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Autoriders International Ltd.

BSE: 512277 Sector: Others
NSE: N.A. ISIN Code: INE340U01010
BSE 05:30 | 01 Jan Autoriders International Ltd
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Autoriders International Ltd. (AUTORIDERSINTL) - Auditors Report

Company auditors report

The Members of

AUTORIDERS INTERNATIONAL LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of AUTORIDERS INTERNATIONALLIMITED which comprises Balance Sheet as at 31st March 2017 the Statement of Profit andLoss Account and Cash Flow Statement for the year ended 31st March 2017 and asummary of significant accounting policies 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 ;making judgments and estimates that are reasonable and prudent ; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the company has in place adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 2017

(b) In the case of the Profit and Loss Account of the Profit for the year ended onthat date.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) order 2016 ("The Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in theparagraphs 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 Cash Flow Statement and other notesthereon 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 comply with theaccounting standards referred to in the Section 133 of the Companies Act 2013 and readwith Rule No 7 of the Companies (Accounts) Rules 2014.

e. On the basis of representations received from the directors as on Mar 31 2017 andtaken on record by the Board of Directors none of the directors is disqualified as onMarch 31 2017 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 financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in 'Annexure B'.

g. There are no other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules2014.

i. As per the information and explanations given to us there are no pending litigationsother than those disclosed in the financial statements.

ii. In the opinion of the company no provision is required under any law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts.

iii. There are no amounts to be transferred to Investor Education & Protection Fundduring the year.

iv. The company had provided requisite disclosure in its financial statements as toholdings as well as dealings in Specified Bank notes during the period from 8thNovember 2016 to 30th December 2016 and are in accordance with the books ofaccounts maintained by the company.

For Sheth Doctor and Associates Chartered Accountants (Firm Regn No. 124822W)

Sd/-

Paresh S Doctor

Proprietor

Membership No. 36056 Mumbai.

Date : 30th May 2017

(REFERRED TO IN THE REPORT OF EVEN DA TE OF THE A UDITORS TO THE MEMBERS OF AUTORIDERSINTERNATIONAL LIMITED ON THE ACCOUNTS FOR THE PERIOD ENDED 31st

March 2017)

1) a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us major portion of the fixed assets have been physically verifiedby the management at the year end which in our opinion is reasonable having regard to thesize of the company and nature of its assets. No material discrepancies were noticed onsuch physical verification.

c) The company is not having any immoveable property and accordingly Paragraph 1(iii)of the Order is not applicable to the company.

2) As the company is engaged in services it does not have any inventories andaccordingly Paragraph 2 (i) and (ii) is not applicable to the company.

3) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies firms limited liabilitypartnerships or other parties covered in the Register maintained under Section 189 of theCompanies Act 2013 (Rs. the Act"). Accordingly paragraphs 3(iii)(a) and (b) of theOrder are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us theCompany has not granted any loans or made any investments or provided any guarantees orsecurity to the parties covered under Section 185 of the Act. Accordingly the paragraph3(iv) of the Order is not applicable to the Company.

5) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of provisions ofsections 73 to 76 and the rules framed there under .Accordingly paragraph 3(v) of theOrder is not applicable to the Company.

6) The maintenance of cost records is not applicable to the Company as per theprovisions of section 148 of the Companies Act 2013 and rules framed there under.Accordingly paragraph 3(vi) of the Order is not applicable to the Company.

7) a) According to the information and explanations given to us and on the basis ofexamination of the records of the company the amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund InvestorEducation and Protection Fund Employee's State Insurance income tax sales tax servicetax value added tax Custom Duty Excise Duty Cess and other statutory dues asapplicable have been generally regularly deposited during the year by the Company withthe appropriate authorities except for amounts of service tax where delays has beenobserved in depositing the same with government authorities. According to the informationand explanations given to us there were no undisputed amounts payable in respect of abovedues at the year-end for the period of more than six months from the date they becomepayable.

b) On the basis of our examination of the documents and records there are no disputedstatutory due which remains to be deposited with the appropriate authorities.

8) According to the information and explanations given to us and on the basis ofexamination of the records the Company it has not defaulted during the year in repaymentof loans and borrowings from banks and financial institutions. The Company does not haveany dues to debenture holders during the year.

9) According to the information and explanations given to us and on the basis ofexamination of the records the Company the Company has not raised any moneys by way ofinitial public offers (including debt instruments) and has not obtained any term loansduring the year. Accordingly Paragraph 3(ix) of the Order is not applicable to theCompany.

10) During the course of our examination of the books and records of the Companycarried out in the accordance with the generally accepted audit practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by themanagement.

11) In our opinion and according to the information and explanations given to us themanagerial Remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the Act.

12) In our opinion and according to the information and explanations given to us TheCompany is not a Nidhi Company and the in Nidhi Rules 2014 are not applicable to it.Accordingly Paragraph 3(xii) of the Order is not applicable to the Company.

13) In our opinion and according to the information and explanations given to us theCompany has entered into transactions with related parties in compliance with theprovisions of Sections 177 and 188 of the Act where applicable and the details of suchrelated party transactions have been disclosed in the financial statements as required byAccounting Standard (AS) 18 Related Party Disclosures specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

14) According to the information and explanations given to us and on the based onexamination of the records of the Company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly Paragraph 3(xiv) of the Order is not applicable to the Company.

15) According to the information and explanations given to us and on the based onexamination of the records of the Company the company has not entered into non cashtransactions with directors or persons connected with them. Accordingly Paragraph 3(xv) ofthe Order is not applicable to the Company.

16) In our opinion and according to the explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act1934.Accordingly Paragraph 3(xvi) of the Order is not applicable to the Company.

For Sheth Doctor and Associates Chartered Accountants

(Firm Regn No. 124822W)

Sd/-

Paresh S Doctor

Proprietor

Membership No. 36056

Mumbai.

Date : 30th May 2017

ANNEXURE B

TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OFAUTORIDERS INTERNATIONAL LIMITED

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AutoridersInternational Limited ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit conducted in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing to the extent applicable to anaudit of internal financial controls. Those Standards and Guidance Note require that wecomply with ethical requirements and to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofinternal financial controls system over financial reporting and their effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal controls bases on the assessed risk. The procedures selecteddepend upon the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting system.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control

over financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and may not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of the changes in the conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating and such internal financial controls over financial reportingwere operating effectively as at March 31. 2017. based on the internal financial controlsover financial reporting criteria established by the Company considering the essentialcomponents of internal financial control stated in the Guidance Note.

For Sheth Doctor and Associates Chartered Accountants (Firm Regn No. 124822W)

Sd/-

Paresh S Doctor

Proprietor

Membership No. 36056

Mumbai.

Date : 30th May 2017