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Transport Corporation of India Ltd.

BSE: 532349 | NSE: TCI | Series: NA | ISIN: INE688A01022 | SECTOR: Transport & Logistics

BSE Live

Oct 21, 16:00
228.45 1.45 (0.64%)
Volume
AVERAGE VOLUME
5-Day
4,842
10-Day
33,417
30-Day
16,712
1,616
  • Prev. Close

    227.00

  • Open Price

    229.65

  • Bid Price (Qty.)

    222.00 (1)

  • Offer Price (Qty.)

    232.95 (10)

NSE Live

Oct 21, 15:58
229.05 1.90 (0.84%)
Volume
AVERAGE VOLUME
5-Day
45,203
10-Day
195,652
30-Day
141,288
11,581
  • Prev. Close

    227.15

  • Open Price

    226.00

  • Bid Price (Qty.)

    229.05 (47)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the attached Balance Sheet of Transport Corporation of India Ltd. as at 31st March 2008, the annexed Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date in which are incorporated the audited accounts of the TCI Seaways division and the branches in Nepal and at Singapore as audited by other auditors. 1. These financial statements are the responsibility of the Companys 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 misstatements. 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 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 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure hereto a statement on the matters specified in paragraph 4 & 5 of the said Order. 4. Further to our comments in the Annexure, referred to in paragraph 3 above, we report that: i. 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. ii. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of the books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us. The Branch Auditors Report has been forwarded to us and appropriately dealt with. iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in ag reement with the books of account and returns from the branches. iv. In our opinion, the Profit and Loss Account, the Balance Sheet and the Cash Flow Statement, except the accounting standard 11 The Effects of Changes in Foreign Exchange Rates as stated in Note 3, comply with the accounting standards referred to in section 211 (3C) of the Companies Act, 1956. v. On the basis of written representations received from the directors as on 31st March 2008 and taken on record by the Board of Directors none of the directors is disqualified as on 31st March, 2008 from being appointed as a director undersection 274(1) (g)oftheCompaniesAct, 1956. vi. Reference is invited to the following notes on schedule 23: (a) Note 3 regarding non-translation of foreign currency monetary items as required by Accounting Standard-11 The Effects of Changes in Foreign Exchange Rates. (b) Note 4 regarding non-provision for Mark to Market losses on the outstanding derivative instruments. (c) Note 5 regarding change in the Accounting Policy for providing depreciation in theTCI Seaways Division. As a result of non-consideration of items stated in (a) and (b) and change in Accounting Policy stated in item (c), above profit after tax for the year are higher by Rs. 603 lacs and Reserves & Surplus are higher by the same amount. Subjectto para (vi) above: vii. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes and accounting policies thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) I n the case of Balance Sheet of the state of affairs of the Company as at 31st March 2008; b) In the case of Profit and Loss Account, of the prof it of the Company for the year ended on that date and c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to Auditors Report referred to in paragraph 3 of our report of even date: 1. The Company has maintained records showing full particulars including quantitative details and situation of fixed assets. We are informed that a test physical verification of these assets was carried out by the management during the year and no material discrepancies were noticed. 2. During the year the Company has not disposed off a substantial part of its fixed assets. 3. Physical verification was conducted by the management in respect of inventories at reasonable intervals. The Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. The procedures followed by the management for such physical verification are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business. 4. (a) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained underSection301 oftheAct. (b) The Company has taken unsecured loans during the year aggregate to Rs. 215 lacs from two companies covered in the register maintained under Section 301 of the Act. (c) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the company. 5. There is an adequate internal control system commensurate with the size and nature of the Companys business for the purchase of inventories, fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system, nor we have been informed of any such instance. 6. (a) To the best of our knowledge and belief and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register in pursuance of Section 301 of the Act, have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Act, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 7. The Company has complied with the provisions of Sections 58A, 58AA and other relevant provisions of the Com panies Act, 1956 and the rules framed thereunder with regard to deposits accepted from the public. 8. The Company has appointed firms of Chartered Accountants at certain places to do the internal audit regularly. The in-house internal audit department of the company conducts internal audit at other places. The internal audit system is commensurate with the size and nature of Companys business. 9. We have broadly reviewed the accounts and records maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1 )(d) of the Act in respect of Electricity generation. We 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 such records. 10. (a) According to the information and explanation given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth tax, service tax, custom duty and other material statutory dues as applicable with the appropriate authorities. (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, trade tax and employees state insurance as at March 31, 2008 which have not been deposited on account of a dispute are as under: Nature of Dues Amount Forum where pending (Rs. in lacs) Income Tax 88.08 Commissioner (Appeals) Income Tax 1019.37 Income-tax Appellate Tribunal Trade Tax 88.38 Trade Tax Officer Stamp Duty 39.69 Chief Controlling Revenue Authority Employees 29.00 High Court State Insurance Employees 7.06 Civil Court State Insurance 11. The Company has no accumulated losses as at March 31, 2008 and has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 12. 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 dues to any financial institution or bank or debenture holders as at the balance sheet date. 13. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 14. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company. 15. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. The investments in shares, securities, debentures etc., are held by the Company in its own name. 16. In our opinion, and according to the information and explanations given to us, the terms and conditions on which the Company has given guarantee for loans taken by others from banks or financial institutions, are not prima facie prejudicial to the interest of the Company. 17. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes for which they were obtained. 18. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, funds raised on short-term basis, have not been used for long-term investment. 19. The Companies has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of Act. 20. There are no debentures outstanding at the year-end. 21. The Company has not raised any money by public issues during the year. 22. 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 on or by the Company, noticed or reported during the year, nor have we been informed of such case by the Management. For R S Agarwala & Co. Chartered Accountants R S Agarwala Camp : Gurgaon Partner 23rd May, 2008 Membership No.F-5534