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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 23, 16:00
230.00 -0.20 (-0.09%)
Volume
AVERAGE VOLUME
5-Day
1,061
10-Day
33,459
30-Day
16,687
422
  • Prev. Close

    230.20

  • Open Price

    230.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Oct 23, 15:56
230.15 -0.80 (-0.35%)
Volume
AVERAGE VOLUME
5-Day
14,067
10-Day
167,309
30-Day
96,956
18,346
  • Prev. Close

    230.95

  • Open Price

    230.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    230.15 (22)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of Transport Corporation of India Ltd. (the Company), which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information in which are incorporated the audited accounts for the year ended on that date of TCI Seaways division and the branch in Nepal as audited by other auditors. 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 and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility 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 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 financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the 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 financial controls relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. 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 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 2015, and its profit and its cash flows for the year ended on that date. Other Matters We did not audit the financial statements of one branch and one division included in the Standalone Financial Statements of the Company whose financial statements reflect total assets of Rs. 17,511.70 lacs as at 31st March, 2015 and total revenues of Rs. 12,310.82 lacs for the year ended on that date, as considered in the standalone financial statements. The financial statements of this branch and division have been audited by the branch and division auditors whose reports have been furnished to us and our opinion in so far as it relates to the amounts and disclosures included in respect of this branch and division, is based solely on the report of such branch and division auditors. Our Opinion is not modified in respect of this matters. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order 2. As required by Sectionl43(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 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 it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us; c. The report on the accounts of the branch and division office of the Company audited under Section 143(8) of the Act by the branch and division auditors have been sent to us and have been properly dealt with by us in preparing this report; d. 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 the branch not visited by us; e. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; f. On the basis of the written representations received from the directors as on 31st March 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015 from being appointed as a director in terms of Sectionl64(2) of the Act; g. 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, in our opinion and to the best of our information and according to the explanations given to us: i. as detailed in Note 27(a) of the standalone financial statements, the Company has disclosed the impact of pending litigation on its 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 amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditor''s Report Referred to in paragraph 1 under the heading of Report on other Legal and Regulatory Requirements of the Independent Auditors'' Report of even date to the members of Transport Corporation of India Ltd. on Standalone Financial Statements as of and for the year ended 31st March, 2015; (i) (a) The Company has maintained proper 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. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) The procedures of physical verification of inventory followed by the management are 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 no material discrepancies between physical inventory and book records were noticed on physical verification. (iii) The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register imint.-iined under Section 189 of the Act. (iv) In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of services. During the course of our audit, no major weakness has been noticed in the internal control systems nor we have been informed of any such instance. (v) The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Act and the Rules framed thereunder to the extent notified. (vi) 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 148(1) 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. (vii) (a) According to the books and records produced to us and based on management representations, the Company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they become 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 wealth tax or service tax or duty of excise or value added tax or cess or Employees'' State Insurance as at 31st March, 2015 which have not been deposited on account of a dispute are as under: Name of Dues Amount Forum where dispute is pending (Rsin lacs) Income Tax 33.98 Commissioner (Appeals) Trade Tax 244.11 Various Authority Employee''s State Insurance 20.98 Supreme Court Excise Duty 26.82 CentralExcise & Service Tax Appellate Tribunal (c) The Company has transferred the amount required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within the specified time. (viii) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year ended on that date or in the immediately preceding financial year. (ix) In our opinion, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date. (x) 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 during the year are not, prima facie, prejudicial to the interest of the Company. (xi) 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 purpose for which they were obtained. (xii) 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 any such case by the Management. For R.S. Agarwala & Co. Chartered Accountants Firm''s Registration No.: 304045E R.S. Agarwala Camp: Gurgaon Partner Date: 25th May 2015 Membership No.: 005534