The Members of
AUTORIDERS FINANCE LIMITED
Report on the audit of Standalone Financial Statements
We have audited the accompanying standalone financial statements of AUTORIDERS FINANCE
LIMITED ("the Company"), which comprises Balance Sheet as at 31st March, 2021,
the Statement of Profit and Loss Account and Cash Flow statement for the year ended 31st
March 2021, and a summary of significant accounting policies and other explanatory
information (herein after referred to as financial statements)
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act 2013 (theAct) in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India including
the Indian Accounting Standards (‘Ind AS) specified under section 133 of the Act, of
the 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 on
that date.
Basis for our Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those SAs are further
described in the ‘Auditors Responsibilities for the Audit of the Financial
Statements Section of our Report. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India
(‘ICAI") together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Act and the Rules there under, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Emphasis of matters
Trade Payables includes a sum of Rs. 868.22 lacs payable to a party on current account
which includes amount received as loan and also amounts payable for expenses for which
proper bifurcation is not available. ( Please refer Para No 7 of note no 1 of Notes on
Accounts)
Key audit matters are those matters that, in our professional judgement, were of most
significance 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 in
forming 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 Companys management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Companys
annual report, but does not include the financial statements and auditors report thereon.
Our Opinion on the financial statements does not cover the information and we do not
express any form of assurance or conclusions thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or other wise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of the other information, we
are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those charged with Governance for the Standalone
Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these standalone financial statements
that give a true and fair view of the state of affairs ( financial position), profit or
loss (financial performance) changes in equity and cash flows of the company in accordance
with the accounting principles generally accepted in India, including the Ind As 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.
In preparing the financial statements, management and the Board of Directors are
responsible for assessing the Companys ability to continue as going concern, disclosing,
as applicable, matters related to going concern . However as referred in Note No 6 of
Notes on Accounts (Note no 1) the company has ceased to be going concern but continued to
apply accounting principles in normal manner and there are no significant adjustments
required to carrying amounts of its assets except for investments for which adequate
provision has been made for diminution in value thereof. All liabilities has been
classified as Current nature irrespective of their terms of repayment.
Auditors Responsibility for the audit of the financial statements
Our objective are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatements, whether due to fraud or error, and to
issue an auditors report that include our opinion. Reasonable assurance is a high level of
assurance, but it is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatement can arise from fraud or
error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decision of users taken on the basis of
the financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of
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 financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during an audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
As required by the Companies ( Auditors Report) Order,2016 issued by the Central
Government in terms of the Section 143(11) of the Act, we give in the "Annexure
A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.
As required by Section 143(3) of the Act, we report that :
We have sought and obtained all the information and explanations which to the best our
knowledge and belief were necessary for the purpose of our audit .
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 .
The standalone financial statements dealt with by this Report are in agreement with the
books of accounts.
In our opinion, the aforesaid financial statements comply with the Indian 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.
On the basis of representations received from the directors as on Mar 31, 2021 and
taken on record by the Board of Directors, none of the directors is disqualified as on Mar
31,2021 from being appointed as a director in terms of Section 164(2) of the Act.
As the Company is neither a going concern nor engaged in any business activity during
the year, it has not established its internal financial control over financial reporting
on criteria based on considering the essential components of internal control stated in
Guidance Note on Audit of internal Financial Controls over Financial Reporting issued by
the Institute of Chartered Accountants of India. Because of this reason, we are unable to
obtain sufficient appropriate audit evidence to provide a basis for our opinion whether
the Company had adequate internal financial controls over financial reporting and whether
such internal financial controls were operating effectively as at March 31, 2021.
With respect to other matters to be included in the Auditors Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best
of our information and according to the explanations given to us:
As per the information and explanations given to us there are no pending litigations
other than those disclosed in the financial statements.
In the opinion of the company no provision is required under any law or accounting
standards, for material foreseeable losses, if any , on long term contracts including
derivative contracts.
There are no amounts to be transferred to Investor Education & Protection Fund
during the year.
With respect to the matter to be included in the Auditors Report under Section
197(16), we have to state that the company has not paid any remuneration to the Directors
during the year and hence no details are required to be reported.
ANNEXURE A TO THE AUDITORS REPORT
(REFERRED TO IN THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF AUTORIDERS
FINANCE LIMITED ON THE ACCOUNTS FOR THE PERIOD ENDED 31ST MARCH, 2021)
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. Accordingly
Paragraph (a) and (b) of the Order is not applicable.
iii. According to the information and explanations given to us, the Company has not
granted any loans, secured or unsecured, to Companies, firms, limited liability
partnerships or other parties covered in the Register maintained under Section 189 of the
Companies Act, 2013 ("the Act"). Accordingly, paragraphs 3(iii)(a) and (b) of
the Order are not applicable to the Company.
iv. In our opinion and according to the information and explanations given to us, the
Company has not granted any loans, or made any investments or provided any guarantees or
security to the parties covered under Section 185 of the Act. Accordingly, the paragraph
3(iv) of the Order is not applicable to the Company.
v. In our opinion and according to the information and explanations given to us the
Company has not accepted any deposits from the public within the meaning of provisions of
sections 73 to 76 and the rules framed there. Accordingly paragraph 3(v) of the Order is
not applicable to the company.
vi. As the company is not engaged into any production activity, the provisions of
maintenance 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 not
incurred any liability in respect of statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, income tax, sales tax, service
tax, value added tax, Custom Duty, Excise Duty, Cess and other statutory dues. Accordingly
Paragraph (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 disputed
statutory due which remains to be deposited with the appropriate authorities.
viii. The Company does not have any loans or borrowings from banks financial
institutions or government or dues to debenture holders during the year. Accordingly
Paragraph (viii) of the Order is not applicable to the Company.
ix. According to the information and explanations given to us and on the basis of
examination of the records, the Company, the Company has not raised any moneys by way of
initial public offers (including debt instruments) and has not obtained any term loans
during the year. Accordingly Paragraph 3(ix) of the Order is not applicable to the
Company.
x. During the course of our examination of the books and records of the Company,
carried out in the accordance with the generally accepted audit practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company by its officers or employees,
noticed or reported during the year, nor have we been informed of any such case by the
management.
xi. The company has not incurred any expenditure on managerial remuneration during the
year. Accordingly Paragraph 3(xi) of the Order is not applicable to the Company.
xii. In our opinion and according to the information and explanations given to us, the
Company 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 our opinion and according to the information and explanations given to us, the
Company has not entered into transactions with related parties in compliance with the
provisions of Sections 177 and 188 of the Act where applicable and the details of such
related party relationships have been disclosed in the financial statements as required by
Accounting Standard (AS) 18, Related Party Disclosures specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
xiv. According to the information and explanations given to us and on the based on
examination of the records of the Company, the company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the 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 on
examination of the records of the Company, the company has not entered into non cash
transactions with directors or persons connected with them. Accordingly Paragraph 3(xv) of
the Order is not applicable to the Company.
xvi. In our opinion and according to the explanations given to us, the Company is not
required 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) |
| Shirpur Paresh S.Doctor |
| Date : 29th June 2021 |
| Proprietor Membership No. 36056 |
| UDIN NO 21036056AAAACG7036 |
+91-9892691696
