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Autoriders International Ltd.

BSE: 512277 Sector: Others
NSE: N.A. ISIN Code: INE340U01010
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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 2015 the Statement of Profitand Loss Account for the year ended 31st March 2015 and a summary of significantaccounting 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 presentationof these 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 amountsdisclosures 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 five 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 qualified audit opinion.

Basis for Qualified Opinion

The company has written back a sum of Rs. 3430.40 lacs of old balances ofcreditors/loans due to group companies to Profit and Loss Appropriation Account asdetermined to be no longer payable as certified by the Board of Directors.(Refer Note No.(l) of Note No II of Notes on Accounts.)

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 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.

Emphasis of Matter

As referred in Note No. (k) of Note No. II of Notes forming part of the FinancialStatements the company has changed the method of the depreciation from written down valueto straight line method retrospectively consequent to the changes made by the CompaniesAct 2013 ("the Act') w.e.f. 1/4/2014 in relevant provisions and accordingly writtenback depreciation amounting to Rs. 5.37 crores and credited Profit and Loss Appropriationaccount by Rs. 3.63 crores(Net of Tax). The company has amortized net carrying value ofthe Fixed Assets over their useful lives as specified in the Part C of Schedule II of theAct for the current year. Based on the transitional provisions a sum of Rs. 7.39 lacs isdebited to Profit and Loss Account along with normal depreciation being carrying amountsof the fixed assets whose useful lives has already expired as on 1st April 2014.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) order 2015 ("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 statement on the matters specified in the paragraphs 3and 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 Act2013 and readwith Rule No 7 of the Companies Accounting Rules 2014.

e. On the basis of representations received from the directors as on Mar 31 2015 andtaken on record by the Board of Directors none of the directors is disqualified as on Mar312015 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 one Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014.

For Sheth Doctor and Associates

Chartered Accountants

(Finn Regit No. 124822W)

Paresh S Doctor

Proprietor

Membership No. 36056

Mumbai.

Date : 30th May 2015

ANNEXURE TO THE AUDITORS' REPORT

(REFERRED TO IN THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF AUTORIDERSINTERNATIONAL LIMITED ON THE ACCOUNTS FOR THE PERIOD

ENDED 31st March 2015)

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.

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 firmsand other parties listed in the register maintained under Section 189 of the Companies Act1956.

3] In our opinion and according to the information and explanations given to us thereare adequate internal control system commensurate with the size of the company and thenature of its business with regard to purchases of fixed assets and for the sale ofservices. During the course of our audit we have not observed any continuing failure tocorrect major weaknesses in internal controls system.

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] a) In our opinion and according to the information and explanations given to us thecompany is generally regular in depositing undisputed statutory dues including providentfund employees state insurance income tax custom duty excise duty etc with theappropriates authorities. There are no arrears of outstanding statutory dues as on 31stMarch 2015 for a period of more than six months from the date they became payable

b) As on 31st March 2015 according to the records of the company there are nodisputed dues on account of sale tax excise duty and income tax.

7] The company has not incurred cash loss during the year . The company has noaccumulated losses at the year end.

8] The company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.

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] To the best of our knowledge and belief and according to the information andexplanations given to us the term loans have been utilized for the purpose for which theywere obtained.

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 and on behalf of the SHETH DOCTOR & ASSOCIATES

Chartered Accountants.

FRN No. 124822W

PARESH .S. DOCTOR

Membership no. 36056

Mumbai

DATED : 30th May 2015.

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