Mar 31, 2015
We have audited the accompanying financial statements of CORPORATE
COURIER AND CARGO LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, 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 matters stated in
Section 134(5) of the Companies Act, 2013 ("the act") with respect to
the preparation of these standalone financial statements that give a
true and fair view of the financial position & financial performance of
the Company 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 (Account)
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 the
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.
Auditors' 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 control relevant to the Company's preparation of the
financial statements that give 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 an adequate internal financial controls system over financial
reporting and the operating effectiveness of these controls. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by
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 the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, 2015 and its loss and its cash flows for the year ended on
that date.
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 paragraphs 3 and 4 of the Order,
to the extent applicable.
2 As required by section 143(3) of the Act, we report that :
a. We have sought and 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
those books.
c. The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014
e. On the basis of the written representations received from the
directors as on March 31, 2015, 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.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT (Referred to in paragraph 1
under Rs,Report on Other Legal and Regulatory Requirements' section of
our report of even date)
1. The company did not have any assets during the year consequently
sub-clauses (a) and (b) of clause (i) of Section 3 of the order are not
applicable
2. The company does not have any inventory, consequently sub-clauses
(a) to (c) of clause (ii) of Section 3 of the order are not applicable.
3. The Company has not granted any secured/ unsecured loan to
Companies, firms or other parties covered in the register maintained
u/s 189 of the Act.
4. The company has not purchased any Fixed Assets or Inventory during
the year consequently clause (iv) of Section 3 of the order is not
applicable. On the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
5. The Company has not accepted any deposits from the public.
6. The Central Government has not prescribed maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
a) According to the information and explanations given to us, the
provisions of the Provident Fund Act and the Employees' State Insurance
Act do not apply to the Company. According to the information and
explanations given to us, no undisputed amounts payable in respect of
any of the statutory dues were in arrears as at 31st March, 2015 for a
period of more than six months from the date they became payable.
b) According to the information and explanations given to us and the
records of the Company, examined by us there are no dues of Income Tax,
Wealth Tax, duty of Excise, Value Added Tax and Cess as at 31st March
2015, which have not been deposited on Account of any dispute.
c) The company has not transferred any amount to the Investor Education
and Protection Fund.
7. The company is not required to maintain cost records as specified
by the Central Government under sub-section (1) of section 148 of the
Companies Act.
8. The Company has an accumulated loss as at 31st March 2015 and its
accumulated losses at the end of the year are more than 50% of its net
worth and it has also incurred cash losses in the financial year ended
on that date and in the immediately preceding financial year.
9. The company does not have any outstanding Loan or debenture or dues
to Financial Institutions or Banks and consequently clause (ix) of
Section 3 is not applicable
10. The Company has not given guarantee for loans taken by others from
bank.
11. According to the information and explanations given to us no term
loans have been obtained by the Company during the year.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally
accepted accounting practices in India, and according to the
information and explanations given to us, we have neither come across
any instance of fraud on or by the Company, noticed or reported during
the year, nor have we been informed of such case by the management
For R DEVARAJAN & CO
Chartered Accountants
FRN : 102415W
S V SUBRAMANIAM
Partner
M No : 036157
Mumbai
Dated : May 30, 2015
Mar 31, 2014
We have audited the accompanying financial statements of CORPORATE
COURIER AND CARGO LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 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 referred to in section 211(3C)
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 audit opinion.
Opinion
In our opinion, and to the best of our information and according to the
explanations given to us, the aforesaid 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 :
i in the case of Balance Sheet of the state of affairs of the Company
as at March 31, 2014;
ii in the case of Statement of Profit and Loss, of the loss for the
year ended on that date and
iii in the case of 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 in terms of section 227 (4A)
of the Act, we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said order on the basis of
information and explanations received by us.
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 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
those books; c the Balance Sheet, the Statement Profit and Loss and
Cash Flow Statement dealt with by this report are in agreement with the
books of account; d in our opinion, the Balance Sheet, the Statement of
Profit and Loss and the Cash Flow Statement have complied with the
Accounting Standards referred to in section 211(3C) of the Act except
to the extent referred to note numbered 11(1); e on the basis of
written representations received from the directors as on March 31,
2014 and taken on record by the Board of Directors, none of the
directors are disqualified as on March 31, 2014 from being appointed as
a director in terms of section 274(1)(g) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph
(1) of our report of even date)
1 During the year the Company did not have any fixed assets and
consequently the clauses 1(a) to (c) of the Order are not applicable.
2 The Company does not have any inventory and consequently the clauses
4(ii)(a) to (c) of the Order are not applicable.
3 The Company has not granted or taken loans, secured or unsecured, to
and from any companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4(iii)(b) to (d) of the Order are not applicable.
4 During the year there were no transactions in respect of purchase of
inventory or fixed assets and sale of goods. Consequently the question
of adequate internal control procedures does not arise in this regard.
5 In respect of transactions covered under section 301 of the Companies
Act, 1956 :
a In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
b In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or
more in respect of any party.
6 The Company has not accepted any deposits from the public.
7 Although, the Company had no formal system of internal audit, the
internal control and procedures followed by the Company, in our
opinion, are adequate considering the size of the Company and nature of
its business.
8 The Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956.
9 In respect of statutory dues :
a According to the information and explanations given to us, the
provisions of the Provident Fund Act and the Employees'' State Insurance
Act do not apply to the Company. According to the records of the
Company, there are no other undisputed statutory dues including income
tax, sales tax, wealth tax, customs duty, excise duty, cess and other
statutory dues, which are required to be deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2014 for a period of more than six months
from the date of becoming payable.
b There are no disputed statutory dues in respect of income tax, wealth
tax and customs duty as at March 31, 2014.
10 The Company has an accumulated loss of Rs 1441.10 lakhs as at March
31, 2014 and the accumulated losses have exceeded 50% of the net worth
as at March 31, 2014. The Company has incurred a cash loss of Rs 0.35
lakhs for the year ended March 31, 2014 as against a cash loss of Rs
0.75 lakhs for the year ended March 31, 2013.
11 According to the information and explanations given to us, there are
no borrowings from banks, financial institutions or by issue of
debentures during the year.
12 In our opinion and according to the explanations given to us, no
loans or advances have been granted by the Company on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14 In our opinion, the Company is not dealing in shares, securities,
debentures and other investments and hence the question of maintenance
of proper records of the transactions and contracts does not arise.
15 The Company has not given guarantees for loans taken by others from
banks or financial institutions.
16 According to the information and explanations given to us, the
Company has not obtained any term loans during the year and hence the
question of application of the same does not arise.
17 According to the information and explanations given to us, the
Company has not raised any funds during the year and hence the question
of usage of the same 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
under section 301 of the Companies Act, 1956.
19 The Company has not issued any debentures during the year and hence
the question of creating any security thereof does not arise.
20 The Company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed by us or
reported during the year that causes the financial statements to be
materially misstated.
For R DEVARAJAN & CO
Chartered Accountants
FRN : 102415W
S V SUBRAMANIAM
Partner
M No : 036157
Place:Mumbai
Dated: May 30, 2014
Mar 31, 2013
We have audited the accompanying financial statements of CORPORATE
COURIERS AND CARGO LIMITED ("the Company"). which comprise the Balance
Sheet as at March 31,3013, 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 section 211(3C)
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 misstate merit,
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 audit opinion.
Opinion
In our opinion, and to the best of our Information and according to the
explanations given to us, the aforesaid 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 :
i) In the case of Balance Sheet of the state of affairs two Company
as at March 31,2013;
ii) in the case of Statement of Profit and Loss, of the loss for the
year ended on that date and
iii) in the case of Cash flows 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 in terms of section 237 (4A]
of the Act, we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said order on the basis of
information and explanations received by us.
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) 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
those books;
c) the Balance Sheet, the Statement Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) in our opinion, the Balance sheet, the Statement of Profit and Loss
and the Cash Flow Statement have complied with the Accounting Standards
referred to In section 21l(3C) of the Act except to the extent referred
to note numbered 11(1);
e) on the basis of written representations received from the directors
as on March 3l, 2013 and taken on record by the Board of Directors,
none of the directors are disqualified as on March 31, 2013 from being
appointed as a director terms of section 274( 1)( g) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph [1) of our report of even date)
1. During the year the Company did not have any fixed assets and
consequently the clauses 1 (a) to (c) of the Order are not applicable.
2. The Company does not have any inventory and consequently the clauses
4(ii)(a) to (c) of the Order are not applicable.
3. The Company has not granted or taken loans, secured or unsecured, to
and from any companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956- Accordingly,
the clauses 4(iii}(b} to (d] of the Order are not applicable.
4. During the year there were no transaction in respect of pure haze of
inventory or fixed assets and sale of goods. Consequently the question
of adequate internal control procedures does not a rise in this regard.
5 In respect of transactions covered under section 301 of the Companies
Act, 1956;
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered-
b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or
more in respect of any party.
6. The Company has not accepted any de posits from the nubile.
7 Although, the Company had no formal system of internal audit the
internal control and procedures followed by the Company, In our
opinion, are adequate considering this is of the Company and nature of
its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956.
9. In respect of Statutory dues:
a According to the information and explanations given to us, the
provisions of the Provident Fund Act and the Employees'' state Insurance
Act do not apply to the Company. According the records of the Company,
there are other undisputed statutory dues including Income tax, sales
tax, wealth tax, customs duty, excise duty, cess and other statutory
dues, which are required to be deposited with the appropriate
authorities- According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2013 for patrol of more than six months
from the date of becoming payable.
b) There are no disputed statutory dues in respect of income tax,
wealth tax and customs duty as at March 31, 2013.
10. The Company has an accumulated loss of Rs 1440.75 lakhs as at March
31, 2013 and the accumulated to uses have exceeded 5054 of the net
worth as at March 31, 2011. The Company has Incurred a cash loss for
the year ended March 31,2013 of Rs 0.75 lakhs as against a cash less of
Rs 11.23 lakhs for the year ended March 31,2012.
11. According to the information and explanations given to us, there are
no borrowings from banks, financial institutions or by issue of
debentures during the year.
12. In our opinion and according to the explanations given to US no
loans a radiances have been granted by the Company on the basis of
security by way of pledge of shares, if off. natures and other securities.
13 In our opinion, the Company is not a chit fund or a nidhi/mutual be
befit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. In our opinion, the Company is not dealing in shares, securities,
debentures and other investments and hence the question of maintenance
of proper records of the transactions and contracts does not arise
15.The Company has not given guarantees for loans taken by others from
banks or financial institutions
16.According to the Information and explanations given to us, the
Company has not obtained any rearm loans during the year and hence the
question of application of the same does notaries.
17.According to the information and explanations given to us, the
Company has not raised any funds during the year and hence the question
of usage of the same 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
under section 301 of the Companies Act, 1956.
19 The Company has not issued any debentures during the year and hence
the question of creating any security thereof does not arise.
20. The Company has not raised arid money by way of public issue dining
the year.
21 In our opinion and according Other information and explanations
given to us of fraud on or by the Company has been noticed by us or
reported during the year that causes the financial statements to be
materially misstated.
For R DEVARAJAN & CO
Chartered Accountants
FAN : 102415W
S.V.SUBRAMANIAM
Partner M No: 036157
Mumbai
Dated: O2.09.2013
Mar 31, 2012
We have audited the attached Balance Sheet of CORPORATE COURIER AND
CARGO LIMITED as at March 31' 2012 and the relative Profit and Loss
Account for the year ended on that date' both of which are revised
statements of the original Balance Sheet and Profit and Loss Account
covered by our Audit Report dated August 31' 2012 and approved by the
Board of Directors at their meeting held on August 31' 2012.
After the issue of the audited statement of accounts with our report
dated August 31' 2012' it has come to our knowledge that an amount of
Rs 390'000' being service charges received during the year and thereby
an income for the Company' has been erroneously accounted as amounts
received from a Director. Consequently' in our opinion and as
prescribed by the Standard on Auditing (SA) 560 issued by the Institute
of Chartered Accountants of India' the audited statement of accounts
issued earlier needs to be revised and the report issued by us thereon
needs to be amended.
These financial statements are the responsibility of the management of
the Company. Our responsibility is to express an opinion on these
financial statements based on our audit.
1 We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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.
2 As required by the Companies (AuditorÃs Report) Order' 2003 issued by
the Central Government in terms of section 227 (4A) of the Companies'
Act' 1956' we enclose in the Annexure' a statement on the matters
specified in paragraphs 4 and 5 of the said order on the basis of
information and explanations received by us.
3 Further to our comments in the Annexure referred to paragraph 1
above' we state 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 those
books.
c the Balance Sheet and the Profit and Loss Account dealt with in this
report are in agreement with the books of account.
d in our opinion' the Balance Sheet and Profit and Loss Account have
complied with the Accounting Standards referred to in sub section (3C)
of section 211 of the Companies Act' 1956 except to the extent referred
to note numbered 11(1).
e on the basis of written representations received from the directors
as on March 31' 2012 and taken on record by the Board of Directors' we
report that none of the directors are disqualified as on March 31' 2012
from being appointed as a director 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 together with the notes
thereon' give the information required by the Companies Act' 1956 in
the manner so required and give a true and fair view :
i in the case of Balance Sheet of the state of affairs of the Company
as at March 31' 2012 and
ii in the case of Profit and Loss Account' of the loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph (1) of our
report of even date)
1 During the year the Company did not have any fixed assets and
consequently the clauses 1(a) to (c) of the Order are not applicable.
2 The Company does not have any inventory and consequently the clauses
4(ii)(a) to (c) of the Order are not applicable.
3 The Company has not granted or taken loans' secured or unsecured' to
and from any companies' firms or other parties covered in the register
maintained under section 301 of the Companies Act' 1956. Accordingly'
the clauses 4(iii)(b) to (d) of the Order are not applicable.
4 During the year there were no transactions in respect of purchase of
inventory or fixed assets and sale of goods. Consequently the question
of adequate internal control procedures does not arise in this regard.
5 In respect of transactions covered under section 301 of the Companies
Act' 1956 :
a In our opinion and according to the information and explanations
given to us' the transactions made in pursuance of contracts or
arrangements' that needed to be entered into in the register maintained
under section 301 of the Companies Act' 1956 have been so entered.
b In our opinion and according to the information and explanations
given to us' there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act' 1956 aggregating during the year to Rs. 5'00'000 or
more in respect of any party.
6 The Company has not accepted any deposits from the public.
7 Although' the Company had no formal system of internal audit' the
internal control and procedures followed by the Company' in our
opinion' are adequate considering the size of the Company and nature of
its business.
8 The Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act' 1956.
9 In respect of statutory dues :
a According to the information and explanations given to us' the
provisions of the Provident Fund Act and the Employees' State Insurance
Act do not apply to the Company. According the records of the Company'
there are other undisputed statutory dues including income tax' sales
tax' wealth tax' customs duty' excise duty' cess and other statutory
dues' which are required to be deposited with the appropriate
authorities. According to the information and explanations given to us'
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31' 2012 for a period of more than six months
from the date of becoming payable.
b There are no disputed statutory dues in respect of income tax' wealth
tax and customs duty as at March 31' 2012.
10 The Company has an accumulated loss of Rs 1440.20 lakhs as at March
31' 2012 and the accumulated losses have exceeded 50% of the net worth
as at March 31' 2012. The Company has incurred a cash loss for the year
ended March 31' 2011 of Rs 11.43 lakhs as against a cash loss of Rs
0.23 lakhs for the year ended March 31' 2011.
11 According to the information and explanations given to us' there are
no borrowings from banks' financial institutions or by issue of
debentures during the year.
12 In our opinion and according to the explanations given to us' no
loans or advances have been granted by the Company on the basis of
security by way of pledge of shares' debentures and other securities.
13 In our opinion' the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore' clause 4(xiii) of the Companies
(AuditorÃs Report) Order 2003 is not applicable to the Company.
14 In our opinion' the Company is not dealing in shares' securities'
debentures and other investments and hence the question of maintenance
of proper records of the transactions and contracts does not arise.
15 The Company has not given guarantees for loans taken by others from
banks or financial institutions.
16 According to the information and explanations given to us' the
Company has not obtained any term loans during the year and hence the
question of application of the same does not arise.
17 According to the information and explanations given to us' the
Company has not raised any funds during the year and hence the question
of usage of the same 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
under section 301 of the Companies Act' 1956.
19 The Company has not issued any debentures during the year and hence
the question of creating any security thereof does not arise.
20 The Company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us' no fraud on or by the Company has been noticed by us or
reported during the year that causes the financial statements to be
materially misstated.
For R DEVARAJAN & CO
Chartered Accountants
FRN : 102415W S V SUBRAMANIAM
Partner
M No : 036157
Mumbai
Dated : September 26' 2012
Mar 31, 2011
We have audited the attached Balance Sheet of CORPORATE COURIER AND
CARGO LIMITED as at March 31, 2011 and the relative Profit and Loss
Account for the year ended on that date, both of which we have signed
under reference to this report. These financial statements are the
responsibility of the management of the Company. Our responsibility is
to express an opinion on these financial statements based on our audit.
1 We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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.
2 As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government in terms of section 227 (4A) of the Companies'
Act, 1956, we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said order on the basis of
information and explanations received by us.
3 Further to our comments in the Annexure referred to paragraph 1
above, we state 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 those
books.
c the Balance Sheet and the Profit and Loss Account dealt with in this
report are in agreement with the books of account.
d in our opinion, the Balance Sheet and Profit and Loss Account have
complied with the Accounting Standards referred to in sub section (3C)
of section 211 of the Companies Act, 1956 except to the extent referred
to notes numbered 1a and 5 of Schedule 13.
e on the basis of written representations received from the directors
as on March 31, 2011 and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on March 31, 2011
from being appointed as a director in terms of clause (g) of sub
section (1) of section 274 of the Companies Act, 1956.
f Subject to -
i Note numbered 14 of Schedule 13 regarding winding up petition filed
by one of the Company's creditor
ii In the absence of confirmation of debts outstanding for a period
exceeding six months as at March 31, 2011 and based on the available
information, we are unable to comment on the recoverability of these
amounts.
in our opinion, and to the best of our information and according to the
explanations given to us, the said accounts together with the other
notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view :
i in the case of Balance Sheet of the state of affairs of the Company
as at March 31, 2011 and
ii in the case of Profit and Loss Account, of the loss for the year
ended on that date.
1 During the year the Company did not have any fixed assets and
consequently the clauses 1(a) to (c) of the Order are not applicable.
2 The Company does not have any inventory and consequently the clauses
4(ii)(a) to (c) of the Order are not applicable.
3 The Company has not granted or taken loans, secured or unsecured, to
and from any companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4(iii)(b) to (d) of the Order are not applicable.
4 During the year there were no transactions in respect of purchase of
inventory or fixed assets and sale of goods. Consequently the question
of adequate internal control procedures does not arise in this regard.
5 In respect of transactions covered under section 301 of the Companies
Act, 1956 :
a In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
b In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or
more in respect of any party.
6 The Company has not accepted any deposits from the public.
7 Although, the Company had no formal system of internal audit, the
internal control and procedures followed by the Company, in our
opinion, are adequate considering the size of the Company and nature of
its business.
8 The Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956.
9 In respect of statutory dues :
a According to the information and explanations given to us, the
provisions of the Provident Fund Act and the Employees' State Insurance
Act do not apply to the Company. According the records of the Company,
other undisputed statutory dues including income tax, sales tax, wealth
tax, customs duty, excise duty, cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2011 for a period of more than six months
from the date of becoming payable.
b There are no disputed statutory dues in respect of income tax, wealth
tax and customs duty as at March 31, 2011.
10 The Company has an accumulated loss of Rs 1428.77 lakhs as at March
31, 2011 and the accumulated losses have exceeded 50% of the net worth
as at March 31, 2011. The Company has incurred a cash loss for the year
ended March 31, 2011 of Rs 0.23 lakhs as against a cash loss of Rs 0.70
lakhs for the year ended March 31, 2010.
11 According to the information and explanations given to us, there are
no borrowings from banks, financial institutions or by issue of
debentures during the year.
12 In our opinion and according to the explanations given to us, no
loans or advances have been granted by the Company on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14 In our opinion, the Company is not dealing in shares, securities,
debentures and other investments and hence the question of maintenance
of proper records of the transactions and contracts does not arise.
15 The Company has not given guarantees for loans taken by others from
banks or financial institutions.
16 According to the information and explanations given to us, the
Company has not obtained any term loans during the year and hence the
question of application of the same does not arise.
17 According to the information and explanations given to us, the
Company has not raised any funds during the year and hence the question
of usage of the same 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
under section 301 of the Companies Act, 1956.
19 The Company has not issued any debentures during the year and hence
the question of creating any security thereof does not arise.
20 The Company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed by us or
reported during the year that causes the financial statements to be
materially misstated.
For R DEVARAJAN & CO
Chartered Accountants
FRN : 102415W
S V SUBRAMANIAM
Partner
M No : 036157
Mumbai
Dated :
Mar 31, 2010
We have audited the attached Balance Sheet of CORPORATE COURIER AND
CARGO LIMITED as at March 31, 2010 and the relative Profit and Loss
Account for the year ended on that date, both of which we have signed
under reference to this report. These financial statements are the
responsibility of the management of the Company. Our responsibility is
to express an opinion on these financial statements based on our audit.
1. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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.
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government in terms of section 227 (4A) of the
Companies' Act, 1956, we enclose in the Annexure, a statement on the
matters specified in paragraphs 4 and 5 of the said order on the basis
of information and explanations received by us.
3. Further to our comments in the Annexure referred to paragraph 1
above, we state 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 those
books.
c. the Balance Sheet and the Profit and Loss Account dealt with in this
report are in agreement with the books of account.
d. in our opinion, the Balance Sheet and Profit and Loss Account have
complied with the Accounting Standards referred to in sub section (3C)
of section 211 of the Companies Act, 1956 except to the extent referred
to notes numbered 1a and 5 of Schedule 13.
e. on the basis of written representations received from the directors
as on March 31, 2010 and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on March 31, 2010
from being appointed as a director in terms of clause (g) of sub
section (1) of section 274 of the Companies Act, 1956.
f. Subject to -
i. Notes numbered 6 of Schedule 13 regarding non provisioning of
interest payable on inter corporate deposits obtained by the company,
amount unascertained, for the year ended March 31, 2010 and its
consequent effect on the profit for the year.
ii. In the absence of confirmation of debts outstanding for a period
exceeding six months as at March 31, 2010 and based on the available
information, we are unable to comment on the recoverability of these
amounts.
in our opinion, and to the best of our information and according to the
explanations given to us, the said accounts together with the other
notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view :
i in the case of Balance Sheet of the state of affairs of the Company
as at March 31, 2010 and
ii. in the case of Profit and Loss Account, of the loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph (1) of our report of even date)
1. During the year the Company did not have any fixed assets and
consequently the clauses 1(a) to (c) of the Order are not applicable.
2. The Company does not have any inventory and consequently the clauses
4(ii)(a) to (c) of the Order are not applicable.
3. The Company has not granted or taken loans, secured or unsecured, to
and from any companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4(iii)(b) to (d) of the Order are not applicable.
4. During the year there were no transactions in respect of purchase of
inventory or fixed assets and sale of goods. Consequently the question
of adequate internal control procedures does not arise in this regard.
5. In respect of transactions covered under section 301 of the Companies
Act, 1956 :
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or
more in respect of any party.
6. The Company has not accepted any deposits from the public.
7. Although, the Company had no formal system of internal audit, the
internal control and procedures followed by the Company, in our
opinion, are adequate considering the size of the Company and nature of
its business.
8. The Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956.
9. In respect of statutory dues :
a. According to the information and explanations given to us, the
provisions of the Provident Fund Act and the Employees' State Insurance
Act do not apply to the Company. According the records of the Company,
other undisputed statutory dues including income tax, sales tax, wealth
tax, customs duty, excise duty, cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2010 for a period of more than six months
from the date of becoming payable.
b. There are no disputed statutory dues in respect of income tax, wealth
tax and customs duty as at March 31, 2010.
10. The Company has an accumulated loss of Rs 1202.34 lakhs as at March
31, 2010 and the accumulated losses have exceeded 50% of the net worth
as at March 31, 2010. The Company has incurred a cash loss for the year
ended March 31, 2010 of Rs. 0.70 lakhs as against a cash loss of Rs. 0.72
lakhs for the year ended March 31, 2009.
11. According to the information and explanations given to us, there are
no borrowings from banks, financial institutions or by issue of
debentures during the year.
12. In our opinion and according to the explanations given to us, no
loans or advances have been granted by the Company on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. In our opinion, the Company is not dealing in shares, securities,
debentures and other investments and hence the question of maintenance
of proper records of the transactions and contracts does not arise.
15. The Company has not given guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, the
Company has not obtained any term loans during the year and hence the
question of application of the same does not arise.
17. According to the information and explanations given to us, the
Company has not raised any funds during the year and hence the question
of usage of the same 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
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year and hence
the question of creating any security thereof does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed by us or
reported during the year that causes the financial statements to be
materially misstated.
For R DEVARAJAN & CO
Chartered Accountants
S V SUBRAMANIAM
Partner
Mumbai
Dated :
Mar 31, 2009
We have audited the attached Balance Sheet of CORPORATE COURIER AND
CARGO LIMITED as at March 31, 2009 and the relative Profit and Loss
Account for the year ended on that date, both of which we have signed
under reference to this report. These financial statements are the
responsibility of the management of the Company. Our responsibility is
to express an opinion on these financial statements based on our audit.
1 We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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.
2 As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government in terms of section 227 (4A) of the Companies'
Act, 1956, we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said order on the basis of
information and explanations received by us.
3 Further to our comments in the Annexure referred to paragraph 1
above, we state 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 those
books.
c the Balance Sheet and the Profit and Loss Account dealt with in this
report are in agreement with the books of account.
d in our opinion, the Balance Sheet and Profit and Loss Account have
complied with the Accounting Standards referred to in sub section (3C)
of section 211 of the Companies Act, 1956 except to the extent referred
to notes numbered 1a and 5 of Schedule 13. 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
directors are disqualified as on March 31, 2009 from being appointed as
a director in terms of clause (g) of sub section (1) of section 274 of
the Companies Act, 1956.
f Subject to -
i Notes numbered 6 of Schedule 13 regarding non provisioning of
interest payable on inter corporate deposits obtained by the company,
amount unascertained, for the year ended March 31, 2009 and its
consequent effect on the profit for the year.
ii In the absence of confirmation of debts outstanding for a period
exceeding six months as at March 31, 2009 and based on the available
information, we are unable to comment on the recoverability of these
amounts.
in our opinion, and to the best of our information and according to the
explanations given to us, the said accounts together with the other
notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view :
i in the case of Balance Sheet of the state of affairs of the Company
as at March 31, 2009 and
ii in the case of Profit and Loss Account, of the loss for the year
ended on that date.
1 During the year the Company did not have any fixed assets and
consequently the clauses 1(a) to (c) of the Order are not applicable.
2 The Company does not have any inventory and consequently the clauses
4(ii)(a) to (c) of the Order are not applicable.
3 The Company has not granted or taken loans, secured or unsecured, to
and from any companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4(iii)(b) to (d) of the Order are not applicable.
4 During the year there were no transactions in respect of purchase of
inventory or fixed assets and sale of goods. Consequently the question
of adequate internal control procedures does not arise in this regard.
5 In respect of transactions covered under section 301 of the Companies
Act, 1956 :
a In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
b In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000 or
more in respect of any party.
6 The Company has not accepted any deposits from the public.
7 Although, the Company had no formal system of internal audit, the
internal control and procedures followed by the Company, in our
opinion, are adequate considering the size of the Company and nature of
its business.
8 The Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956.
9 In respect of statutory dues :
a According to the information and explanations given to us, the
provisions of the Provident Fund Act and the Employees' State Insurance
Act do not apply to the Company. According the records of the Company,
other undisputed statutory dues including income tax, sales tax, wealth
tax, customs duty, excise duty, cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2009 for a period of more than six months
from the date of becoming payable.
b There are no disputed statutory dues in respect of income tax, wealth
tax and customs duty as at March 31, 2009.
10 The Company has an accumulated loss of Rs 1201.64 lakhs as at March
31, 2009 and the accumulated losses have exceeded 50% of the net worth
as at March 31, 2009. The Company has incurred a cash loss for the year
ended March 31, 2009 of Rs 0.72 lakhs as against a cash loss of Rs 1.09
lakhs for the year ended March 31, 2008.
11 According to the information and explanations given to us, there are
no borrowings from banks, financial institutions or by issue of
debentures during the year.
12 In our opinion and according to the explanations given to us, no
loans or advances have been granted by the Company on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14 In our opinion, the Company is not dealing in shares, securities,
debentures and other investments and hence the question of maintenance
of proper records of the transactions and contracts does not arise.
15 The Company has not given guarantees for loans taken by others from
banks or financial institutions.
16 According to the information and explanations given to us, the
Company has not obtained any term loans during the year and hence the
question of application of the same does not arise.
17 According to the information and explanations given to us, the
Company has not raised any funds during the year and hence the question
of usage of the same 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
under section 301 of the Companies Act, 1956.
19 The Company has not issued any debentures during the year and hence
the question of creating any security thereof does not arise.
20 The Company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed by us or
reported during the year that causes the financial statements to be
materially misstated.
For R DEVARAJAN & CO
Chartered Accountants
S V SUBRAMANIAM
Partner
Mumbai
Dated :