TO
THE MEMBERS,
SCOOTERS INDIA LIMITED, LUCKNOW
REPORT ON THETHE STANDALONE Ind AS FINANCIAL STATEMENTS
Opinion
We have audited the standalone financial statements of Scooters India Limited
("the Company"), which comprise the standalone balance sheet as at 31st
March 2023 and the statement of Profit and Loss, statement of changes in equity and the
standalone statement of cash flows for the year then ended 31st March 2023, and
notes to the standalone financial statements, including a summary of significant
accounting policies and other explanatory information (together referred to as
"standalone financial statements").
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 (The Act) in the manner so required and give a true and fair
view in conformity with the Indian accounting standards prescribed under section 133 of
the act read with the companies (Indian Accounting Standards) rules, 2015, as amended
("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2023, and profit/loss, changes in equity
and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards 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 together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, 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 Matter
We draw attention to the following matters in the Notes to the financial statements:
Emphasis of Matter
1. Kind attention is drawn to Point No. 2(ii) of Note No. 1, The company has ceased to
be a going concern entity and financial statement of company for the current FY 2022-23
has been prepared on the "Non going concern basis".
2. Kind attention is drawn to Point No. 2(x) of Note No. 1, The company has made no
contribution against Provident fund, Gratuity and Leave encashment liability after
31.03.2021.
3. Kind attention is drawn to Note No. 21 regarding trade payables of Rs. 533.14 lacs,
the details of name and respective amount payable is neither ascertainable nor produced
before the auditor by the company.
4. Kind attention is drawn to Note No. 23, regarding advance and deposit (Other Current
Liabilities) of Rs. 33.79 lacs, the details of name and respective amount payable is
neither ascertainable nor produced before the auditor by the company.
5. Kind attention is drawn to Note No. 36, regarding various contingent liabilities and
commitments, the figures and amount involved as on date is neither updated nor confirmed
by the management and its consequent affects over the financial statement of the company.
6. Kind attention is drawn to Note No. 46 regarding sanction of loan from Govt of India
of Rs. 20.00 crore received during FY 2013-14, against which company has repaid only 4.00
Crore only and defaulted for balance 16.00 crores. balance 57.00 crore is payable by the
company to Govt. of India.
7. Kind attention is drawn to Note No. 46, company has received loan of 41.00 crores
(@13.50%) on 29.08.2021 (out of total sanction loan of Rs. 65.12 crores) to discharge the
pending liabilities and to repay back from the sales proceeds of the assets of the
company. Rs 41.00 crore along with Interest still to be repaid against the said loan to
Govt of India.
8. Kind attention is drawn to Note No. 51, regarding letter no 3(1)/2020-PE-VI, dated
28.01.2021 issued by the Govt. of India, Ministry of Heavy Industries & Public
Enterprises, Department of Heavy Industry, New Delhi, consequent there upon the total land
about 147.499 acre has been returned back to UPSIDA on 01.12.2022.
Our Opinion is not modified on the above matter. Key Audit matters
Key audit matters are those matters that, in our professional judgment were of most
significance in our audit of the financial statement of the current period. These matters
were addressed in the context of our audit of the financial statement as a whole, and in
forming of our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be
communicated in our report.
1. There are huge balances lying outstanding and recoverable against trade receivables,
advances, security deposits and others receivables, the name wise, age wise and respective
amounts details thereof are not provided by the company, therefore the possibilities of
recovery and amount thereof is indeterminate and its consequential affect over the
financial statement.
Our Opinion is not modified on the above matter Other Matters
1. The balance lying with the LIC of India is Rs. 8.74 crore against gratuity and leave
encashment but neither the actuarial valuation of the same has been done nor any maturity
valuation certificate of the same has been received from the LIC of India.
2. The Bank Guarantee of Rs. 1,00,000.00 was given by "Maarz Mechatronics Pvt
Ltd." against vehicle provided by the company to them. The said bank guarantee
expired on 18/12/2019. Neither the said vehicle was returned by Maarz Mechatronics Pvt Ltd
to the company nor company has encashed the Bank guarantee and recovered the amount.
3. Ministry of Heavy Industries & Public Enterprises, Department of Heavy Industry,
New Delhi letter no 3(1)/2020-PE-VI, dated 28.01.2021 issued by the Govt. of India, has
ordered for the closure of the company but shares of the company has not yet delisted from
Bombay Stock Exchange and trade mark & brand of Vikram and Vijay super has not yet
been sold out till the end of financial year 31.03.2023.
Our opinion is not modified in respect of above matters.
Information Other Than the Financial Statements and Auditors Reports Thereon
The companys Board of Directors is responsible for the other information. The other
information comprises the information included in Boards Report, Management Discussion
& Analysis Report, Business Responsibility Report, but does not include the
financial statements and our auditors report thereon. The Boards Report, Management
Discussion & Analysis Report, Business Responsibility Report is expected to be made
available to us after the date of this auditors report. Our opinion on the financial
statements does not cover the other information and we will not express any form of
assurance conclusion thereon.
Responsibility of Management and those charged with Governance 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 preparation of
these standalone financial statements that give a true and fair view of the financial
position, financial performance, (changes in equity) and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the
accounting Standards specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of 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 the accounting
records, relevant to the preparation and presentation of the financial statement that give
a true and fair view and are free from material misstatement, whether due to fraud or
error. In preparing the financial statements, The Board of Directors is responsible for
assessing the Companys ability to continue as a 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. Those Board of Directors are also responsible for
overseeing the companys financial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements 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 decisions of users
taken on the basis of these Standalone Financial Statements. As part of an audit in
accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also a) Identify and assess the risk of material
misstatement of the Standalone 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 collusions, forgery, intentional omissions, misrepresentations, or the
override of internal control. b) Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are appropriate in the circumstances,
under section 143(3) (i) of the Act we are also responsible for expressing our opinion
whether the company has adequate internal financial control system in place and the
operating effectiveness of such controls. c) Evaluate the appropriateness of accounting
policies used and the reasonableness of accounting estimates and related disclosures made
by management. d) 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 we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditors report. However, future events
or condition may cause the company to cease to continue as a going concern. e) Evaluate
the overall presentation, structure and content of the Standalone Financial Statements,
including the disclosures, and whether the Standalone Financial Statements represents the
underlying transactions and events in a manner that achieves fair representation.
Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the Standalone Financial Statements. We communicate with
those charged with governance regarding among other matters, the planned scope and timing
of the audit and significant audit finding including any significant deficiencies in
Internal Control that we identify during our 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
1. As required by section 143(3) of the Act, based on our audit, we report, that: a)
We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the
division so far as it appears from our examination of those books. c) The Balance
sheets, the statement of profit and loss dealt with by this report are in agreement with
the books of account. d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting Standards prescribed under section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2023 from being appointed as a director in terms of Section
164 (2) of the Act f) As required by the Companies (Auditors Report) Order, 2020
(‘the order") issued by the Central Government of India in terms of sub section
(11) Section 143 of the Act, we give in the Annexure A, statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable. g) With respect to
the other matter to be include 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 accordance to the explanation given to us: i. The company has disclosed
the impact of pending litigation on its financial position in its Financial Statements.
(Refer note no. 36 to the financial statements). ii. The company has not made provisions
as required under the applicable law or accounting standards, for material foreseeable
losses, if any, on long-term controls contracts. The company does not any derivate
contract. iii. There were no amounts which were required to be transferred to the investor
education and Protection Fund by the company.
2. 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".
3. As required by sub section 143 (5) of the Act, we give in "Annexure C"
a statement on the matters specified by the Comptroller and Auditor General of India for
the company.
For S. Srivastava & Co |
Chartered Accountants |
FRN 004570C |
(Sudarshan Kumar Vij) |
M.N. 007859 |
Partner |
UDIN NO. 23007859BGRDDU9401 |
| Place: Lucknow |
| Date: 29/05/2023 |
Annexure A referred to in our Independent Auditors Report of even date to the
Members of Scooters India Limited on the Standalone Ind AS financial statements for
the year ended on 31st March, 2023.
On the basis of such tests as we considered appropriate to apply, the information and
explanations rendered to us by the management during the course of audit, we report as
under: -
| (i) (a) After closure of the company, there is no fixed assets remains in
the company therefore no fixed assets register showing quantitative details and situation
of fixed assets as required by the Companies Act, 2013 is required. |
| (b) After closure of the company, there is no fixed assets remains in the
company except brand of Vikram and Vijay Super therefore, no physical verification of the
fixed assets was conducted by the company. |
| (c) The leased deed of the land over which the factory was situated has
handed over back to UPSIDA and no other title deeds of any other immovable properties are
held in the name of the company. |
| (ii) All the operations of the company has been suspended and closed and
no inventory has been left nor the physical verification of any inventory has been
conducted at by the management |
| (iii) There is no 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 have been granted by the Company. |
| (iv) There is no loans, investments, guarantees and security covered
under the provisions of Section 185 and 186 of the Companies Act, 2013.Thus, paragraph 3
(iv) of the Order is not applicable to the Company. |
| (v) The company has not accepted any deposits from public, hence the
directions issued by the Reserve Bank of India and the provisions of section 73 to 76 or
any other relevant provisions of the Act and the rules framed there under are not
applicable to the Company. |
| (vi) All the operations of the company has been suspended and closed
therefore no cost records for the financial year 2022-23 as prescribed under section 148
(1) of the Companies Act 2013. Due to closure of the company operations, Cost Audit was
not conducted at Company. |
| As a result, Cost Audit report for the FY 2022-23 was not available. |
| (vii) (a) According to the information and explanation given to us and on
the basis of our examination of records, the Company is regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales
tax, Service tax, duty of Customs, duty of Excise, Value Added Tax, Cess and other
statutory dues Other than the above and according to the information and explanation given
to us, no other undisputed amounts payable in respect of Provident Fund, Employees State
Insurance, Income tax, Sales tax, Service tax, duty of Customs, duty of Excise, Value
Added Tax, Cess, except as stated below:- |
(b) As informed to us, the following dues have not been
deposited by the Company on account of disputes: - Sl. Name of the Name of the Forum where
Period No. Statue Dues disputes are pending Kerala State Sales Commissioner of 1992-93,
Sales Tax Tax Commercial Taxes 1993-94 & 1994-95 State Sales Entry Tax Commissioner of
1997-98 to Tax and Penalty Commercial Taxes 2006-07 Tax State Sales Entry Tax Tribunal
2003-04, Tax and Penalty 2004-05 & Tax 2005-07 Income Tax Income tax Dy. Commissioner
FY 2001-02 Act of Income Tax to 2008-09, Range VI, Lucknow 2013-14 & 2015-16 Assam
State Sales Commissioner of 1997-98 Sales Tax Tax Commercial Taxes (17-04- Authority 1997)
Entry Tax, State Sales Commissioner of 2005-06 Rajasthan Tax Commercial Taxes J & K
Sales State Sales Commissioner of 2010-11 Tax Tax Commercial Taxes Authority |
| (viii) The Company has been sanctioned a Planned loan of Rs. 20 cr. and
Closure activity Loan of Rs 65.12 Crores by Govt. of India, out of which Rs. 20 Crore
planned loan received on 2013-14 and Rs. 41.00 crore Closure activity received during the
year 2020-21. Out of which the company has repaid only 4.00 Crore planned loan to Govt of
India and remaining Rs. 16.00 crore is pending for payment. And out of 41.00 crore Closure
activity Loan, total amount along interest is pending for payment. |
| (ix) The Company has not raised moneys by way of initial public offering
(including debt instruments). |
| (x) According to the information and explanations given to us, we report
that neither any fraud by the Company nor by its officers or employees has been noticed or
reported during the year, nor have we been informed of any such case by the management. |
| (xi) The Company has paid /provided for managerial remuneration in
accordance with the requisite approvals mandated by the provisions of section 197 read
with Schedule V to the Companies Act, 2013. |
| (xii) The Company is not a Nidhi company. Accordingly, paragraph 3(xii)
of the Order is not applicable. |
| (xiii) According to the information and explanations given to us and
based on our examination of the records of the Company, transactions with the related
parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable
and the details of such transactions have been disclosed in the Standalone Ind AS
financial statements as required by the applicable accounting standards. |
| (xiv) The company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. |
| (xv) According to the information and explanations given to us and based
on our examination of the records of the Company, the company has not entered into any
non-cash transactions with directors or persons connected with him. Accordingly, paragraph
3 (xv) of the Order is not applicable. |
| (xvi) The company is not required to be registered under section 45-IA of
the Reserve Bank of India Act, 1934. |
For S. Srivastava & Co |
Chartered Accountants |
FRN 004570C |
Sudarshan Kumar Vij |
Place: Lucknow |
(Partner) |
Date: 29/05/2023 |
M. No. 007859 |
|
UDIN NO. 23007859BGRDDU9401 |
|
Annexure B referred to in our Independent Auditors Report of even date to the
Members of Scooters India Limited on the financial statements for the year ended on
31st March, 2023
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (i) OF SUB SECTION 3 OF SECTION
143 OF THE COMPANIES ACT 2013
We have audited the internal financial controls over financial reporting of Scooters
India Limited as of March 31, 2023 in conjunction with our audit of the standalone Ind
AS financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Company management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of the 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. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of Internal Financial controls, both applicable to an audit of
Internal Financial Controls and both issued by the Institute of Chartered Accountants of
India. Those standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit 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 the internal
financial controls system over financial reporting and their operating 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 control based on assessed risk. The procedures selected depend
on the auditors judgement, including the assessment of the risks of material
misstatements of the Standalone Ind AS 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.
Meaning of Internal Financial Controls Over Financial Reporting
A Companys internal financial reporting is a process designed to provide reasonable
assurance 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 necessary
to permit preparation of financial statements in accordance with generally accepted
accounting principles and that receipts and expenditure 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 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 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 control over
financial reporting may become inadequate because of changes in conditions or that degree
of compliance with the policies or procedures may deteriorate. According to the
information and explanations given to us and on our audit, the following control
deficiencies have been identified in operating effectiveness of the Companys internal
financial control over financial reporting as at 31st March 2023; 1. The system
of recovery proceeds out of the sales of assets of the company has not been closely
controlled. A material weakness is a deficiency or a combination of deficiencies in
internal financial control over financial reporting such that there is reasonable
possibility that a material misstatement of the Companies annual or interim financial
statements will not be prevented or detected on timely basis.
Opinion
In our opinion, except for the effects/ probable effects of the material weaknesses
described above on the achievement of the objectives of the control criteria, the Company
has maintained in all material respects, adequate internal financial controls over
financial reporting and such internal financial controls over financial reporting were
operating effectively as at 31st March, 2023 based on the internal control over
financial reporting criteria established by the company considering the essential
components of the internal control stated in the guidance note on audit of internal
financial control over financial reporting issued by the Institute of Chartered
Accountants of India. . We have considered the material weaknesses identified and reported
above in determining the nature, timing, and extent of audit tests applied in our audit of
March, 31st 2023 standalone Ind AS financial statements of the company and these material
weakness does not affect our opinion on the standalone financial statements of the
company.
For S. Srivastava & Co |
Chartered Accountants |
FRN 004570C |
(Sudarshan Kumar Vij) |
M.N. 007859 |
Partner |
UDIN NO. 23007859BGRDDU9401 |
Place: Lucknow |
Date: 29/05/2023 |
ANNEXURE "C" TO THE INDEPENDENT AUDITORS REPORT
Directions indicating the areas to be examined by the Auditors during the course of
audit of annual accounts of the Scooters India Limited, for the year 2022-23 issued by the
Comptroller & Auditor General of India under Section 143(5) of the Companies Act,
2013.
| S.no. Direction |
Comments of |
|
Auditor |
1 Whether the company has system . in place to process all the
accounting transaction through IT System? If yes, the implication of processing of
accounting transaction outside IT System on the integrity of the accounts along with
financial implications, if any, may be stated |
The company has IT System in place and all the accounting process are
processed through Tally ERP on Cloud. All the accounting transactions are processed
through IT System only. No transactions are processed outside the IT System, having any
adverse financial implications. |
2 Whether there is any restructuring . of an existing loans or cases
of waiver / write off of debt / loan / interest etc. made by lender to the company due to
the companys inability to repay the loans? If yes, the financial impact may be stated. |
There is no case of restructuring of any existing loan as well as
there is no case of waiver / written off any debt/ loan / interest made by lender was
found. |
3 Whether funds received / . receivable for specific skills from the
central / state agencies where properly accounted for / utilized as per its terms and
conditions? List the cases of deviation. |
The company has not received any fund from Govt of India during FY
2022-23. |
For S. Srivastava & Co |
Chartered Accountants |
FRN 004570C |
(Sudarshan Kumar Vij) |
M.N. 007859 |
Partner |
UDIN NO. 23007859BGRDDU9401 |
Date: 29/05/2023 |
ANNEXURE "C" TO THE INDEPENDENT AUDITORS REPORT
Directions indicating the areas to be examined by the Auditors during the course of
audit of annual accounts of the Scooters India Limited, for the year 2022-23 issued by the
Comptroller & Auditor General of India under section 143(5) of the Companies Act,
2013.
I. Whether the company has system in place to process all the accounting transactions
through IT system? If yes, the implications of processing of accounting transactions
outside IT system on the integrity of the accounts along with the financial implications,
if any, may be stated.
The company has IT System in place and all the accounting process are processed through
Tally ERP on cloud. All the accounting transactions are processed through IT system only.
No transactions are processed outside the IT system, having any adverse financial
implications.
II. Whether there is any restructuring of an existing loan or cases of waiver/write off
of debts/loans/interest etc. made by a lender to the company due to the companys
inability to repay the loan? If yes, the financial impact may be stated. Whether such
cases are properly accounted for? (In case, lender is a government company, then this
direction is also applicable for statutory auditor of lender company).
There is no case of restructuring of any existing loan as well as there is no case of
waiver/ written off any debt/ loan/ interest made by lender was found.
Ill. Whether funds (grants/subsidy etc.) received/ receivable for specific schemes from
Central/ State Government or its agencies were properly accounted for/ utilized as per its
term and conditions? List the cases of deviation.
The company has not received any fund from Govt. of India during the FY 2022-23.
Sub-Direction under section 143(5) of the Companies Act, 2013- Nil
COMMENTS OF THE CONTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (B) OF THE
COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF SCOOTERS INDIA LIMITED FOR THE YEAR
ENDED 31 MARCH 2023.
The preparation of financial statements of Scooters India Limited for the year ended 31
March 2023 in accordance with the financial reporting framework prescribed under the
Companies Act, 2013 (Act) is the responsibility of the management of the Company. The
statutory auditor appointed by the Comptroller and Auditor General of India under Section
139(5) of the Act is responsible for expressing opinion on the financial statements under
section 143 of the Act based on independent audit in accordance with the standards on
auditing prescribed under section 143(10) of the Act. This is stated to have been done by
them vide their Audit Report dated 29 May 2023. I, on behalf of the Comptroller and
Auditor General of India have decided not to conduct the supplementary audit of the
financial statements of Scooters India Limited for the year ended 31 March 2023 under
section 143(6)(a) of the Act.
For and on behalf of the Comptroller & Auditor General of India
| Place : New Delhi |
|
| Date: 12/09/2023 |
(S. Ahlladini Panda) |
|
Principal Director of Audit |
|
Industry & Corporate Affairs, |
|
New Delhi |
+91-9892691696
