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Corporate Courier & Cargo Ltd.

BSE: 526737 Sector: Services
NSE: N.A. ISIN Code: INE871E01018
BSE 00:00 | 06 Aug 3.21 -0.06
(-1.83%)
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NSE 05:30 | 01 Jan Corporate Courier & Cargo Ltd
OPEN 3.21
PREVIOUS CLOSE 3.27
VOLUME 596
52-Week high 14.90
52-Week low 1.61
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.27
Buy Qty 203.00
Sell Price 3.21
Sell Qty 9611.00
OPEN 3.21
CLOSE 3.27
VOLUME 596
52-Week high 14.90
52-Week low 1.61
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.27
Buy Qty 203.00
Sell Price 3.21
Sell Qty 9611.00

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

Company director report

The Directors have pleasure to present 33rd Annual Report of your Companyfor the year ended on 31st March 2019.

1. FINANCIAL HIGHLIGHTS:

(Rs. In Lakhs]
Particulars Year ended 31/03/2019 Year ended 31/03/2018
Gross Income 60.50 38.12
Profit Before Interest and Depreciation 46.66 27.69
Finance Charges - -
Net Profit 46.66 27.69
Provision for Depreciation - -
Net Profit Before Tax 46.66 27.69
Provision for Tax 13.61 5.6
Net Profit After Tax 33.06 22.09
Other Comprehensive Income (11.39)
Total Comprehensive Income after Tax 47.30 10.70

2. Management Analysis and Discussions

Discussion on financial performance with respect to operational performance

During the year your Company earned total revenues of Rs. 60.50 lakhs compared withRs. 38.12 lacs during the previous year reflecting a growth of 58.71% over the previousyear. The profit before tax stood at Rs. 46.66 lakhs as compared to Rs. 27.69 lakhs in theprevious year. The Company has made a provision of tax totaling to Rs. 13.61 lakhs and theprofit after tax stood at Rs.33.06 lakhs for the current year. The Operating Profit(earnings before depreciation and interest and tax) increased from Rs. 38.12 lakhs to Rs.60.50 lakhs.

3. PERFORMANCE REVIEW & FUTURE OUTLOOK:

a) Contract >Inr 5 Million Secured By Civil Construction Business Segment of theCompany.

b) The Management is also actively exploring revenue opportunities in Logisticsbusiness segment.

The Company is exposed to variety of risks such as credit risk economy risk interestrate risk liquidity risk and cash management risk among others. The Company hasEnterprise Risk Management Framework which involves risk identification risk assessmentand risk mitigation planning for the Company. The Company's objectives and expectationsmay be forward looking within the meaning of applicable laws and regulations.

4. DIVIDEND:

With a view to plough back the profits of the Company and keeping in mind the expansionof business activities the Board of Directors consider it prudent and recommend notdeclaring any dividend for the year ended March 31 2019.

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

The Provisions of Sec. 125 (2) of the Companies Act 2013 do not apply as there was nodividend declared and paid last year.

6. TRANSFER TO RESERVES

The Company has not transferred any amount to reserves.

7. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCE SHEET AND THE DATEOF REPORT

There have been no material changes and commitments affecting the financial position ofthe Company which have occurred between the end of the Financial Year of the Company towhich the Financial Statements relate and the date of the report however National CompanyLaw Tribunal Mumbai Bench on August 09 2018 passed an order for approving the Scheme ofArrangement for the Demerger under Sections 230 to 232 of the Companies Act 2013 betweenCorporate Courier and Cargo Limited("CCCL" or the Transferor Company) and HarishTextile Engineers Private Limited (Now Harish Textile Engineers Limited)("HTEPL" or "Transferee Company" No.

1) and Mahesh Developers Private Limited (Now Mahesh Developers Limited)("MDL" or "Transferee Company" No.

2) their respective shareholders and creditors (The "Scheme").

• There was no change in the nature of business of the Company.

8. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant and material orders passed by the Regulators or courts ortribunals impacting the going concern status and company's operations in future howeverNational Company Law Tribunal Mumbai Bench on August 09 2018 passed an order forapproving the Scheme of Arrangement for the Demerger under Sections 230 to 232 of theCompanies Act 2013 between Corporate Courier and Cargo Limited("CCCL" or theTransferor Company) and Harish Textile Engineers Private Limited (Now Harish TextileEngineers Limited) ("HTEPL" or "Transferee Company" No. 1) and MaheshDevelopers Private Limited (Now Mahesh Developers Limited) ("MDL" or"Transferee Company" No.

2) their respective shareholders and creditors (The "Scheme"). The Companyannounced September 5 2018 as effective date for the said Scheme.

• There was no change in the nature of business of the Company.

• During the year under review there were no cases filed under the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.

9. DETAILS OF HOLDING/SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:

Your company does not have any Subsidiary companies associate companies and jointventures.

10.EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS MADE BYAUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS:

The Auditors' Report to the members on the Accounts of the Company for the financialyear ended 31st March 2019 does not contain any qualifications reservationsor adverse remarks. However the auditor has given below mentioned observation in hisreport:

Material uncertainty related to going concern

We draw attention to note 1 to the standalone financial statement which indicates theCompany's accumulated loss is Rs. 68182582 as at the end of financial year March 312019 (March 31 2018: 65157464). The standalone financial statements of the Companyhave been prepared on a going concern basis for the reason stated in the note no 1.

Our opinion is not qualified in respect of this matter.

Emphasis of Matter

a) We draw attention to Note No 17(a) to the standalone financial statement relating toamounts written off during the year Company has written off / written back variousadvances paid and creditors for expenses and other balances having value of Rs. 529341/-asthe same are old and no records are available inspite of best efforts.

b) We draw attention to Note No 17(b) to the standalone financial statement relating tonon-appointment of whole time Company Secretary and Chief Financial Officer as per Section203 of the Companies Act 2013. Therefore the standalone financial statement have not beenauthenticated by a whole time Company Secretary and Chief Financial Officer as per Section134 of Companies Act 2013.

c) We draw attention to Note no. 20 to the standalone financial statement relating tonon- compliance with statutory requirement as reported in previous year during the yearalso the Company has not complied with the statutory requirements of complying with Goods& Service Tax and TDS provisions of various transactions undertaken. Thisnoncompliance will result in tax interest and penalties amount not ascertained

The Secretarial Audit report does not contain any qualification reservation or adverseremark from Secretarial Auditor.

11. BOARD AND DIRECTORS EVALUATION AND CRITERIA FOR EVALUATION

During the year the Board has carried out an annual evaluation of its own performance& performance of the Directors.

Your Company has constituted Nomination and Remuneration Committee which as per theprovisions of Companies Act 2013 has defined the evaluation criteria procedure and timeschedule for the Performance Evaluation process for the Board its Committees andDirectors. The criteria for Board Evaluation inter alia include degree of fulfillment ofkey responsibilities Board structure and composition establishment and delineation ofresponsibilities to various Committees effectiveness of Board processes information andfunctioning.

Criteria for evaluation of individual Directors include aspects such as attendance andcontribution at Board/ Committee Meetings and guidance/ support to the management outsideBoard/ Committee Meetings. In addition the Chairman was also evaluated on key aspects ofhis role including setting the strategic agenda of the Board encouraging activeengagement by all Board members and motivating and providing guidance to the Management.Criteria for evaluation of the Committees of the Board include degree of fulfillment ofkey responsibilities adequacy of Committee composition and effectiveness of meetings. Theprocedure followed for the performance evaluation of the Board Committees and Director isdetailed in the Directors' Report.

12. DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year the non-executive directors of the Company had no pecuniaryrelationship or transactions with the Company other than sitting fees commission andreimbursement of expenses if any incurred by them for the purpose of attending meetingsof the Company.

Mr. Akash Patel Director (Din 06839168) retires by rotation and being eligible hasoffered himself for re appointment. The Board recommends the resolutions for your approvalfor the above appointments.

The Board of directors appointed Mr. Ritesh Patel Director (Din 00700189) as ManagingDirector of the Company for a period of three years with effect from 14th June2019 subject to the approval of members at the ensuing 33rd AGM.

The Board of Directors re-appointed Mr. Pratik Mehta (Din: 06831946) as IndependentNon-Executive-Director of the Company for a period of five years subject to the approvalof members at the ensuing 33rd AGM.

All the above appointments/re-appointments by the Board of Directors are based on therecommendation of the Nomination and Remuneration Committee. The resolutions foraforementioned appointment/re-appointments and for payment of remuneration to ManagingDirector together with requisite disclosures are set out in the Notice of the ensuing 33rdAGM. The Board recommends all the resolutions for your approval.

*Note: Mr. Harshad Patel resigned from the post of Directorship w.e.f. 14.06.2019

Mr. Darshit Parikh resigned from the post of Directorship w.e.f. 15.06.2019

Pursuant to the provisions of Section 203 of the Act the Key Managerial Personnel ofthe Company are Mr. Ritesh Patel Managing Director and Mr. Akash Patel Chief FinancialOfficer.

13.MANAGERIAL REMUNERATION / PARTICULARS OF EMPLOYEES

Your company has not paid any managerial remuneration during the period under reviewtherefore no Disclosures in the Board Report as required under Rule 5(2) of Companies(Appointment & Remuneration) Rules 2014 is provided and further your Company also hasnot employed any person at a remuneration in excess of the limit set out in the saidRules.

14.SCHEME OF ARRANGEMENT

During the year under review National Company Law Tribunal Mumbai Bench on August09 2018 for approving the Scheme of Arrangement for the Demerger under Sections 230 to232 of the Companies Act 2013 between matter of Scheme of Arrangement between CorporateCourier And Cargo Limited (Transferor Company) and Harish Textile Engineers PrivateLimited (Transferee Company no.l)(Now Harish Textile Engineers Limited) and MaheshDevelopers Private Limited (Transferee Company no.2)(Now Mahesh Developers Limited).

15.POLICY ON REMUNERATION FOR MANAGING DIRECTOR ('MD') / EXECUTIVE DIRECTORS ('ED') /KEY MANAGERIAL PERSONNEL ('KMP')/ REST OF THE EMPLOYEES:

• The extent of overall remuneration should be sufficient to attract and retaintalented and qualified individuals suitable for every role. Hence remuneration should bemarket competitive driven by the role played by the individual reflective of the size ofthe Company complexity of the sector/ industry/ Company's operations and the Company'scapacity to pay consistent with recognized best practices and aligned to any regulatoryrequirements. Basic/ fixed salary is provided to all employees to ensure that there is asteady income in line with their skills and experience.

• In addition the Company provides employees with certain perquisites allowancesand benefits to enable a criteria in level of lifestyle and to offer scope for savings.The Company also provides all employees with a social security net subject to limits bycovering medical expenses and hospitalization through re-imbursements or insurance coverand accidental death and dismemberment through personal accident insurance. The Companyprovides retirement benefits as applicable.

• In addition to the basic/ fixed salary benefits perquisites and allowances asprovided above the Company provides MD/EDs such remuneration by way of commissioncalculated with reference to the net profits of the Company in a particular financialyear as may be determined by the Board subject to the overall ceilings stipulated inSection 197 of the Companies Act 2013. The specific amount payable to the MD/ EDs wouldbe based on performance as evaluated by the NRC and approved by the Board.

• The Company provides the rest of the employees a performance linked bonus. Theperformance linked bonus would be driven by the outcome of the performance appraisalprocess and the performance of the Company.

No Director of the Company draws remuneration from the Company.

16. CRITERIA FOR DETERMINING QUALIFICATIONS POSITIVE ATTRIBUTES AND INDEPENDENCE OFDIRECTORS:

The Nomination and Remuneration Committee has formulated the criteria for determiningqualifications positive attributes and independence of Directors in terms of provisionsof Section 178(3) of the Companies Act 2013.

Independence:

In accordance with the above criteria a Director will be considered as an 'IndependentDirector' if he/ she meet with the criteria for 'Independent Director' as laid down in theAct.

Qualifications:

A transparent Board nomination process is in place that encourages diversity ofthought experience knowledge perspective age and gender. It is also ensured that theBoard has an appropriate blend of functional and industry expertise. While recommendingthe appointment of a Director the Nomination and Remuneration Committee considers themanner in which the function and domain expertise of the individual will contribute to theoverall skill-domain mix of the Board.

Positive Attributes:

In addition to the duties as prescribed under the Act the Directors on the Board ofthe Company are also expected to demonstrate high standards of ethical behavior stronginterpersonal and communication skills and soundness of judgment. Independent Directorsare also expected to abide by the 'Code for Independent Directors' as outlined in ScheduleIV to the Act.

17.REMUNERATION FOR INDEPENDENT DIRECTORS AND NON-INDEPENDENT NON EXECUTIVE DIRECTORS:

• Independent Directors ('ID7) and non-independent non-executiveDirectors ('NED7) may be paid sitting fees for attending the Meetings of theBoard and of Committees of which they may be members and commission within regulatorylimits as recommended by the Nomination and Remuneration Committee ('NRC') and approvedby the Board.

• Overall remuneration should be reasonable and sufficient to attract retain andmotivate Directors aligned to the requirements of the Company; taking into considerationthe challenges faced by the Company and its future growth imperatives. Remuneration paidshould be reflective of the size of the Company complexity of the sector/ industry/Company's operations and the Company's capacity to pay the remuneration and be consistentwith recognized best practices.

• The aggregate commission payable to all the NEDs and IDs will be recommended bythe NRC to the Board based on Company performance profits return to upon the outcome ofthe evaluation process which is driven by various factors including attendance and timespent in the Board and Committee Meetings individual contributions at the meetings andcontributions made by Directors other than in meetings.

• The remuneration payable to Directors shall be inclusive of any remunerationpayable for services rendered in any other capacity unless the services rendered are of aprofessional nature and the NRC is of the opinion that the Director possesses requisitequalification for the practice of the profession.

18.BOARD AND COMMITTEE MEETINGS

Seven Board Meetings were convened and held during the year i.e. on 30 May 2018 14August 2018 30 August 2018 29 October 2018 14 November 2018 14 February 2019 01March 2019.

The Board has constituted an Audit Committee as well as Nomination & RemunerationCommittee with Mr. Pratik Mehta Mr. Akash Patel Mrs. Meena Mistry as Members. There havenot been any instances when recommendations of the Audit Committee were not accepted bythe Board.

The intervening gap between the Meetings was within the period prescribed under theAct.

19.AUDITORS

(1) Statutory Auditors:

Pursuant to the provisions of Section 139 of the Act and the rules framed thereunderM/s. R H Modi & Co. Chartered Accountants (ICAI Firm Registration No. 106486W) hadbeen appointed as the statutory auditors of the Company for a term of five consecutiveyears at the AGM held in the year 2017.

Auditors have confirmed that they are not disqualified to act as Auditors and areeligible to hold office as Auditors of your Company. They have also confirmed that theyhold a valid peer review certificate as prescribed under Listing Regulations.

(2) Secretarial Auditor Report

Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Board of Directors of the Companyhad appointed Mr. Gaurang Shah a Company Secretary in Practice to undertake theSecretarial Audit of the Company for the March ended 31 2019. The Secretarial AuditReport is annexed as Annexure I to this report.

Auditors Report

The Auditors' Report does not contain any qualification. Notes to Accounts and Auditorsremarks in their report are self-explanatory and do not call for any further comments.

20. CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of corporate governance andadhere to the corporate governance requirements set out by SEBI. In accordance withRegulation 15 of the SEBI (LODR) Regulations 2015 various corporate governancerequirements does not apply to the Company. Therefore no separate section on Management'sDiscussion and Analysis Corporate governance is annexed.

21. HUMAN RESOURCE MANAGEMENT (MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIALRELATIONS FRONT INCLUDING NUMBER OF PEOPLE EMPLOYED)

Your Company's core strength is its people. To bring in more business focus and totalownership your Company's business organizational structure has been redesigned. This isexpected to allow better growth and reward opportunities for talent while simultaneouslydelivering better value to shareholders. Your Company has HR policy that elaborates oneach aspect of human resource management including recruitment employee development &training staff welfare administration services & recreation events. The Companyoffers a growth environment along with monetary benefits in line with industry standards.The Company has a number of employee initiatives to attract retain and develop talent inthe organization.

Your Company encourages regular training and development program. Continuous trainingis imparted in advanced technologies managerial and soft skills for the employees toenhance their skill-sets in alignment with their respective roles. The major thrustcontinues in the effort to bring about measurable change in training coverage andeffectiveness increasing the Leadership and Development opportunities for every staffmember.

Company's people centric focus providing an open work environment fostering continuousimprovement and development helped several employees realize their career aspirationsduring the year. Company has continually adopted structures that help attract bestexternal talent and promote internal talent to higher roles and responsibilities.

Employee Retention is a key focus area. The Company has initiated various measures toenhance the retention of employees during the year which includes employee engagementsurveys transparent Performance Management System and connect to maintain employee-friendly culture in the organization.

22.Code of Conduct for Directors and Senior Management

The Directors and members of Senior Management have affirmed compliance with the Codeof Conduct for Directors and Senior Management of the Company.

23.Documents Placed on the Website

The following documents have been placed on the website in compliance with the Act

• Financial statements of the Company along with relevant documents.

• Details of Vigil mechanism for directors and employees to report genuineconcerns as per proviso to Section 177(10).

• The terms and conditions of appointment of independent directors as per ScheduleIV to the act.

• Latest Announcements

• Annual Reports

• Shareholding Pattern

• Code of Conduct

• Nomination and Remuneration Policy

24.RELATIONSHIP BETWEEN DIRECTORS INTER-SE

The Directors *Mr. Harshad Patel Mr. Akash Patel and Mr. Ritesh Patel having fatherand son relationship are related to each other within the meaning of the term"relative" as per Section 2(77) of the Act and per SEBI(Listing Obligations andDisclosure Requirements) Regulations 2015. Other than these none of the Directors arerelated.

*Note: Mr. Harshad Patel resigned from the post of Directorship w.e.f. 14.06.2019

25. SHARE CAPITAL:

Rs 71763500 divided into 7152700 Equity shares of Rs. 10 each(fully paid-up) and47300 equity shares of Rs. 10 each (partly paid-up -Rs. 5 each) as on 31stMarch 2019 which is same as at the previous year end.

As on 31st March 2019 none of the Directors of the Company held shares ofthe Company. 26.SHARES:

a. Buyback of Securities: The Company has not bought back any of the securities duringthe year under review.

b. Sweat Equity: The Company has not issued any sweat equity shares during the yearunder review.

c. Employee Stock Option Plan: The Company has not provided any stock options to theemployees.

27.DETAILS OF DEPOSITS WHICH ARE NOT IN COMPLIANCE WITH THE REQUIREMENTS OF CHAPTER VOF THE COMPANIES ACT 2013:

Your Company has not accepted any fixed deposits covered under chapter V of theCompanies Act 2013 and as such no amount of principal or interest was outstanding onthe date of Balance Sheet.

28.CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of Energy and Technology Absorption:

The Company has no particulars to report regarding conservation of energy technologyabsorption as required under Section 134(3)(m) of the Companies Act 2013 read with Rulesthere under.

B. Foreign exchange earnings and outgo:

Sr. No. Particulars Amt
1 Foreign Exchange earned in terms of actual inflows during the year Nil
2 Foreign Exchange outgo in terms of actual outflows during the year Nil

29. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your company is committed to improve quality of lives of people in the community itsserves through long term stakeholder value creation with special focus on skillsdevelopment. The Company does not have to mandatorily constitute a Corporate SocialResponsibility (CSR) Committee in accordance with Section 135 of the Companies Act 2013.The company fully understands its role in society and is committed for sustainable &inclusive growth of people & the environment around its business.

30.DIRECTORS' RESPONSIBILITY STATEMENT

The directors report that:

i) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures.

ii) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial of the profitand loss account of the company for that period.

iii) The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities.

iv) The Directors have prepared the annual accounts on a going concern basis.

v) The Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively and

vi) The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

31.DECLARATION ON INDEPENDENT DIRECTORS

All the Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) of the Act. In the opinion of the Boardthey fulfill the conditions of independence as specified in the Act and the Rules madethere under and are independent of the management.

32.POLICY ON PREVENTION PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE

The Company has zero tolerance for sexual harassment and has adopted a Policy onPrevention Prohibition and Redressal of Sexual Harassment at the Workplace in line withthe provisions of the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013 and the Rules there under. The Company has not received any complaintof sexual harassment during the financial year 2018-19.

33.VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to theDirectors and employees to report their concerns about unethical behavior actual orsuspected fraud or violation of the Company's Code of Conduct or ethics policy. The Policyprovides for adequate safeguards against victimization of employees who avail of themechanism. It is affirmed that no personnel of the Company has been denied access to theAudit Committee.

34.LISTING ON STOCK EXCHANGES

The Equity Shares of your Company are listed only with BSE Limited. We confirm thatyour Company has paid the listing fees for the financial year 2018-2019.

35.PARTICULARS OF LOANS GUARANTEES OR INVESTMENT UNDER SECTION 186

Details of Loans Guarantees or Investment under the provisions of Section 186 of theCompanies Act 2013 are given in the notes to the Financial Statements.

37. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO INSUB-SECTION (1) OF SECTION 188 OF THE COMPANIES ACT 2013

The contracts or arrangements entered into by the Company with Related Parties havebeen done at arm's length and are in the ordinary course of business and are immaterial innature. The particulars of every contract or arrangements entered into by the Company withrelated parties referred to in sub-section (1) of Section 188 of the Companies Act 2013including certain arm's length transactions under third proviso thereto have beendisclosed in Form No. AOC-2 as Annexure-II.

38.THE EXTRACT OF ANNUAL RETURN

Extracts of Annual return in form MGT-9 as per Section 134 (3) (a) of the CompaniesAct 2013 read with Rule 8 of Companies Act (Accounts) Rules 2014 and Rule 12 of Companies(Management & Administration) Rules 2014 is annexed hereto and forms part of thisreport.

39.INTERNAL CONTROLS SYSTEMS AND ADEQUACY

The Company's internal audit systems are geared towards ensuring adequate internalcontrols commensurate with the size and needs of the business with the objective ofefficient conduct of operations through adherence to the Company's policies identifyingareas of improvement evaluating the reliability of Financial Statements ensuringcompliances with applicable laws and regulations and safeguarding of assets fromunauthorized use.

The Audit Committee along with Management overseas results of the internal audit andreviews implementation on a regular basis.

40.RISK MANAGEMENT

Risks are events situations or circumstances which may lead to negative consequenceson the Company's businesses. Risk management is a structured approach to manageuncertainty. As a formal roll-out all business divisions and corporate functions willembrace Risk Management Policy and Guidelines and make use of these in their decisionmaking. Key business risks and their mitigation are considered in the annual/strategicbusiness plans and in periodic management reviews. The risk management process in ourmulti-business multi-site operations over the period of time will become embedded intothe Company's business systems and processes such that our responses to risks remaincurrent and dynamic.

The Risk Management is overseen by the Audit Committee of the Company on a continuousbasis. The Committee oversees Company's process and policies for determining risktolerance and review management's measurement and comparison of overall risk tolerance toestablished levels. Major risks identified by the businesses and functions aresystematically addressed through mitigating actions on a continuous basis.

41. ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation for the whole hearted andsincere co-operation the Company has received from its bankers and various Governmentagencies. Your Directors also wish to thank all the employees for their co-operation.

For and on behalf of the Board of Directors
Corporate Courier And Cargo Limited
Ritesh Patel Akash Patel
Managing Director Director
Date: September 03 2019 Din:00700189 Din:06839168
Place: Mumbai