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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

    Independent Auditors Report

    To the Members of Transport Corporation of India LimitedReport on the Standalone Financial StatementsWe 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.

    Managements Responsibility for the Standalone Financial StatementsThe Companys 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.

    Auditors ResponsibilityOur 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 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 auditors 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 Companys 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 Companys 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.

    OpinionIn 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 flows 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 Honble 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 of ~ 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 MattersWe 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 ~17,608.39 lakh as at 31st March, 2016 and total revenues of ~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.

  • Transport Corporation of India Ltd. | Annual Repor

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    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    Report on Other legal and Regulatory Requirements:1. As required by the Companies (Auditors 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 Auditors 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.

    ii. 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.

    For R.S. Agarwala & Co.Chartered Accountants

    Firms Regn No:-304045E

    R.S. AgarwalaCamp: Hyderabad PartnerDate: 18th August, 2016 Membership No.005534

    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.

  • Transport Corporation of India Ltd. | Annual Repor

    Nature of Statute Nature of dues ~ in Lakh Period to which amount relates

    Forum where dispute is pending

    Income Tax Act 1961 Income Tax 55.69 From FY 2011-12 to 2012-13 Commissioner (Appeals)

    Sales Tax Act Various States

    Trade Tax 138.23 From FY 2003-04 to 2015-16 Various Authority

    Employees State Insurance, 1948

    Employees State Insurance

    20.98 FY 2011-12 Supreme Court

    Central Excise Act, 1944 Excise Duty 26.82 FY 2009-10 to FY 2012-13 Central Excise & 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 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.

    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.

    Annexure B to The Independent Auditors ReportReferred to in paragraph 2(g) of the Independent Auditors Report of even date to the members of Transport Corporation of India Limited on the financial statements for the year ended 31st March, 2016Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the companies Act, 2013.We have audited the internal financial controls over financial reporting of Transport Corporation of India Limited (the Company) as of 31st March, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

    Managements Responsibility for Internal Financial Controls The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting 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

    For R.S. Agarwala & Co.Chartered Accountants

    Firms Regn No:-304045E

    R.S. AgarwalaCamp: Hyderabad PartnerDate: 18th August, 2016 Membership No.005534

    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:

  • Transport Corporation of India Ltd. | Annual Repor

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    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information, as required under the Act.

    Auditors ResponsibilityOur responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We con-ducted 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 auditors judgment, including the assessment of the risks of material misstatement of the 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 Companys internal financial controls system over financial reporting.

    Meaning of Internal Financial Controls Over Financial ReportingA companys internal financial control 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 companys internal financial control over financial reporting includes those policies and procedures that (a) per-tain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (b)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial state-ments in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

    Inherent Limitations of Internal Financial Controls Over Financial ReportingBecause of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper manage-ment 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 control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

    OpinionIn 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, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

    For R.S. Agarwala & Co.Chartered Accountants

    Firms Regn No:-304045E

    R.S. Agarwala

    Camp: Hyderabad Partner

    Date: 18th August, 2016 Membership No.005534

  • Transport Corporation of India Ltd. | Annual Repor

    Balance Sheet as at 31st March 2016

    Particulars NoteAs at

    31st March 2016As at

    31st March 2015

    In ` In ` EQUITY AND LIABILITIES

    Shareholders Funds

    Share Capital 1 152,147,200 151,347,000

    Reserves and Surplus 2 4,944,903,633 5,661,007,941

    5,097,050,833 5,812,354,941

    Non-Current Liabilities

    Long-Term Borrowings 3 957,575,099 734,528,018

    Deferred Tax Liabilities (Net) 4 319,837,716 284,822,303

    1,277,412,815 1,019,350,321

    Current Liabilities

    Short-Term Borrowings 5 2,042,801,847 1,975,262,535

    Trade Payables 6 538,089,523 693,039,926

    Other Current Liabilities 7 566,130,737 533,053,292

    Short-Term Provisions 8 465,527,791 564,579,120

    3,612,549,898 3,765,934,873

    TOTAL 9,987,013,546 10,597,640,135

    ASSETS

    Non-Current Assets

    Fixed Assets 9

    Tangible Assets 5,159,183,626 4,747,473,134

    Intangible Assets 9,864,203 35,304,564

    Capital Work-in-Progress 123,186,891 68,102,112

    Non-Current Investments 10 231,220,156 444,048,794

    Long-Term Loans and Advances 11 392,392,901 407,092,201

    Other Non-Current Assets 12 - 26,385,083

    5,915,847,777 5,728,405,888

    Current Assets

    Inventories 13 17,578,333 22,752,180

    Trade Receivables 14 3,129,860,708 3,938,381,723

    Cash and Cash Equivalents 15 123,770,955 165,145,783

    Short-Term Loans and Advances 16 779,461,728 730,260,980

    Other Current Assets 17 20,494,045 12,693,581

    4,071,165,769 4,869,234,247

    TOTAL 9,987,013,546 10,597,640,135

    THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

    1-38

    In terms of our Report of even date For and on behalf of the Board

    For R S Agarwala & Co S M Datta O Swaminatha Reddy D P Agarwal Vineet AgarwalChartered Accountants Chairman Director Vice Chairman & Managing DirectorFirm Regn No. 304045E Managing Director

    R S Agarwala Chander Agarwal Archana Pandey Ashish TiwariPartner Director Company Secretary & Group CFOMembership No. 005534 Compliance Officer

    Camp: Hyderabad Place: HyderabadDate: 18th August, 2016 Date: 18th August, 2016

  • Transport Corporation of India Ltd. | Annual Repor

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    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    Statement of Profit and Loss for the Year Ended 31st March 2016

    Particulars Note Year ended

    31st March 2016 Year ended

    31st March 2015 In ` In `

    REVENUE Revenue from Operations 18 22,577,661,408 21,967,456,182

    Other Income 19 122,381,616 123,823,726

    TOTAL REVENUE 22,700,043,024 22,091,279,908

    EXPENSES Operating Expenses 20 17,835,593,309 17,647,802,118

    Employee Benefits Expense 21 1,480,365,181 1,249,590,992

    Finance Costs 22 282,041,139 319,131,604

    Depreciation and Amortization Expense 9 539,213,430 494,617,334

    Other Expenses 23 1,438,954,469 1,366,515,346

    TOTAL EXPENSES 21,576,167,528 21,077,657,394

    Profit Before Exceptional Items and Tax 1,123,875,496 1,013,622,514

    Exceptional Items

    Provision for diminution in value of investments 10 (ii) 264,738 1,711,964 Loss on liquidation of wholly owned subsidiary TCI Global Holding (Mauritius) Ltd as per the Scheme

    34 213,739,400 -

    Equivalent amount transferred from the Securities Premium Account as per the Scheme

    34 213,739,400 -

    Profit Before Tax 1,123,610,758 1,011,910,550

    Tax Expenses

    Current Tax 214,435,880 278,942,826

    Deferred Tax 58,559,220 (26,460,840)

    Profit for the year 850,615,658 759,428,564

    Profit before tax from Continuing Operations 688,344,196 610,363,064

    Tax Expense of Continuing Operations 142,415,131 132,017,736

    Profit from Continuing Operations after tax 545,929,065 478,345,328

    Profit before tax from Discontinuing Operations 435,266,562 401,547,480

    Tax Expense of Discontinuing Operations 130,579,969 120,464,244

    Profit from Discontinuing Operations after tax 304,686,593 281,083,236

    Profit for the year 850,615,658 759,428,564

    Earning Per Equity Share of ~ 2 Each

    Basic 28 11.20 10.50

    Diluted 11.17 10.45 THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

    1-38

    In terms of our Report of even date For and on behalf of the Board

    For R S Agarwala & Co S M Datta O Swaminatha Reddy D P Agarwal Vineet AgarwalChartered Accountants Chairman Director Vice Chairman & Managing DirectorFirm Regn No. 304045E Managing Director

    R S Agarwala Chander Agarwal Archana Pandey Ashish TiwariPartner Director Company Secretary & Group CFOMembership No. 005534 Compliance Officer

    Camp: Hyderabad Place: HyderabadDate: 18th August, 2016 Date: 18th August, 2016

  • Transport Corporation of India Ltd. | Annual Repor

    Cash Flow Statement for the Year Ended 31st March 2016

    In terms of our Report of even date For and on behalf of the Board

    For R S Agarwala & Co S M Datta O Swaminatha Reddy D P Agarwal Vineet AgarwalChartered Accountants Chairman Director Vice Chairman & Managing DirectorFirm Regn No. 304045E Managing Director

    R S Agarwala Chander Agarwal Archana Pandey Ashish TiwariPartner Director Company Secretary & Group CFOMembership No. 005534 Compliance Officer

    Camp: Hyderabad Place: HyderabadDate: 18th August, 2016 Date: 18th August, 2016

    Particulars As at31st March 2016 As at

    31st March 2015 In ~ in ~

    A. CASH FLOW FROM OPERATING ACTIVITIES:Net Profit before tax and exceptional items 1,123,875,496 1,013,622,514 Adjustments for :Depreciation and Amortisation Expenses 539,213,430 494,617,334 Loss (Profit) on sale of Fixed Assets (5,848,236) (12,033,083)Loss (Profit) on sale of Investment - (1,711,665)Provision for Diminution in Value of Investments 264,736 1,785,462 Lease Rent Payments 21,050 21,050 Finance Costs 282,041,139 319,131,603 Interest Income (9,165,197) (21,935,156)Dividend Income (79,401,352) (59,051,352)

    727,125,569 720,824,193 Operating profit before Working Capital changes 1,851,001,065 1,734,446,707 Adjustments For :Trade Receivables & Other Receivables 50,605,420 (378,108,916)Inventories 5,173,847 (5,791,109)Trade Payable and Other Payables (107,484,956) 104,673,735 Changes in Persuant to the Scheme 767,477,900 - Cash Generation From Operations 2,566,773,277 1,455,220,417 (Direct Taxes Paid)/Refund Received (236,987,407) (194,645,984)NET CASH FROM OPERATING ACTIVITIES 2,329,785,870 1,260,574,433

    B. CASH FLOW FROM INVESTING ACTIVITIES:Purchase of Fixed Assets (1,750,053,442) (1,416,117,026)Loans and Advances (128,226,674) (194,816,321)Proceeds on Sale of Fixed Assets 47,135,743 53,019,267 Purchase of Investments (1,675,500) - Sale of Investments - 5,847,196 Interest Income 9,165,196 21,935,156 Dividend Received 79,401,352 59,051,352 Lease Rent Payments (21,050) (21,050)Changes in Persuant to the Scheme 756,562,152 - NET CASH FROM INVESTING ACTIVITIES (987,712,223) (1,471,101,426)

    C. CASH FLOW FROM FINANCING ACTIVITIES:Proceeds from issuance of Share Capital 16,498,500 618,769,332 Short Term Borrowings (Net) 465,022,531 (253,427,885)Proceeds from Term Borrowings 802,511,002 833,119,815 Repayment of Term Borrowings (533,617,415) (554,134,006)Finance Costs (282,041,139) (319,131,603)Payment of Dividend (182,216,744) (103,314,819)Payment of Dividend Tax (36,845,346) (18,708,316)Changes in Persuant to the Scheme (1,632,759,865) - NET CASH FROM FINANCING ACTIVITIES (1,383,448,475) 203,172,518 NET INCREASE(DECREASE) IN CASH & CASH EQUIVALENT (A+B+C)

    (41,374,828) (7,354,475)

    CASH & CASH EQUIVALENT AS ON 31st MARCH 2015 165,145,783 172,500,258

    CASH & CASH EQUIVALENT AS ON 31st MARCH 2016 123,770,955 165,145,783

  • Transport Corporation of India Ltd. | Annual Repor

    57

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    Notes to the Financial Statements1. SHARE CAPITAL

    Particulars As at

    31st March 2016 As at

    31st March 2015

    In ~ In ~ Authorised :

    100,000,000 Equity Shares of ~ 2 Each 200,000,000 200,000,000

    500,000 Preference Shares of ~ 100 Each 50,000,000 50,000,000

    250,000,000 250,000,000

    Issued , Subscribed and Paid up :

    76,073,600 Equity Shares of ~ 2 Each Fully Paid up 152,147,200 151,347,000

    ( 75,673,500 In Previous Year)

    The Company has only one class of equity shares having a par value of ~ 2 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion of their shareholding.

    Reconciliation of the Number of Shares Outstanding

    Particulars

    As at 31st March 2016

    As at 31st March 2015

    Number of shares

    AmountIn ~

    Number of shares

    Amount In ~

    Shares at the Beginning of the Year 75,673,500 145,896,360 72,948,180 145,896,360

    Add: Allotted by way of preferential allotment - - 2,400,000 4,800,000

    Add: Allotted under Employee Stock Option Scheme 400,100 800,200 325,320 650,640

    Shares at the end of the Year 76,073,600 146,696,560 75,673,500 151,347,000

    Details of Shareholders Holding More Than 5% Shares:

    Name of Shareholders

    As at 31st March 2016

    As at 31st March 2015

    Number of Shares held % of Holding

    Number of Shares held % of Holding

    Bhoruka Finance Corporation of India Limited 15,904,679 20.91 15,869,679 20.97

    Bhoruka International (P) Limited 10,561,755 13.88 10,561,755 13.96

    Mr D.P Agarwal 4,974,995 6.54 4,974,995 6.57

    TCI India Limited 4,045,564 5.32 4,045,564 5.35

    Shares Reserved for Issue Under Options:

    5,49,000 equity share of ~ 2/- each are reserved under employee stock option scheme as on 31st March 2016 (Previous year 9,81,500). 5,49,000 options will vest in the year 2016-17.

  • Transport Corporation of India Ltd. | Annual Repor

    2. RESERVES & SURPLUS

    Particulars

    As at 31st March 2016

    As at 31st March 2015

    In ~ In ~

    Capital Redemption ReserveAs per last Balance Sheet 19,400,000 19,400,000

    19,400,000 19,400,000 Securities Premium ReserveAs per last Balance Sheet 1,157,616,228 544,297,536 Additions during the year (i) 34,722,868 613,318,692 Less: Transferred persuant to the Scheme (Refer Note No 34) 978,599,696 - Less: Transferred persuant to the Scheme (Refer Note No 34) 213,739,400

    - 1,157,616,228 Revaluation ReserveAs per last Balance Sheet 144,321,421 144,321,421

    Share Options Outstanding AccountAs per last Balance Sheet 56,501,549 21,053,499 Add: Created against stock options granted during the year (ii) - 45,818,500 Less: Transferred to Security Premium Reserve (iii) 19,024,569 9,523,332 Less: Reversed on cancellation of options not exercised 1,363,433 847,118

    36,113,548 56,501,549 General ReserveAs per last Balance Sheet 3,807,700,000 3,357,700,000 Add: Transferred from Statement of Profit and Loss 500,000,000 450,000,000 Less: Transferred persuant to the Scheme (Refer Note No 34) 250,874,216 - Less: Cancellation of Investment in subsidiary Company TCI Properties (Pune) Limited persuant to the Scheme (Refer Note 34)

    500,000 -

    4,056,325,784 3,807,700,000 Tonnage Tax Reserve (Utilized) (iv)As per last balance sheet 197,800,000 147,800,000 Add: Transferred from Tonnage Tax Reserve - 50,000,000

    197,800,000 197,800,000 Tonnage Tax ReserveAs per last balance sheet 52,000,000 50,000,000 Add: Transferred from Statement of Profit and Loss 47,500,000 52,000,000 Less: Utilized during the year (iv) - 50,000,000

    99,500,000 52,000,000 Surplus As Per Statement of Profit and LossAs per last Balance Sheet 225,668,743 134,694,531 Less: Adjustments as per Schedule-II to the Companies Act. 2013 - 31,979,420 Add: Profit for the year 850,615,658 759,428,564 Less: Interim Dividend on Equity Shares 114,110,594 43,964,100 Proposed Dividend on Equity Shares - 68,106,150 Tax on Dividend 23,230,927 22,404,682 Transferred to: General Reserve 500,000,000 450,000,000 Tonnage Tax Reserve 47,500,000 52,000,000 Closing Balance 391,442,880 225,668,743 Total 4,944,903,633 5,661,007,941

    (i) On allotment of 4,00,100 Equity shares under Employees Stock Option Scheme.

    (ii) In respect of options granted under the Employees Stock Option Scheme and in accordance with the guidelines issued by Securities and Exchange Board of India the accounting value of options (based on market value of share on the date of grant of options minus option price) is accounted as deferred employee compensation, which is amortised on a straight line basis over the vesting period. Consequently Employee benifits expenses includes ~ 172,21,186 (Previous Year ~ 178,83,984) being amortisation of deferred employee compensation

    (iii) Transferred to Security Premium Reserve on allotment of equity shares during the year under Employees Stock Option Scheme

    (iv) Amount utilized for acquisition of Ships

    Note:

  • Transport Corporation of India Ltd. | Annual Repor

    59

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    3. LONG TERM BORROWINGS

    Particulars

    As at As at

    31st March 2016 31st March 2015

    In ~ In ~Secured

    Term Loans

    From Banks 1,339,814,260 1,089,490,419

    From Others 10,906,447 2,914,274

    Sub Total 1,350,720,707 1,092,404,693

    Less: Current maturities of long term borrowings (Note 7) 393,145,608 357,876,675

    Total 957,575,099 734,528,018

    Other Information Pertaining to Nature of Security and terms of repayment

    Particulars of Nature of Security Terms of Repayment

    As at As at

    31st March 2016 31st March 2015

    In ~ In ~Term Loans from Bank:

    1025 nos. of General Cargo Containers Repayable in 72 monthly installments starting from January 2010. Last installment due in December 2015. Rate of Interest 10.40% p.a.

    - 7,500,000

    (a) Apartment No . 801, 8th Floor Block No. A-2, World Spa East Building, Sector 30 & 40, Revenue State Of Village- Silokhera, Tahsil And District Gurgaon (Haryana)

    Repayable in 24 quarterly installments starting from November 2016. Last installment due in November 2022. Rate of Interest 9.60% p.a.

    39,600,000 -

    (b) Dag No. 53 Khatian No. 47, N.H. 06, Mauja Sadatpur J.L. No. 89, Revenue Survey No.5650, Tauji No. 704, Pargana Dharinda, P.S. Khargapur, Distt. Midnapur (West Bengal)

    Repayable in 4 quarterly installments starting from November 2015. Last installment due in November 2016. Rate of Interest 9.60% p.a.

    25,000,000 -

    Hadbast No. 123 Khasra No.4 Mu. No. 21 (8-0), 22 (4-10), Khasra No. 5 Mu. No. 1 (5-0), Khasra No. 8 Mu. No. 1 (8-0), 2 (8-0) , 3 (8-0) , 4 (8-0) , 5 (9-4) , 7 (4-9), 8 (7-10), 9/1 (7-12), 10/1 (6-13), 12/2 (5-16), 13/1 (2-4), Khasra No. 9 Mu. No. 5 (8-0), 6/1/1 (1-3), (Total 102 Kanal 1 Marla) situated in the Revenue estate of Village- Jhundsarai Viran, District- Gurgaon (Haryana)

    Repayable in 24 quarterly installments starting from January 2015. Last installment due in October 2020. Rate of Interest 9.15% p.a.

    79,166,666 95,833,333

    Repayable in 24 quarterly installments starting from December 2015. Last installment due in October 2021. Rate of Interest 9.45% p.a.

    45,833,334 50,000,000

    Secured by first charge on the mortgage of M.V. TCI Prabhu

    Repayable in 36 monthly installments starting from November 2013. The said loan have been prepaid on 21st May 2015

    - 60,222,045

    Secured by first charge on the mortgage of M.V. TCI Lakshmi

    Repayable in 15 quarterly installments starting from October 2014. The said loan have been prepaid on 4th June 2015

    - 107,466,668

    Secured by first charge on the mortgage of M.V. TCI Arjun

    Repayable in 24 quarterly installments starting from December 2015. Last installment due in September 2021. Rate of Interest 9.85% p.a.

    265,833,336 290,000,000

  • Transport Corporation of India Ltd. | Annual Repor

    Secured by first charge on the mortgage of 500 Containers

    Repayable in 16 quarterly installments starting from August 2015. Last installment due in May 2019. Rate of Interest 9.75% p.a.

    55,436,500 69,536,500

    Secured by first charge on the mortgage of 350 Containers

    Repayable in 16 quarterly installments starting from September 2015. Last installment due in June 2019. Rate of Interest 9.75% p.a.

    40,742,641 51,356,641

    Trucks and Cars acquired against individual loan

    Repayable in monthly installments at an average rate of 9.30% p.a.

    788,201,783 357,575,232

    Sub-Total 1,339,814,260 1,089,490,419

    Term Loans from Others:

    Vehicles acquired against individual loan Repayable in monthly installments 10,906,447 2,914,274

    Sub-Total 10,906,447 2,914,274 Total 1,350,720,707 1,092,404,693

    4. DEFERRED TAX LIABILITIES (NET)

    ParticularsAs at

    31st March 2016As at

    31st March 2015

    In ~ In ~Difference between book and tax depreciation 349,927,896 297,215,928

    Disallowances under the Income Tax Act (30,090,180) (12,393,625)

    319,837,716 284,822,303

    5. SHORT TERM BORROWINGSSecured Working Capital Loans

    From Bank (i) 742,214,573 724,664,162

    Unsecured LoansFrom Banks

    - Commercial Paper - Other Loans

    1,200,000,000 1,150,000,000

    100,000,000 100,000,000

    From Directors 587,274 598,373

    Total 2,042,801,847 1,975,262,535 (i) Particulars of nature of security

    Working capital loans are secured by hypothecation of book debts as primary security along with

    land properties as collateral

    6. TRADE PAYABLES Other than Acceptances 538,089,523 693,039,926

    Particulars of Nature of Security Terms of Repayment

    As at As at

    31st March 2016 31st March 2015

    In ~ In ~

  • Transport Corporation of India Ltd. | Annual Repor

    61

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    7. OTHER CURRENT LIABILITIESCurrent maturities of Long-Term Borrowings (Note-3)

    - From Banks - From Others

    389,602,496 354,962,401

    3,543,112 2,914,274

    Overdrawn bank balances 2,398,667 1,854,626

    Interest accrued but not due on borrowings 8,165,955 7,296,835

    Unpaid /Unclaimed dividends (Note) 12,895,802 8,715,516

    Trade / security deposits 94,223,216 102,948,334

    Due to gratuity fund 4,583,010 19,920,494

    Payable on purchase of assets 13,694,578 -

    Statutory remittances 37,023,901 34,440,812

    Total 566,130,737 533,053,292

    Note: ~ 3,54,805 (P.Y. ~ 7,97,353) has been transferred to investor education and protection fund during the year.

    8. SHORT TERM PROVISIONS

    Provisions for Employee Benefits 41,740,086 54,081,896

    Others:

    Proposed dividend - 68,106,150

    Tax on proposed dividend - 13,614,419

    Taxation (net of advance tax) 423,787,705 428,776,655

    Total 465,527,791 564,579,120

    ParticularsAs at

    31st March 2016As at

    31st March 2015

    In ~ In ~

  • Transport Corporation of India Ltd. | Annual Repor

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  • Transport Corporation of India Ltd. | Annual Repor

    63

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    10. NON-CURRENT INVESTMENTS

    ParticularsAs at 31st March 2016 As at 31st March 2015

    Nos. In ~ Nos. In ~Long Term Investments (At Cost)

    Trade Investments:

    Fully Paid Equity Shares of Joint Stock Companies

    Unquoted:-

    Joint Venture

    Transystem Logistics International Pvt Ltd of ~10 each 3,920,000 39,200,000 3,920,000 39,200,000

    Subsidiaries

    TCI Global (Sanghai) Co. Ltd., China (i) (equivalent to Yuan 5,032,958)

    - 34,730,436 - 34,730,436

    TCI Global Holdings (Mauritius) Ltd. of US $10 each (iii) - - 573,440 296,561,256

    TCI Holdings Asia Pacific Pte Ltd. (iii) 6,537,956 84,497,356 - -

    (25,000 Shares acquired during the year)

    TCI Holding SA & E Pte Ltd. (iii) 465,577 -

    TCI-CONCOR Multimodal Solutions Pvt. Ltd. ~10 each 3,570,000 35,700,000 3,570,000 35,700,000

    TCI Properties (Pune) Ltd. of ~10 each. (iv) - - 50,000 500,000

    Associates

    XPS Cargo Services Ltd. of ~10 each 300,000 3,000,000 300,000 3,000,000

    TCI Distribution Centres Ltd of ~10 each 143,700 1,437,000 143,700 1,437,000

    Fully Paid Preference SharesAssociates

    TCI Distribution Centres Ltd -11% Redeemable Non-Cumulative Preference Share of ~100 each 622,000 62,200,000 622,000 62,200,000

    Quoted:-

    Fully Paid Equity Shares:

    Associate

    TCI Developers Ltd. of ~10 each 100,000 1,000,000 100,000 1,000,000

    Sub-Total 261,764,792 474,328,692 Non-Trade Investments

    Quoted:-

    Mutual Funds:

    JM Basic Fund - Units of ~33.39 each (ii) 149,753 5,000,000 149,753 5,000,000

    Debentures / Bonds

    National Highway Authority of India - Bonds of ~1,000 each 1,236 1,236,000 1,236 1,236,000

    Sub-Total 6,236,000 6,236,000 Provision For Diminution in Value

    (i) Investment in TCI Global (Shanghai) Co. Ltd, China (34,730,436) (34,730,436)

    (ii) Provision during the year for diminution in the market value of JM Basic Fund and disclosed in the statement of profit and loss account as exeptional item ~2,64,738

    (2,050,200) (1,785,462)

  • Transport Corporation of India Ltd. | Annual Repor

    (iii) Loss of ~ 21,37,39,400 on liquidation of wholly owned subsidiary TCI Global Holdings (Mauritius) Ltd, provided as an exceptional item in the Statement of Profit & Loss and is arrived as follows: Cost of Investment of TCI Global Holdings (Mauritius) Ltd 29,65,61,256 Less: Value of Investments received as distribution in specie on liquidation as follows:- -TCI Holdings Asia Pacific Pte Ltd (a) 8,28,21,856 -TCI Holding SA & E Pte Ltd (a) - Total 21,37,39,400 a) Value determined by the liquidator

    (iv) Cancelled as per the SchemeSub-Total (36,780,636) (36,515,898)

    Total 231,220,156 444,048,794

    Market value of quoted investments 36,427,930 33,574,138

    11. LONG TERM LOANS & ADVANCES

    ParticularsAs at

    31st March 2016As at

    31st March 2015

    In ~ In ~Unsecured

    Capital advances 255,586,242 254,402,620

    Advances & deposits with others 60,541,206 94,856,327

    Advance & deposits with related parties 97,496,655 75,874,759

    413,624,103 425,133,706

    Considered good 392,392,901 407,092,201

    Considered doubtful 21,231,202 18,041,505

    Less: Provision for doubtful advances & deposits (21,231,202) (18,041,505)

    Total 392,392,901 407,092,201

    12. OTHER NON-CURRENT ASSETS

    Deferred Employee Stock Option Compensation - 26,385,083

    13. INVENTORIES (As taken,valued and certified by the management)

    (At lower of cost and net realisable value)

    Ship fuels & consumables 17,578,333 22,752,180

  • Transport Corporation of India Ltd. | Annual Repor

    65

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    14. TRADE RECEIVABLES

    ParticularsAs at

    31st March 2016As at

    31st March 2015

    In ~ In ~Unsecured Outstanding for a period exceeding six months from the due dateConsidered good 245,123,387 239,735,470

    OthersOutstanding for a period less than six months from the due dateConsidered good 2,884,737,321 3,698,646,253

    Total 3,129,860,708 3,938,381,723

    15. CASH & CASH EQUIVALENTS

    Cash on Hand 4,185,444 2,752,673

    Balances with Banks

    - In Current accounts 86,967,030 134,522,114

    - In Deposit accounts 19,722,679 19,155,480

    - Unpaid dividend accounts ( Earmarked) 12,895,802 8,715,516

    Total 123,770,955 165,145,783

    Some of the fixed deposit receipts are deposited with Banks against borrowings and guarantees issued.

    16. SHORT TERM LOANS & ADVANCESUnsecured

    Advances & deposits with Landlords 15,311,219 55,403,196

    Advances & deposits with other related parties (Ref. Note 24) 5,172,498 5,172,458

    Security deposits with customers 40,445,280 59,895,123

    Loans and advances to employees 9,782,173 12,833,491

    Prepaid expenses 14,925,000 17,315,177

    CENVAT credit receivable 12,094,899 13,242,740

    Tax deducted at source 532,804,133 508,525,877

    Accrued Income 4,462,368 3,672,887 Operational advances 169,020,759 80,151,229

    804,018,329 756,212,178

    Considered good 779,461,728 730,260,980

    Considered doubtful 24,556,601 25,951,198

    Less : Provision for doubtful advances (24,556,601) (25,951,198)

    Total 779,461,728 730,260,980

    17. OTHER CURRENT ASSETSDeferred employee stock option compensation 20,494,045 12,693,581

    In the opinion of the Board, assets other than fixed assets and non-current investments, have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

  • Transport Corporation of India Ltd. | Annual Repor

    18. REVENUE FROM OPERATIONS

    ParticularsYear ended

    31st March 2016Year ended

    31st March 2015

    In ~ In ~Freight, Demurrage and Miscellaneous Charges 20,724,629,154 20,500,106,910

    Logistics and Other Services 1,793,583,989 1,409,258,855

    Sales 59,448,265 58,090,417

    Total 22,577,661,408 21,967,456,182

    19. OTHER INCOMERent 3,589,573 2,957,939

    Dividends from long term investments 79,401,352 59,051,352

    Profit on Sale of Investments (Net) - 1,711,665

    Profit on sale of Ship - 19,864,528

    Profit on sale of Assets 5,848,236 -

    Unspent Liabilities/Excess Provisions Written Back 9,722,824 11,491,384

    Bad Debts and Irrecoverable balances written off earlier, realised 12,430,196 2,431,324

    Interest 9,165,197 21,935,155

    Miscellaneous Income 1,192,348 4,380,379

    Difference in Exchange 1,031,890 -

    Total 122,381,616 123,823,726

    20. OPERATING EXPENSES Freight 14,291,195,776 14,400,606,481

    Vehicles Trip Expenses 1,333,483,619 1,408,453,414

    Tyres & Tubes etc. 37,002,747 78,793,948

    Warehouse Rent 274,642,890 244,253,759

    Warehouse Expenses 749,072,564 500,136,591

    Other Transportation Expenses 218,020,230 190,590,192

    Claims for Loss & Damages (Net) 1,404,152 18,296,648

    Commission 1,642,195 2,238,924

    Vehicles Taxes 40,882,679 40,799,271

    Vehicles and Ship Insurance 34,242,259 34,015,944

    Power, Fuel and Water Charges 301,024,730 318,111,386

    Stores & Spare Parts Consumed 77,040,633 65,686,811

    Port and Survey Expenses 67,868,612 50,237,982

    Stevedoring and Cargo Expenses 292,366,365 186,743,387

    Wages, Bonus and Other Expenses - Floating Staff 104,721,923 100,432,292

    Contribution to Provident & Other funds -Floating Staff 410,149 446,681

    Clearing and Forwarding Expenses 10,571,786 7,958,407

    Total 17,835,593,309 17,647,802,118

  • Transport Corporation of India Ltd. | Annual Repor

    67

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    21. EMPLOYEE BENEFITS EXPENSE

    ParticularsYear ended

    31st March 2016Year ended

    31st March 2015

    In ~ In ~

    Salaries, Wages & Bonus etc. 1,222,891,218 1,021,389,661

    Contribution to Provident & Other funds 99,863,897 94,676,996

    Contribution to Employees State Insurance 39,669,393 20,219,229

    Expenses on Employees Stock Option Schemes 17,221,186 17,883,984

    Staff Welfare & Development Expenses 100,719,487 95,421,122

    Total 1,480,365,181 1,249,590,992

    22. FINANCE COSTS Interest Expenses 282,041,139 319,131,604

    23. OTHER EXPENSES(A) Administrative ExpensesRent 276,275,231 270,964,023

    Rates and Taxes 13,913,674 9,174,699

    Insurance 13,298,729 12,900,258

    Telephone Expenses 33,312,728 33,452,667

    Printing and Stationery 42,769,464 32,602,144

    Travelling Expenses 167,947,981 159,133,783

    Legal Expenses 6,413,651 5,881,574

    Postage and Courier 16,954,360 18,551,464

    Electricity Expenses 67,153,202 47,079,354

    Bank Charges 13,943,373 11,009,816

    Advertisement Expenses 19,229,954 10,425,426

    Office Maintenance & Security exp. 142,177,909 137,993,462

    E mail/I. net/Telex Expenses 28,743,586 28,562,681

    Consultancy & Internal Audit fee (i) 24,084,193 34,839,708

    Conference & Seminar exp. 10,660,234 14,177,894

    Commission & Fees to Directors 4,617,217 3,337,488

    Remuneration to Auditors

    - Audit Fees 827,875 813,294

    - Tax Audit Fees 509,125 500,030

    Lease Rent Payments 21,050 21,050

    Bad Debts and Irrecoverable Balances Written Off (ii) 88,175,240 98,486,495

    Agricultural Expenses (Net of income) 1,020,446 875,497

    Charity & Donations 23,083,870 18,580,741

    Loss on Sale of Assets - 7,831,444

    Exchange Difference - 10,697

    Miscellaneous Expenses 76,239,671 65,804,511

    Sub-Total 1,071,372,763 1,023,010,200

    (i) Includes ~ 21,60,000 paid to a director for services of a professional nature (Previous year ended ~ 21,60,000)

    (ii) Includes provision of ~ 41,90,395 (Previous year ended ~ 2,68,22,011)

  • Transport Corporation of India Ltd. | Annual Repor

    (B) Repairs & Maintenance Expenses Motor Trucks 135,439,074 122,687,621

    Other Vehicles 35,911,291 34,939,150

    Ships 33,824,446 38,482,074

    Dry Docking Expenses 62,249,068 19,625,692

    Plant & Equipment 35,694,843 33,053,832

    Computers 24,833,097 36,738,464

    Buildings 39,629,887 57,978,313

    Sub-Total 367,581,706 343,505,146

    Total 1,438,954,469 1,366,515,346

    24. RELATED PARTY DISCLOSURESI. List of Related Parties:i) Key Management Personnel:

    Mr. D.P. Agarwal

    Mr.Vineet Agarwal

    Mr. Chander Agarwal

    ii) Relatives of Key Management Personnel:

    Mrs. Priyanka Agarwal (Wife of Mr. Vineet Agarwal)

    iii) Associates

    TCI Global Logistics Ltd TCI Exim Pvt. Ltd.

    Bhoruka Finance Corporation of India Ltd XPS Cargo Services Ltd

    TCI Industries Ltd TCI India Ltd

    Bhoruka International Pvt. Ltd TCI Warehousing (MH) Partnership firm

    TCI Properties (Guj) Partnership firm TCI Properties (South) Partnership firm

    TCI Properties (Delhi) Partnership firm TCI Properties (NCR) Partnership firm

    TCI Developers Ltd. TCI Infrastructure Ltd.

    TCI Properties (West) Ltd. TCI Apex Pal Hospitality India Pvt. Ltd

    TCI Distribution Centres Ltd. TCI Institute Logistics

    iv) Subsidiaries/ Step Down Subsidiaries:

    PT TCI Global TCI Global Logistik Gmbh, Germany

    TCI Global (Thailand) Co. Ltd., Thailand TCI Global Brazil Logistica Ltd, Brazil

    TCI Global Pte Ltd., Singapore TCI Holdings Netherlands B.V., Netherlands

    TCI Global (Shanghai) Co. Ltd., China TCI-CONCOR Multimodal Solutions Pvt. Ltd.

    TCI Holdings Asia Pacific Pte. Ltd., Singapore TCI Transportation Company Nigeria Ltd.

    TCI Holding SA & E Pte. Ltd.Singapore PT. TCI Global, Indonasia

    TCI Properties (Pune) Ltd.

    v) Joint Ventures:

    Transystem Logistics International Pvt. Ltd

    Aggregate amounts related to 49% interest in Transystem Logistics International Pvt Limited:- In ~

    Assets as on 31st March 2016 752,462,751 Income for the year ended 31st March 2016 1,509,004,408

    Liabilities as on 31st March 2016 140,926,671 Expenses for the year ended 31st March 2016 1,302,555,753

    ParticularsYear ended

    31st March 2016Year ended

    31st March 2015

    In ~ In ~

  • Transport Corporation of India Ltd. | Annual Repor

    69

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    II.Transactions during the year with related parties:

    Nature of Transaction Nature of Relation 31st March 2016

    In ~31st March 2015

    In ~

    Transactions during the year:Income:

    Freight Income

    Joint Ventures 393,803,193 482,803,428

    Associates - 76,150

    Subsidiary 2,501,400 8,396,050

    Logistics ServicesJoint Ventures 78,116,046 65,595,399

    Associates - 5,618

    Miscellaneous IncomeJoint Ventures - 2,315,045

    Subsidiary 452,500 422,500

    Ren ReceivedKey Management Personnel Being Trustee 109,098 -

    Associates 267,900 132,000

    Expenditure:

    Freight ExpensesJoint Venture 482,587 2,716,891

    Subsidiary 9,605,629 25,502,774

    Fuel Purchases Associates 62,331,608 43,188,867

    Training Expenses Associates 5,106,000 960,000

    Vehicle Maintenance Joint Ventures 5,168,564 4,052,297

    Rent Paid

    Associates 110,932,687 101,553,645

    Key Management Personnel Being Trustee 1,571,800 2,993,064

    Key Management Personnel 768,600 768,600

    Relatives of Key Management Personnel 900,000 900,000

    Remuneration and CommissionKey Management Personnel 120,834,138 104,800,785

    Directors 3,300,000 2,500,000

    Finance & Investment:

    Investments Made Subsidiaries 1,675,500 -

    Loan and Advances given Subsidiary 4,857,832 2,623,548

    Refund of Loans/advances GivenSubsidiary 4,857,832 2,748,776

    Joint Venture - 2,814,000

    Advances to Others Subsidiary 985,725 -

    Advances/ Deposits Given Associates 24,448,660 51,114,760

    Truck Purchase Joint Ventures - 911,123

    Other Assets Sold Subsidiary - 225,000

    Property Management Services Associates 2,989,000 2,094,000

    Investments Sale/Liquidation Subsidiary - 1,106,853

  • Transport Corporation of India Ltd. | Annual Repor

    III. Balances as at the year end

    Assets:

    Investments Made

    Subsidiaries 154,927,792 367,491,692

    Joint Ventures 39,200,000 39,200,000

    Associates 67,637,000 67,637,000

    Trade Receivables Joint Ventures 38,475,848 53,552,242

    Associates 101,788,653 80,166,717

    Advances/ Deposits Given Key Management Personnel 640,500 640,500

    Relatives of Key Management Personnel 240,000 240,000

    Liabilities:

    Trade Payables Joint Ventures 582,515 413,311

    Advances/ Deposits Taken Key Management Personnel 587,274 598,373

    25 SEGMENT INFORMATION

    Particulars 31st March 2016

    In ~31st March 2015

    In ~Revenue

    Segment Revenue Freight Division 8,390,954,956 8,156,219,933

    XPS Division 6,669,486,665 6,602,358,158

    Supply Chain Solutions Division 6,260,127,021 6,128,563,580

    Seaways Division 1,411,084,034 1,219,590,479

    Energy Division 59,649,461 62,242,048

    Unallocated and Corporate 112,303,856 86,937,860

    Sub-Total 22,903,605,993 22,255,912,058

    Less: Inter Segment Revenue (203,562,969) (164,632,150)

    Net Income from Operations 22,700,043,024 22,091,279,908

    Segment Results Freight Division 149,530,087 125,791,512

    XPS Division 487,716,986 459,114,885

    Supply Chain Solutions Division 381,395,695 373,750,950

    Seaways Division 270,510,958 285,662,079

    Energy Division 26,159,053 29,172,328

    Unallocated Corporate Income (Net of Unallocated Corporate Expenses)

    90,339,118 57,550,401

    Less: Interest Expenses 282,041,139 319,131,605

    Profit Before Tax 1,123,610,758 1,011,910,550

    Other Information

    Segment Assets Freight Division 2,180,242,701 2,105,563,420

    XPS Division (Demerged)* - 1,328,561,715

    Supply Chain Solutions Division 2,736,101,863 1,978,537,057

    Nature of Transaction Nature of Relation31st March 2016

    In ~31st March 2015

    In ~

  • Transport Corporation of India Ltd. | Annual Repor

    71

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    Seaways Division 1,581,884,508 1,567,231,135

    Energy Division 283,992,738 296,162,533

    Unallocated Corporate Assets 3,204,791,736 3,321,584,275

    Total Assets 9,987,013,546 10,597,640,135

    Segment Liabilities Freight Division 167,891,708 158,293,438

    XPS Division (Demerged)* - 278,956,107

    Supply Chain Solutions Division 413,060,601 342,642,692

    Seaways Division 7,743,533 7,459,452

    Energy Division 59,019 119,403

    Unallocated Corporate Liabilities 732,168,993 789,645,988

    Total Liabilities 1,320,923,854 1,577,117,080

    Capital Expenditure Freight Division 128,027,843 139,876,369

    XPS Division (Demerged)* - 52,976,516

    Supply Chain Solutions Division 807,928,124 112,912,746

    Seaways Division 45,383,933 765,414,054

    Unallocated Capital Expenditure 647,873,143 330,346,225

    Total Capital Expenditure 1,629,213,043 1,401,525,910

    Depreciation Freight Division 98,728,769 88,168,412

    XPS Division 57,853,261 60,010,761

    Supply Chain Solutions Division 290,510,230 274,086,342

    Seaways Division 71,064,983 51,295,627

    Energy Division 21,056,187 21,056,192

    Total Depreciation 539,213,430 494,617,334

    The Company operates mainly in India and therefore there are no separate geographical segments.

    *XPS Undertaking of the Company has been Demerged in TCI Express Limited (Formerly known as TCI Properties (Pune) Limited) as per Scheme of Arrangement approved by the Honble High Court of Telangana and Andhra Pradesh by Order dated 14th June 2016.

    Particulars 31st March 2016

    In ~31st March 2015

    In ~

    26. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD-15 : EMPLOYEE BENEFITS

    Particulars

    31st March 2016 (In ~ ) 31st March 2015 (In ~ )

    Gratuity Leave Encashment Gratuity Leave

    Encashment Funded Unfunded Funded Unfunded

    A) Components of Employer Expense(i) Current Service Cost 16,998,627 6,001,429 16,074,512 4,919,175 (ii) Interest Cost 14,286,801 2,258,819 11,930,847 1,899,373 (iii) Expected Return on Plan Assets (13,642,760) - (12,063,194) -(vi) Actuarial Loss/(Gain) 10,194,324 (3,394,363) 7,496,685 (2,402,616)Total Expenses recognised in the Statement of Profit & Loss 27,836,992 4,865,885 23,438,850 4,415,932 The Pension and Gratuity Expenses have been recognised in Contribution to Provident and other Funds and Leave Encashment in Salaries/Wages and Bonus under note 21

  • Transport Corporation of India Ltd. | Annual Repor

    Particulars

    31st March 2016 (In ~) 31st March 2015 (In ~)

    Gratuity Leave Encashment Gratuity Leave

    Encashment Funded Unfunded Funded Unfunded

    (B) Actuarial (Gain)/Loss on Planned Assets:

    (i) Actual return on plan assets 11,975,159 - 21,884,952 -

    (ii) Expected return on plan assets 13,642,760 - 12,063,194 - Actuarial gain/ (Loss) (1,667,601) - 9,821,758 - (C) Net Assets/(Liability) recognised in Balance Sheet(i) Present Value of Defined Benefit Obligation 198,474,981 33,023,982 178,097,077 28,158,097 (ii) Fair Value of Plan Assets 180,049,049 - 160,492,742 - (iii) Status [Surplus(Deficit)] (18,425,932) (33,023,982) (17,604,335) (28,158,097)(iv) Net Assets/(Liability) recognised in Balance Sheet (18,425,932) (33,023,982) (17,604,335) (28,158,097)(D) Change in Defined Benefit Obligation (DBO)

    (i) Present Value of DBO at the Beginning of Year 178,097,077 28,158,097 149,135,587 23,742,165

    (ii) Current Service Cost 16,998,627 6,001,429 16,074,512 4,919,175

    (iii) Interest Cost 14,286,801 2,258,819 11,930,847 1,899,373

    (iv) Actuarial Losses/(Gain) 8,526,723 (3,394,363) 17,318,443 (2,402,616)

    (v) Benefits Paid (19,434,247) - (16,362,312) -

    (vi) Present Value of DBO at the End of Year 198,474,981 33,023,982 178,097,077 28,158,097

    (E) Change in Fair Value of Plan Assets

    (i) Plan Assets at the Beginning of Year 160,492,742 - 141,087,102 -

    (ii) Expected Return on Plan Assets 13,642,760 - 12,063,194 - (iii) Actuarial Losses/(Gain) (1,667,601) - 9,821,758 - (iv) Actual Company Contributions 26,488,183 - 13,883,000 - (v) Benefits Paid (19,434,247) - (16,362,312) - (vi) Plan Assets at the End of Year 180,049,049 - 160,492,742 - (F) Actuarial Assumptions(i) Discount Rate (%) 8% 8% 8% 8%(ii) Expected Return on Plan Assets (%) 8% - 8% -

    The estimated future salary increases, considered in actuarial valuations take account of inflations, seniority, promotion and other relevant factors such as supply and demand factors in the employment market.

    (G) Major Category of Plan Assets as % of the Total Plan Assets(i) Government Securities/Special Deposits with RBI 21% - 22% -(ii) Mutual Funds 79% - 78% -

  • Transport Corporation of India Ltd. | Annual Repor

    73

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    Particulars31st March 2016

    In ~31st March 2015

    In ~27 . CONTINGENT LIABILITIES AND COMMITMENTS:-(a) Contingent liabilities not provided in respect of following

    Trade Tax/ Octroi/ Duty/ ESI and other demands under dispute 32,471,589 47,184,441

    Guarantees and Counter Guarantees Outstanding 459,343,256 454,154,421

    Income Tax demands under dispute 2,271,370 3,397,540

    (b) CommitmentsEstimated amount of contracts remaining to be executed on capital account and not provided for net of advance on tangible assets.

    48,201,179 224,490,000

    28. EARNINGS PER SHARE Particulars Unit 31st March 2016 31st March 2015

    Net Profit after tax available for equity share holders- for Basic and Diluted EPS In ~ 850,615,658 759,428,564

    Weighted average no. of Equity Shares for Basic EPS Nos. 75,935,483 73,515,375

    Add: Adjustments for stock options Nos. 195,631 349,765

    Weighted average no. of Equity Shares for Diluted EPS Nos. 76,131,115 73,865,140

    Nominal Value of Equity Shares In ~ 2.00 2.00

    Basic Earnings per Equity Share In ~ 11.20 10.50

    Diluted Earnings per Equity Share In ~ 11.17 10.45

    29. IN RESPECT OF ASSETS TAKEN UNDER NON-CANCELLABLE OPERATING LEASE, the future minimum lease payments as on 31st march 2016 are:

    Particulars31st March 2016 31st March 2015

    In ~ In ~Not later than one year 21,050 21,050

    Later than one year and not later than five years 84,200 84,200

    Later than five years 84,200 105,250

    Total 189,450 210,500

    30. TRANSFER PRICINGIn Respect of Transfer Pricing regulation under Section 92BA of the Indian Income Tax Act, 1961 (the Act) management confirm that all Sepecified Domestic Transactions are at arms length so that the aforesaid legislation will not have any impact on the financial state-ments, particularly on the amount of tax expense and that of provision for tax.

    31. CORPORATE SOCIAL RESPONSIBILITY (CSR)As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation and rural de-velopment projects. The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013

    32. As per Section 135 of the Companies Act, 2013, a Corporate Social Responsible committee has been formed by the company.Expenditure by way of contribution to various trusts and institutions related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof ~ 217 lakh

    33. DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S 186 (4) OF THE COMPANIES ACT, 2013Investments made are given under the respective heads (Refer note 10)

    Corporate Guarantees given by the Company in respect of loans as at 31st March, 2016

  • Transport Corporation of India Ltd. | Annual Repor

    Sl No Name of the Company 31st March 2016 31st March 2015

    1 ABC India Ltd 74,206,119 118,500,000

    2 TCI Infrastructure Ltd. 174,562,500 211,310,000

    34. The scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 (the Scheme) between Transport Corporation of India Limited (the Demerged Company) and its wholly owned subsidiary TCI Express Limited (formerly known as TCI Properties (Pune) Limited - the Resulting Company) and their respective shareholders and the creditors of the two companies for demerger of the XPS undertaking of the Demerged Company into TCI Express limited with the appointed date at the close of business hours on 31st March 2016, has been sanctioned by the Honble Telengana and Andhra Pradesh High Court by an order dated 14th June, 2016 and a certified copy thereof has been filed with the Registerar of Companies, Hyderabad. The scheme, being effective from the appointed date, provides for:a) Issue of one equity share of ~ 2 each by TCI Express Limited (Formerly known as TCI Properties (Pune) Ltd. for two equity

    shares of ~ 2 each of the Demerged Companyb) Cancellation of 50,000 equity shares of ~ 10 each of TCI express Ltd (Formerly known as TCI Properties (Pune) Ltd. held by

    the demerged company under the provisions of sections 102 to 103 of the Companies Act 1956 and same has been adjusted with General Reserve. In respect of the above adjustments it is deemed that the special resolution as contemplated under Article 62 of the Article of Association of the demerged company and under section 100 of the Companies Act 1956 has been passed and all the procedures required under section 100 of the Companies Act, 1956 for reduction of share capital have been complied with.

    c) Loss of ~ 2,13,739,400 on liquidation of the wholly owned subsidiary of the demerged company TCI Global Holding (Mauritius) Limited has been adjusted in the statement of profit and loss and an equivalent amount transferred from Securities Premium Account to the Statement of Profit and Loss.

    d) The amount of difference in the net value of assets has been adjusted against reserves as per the Scheme.e) All the assets and liabilities of the XPS Undertaking has been transferred as a going concern at the values appearing in the

    books of the Demerged Company at the close of business hours on 31st March 2016. The particulars of assets and liabilities transferred are as follows

    f) Surplus of ~1,229,473,912 assets over liabilities pertaining to XPS Undertaking transferred to TCI Express Limited (Formerly known as TCI Properties (Pune) Limited) has been adjusted with the reserves of the demerged Company in the following manner.

    Assets: Amount In ~Fixed Assets including Land & Building 637,463,571

    Capital Work-in-Progress 90,734,027

    Long-Term Loans and Advances 28,364,554

    Short-Term Loans and Advances 65,360,673

    Trade Receivable 1,053,924,665

    Cash and Bank Balances 108,719,813

    Total 1,984,567,303

    Liabilities:

    Long Term Borrowings 5,802,733

    Deferred tax liabilities 23,543,807

    Short-Term Borrowings 397,483,220

    Trade Payables 231,494,913

    Other Current Liabilities 76,878,890

    Short-Term Provisions 19,889,828

    Total 755,093,391

    Amount In ~(i) Share Premium Account 978,599,696

    (ii) General Reserve 250,874,216

    Total 1,229,473,912

  • Transport Corporation of India Ltd. | Annual Repor

    75

    Transport Corporation of India Limited

    MOVING COMMERCE TO NEW HORIZONS

    (i) Contingent liabilities not provided in respect of following31st March 2016

    In ~ Trade Tax/ Octroi/ Duty/ ESI and other demands under dispute 2,420,766

    Guarantees and Counter Guarantees Outstanding 4,382,452

    (ii) CommitmentsEstimated amount of contracts remaining to be executed on capital account and not provided for net of advance on tan-gible assets.

    110,877,825

    h) The following statement shows the revenue and expenses of continuing and discontinuing (demerged) operations

    37. ADDITIONAL INFORMATION Remittance in Foreign Currency

    Particulars31st March 2016 31st March 2015

    In ~ In ~

    (a) Capital Goods 57,768,367 654,304,096

    (b) Main Engine Break-down Repair 4,059,444 5,677,919

    (c) Shipping Freight & Port Disbursements - 21,850,755

    (d) Traveling Expenses 8,952,611 10,228,074

    (e) Conference & Seminar 60,897 1,983,819 (f) Consultancy Charges/ Professional Fees 542,526 230,371

    (g) Subscription 725,616 305,390

    (h) Staff Training Programmes 718,021 1,577,589

    (i) Insurance 6,767,454 6,632,166

    (j) Dry- Dock Expenses 61,252,299 17,177,195

    (k) Spare Parts 29,805,065 25,501,506

    (l) Other Ship Operating Expenses 3,152,673 4,393,588

    35. a) There is no outstanding as at 31st March 2016 due to Micro and Small Enterprises registered under Micro, Small and Medium Enterprises development Act, 2006, (MSME)

    b) Interest paid/payable to the enterprises register under MSME ~ NIL ( Previous Year NIL)

    36. Previous year figures have been regrouped /rearranged wherever considered necessary

    ~ In LakhParticulars Continuing Operations Discontinuing Operation

    (TCI XPS Undertaking)Total

    2015-16 2014-15 2015-16 2014-15 2015-16 2014-15

    Turnover 160,705 155,021 66,296 65,891 227,000 220,913

    Operating Expenses 127,748 125,320 50,608 51,158 178,356 176,478

    Profit (Loss) before interest and tax

    9,182 8,736 4,877 4,591 14,059 13,328

    Interest Expense 2,296 2,616 525 576 2,820 3,191

    Profit (Loss) before tax 6,886 6,104 4,353 4,015 11,239 10,119

    Exceptional Items 3 - - - 3 -

    Income tax expenses 1,424 1,320 1,306 1,205 2,730 2,525

    Profit (Loss) after tax 5,459 4,783 3,047 2,811 8,506 7,594

    g) Contingent liabilities and commitments related to the XPS Undertakings has been transferred to TCI Express Ltd. (Formerly known as TCI Properties (Pune) Ltd.)

  • Transport Corporation of India Ltd. | Annual Repor

    Particulars31st March 2016 31st March 2015

    In ~ In ~

    (m) Commission - 2,207,574 (n) Others 5,126,536 853,957

    Earning in Foreign Currency During the Year Freight Income - 17,809,200

    C.I.F. Value of Imported & Indigenous Stores and Spare Parts Consumed

    Particulars

    31st March 2016 31st March 2015% of Total

    Consump-tion

    In ~ % of Total Consumption In ~

    (a) Imported 53% 53,094,080 39% 25,501,506

    (b) Indigenous 47% 47,235,568 61% 40,185,305

    38. SIGNIFICANT ACCOUNTING POLICIES OF THE FINANCIAL STATEMENTS

    1) Recognition of Income and Expenditure(a) Income and expenditure are recognized on accrual basis in accordance with the applicable accounting standards and provision

    is made for all known losses and liabilities.

    (b) Freight income is accounted when goods are delivered by the company to customers, except in case of the Seaways Division where freight income is accounted when the ship sails out of the port.

    (c) Freight expenses are accounted when hired vehicles deliver goods to the Company at destination.

    (d) Having regard to the size of operations and the nature and complexities of the Companys business, freight received/paid in advance is accounted as income/expense on payment.

    (e) Year-end liability in respect of claims for loss and damages is provided as calculated by claims recovery agents except in case of the Seaways Division where such liability is provided as calculated by the Companys claim depa