Mar 31, 2015
We have audited the accompanying financial statements of AUTORIDERS
INTERNATIONAL 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. 3430.40 lacs of old balances
of creditors/loans due to group companies to Profit and Loss
Appropriation Account as determined to be no longer payable as
certified by the Board of Directors.(Refer Note No. (1) of Note No II
of Notes on Accounts.)
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 Profit 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. (k) of Note No. II of Notes forming part of the
Financial Statements, the company has changed the method of the
depreciation from written down value to straight line method
retrospectively, consequent to the changes made by the Companies Act
2013 ("the Act') w.e.f. 1/4/2014 in relevant provisions and accordingly
written back depreciation amounting to Rs. 5.37 crores and credited
Profit and Loss Appropriation account by Rs. 3.63 crores(Net of Tax).
The company has amortized net carrying value of the Fixed Assets over
their useful lives as specified in the Part C of Schedule II of the Act
for the current year. Based on the transitional provisions, a sum of
Rs. 7.39 lacs is debited to Profit and Loss Account along with normal
depreciation being carrying amounts of the fixed assets whose useful
lives has already expired as on 1st April 2014.
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
Mar 31, 2015 and taken on record by the Board of Directors, none of the
directors is disqualified as on Mar 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 and Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules,2014.
ANNEXURE 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 2015)
1] a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us major portion of the fixed assets have been
physically verified by the management at the year end, which in our
opinion is reasonable having regard to the size of the company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
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] In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of fixed assets and for the sale of services. During the
course of our audit we have not observed any continuing failure to
correct major weaknesses in internal controls system.
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] a) In our opinion and according to the information and explanations
given to us, the company is generally regular in depositing undisputed
statutory dues including provident fund, employees state insurance,
income tax, custom duty excise duty etc with the appropriates
authorities. There are no arrears of outstanding statutory dues, as on
31st March,2015 for a period of more than six months from the date they
became payable, b) As on 31st March, 2015, according to the records of
the company, there are no disputed dues on account of sale tax, excise
duty and income tax.
7] The company has not incurred cash loss during the year . The company
has no accumulated losses at the year end.
8] The company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
9] According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
and financial institutions.
10] To the best of our knowledge and belief and according to the
information and explanations given to us, the term loans have been
utilized for the purpose for which they were obtained.
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 and on behalf of the
SHETH DOCTOR & ASSOCIATES
Chartered Accountants.
FRN No.l24822W
PARESH .S. DOCTOR
Membership no. 36056
Mumbai
DATED : 30th May 2015.
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of AUTORIDERS
INTERNATIONAL LIMITED, which comprises Balance Sheet as at 31st March,
2013, the Statement of Profit and Loss Account and also the Cash Flow
Statement of the Company for the period then ended, and a summary of
significant accounting policies and other explanatory information.
Managements ''Responsibility for the Financial Statements
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 flow 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 fair presentation of the financial statements
that 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 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
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 control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that re 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 audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements 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 2013
(b) In the case of the Profit and Loss Account, of the Profit for the
period ended on that date: and
(c) In the case of the Cash Flow Statement, of the cash flows for the
period 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 the paragraphs 4 and 5 of the
Order.
2. As required under provisions of section 227(3) of the Companies
Act, 1956 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 Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts.
d. Statement of Profit and Loss and 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 representations received from the directors as on
Mar 31, 2013 and taken on record by the Board of Directors, none of the
directors is disqualified as on Mar 31,2013 from being appointed as a
director in terms of clause (g) of sub-section of Section 274 of the
Act.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act , 1956 nor has it issued any Rules under which such cess
is to be paid, no cess is due and payable by the Company.
Statement referred to in paragraph 3 of our report of even date on the
accounts of Autoriders International Limited for the year ended on 31st
March, 2013.
(i) (1) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(2) As explained to us, the assets have been physically verified by the
management in accordance with the phased programmed of verification,
which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
noticed on such verification.
(ii) (1) According to the information and explanation 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 explanation given to us, the
Company has taken interest free unsecured loans from companies covered
in the register maintained u/s 301 of the Companies Act 1956. The
maximum amount involved during the year is Rs. 596.29 lakhs and year-end
balance of loans taken is x 596.29 lakhs.
(3) In our opinion, other terms and conditions on which loans have been
taken from the company, are prima fence, not prejudicial to the
interest of the Company.
(iii) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to the purchases of fixed assets and for sale of services.
Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor have any information of any instances of major weaknesses in the
aforesaid internal control system.
(iv) (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 Companies Act, 1956 and exceeding the value of Rs. 500,000/
(v) The Company has not accepted any deposits from the public.
(vi) According to information and explanation given to us, the company
has an internal audit systems commensurate with the size and nature of
its business.
(vii) (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, Sales 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 except Service Tax of Rs.
86,00,569/-.
(viii) 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 not incurred
cash losses in the financial year under report and in the immediately
preceding financial year.
(ix) The Company has not defaulted in repayment of its dues to bank.
The Company has not issued any debentures.
(x) 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.
(xi) 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.
(xii) 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.
(xiii) 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.
(xiv) The Company has not raised any term loan during the year.
(xv) The Company has not raised any funds during the year on short tern
basis and hence question of use of such funds for long-term investment
does
(xvi) 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.
(xvii) The Company has not issued any debentures and hence, question of
creating security or charge in respect thereof does not arise.
(xviii) The Company has not raised any money by public issues during
the year.
(xix) 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.
(xx) In view of the nature of the activity of the Company, in our
opinion, other matters specified in Paragraph 4 of the Order are not
applicable to the Company.
For Sheth Doctor and Associates
Chartered Accountants
(Firm Regn No. 124822W)
(Proprietor,)
Membership No. 36056
Mumbai.
Dated: 30.05.2013
Mar 31, 2012
1) We have audited the attached balance sheet of Autoriders
International Limited as at 31st March, 2012, 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 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) 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, 2012 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, 2012;
ii) in the case of the profit and loss account, of the profit 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 International Limited for the year ended on 31st
March, 2012.
(i) (1) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(2) As explained to us, the assets have been physically verified by the
management in accordance with the phased programmed of verification,
which, in our opinion, is reasonable having regard to the size of the
Company and the nature o£ its assets. No material discrepancies were
noticed on such verification.
(ii) (1) According to the information and explanation 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 explanation given to us, the
Company has taken interest free unsecured loans from companies covered
in the register maintained u/s 301 of the Companies Act 1956. The
maximum amount involved during the year is Rs. 596.29 lacs and year end
balance of loans taken is Rs. 596.29 lacs.
(3) In our opinion, other terms and conditions on which loans have been
taken from the company, are prima fecie, not prejudicial to the
interest of the Company,
(iii) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to the purchases of fixed assets and for. sale of services.
Further, on the baisis of our examination and according to the
information and explanations given to us, we have neither come across
nor have any information of any instances of major weaknesses in the
aforesaid internal control system.
(iv) (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/-.
(v) The Company has not accepted any deposits from the public.
(vi) According to information and explanation given to us, the company
has an internal audit systems commensurate with the size and nature of
its business.
(vii) (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, Sales 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 except Service Tax of t
5193891/-.
(viii) 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 not incurred
cash losses in the financial year under report and in the immediately
preceding financial year.
(ix) The Company has not defaulted in repayment of its dues to bank.
The Company has not issued any debentures.
(x) 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.
(xi) 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.
(xii) 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.
(xiii) 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.
(xiv) The Company has not raised any term loan during the year.
(xv) 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.
(xvi) 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.
(xvii) The Company has not issued any debentures and hence, question of
creating security or charge in respect thereof does not arise.
(xviii) The Company has not raised any money by public issues during
the year.
(xix) 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.
(xx) In view of the nature of the activity of the Company, 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
Mumbai, 30 May, 2012 Membership No: 35037
Firm Reg. No.: 102752W
Mar 31, 2010
1) We have audited the attached balance sheet of Autoriders
International 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) 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 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, 2010;
ii) in the case of the profit and loss account, of the profit 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 AUDITORSREPORT *
Statement referred to in paragraph 3 of our report of even date on the
accounts of Autoriders International Limited for the year ended on 31st
March, 2010.
(i) (1) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(2) As explained to us, the assets have been physically verified by the
management in accordance with the phased programme of verification,
which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
noticed on such verification.
(ii) (1) According to the information and explanation 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 explanation given to us, the
company has taken interest free unsecured loans from a Company. The
maximum amount involved during the year was Rs. 530.06 lacs and year
end balance of loan taken is Rs. 530.06 lacs.
(3) In our opinion, other term and condition on which loan has been
taken from the Company, is prima fecie, not prejudicial to the interest
of the Company.
(iii) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to the purchases of fixed assets and for sale of services.
Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor have any information of any instances of major weaknesses in the
aforesaid internal control system.
(iv) (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; arid
(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/-.
(v) The Company has not accepted any deposits from the public.
(vi) According to information and explanation given to us, the company
has an internal audit systems commensurate with the size and nature of
its business.
(vii) (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, Sales 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 except Service Tax of
Rs.59,58,655/-.
(viii) 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 not incurred
cash losses in the financial year under report and in the immediately
preceding financial year.
(ix) The Company has not defaulted in repayment of its dues to bank.
The Company has not issued any debentures.
(x) 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.
(xi) 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.
(xii) 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.
(xiii) 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.
(xiv) The Company has not raised any term loan during the year.
(xv) 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.
(xvi) 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.
(xvii) The Company has not issued any debentures and hence, question of
creating security or charge in respect thereof does not arise.
(xviii) The Company has not raised any money by public issues during
the year.
(xix) 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.
(xx) In view of the nature of the activity of the Company, 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 DOSTO
Partner
Mumbai, 29th May 2010 Membership No.: 35037
Firm Reg. No.: 102752W