The Members of
AUTORIDERS INTERNATIONAL LIMITED Report on the audit of Financial Statements Opinion
I have audited the accompanying financial statements of AUTORIDERS INTERNATIONAL
LIMITED ("the Company"], which comprises Balance Sheet as at 31st March, 2023,
the Statement of Profit and Loss ( including Other Comprehensive Income] , Statement of
changes in Equity and Cash Flow statement for the year ended 31st March 2023,
including 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 given
to me, the financial statements give the information required by the Companies Act, 2013
(Act"] in the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India of the state of affairs of the
company as at 31st March 2023, and Loss and other comprehensive income, changes
in 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) specified
under section 143(10] of the Act. My responsibilities under those SAs are further
described in the Auditors Responsibilities for the Audit of the Financial Statements
Section of my Report. I am 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 my audit of the financial statements
under the provisions of the Act and the Rules there under, and I have fulfilled my other
ethical responsibilities in accordance with these requirements and the Code of Ethics. I
believe that the audit evidence I have obtained is sufficient and appropriate 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 a group company which has
ceased to be going concern and it is doubtful of recovery, however in the opinion of
management the same is good for recovery being a loan given to company within group.
(Refer 33 of Notes forming part of accounts]
b) In the absence of necessary information from Management, the review of Internal
Financial Controls could not be carried out. ( Refer Note No 36 of Notes forming part of
accounts]
c) Balances of Income Tax Refunds receivable are subject to confirmation.
(Refer Note No 34 of Notes forming part of accounts]
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.
My Opinion on the financial statements does not cover the information and I do not
express any form of assurance or conclusions thereon.
In connection with my audit of the financial statements, my responsibility is to read
the other information and in doing so, consider whether the other information is
materially inconsistent with the financial statements or my knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work I have
performed, I conclude that there is a material misstatement of the other information, I am
required to report that fact. I 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 and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Auditors Responsibility for the audit of the financial statements
My objective is 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 my 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, I exercise professional judgment and
maintain professional skepticism throughout the audit. I 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 my 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 on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If I conclude that a material uncertainty exists,
I am required to draw attention in my auditors report to the related disclosures
conclusions are based on the audit evidence obtained up to the date of my auditors
report. However, future events or conditions may cause the Company to cease to continue as
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.
I 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 I identify during an audit.
I also provide those charged with governance with a statement that I 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 my independence,
and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies ( Auditors Report] Order,2020 issued by the Central
Government in terms of the Section 143(11] of the Act, I give in the "Annexure
A" a statement on the matters specified in paragraphs 3 and 4 of the Order, 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 my
knowledge 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 the
Company so far as appears from my examination of those books .
c. The standalone financial statements dealt with by this Report are in agreement with
the books of accounts.
d. In my 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.
e. On the basis of representations received from the directors as on Mar 31, 2023 and
taken on record by the Board of Directors, none of the directors is disqualified as on Mar
31,2023 from being appointed as a director in terms of Section 164(2] of the Act.
f. As referred in Para (b) of the main report the company could not carry out review of
Internal Financial Controls , and hence separate report on the Internal Financial Controls
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the
Act") is not given.
g. 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 my opinion and to the
best 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 litigations
other than those disclosed in the financial statements.
ii. As per the information and explanations given to me the company has not entered
into any long term derivative contracts during the year and hence there exists no such
losses from such contracts which requires provision in the accounts.
iii. There are no amounts to be transferred to Investor Education & Protection Fund
during the year
iv. a] The management has represented that, to the best of its knowledge and belief, as
disclosed no funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds] by the Company to or in any other
persons or entities, including foreign entities ("Intermediaries"], with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:
directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries"] by or on behalf of the Company, or
provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b] The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including foreign
entities ("Funding Parties"], with the understanding, whether recorded in
writing or otherwise, that the Company shall: directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever ("Ultimate
Beneficiaries"] by or on behalf of the Funding Party or provide any guarantee,
security or the like from or on behalf of the Ultimate Beneficiaries.
Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has caused us to believe that the representations under clause iv
(a] and (b] contain any material misstatement.
h. With respect to the matter to be included in the Auditors Report under Section
197(16]:
In my opinion and according to the information and explanations given to me, the
remuneration paid by the company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to the
directors is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate affairs has not prescribed other details under Section 197(16] which
are required 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 AUTORIDERS
INTERNATIONAL LIMITED ON THE ACCOUNTS FOR THE PERIOD
ENDED 31st March 2023)
I. a) The company has maintained proper records showing full particulars including
quantitative details and situation of Plant Property and Equipments (PPE).
b) As explained to me major portion of the PPE have been physically verified by the
management at the year end, which in my opinion is reasonable having regard to the size of
the company and nature of its assets. No material discrepancies were noticed on such
physical verification.
c) The company is not having any immoveable property and accordingly Paragraph 1(iii)
of the Order is not applicable to the company.
d) According to the information and explanations given to me and on the basis of
examinations of records of the Company, the Company has not revalued its Property, Plant
and Equipment (Including Right of use Assets) of intangible assets or both during the
year.
e) According to the information and explanations given to me and on the basis of
examinations of records of the Company, there are no proceedings initiated against the
Company for holding any benami property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made there under.
II. As the company is engaged in services it does not have any inventories and
accordingly Paragraph 2 (i) and (ii) is not applicable to the company.
III. According to the information and explanations given to me and on the basis of
examinations of records of the Company, the Company has not been sanctioned working
capital limits in excess of Rs Five Crores during the year in aggregate, from banks and
financial institutions on the basis of security of current assets. Hence no comments are
given on discrepancies if any between values of current assets declared to such banks of
financial institutions and values as per books of accounts.
IV. According to the information and explanations given to me and on the basis of
examination of the records of the Company, the Company has not made any investments,
provided guarantee or security or granted any advances in the nature of loans, secured or
unsecured, to companies, firms, limited liability partnerships or any other parties during
the year.
(a) The Company had granted loan to Company in earlier year ,amounting to Rs. 300 lacs
being a party covered in the Register maintained under Section 189 of the Companies Act,
2013 (the Act") which has ceased to be a going concern and the loan is granted
interest free, unsecured and without stipulation as to its repayment. The company has not
received any repayment of such loan during the year. No terms of repayments has been
specified for such loan. Accordingly the said Loan is prima facie prejudicial to the
interests of the company.
(b) There is no overdue amount for more than ninety days in respect of Loans given,
Further the Company has not granted any advance in the nature of loans to any party.
(c) There is no loan or advance in the nature of loan granted falling due during the
year, which has been renewed or extended or fresh loans granted to settle the overdues of
existing loans given to same parties.
V. In our opinion and according to the information and explanations given to me, the
company has not granted any loans during the year or provided any guarantees or security
to the parties covered under Section 185 of the Act. The Company has also made any
investments during the year requiring compliance with the provisions of Section 186 of the
Act .
VI. In our opinion and according to the information and explanations given to me 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 under .Accordingly , paragraph 3(v) of the
Order is not applicable to the Company.
VII. The maintenance of cost records is not applicable to the Company as per the
provisions 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.
(a) The Company does not have liability in respect of Service tax, Duty of excise,
Sales tax and Value added tax during the year since effective 1 July 2017, these statutory
dues has been subsumed into GST.
According to the information and explanations given to me and on the basis of
examination of the records of the Company, in our opinion amounts deducted / accrued in
the books of account in respect of undisputed statutory dues including Goods and Services
Tax (GST), Provident fund, Employees State Insurance, Income- Tax, Duty of Customs,
Cess and other statutory dues have generally been regularly deposited by the Company with
the appropriate authorities.
According to the information and explanations given to me and on the basis of
examination of the records of the Company, no undisputed amounts payable in respect of
Goods and Services Tax (GST), Provident fund, Employees State Insurance, Income-Tax,
Duty of Customs, Cess and other statutory dues were in arrears as at 31 March 2023 for a
period of more than six months from the date they became payable.
VIII. According to the information and explanations given to me and on the basis of
examination of the records of the Company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as Income in the books of accounts, in the tax
assessments under the Income Tax Act ,1961 as Income during the year.
IX. According to the information and explanations given to me and on the basis of
examination of the records, the Company,
a) The Company has not defaulted during the year in repayment of loans and borrowings
or repayment of Interest thereon to any lender.
b) The Company has not been declared as wilful defaulter by any bank or financial
institution or government or government authority.
c) Term loans were applied for the purpose for which they were obtained.
d) Based on Overall examination of the Balance Sheet of the Company , I report that no
e) Funds raised for Short Term Purposes were applied for Long Term Purposes by the
Company.
f) The Company has no subsidiaries or joint ventures as defined under the Act, hence
comments under para nos are not applicable.
X. According to the information and explanations given to me and on the basis of
examination of the records, the Company, the Company has neither raised any moneys by way
of issue of Non Convertible Debentures nor has made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly
Paragraph 3(x)(b)of the Order is not applicable to the Company.
XI. a) 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 me, I 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.
b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as
prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the
Central Government.
c) As per the information and explanations given to me, there are no whistle blower
complaints received by the company during the year.
XII. In my opinion and according to the information and explanations given to me, The
Company is not a Nidhi Company and the in Nidhi Rules 2014 are not applicable to it
Accordingly Paragraph 3(xii)(a)(b)(c) of the Order is not applicable to the Company.
XIII. In my opinion and according to the information and explanations given to me, the
Company has 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 transactions 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. a) Based on the information and explanations provided to me and my audit
procedures, the Company has an Internal Audit System, however it requires to be
strengthened to commensurate with the size and nature of business of the company.
b) We have considered the internal audit reports of the Company issued till date for
the period of audit.
XV. According to the information and explanations given to me and on the based on
examination of the records of the Company, the company has not entered into non-cash
transactions with its Directors or persons connected to its directors and hence Provisions
of Section 192 of the Companies Act 2013 are not applicable to the Company.
XVI. a)In our opinion and according to the explanations given to me, the Company is not
required to be registered under section 45-IA of the Reserve Bank of India Act
1934.Accordingly Paragraph 3(xvi)(a)of the Order is not applicable to the Company.
b) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly paragraph 3(xvi)(c) of the Order is not
applicable to the Company.
c) The Company is not part of any group (as per the provisions of the Core Investment
Companies (Reserve Bank) Directions . Accordingly Paragraph 3(xvi)(d) of the Order is not
applicable to the Company.
XVII. The Company has not incurred cash losses in the current and the immediately
preceding financial year.
XVIII. There has been no resignation of the statutory auditors during the year.
Accordingly clause 3(xviii) of the Order is not applicable.
XIX. According to the information and explanations given to me and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on my examination of
the evidence supporting the assumptions, nothing has come to my attention, which causes me
to believe that any material uncertainty exists as on the date of the audit report that
the Company is not capable of meeting its liabilities existing at the date of balance
sheet as and when they fall due within a period of one year from the balance sheet date.
I, however, state that this is not an assurance as to the future viability of the Company.
I further state that my reporting is based on the facts up to the date of the audit report
and I neither give any guarantee nor any assurance that all liabilities falling due within
a period of one year from the balance sheet date, will get discharged by the Company as
and when they fall due.
XX. In our opinion and according to the information and explanations given to us, there
is no unspent amount under sub-section (5) of section 135 of the Act pursuant to any
project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.
| For M/S K P D & CO Chartered Accountants (Firm Regn No. 136856W) |
| Sd/- |
| Khushboo P Doctor Proprietor Membership No. 135634 UDIN NO. 23135634BGYWNC2129 |
| Place: Mumbai Date: 25th May 2023 |
+91-9892691696
