Autoriders International Ltd Auditors Report.

The Members of AUTORIDERS INTERNATIONAL LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of AUTORIDERS INTERNATIONAL LIMITED, which comprises Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss Account and, Cash Flow Statement for the year ended 31st March 2018 and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companys 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.

Auditors 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 arefree^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 auditors 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 Companys preparation of the financial statements that give 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 Companys Directors as well as evaluating the overall presentation of the financial statements as per IND AS.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis of Qualified Opinion

- During the year the company has paid service tax pertaining to earlier years and for the year under audit based on seif computations, which is inclusive of Interest amounting to Rs. 25.28 lacs but the same is not chaiged tv Profit and Loss account and kept under Other current assets and to be adjusted to profitability of the year in which formal demand is received from the Service Tax department

- Interest on late payments of service tax for the past years, amounting to Rs. 14.01 lacs paid in next year but not provided for in the profit and loss account ofthe company.

- Provision for Leave Encashment is provided on actual working but not on the basis of actuarial valuation as prescribed in the respective Accounting Standard.

Opinion _

In my opinion and to the best of my information and according to the explanations given to me, except for matters reported under basis of qualified opinion as aforesaid, the aforesaid 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 including IND AS, of the financial position of the Company as at 31st March 2018, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Matters of Emphasis

- The company has not provided liability of Goods and Service Tax on Reverse Charge Mechanism basis during the year for the period from 1st July 2017 to 12th October 2017 on the ground that the same is withdrawn retrospectively as per Notification 38/2017 Dt 13/10/2017 by GST Dept.

Report on Other Legal and Regulatory Requirements

1, As required by the Companies (Auditors Report) order ,2016 ("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, 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, Cash Flow Statement 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 (Accounts) Rules 2014.

e. On the basis of representations received from the directors as on Mar 31, 2017 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B\

g. There are no other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014.

i. As per the information and explanations given to us there are no pending litigations other than those disclosed in the financial statements.

ii. 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.

iii. There are no amounts to be transferred to Investor Education & Protection Fund

during the year. *

For KPD&CO.

Chartered Accountants (Firm Regn No. 136856W)

Khushboo P. Doctor

Proprietor

Membership No. 135634 Mumbai.

Date : 30th May, 2018

ANNEXURE A TO THE AUDITORS REPORT

(REFERRED TO IN THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS 0FAUTORIDERS INTERNATIONAL LIMITED ON THE ACCOUNTS FOR THE PERIOD

ENDED 31st March 2018)

La) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us major portion of the fixed assets have been physically verified by the management at the year end, which in our 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 l(iii) of the Order is not applicable to the company.

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 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 under .Accordingly, paragraph 3(v) of the Order is not applicable to the Company.

VI. 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.

VII. a) According to the information and explanations given to us and on the basis of examination of the records of the company, the amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employeesiftl^^^J^jjajice, income tax, sales tax, service

tax, value added tax, , Custom Duty, Excise Duty, Cess and other statutory dues, as applicable, have been generally regularly deposited during the year by the Company with the appropriate authorities, except for amounts of service tax where delays has been observed in depositing the same with government authorities. According to the information and explanations given to us, there were no undisputed amounts payable in respect of above dues at the year-end for the period of more than six months from the date they become payable.

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. According to the information and explanations given to us and on the basis of examination of the records, the Company, it has not defaulted during the year in repayment of loans and borrowings from banks and financial institutions. The Company does not have any dues to debenture holders during the year.

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. In our opinion and according to the information and explanations given to us, the managerial Remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Act.

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 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. 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 KPD & CO.

Chartered Accountants (Firm Regn No. 1368560)

Khushboo P. Doctor

Proprietor

Membership No. 135634 Mumbai.

Date :30th May, 2018

ANNEXURE B

TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF AUTORIDERS INTERNATIONAL LIMITED

(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Autoriders International Limited ("the Company") as of March 31, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit conducted in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, to the extent applicable to an audit of internal financial controls. Those Standards and Guidance Note require that we comply with ethical requirements and to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of internal financial controls system over financial reporting and their effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controls bases on the assessed risk. The procedures selected depend upon the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting system.

Meaning of internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control

over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessaiy to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent limitations of Internal Financial Controls over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and may not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of the changes in the conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion "

According to the information and explanations given to me and based on my audit the following material weakness have been identified as at March 31,2018:

(1) IT controls over the companys database needs to be strengthened through proper use of passwords system and establishing procedures to prevent unauthorized access to or destruction of documents, records maintained in the computers.

(2) Proper books closure systems to be introduced so as to restrict back dated entries after the book closure.

(3) Proper authorization systems to be introduced over passing of major journal vouchers so as to ensure proper provisioning and other finalization entries.

(4) Controls to be maintained over security deposits given or received to ensure proper recovery/ payment or adjustments as per the terms agreed upon their maturity.

In my opinion considering nature of business, size of operation and organizational structure of the entity, except for the effects/possible effects of the material weaknesses described above on the achievements of the control criteria, the company has maintained in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting as at March 31,2018 based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

I have considered the material weaknesses identified and reported above in determining the nature, timing and the extent of the audit tests applied in my audit of the financial statements of

the company for year ended March 31,2018, and the material weaknesses does not affect my opinion on the financial statements of the company.

For KPD & CO.

Chartered Accountants (FirmRegnNo. 136856m,

Khushboo P. Doctor Proprietor

Membership No. 135634 Mumbai.

Date: 30th May, 2018