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Trans Freight Containers Ltd.

BSE: 513063 Sector: Industrials
NSE: TRANSFREIT ISIN Code: INE360D01014
BSE 00:00 | 30 Sep 17.65 0.80
(4.75%)
OPEN

17.60

HIGH

17.65

LOW

17.55

NSE 05:30 | 01 Jan Trans Freight Containers Ltd
OPEN 17.60
PREVIOUS CLOSE 16.85
VOLUME 5807
52-Week high 28.10
52-Week low 11.12
P/E 11.46
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.60
CLOSE 16.85
VOLUME 5807
52-Week high 28.10
52-Week low 11.12
P/E 11.46
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Trans Freight Containers Ltd. (TRANSFREIT) - Auditors Report

Company auditors report

ON THE FINANCIAL STATEMENTS

To

The Members of Trans Freight Containers Ltd.

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of TransFreight Containers Limited ("the Company") which comprises of the Balance Sheetas at March 31 2021 the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Cash Flow and the Statement of Changes in Equity for theyearthenendedand significantaccounting policies and other explanatory summaryofinformation (herein after referred to as "Standalone Ind AS financialstatements").

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies

Act 2013 (""the Act"") with respect to the preparation andpresentation of these Standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Ind AS financial statements that give atrue 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 Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit of Standalone Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Standalone

Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the

Standalone Ind AS financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Ind AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid

Standalone Ind AS financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India including the

Ind AS of the financial position of the Company as at March 31 2021 and its financialperformance including other comprehensive income its cash flows and the changes in equityforthe . year ended onthat date

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 section 143 (11) of the Act we givein the Annexure "B" a statement on the matters specified in paragraphs 3 and 4of the Order.

2 As required by section 143(3) of the Act we report that: a we have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c the Balance Sheet the Statement of Profit and Lossincluding other comprehensive income the

Cash Flow Statement and the Statement of Changes in Equity dealt with by this Reportare in agreement with the books of account; d in our opinion the aforesaid Standalone IndAS financial statements comply with the Indian

Accounting Standards prescribed under Section 133 of the Act read with relevant rulesissued thereunder. e on the basis of written representations received from the directorsas on March 31 2021 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2021 from being appointed as a director in terms ofsection 164 (2) of the Act. f With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure A". g With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. the Company has disclosedthe impact of pending litigations on its financial Standalone Ind AS financialstatementsRefer Note 26 to the Standalone Ind AS financial statements; ii. the Company did not haveany long-term contracts including derivative contracts for which there were any materialforeseeable losses; iii. there were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For M.N.Desai & Associates
Chartered Accountants
(Firm Regn. No. 129571W)
Manish N.Desai
Place : Mumbai Proprietor
Date : 30.06.2021 Membership No. :131094
UDIN: 21131094AAAAAV2414

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORTOF EVEN DATE ON THESTANDALONE IND AS FINANCIAL STATEMENTS OF TRANS FREIGHT CONTAINERS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TransFreight Containers Limited ("the Company") as of March 31 2021 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial on the internal control over financial reporting criteria established by thecomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the

Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the standalone

Ind AS financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactionscompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M.N.Desai& Associates
Chartered Accountants
(Firm Regn.No.129571W)
Manish N.Desai
Place :Mumbai Proprietor
Date :30.06.2021 Membership No. :131094
UDIN: 21131094AAAAAV2414

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT

[Referred to in paragraph 1 of "Report on other legal and regulatoryrequirements" of our report of even date] 1 a The Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets. b. The fixed assets of the Company have been physically verified by the managementduring the year and no material discrepancies have been noticed on such verification. Inour opinion the frequency of verification is reasonable. c. According to the informationand explanations given to us and on the basis of our examination of the records of theCompany the title deeds of immovable properties are held in the name of the Company.

2 The inventory has been physically verified by the management during the year. In ouropinion the frequency of verification is reasonable. The discrepancies noticed onphysical verification of inventory as compared to book records were not material and thesame were properly dealt with in the books of accounts.

3 In our opinion and according to the information and explanations given to us theCompany has not taken any loans from companies firms and other parties covered in theRegister maintained under Section 189 of the Companies Act 2013.

4 In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 in respect of loansinvestments guarantees and securities wherever applicable.

5 According to the information and explanations given to us the Company has notaccepted any deposits from the public. Accordingly clause (v) of paragraph 3 of the orderis not applicable to the company.

6 The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.Accordingly clause (vi) of paragraph 3 of the Order is not applicable to the Company forthe year.

7 In respect of statutory dues: a) According to information and explanations given tous the company is regular in depositing with appropriate authorities undisputed statutorydues including provident fund employees state insurance income tax goods and servicetax custom duty cess and other statutory dues to the extent applicable to it. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the aforesaid dues were outstanding as at 31st March 2021 for a period of more than sixmonths from the date of becoming payable. b) The dues on account of Income Tax disputed bythe company and where such dispute is pending is mentioned below :

Name of the Statute Nature of the Dues Period to which the amount relates Amount (Rs.) Forum where the dispute is pending
Income tax Act 1961 Income tax Assessment Year 2017-18 5239756 Commissioner of Income Tax (Appeals)

8 Based on our audit procedures and as per the information and explanation given to usby the management we are of the opinion that the company has not defaulted in repaymentof dues to any bank or government.

Company has no debenture holder or any financial institutional borrowing during theyear.

9 In our opinion and according to the information and explanations given to us theCompany has not raised money by way of initial public offer or further public offer ordebt instruments during the year.

10 In our opinion and according to the information and explanations given to us nomaterial fraud by the

Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

11 In our opinion and according to the information and explanations given to us theCompany has paid/ provided for managerial remuneration.

12 In our opinion and according to the information and explanations given to us thecompany is not a nidhi company. Accordingly clause (xii) of paragraph 3 of the order isnot applicable to the company.

13 In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

14 According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause (xiv) of paragraph 3 of the order is not applicable to theCompany.

15 In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions during the year with the directorsor persons connected with him and hence clause (xv) of paragraph 3 of the order is notapplicable to the company.

16 In our opinion and according to the information and explanations given to us theCompany is not required to register under section 45-IA of the Reserve Bank of India Act1934. Accordingly clause (xvi) of paragraph 3 of the order is not applicable to thecompany.

For M.N.Desai & Associates
Chartered Accountants
(Firm Regn. No. 129571W)
Place : Mumbai Manish N.Desai
Date : 30.06.2021 Proprietor
Membership No. :131094
UDIN: 21131094AAAAAV2414

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