| 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
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