair value based on financial information available as of March 31, 2021, due to the unavailability of updated financial statements from investee entities. Furthermore, loans and advances were not measured at fair value upon initial recognition as required under Ind AS 109, leading to potential misstatements in the carrying amount of financial assets and related finance income. The company also failed to charge interest on certain loans at the rate prescribed by Section 186 of the Companies Act, 2013, resulting in unrecognised interest income of ₹24.91 Lakhs and an understatement of income.

Financial Position

Despite the qualifications, the company’s reported financial metrics showed no adjustment. Total assets stood at ₹1991.24, while total liabilities and net worth were recorded at ₹1991.24 and ₹1958.57, respectively. Earnings per share (EPS) remained negative at -0.08.

Management confirmed it is looking into the matters raised by the auditor, while the auditor suggested the management address these issues on priority.

Amit International Limited has appointed Mr. Ravi Rakesh Gupta as Executive Director and Chief Financial Officer (CFO) effective May 28, 2026. The appointment strengthens the company's leadership structure as it continues its operations in the financial sector.

The intimation was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was submitted to BSE Limited, where the company is listed with scrip code 531300.

Profile of the Appointee

Mr. Ravi Rakesh Gupta possesses experience in the field of finance, accounts, business management, and corporate administration. His appointment was confirmed by Mr. Kirti Doshi, Managing Director of Amit International Limited.

Key Disclosures

The company provided the following details regarding the new appointment:

Mr. Ravi Rakesh Gupta is not related to any director of the company. Furthermore, he is not debarred from holding the office of director by virtue of any order passed by SEBI or any other authority, as per the disclosures required under BSE Circular reference no. LIST/COMP/14/2018-19 dated June 20, 2018.