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Autoriders Finance Ltd.

BSE: 500030 Sector: Financials
NSE: AUTORIDFIN ISIN Code: INE450A01019
BSE 00:00 | 01 Jun Autoriders Finance Ltd
NSE 05:30 | 01 Jan Autoriders Finance Ltd
OPEN 0.47
PREVIOUS CLOSE 0.46
VOLUME 2
52-Week high 0.47
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.46
Buy Qty 1.00
Sell Price 0.46
Sell Qty 148.00
OPEN 0.47
CLOSE 0.46
VOLUME 2
52-Week high 0.47
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.46
Buy Qty 1.00
Sell Price 0.46
Sell Qty 148.00

Autoriders Finance Ltd. (AUTORIDFIN) - Auditors Report

Company auditors report

The Members of AUTORIDERS FINANCE LIMITED

Report on the audit of Standalone Financial Statements

We have audited the accompanying standalone financial statements of AUTORIDERS FINANCELIMITED ("the Company") which comprises Balance Sheet as at 31st March 2020the Statement of Profit and Loss Account and Cash Flow statement for the year ended 31stMarch 2020 and a summary of significant accounting policies and other explanatoryinformation (herein after referred to as financial statements)

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (the'Act') in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingthe Indian Accounting Standards (‘Ind AS') specified under section 133 of the Act ofthe state of affairs (financial position) of the Company as at 31 March 2020 and its Loss(Financial performance) and cash flows and the changes in equity for the year ended onthat date.

Basis for our Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the ‘Auditor's Responsibilities for the Audit of the FinancialStatements' Section of our Report. We are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountants of India(‘ICAI") together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules there under andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Emphasis of matters

a) The company has sold it's investments of Rs. 30.75 lacs to Directors and Relativesof Directors at Cost.

b) Trade Payables includes a sum of Rs. 858.22 lacs payable to a party on currentaccount which includes amount received as loan and also amounts payable for expenses forwhich proper bifurcation is not available.

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Information other than the financial statements and Auditors report thereon(‘Other information')

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and auditor's report thereon.

Our Opinion on the financial statements does not cover the information and we do notexpress any form of assurance or conclusions thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of the other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those charged with Governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the state of affairs ( financial position) profit orloss (financial performance) changes in equity and cash flows of the company in accordancewith the accounting principles generally accepted in India including the Ind As specifiedunder section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies ; making judgments and estimates that are reasonable andprudent ; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management and the Board of Directors areresponsible for assessing the Company's ability to continue as going concern disclosingas applicable matters related to going concern . However as referred in Note No 6 ofNotes on Accounts (Note no 1) the company has ceased to be going concern but continued toapply accounting principles in normal manner and there are no significant adjustmentsrequired to carrying amounts of its assets except for investments for which adequateprovision has been made for diminution in value thereof. All liabilities has beenclassified as Current nature irrespective of their terms of repayment.

Auditor's Responsibility for the audit of the financial statements

Our objective are to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatements whether due to fraud or error and toissue an auditors report that include our opinion. Reasonable assurance is a high level ofassurance but it is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatement can arise from fraud orerror and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decision of users taken on the basis ofthe financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude that company has ceased to be a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during an audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment in terms of the Section 143(11) of the Act we give in the "AnnexureA" a statement on the matters specified in paragraphs 3 and 4 of the Order to theextent applicable.

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

a. We have sought and obtained all the information and explanations which to the bestour knowledge and belief were necessary for the purpose of our 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 standalone financial statements dealt with by this Report are in agreement withthe books of accounts.

d. In our opinion the aforesaid financial statements comply with the Indian accountingstandards referred to in the Section 133 of the Companies Act 2013 and read with Rule No7 of the Companies Accounting Rules 2014.

e. On the basis of representations received from the directors as on Mar 31 2019 andtaken on record by the Board of Directors none of the directors is disqualified as on Mar31 2020 from being appointed as a director in terms of Section 164(2) of the Act.

f. As the Company is neither a going concern nor engaged in any business activityduring the year it has not established its internal financial control over financialreporting on criteria based on considering the essential components of internal controlstated in Guidance Note on Audit of internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. Because of this reason we areunable to obtain sufficient appropriate audit evidence to provide a basis for out opinionwhether the Company had adequate internal financial controls over financial reporting andwhether such internal financial controls were operating effectively as at March 31 2020.

g. With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to thebest of our information and according to the explanations given to us:

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.

h. With respect to the matter to be included in the Auditor's Report under Section197(16) we have to state that the company has not paid any remuneration to the Directorsduring the year and hence no details are required to be reported.

For M/s Sheth Doctor and Associates
Chartered Accountants
(Firm Regn No. 124822W)
Paresh S Doctor
Proprietor
Membership No. 036056
Mumbai.
Date : 28th July 2020
UDIN NO 20036056AAAABY3920

ANNEXURE A 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 31ST MARCH 2020)

i. The company is not having any fixed assets. Accordingly the Paragraph (i) (a)(b)and (c) of the Order is not applicable.

ii. The Company being a service company it does not have any inventories. AccordinglyParagraph (ii) (a) and (b) of the Order is not applicable.

iii. 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 ("the Act"). Accordingly paragraphs 3(iii)(a) and (b) ofthe Order are not applicable to the Company.

iv. 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.

v. 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. Accordingly paragraph 3(v) of the Order isnot applicable to the company.

vi. As the company is not engaged into any production activity the provisions ofmaintenance of cost records U/s 148 (1) of the Act are not applicable to it.

vii. a) As the company has not carried out any activity during the year it has notincurred any liability in respect of 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. AccordinglyParagraph (vii) (a) of the Order is not applicable to the company.

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.

viii. The Company does not have any loans or borrowings from banks financialinstitutions or government or dues to debenture holders during the year. AccordinglyParagraph (viii) of the Order is not applicable to the Company.

ix. 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.

x. 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.

xi. The company has not incurred any expenditure on managerial remuneration during theyear. Accordingly Paragraph 3(xi) of the Order is not applicable to the Company.

xi i. 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.

xi i i. In our opinion and according to the information and explanations given to usthe Company has not 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 relationships 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.

xiv. 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.

xv. 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.

xvi. 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 Act 1934.Accordingly Paragraph 3(xvi) of the Order is not applicable to the Company.

For Sheth Doctor& Associates
Chartered Accountants
(Firm Regn. No. 124822W)
Mumbai Paresh S. Doctor
Date: 28th July 2020 Proprietor
Membership No. 36056
UDIN NO 20036056AAAABY3920

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