WsImport error while xsd not found

In my project, I did some changes to xsd and created a new version of xsd. I added newly created schema in WSDL using xsd:import. But when I am trying to do wsImport using ant, error is coming as "[ERROR] D:\CESE_WrkSpace\cimt.cmdm.cvm.ws\wsdl\CVM-WS_v3.7.xsd (The system cannot find the file specified)".

Now my project structure is like

Here is target part from build.xml:

<target name="compile-cvm-wsdl" depends="setup-jaxb">
    <mkdir dir="${client.src.dir}" />
    <mkdir dir="${client.classes.dir}" />
    <taskdef name="wsimport" classname="com.sun.tools.ws.ant.WsImport">
        <classpath path="${wsimport.task.jar}" />
    </taskdef>
    <wsimport
        verbose="true"
        wsdl="${basedir}/${cvm.ws.wsdl.location}"
        sourcedestdir="${client.src.dir}"
        package="${cvm.ws.package.name}"
        destdir="${client.classes.dir}"
    >
        <produces dir="${client.src.dir}">
            <include name="**.java" />
        </produces>
    </wsimport>

    <jar destfile="${dist.dir}/${cvm.ws.jaxb.src.jar.file}"      basedir="${client.src.dir}">
        <manifest>
            <attribute name="Implementation-Version" value="${cvm.ws.wsdl.version}" />
            <attribute name="Build-Date" value="${TODAY}" />
        </manifest>
    </jar>
    <jar destfile="${dist.dir}/${cvm.ws.jaxb.jar.file}" basedir="${client.classes.dir}">
        <manifest>
            <attribute name="Implementation-Version" value="${version}" />
            <attribute name="Build-Date" value="${TODAY}" />
        </manifest>
    </jar>
</target>

Error while executing target:

What I can see that wsimport is searching .xsd file in wsdl directory which is actually available in xsd directory.

cvm-ws-3.7.wsdl:

<wsdl:definitions xmlns:soap="http://ift.tt/KIQHA2"
xmlns:tns="http://fedex.com/cvm-ws"
xmlns:wsdl="http://ift.tt/LcBaVt"
xmlns:xsd="http://ift.tt/tphNwY"
xmlns:cvmws="http://ift.tt/1KSiWW7"
targetNamespace="http://fedex.com/cvm-ws">
<wsdl:types>
    <xsd:schema xmlns:xsd="http://ift.tt/tphNwY">
        <xsd:import namespace="http://ift.tt/1KSiWW7"
            schemaLocation="CVM-WS_v3.7.xsd" />
    </xsd:schema>
</wsdl:types>

It will be very helpful if someone can let me know where I am going wrong.