172@29@16@16!~!172@29@0@53!~!|commonstore|commonfiles|moneycontrol_header.php?cid=0&s_cid=0&radar_off=0&is_revamped_header=0&is_responsive=1&sec=PNC_ANNUALREPORT&priceinter=1&frommc=1!~!www|moneycontrol|com!~!|commonstore|commonfiles|moneycontrol_header.php!~!is_mobile=false
Moneycontrol
SENSEX NIFTY
you are here:

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

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 2016, 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 Accounting Standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; for safeguarding the assets of the Company; 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 ncluded 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 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 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 ncludes 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 fnancial 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 2016, and its profit and its cash fows for the year ended on that date. Emphasis of Matters We draw attention to Note 34 of the financial statements regarding the scheme of arrangement for demerger of the XPS undertaking into TCI Express Ltd. as sanctioned by the Hon''ble Telangana and Andhra Pradesh High Court by its order dated 14th June, 2016. As per the Scheme loss on liquidation of wholly owned subsidiary TCI Global Holding (Mauritius) Ltd ofRs. 213,739,400/- has been debited to the Statement of Profit and Loss and an equivalent amount transferred from the Securities Premium Account. This is not in accordance with Accounting Standard (AS) 5 ''Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies''. However this has no effect on Profit before tax and profit after tax of the year. Our Opinion is not qualified in respect of this matter. 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.17,608.39 lakh as at 31st March, 2016 and total revenues of Rs.14,219.49 lakh 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 by the Management 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. 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,(hereinafter referred to as the order), and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, 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 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 standalone financial statements 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 the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014(as amended) . f. on the basis of written representations received from the directors as on 31st March 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, 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 control over financial reporting of the company and the operating effectiveness of the such control, refer to our separate report in Annexure B. h. with respect to other matter 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 notes to the standalone financial statements, the Company has disclosed the impact of pending litigation on its financial statements. i. The Company did not have any long terms contract 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 A to Independent Auditors'' Report Annexure A to Independent Auditors'' Report of even date to the members of Transport Corporation of India Limited, on the standalone Financial Statement for the year ended 31st March, 2016. Referred to in paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements of our report of even date. 1. (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (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 financial statements, are held in the name of the Company except in respect of immovable properties situated at Secunderabad and Kolhapur 2. (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 3. 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 Act. Therefore, the provisions of Clause 3 (iii) of the said order are not applicable. 4. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Act, with respect to loans and investments made. 5. The Company has not accepted any deposits from the public. 6. The Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Act in respect of any activities of the Company. 7. (a) According to the information and explanation 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, cess and any other statutory dues to 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 or sales tax or service tax or duty of excise or value added tax or cess or Employees'' State Insurance as at March 31, 2016 which have not been deposited on account of any dispute are as under: I Nature of Statute Nature of dues Rs. in Lakh Income Tax Act 1961 Income Tax 55.69 Sales Tax Act Various Trade Tax 138.23 States Employee''s State Employee''s State 20.98 Insurance, 1948 Insurance Central Excise Act, 1944 Excise Duty 26.82 Nature Of Statute Period to which amount Forum where dispute is relates pending Income Tax Act 1961 From FY 2011-12 to 2012-13 Commissioner (Appeals) Sales Tax Act Various From FY 2003-04 to states 2015-16 Various Authority Employees''s State FY 2011-12 Supreme Court Central Excise Act, FY 2009-10 to FY 2012- Central Excise & 13 Service Tax Appellate Tribunal 8. 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. 9. The company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and term loans. Therefore, the provisions of Clause 3(ix) of the said order are not applicable to the company. 10. 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 ifany 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. 11. 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. 12. The company is not a Nidhi Company. 13. The transactions with related parties are in compliance with the provisions of Section 177 and 188 of the Act. The details of the related party transactions have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Therefore, the provisions of Clause 3 (xiv) of the order are not applicable. 15. The Company has not entered into any non-cash transactions with its directors or persons connected with him. Therefore, the provisions of Clause 3 (xv) of the order are not applicable. 16. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. For R.S. Agarwala & Co. Chartered Accountants Firm''s Regn No:-304045E R.S. Agarwala Camp: Hyderabad Partner Date: 18th August, 2016 Membership No.005534