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Auditor Report of Corporate Couriers & Cargo Ltd.

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, 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 :

 
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