ON QUARTERLY AND YEAR TO DATE STANDALONE AUDITED FINANCIAL RESULTS
As pn 31ti: March, 2022 of the Company Pursuant to the Regulation 33 of the SEB1
(Listing Obligations and Disclosure Requirements! Regulations, 2015. as amended
To
The Board of Directors, Corporate Courier and Cargo Limited Mumbai
Report on the audit of the Standalone Financial Results Qualified Opinion
We have audited the accompanying standalone quarterly financial results of Corporate
Courier and Cargo Limited (the Company) for the quarter ended 31st March,. 2022 and the
year to date results for the period from 01st April 2021 to 31s- March 2022, attached
herewith, being submitted by the company pursuant to the requirement of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
("Listing Regulations").
In our opinion and ta the best of our information and according to the explanations
given to us, except the possible effects of the matters described in "Basis for
Qualified Opinion" para below these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement
principles laid down in the applicable accounting standards and other accounting
principles generally accepted in India of the net profit and other comprehensive income
and other financial information for the quarter ended 31st March, 2022 as well as the year
to date results for the period from 01!t April, 2D21 to 315; March, 2022.
Basis for Qualified Opinion
i. We draw your attention to note no 6 wherein the company has accounted for Goods and
service tax (GST) liability amounting to Rs. 42,09,537/- for the years upto 31st March
2022 without obtaining GST registration. Consequently it has not discharged the said
liability. The resultant impact of the same along with interest, late fees, ^penalty (if
any), on the statement of profit and loss, retained earnings and the related disclosures
forming part of their financial statement could not be ascertained.
ii. We draw your attention to note no 8 wherein advance amounting to Rs. 64,50,455/-
has been given to a party for which no confirmation has been obtained. In the absence of
confirmation we are unable to verify the recoverability of the same However the management
is confident about its readability. Further in the absence of appropriate audit evidence
on its recoverability we are unable to comment on carrying value at the year end and its
resultant impact on the statement of profit and loss, retained earnings and the related
disclosures forming part of their financial statement.
iii. Also we draw attention to the fact that the company has defaulted in complying
with the provisions of section 138(1) of the Companies Act, 2013 which require the Company
to appoint an Internal Auditor
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under
those Standards are further described in the Auditors Responsibilities for the Audit of
the Standalone Financial Results section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial results under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis For our qualified opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note No 4 of the statement regarding accumulated loss of the
Company is Rs. 6,60,29,131/- (Previous Year Rs. 6,55,15,485). The Companys current assets
exceeds its current liabilities as at 31s: March, 2022 but only without considering the
liability as discussed in basis of Qualified Opinion section above. These conditions
along with other matters set forth in such note indicates the existence of a material
uncertainty that may cast significant douht about the Companys ability to continue as
going concern. However in view of the continued availability of financial support from
directors as described in the aforesaid note, the management is of the view that the going
concern basis of accounting is appropriate.
Our opinion is not modified in respect of this matter
Emphasis of Matter
a) We draw attention to Mote No 7 of the statement where in the Company has not paid
Tax deduction at source (TDS) amounting to Rs. 4,18,257/-, further interest, penalty
liability if any shall be accounted for as an when paid, amount not ascertained.
b) We draw attention to Note No 9 of the statement wherein during the year two
independent directors has been resigned with effect from 3Q1 June, 2021 from the Company.
c) We draw your attention to Note No 10 to the annual financial results, which
describes the fact that the pandemic Covid-19 would cause various economic and social
disruption to the Company impacting trade receivables and carrying value of all other
assets, consumer demand, commodity prices, personnel available for work and access to
offices. The impact may be different from that estimated as at the approval of the
financial results and the Company will continue to closely monitor any material changes to
future economic conditions.
Our opinion is not modified in respect of this matter Managements Responsibilities for
the Standalone Financial Results
These quarterly financial results as well as the year to date standalone financial
results have been prepared on the basis of the interim financial statements. The Companys
Board of Directors are responsible for the preparation of these financial results that
give a true and fair view of the net profit and other comprehensive income and other
financial information in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34, Interim Financial Reporting prescribed under
Section 133 of the Act read with relevant rules issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection arid
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 standalone financial results that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Soard of Directors are responsible
for assessing the Companys ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless the Board of Directors either Intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Companys financial
reporting process.
A jditors Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone
financial esults as a whole are free from material misstatement, whether due to fraud or
error, and to ssue an auditors report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, Individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone
financial results, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the companys internal control.
* Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the financial results or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditors report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone
financial results, including the disclosures, and whether the financial results represent
the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Other Matter
The Statement includes the financial results for the quarter ended 31 March 2022, being
the balancing figures between the audited figures in respect of the full financial year
and the published unaudited year-to-date figures up to the third quarter of the current
financial year, which were subject to limited review by us.
|
FOR R H MODI and CO. |
|
CHARTERED ACCOUNTANTS |
|
Firm,Registration No: 106485W |
|
R.H. Modi |
|
PROPRIETOR |
| Place : Mumbai |
Membership No.037643 |
| Date: 13™ June, 2022 |
UDIN : 22037643AKWBLD5525 |
+91-9892691696
