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Notes to Accounts of Transcorp International Ltd.

Mar 31, 2017

1. Contingent Liability:

a. Guarantees/property given for facilities taken by Wholly Owned Subsidiary Company named Ritco Travels and Tours Private Limited:-

i. Over Draft Facility:Rs.65000000/- (from HDFC Bank Ltd.) (as on 31.03.2016: Rs.34000000)

ii. DLOD Facility: Rs.NIL/ - (from HDFC Bank Ltd.) (as on 31.03.2016: Rs.12900000)

iii. Term Loan: Rs.15700000/- (from HDFC Bank Ltd.) (as on 31.03.2016:Rs.18100000)

iv. Joint Bank Guarantee : Rs.90000000/- (Bank Guarantee as on 31.03.2016: Rs.50500000 from HDFC Bank Ltd.)

b. Amounts disputed in appeals, with Income Tax and other Govt. departments Rs.1146200/- (as on 31.03.2016 Rs.712970/-)

c. Notice of demand from Income Tax Department Alwar, in respect of TDS discrepancies:

As Company has taken/will take all required corrective action, no provision is made.

2 . Capital Commitment: Rs.NIL (as on 31.03.2016: Rs.NIL)

3. Short Term Loan and advances include(Associate/Investing)- Loans due from M/s Bhoruka Investment Limited Rs.NIL (as on 31.03.2016 Rs.NIL), which is covered under the same management/control within the meaning of the Companies Act, 2013. Maximum amount due during the year Rs.12000000/- (for previous year ended on 31.03.2016 Rs.1115000/-).

4. Earnings per share (EPS)

The following reflects the profit and share data used in the basic and diluted EPS computations

5. Related Party disclosures

1. Associates/Investing Party

- Transcorp Enterprises Limited

- TCI Bhoruka Projects Ltd.

- Bhoruka Investment Ltd.

2. Enterprise over which relatives of person having significant influence is able to exercise significant influence :

- Rama Crafts Pvt. Ltd.

- Gati Limited

- TCI Industries Limited

- Transport Corporation of India Limited

- ABC India Limited

- Bhoruka Power Corporation Limited/Bhoruka Aluminum Limited

- TCI International Limited

- Ayan Fintrade Pvt. Ltd.

- TCI Infrastructure Finance Limited

- M/s Ashok Kumar Ayan Kumar

- Ashok Kumar & Sons HUF

3. Key Management Personnel and person having significant influence

- Mr. Ashok Kumar Agarwal

- Mr. Amitava Ghosh

- Mr. Dilip Kumar Morwal

- Mr. Rajiv Tiwari

4. Relatives of Key management personnel and person having significant influence:

- Mrs. Manisha Agarwal

- Mrs. Avani Kanoi

- Mr. Ayan Agarwal

- Mr. D.P.Agarwal

- Mr. M.K. Agarwal

- Mr. S.N. Agarwal

- Mr. Anand Agarwal

- Mrs. Sushmita Ghosh

5. Wholly Owned Subsidiary Companies:

- Transcorp Estates Private Limited

- Ritco Travels and Tours Private Limited

6. Sundry debtors includes certain parties, against whom proceedings are pending in the Court of Law Under Section 138 of the Negotiable Instruments Act 1881 being on account of dishonor of cheques and under C.P.C., for which remedy is available under the said Act, and consequently have been considered good by the management.

7. Sundry Creditors, Advances, Debtors and some bank balances are subject to confirmation/reconciliation. Branch and Head Office balance are at different stages of reconciliation. Management expects no major impact of same on financial statements.

8. Employee Benefits:-

For gratuity company has obtained the scheme managed by LIC. As required by AS-15 “Employee Benefits” issued by the Institute of Chartered Accountant of India, the following disclosures have been made as per the information provided by LIC.

Gratuity:-

Gratuity Report under AS-15 (Revised 2005) for the year ended 31.03.2017 in respect of employees group gratuity trust for Policy No. 313910

9. Major component of deferred tax liability is on account of timing difference of depreciation.

10. a) w.e.f. 1st April 2011, travel division named Ritco Travels and Car Rental Division named Wheels Rent A Car was transferred to Wholly Owned Subsidiary named Ritco Travels and Tours Pvt. Ltd. and consequent upon the same there is only one segment in the company viz., Foreign Exchange and Money Transfer.

b) The Company is engaged in business in India only, which in the context of Accounting Standard -17 ‘Segment Reporting’ issued by Institute of Chartered Accountants of India is considered the only Geographical segment.

10. Foreign Currency transactions relating to monetary assets and liabilities as at year end translated as per accounting policy no. 10, resulted in net gain of Rs.8572010/-. (Previous year net gain Rs.14617052/-) which has been accounted under relevant heads in the Statement of Profit and Loss.

11. Previous year’s figures have been regrouped, rearranged or recanted wherever considered necessary.

12. In the opinion of management all current and fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

13. Legal & Professional expenses includes Rs.289409/- (Previous Year Rs.252361/-) paid to Auditors for other attestation services.


Mar 31, 2015

1. The above cash flow statement has been compiled from and is based on the balance sheet as at 31.03.2015 and the related statement of profit and loss for the year ended on that date.

2. The above cash flow statement has been prepared as per the indirect method as set out in Accounting Standard-3 on Cash flow statement as notified under section 211(3C) of the Companies Act,1956.

3. Cash and cash equivalents for the purpose of cash flow statement comprises cash at bank and short-term investments with an original maturity of three months or less.

4. Previous year figures have been regrouped and recasted.

(a) Terms/Rights attached to the Equity Shares

The Company has only one class of equity share having a face value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in indian rupees. The final dividends proposed by the Board of Directors is subject to approval of shareholders in annual general meeting. In the event of liquidation of the company the equity shareholders will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be inproportion to the number of equity shares held by the shareholders.

As per records of the Company, including its register of sharholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

2. Notes to Accounts (for Standalone)

1. Contingent Liability:

a. Guarantees/property given/ being co-applicant for facilities taken by Wholly Owned Subsidiary Company named Ritco Travels and Tours Private Limited:-

i. Over Draft Facility: Rs.15000000/- (from HDFC Bank Ltd.) (as on 31.03.2014: Rs.15000000)

ii. DLOD Facility: Rs 15000000/- (from HDFC Bank Ltd.) (as on 31.03.2014: Rs.15000000)

iii. OD Facility: Rs.NIL (from Kotak Mahendra Bank) (as on 31.03.2014: Rs.12500000)

iv. Term Loan: Rs.NIL (continued from Kotak Mahendra Bank Ltd.) (as on 31.03.2014: Rs 22400000/-)

v. Term Loan: Rs.20879000/- (from HDFC Bank Ltd.) (as on 31.03.2014: Rs.20879000)

vi. Bank Guarantee: Rs.7500000/- (from HDFC Bank Ltd.) (as on 31.03.2014: Rs.7500000)

vii. Co-applicant in Loan Applications: Rs 3575000/- (as on 31.03.2014: Rs.3575000/-)

viii. Corporate guarantee for temporary term loan: Rs 20000000/- (as on 31.03.2014: Rs.NIL)

b. Amounts disputed in appeals, with Income Tax and other Govt. departments Rs.1641515/- (as on 31.03.2014 Rs.NIL)

c. Notice of demand from Income Tax Department Alwar, in respect of TDS discrepancies: (Amount in Rs.)

As Company has taken/will take all required corrective action, no provision is made.

3 . Capital Commitment: Rs.NIL (as on 31.03.2014: Rs.21700/-)

4. Short Term Loan and advances include- Loans due from M/s Bhoruka Investment Limited Rs.NIL (as on 31.03.2014 Rs.NIL), which is covered under the same management/control within the meaning of the Companies Act, 2013. Maximum amount due during the year Rs.6250000/- (for previous year ended on 31.03.2014 Rs.26950000/-).

5. Earnings per share (EPS)

The following reflects the profit and share data used in the basic and diluted EPS computations

6. Related Party disclosures

1. Associates/Investing Party

- Transcorp Enterprises Limited

- TCI Bhoruka Projects Ltd.

- Bhoruka Investment Ltd.

2. Enterprise over which relatives of person having significant influence is able to exercise significant influence :

- Rama Craft Pvt. Ltd.

- Gati Limited

- TCI Industries Limited

- Transport Corporation of India Limited

- ABC India Limited

- Bhoruka Power Corporation Limited/Bhoruka Aluminum Limited

- TCI International Limited

- Ayan Fintrade Pvt. Ltd.

- TCI Infrastructure Finance Limited

- M/s Ashok Kumar Ayan Kumar

- Ashok Kumar & Sons HUF

3. Key Management Personnel and person having significant influence

- Mr. Ashok Agarwal

- Mr. Amitava Ghosh

- Mr. Dilip Morwal

- Mr. Rajiv Tiwari

4. Relatives of Key management personnel and person having significant influence:

- Mrs. Manisha Agarwal

- Mrs. Avani Kanoi

- Mr. Ayan Agarwal

- Mr. D.P.Agarwal

- Mr. M.K. Agarwal

- Mr. S.N. Agarwal

- Mr. Anand Agarwal

- Mrs. Sushmita Ghosh

- Miss Polumi Ghosh ( No Transactions were done during the year)

5. Wholly Owned Subsidiary Companies:

- Transcorp Estates Private Limited

- Ritco Travels and Tours Private Limited

Transaction with the above related parties for the year ended 31st March 2015 are as follows:- A. Sale and purchase of Products and services

7. Sundry debtors includes certain parties, against whom proceedings are pending in the Court of Law Under Section 138 of the Negotiable Instruments Act 1881 being on account of dishonor of cheques and under C.P.C., for which remedy is available under the said Act, and consequently have been considered good by the management.

8. Sundry Creditors, Advances, Debtors and some bank balances are subject to confirmation/reconciliation. Branch and Head Office balance are at different stages of reconciliation. Management expects no major impact of same on financial statements

9. Derivative instruments and unhedged foreign currency exposure at the end of accounting year Derivati ve instruments:

10. Employee Benefits:-

For gratuity company has obtained the scheme managed by LIC. As required by AS-15 "'Employee Benefits'' issued by the Institute of Chartered Accountant of India, the following disclosures have been made as per the information provided by LIC.

Gratuity-

Gratuity Report under AS-15 (Revised 2005) for the year ended 31.03.2015 in respect of employees group gratuity trust for Policy No. 313910

11. Major component of deferred tax liability is on account of timing difference of depreciation.

12. a) W.e.f. 1st April 2011, travel division named Ritco Travels and Car Rental Division named Wheels Rent A Car was transferred to Wholly

Owned Subsidiary named Ritco Travels and Tours Pvt. Ltd. and consequent upon the same there is only one segment in the company viz., Foreign Exchange and Money Transfer.

b) The Company is engaged in business in India only, which in the context of Accounting Standard -17 'Segment Reporting' issued by Institute of Chartered Accountants of India is considered the only Geographical segment.

13. Foreign Currency transactions relating to monetary assets and liabilities as at year end translated as per accounting policy no. 10, resulted in net gain of Rs.14225299/- (Previous year net gain Rs.27932137/-) which has been accounted under relevant heads in the Statement of Profit and Loss.

14. Previous year's figures have been regrouped, rearranged or recasted wherever considered necessary.

15. In the opinion of management all current and fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

16. Legal & Professional expenses includes Rs 231579/- paid to Auditors for other attestation services.


Mar 31, 2014

1. Other explanatory information

a. Trade payables, advances, trade receivables and some of the bank balances are subject to confirmation /reconciliation. Branch and head office balances are at different stages of reconciliation. Management expects no major impact of same on financial statements.

b. In the opinion of management, all current assets have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet

c. Employee Benefits :

For gratuity company has obtained the scheme managed by LIC. The Company has received following details from LIC for disclosures to be made as required by the Accounting standard-15 ''Employee Benefits''

d. Capital and other commitments: Rs. NIL (Previous Year NIL).

e. Segment Information:

The Company is engaged in business in India only, which in the context of Accounting Standard-17 ''Segment Reporting'' issued by Institute of Chartered Accountants of India is considered the only Geographical segment. Company is engaged in the business of Travels, tours & allied activities, being the only segment.

f. Earnings in Foreign Currency- Rs. 7,435/- (Previous Year Rs. 29,109)

g. Contingent Liabilities:

I. Bank guarantee for $10000 (Previous Year $30000) equivalent to Rs. 5,99,376/- (Previous Year Rs. 16,31,700/-).

II. Claims against the Company not acknowledged as debts:

-A mount disputed Rs. 287,412/-( Previous Year Rs. 287,412/-), out of this deposited with court Rs. 33,393/- (Previous Year Rs. 33,393/-) in respect of claims made by Customer and others.

j. Trade receivables includes certain parties, against whom proceedings are pending in the court of law u/s 138 of the Negotiable Instruments Act, 1881 being on account of dishonour of cheques and under C.P.C, for which remedy is available under the said act, and consequently have been considered good by the management.

k. Previous year figures have been regrouped, rearranged or recasted wherever considered necessary.


Mar 31, 2013

1. Explanatory information

1. Contingent Liability:

a. Corporate Guarantee given being co-applicant fbrfollowing facilities taker by Wholly Owned Subsidiary Company named RHco Travels and Tours Private Limited:-

I. Bank Guarantee: 7 20,00,000/- (as on 31.03.2012:7 20,00,000/-)

ii. Over Draft Facility: 71,25,00,000/- (as on 31.03.2012: 7 1,25,00,000/-]

iii. Co-applicant in Loan Applications: 7 35,75,000/- (as on 31.03.2012: 7 35,75,000/-)

iv. Term Loan: 7 2,24,00,000/- (Previous Year: 7NIL)

b. Amounts disputed in appeals, with Income Tax and other Govt departments 74293821/- plus consequential Interest (as on 31.03.2012'' 05,21,370/-)

c Notice of demand from Commissioner of Central Excise (Adjn.) towards Service Tax 72.96 Crore, towards Penalty: 72.96 Crores and towards additional penalty of 71000/- plus Interest. In view of the fact that similar case of another principal agent has been disposed in the favour of the principal agent vide Final Order no. ST/A/699/2012-CU[DB].Stay/MISC Order No. and dated 21.11.2012 by Central Excise &Service Tax Appellate Tribunal, no provision is made.

d. Notice of demand from Income Tax Department Alwar, in respect of TDS discrepancies]

Amount in S. No. Relevant A.Y. Demand

1 2011-2012 243953

2 2011-2012 432758

3 2011-2012 187720

4 2012-2013 20539

5 2012-2013 117996

6 2012-2013 67697

Total 1070663

As Company has taken/will take all required corrective action, no provision is made.

2. Capital Commitment related to electric automation of Building is 7 463436/- (out of which advance paid Rs. 234350/-) (as on 31.03.2012: 7447000/-) and for Software Study: NIL (as on 31.03.2012:7311000/-)

3. Short Term Loan and advances Include—Loans due from M/s Bhoruka Investment Limited "NIL (as on 31.03.20117NIL), which Is covered under the same management within the meaning of sub section (IB) of Section of 370 of the Companies Act, 1956. Maximum amount due during the year 727985000/- (for previous year ended on 31.03.2012 716530000/-).

4. Related Party disclosures

1. Associates/Investing Parly

- Transcorp Enterprises Limited

- TCI Bhoruka Projects Ltd.

- Bhorukalnvestment Ltd.

2. Enterprise over which relatives of person having significant Influence h able to exercise significant Influence:

- Rama Craft PvL Ltd.

- Gatl Limited

- TO Industries Limited

- Transport Corporation of India Limited

- ABCIndia Limited

- BhomkaPower Corporation Limrted/BhomkaAluminum Limited

- TCI International Limited

3. Key Management Personnel and person having significant influence

- Mr. Ashok Kumar Agarwal

- Mr. Amitava Ghosh

4. Relatives of Key management personnel and person having significant influence:

- Mrs. Manisha Agarwal

- Mrs.AvaniKanoi

- Mr. Ayan Agarwal

- Mr. D.P Agarwal

- Mr. M.K. Agarwal

- Mr. S.N. Agarwal

- Mr. Anand Agarwal

- Miss. Polumi Ghosh

5. Concern over which key management person or their relatives is having significant influence:

- Ayan HrtradePvt. Ltd.

- TO Infrastructure Finance Limited

6. Wholly Owned Subsidiary Companies:

- Transcorp Estates Private Limited

- Ritco Travels and Tours Private Limited

5. Sundry debtors includes certain parties, against whom proceedings are pending in the Court of Law Under Section 138 of the Negotiable Instruments Act 1BB1 being on account of dishonor of cheques and under C.P.C., for which remedy Is available under the said Act, and consequently have been considered good by the management.

6. Sundry Creditors, Advances, Debtors and some bank balances are subject to confirmation/reconciliation. Branch and Head Office balance are at different stages of reconciliation. Management expects no msgor impact of same on financial statements.

B. Derivative instruments and unhedged foreign currency exposure at the end of accounting year Derivative Instruments: ME. Unhedged foreign currency exposure: (a) Issuer liability (Net of receivables]

7. Employee Beneflb:-

For gratuity company has obtained the scheme managed by UC. As required by AS-15 "Employee Benefits" issued by the Institute of CharteredAccountant of India, the following disclosures have been made as per the information provided by UC

Graitui^f:-

Gratuity Report under AS-15 (Revised 2005) for the year ended 31.03.2013 in respect of employees groupgratuHy trust for Policy No. 313910

8. Major componerrt of deferred tax liability isonacccurt

9. a) w.e.f. 1" April 2011/ travel division named Rttco Travels and Car Rental Division named Wheels Rent A Car was transferred to Wholly Owned Subsidiary named Rhco Travels and Tours PvL Ltd. and consequent upon the same there is only one segment in the company viz., Foreign Exchange and Money Transfer.

b) The Company is engaged in business in India only, which in the context of Accounting Standard -17 "Segment Reporting" issued by Institute of Chartered Accountants of India is considered the only Geographical segment.

10. Foreign Currency transactions relating to monetary assets and liabilities as at year end translated as per accounting policy no. 10, resulted in net gain ofRs.36254116/-(FVevlousyearnetgalnRs.42014187/-) which has been accounted under relevan the ads in the Profit and Loss Account.

11. Previous year''s figures have been regrouped, rearranged or recasted wherever considered necessary.

12. In the opinion of management all current and fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

13. Commission payable to Non-Executive Directors has been accojnted for @1% of Net Profits as computed u/5 349 & 350 ofCompanies Act, 1956 as Company''s application for approval of higher percentage i.e. 10% is still pending with Central Government.


Mar 31, 2012

(a) Terms/Rights attached to the Equity Shares

The Company has only one class of equity share having a face value of Rs.10/- per share.Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in indian rupees. The final dividends proposed by the Board of Directors is subject to approval of shareholders in annual general meeting. In the event of liquidation of the company the equity shareholders will be entitled to receive the remaining assets of the comapany,after distribution of all preferential amounts.The distribution will be in proportion to the number of equity shares held by the shareholders.

As per records of the Company, including its register of sharholders/members and other declarations received from shareholders regarding beneficial interest,the above shareholding represents both legal and beneficial ownership of shares.

1. Contingent Liability:

a. Bank Guarantee: NIL (as on 31.03.2011 US$15000andRs. 10,00,000/-)

b. Guarantees given/ being co-applicant for facilities taken by Wholly Owned Subsidiary Company named Ritco Travels and Tours Private Limited:-

i. Bank Guarantee: Rs. 20,00,000/-

ii. Over Draft Facility:Rs. 1,25,00,000/-

iii. Co-applicant in Loan Applications:Rs. 37,25,000/-

c. Amounts disputed in appeals, with Income Tax and other Govt. departments Rs. 35,21,370/- plus consequential interest (as on 31.03.2011Rs. 28,47,780/-)

d. Notice of demand from Commissioner of Central Excise (Adjn.) towards Service Tax Rs. 2.96 Crore, towards interest & Penalty:Rs.

2.96 Crores and towards additional penalty of Rs. 1000/- plus interest. Company has sought legal opinion from former Chief Justice of India Mr. P.N. Bhagwati as well as its counsel and both of them have given opinion that there should be no levy. Company accordingly has already filed appeal before Customs, Excise and Service Tax Appellate Tribunal, New Delhi. At present the case is before single bench member. In view of these facts and circumstances, no provision is made.

e. Notice of demand from Income Tax DepartmentAlwar:

Related to F.Y. 2009-10:Rs. 329567/-

F.Y. 2010-11:Rs. 1310011/- The Company has taken/will take all required corrective action, hence no provision is made.

2. Related Party disclosures

1. Associates/Investing Party

- Transcorp Enterprises Limited

- TCI Bhoruka Projects Ltd.

- Bhoruka Investment Ltd.

2. Enterprise over which relatives of person having significant influence is able to exercise significant influence:

- Rama Craft Pvt. Ltd.

- Gati Limited

- TCI Industries Limited

- Transport Corporation of India Limited

- ABC India Limited

- Bhoruka Power Corporation Limited

3. Key Management Personnel and person having significant influence

- Mr.Ashok Kumar Agarwal

- Mr.Amitava Ghosh

4. Relatives of Key management personnel and person having significant influence:

- Mrs. Manisha Agarwal

- Mrs. Avani Kanoi

- Mr.Ayan Agarwal

- Mr. D.P.Agarwal

- Mr. M.K. Agarwal

- Mr. S.N.Agarwal

- Mr.Anand Agarwal

- Miss. Polumi Ghosh

3. Sundry debtors includes certain parties, against whom proceedings are pending in the Court of Law Under Section 138 of the Negotiable Instruments Act 1881 being on account of dishonor of cheques and under C.P.C., for which remedy is available under the saidAct, and consequently have been considered good by the management.

4. Sundry Creditors, Advances, Debtors and some bank balances are subject to confirmation/reconciliation. Branch and Head Office balance are at different stages of reconciliation. Management expects no major impact of same on financial statements.

5. Derivative instruments and unhedged foreign currency exposure at the end of accounting year Derivative instruments : NIL

6. Employee Benefits:-

For gratuity company has obtained the scheme managed by LIC. As required byAS-15 ''Employee Benefits'' issued by the Institute of Chartered Accountant of India, the following disclosures have been made as per the information provided by LIC.

7. Major components of deferred tax liability is on account of timing difference of depreciation.

8. a) w.e.f. 1st April 2011, travel division named Ritco Travels and Car Rental Division named Wheels Rent A Car was transferred to Wholly Owned Subsidiary named Ritco Travels and Tours Pvt. Ltd. and consequent upon the same there is only one segment in the company viz., Foreign Exchange and Money Transfer.

b) The Company is engaged in business in India only, which in the context of Accounting Standard -17 'Segment Reporting' issued by Institute of Chartered Accountants of India is considered the only Geographical segment.

9. Foreign Currency transactions relating to monetary assets and liabilities as at year end translated as per accounting policy no. 10, resulted in net gain of Rs. 42014187 /- (Previous year net gain Rs. 32246201/-) which has been accounted under relevant heads in the Profit and LossAccount.

10. Previous year's figures have been regrouped, rearranged or recasted wherever considered necessary.

11. In the opinion of management all current and fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.


Mar 31, 2011

1. Contingent Liability:

a. Bank Guarantee US$ 15000 and Rs. 1000000/- (as on 31.03.2010 US$ 15000)

b. Claims against the company not acknowledged as debts:

i) Amount disputed Rs. 1249212/- (out of this deposited with court Rs. 33393/-) in respect of claims made by customers & other. (as on 31.03.2010 Rs. 1249212/-)

c. Amounts disputed in appeals, with govt. departments Rs. 28.48 Lacs plus consequential interest (as on 31.03.2010 Rs. 31.97 Lacs)

d. Notice of demand from Commissioner of Central Excise (Adjn.) towards Service Tax Rs. 2.96 Crore towards interest & Penalty: Rs. 2.96 Crores and towards additional penalty of Rs. 1000/- plus interest. Company has sought legal opinion from former Chief Justice of India Mr. P.N. Bhagwati as well as its counsel Mr. Vinod Aggarwal, and both of them have given opinion that there should be no levy. Company accordingly has already filed appeal before Customs, Excise and Service Tax Appellate Tribunal, New Delhi. In view of these facts and circumstances, no provision is made.

2. Loans to Bodies Corporate stated in Schedule IX -Loans & Advances, to the Balance Sheet includes Loans due from M/s Bhoruka Investment Limited Rs. NIL (as on 31.03.2010 Rs. NIL), TCI Bhoruka Projects Limited Rs. NIL (as on 31.03.2010 Rs. NIL), which are covered under the same management within the meaning of sub section (1B) of Section of 370 of the Companies Act, 1956. Maximum amount due during the year Rs. 162.25 Lacs (for previous year ended on 31.03.2010 Rs. 48.50 Lacs).

3. Business Segment wise revenue, results and assets/liabilities:

b) The Company is engaged in business in India only, which in the context of Accounting Standard -17 "Segment Reporting" issued by Institute of Chartered Accountants of India is considered the only Geographical segment.

4. Related Party Information:

Relationship

1. Associates/ Investing Party

- Transcorp Housing Finance Limited

- TCI Bhoruka Projects Ltd.

- Bhoruka Investment Ltd.

2. Enterprise over which relative of person having significant influence is able to exercise significant influence:

- Rama Craft Pvt. Ltd.

- Transport Corporation of India Limited

- GATI Limited

- ABC India Limited

- TCI Industries Limited

- Bhoruka Power Corporation Limited

3. Key Management Personnel and person having significant influence

- Mr. Ashok Kumar Agarwal

- Mr. Amitava Ghosh

4. Relative of Person having significant influence:

- Mrs. Manisha Agarwal

- Miss. Avani Agarwal

- Master Ayan Agarwal

- Mr. D.P. Agarwal

- Mr. M.K. Agarwal

- Mr. S.N. Agarwal

- Mr. Anand Agarwal

- Miss Polumi Ghosh

5. Concern over which key management person is having significant influence

- Ayan Fintrade Pvt. Ltd.

- TCI Infrastructure Finance Limited

6. Wholly Owned Subsidiary Companies

- Transcorp Estates Private Limited

- Ritco Travels and Tours Private Limited

5. Sundry Debtors include certain parties, against whom proceedings are pending in the Court of Law under Section 138 of the Negotiable Instruments Act, 1881 being on account of dishonor of cheques and under C.P.C., for which remedy is available under the said Act, and consequently have been considered good by the management.

6. Foreign Currency transactions relating to monetary assets and liabilities as at year end translated as per accounting policy no. 4, resulted in net profit of Rs.32246201 /- (Previous year net profit Rs. 22062799/-) which has been accounted under relevant heads in the Profit and Loss Account.

7. Sundry Creditors, Advances, Debtors and some bank balances are subject to confirmation/reconciliation. Branch and Head Office balance are at different stages of reconciliation. Management expects no major impact of same on financial statements.

8. In the opinion of management, all current and fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

9. Other additional information required under clause 4 of the Part -II of the Schedules VI to the Companies Act, 1956 are not applicable/nil.

10. Previous year's figures have been regrouped, rearranged or recasted wherever considered necessary.

11. Employee Benefits:- For gratuity company has obtained the scheme managed by LIC. As required by AS-15 "Employee Benefits" issued by the Institute of Chartered Accountant of India, the following disclosures have been made as per the information provided by LIC.

12. Major components of deferred tax liability is on account of timing difference of depreciation and gratuity provision.


Mar 31, 2010

1. Contingent Liability:

a. Bank Guarantee US$ 15000 (as on 31.03.2009 Rs. 86800/-)

b. Bond executed in favour of Customs Rs.21.16 Lacs (as on 31.03.2009 Rs. 21.16 Lacs)

c. Claims against the company not acknowledged as debts:

i) Amount disputed Rs. 1249212/- (out of this deposited with court Rs. 33393/ -) in respect of claims made by customers & other.

d. Amounts disputed in appeals, with govt, departments Rs. 31.97 Lacs plus consequential interest (as on 31.03.2009 Rs. 29.83 Lacs)

e. Estimated amount of contracts remaining to be executedon capital account and not provided for (net of advances) are Rs. 574.03 Lacs (as on 31.03.2009 Rs. 572.83 Lacs).

f. Notice of demand from Commissioner of Central Excise (Adjn.) towards Service Tax Rs. 2.96 Crore plus Penalty: Rs. 2.96 Crores and additional penalty of Rs. 1000/- plus interest.

2. Loans to Bodies Corporate stated in Schedule IX -Loans & Advances, to the Balance Sheet includes Loans due from M/s Bhoruka Investment Limited Rs. NIL (as on 31.03.2009 Rs. NIL), TCI Bhoruka Projects Limited Rs. NIL (as on 31.03.2009 Rs. NIL), which are covered under the same management within the meaning of sub section (IB) of Section of 370 of the Companies Act, 1956. Maximum amount due during the year Rs. 48.50 Lacs (for previous year ended on 31.03.2009 Rs. 233.58 Lacs).

3. a. Managerial Remuneration:

5. Related Party Information: Relationship 1. Associates/ Investing Party

- Transcorp Housing Finance Limited

- TCI Bhoruka Projects Ltd.

- Bhoruka Investment Ltd.

2. Enterprise over which relative of person having significant influence is able to exercise significant influence:

- Rama Crafts Pvt. Ltd.

- GATI Limited

- TCI Industries Limited

- ransport Corporation of India Limited

- ABC India Limited

- Bhoruka Power Corporation Limited

3. Key Management Personnel and person having significant influence

- Mr. Ashok Kumar Agarwal

4. Relative of Person having significant influence:

- Mrs. Manisha Agarwal

- Miss. Avani Agarwal

- Master Ayan Agarwal

- Mr. D.P. Agarwal

- Mr. M.K. Agarwal

- Mr. S.N. Agarwal

- Mr. Anand Agarwal

5. Concern over which key management person is having significant influence

- Ayan Fintrade Pvt. Ltd

- TCI Infrastructure Finance Limited

6. Sundry Debtors include certain parties, against whom proceedings are pending in the Court of Law under Section 138 of the Negotiable Instruments Act, 1881 being on account of dishonor of cheques and under C.P.C., for which remedy is available under the said Act, and consequently have been considered good by the management.

7. Foreign Currency transactions relating to monetary assets and liabilities as at year end translated as per accounting policy no. 4, resulted in net profit of Rs. 21043168/- (Previous year net profit Rs. 32318303/-) which has been accounted under relevant heads in the Profit and Loss Account.

8. Some of the accounts of Sundry Creditors, Advances and Debtors are subject to confirmation/reconciliation. Branch and Head Office balance are at different stages of reconciliation, management expects no majour impact of same on financial statements.

9. In the opinion of management, all current assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

10. Other additional information required under clause 4 of the Part -II of the Schedules VI to the Companies Act, 1956 are not applicable/nil.

11. Previous years figures have been regrouped or rearranged wherever considered necessary.

12. Employee Benefits: -

For gratuity company has obtained the scheme managed by UC. As required by AS-15 "Employee Benefits" issued by the Institute of Chartered Accountant of India, the following disclosures have been made as per the information provided by UC.

13. Major components of deferred tax liability is on account of timing difference of depreciation and gratuity provision.

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