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Trans Freight Containers Ltd.

BSE: 513063 Sector: Industrials
NSE: TRANSFREIT ISIN Code: INE360D01014
BSE 00:00 | 23 Jun 10.85 0.51
(4.93%)
OPEN

10.85

HIGH

10.85

LOW

10.85

NSE 05:30 | 01 Jan Trans Freight Containers Ltd
OPEN 10.85
PREVIOUS CLOSE 10.34
VOLUME 1981
52-Week high 12.44
52-Week low 3.12
P/E 0.80
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.85
CLOSE 10.34
VOLUME 1981
52-Week high 12.44
52-Week low 3.12
P/E 0.80
Mkt Cap.(Rs cr) 8
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 312020 the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Cash Flow and the Statement of Changes in Equity for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation (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 thepreparation and presentation of these Standalone Ind AS financial statements that give atrue and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement 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 freefrom 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 selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Standalone Ind ASfinancial 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 informationrequired by the Act in the manner so required and

give a true and fair view in conformity with the accounting principles generallyaccepted in India including the Ind AS of the financial position of the Company as atMarch 31 2020 and its financial performance including other comprehensive income itscash flows and the changes in equity for the year ended on that 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 and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss including other comprehensiveincome the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d. in our opinion the aforesaid Standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act read with relevantrules issued thereunder.

e. on the basis of written representations received from the directors as on March312020 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312020 from being appointed as a director in terms of section164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".

g. With respect to the other matters to be included in the Auditor s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS financial statements - Refer Note 26 to the StandaloneInd AS financial statements;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For M.N.Desai & Associates
Chartered Accountants
(Firm Regn No 129571W)
Manish N. Desai
Place : Mumbai Proprietor
Date : 2nd September 2020 Membership No.: 131094

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF 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'1) as of March 31 2020 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 fraudor 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 transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation

of financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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 2020 based 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 : 2nd September 2020 Membership No. :131094

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 proper records showing full particulars includingquantitative details and situation of fixed assets.

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 information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld 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 oftheActforany 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 to us the company is regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees state insurance income tax goods and service tax custom duty cess andother statutory dues to the extent applicable to it According to the information andexplanations given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as at 31st March 2020 for a period of more than six monthsfrom the date of becoming payable.

b) The dues on account of Income Tax disputed by the company and where such dispute ispending 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)
Income tax Act 1961 Income tax Assessment Year 2013-14 5718550 Commissioner of Income Tax (Appeals)
Income tax Act 1961 Income tax Assessment Year 2011-12 9801980 Commissioner of Income Tax (Appeals)

8 Based on ouraudit procedures and as perthe information and explanation given to us bythe management we are of the opinion that the company has not defaulted in repayment ofdues to any bank or government Company has no debenture holder or any financialinstitutional borrowing during the year.

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 beennoticed or reported during the course of our audit.

11. In our opinion and according to the information and explanations given to us theCompany does not pay 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 ouropinion 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-IAofthe 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 : 2nd September 2020 Proprietor
Membership No.: 131094