Mar 31, 2015
We have audited the accompanying financial statements of AUTORIDERS
FINANCE LIMITED, which comprises Balance Sheet as at 31st March, 2015,
the Statement of Profit and Loss Account for the year ended 31st March
2015 and a summary of significant accounting policies and other
explanatory information.
Managements' Responsibility for the Financial Statements
The Company's 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.
Auditor's 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
are free 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 auditor's 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 Company's
preparation of the financial statements that five 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 Company's Directors as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
The company has written back a sum of Rs. 527.04 lacs (Net) of old
balances of creditors/loans due to group companies to General Reserve
Account as determined to be no longer payable as certified by the Board
of Directors.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matters
described in the Basis for Qualified Opinion paragraph, the 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 :
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015
(b) In the case of the Profit and Loss Account, of the Loss for the
year ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
As referred in Note No. 17 and 18 of Notes forming part of the
Financial Statements, the company has written back a sum of Rs. 6904.58
lacs being gain on settlement of its liability in the form of
Debentures with Interest accrued thereon issued to Unit Trust of India
(UTI) in pursuance to One Time Settlement (OTS) reached with UTI and a
sum of Rs. 3451.11 lacs being gain on settlement of its Cash Credit and
other Term Loan Liabilities to Union Bank Of India (UBI) and other
consortium banks in pursuance of OTS reached with the said banks in
earlier years, respectively to General Reserve Account during the year.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("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
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 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
Accounting Rules, 2014.
e. On the basis of representations received from the Directors as on
March 31, 2015 and taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2015 from being appointed
as a director in terms of Section 164(2) of the Act.
f. There are no other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014.
ANNEXURE TO THE AUDITORS' REPORT
1] The company is not having any fixed assets and accordingly comments
on its verification and maintenance of its records is not dealt with.
2] As the company being a service company it does not have any
inventories and relevant clauses are not applicable and hence not dealt
with.
3] The company has not granted any loans, secured or unsecured, to
Companies, firms and other parties listed in the register maintained
under Section 189 of the Companies Act, 1956.
3] As the company has not carried out any activity during the year the
comments on Internal controls are not dealt with.
4] The company has not accepted any deposits from the public within the
meaning of provisions of sections 73 to 76 and rules framed there
under.
5] Maintenance of cost records under section 148 (1) of the Act are not
applicable to the company.
6] As company has not carried out any activity during the year, it has
no liability on account of statutory dues during the year
7] The company has incurred cash loss during the year. The accumulates
losses of the company are more than fifty per cent of its net worth.
8] The company has defaulted in repayment of dues to a financial
institution and bank or debenture holders in the past and accounted for
gains on settlements as per One Time Settlement as referred to in Note
No. 17 and 18 of Note on Accounts. There are No outstanding in respect
of such loans at the year end.
9] According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
10] The company has not raised any amounts through Term Loans during
the year.
11] To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
on or by the Company was noticed or reported during the year.
For SETH DOCTOR & ASSOCIATES
Chartered Accountants
(Firm Regn No. 124822W)
MUMBAI. PARESH S. DOCTOR
Date : 30th May, 2015. Proprietor
Membership No. 36056
Mar 31, 2014
We have audited the accompanying financial statements of Autoriders
Finance Limited ("the Company"), which comprise the Balance Sheet as at
31 March 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13
September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s 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 the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our qualified audit
opinion.
Basis for Qualified Opinion
a) As stated in Note No. 16 of Notes forming part of financial
statements, preparation of the accounts of the Company on the
assumption that the Company is "not a going concern".
b) As stated in Note No. 17 of Notes forming part of financial
statements In respect of debentures issued to UTI, the application was
filed by the Administrator of the Specified Undertaking of UTI and UTI
Trustee Co Pvt Ltd, successors in interest of the erstwhile UTI had
filed an application in Debts Recovery Tribunal (DRT) at Mumbai for
recovery of Rs. 10598.02 lacs which includes Rs. 4150.00 lacs towards
principal outstanding alongwith further interest thereon @ 18% p.a.
from 21 September 2002, till payment and / or realisation and for
enforcement of securities and appointment of receiver, commissioner and
other reliefs, more particularly set out in the said application. On 15
April 2005 the Hon.P.O. has partially allowed the said application and
has authorised to issue Recovery Certificate is issued for a total
amount of Rs. 10389.17 lacs with future interest @ 12% p.a with
quarterly rests from the date of the application till realisation of
the amount. The company is in negotiation with both the aforesaid
entities for a One Time Settlement (OTS) and as a part of proposal Rs.
3 crore has been paid.
However, the Company has not provided for:
i) The overdue and penal interest claimed by the UTI amounting to Rs.
2734.15 lacs upto 21 September 2002; and
ii) Interest and other claims, if any, from 21 September 2002 onwards.
c) As stated in Note No. 18 of Notes forming part of financial
statements, not giving effects in the books of accounts of the onetime
settlement with consortium banks and handing over of the property to
them.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March, 2014;
b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227 (3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) Except for the effects of matters described in the Basis for
Qualified Opinion paragraph, in our opinion, proper books of account as
required by law have been kept by the Company so far as it appears from
our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) Except for the effects of matters described in the Basis for
Qualified Opinion paragraph, in our opinion, the Balance Sheet,
Statement of Profit and Loss, and the Cash Flow Statement comply with
the Accounting Standards notified under the Act read with the General
Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013;
(e) On the basis of the written representations received from the
directors as on 31 March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
i) According to the information and explanations given to us, the
Company has, during the year, neither granted any loans nor taken any
loans, secured or unsecured, to companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. Accordingly, paragraphs 4 (iii) of the Order are not
applicable.
ii) (a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section; and
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of Rs.
500,000/- .
iii) The Company has not accepted any deposits from the public.
iv) In the absence of any activity, the Company does not have internal
audit system during the year under review.
v) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues including
Investor Education & Provident Fund, Income Tax, Wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanation given to us and the
records of the Company examined by us, there are no undisputed dues
outstanding in respect statutory dues which were due for more than six
months from the date they become payable.
vi) As at the balance sheet date, the accumulated losses of the Company
exceed fifty percent of its net worth within the meaning of Section
2(29A) of the Companies Act, 1956. The Company has incurred cash losses
in the financial year under report and in the immediately preceding
financial year.
vii) The Company has defaulted in repayment of its dues to debenture
holders and bank as stated in Note No. 17 and Note No. 18 to Notes
Forming the part of the Financial Statements.
viii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of securities by way of pledge of shares,
debentures and other securities.
ix) In our opinion, the provisions of any special Statute applicable to
Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not applicable
to the Company.
x) The Company is not dealing or trading in shares, securities,
debentures or other investments and hence requirements of Para 4 (xiv)
are not applicable to the Company.
xi) According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
xii) The Company has not raised any term loan during the year.
xiii) The Company has not raised any funds during the year on
short-term basis and hence question of use of such funds for long-term
investment does not arise.
xiv) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of the
Companies Act, 1956.
xv) The Company has not issued any debentures and hence, question of
creating security or charge in respect thereof does not arise.
xvi) The Company has not raised any money by public issues during the
year.
xvii) Based upon the audit procedures performed and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
xviii) In view of the accounts being prepared on assumption that the
Company is "not a going concern" and in the absence of the any
activity, in our opinion, other matters specified in Paragraph 4 of the
Order are not applicable to the Company.
For S. V. DOSHI & CO.
Chartered Accountants
Firm Reg. No.: 102752W
MUMBAI.
Date : 30th May, 2014. Partner
Membership No.: 35037
Firm Reg. No.: 102752W
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Authoriders
Finance Limited ("the Company"), which comprise the Balance Sheet
as at 31 March 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. ,
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s 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 the internal control relevant to the
Company''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Management, as well as evaluating
the overall presentation of the financial statements. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
a) As stated in Note No.16 of Notes forming part of financial
statements In respect of debentures issued to UTI, the application was
filed by the Administrator of the Specified Undertaking of UTI and UTI
Trustee Co Pvt Ltd, successors in interest of the erstwhile UTI had
filed an application in Debts Recovery Tribunal (DRT) at Mumbai for
recovery of Rs. 10598.02 lacs which includes Z 4150.00 lacs towards
principal outstanding along with further interest thereon @ 18% p.a.
from 21 September 2002, till payment and / or realization and for
enforcement of securities and appointment of receiver, commissioner and
other reliefs, more particularly set out in the said application. On 15
April 2005 the Hon.P.O. has partially allowed the said application and
has authorized to issue Recovery Certificate is issued for a total
amount of % 10389.17 lacs with future interest @ 12% p.a with quarterly
rests from the date of the application till realization of the amount.
However, the Company has not provided for:
i) The overdue and penal interest claimed by the UTI amounting to Rs.
2734.15 lacs up to 21 September 2002; and
ii) Interest and other claims, if any, from 21 September 2002 onwards.
and no. settlement has been arrived at till date.
b) As stated in Note No. 17 of Notes forming part of financial
statements, not giving effects in the books of accounts of the onetime
settlement with consortium banks and handing over of the property to
them.
c) As stated in Note No. 18 of Notes forming part of financial
statements, preparation of the accounts of the Company on the
assumption that the Company is "not a going concern".
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March, 2013;
b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,
2003("the Order") issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Act, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the Order.
2. As required by Section 227 (3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) Except for the effects of matters described in the Basis for
Qualified Opinion paragraph, in our opinion, proper books of account as
required by law have been kept by the Company so far as it appears from
our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) Except for the effects of matters described in the Basis for
Qualified Opinion paragraph, in our opinion, the Balance Sheet,
Statement of Profit and Loss, and the Cash Flow Statement comply with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Act;
(e) On the basis of the written representations received from the
directors as on 31 March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
(Referred to in Paragraph 1 under the heading of "Report on Other
Legal and Regulatory Requirements" of our report of even date)
i) According to the information and explanations given to us, the
Company has, during the year, neither granted any loans nor taken any
loans, secured or unsecured, to companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. Accordingly, paragraphs 4 (iii) of the Order are not
applicable.
ii) (a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section; and (b) In our opinion and according
to the information and explanations given to us, there are no
transactions made in pursuance of such contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of Rs. 500,000/- .
iii) The Company has not accepted any deposits from the public. ;
iv) In the absence of any activity, the Company does not have internal
audit system during the year under review:
v) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues including
Investor Education & Provident Fund, Income Tax, Wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanation given to us and the
records of the Company examined by us, there are no undisputed dues
outstanding in respect statutory dues which were due for more than six
months from the date they become payable.
vi) /4s at the balance sheet date, the accumulated losses of the
Company exceed fifty percent of its net worth within the meaning of
Section 2(29A) of the Companies Act, 1956. The Company has incurred
cash losses in the financial year under report and in the immediately
preceding financial year.
vii) The Company has defaulted in repayment of its dues to bank and
debenture holders as stated in Note No. 16 and Note No. 17 to Notes
Forming the part of the Financial Statements.
viii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of securities by way of pledge of shares,
debentures and other securities. .
ix) In our opinion, the provisions of any special Statute applicable to
Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not applicable
to the Company.
x) The Company is not dealing or trading in shares, securities,
debentures or other investments and hence requirements of Para 4 (xiv)
are not applicable to the Company.
xi) According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
xii) The Company has not raised any term loan during the year.
xiii) The Company has not raised any funds during the year on
short-term basis and hence question of use of such funds for long-term
investment does not arise.
xiv) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of
the Companies Act, 1956.
xv) The company has not issued any debentures and hence, question of
creating security or charge in : : fleer of does not arise.
xvi) company has not raised any money by public issues during the year.
xvii) on the audit procedures performed and according to the
information and explanations giver, tacks, no fraud on or by the
Company has been noticed or reported during the year.
xviii) In view of the accounts being prepared on assumption that the
Company is "not a going concern" and in the absence of the any
activity, in our opinion, other matters specified in Paragraph 4 of the
Order are not applicable to the Company.
For S. V. DOSHI & CO.
Chartered Accountants
Firm Reg. No,: 102752W
MUMBAI.
Date : 30th May, 2013. Partner
Membership No.: 35037
Firm Reg. No.: 102752W
Mar 31, 2012
1. We have audited the attached balance sheet of Autoriders Finance
Limited as at 31st March, 2012, the statement of profit and loss
account and also the cash flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956 and on the basis of such checks
as we considered appropriate and according to the information and
explanations given to us during the course of audit, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Attention is invited to :
a) Note No. 16 regarding preparation of the accounts of the Company on
the assumption that the Company is "not a going concern".
b) Note No. 17 regarding application filed by the Administrator of the
Specified Undertaking of UTI and UTI Trustee Co. Pvt. Ltd. successors
in interest of the erstwhile UTI, in Debts Recovery Tribunal (DRT) at
Mumbai for a recovery of Rs. 10598.02 lacs towards outstanding
principal amount, interest at the applicable coupon rate, overdue
interest and penal interest upto 21st September, 2002. Amount payable,
if any, from 21st September, 2002 onward has not been ascertained nor
provided for. On 15th April, 2005 the Hon'ble P. O. has partially
allowed the said application and accordingly Recovery Certificate is
issued for a total amount of Rs. 10389.17 lacs with future interest @
12% p. a. with quarterly rests from the date of application till
realization of the amount.
However, the Company has not provided for:
i) The overdue and penal interest claimed by the Unit Trust of India
amounting to Rs. 2734.15 lacs upto 21st September, 2002; and
ii) Interest and other claims, if any, from 21 September, 2002 onwards.
c) Note No. 18 regarding not giving effects in the books of accounts of
the one time settlement with consortium banks and handing over of the
property to them.
5. Subject to the above and further to our comments in the Annexure
referred to above, we report that :
a) we have 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 Company so far as appears from our examination of the
books;
c) the balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) in our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) on the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March, 212 from being
appointed as director of the Company in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31st March, 212;
ii) in the case of the profit and loss account, of the loss for the
year ended on that date; and
iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Statement referred to in paragraph 3 of our report of even date on the
accounts of Autoriders Finance Limited for the year ended on 31st
March, 2012.
(i) (1) According to the information and explanations given to us, the
Company has, during the year, not granted any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Accordingly,
paragraphs 4 (iii) (a), (b), (c) and (d) of the Order are not
applicable.
(2) According to the information and explanations given to us, the
Company has, during the year, not taken any loans, secured or
unsecured, from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, paragraphs 4 (iii) (e), (f) and (g) of the Order are not
applicable.
(ii) (1) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section; and
(2) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of Rs.
500,000/-.
(iii) The Company has not accepted any deposits from the public.
(iv) In the absence of any activity, the Company does not have internal
audit system during the year under review.
(v) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues including
Investor Education & Protection Fund, Income Tax, Wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanation given to us and the
records of the Company examined by us, there are no undisputed dues
outstanding in respect statutory dues which were due for more than six
months from the date they become payable.
(vi) As at the balance sheet date, the accumulated losses of the
Company exceed fifty percent of its net worth within the meaning of
Section 2(29A) of the Companies Act, 1956. The Company has incurred
cash losses in the financial year under report and in the immediately
preceding financial year.
(vii) The Company has defaulted in repayment of its dues to bank and
debenture holders as stated in para 4 above.
(viii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of securities by way of pledge of shares,
debentures and other securities.
(ix) In our opinion, the provisions of any special Statute applicable
to Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not
applicable to the Company.
(x) The Company is not dealing or trading in shares, securities,
debentures or other investments and hence requirements of Para 4 (xiv)
are not applicable to the Company.
(xi) According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions..
(xii) The Company has not raised any term loan during the year.
(xiii) The Company has not raised any funds during the year on
short-term basis and hence question of use of such funds for long-term
investment does not arise.
(xiv) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of the
Companies Act, 1956.
(xv) The Company has not issued any debentures and hence, question of
creating security or charge in respect thereof does not arise.
(xvi) The Company has not raised any money by public issues during the
year.
(xvii) Based upon the audit procedures performed and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
(xviii) In view of the accounts being prepared on assumption that the
Company is "not a going concern" and in the absence of the any
activity, in our opinion, other matters specified in Paragraph 4 of the
Order are not applicable to the Company.
For S. V. DOSHI & CO.
Chartered Accountants
SUNIL DOSHI
Partner
Membership No.: 35037
Firm Reg. No.: 102752W
MUMBAI.
Date : 30th May, 2012.
Mar 31, 2010
1. We have audited the attached balance sheet of Autoriders Finance
Limited as at 31st March, 2010, the profit and loss account and also
the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956 and on the basis of such checks
as we considered appropriate and according to the information and
explanations given to us during the course of audit, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Attention is invited to :
a) Note No. 2 of Schedule 10 regarding preparation of the accounts of
the Company on the assumption that the Company is "not a going
concern".
b) Note No. 3 of Schedule 10 regarding application filed by the
Administrator of the Specified Undertaking of UTI and UTI Trustee Co.
Pvt. Ltd. successors in interest of the erstwhile UTI, in Debts
Recovery Tribunal (DRT) at Mumbai for a recovery of Rs. 10598.02 lacs
towards outstanding principal amount, interest at the applicable coupon
rate, overdue interest and penal interest upto 21 September, 2002.
Amount payable, if any, from 21 September, 2002 onward has not been
ascertained nor provided for. On 15 April, 2005 the Honble P. O. has
partially allowed the said application and accordingly Recovery
Certificate is issued for a total amount of Rs. 10389.17 lacs with
future interest @ 12% p.a. with quarterly rests from the date of
application till realization of the amount.
However, the Company has not provided for:
i) The overdue and penal interest claimed by the Unit Trust of India
amounting to Rs. 2734.15 lacs upto 21 September, 2002; and
ii) Interest and other claims, if any, from 21 September, 2002 onwards.
c) Note No. 4 of Schedule 10 regarding not giving effects in the books
of accounts of the one time settlement with consortium banks and
handing over of the property to them.
5. Subject to the above and further to our comments in the Annexure
referred to above, we report that:
a) we have 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 Company so far as appears from our examination of the
books;
c) the balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) in our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) on the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March, 2010 from being
appointed as director of the Company in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) in our opinion and to the best of our wiformation and according to
the explanations given to us, the said accounts read together with
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii) in the case of the profit and loss account, of the loss for the
year ended on that date; and
iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph 3 of our report of even date on the
accounts of Autoriders Finance Limited for the year ended on 31st
March, 2010.
(i) (1) According to the information and explanations given to us, the
Company has, during the year, not granted any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Accordingly,
paragraphs 4 (iii) (a), (b), (c) and (d) of the Order are not
applicable.
(2) According to the information and explanations given to us, the
Company has, during the year, not taken any loans, secured or
unsecured, from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, paragraphs 4 (iii) (e), (f) and (g) of the Order are not
applicable.
(ii) (1) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section; and
(2) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of
Rs.500,000/-.
(iii) The Company has not accepted any deposits from the public.
(iv) In the absence of any activity, the Gompany does not have internal
audit system during the year under review.
(v) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues including
Investor Education & Protection Fund, Income Tax, Wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanation given to us and the
records of the Company examined by us, there are no undisputed dues
outstanding in respect statutory dues which were due for more than six
months from the date they become payable.
(vi) As at the balance sheet date, the accumulated losses of the
Company exceed fifty percent of its net worth within the meaning of
Section 2(29A) of the Companies Act, 1956. The Company has incurred
cash losses in the financial year under report and in the immediately
preceding financial year.
(vii) The Company has defaulted in repayment of its dues to bank and
debentureholders as stated in Note No.3 & 4 of Schedule 10.
(viii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of securities by way of pledge of shares,
debentures and other securities.
(ix) In our opinion, the provisions of any special Statute applicable
to Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not
applicable to the Company.
(x) The Company is not dealing or trading in shares, securities,
debentures or other investments and hence requirements of Para 4 (xiv)
are not applicable to the Company.
(xi) According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
(xii) The Company has not raised any term loan during the year.
(xiii) The Company has not raised any funds during the year on
short-term basis and hence question of use of such funds for long-term
investment does not arise.
(xiv) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of the
Companies Act, 1956.
(xv) The Company has not issued any debentures and hence, question of
creating security or charge in respect thereof does not arise.
(xvi) The Gompany has not raised any money by public issues during the
year.
(xvii) Based upon the audit procedures performed and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
(xviii) In view of the accounts being prepared on assumption that the
Company is "not a going concern" and in the absence of the any
activity, in our opinion, other matters specified in Paragraph 4 of the
Order are not applicable to the Company.
For S. V. DOSHI & CO.
Chartered Accountants
MUMBAI.
SUNIL DOSHI
Dated : 29th May, 2010. Partner
Membership No.: 35037
Firm Reg. No.: 102752W
Mar 31, 2009
1. We have audited the attached Balance Sheet of AUTORIDERS FINANCE
LIMITED, as at.31st March, 2009, the related Profit and Loss Account
for the year ended on that date annexed thereto and the cash flow
statement for the year ended on that date, which we have signed under
reference to this report. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of any material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of Section 227(4A) of the
Act and on the basis of such checks as we considered appropriate, and
according to the information and explanations given to us, we give in
the Annexure a statement of the matters specified in paragraphs 4 and 5
of the said Order to the extent applicable to the Company.
4. Attention is invited to :
a) Note No.1 of Schedule 10(B) regarding preparation of the accounts of
the Company on the assumption that the Company is "not a going
Concern".
b) Note No.2 of Schedule 10(B) regarding application filed by the
Administrator of the Specified Undertaking of UTI and UTI Trustee Co.
Pvt Ltd. successors in interest of the erstwhile UTI, in Debts Recovery
Tribunal (DRT) at Mumbai for a recovery of Rs.10598.02 lacs towards
outstanding principal amount, interest at the applicable coupon rate,
overdue interest and penal interest upto 21st September, 2002. Amount
payable, if any, from 21st September, 2002 onward has not been
ascertained nor provided for. On 15th April, 2005 the Hon. P. O. has
partially allowed the said application and accordingly Recovery
Certificate is issued for a total amount of Rs.10389.17 lacs with
future interest @ 12% with quarterly rests from the date of the
application till realisation of the amount - further proceedings are
going on.
c) The Directors Report under para One Time Settlement with Consortium
of Banks & Note. 3 of Schedule 10(B) regarding not giving financial
effects in the books of accounts for the year under review.
d) Note No. 4 regarding Provision for the loss of Impairment of Assets
(AS-28).
e) Non provision for Deferred Tax liability and liability under Fringe
Benefit Taxes as not required.
5. Further to our comments in the Annexure referred to in above, we
report that :
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept, by the "æ" Company so far as appears from our examination
of those books;
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
Section 211 (3C) of the act;
(e) On the basis of written representations received from the
directors, as on March 31, 2009 and taken on record by the Board of
Directors, we report that none of the director of the Company is
disqualified as on March 31, 2009 from being appointed as a director in
terms of.Section 274(1)(g) of the act;
(f) In our opinion and to the best of our information and according to
the explanations given to use, the said financial statements together
with the notes thereon and attached thereto, given the information
required by the Act, and also give, subject to paragraphs 4 above, a
true and fair view in conformity with the accounting principles
generally accepted in India;
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
(ii) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(iii) in the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph 2 of our report of even date on the
accounts of Autoriders Finance Limited for the year ended on 31st
March, 2009.
1) Except premises the Company has no other fixed assets.
2) The Companys nature of operations does not require it to hold
inventories. Accordingly, clause 4(ii) of the Companies (Auditors
Report) Order, 2003 (the Order) is not applicable.
3) During the year the Company has neither granted nor taken any loans,
secured or unsecured, to and from companies, firms or other parties
listed in the register maintained under Section 301 of the Companies
Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to the purchases of inventories, fixed assets and
for sale of goods.
5) (a) According to the information and explanations given to us there
are no transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us there are no transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs.500,000/- in
respect of each party during the year.
6) The Company has not accepted any deposits from the public.
7) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8) On the basis of the records produced, we are of the opinion that,
prima facie, the cost records and accounts prescribed by the Central.
Government under Section 209J1)(d) of the Companies Act, 1956 have been
maintained. However, we are not required to and have not carried out
any detailed examination of such accounts and records.
9) (a) According to the records of the Company, the Company, there are
no deduction / payments in respect of statutory dues including
Provident Fund, Investor Education & Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth tax, Custom duty, Excise duty,
cess and material statutory dues applicable to it.
(b) According to the information and explanation given to us, at the
last day of the financial year, there was no undisputed amount
outstanding in respect of such statutory dues which were due for more
than six months from the date they become payable.
(c) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, excise duty, and cess that have not been deposited withthe
appropriate authorities on account of any dispute.
10) The accumulated loss of the Company as at 31st March 2009 is more
than 5.0%. of net worth before such loss and has incurred cash loss in
the financial year under report, however there was a marginal surplus
in the immediately preceding financial year.
11) As per the information & explanation given to us the companys
proposal for One Time Settlement (OTS) has been accepted by the
Consortium of Banks and the company has complied with allthe terms
before 31st March, 2008. The Company is in default to the extent of
Rs.41.50 crores to the Unit Trust of India (Administrator of the
Specified Undertaking of UTI and UTI Trustee Co. Pvt. Ltd.) on account
of principal outstanding with interest. For the Companys default in
terms of interest, penal interest, delay interest, etc, attention is
invited to the para 4 of the Auditors Report and Note No.2 of the
schedule 10 (B).
12) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of securities by way of pledge of shares,
debentures and other securities.
13) In our opinion, the provisions of any special Statute applicable to
Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not applicable
to the Company.
14) The Company is not dealing or trading in shares, securities,,
debentures or other investments and hence requirements of Para 4(xiv)
are not applicable to the Company.
15) According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
16) The Company has not raised any term loans during the year.
17) The Company has not raised any funds during the year on short-term
or long-term basis and hence question of use of such funds for
long-term or short-term investment does not arise.
18) During the year the Company has not made any preferential allotment
of shares to parties and companies covered in the register maintained
U/s. 301 of the Companies Act, 1956.
19) During the year the Company has not issued any debentures and
hence, question of creating securities in respect thereof does not
arise.
20) The Company has not raised any money by public issues during the
year.
21) According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the year.
For UTPAL BHAYAN1 & CO.
Chartered Accountants
MUMBAI. (UTPAL BHAYANI)
Dated : 27th June, 2009. Proprietor
Membership No.33512