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Transport Corporation of India Ltd.

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

BSE Live

Oct 28, 16:00
227.80 0.15 (0.07%)
Volume
AVERAGE VOLUME
5-Day
1,095
10-Day
2,969
30-Day
15,882
1,345
  • Prev. Close

    227.65

  • Open Price

    226.95

  • Bid Price (Qty.)

    226.00 (4)

  • Offer Price (Qty.)

    227.80 (95)

NSE Live

Oct 28, 15:50
227.20 -0.45 (-0.20%)
Volume
AVERAGE VOLUME
5-Day
13,708
10-Day
29,456
30-Day
79,917
5,197
  • Prev. Close

    227.65

  • Open Price

    228.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Transport Corporation of India Ltd. (the Company), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information in which are incorporated the audited accounts of the TCI Seaways division and the branches in Nepal as audited by other auditors. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in section 21 l(3C) of the Companies Act, 1956 (the Act).This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements 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 Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us. the 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,2014; (b) in the case of the Statement of Profit and Loss, of the profit For the year ended on that date and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on other legal and regulatory requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act. 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 so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us. The Branch Auditors'' Reports have been forwarded to us and appropriately dealt with. c.) the Balance Sheet, Statement of Profit and Loss. and Cash Flow Statement dealt with by this Report are in agreement with the books of Account and with the returns received from branches not visited by us; d.) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in section 21 I (3C) of the Act, and e.) on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,20l4,from being appointed as a director in terms of section 274 (I) (g) of the Act. Annexure to Independent Auditors'' Report Referred to in paragraph I under the heading of Report on other Legal and Regulatory Requirements 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. 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. 3. The Company has not granted or taken during the year any loans secured or unsecured from companies, firm or other parties covered in the register maintained under Section 301 of the Act. 4. There is an adequate internal control system commensurate with the size and nature of the Company''s 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. 5. (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. 6. The Company has complied with the provisions of Sections 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the rules framed there under with regard to deposits accepted from the public. 7. The Company has appointed a firm of Chartered Accountants at the TCI Seaways Division to do the internal audit regularly. At other places the in-house internal audit department of the company conducted internal audit. The internal audit system is being constantly reviewed and strengthened to commensurate with the size and nature of Company''s business. 8. 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( I) (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. 9. (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 Excise Duty Trade Tax, Stamp Duty, Employees'' State Insurance and Labour Laws as at March 31,2014 which have not been deposited on account of a dispute are as under: Nature of Dues Amount Forum where pending (Rs. in lacs) Trade Tax 149 Various Authority Labour laws 94 Civil Court Stamp Duty 40 Chief Controlling Revenue Authority Employees'' State Insurance 29 Supreme Court Excise Duty 27 Central Excise & Service Tax Appellate Tribunal 10. The Company has no accumulated losses as at March 31,2014 and has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 11. 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 banks or debenture holders as at the balance sheet date. 12. The Company has not granted any loans and advances on the basis of security byway of pledge of shares, debentures and other securities. 13. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company. 14. 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. 15. 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. 16. 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. 17. 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. 18. The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act 19. There are no debentures outstanding at the year end. 20. The Company has not raised any money by public issues during the year. 21. 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 management. For R. S. Agarwala & Co. Chartered Accountants Firm''s Regn. No. 304045E R.S. Agarwala Camp: Gurgaon Partner Date: 24thMay,20l4 Membership No.005534