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Corporate Courier & Cargo Ltd.

BSE: 526737 Sector: Services
NSE: N.A. ISIN Code: INE871E01018
BSE 00:00 | 26 Apr 11.50 -2.24
(-16.30%)
OPEN

14.34

HIGH

14.34

LOW

11.00

NSE 05:30 | 01 Jan Corporate Courier & Cargo Ltd
OPEN 14.34
PREVIOUS CLOSE 13.74
VOLUME 936
52-Week high 22.77
52-Week low 8.80
P/E 17.69
Mkt Cap.(Rs cr) 8
Buy Price 11.01
Buy Qty 5.00
Sell Price 14.30
Sell Qty 50.00
OPEN 14.34
CLOSE 13.74
VOLUME 936
52-Week high 22.77
52-Week low 8.80
P/E 17.69
Mkt Cap.(Rs cr) 8
Buy Price 11.01
Buy Qty 5.00
Sell Price 14.30
Sell Qty 50.00

Corporate Courier & Cargo Ltd. (CORPORATECOURIE) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

CORPORATE COURIER AND CARGO LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone Ind AS financial statements of CorporateCourier and Cargo Limited ("the Company") which comprise the Balance Sheet as atMarch 312018 the Statement of Profit and Loss and the Cash Flow Statement for the yearended on that date and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand change in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards prescribed under section 133 of theAct read with the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities selection and application of theappropriate accounting policies making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error in makingthose risk assessments the auditor considers internal financials control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion on the standalone lnd AS financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone lnd AS financial statements give the infonnationrequired by the Act in the manner so required and give a true and fair view in confonnitywith the accounting principles generally accepted in India of the state of affairs of theCompany as on 31st March 2018 and its Profit and its cash flows for the yearended on that date.

Emphasis of Matter

a) We draw attention to Note No. 23 (a) to the standalone lnd AS financial statementrelating to investments written off during the year Company has written off investmentsas the same are very old and no records are available in spite of best efforts.

b) We draw attention to Note No. 23 (b) to the standalone lnd AS financial statementrelating to few bank balances written off during the year. Company has written off fewbank balances for bank accounts which are non operative for a very long period and norecords are available inspite of best efforts.

c) We draw attention to Note No. 23 (c) to the standalone lnd AS financial statementrelating to non appointment of whole time Company Secretary and Chief Financial OfficerCompany has not appointed whole time Company Secretary and Chief Financial Officer as perSection 203 of the Companies Act 2013. Therefore the financial statement have not beenauthenticated by a whole time Company Secretary and Chief Financial Officer as per Section134 of Companies Act 2013.

d) We draw attention to Note no. 27 to the standalone lnd AS financial statementrelating to non-compliance with statutory requirement as reported in previous year duringthe year also the Company has not complied with the statutory requirements of complyingwith VAT Service tax Goods & Service Tax and TDS provisions of various transactionsundertaken. This non-compliance will result in tax interest and penalties amount notascertained

Our opinion is not qualified in respect of the above matter

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we enclose in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order

2. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the infonnation and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books

c) The Balance Sheet the Statement of Profit and Loss including the Statement of OtherComprehensive income. Cash Flow Statement and Changes in Equity dealt with by this Reportare in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

e) The matter described in the Emphasis of Matter paragraph above in our opinion mayhave an adverse effect on the functioning of the Company.

f) On the basis of written representations received from the Directors as on March 312018 taken on record by the Board of Directors none of the Directors are disqualified ason March 31 2018 from being appointed as a Director in terms of Section 164(2) of theAct.

g) With respect to the adequacy of the internal financial controls over financialreporting of the company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate report in "AnnexureB" to this report.

h) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us :

i. The Company does not have any pending litigations on its financial position in itsstandalone Ind AS financial statements.

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any materials foreseeable losses; and

iii. There were no amount which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For R H Modi & Co.
Chartered Accountants
(Firm Reg. No. 106486W)
R. H. Modi
Place: Mumbai Proprietor
Date: 30/05/2018 Membership No. : 37643

ANNEXURE "A" TO THE INDEPENDENT AUDITOR' REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

i. During the Year Company does not hold fixed assets thus paragraph 3(i) of the Orderis not applicable.

ii. The Company is a service company primarily rendering engineering services and realestate services. It does not hold any physical inventories. Thus paragraph 3(it) of theOrder is not applicable.

iii. According to the infonnation and explanations given to us the Company has notgranted loan secured or unsecured to any company firm LLP or other parties covered inthe register maintained under section 189 of the Companies Act 2013.

iv. In our opinion and according to the infonnation and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

v. In our opinion and according to the infonnation and explanations given to us theCompany has not accepted any deposits from the public in accordance with the provisions ofsections 73 to 76 of the Act and the rules framed there under.

vi. According to the infonnation and explanations given to us the maintenance of costrecords under Section 148(1) of the Companies Act 2013 is not applicable in view of rule3 of the Companies (Cost Records and Audit) Amendment Rules 2014 and therefore theprovision of clause (vi) of the Order are not applicable to the Company.

vii. (a) According to the infonnation and explanations given to us and on the basis ofour examination of the records of the Company the Company has not complied with thestatutory requirements of complying with VAT Service tax Goods & Service Tax and TDSprovisions of various transactions undertaken. This noncompliance will result in taxinterest and penalties amount not ascertained.

(b) There are no dues of Income-tax Sales-tax Wealth Tax Service Tax Custom DutyExcise Duty Value Added Tax Goods and Service Tax or Cess which have not been depositedon account of any dispute.

viii. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and tenn loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

x. According to the infonnation and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

ANNEXURE "B" TO THE INDEPENDENT AUDITOR' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CorporateCourier and Cargo Limited ("the Company") as of 31 March 2018 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perfonn the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's interna! financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that {1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the standaloneInd AS financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects and adequate internalfinancial control system and the internal control system adopted by the Company hasadequate risk management and assessment system but in company's perspective theeffectiveness of said system is less effective. Further an adequate internal financialcontrot system were operating effectively as of March 31 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For R H Modi & Co.
Chartered Accountants
(Firm Reg. No. 106486W)
R.H. Modi
Place : Mumbai Proprietor
Date : 30/05/2018 Membership No. : 37643