Autoriders International Ltd.
|BSE: 512277||Sector: Others|
|NSE: N.A.||ISIN Code: INE340U01010|
|BSE 05:30 | 01 Jan||Autoriders International Ltd|
|NSE 05:30 | 01 Jan||Autoriders International Ltd|
|BSE: 512277||Sector: Others|
|NSE: N.A.||ISIN Code: INE340U01010|
|BSE 05:30 | 01 Jan||Autoriders International Ltd|
|NSE 05:30 | 01 Jan||Autoriders International Ltd|
The Members of
AUTORIDERS INTERNATIONAL LIMITED
Report on the audit of Financial Statements
I have audited the accompanying financial statements of AUTORIDERS INTERNATIONALLIMITED (the Company) which comprises Balance Sheet as at 31st March 2021the Statement of Profit and Loss ( including Other Comprehensive Income) Statement ofchanges in Equity and Cash Flow statement for the year ended 31st March 2021including summary of significant accounting policies and other explanatory information(herein after referred to as financial statements.
In my opinion and to the best of my information and according to the explanations givento me the financial statements give the information required by the Companies Act2013(Act) in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of thecompany as at 31st March 2021 and Loss and other comprehensive income changesin equity and its cash flows for the year ended on that date.
Basis for Opinion
I have conducted my audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. My responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the FinancialStatements' Section of my Report. I am independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India(ICAI) together with the ethical requirements that are relevant to my audit ofthe financial statements under the provisions of the Act and the Rules there under and Ihave fulfilled my other ethical responsibilities in accordance with these requirements andthe Code of Ethics. I believe that the audit evidence I have obtained is sufficient andappropriate to provide a basis for my opinion on the financial statements
Emphasis of Matters a) The company had granted unsecured loan of Rs. 300 lacs to agroup company which has ceased to be going concern. However in the opinion of managementthe same is good for recovery being a loan given to company within group. ( Refer Note No.34 of Notes forming part of accounts) b) The company could not carry out InternalFinancial Controls review due to Covid 19 lock down situations at the year end. ( ReferNote No. 37 of Notes forming part of accounts)
c) Balances of Income Tax Refunds receivable are subject to confirmation. ( Refer NoteNo 35 of Notes forming part of accounts)
d) The Company has written off a sum of Rs. 56.09 lacs (Net of Credit balances of Rs.20.18 lacs) towards old balances which has been accepted as certified by management only.
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.My Opinion on the financial statements does not cover the information and I do not expressany form of assurance or conclusions thereon. In connection with my audit of the financialstatements my responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the financial statements ormy knowledge obtained in the audit or other wise appears to be materially misstated. Ifbased on the work I have performed I conclude that there is a material misstatement ofthe other information I am required to report that fact. I have nothing to report in thisregard.
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 and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.
Auditor's Responsibility for the audit of the financial statements
My objective is 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 my 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 I exercise professional judgment andmaintain professional skepticism throughout the audit. I also: Identify and assess therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for my opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances. Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If I conclude that a material uncertainty existsI am required to draw attention in my auditors report to the related disclosuresconclusions are based on the audit evidence obtained up to the date of my auditor'sreport. However future events or conditions may cause the Company to cease to continue asa 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.
I 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 I identify during an audit. I alsoprovide those charged with governance with a statement that I have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on my independenceand where applicable related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies ( Auditor's Report) Order2016 issued by theCentral Government in terms of the Section 143(11) of the Act I give in theAnnexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.
2 As required by Section 143(3) of the Act I report that:
a. I have sought and obtained all the information and explanations which to the best myknowledge and belief were necessary for the purpose of my audit.
b. In my opinion proper books of accounts as required by law have been kept by theCompany so far as appears from my examination of those books.
c. The standalone financial statements dealt with by this Report are in agreement withthe books of accounts.
d. In my opinion the aforesaid financial statements comply with the Indian accountingstandards referred to in the Section 133 of the Companies Act2013 and read with Rule No 7of the Companies Accounting Rules 2014.
e. On the basis of representations received from the directors as on Mar 31 2020 andtaken on record by the Board of Directors none of the directors is disqualified as on Mar312021 from being appointed as a director in terms of Section 164(2) of the Act. f. Asreferred in Para (b) of the main report the company could not carry out review of InternalFinancial Controls due to Covid 19 lockdown situations at the year end and hence separatereport on the Internal Financial Controls under Clause (i) of Subsection 3 of Section 143of the Companies Act 2013 (the Act) is not given.
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 my opinion and to thebest of my information and according to the explanations given to me:
i. As per the information and explanations given to me there are no pending litigationsother than those disclosed in the financial statements. ii. As per the information andexplanations given to me the company has not entered into any long-term derivativecontracts during the year and hence there exists no such losses from such contracts whichrequires provision in the accounts. iii. There are no amounts to be transferred toInvestor Education & Protection Fund during the year.
h. With respect to the matter to be included in the Auditor's Report under Section197(16): In my opinion and according to the information and explanations given to me theremuneration paid by the company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to the directors isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us.
ANNEXURE A 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 2021)
I. a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b) As explained to me major portion ofthe fixed assets have been physically verified by the management at the year end which inmy opinion is reasonable having regard to the size of the company and nature of itsassets. No material discrepancies were noticed on such physical verification. c) Thecompany is not having any immoveable property and accordingly Paragraph 1(iii) of theOrder is not applicable to the company.
II. 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.
III. The Company had granted loan to Company in earlier year amounting to Rs. 300 lacsbeing a party covered in the Register maintained under Section 189 of the Companies Act2013 (the Act) which has ceased to be a going concern and the loan is grantedinterest free unsecured and without stipulation as to it's repayment. The company has notreceived any repayment of such loan during the year. Accordingly the said Loan is primafacie prejudicial to the interests of the company.
IV. In our opinion and according to the information and explanations given to us thecompany has not granted any loans during the year or provided any guarantees or securityto the parties covered under Section 185 of the Act. The Company has also made anyinvestments during the year requiring compliance with the provisions of Section 186 of theAct .
V. In our opinion and according to the information and explanations given to me 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.
VI. 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.
VII. a) According to the information and explanations given to me 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. According to the information and explanations given to methere were no undisputed amounts payable in respect of above dues at the year-end for theperiod of more than six months from the date they become payable.
b) On the basis of my examination of the documents and records there are no disputedstatutory due which remains to be deposited with the appropriate authorities.
VIII. According to the information and explanations given to me 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.
IX. According to the information and explanations given to me 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 me I 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. In my opinion and according to the information and explanations given to me 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.
XII. In my opinion and according to the information and explanations given to me 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.
XIII. In my opinion and according to the information and explanations given to me 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.
XIV. According to the information and explanations given to me 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 me 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 me 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.