SPECIAL PURPOSE INDEPENDENT AUDITOR'S REPORT
TO THE DIRECTORS OF
ROYAL ENFIELD CANADA LIMITED
Report on Special Purpose Ind AS Financial Statements
We have audited the accompanying special purpose Ind AS financial statements of Royal Enfield Canada Limited (the "Company"), a company incorporated in Canada, which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of Changes in Equity for the year ended March 31, 2021, and a summary of the significant accounting policies and other explanatory information (together hereinafter referred to as "Special Purpose Ind AS Financial Statements").
Management's Responsibility for the Special Purpose Ind AS Financial Statements
The Management of the Company is responsible for the preparation of these Special Purpose Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 (the "Act"), read with the Companies (Indian Accounting Standard) Rules, 2017. The responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of the appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Special purpose Ind AS Financial Statements that give a true and fair view and are free from material misstatement, due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these Special Purpose Ind AS 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 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 internal financial controls relevant to the Company's preparation 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 financial controls. An audit also includes evaluating the appropriateness of the 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 on these Special Purpose Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Special Purpose Ind AS 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, of the state of affairs of the Company as at March 31, 2021, its profit including other comprehensive income, its cash flows and changes in equity for the year ended on that date.
Other Matters
This report on the Special Purpose Ind AS Financial Statements has been issued solely for the purpose of enabling Eicher Motors Limited to prepare its Consolidated Financial Statements and should not be used for any other purpose without our prior written consent. Accordingly, we do not accept of assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without prior consent in writing.
For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm registration number: 301003E/E300005
per Sanjay Vij Partner
Membership No.: 095169
UDIN: 21095169AAAABM9535
Place: Gurugram
Date: May 27, 2021
ROYAL ENFIELD CANADA LIMITED
BALANCE SHEET AS AT MARCH 31, 2021
ALL AMOUNTS ARE IN USD UNLESS OTHERWISE STATED
Particulars | Note No. | As at | As at |
March 31, 2021 | March 31, 2020 | ||
ASSETS | |||
Current assets | |||
(a) Financial assets | |||
(i) Trade receivables | 4 | 154,148 | 43,857 |
(ii) Cash and cash equivalents | 5 | 20,472 | 30,534 |
Total current assets | 174,620 | 74,391 | |
Total assets | 174,620 | 74,391 | |
EQUITY AND LIABILITIES | |||
Equity | |||
(a) Equity share capital | 6 | 13,280 | 13,280 |
(b) Other equity | 7 | 86,581 | 48,577 |
Total equity | 99,861 | 61,857 | |
LIABILITIES | |||
Current liabilities | |||
(a) Financial liabilities | |||
(i) Trade payables | 8 | 51,587 | - |
(b) Current tax liabilities | 9 | 14,314 | 6,760 |
(c) Other current liabilities | 10 | 8,858 | 5,774 |
Total current liabilities | 74,759 | 12,534 | |
Total equity and liabilities | 174,620 | 74,391 | |
Summary of Significant accounting policies | 3 | ||
The accompanying notes are an integral part of the financial statements | |||
In terms of our report attached | For and on Behalf of the Board of Directors of Royal Enfield Canada Limited | ||
For S.R. Batliboi & Co LLP | |||
Chartered Accountants | |||
ICAI Firm registration Number : 301003E/E300005 |
per Sanjay Vij | Vinod K. Dasari | Krishnan Ramaswamy |
Partner | Director | Director |
Membership No.: 095169 | ||
Place: Gurugram | Place: Chennai | Place: Milwaukee |
Date: May 27,2021 | Date: May 27,2021 | Date: May 27,2021 |
ROYAL ENFIELD CANADA LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2021
ALL AMOUNTS ARE IN USD UNLESS OTHERWISE STATED
Particulars | Note No. | For the year ended March | For the year ended March |
31,2021 | 31,2020 | ||
INCOME | |||
Revenue from contract with customers | 11 | 1,605,687 | 1,424,348 |
Other income | 12 | 2,154 | - |
Total Income | 1,607,841 | 1,424,348 | |
EXPENSES | |||
Purchases of traded goods | 13 | 1,505,734 | 1,333,635 |
Finance costs | 14 | 23,797 | 21,759 |
Other expenses | 15 | 27,844 | 43,280 |
Total expenses | 1,557,375 | 1,398,674 | |
Profit before tax | 50,466 | 25,674 | |
Tax expense | |||
Current tax | 16 | 12,462 | 5,918 |
Deferred tax | - | - | |
Total tax expense | 12,462 | 5,918 | |
Profit for the year | 38,004 | 19,756 | |
Other Comprehensive Income | - | - | |
Total comprehensive income for the year | 38,004 | 19,756 | |
Earnings per share in USD | |||
Basic | 18 | 380.04 | 197.56 |
Diluted | 18 | 380.04 | 197.56 |
(No face value of shares defined as such) | |||
Summary of Significant accounting policies | 3 | ||
The accompanying notes are an integral part of the financial statements | |||
In terms of our report attached | For and on Behalf of the Board of Directors of Royal Enfield Canada Limited | ||
For S.R. Batliboi & Co LLP |
Chartered Accountants
ICAI Firm registration Number : 301003E/E300005
per Sanjay Vij | Vinod K. Dasari | Krishnan Ramaswamy |
Partner | Director | Director |
Membership No.: 095169 | ||
Place: Gurugram | Place: Chennai | Place: Milwaukee |
Date: May 27,2021 | Date: May 27,2021 | Date: May 27,2021 |
ROYAL ENFIELD CANADA LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2021
ALL AMOUNTS ARE IN USD UNLESS OTHERWISE STATED
a. Equity share capital
Particulars | Number of shares | Amount |
Balance as at March 31, 2019 | 100 | 13,280 |
Changes in equity share capital during the year | - | - |
Balance as at March 31, 2020 | 100 | 13,280 |
Changes in equity share capital during the year | - | - |
Balance as at March 31, 2021 | 100 | 13,280 |
b. Other Equity | ||
Particulars | Retained earnings | |
Balance as at March 31, 2019 | 28,821 | |
Profit for the year | 19,756 | |
Balance as at March 31, 2020 | 48,577 | |
Profit for the year | 38,004 | |
Balance as at March 31, 2021 | 86,581 | |
Summary of Significant accounting policies | 3 | |
The accompanying notes are an integral part of the financial statements | ||
In terms of our report attached | For and on Behalf of the Board of Directors of Royal Enfield Canada Limited | |
For S.R. Batliboi & Co LLP |
Chartered Accountants
ICAI Firm registration Number : 301003E/E300005
per Sanjay Vij | Vinod K. Dasari | Krishnan Ramaswamy |
Partner | Director | Director |
Membership No.: 095169 | ||
Place: Gurugram | Place: Chennai | Place: Milwaukee |
Date: May 27,2021 | Date: May 27,2021 | Date: May 27,2021 |
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Eicher Motors Ltd. published this content on 19 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 07:24:31 UTC.