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Transport Corporation of India Ltd.

BSE: 532349 | NSE: TCI |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE688A01022 | SECTOR: Transport & Logistics

BSE Live

Oct 19, 16:00
229.90 -3.55 (-1.52%)
Volume
AVERAGE VOLUME
5-Day
65,694
10-Day
33,602
30-Day
16,875
1,347
  • Prev. Close

    233.45

  • Open Price

    233.00

  • Bid Price (Qty.)

    227.00 (5)

  • Offer Price (Qty.)

    249.50 (154)

NSE Live

Oct 19, 15:59
230.65 -3.30 (-1.41%)
Volume
AVERAGE VOLUME
5-Day
322,149
10-Day
207,258
30-Day
148,080
12,882
  • Prev. Close

    233.95

  • Open Price

    235.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    230.65 (185)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of Transport Corporation of India Limited (‘‘the Company’’), which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with relevant rules issued thereunder.

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 and 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Standalone Financial Statements

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor’s judgment including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the standalone financial statements that give a true and fair 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 and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2018 and its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Other Matters

1. The standalone financial statements for the year ended 31st March 2017, were audited by R.S. Agarwala & Co., Chartered Accountants, who have issued unmodified opinion, vide report dated 16th May 2017. This report has been furnished to us by the management, which has been relied upon by us for the purpose of audit of this standalone financial statements.

2. We did not audit the financial statements of one branch included in the standalone financial statements. The financial statements of the branch have been audited by other auditor whose report has been furnished to us by the management and our opinion on the standalone financial statements, to the extent derived from such financial statements is based solely on the report of such other auditor.

Our opinion is not qualified in the respect of the above matters.

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 of the Act, we give in the “Annexure A” a statement on the matters specified 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 information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The report on the accounts of one branch of the Company audited under section 143(8) of the Act by branch auditor have been sent to us and have been properly dealt with in preparing this report.

d) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity and the Branch’s Financial Statements dealt with by this Report are in agreement with the books of account.

e) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with relevant rule issued thereunder.

f) On the basis of written representations received from the directors as on 31st March 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164(2) of the Act.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and operating effectiveness of such controls, refer to our separate report “Annexure B” .

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements. Refer Note 40 to the standalone financial statements.

ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring the amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March 2018.

Referred to in Clause 1 of “Report on Other Legal and Regulatory Requirements” Paragraph of the Independent Auditor’s Report of even date to the members of Transport Corporation of India Limited on the Standalone Financial Statements as of and for the year ended 31st March 2018.

(i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed asset.

b) We are informed that a test of physical verification of these assets was carried out by the management at reasonable intervals and no material discrepancies were noticed. In our Opinion, the frequency of verification of Fixed Assets is reasonable having regards to the size of the Company and nature of its assets.

c) The titles deeds of all the immovable properties, as disclosed in the standalone financial statements, are held in the name of the Company except in respect of Buildings, amounting to RS.40.81 lakhs situated at Secunderabad and Kolhapur, whose mutation in the records of the revenue authority is pending.

(ii) The management has conducted physical verification of inventory at reasonable interval during the year and no material discrepancies were noticed on physical verification of inventory.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of Clause (iii), (iii)(a), (iii)(b) and (iii)(c) of ParagrapRs.3 of the order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and Section 186 to the extent applicable with respect to security, guarantee given and investments made.

(v) The Company has not accepted any deposits from the public, therefore the provisions of Clause (v) is not applicable on the Company.

(vi) We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and records of the Company examined by us, in our opinion the Company is regular in depositing undisputed statutory dues including provident fund, employees’ state insurance, income tax, service tax, custom duty, excise duty, value added tax, goods and services tax, cess and any other statutory dues to the appropriate authorities. There are no outstanding undisputed statutory dues on the last day of the financial year concerned for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of income-tax or sales tax or service tax or excise duty or value added tax or goods and services tax or cess or employees’ state insurance as at 31st March 2018 which have not been deposited on account of any dispute are as under:

Nature of the Statute

Nature of the dues

Amount (Rs. In Lakhs)

Period to which amount relates

Forum where dispute is pending

Sales Tax Act, Various States

Trade Tax

231.29

FY 2003-04 to 2016-17

Various Authority

Employee’s State Insurance, 1948

Employee’s State Insurance

20.98

FY 2011-12

Supreme Court

Central Excise Act, 1944

Excise Duty

5.00

FY 2017-18

Central Excise & Service Tax Appellate Tribunal

Central Excise Act, 1944

Excise Duty

11.82

FY 2009-10

Commissioner of Central Excise

Central Excise Act, 1944

Excise Duty

10.00

FY 2011-12

Deputy Commissioner of Central Excise

Entry Tax Act, 2001

Entry Tax

85.00

FY 2017-18

Deputy Commissioner of Entry Tax, Appeal-2, Ahmedabad

The Bombay Stamp Act, 1958

Stamp Duty

39.69

FY 1993-94

Chief Controlling Revenue Authority, Gandhinagar, Gujarat


viii) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institutions or bank or Government during the year. The Company has not issued any debentures during the year.

ix) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the current year and the term loans during the year were applied for the purpose for which they were raised.

x) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such cases by the management during the course of our audit.

xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid /provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

xii) In our opinion and according to information and explanations given to us, the Company is not a Nidhi Company. Accordingly the provision of Clause 3(xii) of ParagrapRs.3 of the order is not applicable.

xiii) According to the information and explanations given to us and based on our examination of the records, transactions with related parties, prima facie are in compliance with the provisions of Section 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standard.

xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with its directors or persons connected with directors. Accordingly, the provision of Clause 3 (xv) of ParagrapRs.3 of the order is not applicable.

xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Therefore, the provision of Clause 3(xvi) of ParagrapRs.3 of the order is not applicable.

We have audited the internal financial controls over financial reporting of Transport Corporation of India Limited (“the Company”) as of 31st March 2018 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on”Guidance Note on Audit of Internal Financial Controls Over Financial Reporting” as issued by The Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility for Internal Financial Controls

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company’s internal financial controls over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on “Guidance Note on Audit of Internal Financial Controls Over Financial Reporting” as issued by The Institute of Chartered Accountants of India.

For Brahmayya & Co.,

Chartered Accountants

Firm’s Regn No. 000511S

Lokesh Vasudevan

Place: Gurugram (Partner)

Date : 16th May 2018 Membership No. 222320