The Members of
Justride Enterprises Limited
(Formerly known as Tobu Enterprises Limited)
Report on the Financial Statements
We have audited the accompanying financial statements of Justride EnterprisesLimited (Formerly known as Tobu Enterprises Limited) ("the company") whichcomprise the Balance Sheet as at 31st March 2015 the Statement of Profit and Loss theCash Flow Statement for the year ended and a summary of the significant accountingpolicies and other explanatory information
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act' 203 ("the Act") with respect to the preparation ofthese financial Statements that give a true and fair view of the financial positionfinancial performance and cash flow of the company in accordance with the accountingprinciples generally accepted in India including the accounting standards specified undersection 133 of the Act read with Rule 7 of the Companies (accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies ; judgments and estimate that are reasonable and prudent: and designimplementation of adequate financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true view and freefrom material misstatement whether due to fraud or error.
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 assurance about whether thefinancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statement whether due to fraud or error. In making those risk assessments theauditor considers 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our adverse audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanations tothe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas 31st March 2015 and its profit/loss and its cash flow for the ended on that date.
[Emphasis of Matters]
We draw attention to the following matters in the Notes to the financial statements:
a) Note no.3 to the financial statements which describes the fixed assets are not inthe possession of the company and no depreciation provided on these assets.
b) Note 14 in the financial statements which indicate that the Company has accumulatedlosses and its net worth has been fully eroded the Company has incurred a net loss/netcash loss during the current and previous year (s) and the Company's current liabilitiesexceeded its current assets as at the balance sheet date. These conditions along withother matters set forth in Notes 14 indicate the existence of a material uncertainty thatmy cast significant doubt of the Company have been prepared on a going concern. Howeverthe financial statements of the Company have been prepared on a going concern basis forthe reasons stated in the said Note.
Our opinion is not modified in respect of matters.
Report on Other Legal and Regulatory Requirements
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 Companies Act 2015 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.
Further to our comments in the aforesaid annexure as required by section 143(3) of theAct we report that:
1. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.
2. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.
3. The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account [and with the returnsreceived from the branches not visited by us].
4. In our opinion the aforesaid financial statements comply with the accountingstandards specified under section 133 of the Act read with Rule 7 of the companies(accounts) Rule 2014.
5. The going concern matter described in sub-paragraph (b) under the Emphasis ofMatters Paragraph above in our opinion may have an adverse effect on the functioning ofthe Company.
6. On the basis of the written representations received from the directors isdisqualified as on 31st March 2015 from being appointed as directors in terms of section164(2) of the Act.
7. With respect to the other matters to be included in the Auditor's report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rule 2014 in our opinionand to the best of our information and according to the explanations given to us:
a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note XX to the financial statements;
b) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
c) There were no amounts which were required to be transferred to the investorEducation and Protection Fund by the Company.
For BNPSY & ASSOCIATES
Membership No. 086387
PLACE: New Delhi