There are six friends A, B, C, D, E and F. Each of them has different weights 40 kg, 54 kg, 71 kg, 65kg, 58 kg and 48 kg which are not in any order. Now if

(i) AF is heavier than B.

(ii) C is heavier than A but lighter than D.

(iii) F is heavier than only two friends.

(iv) B is not the lightest.

Which of the following statements is true based on the above information?

(I) Weight of A is 54 kg.

(II) F is the third heaviest among all.

Given weights: 40 kg, 54 kg, 71 kg, 65 kg, 58 kg, 48 kg

Let's arrange the weights in ascending order:
40 kg (Lightest) < 48 kg < 54 kg < 58 kg < 65 kg < 71 kg (Heaviest)

Now let's use the given clues:

 F is heavier than only two friends.
So, F's weight must be 54 kg.
_ < _ < F (54 kg) < _ < _ < _

 B is not the lightest. A is heavier than B.
This means B's weight is not 40 kg. 

 A > B
C is heavier than A but lighter than D.
This means D > C > A > B

So, the complete order from lightest to heaviest is:
E (40 kg) < B (48 kg) < F (54 kg) < A (58 kg) < C (65 kg) < D (71 kg)

Now let's evaluate the given statements:

(I) Weight of A is 54 kg.
From our deductions, the weight of A is 58 kg.
Therefore, statement (I) is False.

(II) F is the third heaviest among all.
F (54 kg) is the fourth heaviest.
Therefore, statement (II) is False.

Since both statements (I) and (II) are false.

Hence, the correct answer is "Option 4".