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Transcorp International Ltd.

BSE: 532410 Sector: Services
NSE: N.A. ISIN Code: INE330E01023
BSE 00:00 | 20 Mar 22.40 -0.85
(-3.66%)
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23.45

HIGH

23.45

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22.30

NSE 05:30 | 01 Jan Transcorp International Ltd
OPEN 23.45
PREVIOUS CLOSE 23.25
VOLUME 1770
52-Week high 41.35
52-Week low 18.55
P/E 3.25
Mkt Cap.(Rs cr) 71
Buy Price 22.30
Buy Qty 126.00
Sell Price 22.95
Sell Qty 31.00
OPEN 23.45
CLOSE 23.25
VOLUME 1770
52-Week high 41.35
52-Week low 18.55
P/E 3.25
Mkt Cap.(Rs cr) 71
Buy Price 22.30
Buy Qty 126.00
Sell Price 22.95
Sell Qty 31.00

Transcorp International Ltd. (TRANSCORPINTL) - Auditors Report

Company auditors report

To the Members of

Transcorp International Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS nancial statements of TRANSCORPINTERNATIONAL LIMITED (‘the Company’) which comprise the Balance Sheet as at31st March 2018 and the Statement of Pro t and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the signi cant accounting policies and other explanatoryinformation.

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 ofthese Standalone Ind AS nancial statements that give a true and fair view of the Pro t& Loss State of A airs cash ows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules2015 as amended.

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 nancial controlsthat were operating e ectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Standalone Ind ASnancial 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 nancialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under. We conductedour audit of the standalone Ind AS nancial statements in accordance with the Standards onAuditing speci ed under Section 143(10) of the Act. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the Standalone Ind

AS nancial 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

nancial statements. The procedures selected depend on the auditor’s judgmentincluding the assessment of the risks of material misstatement of the standalone Ind ASnancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal nancial control relevant to the Company’s preparation ofthe standalone Ind AS nancial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the

Company’s Directors as well as evaluating the overall presentation of thestandalone Ind AS nancial statements.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS nancial statements.

Opinion

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

nancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India including the Ind AS of the State of A airs of the Company as at 31stMarch 2018 and its pro t ( nancial performance including other comprehensive income) itscash ows and the changes in equity for the year ended on that date.

Other Matters

The comparative nancial information of the company for the year ended 31st March 2017and the transition date opening balance sheet as at 1st April 2016 included in thestatements are based on the previously published standalone nancial results/statementsfor the said periods prepared in accordance with the Companies (Accounting Standards)Rules 2006 and other accounting principles generally accepted in India audited bypredecessor auditor and whose audit report for the year ended 31st March 2017 and 31st

March 2016 dated 29th April 2017 and 9th May 2016 respectively expressed an unmodi edopinion as adjusted for the di erences in the accounting principles adopted by thecompany on transition to the Ind AS which has been audited by us.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section 143 (11) of theAct and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the "Annexure A" a statement on the matters speci ed in the paragraph 3and 4 of the said 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 purposes of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books.

c. The Balance Sheet the Statement of Pro t and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the

Statement of Changes in Equity dealt with by this Report are in agreement with thebooks of account.

d. In our opinion the aforesaid Standalone Ind AS nancial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

e. On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of

Directors none of the directors is disquali ed as on 31st March 2018 from beingappointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal nancial controls with reference to IndAS Financial Statements of the Company and the operating e ectiveness of such controlsrefer to our separate Report in "Annexure B".

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 (as amended) inour opinion and to the best of our information and according to the explanations given tous: i. The Company has disclosed the impact of pending litigations on its nancialposition in its standalone Ind AS nancial statements refer note 41 to the nancialstatements;

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Kalani & Co.
Chartered Accountants
Firm’s Registration No: 000722C
[Bhupender Mantri]
Place: New Delhi Partner
Dated: the 5thday of May 2018 Membership No: 108170

ANNEXURE- A TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in paragraph 1 under the heading "Report on Other Legaland Regulatory Requirements" of our Independent Auditors’ Report of even date inrespect to statutory audit of Transcorp International Limited for the year ended 31 March2018 we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets

(Property Plant & Equipment).

(b) The Fixed Assets (Property Plant & Equipment) have been physically veri edwherever practicable in a phased manner by the management/ internal auditors and thereconciliation of the quantities with the book records has been done on continuous basis.No material discrepancies were noticed on such veri cations.

(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 except Premises at SFS 20 Nehru Place Tonk Road Jaipurheld in the name of Rajasthan Industrial Trading Company (since merged in the company)having a cost (gross block) of Rs. 2.96 Lakhs

ii. The inventory being foreign currency and paid documents has been physically veri edat reasonable intervals during the year by the Management/ Internal Auditors. Thediscrepancies noticed on veri cation between the physical stock and the book stockswherever ascertained were not signi cant and have been properly dealt in the books ofaccounts.

iii. In our opinion and according to the information and explanations given to us theCompany has granted loan to 3 parties covered in the register maintained under section 189of the Companies Act 2013.

a) In our opinion the rate of interest and other terms and conditions on which theunsecured loans had been granted to the body corporate listed in the register maintainedunder section 189 of the Act were not prima facie prejudicial to the Company’sinterest.

b) Schedule of repayment of principal and payment of interest has not been stipulatedas loans have been granted on repayable on demand basis. Repayments & receipts ofinterest are regular whenever demanded. In case of following companies interest has notbeen received but accrued in their account:

c) There were no overdue amounts in respect of loan granted to the body corporatelisted in the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments & guarantees made.

v. In our opinion and according to the information and explanations given to us thecompany has generally complied with the directives issued by the Reserve Bank of India andthe provisions of section 73 to 76 read with other relevant provisions of the CompaniesAct 2013 and rules framed there under; where ever applicable; in respect of depositsaccepted from the public. As per information and explanations given to us no order hasbeen passed by Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any court or any other tribunal in this respect and hence question of itscompliance does not arise.

vi. Central Government has not prescribed the maintenance of cost records under section148(1) of the Act for any of the services rendered by the Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees’

State Insurance Income Tax Service Tax Goods & Service Tax and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of Provident Fund Employees’ State InsuranceIncome Tax Service Tax and other material statutory dues were in arrears as at 31 March2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us the dues of Income

Tax Service Tax Goods & Service Tax as at 31 March 2018 which have not beendeposited on account of dispute and the forum where the disputes are pending are as under:viii. According to the information and explanations given to us by the management theCompany has not defaulted in repayment of dues to nancial institutions or banks.

ix. The Company did not raise any money by way of initial public o er or further publico er (including debt instruments) during the year. In our opinion term loans were appliedfor the purpose for which the loans were obtained by the company.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its o cers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the nancial statements as required by the applicableaccounting standards.

xiv. 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.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. Company is not required to get itself registered under section 45-IA of theReserve Bank of India Act 1934.

For Kalani & Co.
Chartered Accountants
Firm’s Registration No: 000722C
[Bhupender Mantri]
Place: New Delhi Partner
Dated: the 5thday of May 2018 Membership No: 108170

ANNEXURE - B TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 2 (f) under the heading "Report on Other Legal andRegulatory Requirements" of our Independent Auditors’ Report of even date to themembers of Transcorp International Limited for the year ended 31 March 2018 report onInternal Financial Controls under clause (i) of sub section 3 of section 143 of theCompanies Act 2013 (‘the Act’).

We have audited the internal nancial controls with reference to Ind AS FinancialStatements of Transcorp International Limited ("the Company") as of 31st March2018 in conjunction with our audit of the nancial 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 internalnancial controls with reference to Ind AS

Financial Statements based on the internal control with reference to Ind AS FinancialStatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls withreference to Ind AS Financial Statements issued by the Institute of Chartered Accountantsof India (‘ICAI’). These responsibilities include the design implementation andmaintenance of adequate internal nancial controls that were operating e ectively forensuring the orderly and e cient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable nancial information as required under the Act.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal nancialcontrols with reference to Ind AS Financial Statements based on our audit. We conductedour audit in accordance with the Guidance Note on Audit of Internal Financial Controlswith reference to Ind AS Financial Statements (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal nancial controlsboth applicable to an audit of Internal Financial Controls and both issued by ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internal

nancial controls with reference to Ind AS Financial Statements was established andmaintained and if such controls operated e ectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal nancial controls system with reference to Ind AS Financial Statements andtheir operating e ectiveness. Our audit of internal nancial controls with reference to IndAS Financial Statements included obtaining an understanding of internal nancial controlswith reference to Ind AS Financial Statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating e ectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor’sjudgment including the assessment of the risks of material misstatement of the nancialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the Company’s internal nancial controlssystem with reference to Ind AS Financial Statements.

Meaning of Internal Financial Controls with reference to Ind AS Financial Statements

A company’s internal nancial control with reference to Ind AS Financial Statementsis a process designed to provide reasonable assurance regarding the reliability of nancialreporting and the preparation of nancial statements for external purposes in accordancewith generally accepted accounting principles. A company’s internal nancial controlwith reference to Ind AS Financial

Statements includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly re ect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of nancial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material e ect on the nancial statements.

Inherent Limitations of Internal Financial Controls With reference to Ind AS FinancialStatements

Because of the inherent limitations of internal nancial controls with reference to IndAS Financial Statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal nancial controls withreference to Ind AS Financial Statements to future periods are subject to the risk thatthe internal nancial control with reference to Ind AS Financial Statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internal nancialcontrols system with reference to Ind AS Financial Statements and such internal nancialcontrols with reference to Ind AS Financial Statements were operating e ectively as at31st March 2018 based on the internal control with reference to Ind AS FinancialStatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls Withreference to Ind AS Financial Statements issued by ICAI.

For Kalani & Co.
Chartered Accountants
Firm’s Registration No: 000722C
[Bhupender Mantri]
Place: New Delhi Partner
Dated: the 5thday of May 2018 Membership No: 108170