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Transcorp International Ltd.

BSE: 532410 | NSE: | Series: NA | ISIN: INE330E01023 | SECTOR: Finance - Investments

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Transcorp International is not listed on NSE

Annual Report

For Year :
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Auditor's Report

1. We have audited the attached Balance Sheet of TRANSCORP INTERNATIONAL LIMITED as at 31st March, 2011, the Profit & Loss Account & Cash Flow statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors? Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs (iv) and (v) of the said order. 4. Further to our comments in the Annexure referred to above, we report that: a) We have obtained all the information and explanations, which to the best of 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 the Company including its divisions Ritco Travels and Wheels Rent A Car so far as appears from our examination of books, and proper returns adequate for the purpose of our audit have been received from the branches not visited by us. c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account and returns ; d) In our opinion the Balance Sheet, Profit & Loss Account & Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956; e) On the basis of the written representations received from the directors as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; f) As the Central Government is yet to notify Cess payable under Section 441A, the reporting requirement under Section 227(3) (g) of the Companies Act, 1956 does not arise. g) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give the information required by the Companies Act, 1956, in the manner prescribed and give a true and fair view in conformity with the accounting principles generally accepted in India; i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; ii) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date. ANNEXURE TO THE AUDITORS'' REPORT (Referred to in Auditors Report of even date on the accounts of Transcorp International Limited, for the year ended 31st March, 2011) i) a) The Company is maintaining proper records of fixed assets showing full particulars including quantitative details and situations thereof. However, such records showing full particulars including quantitative details and situations of certain fixed assets is being updated. b) As per information given to us the assets are physically verified by the management once a year, which in our opinion is reasonable. No material discrepancies were noticed on such verification carried out during the year. c) No substantial part of fixed assets have been disposed off during the year except the immovable properties transferred to Wholly Owned Subsidiary, hence it has not affected the aspect of going concern. ii) a) Foreign currencies and paid documents lying at the year end, which have been shown under Cash and Bank Balances in Schedule VIII to the Balance Sheet, have been physically verified by the management at reasonable intervals. b) As explained to us, the procedures for physical verification of the above referred foreign currencies and paid documents, followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business. c) The company is maintaining proper records of inventory and according to the information and explanations given to us, material discrepancies noticed on physical verification of the above items referred to in (a) above as compared to book records were properly dealt with in the books of account. iii) a) Company has granted unsecured loans to companies covered in the register maintained under section 301 of the Companies Act, 1956. Number of parties and amount involved is 1 & Rs. 162.25 Lacs respectively. However there was no outstanding at year end. b) Rates of interest and other terms and conditions of loans given by the Company, secured or unsecured, are not prima facie prejudicial to the interest of company; and c) Receipt of principal and interest is also regular wherever stipulated; d) There was no over due amount and consequently question of taking reasonable steps for recovery of principal and interest when overdue amount is more than Rs. One Lac does not arise. e) According to the information and explanations given to us, the Company has not, during the year taken any loan, secured or unsecured, from companies, firms, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Number of parties and amount involved therefore is NIL and Rs. NIL respectively. f) Rate of interest and other terms & conditions of loans taken by the Company, secured or unsecured are not prima facie prejudicial to the interest of the Company and payment of principal amount and interest is also regular wherever stipulated. iv) There are generally adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets, foreign currencies, paid documents and for the sale of the same. During the course of our audit, no continuing failure to correct major weakness in internal control system has been noticed. v) The company has entered particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 in the register required to be maintained under that section and for transactions, the value of which exceeds Rupees five lacs in respect on any party during the period have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. vi) In our opinion and according to the information and explanations given to us, the Company has generally complied with the directions issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under in respect of deposits accepted from public. No order was passed by company law Board, or National Company Law Tribunal or Reserve Bank of India or under any Court or any other tribunal and hence question of its compliance does not arise. vii) The Company has an in-house as well as outside agency governed internal audit system, which in our opinion is commensurate with the size of the Company and the nature of its business. viii) According to the information given to us, the Central Government has not prescribed maintenance of cost records in relation to the activities of the company under Section 209 (1) (d) of the Companies Act, 1956. ix) On the basis of the records produced to us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues, as is applicable to it. To the best of our knowledge and according to the information and explanations given to us, there were no material arrears of undisputed outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they become payable. There were following unpaid disputed dues of Income Tax, Sales Tax, Service Tax, Wealth Tax Custom Tax (Duty), excise duty, and Cess- - Service Tax demand disputed with customs, excise & Service Tax Tribunal, New Delhi Rs. 2.96 Crores plus Penalty: Rs. 2.96 Crores and additional penalty of Rs. 1000/- plus interest. - Demand disputed with enforcement directorate Rs. 15,00,000/- (net of amount deposited), appeal pending with Kolkata High Court. - Demand disputed with CIT Appeals, Alwar Rs. 8.48 Lacs x) The Company has no brought forward losses and has not incurred any cash losses during the year covered by our audit and in the immediately preceding financial year. xi) In our opinion the company has not defaulted in repayment of dues to a financial institution or bank. xii) On the basis of verification of the accounts and records maintained by the company and as per explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) The company is not a chit fund company. xiv) In respect of dealing in shares, securities, debentures & other investments proper records have been maintained of the transactions and contracts and timely entries have been made therein. Shares, securities, debentures & other investments as may be applicable have been held by the Company in its own name. xv) On the basis of information and explanations given, the Company has not given any guarantee for loans taken by others from bank or financial institutions. xvi) In our opinion, the term loans have been applied for the purpose for which they were raised. xvii) According to various records examined by us, on an overall basis, funds raised on short term basis have prima facie, not been used during the year for long term investment. xviii) According to the information and explanations given to us, the company has not during the year made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956, and consequently question of issuing shares at a price prejudicial to interesting Company does not arise. xix) The company has not issued any debentures during the year covered by our audit report, hence question of creation of security or charge for the same does not arise. xx) The company has not raised any money by public issue during the year by our audit report, hence question of disclosure of end use of money raised does not arise. xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud by the Company has been noticed or reported during the year ended 31st March 2011. However frauds on the Company were noticed during the period involving misappropriation of cash/foreign exchange to the extent of Rs. 72.79 Lacs. Management after due investigation and insurance claims filed, is hopeful of recovery of same & hence no provision for liability, if any has been made. For Anand Jain & Co. Chartered Accountants Anand Prakash Jain Proprietor M. No.: 71045 FRN: 001857C Place: New Delhi Dated: 23rd May, 2011