| We have audited the accompanying financial statements of AUTORIDERS
FINANCE LIMITED, which comprises Balance Sheet as at 31st March, 2015,
the Statement of Profit and Loss Account for the year ended 31st March
2015 and a summary 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 Section 134(5) of the Companies Act 2013 ("the Act") with respect to
the presentation of these financial statements that give a true and
fair view of the financial position and financial performance in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under 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 accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent ; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of accounting records, relevant
to the preparation and presentation of the financial statements that
give a true and 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 our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143 (10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that five a true and fair view
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on
whether the company has in place adequate internal financial controls
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
The company has written back a sum of Rs. 527.04 lacs (Net) of old
balances of creditors/loans due to group companies to General Reserve
Account as determined to be no longer payable as certified by the Board
of Directors.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matters
described in the Basis for Qualified Opinion paragraph, the financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015
(b) In the case of the Profit and Loss Account, of the Loss for the
year ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
As referred in Note No. 17 and 18 of Notes forming part of the
Financial Statements, the company has written back a sum of Rs. 6904.58
lacs being gain on settlement of its liability in the form of
Debentures with Interest accrued thereon issued to Unit Trust of India
(UTI) in pursuance to One Time Settlement (OTS) reached with UTI and a
sum of Rs. 3451.11 lacs being gain on settlement of its Cash Credit and
other Term Loan Liabilities to Union Bank Of India (UBI) and other
consortium banks in pursuance of OTS reached with the said banks in
earlier years, respectively to General Reserve Account during the year.
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 of the Act, we give in the Annexure a
statement on the matters specified in the paragraphs 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 our knowledge 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 the Company so far as appears from our examination of
those books.
c. The Balance Sheet, Statement of Profit and Loss and other notes
thereon 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 the accounting standards referred to in the Section 133 of
the Companies Act, 2013 and read with Rule No. 7 of the Companies
Accounting Rules, 2014.
e. On the basis of representations received from the Directors as on
March 31, 2015 and taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2015 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 the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014.
ANNEXURE TO THE AUDITORS' REPORT
1] The company is not having any fixed assets and accordingly comments
on its verification and maintenance of its records is not dealt with.
2] As the company being a service company it does not have any
inventories and relevant clauses are not applicable and hence not dealt
with.
3] The company has not granted any loans, secured or unsecured, to
Companies, firms and other parties listed in the register maintained
under Section 189 of the Companies Act, 1956.
3] As the company has not carried out any activity during the year the
comments on Internal controls are not dealt with.
4] The company has not accepted any deposits from the public within the
meaning of provisions 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 to the company.
6] As company has not carried out any activity during the year, it has
no liability on account of statutory dues during the year
7] The company has incurred cash loss during the year. The accumulates
losses of the company are more than fifty per cent of its net worth.
8] The company has defaulted in repayment of dues to a financial
institution and bank or debenture holders in the past and accounted for
gains on settlements as per One Time Settlement as referred to in Note
No. 17 and 18 of Note on Accounts. There are No outstanding in respect
of such loans at the year end.
9] According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
10] The company has not raised any amounts through Term Loans during
the year.
11] To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
on or by the Company was noticed or reported during the year.
For SETH DOCTOR & ASSOCIATES
Chartered Accountants
(Firm Regn No. 124822W)
MUMBAI. PARESH S. DOCTOR
Date : 30th May, 2015. Proprietor
Membership No. 36056
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