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Autoriders Finance Ltd.

BSE: 500030 Sector: Financials
NSE: AUTORIDFIN ISIN Code: INE450A01019
BSE LIVE 11:31 | 01 Dec 1.05 -0.05
(-4.55%)
OPEN

1.15

HIGH

1.15

LOW

1.05

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.15
PREVIOUS CLOSE 1.10
VOLUME 2222
52-Week high 1.65
52-Week low 0.50
P/E
Mkt Cap.(Rs cr) 1.38
Buy Price 1.05
Buy Qty 478.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.15
CLOSE 1.10
VOLUME 2222
52-Week high 1.65
52-Week low 0.50
P/E
Mkt Cap.(Rs cr) 1.38
Buy Price 1.05
Buy Qty 478.00
Sell Price 0.00
Sell Qty 0.00

Autoriders Finance Ltd. (AUTORIDFIN) - Auditors Report

Company auditors report

To the Members of

Autoriders Finance Limited

Report on the Financial Statements

We have audited the accompanying financial statements of AUTORIDERS FINANCE LIMITEDwhich comprises Balance Sheet as at 31st March 2015 the Statement of Profit and LossAccount for the year ended 31st March 2015 and a summary of significant accountingpolicies and other explanatory information.

Managements’ Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the presentation ofthese financial statements that give a true and fair view of the financial position andfinancial performance in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent ; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of accounting records relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based or\ ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143 (10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that five a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion.

Basis for Qualified Opinion

The company has written back a sum of Rs. 527.04 lacs (Net) of old balances ofcreditors/loans due to group companies to General Reserve Account as determined to be nolonger payable as certified by the Board of Directors.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the Basis for QualifiedOpinion paragraph the financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015

(b) In the case of the Profit and Loss Account of the Loss for the year ended on thatdate.

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Emphasis of Matter

As referred in Note No. 17 and 18 of Notes forming part of the Financial Statementsthe company has written back a sum of Rs. 6904.58 lacs being gain on settlement of itsliability in the form of Debentures with Interest accrued thereon issued to Unit Trust ofIndia (UTI) in pursuance to One Time Settlement (OTS) reached with UTI and a sum of Rs.3451.11 lacs being gain on settlement of its Cash Credit and other Term Loan Liabilitiesto Union Bank Of India (UBI) and other consortium banks in pursuance of OTS reached withthe said banks in earlier years respectively to General Reserve Account during the year.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (“TheOrder”) issued by the Central

Government of India in terms of sub section (11) of section 143 of the Act we give inthe Annexure a

statement on the matters specified in the paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best ourknowledge and belief were necessary for the purpose of audit.

b. In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books.

c. The Balance Sheet Statement of Profit and Loss and other notes thereon dealt withby this Report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet and Statement of Profit and Loss comply with theaccounting standards referred to in the Section 133 of the Companies Act 2013 and readwith Rule No. 7 of the Companies Accounting Rules 2014.

e. On the basis of representations received from the Directors as on March 31 2015 andtaken on record by the Board of Directors none of the directors is disqualified as onMarch 31 2015 from being appointed as a director in terms of Section 164(2) of the Act.

f. There are no other matters to be included in the Auditor’s Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014.

For SETH DOCTOR & ASSOCIATES
Chartered Accountants
(Firm Regn No. 124822W)
MUMBAI. PARESH S. DOCTOR
Date: 30th May 2015. Proprietor
Membership No. 36056

ANNEXURE TO THE AUDITORS’ REPORT

(REFERRED TO IN THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF AUTORIDERSFINANCE LIMITED ON THE ACCOUNTS FOR THE PERIOD ENDED 31 ST MARCH 2015)

1] The company is not having any fixed assets and accordingly comments on itsverification and maintenance of its records is not dealt with. '

2] As the company being a service company it does not have any inventories and relevantclauses are not applicable and hence not dealt with.

3] The company has not granted any loans secured or unsecured to Companies firms andother parties listed in the register maintained under Section 189 of the Companies Act1956.

3] As the company has not carried out any activity during the year the comments onInternal controls are not dealt with.

4] The company has not accepted any deposits from the public within the meaning ofprovisions of sections 73 to 76 and rules framed there under.

5] Maintenance of cost records under section 148 (1) of the Act are not applicable tothe company.

6] As company has not carried out any activity during the year it has no liability onaccount of statutory dues during the year

7] The company has incurred cash loss during the year. The accumulates losses of thecompany are more than fifty per cent of its net worth.

8] The company has defaulted in repayment of dues to a financial institution and bankor debenture holders in the past and accounted for gains on settlements as per One TimeSettlement as referred to in Note No. 17 and 18 of Note on Accounts. There are Nooutstanding in respect of such loans at the year end.

9] According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks and financial institutions.

10] The company has not raised any amounts through Term Loans during the year.

11] To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company on or by the Company was noticedor reported during the year.

For SETH DOCTOR & ASSOCIATES
Chartered Accountants
(Firm Regn No. 124822W)
MUMBAI. PARESH S. DOCTOR
Date: 30th May 2015. Proprietor
Membership No. 36056

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