Autoriders International Auditors Report


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