Tci annual report_2015-16

Transport Corporation of India Ltd. | Annual Repor

Independent Auditor’s Report
To the Members of Transport Corporation of India Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Transport Corporation of India Limited (“the Company”), which
comprise the Balance Sheet as at 31st
March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended,
and a summary of the significant accounting policies and other explanatory information in which are incorporated the audited accounts
for the year ended on that date of TCI Seaways division and the branch in Nepal as audited by other auditors.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with
respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the Accounting Principles generally accepted in India, including
Accounting Standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; for safeguarding
the assets of the Company; preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial
controls relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an
adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by
the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company as at 31st
March 2016, and its profit and its cash
flows for the year ended on that date.
Emphasis of Matters
We draw attention to Note 34 of the financial statements regarding the scheme of arrangement for demerger of the XPS undertaking into
TCI Express Ltd. as sanctioned by the Hon’ble Telangana and Andhra Pradesh High Court by its order dated 14th
June, 2016. As per the
Scheme loss on liquidation of wholly owned subsidiary TCI Global Holding (Mauritius) Ltd of ~ 213,739,400/- has been debited to the
Statement of Profit and Loss and an equivalent amount transferred from the Securities Premium Account. This is not in accordance with
Accounting Standard (AS) 5 ‘Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies’. However this has
no effect on Profit before tax and profit after tax of the year.
Our Opinion is not qualified in respect of this matter.
Other Matters
We did not audit the financial statements of one branch and one division included in the Standalone Financial Statements of the Company
whose financial statements reflect total assets of ~17,608.39 lakh as at 31st March, 2016 and total revenues of ~14,219.49 lakh for the
year ended on that date, as considered in the standalone financial statements. The financial statements of this branch and division have
been audited by the branch and division auditors whose reports have been furnished to us by the Management and our opinion in so far
as it relates to the amounts and disclosures included in respect of this branch and division is based solely on the report of such branch
and division auditors.

51
Transport Corporation of India Limited
MOVING COMMERCE
TO NEW HORIZONS
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
sub-section (11) of section 143 of the Act,(hereinafter referred to as the “order”), and on the basis of such checks of the books and
records of the company as we considered appropriate and according to the information and explanations given to us, we give in the
Annexure “A”, a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not
visited by us;
c. the report on the accounts of the branch and division office of the Company audited under Section 143(8) of the Act by the branch
and division auditors have been sent to us and have been properly dealt with by us in preparing this report;
d. the standalone financial statements dealt with by this Report are in agreement with the books of account and with the returns
received from the branch not visited by us;
e. in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards Specified under Section 133
the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014(as amended) .
f. on the basis of written representations received from the directors as on 31st
March 2016, and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st
March, 2016, from being appointed as a director in terms of section 164(2)
of the Act.
g. with respect to the adequacy of the internal financial control over financial reporting of the company and the operating effectiveness
of the such control, refer to our separate report in Annexure “B”.
h. with respect to other matter to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules 2014, in our opinion and to the best of our information and according to the explanations given to us :
i. As detailed in Note 27(a) of the notes to the standalone financial statements, the Company has disclosed the impact of pending
litigation on its financial statements.
ii. The Company did not have any long terms contract including derivative. Contracts for which there were any material
foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by
the Company.
For R.S. Agarwala & Co.
Chartered Accountants
Firm’s Regn No:-304045E
R.S. Agarwala
Camp: Hyderabad Partner
Date: 18th
August, 2016 Membership No.005534
Annexure “A” to Independent Auditors’ Report
Annexure “A” to Independent Auditors’ Report of even date to the members of Transport Corporation
of India Limited, on the standalone Financial Statement for the year ended 31st
March, 2016. Referred
to in paragraph 1 under the heading of “Report on Other Legal and Regulatory Requirements” of our
report of even date.
1. (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) We are informed that a test of physical verification of these assets was carried out by the management at reasonable intervals
and no material discrepancies were noticed. In our Opinion, the frequency of verification of Fixed Assets is reasonable having
regards to the size of the Company and nature of its assets.
(c) The titles deeds of all the immovable properties, as disclosed in the financial statements, are held in the name of the Company
except in respect of immovable properties situated at Secunderabad and Kolhapur.
2. (a) The management has conducted physical verification of inventory at reasonable intervals during the year.
(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the
size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no material discrepancies between physical inventory and book
records were noticed on physical verification.
3. The Company has not granted any loans, secured or unsecured, to Companies, firms, Limited Liability Partnerships or other parties
covered in the register maintained under section 189 of the Act. Therefore, the provisions of Clause 3 (iii) of the said order are not
applicable.

Nature of Statute Nature of dues ~ in Lakh Period to which amount
relates
Forum where dispute is
pending
Income Tax Act 1961 Income Tax 55.69 From FY 2011-12 to 2012-13 Commissioner (Appeals)
Sales Tax Act Various
States
Trade Tax 138.23 From FY 2003-04 to 2015-16 Various Authority
Employee’s State
Insurance, 1948
Employee’s State
Insurance
20.98 FY 2011-12 Supreme Court
Central Excise Act, 1944 Excise Duty 26.82 FY 2009-10 to FY 2012-13 Central Excise & Service Tax
Appellate Tribunal
8. According to the records of the company examined by us and the information and explanations given to us, the company has not
defaulted in repayment of loans or borrowings to any financial institutions or bank or Government during the year. The company
has not issued any debentures.
9. The company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and term
loans. Therefore, the provisions of Clause 3(ix) of the said order are not applicable to the company.
10. During the course of our examination of the books and records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across
any instance of material fraud by the company or on the Company by its officers or employees, noticed or reported during the year,
nor have we been informed of any such cases by the management during the course of our audit.
11. The company has paid /provided for managerial remuneration in accordance with the requisite approvals mandated by the
provisions of section 197 read with schedule V to the Act.
12. The company is not a Nidhi Company.
13. The transactions with related parties are in compliance with the provisions of Section 177 and 188 of the Act. The details of the
related party transactions have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related
Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures
during the year under review. Therefore, the provisions of Clause 3 (xiv) of the order are not applicable.
15. The Company has not entered into any non-cash transactions with its directors or persons connected with him. Therefore, the
provisions of Clause 3 (xv) of the order are not applicable.
16. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Annexure B to The Independent Auditors’ Report
Referred to in paragraph 2(g) of the Independent Auditors’ Report of even date to the members of
Transport Corporation of India Limited on the financial statements for the year ended 31st
March, 2016
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the companies Act, 2013.
We have audited the internal financial controls over financial reporting of Transport Corporation of India Limited (“the Company”) as of
31st
March, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating
R.S. Agarwala
Date: 18th
4. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of
section 185 and 186 of the Act, with respect to loans and investments made.
5. The Company has not accepted any deposits from the public.
6. The Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Act in respect
of any activities of the Company.
7. (a) According to the information and explanation given to us and records of the Company examined by us, in our opinion the
Company is regular in depositing undisputed statutory dues including provident fund, employees’ state insurance, income tax,
service tax, custom duty, Excise Duty, value added tax, cess and any other statutory dues to the appropriate authorities.
(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of
dues of income-tax or sales tax or service tax or duty of excise or value added tax or cess or Employees’ State Insurance as at
March 31, 2016 which have not been deposited on account of any dispute are as under:

53
MOVING COMMERCE
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effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, safeguarding of its
assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of
reliable financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We con-
ducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”)
and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute
of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established
and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over
financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (a) per-
tain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (b)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial state-
ments in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (c) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper manage-
ment override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such
internal financial controls over financial reporting were operating effectively as at 31st
March, 2016, based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
R.S. Agarwala
Date: 18th

Balance Sheet as at 31st
March 2016
Particulars Note
As at
31st
March 2016
As at
31st
March 2015
In ` In `
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 152,147,200 151,347,000
Reserves and Surplus 2 4,944,903,633 5,661,007,941
5,097,050,833 5,812,354,941
Non-Current Liabilities
Long-Term Borrowings 3 957,575,099 734,528,018
Deferred Tax Liabilities (Net) 4 319,837,716 284,822,303
1,277,412,815 1,019,350,321
Current Liabilities
Short-Term Borrowings 5 2,042,801,847 1,975,262,535
Trade Payables 6 538,089,523 693,039,926
Other Current Liabilities 7 566,130,737 533,053,292
Short-Term Provisions 8 465,527,791 564,579,120
3,612,549,898 3,765,934,873
TOTAL 9,987,013,546 10,597,640,135
ASSETS
Non-Current Assets
Fixed Assets 9
Tangible Assets 5,159,183,626 4,747,473,134
Intangible Assets 9,864,203 35,304,564
Capital Work-in-Progress 123,186,891 68,102,112
Non-Current Investments 10 231,220,156 444,048,794
Long-Term Loans and Advances 11 392,392,901 407,092,201
Other Non-Current Assets 12 - 26,385,083
5,915,847,777 5,728,405,888
Current Assets
Inventories 13 17,578,333 22,752,180
Trade Receivables 14 3,129,860,708 3,938,381,723
Cash and Cash Equivalents 15 123,770,955 165,145,783
Short-Term Loans and Advances 16 779,461,728 730,260,980
Other Current Assets 17 20,494,045 12,693,581
4,071,165,769 4,869,234,247
TOTAL 9,987,013,546 10,597,640,135
THE NOTES FORM AN INTEGRAL PART OF THESE
FINANCIAL STATEMENTS
1-38
In terms of our Report of even date For and on behalf of the Board
For R S Agarwala & Co S M Datta O Swaminatha Reddy D P Agarwal Vineet Agarwal
Chartered Accountants Chairman Director Vice Chairman & Managing Director
Firm Regn No. 304045E Managing Director
R S Agarwala Chander Agarwal Archana Pandey Ashish Tiwari
Partner Director Company Secretary & Group CFO
Membership No. 005534 Compliance Officer
Camp: Hyderabad Place: Hyderabad
Date: 18th
August, 2016 Date: 18th
August, 2016

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MOVING COMMERCE
TO NEW HORIZONS
Statement of Profit and Loss for the Year Ended 31st
March 2016
Particulars Note
Year ended
31st
March 2016
Year ended
31st
March 2015
In ` In `
REVENUE
Revenue from Operations 18 22,577,661,408 21,967,456,182
Other Income 19 122,381,616 123,823,726
TOTAL REVENUE 22,700,043,024 22,091,279,908
EXPENSES
Operating Expenses 20 17,835,593,309 17,647,802,118
Employee Benefits Expense 21 1,480,365,181 1,249,590,992
Finance Costs 22 282,041,139 319,131,604
Depreciation and Amortization Expense 9 539,213,430 494,617,334
Other Expenses 23 1,438,954,469 1,366,515,346
TOTAL EXPENSES 21,576,167,528 21,077,657,394
Profit Before Exceptional Items and Tax 1,123,875,496 1,013,622,514
Exceptional Items
Provision for diminution in value of investments 10 (ii) 264,738 1,711,964
Loss on liquidation of wholly owned subsidiary TCI Global
Holding (Mauritius) Ltd as per the Scheme
34 213,739,400 -
Equivalent amount transferred from the Securities Premium
Account as per the Scheme
34 213,739,400 -
Profit Before Tax 1,123,610,758 1,011,910,550
Tax Expenses
Current Tax 214,435,880 278,942,826
Deferred Tax 58,559,220 (26,460,840)
Profit for the year 850,615,658 759,428,564
Profit before tax from Continuing Operations 688,344,196 610,363,064
Tax Expense of Continuing Operations 142,415,131 132,017,736
Profit from Continuing Operations after tax 545,929,065 478,345,328
Profit before tax from Discontinuing Operations 435,266,562 401,547,480
Tax Expense of Discontinuing Operations 130,579,969 120,464,244
Profit from Discontinuing Operations after tax 304,686,593 281,083,236
Earning Per Equity Share of ~ 2 Each
Basic 28 11.20 10.50
Diluted 11.17 10.45
1-38
Date: 18th
August, 2016

Cash Flow Statement for the Year Ended 31st
March 2016
Date: 18th
August, 2016
Particulars
As at
31st
March 2016
As at
31st
March 2015
In ~ in ~
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit before tax and exceptional items 1,123,875,496 1,013,622,514
Adjustments for :
Depreciation and Amortisation Expenses 539,213,430 494,617,334
Loss (Profit) on sale of Fixed Assets (5,848,236) (12,033,083)
Loss (Profit) on sale of Investment - (1,711,665)
Provision for Diminution in Value of Investments 264,736 1,785,462
Lease Rent Payments 21,050 21,050
Finance Costs 282,041,139 319,131,603
Interest Income (9,165,197) (21,935,156)
Dividend Income (79,401,352) (59,051,352)
727,125,569 720,824,193
Operating profit before Working Capital changes 1,851,001,065 1,734,446,707
Adjustments For :
Trade Receivables & Other Receivables 50,605,420 (378,108,916)
Inventories 5,173,847 (5,791,109)
Trade Payable and Other Payables (107,484,956) 104,673,735
Changes in Persuant to the Scheme 767,477,900 -
Cash Generation From Operations 2,566,773,277 1,455,220,417
(Direct Taxes Paid)/Refund Received (236,987,407) (194,645,984)
NET CASH FROM OPERATING ACTIVITIES 2,329,785,870 1,260,574,433
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets (1,750,053,442) (1,416,117,026)
Loans and Advances (128,226,674) (194,816,321)
Proceeds on Sale of Fixed Assets 47,135,743 53,019,267
Purchase of Investments (1,675,500) -
Sale of Investments - 5,847,196
Interest Income 9,165,196 21,935,156
Dividend Received 79,401,352 59,051,352
Lease Rent Payments (21,050) (21,050)
Changes in Persuant to the Scheme 756,562,152 -
NET CASH FROM INVESTING ACTIVITIES (987,712,223) (1,471,101,426)
C. CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issuance of Share Capital 16,498,500 618,769,332
Short Term Borrowings (Net) 465,022,531 (253,427,885)
Proceeds from Term Borrowings 802,511,002 833,119,815
Repayment of Term Borrowings (533,617,415) (554,134,006)
Finance Costs (282,041,139) (319,131,603)
Payment of Dividend (182,216,744) (103,314,819)
Payment of Dividend Tax (36,845,346) (18,708,316)
Changes in Persuant to the Scheme (1,632,759,865) -
NET CASH FROM FINANCING ACTIVITIES (1,383,448,475) 203,172,518
NET INCREASE(DECREASE) IN CASH & CASH EQUIVALENT
(A+B+C)
(41,374,828) (7,354,475)
CASH & CASH EQUIVALENT AS ON 31st
MARCH 2015 165,145,783 172,500,258
CASH & CASH EQUIVALENT AS ON 31st
MARCH 2016 123,770,955 165,145,783

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Notes to the Financial Statements
1. SHARE CAPITAL
Particulars
As at
31st
March 2016
As at
31st
March 2015
In ~ In ~
Authorised :
100,000,000 Equity Shares of ~ 2 Each 200,000,000 200,000,000
500,000 Preference Shares of ~ 100 Each 50,000,000 50,000,000
250,000,000 250,000,000
Issued , Subscribed and Paid up :
76,073,600 Equity Shares of ~ 2 Each Fully Paid up 152,147,200 151,347,000
( 75,673,500 In Previous Year)
The Company has only one class of equity shares having a par value of ~ 2 per share. Each holder of equity shares is entitled to
one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders, except in case
of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion of their shareholding.
Reconciliation of the Number of Shares Outstanding
Particulars
As at
31st
March 2016
As at
31st
March 2015
Number of
shares
Amount
In ~
Number of
shares
Amount
In ~
Shares at the Beginning of the Year 75,673,500 145,896,360 72,948,180 145,896,360
Add: Allotted by way of preferential allotment - - 2,400,000 4,800,000
Add: Allotted under Employee Stock Option Scheme 400,100 800,200 325,320 650,640
Shares at the end of the Year 76,073,600 146,696,560 75,673,500 151,347,000
Details of Shareholders Holding More Than 5% Shares:
Name of Shareholders
As at
31st
March 2016
As at
31st
March 2015
Number of
Shares held
% of Holding
Number of
Shares held
% of Holding
Bhoruka Finance Corporation of India Limited 15,904,679 20.91 15,869,679 20.97
Bhoruka International (P) Limited 10,561,755 13.88 10,561,755 13.96
Mr D.P Agarwal 4,974,995 6.54 4,974,995 6.57
TCI India Limited 4,045,564 5.32 4,045,564 5.35
Shares Reserved for Issue Under Options:
5,49,000 equity share of ~ 2/- each are reserved under employee stock option scheme as on 31st
March 2016 (Previous year 9,81,500).
5,49,000 options will vest in the year 2016-17.

2. RESERVES & SURPLUS
Particulars
As at
31st
March 2016
As at
31st
March 2015
In ~ In ~
Capital Redemption Reserve
As per last Balance Sheet 19,400,000 19,400,000
19,400,000 19,400,000
Securities Premium Reserve
As per last Balance Sheet 1,157,616,228 544,297,536
Additions during the year (i) 34,722,868 613,318,692
Less: Transferred persuant to the Scheme (Refer Note No 34) 978,599,696 -
Less: Transferred persuant to the Scheme (Refer Note No 34) 213,739,400
- 1,157,616,228
Revaluation Reserve
Share Options Outstanding Account
Add: Created against stock options granted during the year (ii) - 45,818,500
Less: Transferred to Security Premium Reserve (iii) 19,024,569 9,523,332
Less: Reversed on cancellation of options not exercised 1,363,433 847,118
36,113,548 56,501,549
General Reserve
As per last Balance Sheet 3,807,700,000 3,357,700,000
Add: Transferred from Statement of Profit and Loss 500,000,000 450,000,000
Less: Transferred persuant to the Scheme (Refer Note No 34) 250,874,216 -
Less: Cancellation of Investment in subsidiary Company TCI Properties (Pune)
Limited persuant to the Scheme (Refer Note 34)
500,000 -
4,056,325,784 3,807,700,000
Tonnage Tax Reserve (Utilized) (iv)
As per last balance sheet 197,800,000 147,800,000
Add: Transferred from Tonnage Tax Reserve - 50,000,000
197,800,000 197,800,000
Tonnage Tax Reserve
As per last balance sheet 52,000,000 50,000,000
Less: Utilized during the year (iv) - 50,000,000
99,500,000 52,000,000
Surplus As Per Statement of Profit and Loss
Less: Adjustments as per Schedule-II to the Companies Act. 2013 - 31,979,420
Add: Profit for the year 850,615,658 759,428,564
Less: Interim Dividend on Equity Shares 114,110,594 43,964,100
Proposed Dividend on Equity Shares - 68,106,150
Tax on Dividend 23,230,927 22,404,682
Transferred to:
General Reserve 500,000,000 450,000,000
Tonnage Tax Reserve 47,500,000 52,000,000
Closing Balance 391,442,880 225,668,743
Total 4,944,903,633 5,661,007,941
(i) On allotment of 4,00,100 Equity shares under Employees’ Stock Option Scheme.
(ii) In respect of options granted under the Employees’ Stock Option Scheme and in accordance with the guidelines issued by
Securities and Exchange Board of India the accounting value of options (based on market value of share on the date of grant
of options minus option price) is accounted as deferred employee compensation, which is amortised on a straight line basis
over the vesting period. Consequently Employee benifits expenses includes ~ 172,21,186 (Previous Year ~ 178,83,984) being
amortisation of deferred employee compensation
(iii) Transferred to Security Premium Reserve on allotment of equity shares during the year under Employees’ Stock Option
Scheme
(iv) Amount utilized for acquisition of Ships
Note:

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3. LONG TERM BORROWINGS
Particulars
As at As at
31st
March 2016 31st
March 2015
In ~ In ~
Secured
Term Loans
From Banks 1,339,814,260 1,089,490,419
From Others 10,906,447 2,914,274
Sub Total 1,350,720,707 1,092,404,693
Less: Current maturities of long term borrowings (Note 7) 393,145,608 357,876,675
Total 957,575,099 734,528,018
Other Information Pertaining to Nature of Security and terms of repayment
Particulars of Nature of Security Terms of Repayment
As at As at
31st
March 2016 31st
March 2015
In ~ In ~
Term Loans from Bank:
1025 nos. of General Cargo Containers Repayable in 72 monthly installments
starting from January 2010. Last
installment due in December 2015.
Rate of Interest 10.40% p.a.
- 7,500,000
(a) Apartment No . 801, 8th
Floor Block No.
A-2, “World Spa East” Building, Sector 30
& 40, Revenue State Of Village- Silokhera,
Tahsil And District – Gurgaon (Haryana)
Repayable in 24 quarterly installments
starting from November 2016. Last
installment due in November 2022.
39,600,000 -
(b) Dag No. 53 Khatian No. 47, N.H. 06,
Mauja Sadatpur J.L. No. 89, Revenue
Survey No.5650, Tauji No. 704, Pargana
Dharinda, P.S. Khargapur, Distt. Midnapur
(West Bengal)
starting from November 2015. Last
installment due in November 2016.
25,000,000 -
Hadbast No. 123 Khasra No.4 Mu. No. 21
(8-0), 22 (4-10), Khasra No. 5 Mu. No. 1
(5-0), Khasra No. 8 Mu. No. 1 (8-0), 2 (8-0)
, 3 (8-0) , 4 (8-0) , 5 (9-4) , 7 (4-9), 8 (7-10),
9/1 (7-12), 10/1 (6-13), 12/2 (5-16), 13/1
(2-4), Khasra No. 9 Mu. No. 5 (8-0), 6/1/1
(1-3), (Total 102 Kanal 1 Marla) situated in
the Revenue estate of Village- Jhundsarai
Viran, District- Gurgaon (Haryana)
starting from January 2015. Last
installment due in October 2020. Rate
of Interest 9.15% p.a.
79,166,666 95,833,333
starting from December 2015. Last
installment due in October 2021. Rate
of Interest 9.45% p.a.
45,833,334 50,000,000
Secured by first charge on the mortgage of
M.V. TCI Prabhu
Repayable in 36 monthly installments
starting from November 2013. The said
loan have been prepaid on 21st
May
2015
- 60,222,045
M.V. TCI Lakshmi
starting from October 2014. The said
loan have been prepaid on 4th
June
2015
- 107,466,668
M.V. TCI Arjun
starting from December 2015. Last
installment due in September 2021.
265,833,336 290,000,000

500 Containers
starting from August 2015. Last
installment due in May 2019. Rate of
Interest 9.75% p.a.
55,436,500 69,536,500
350 Containers
starting from September 2015. Last
installment due in June 2019. Rate of
Interest 9.75% p.a.
40,742,641 51,356,641
Trucks and Cars acquired against
individual loan
Repayable in monthly installments at
an average rate of 9.30% p.a.
788,201,783 357,575,232
Sub-Total 1,339,814,260 1,089,490,419
Term Loans from Others:
Vehicles acquired against individual loan Repayable in monthly installments 10,906,447 2,914,274
Sub-Total 10,906,447 2,914,274
Total 1,350,720,707 1,092,404,693
4. DEFERRED TAX LIABILITIES (NET)
Particulars
As at
31st
March 2016
As at
31st
March 2015
In ~ In ~
Difference between book and tax depreciation 349,927,896 297,215,928
Disallowances under the Income Tax Act (30,090,180) (12,393,625)
319,837,716 284,822,303
5. SHORT TERM BORROWINGS
Secured
Working Capital Loans
From Bank (i) 742,214,573 724,664,162
Unsecured Loans
From Banks
- Commercial Paper
- Other Loans
1,200,000,000 1,150,000,000
100,000,000 100,000,000
From Directors 587,274 598,373
Total 2,042,801,847 1,975,262,535
(i) Particulars of nature of security
Working capital loans are secured by hypothecation of book debts as primary security along with
land properties as collateral
6. TRADE PAYABLES
Other than Acceptances 538,089,523 693,039,926
Particulars of Nature of Security Terms of Repayment
As at As at
31st
March 2016 31st
March 2015
In ~ In ~

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7. OTHER CURRENT LIABILITIES
Current maturities of Long-Term Borrowings (Note-3)
- From Banks
- From Others
389,602,496 354,962,401
3,543,112 2,914,274
Overdrawn bank balances 2,398,667 1,854,626
Interest accrued but not due on borrowings 8,165,955 7,296,835
Unpaid /Unclaimed dividends (Note) 12,895,802 8,715,516
Trade / security deposits 94,223,216 102,948,334
Due to gratuity fund 4,583,010 19,920,494
Payable on purchase of assets 13,694,578 -
Statutory remittances 37,023,901 34,440,812
Total 566,130,737 533,053,292
Note: ~ 3,54,805 (P.Y. ~ 7,97,353) has been transferred to investor education and protection fund during the year.
8. SHORT TERM PROVISIONS
Provisions for Employee Benefits 41,740,086 54,081,896
Others:
Proposed dividend - 68,106,150
Tax on proposed dividend - 13,614,419
Taxation (net of advance tax) 423,787,705 428,776,655
Total 465,527,791 564,579,120
Particulars
As at
31st
March 2016
As at
31st
March 2015
In ~ In ~

(a)Buildingsincludethoseonleaseholdland
(b)Representscostoftemporaryconstructiononlandtakenonleaseforthreeyears
(c)Duringtheyear,theCompanyacquiredassetsofaclosedtextilemillconsistingofland,buildings,plant&machineryforaconsiderationof~17,12,07,165/-outofwhichplant&machinery,
beingunusable,weredisposedofffor~3,50,00,000/-.Thebalanceconsiderationof~13,62,07,165hasbeenallocatedascostofadditionsasfollows:-
(d)AdjustmentasperScheduleIItotheCompaniesAct,2013
ParticularsAmountIn~
Land74,383,626
Buildings61,823,539
Total136,207,165
9.FixedAssets
Descriptionof
Assets
GROSSBLOCKDEPRECIATIONNETCARRINGVALUE
Asat1st
April
2015
AdditionsDuring
theYear
Deductions
duringtheyear
OnDemerger
(ReferNote
No34)
Asat31st
March
2016
Upto31st
March
2015
FortheYearAdjustmenton
Deductions
Retained
Earnings
OnDemerger
(ReferNote
No34)
Total
Depreciation
Asat
31st
March2016
Asat
31st
March2015
TangibleAssets:
Land778,735,811152,716,00010,585,799242,106,359678,759,653---678,759,653778,735,811
Buildings(a)1,240,429,636299,044,583-259,611,2351,279,862,984126,159,04421,962,91717,321,313130,800,6481,149,062,3361,114,270,592
(b)3,289,6817,577,335-10,867,016483,7772,106,872-2,590,6498,276,3672,805,904
(c)-61,823,539-61,823,539268,184268,18461,555,355-
Ships1,205,876,488--1,205,876,488198,137,17346,494,464-244,631,637961,244,8511,007,739,315
MotorTrucks2,292,212,973533,368,670187,243,3452,638,338,2981,499,227,816285,477,782175,447,511-1,609,258,0871,029,080,211792,985,157
Vehicles158,586,58833,567,12930,531,34729,043,011132,579,35949,802,79620,537,02116,561,4937,664,38646,113,93886,465,421108,783,792
PlantandEquipment856,756,473346,593,8631,153,59047,412,8181,154,783,928358,424,74664,579,142691,23510,827,764411,484,889743,299,039498,331,727
Computers171,194,61018,229,75068,989,88762,074,13458,360,339118,927,38527,880,58665,637,66642,718,44938,451,85619,908,48352,267,225
Containers301,319,41343,403,6782,147,098168,000342,407,99360,037,30623,113,6501,139,240112,82581,898,891260,509,102241,282,107
Furniture&Fixtures245,692,93777,235,435143,01259,071,180263,714,180122,258,25724,180,96729,43935,958,960110,450,825153,263,356123,434,680
OfficeEquipments110,528,04120,340,233-73,513,17857,355,09686,919,3818,175,30544,011,36451,083,3226,271,77323,608,660
WeighingScales&
ChainPulley
6,694,5931,045,109-4,512,8083,226,8943,466,429400,7392,127,9531,739,2151,487,6793,228,164
Sub-Total7,371,317,2441,594,945,324300,794,078777,512,7237,887,955,7672,623,844,110525,177,629259,506,584-160,743,0142,728,772,1415,159,183,6264,747,473,134
IntangibleAssets
ComputerSoftware152,522,3959,289,303-28,790,889133,020,809117,217,83114,035,801--8,097,026123,156,6069,864,20335,304,564
CapitalWork-in-Progress
CapitalWork-in-Pro-
gress
68,102,112279,892,194134,073,38890,734,027123,186,891-----123,186,89168,102,112
Total7,591,941,7511,884,126,821434,867,466897,037,6398,144,163,4672,741,061,941539,213,430259,506,584-168,840,0402,851,928,7475,292,234,7204,850,879,810
PreviousYear6,428,804,1081,852,664,099689,526,456-7,591,941,7512,410,721,115494,617,334211,992,78447,716,276(d)-2,741,061,9414,850,879,8104,018,082,993
AmountIn~

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10. NON-CURRENT INVESTMENTS
Particulars
As at 31st
March 2016 As at 31st
March 2015
Nos. In ~ Nos. In ~
Long Term Investments (At Cost)
Trade Investments:
Fully Paid Equity Shares of Joint Stock Companies
Unquoted:-
Joint Venture
Transystem Logistics International Pvt Ltd of ~10 each 3,920,000 39,200,000 3,920,000 39,200,000
Subsidiaries
TCI Global (Sanghai) Co. Ltd., China (i)
(equivalent to Yuan 5,032,958)
- 34,730,436 - 34,730,436
TCI Global Holdings (Mauritius) Ltd. of US $10 each (iii) - - 573,440 296,561,256
TCI Holdings Asia Pacific Pte Ltd. (iii) 6,537,956 84,497,356 - -
(25,000 Shares acquired during the year)
TCI Holding SA & E Pte Ltd. (iii) 465,577 -
TCI-CONCOR Multimodal Solutions Pvt. Ltd. ~10 each 3,570,000 35,700,000 3,570,000 35,700,000
TCI Properties (Pune) Ltd. of ~10 each. (iv) - - 50,000 500,000
Associates
XPS Cargo Services Ltd. of ~10 each 300,000 3,000,000 300,000 3,000,000
TCI Distribution Centres Ltd of ~10 each 143,700 1,437,000 143,700 1,437,000
Fully Paid Preference Shares
Associates
TCI Distribution Centres Ltd -11% Redeemable
Non-Cumulative Preference Share of ~100 each 622,000 62,200,000 622,000 62,200,000
Quoted:-
Fully Paid Equity Shares:
Associate
TCI Developers Ltd. of ~10 each 100,000 1,000,000 100,000 1,000,000
Sub-Total 261,764,792 474,328,692
Non-Trade Investments
Quoted:-
Mutual Funds:
JM Basic Fund - Units of ~33.39 each (ii) 149,753 5,000,000 149,753 5,000,000
Debentures / Bonds
National Highway Authority of India - Bonds of ~1,000 each
1,236 1,236,000 1,236 1,236,000
Sub-Total 6,236,000 6,236,000
Provision For Diminution in Value
(i) Investment in TCI Global (Shanghai) Co. Ltd, China (34,730,436) (34,730,436)
(ii) Provision during the year for diminution in the
market value of JM Basic Fund and disclosed in the
statement of profit and loss account as exeptional item
~2,64,738
(2,050,200) (1,785,462)

(iii) Loss of ~ 21,37,39,400 on liquidation of wholly owned subsidiary TCI Global Holdings (Mauritius) Ltd, provided as an
exceptional item in the Statement of Profit & Loss and is arrived as follows:
Cost of Investment of TCI Global Holdings (Mauritius) Ltd 29,65,61,256
Less: Value of Investments received as distribution in specie
on liquidation as follows:-
-TCI Holdings Asia Pacific Pte Ltd (a) 8,28,21,856
-TCI Holding SA & E Pte Ltd (a) -
Total 21,37,39,400
a) Value determined by the liquidator
(iv) Cancelled as per the Scheme
Sub-Total (36,780,636) (36,515,898)
Total 231,220,156 444,048,794
Market value of quoted investments 36,427,930 33,574,138
11. LONG TERM LOANS & ADVANCES
Particulars
As at
31st
March 2016
As at
31st
March 2015
In ~ In ~
Unsecured
Capital advances 255,586,242 254,402,620
Advances & deposits with others 60,541,206 94,856,327
Advance & deposits with related parties 97,496,655 75,874,759
413,624,103 425,133,706
Considered good 392,392,901 407,092,201
Considered doubtful 21,231,202 18,041,505
Less: Provision for doubtful advances & deposits (21,231,202) (18,041,505)
Total 392,392,901 407,092,201
12. OTHER NON-CURRENT ASSETS
Deferred Employee Stock Option Compensation - 26,385,083
13. INVENTORIES (As taken,valued and certified by the management)
(At lower of cost and net realisable value)
Ship fuels & consumables 17,578,333 22,752,180

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14. TRADE RECEIVABLES
Particulars
As at
31st
March 2016
As at
31st
March 2015
In ~ In ~
Unsecured
Outstanding for a period exceeding six months from the
due date
Considered good 245,123,387 239,735,470
Others
Outstanding for a period less than six months from the
due date
Considered good 2,884,737,321 3,698,646,253
Total 3,129,860,708 3,938,381,723
15. CASH & CASH EQUIVALENTS
Cash on Hand 4,185,444 2,752,673
Balances with Banks
- In Current accounts 86,967,030 134,522,114
- In Deposit accounts 19,722,679 19,155,480
- Unpaid dividend accounts ( Earmarked) 12,895,802 8,715,516
Total 123,770,955 165,145,783
Some of the fixed deposit receipts are deposited with Banks against borrowings and guarantees issued.
16. SHORT TERM LOANS & ADVANCES
Unsecured
Advances & deposits with Landlords 15,311,219 55,403,196
Advances & deposits with other related parties (Ref. Note 24) 5,172,498 5,172,458
Security deposits with customers 40,445,280 59,895,123
Loans and advances to employees 9,782,173 12,833,491
Prepaid expenses 14,925,000 17,315,177
CENVAT credit receivable 12,094,899 13,242,740
Tax deducted at source 532,804,133 508,525,877
Accrued Income 4,462,368 3,672,887
Operational advances 169,020,759 80,151,229
804,018,329 756,212,178
Considered good 779,461,728 730,260,980
Less : Provision for doubtful advances (24,556,601) (25,951,198)
Total 779,461,728 730,260,980
17. OTHER CURRENT ASSETS
Deferred employee stock option compensation 20,494,045 12,693,581
In the opinion of the Board, assets other than fixed assets and non-current investments, have a value on realisation in the ordinary
course of business at least equal to the amount at which they are stated.

18. REVENUE FROM OPERATIONS
Particulars
Year ended
31st
March 2016
Year ended
31st
March 2015
In ~ In ~
Freight, Demurrage and Miscellaneous Charges 20,724,629,154 20,500,106,910
Logistics and Other Services 1,793,583,989 1,409,258,855
Sales 59,448,265 58,090,417
Total 22,577,661,408 21,967,456,182
19. OTHER INCOME
Rent 3,589,573 2,957,939
Dividends from long term investments 79,401,352 59,051,352
Profit on Sale of Investments (Net) - 1,711,665
Profit on sale of Ship - 19,864,528
Profit on sale of Assets 5,848,236 -
Unspent Liabilities/Excess Provisions Written Back 9,722,824 11,491,384
Bad Debts and Irrecoverable balances written off earlier, realised 12,430,196 2,431,324
Interest 9,165,197 21,935,155
Miscellaneous Income 1,192,348 4,380,379
Difference in Exchange 1,031,890 -
Total 122,381,616 123,823,726
20. OPERATING EXPENSES
Freight 14,291,195,776 14,400,606,481
Vehicles’ Trip Expenses 1,333,483,619 1,408,453,414
Tyres & Tubes etc. 37,002,747 78,793,948
Warehouse Rent 274,642,890 244,253,759
Warehouse Expenses 749,072,564 500,136,591
Other Transportation Expenses 218,020,230 190,590,192
Claims for Loss & Damages (Net) 1,404,152 18,296,648
Commission 1,642,195 2,238,924
Vehicles’ Taxes 40,882,679 40,799,271
Vehicles’ and Ship Insurance 34,242,259 34,015,944
Power, Fuel and Water Charges 301,024,730 318,111,386
Stores & Spare Parts Consumed 77,040,633 65,686,811
Port and Survey Expenses 67,868,612 50,237,982
Stevedoring and Cargo Expenses 292,366,365 186,743,387
Wages, Bonus and Other Expenses - Floating Staff 104,721,923 100,432,292
Contribution to Provident & Other funds -Floating Staff 410,149 446,681
Clearing and Forwarding Expenses 10,571,786 7,958,407
Total 17,835,593,309 17,647,802,118

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21. EMPLOYEE BENEFITS EXPENSE
Particulars
Year ended
31st
March 2016
Year ended
31st
March 2015
In ~ In ~
Salaries, Wages & Bonus etc. 1,222,891,218 1,021,389,661
Contribution to Provident & Other funds 99,863,897 94,676,996
Contribution to Employees’ State Insurance 39,669,393 20,219,229
Expenses on Employees Stock Option Schemes 17,221,186 17,883,984
Staff Welfare & Development Expenses 100,719,487 95,421,122
Total 1,480,365,181 1,249,590,992
22. FINANCE COSTS
Interest Expenses 282,041,139 319,131,604
23. OTHER EXPENSES
(A) Administrative Expenses
Rent 276,275,231 270,964,023
Rates and Taxes 13,913,674 9,174,699
Insurance 13,298,729 12,900,258
Telephone Expenses 33,312,728 33,452,667
Printing and Stationery 42,769,464 32,602,144
Travelling Expenses 167,947,981 159,133,783
Legal Expenses 6,413,651 5,881,574
Postage and Courier 16,954,360 18,551,464
Electricity Expenses 67,153,202 47,079,354
Bank Charges 13,943,373 11,009,816
Advertisement Expenses 19,229,954 10,425,426
Office Maintenance & Security exp. 142,177,909 137,993,462
E mail/I. net/Telex Expenses 28,743,586 28,562,681
Consultancy & Internal Audit fee (i) 24,084,193 34,839,708
Conference & Seminar exp. 10,660,234 14,177,894
Commission & Fee’s to Directors 4,617,217 3,337,488
Remuneration to Auditors
- Audit Fees 827,875 813,294
- Tax Audit Fees 509,125 500,030
Bad Debts and Irrecoverable Balances Written Off (ii) 88,175,240 98,486,495
Agricultural Expenses (Net of income) 1,020,446 875,497
Charity & Donations 23,083,870 18,580,741
Loss on Sale of Assets - 7,831,444
Exchange Difference - 10,697
Miscellaneous Expenses 76,239,671 65,804,511
Sub-Total 1,071,372,763 1,023,010,200
(i) Includes ~ 21,60,000 paid to a director for services of a professional nature (Previous year ended ~ 21,60,000)
(ii) Includes provision of ~ 41,90,395 (Previous year ended ~ 2,68,22,011)

(B) Repairs & Maintenance Expenses
Motor Trucks 135,439,074 122,687,621
Other Vehicles 35,911,291 34,939,150
Ships 33,824,446 38,482,074
Dry Docking Expenses 62,249,068 19,625,692
Plant & Equipment 35,694,843 33,053,832
Computers 24,833,097 36,738,464
Buildings 39,629,887 57,978,313
Sub-Total 367,581,706 343,505,146
Total 1,438,954,469 1,366,515,346
24. RELATED PARTY DISCLOSURES
I. List of Related Parties:
i) Key Management Personnel:
Mr. D.P. Agarwal
Mr.Vineet Agarwal
Mr. Chander Agarwal
ii) Relatives of Key Management Personnel:
Mrs. Priyanka Agarwal (Wife of Mr. Vineet Agarwal)
iii) Associates
TCI Global Logistics Ltd TCI Exim Pvt. Ltd.
Bhoruka Finance Corporation of India Ltd XPS Cargo Services Ltd
TCI Industries Ltd TCI India Ltd
Bhoruka International Pvt. Ltd TCI Warehousing (MH) – Partnership firm
TCI Properties (Guj) – Partnership firm TCI Properties (South) – Partnership firm
TCI Properties (Delhi) – Partnership firm TCI Properties (NCR) – Partnership firm
TCI Developers Ltd. TCI Infrastructure Ltd.
TCI Properties (West) Ltd. TCI Apex Pal Hospitality India Pvt. Ltd
TCI Distribution Centres Ltd. TCI Institute Logistics
iv) Subsidiaries/ Step Down Subsidiaries:
PT TCI Global TCI Global Logistik Gmbh, Germany
TCI Global (Thailand) Co. Ltd., Thailand TCI Global Brazil Logistica Ltd, Brazil
TCI Global Pte Ltd., Singapore TCI Holdings Netherlands B.V., Netherlands
TCI Global (Shanghai) Co. Ltd., China TCI-CONCOR Multimodal Solutions Pvt. Ltd.
TCI Holdings Asia Pacific Pte. Ltd., Singapore TCI Transportation Company Nigeria Ltd.
TCI Holding SA & E Pte. Ltd.Singapore PT. TCI Global, Indonasia
TCI Properties (Pune) Ltd.
v) Joint Ventures:
Transystem Logistics International Pvt. Ltd
Aggregate amounts related to 49% interest in Transystem Logistics International Pvt Limited:- In ~
Assets as on 31st March 2016 752,462,751 Income for the year ended 31st
March 2016 1,509,004,408
Liabilities as on 31st March 2016 140,926,671 Expenses for the year ended 31st
March 2016 1,302,555,753
Particulars
Year ended
31st
March 2016
Year ended
31st
March 2015
In ~ In ~

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II.Transactions during the year with related parties:
Nature of Transaction Nature of Relation
31st
March 2016
In ~
31st
March 2015
In ~
Transactions during the year:
Income:
Freight Income
Joint Ventures 393,803,193 482,803,428
Associates - 76,150
Subsidiary 2,501,400 8,396,050
Logistics Services
Joint Ventures 78,116,046 65,595,399
Associates - 5,618
Miscellaneous Income
Joint Ventures - 2,315,045
Subsidiary 452,500 422,500
Ren Received
Key Management Personnel Being Trustee 109,098 -
Associates 267,900 132,000
Expenditure:
Freight Expenses
Joint Venture 482,587 2,716,891
Subsidiary 9,605,629 25,502,774
Fuel Purchases Associates 62,331,608 43,188,867
Training Expenses Associates 5,106,000 960,000
Vehicle Maintenance Joint Ventures 5,168,564 4,052,297
Rent Paid
Associates 110,932,687 101,553,645
Key Management Personnel Being Trustee 1,571,800 2,993,064
Key Management Personnel 768,600 768,600
Relatives of Key Management Personnel 900,000 900,000
Remuneration and Commission
Key Management Personnel 120,834,138 104,800,785
Directors 3,300,000 2,500,000
Finance & Investment:
Investments Made Subsidiaries 1,675,500 -
Loan and Advances given Subsidiary 4,857,832 2,623,548
Refund of Loans/advances Given
Subsidiary 4,857,832 2,748,776
Joint Venture - 2,814,000
Advances to Others Subsidiary 985,725 -
Advances/ Deposits Given Associates 24,448,660 51,114,760
Truck Purchase Joint Ventures - 911,123
Other Assets Sold Subsidiary - 225,000
Property Management Services Associates 2,989,000 2,094,000
Investments Sale/Liquidation Subsidiary - 1,106,853

III. Balances as at the year end
Assets:
Investments Made
Subsidiaries 154,927,792 367,491,692
Joint Ventures 39,200,000 39,200,000
Associates 67,637,000 67,637,000
Trade Receivables Joint Ventures 38,475,848 53,552,242
Associates 101,788,653 80,166,717
Advances/ Deposits Given Key Management Personnel 640,500 640,500
Liabilities:
Trade Payables Joint Ventures 582,515 413,311
Advances/ Deposits Taken Key Management Personnel 587,274 598,373
25 SEGMENT INFORMATION
Particulars
31st
March 2016
In ~
31st
March 2015
In ~
Revenue
Segment Revenue Freight Division 8,390,954,956 8,156,219,933
XPS Division 6,669,486,665 6,602,358,158
Supply Chain Solutions Division 6,260,127,021 6,128,563,580
Seaways Division 1,411,084,034 1,219,590,479
Energy Division 59,649,461 62,242,048
Unallocated and Corporate 112,303,856 86,937,860
Sub-Total 22,903,605,993 22,255,912,058
Less: Inter Segment Revenue (203,562,969) (164,632,150)
Net Income from Operations 22,700,043,024 22,091,279,908
Segment Results Freight Division 149,530,087 125,791,512
XPS Division 487,716,986 459,114,885
Supply Chain Solutions Division 381,395,695 373,750,950
Seaways Division 270,510,958 285,662,079
Energy Division 26,159,053 29,172,328
Unallocated Corporate Income
(Net of Unallocated Corporate Expenses)
90,339,118 57,550,401
Less: Interest Expenses 282,041,139 319,131,605
Other Information
Segment Assets Freight Division 2,180,242,701 2,105,563,420
XPS Division (Demerged)* - 1,328,561,715
Nature of Transaction Nature of Relation
31st
March 2016
In ~
31st
March 2015
In ~

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MOVING COMMERCE
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Energy Division 283,992,738 296,162,533
Unallocated Corporate Assets 3,204,791,736 3,321,584,275
Total Assets 9,987,013,546 10,597,640,135
Segment Liabilities Freight Division 167,891,708 158,293,438
XPS Division (Demerged)* - 278,956,107
Energy Division 59,019 119,403
Unallocated Corporate Liabilities 732,168,993 789,645,988
Total Liabilities 1,320,923,854 1,577,117,080
Capital Expenditure Freight Division 128,027,843 139,876,369
XPS Division (Demerged)* - 52,976,516
Unallocated Capital Expenditure 647,873,143 330,346,225
Total Capital Expenditure 1,629,213,043 1,401,525,910
Depreciation Freight Division 98,728,769 88,168,412
XPS Division 57,853,261 60,010,761
Energy Division 21,056,187 21,056,192
Total Depreciation 539,213,430 494,617,334
The Company operates mainly in India and therefore there are no separate geographical segments.
*XPS Undertaking of the Company has been Demerged in TCI Express Limited (Formerly known as TCI Properties (Pune) Limited) as
per Scheme of Arrangement approved by the Hon’ble High Court of Telangana and Andhra Pradesh by Order dated 14th June 2016.
Particulars
31st
March 2016
In ~
31st
March 2015
In ~
26. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD-15 : EMPLOYEE BENEFITS
Particulars
31st
March 2016 (In ~ ) 31st
March 2015 (In ~ )
Gratuity
Leave
Encashment
Gratuity
Leave
Encashment
Funded Unfunded Funded Unfunded
A) Components of Employer Expense
(i) Current Service Cost 16,998,627 6,001,429 16,074,512 4,919,175
(ii) Interest Cost 14,286,801 2,258,819 11,930,847 1,899,373
(iii) Expected Return on Plan Assets (13,642,760) - (12,063,194) -
(vi) Actuarial Loss/(Gain) 10,194,324 (3,394,363) 7,496,685 (2,402,616)
Total Expenses recognised in the Statement of Profit & Loss 27,836,992 4,865,885 23,438,850 4,415,932
The Pension and Gratuity Expenses have been recognised in “Contribution to Provident and other Funds” and Leave
Encashment in “Salaries/Wages and Bonus” under note 21

Particulars
31st
March 2016 (In ~) 31st
March 2015 (In ~)
Gratuity
Leave
Encashment
Gratuity
Leave
Encashment
Funded Unfunded Funded Unfunded
(B) Actuarial (Gain)/Loss on Planned Assets:
(i) Actual return on plan assets 11,975,159 - 21,884,952 -
(ii) Expected return on plan assets 13,642,760 - 12,063,194 -
Actuarial gain/ (Loss) (1,667,601) - 9,821,758 -
(C) Net Assets/(Liability) recognised in Balance Sheet
(i) Present Value of Defined Benefit Obligation 198,474,981 33,023,982 178,097,077 28,158,097
(ii) Fair Value of Plan Assets 180,049,049 - 160,492,742 -
(iii) Status [Surplus(Deficit)] (18,425,932) (33,023,982) (17,604,335) (28,158,097)
(iv) Net Assets/(Liability) recognised in Balance Sheet (18,425,932) (33,023,982) (17,604,335) (28,158,097)
(D) Change in Defined Benefit Obligation (DBO)
(i) Present Value of DBO at the Beginning of Year 178,097,077 28,158,097 149,135,587 23,742,165
(ii) Current Service Cost 16,998,627 6,001,429 16,074,512 4,919,175
(iii) Interest Cost 14,286,801 2,258,819 11,930,847 1,899,373
(iv) Actuarial Losses/(Gain) 8,526,723 (3,394,363) 17,318,443 (2,402,616)
(v) Benefits Paid (19,434,247) - (16,362,312) -
(vi) Present Value of DBO at the End of Year 198,474,981 33,023,982 178,097,077 28,158,097
(E) Change in Fair Value of Plan Assets
(i) Plan Assets at the Beginning of Year 160,492,742 - 141,087,102 -
(ii) Expected Return on Plan Assets 13,642,760 - 12,063,194 -
(iii) Actuarial Losses/(Gain) (1,667,601) - 9,821,758 -
(iv) Actual Company Contributions 26,488,183 - 13,883,000 -
(v) Benefits Paid (19,434,247) - (16,362,312) -
(vi) Plan Assets at the End of Year 180,049,049 - 160,492,742 -
(F) Actuarial Assumptions
(i) Discount Rate (%) 8% 8% 8% 8%
(ii) Expected Return on Plan Assets (%) 8% - 8% -
The estimated future salary increases, considered in actuarial valuations take account of inflations, seniority, promotion and other
relevant factors such as supply and demand factors in the employment market.
(G) Major Category of Plan Assets as % of the Total Plan Assets
(i) Government Securities/Special Deposits with RBI 21% - 22% -
(ii) Mutual Funds 79% - 78% -

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Particulars
31st
March 2016
In ~
31st
March 2015
In ~
27 . CONTINGENT LIABILITIES AND COMMITMENTS:-
(a) Contingent liabilities not provided in respect of following
Trade Tax/ Octroi/ Duty/ ESI and other demands under dispute 32,471,589 47,184,441
Guarantees and Counter Guarantees Outstanding 459,343,256 454,154,421
Income Tax demands under dispute 2,271,370 3,397,540
(b) Commitments
Estimated amount of contracts remaining to be executed on capital account and not
provided for net of advance on tangible assets.
48,201,179 224,490,000
28. EARNINGS PER SHARE
Particulars Unit 31st March 2016 31st March 2015
Net Profit after tax available for equity share holders- for Basic and Diluted EPS In ~ 850,615,658 759,428,564
Weighted average no. of Equity Shares for Basic EPS Nos. 75,935,483 73,515,375
Add: Adjustments for stock options Nos. 195,631 349,765
Weighted average no. of Equity Shares for Diluted EPS Nos. 76,131,115 73,865,140
Nominal Value of Equity Shares In ~ 2.00 2.00
Basic Earnings per Equity Share In ~ 11.20 10.50
Diluted Earnings per Equity Share In ~ 11.17 10.45
29. IN RESPECT OF ASSETS TAKEN UNDER NON-CANCELLABLE OPERATING LEASE,
the future minimum lease payments as on 31st
march 2016 are:
Particulars
31st
March 2016 31st
March 2015
In ~ In ~
Not later than one year 21,050 21,050
Later than one year and not later than five years 84,200 84,200
Later than five years 84,200 105,250
Total 189,450 210,500
30. TRANSFER PRICING
In Respect of Transfer Pricing regulation under Section 92BA of the Indian Income Tax Act, 1961 (“the Act”) management confirm that
all Sepecified Domestic Transactions are at arm’s length so that the aforesaid legislation will not have any impact on the financial state-
ments, particularly on the amount of tax expense and that of provision for tax.
31. CORPORATE SOCIAL RESPONSIBILITY (CSR)
As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The areas for CSR activities are
eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation and rural de-
velopment projects. The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified
in Schedule VII of the Companies Act, 2013
32. As per Section 135 of the Companies Act, 2013, a Corporate Social Responsible committee has been formed by the company.
Expenditure by way of contribution to various trusts and institutions related to Corporate Social Responsibility as per Section 135 of the
Companies Act, 2013 read with Schedule VII thereof ~ 217 lakh
33. DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S
186 (4) OF THE COMPANIES ACT, 2013
Investments made are given under the respective heads (Refer note 10)
Corporate Guarantees given by the Company in respect of loans as at 31st
March, 2016

Sl No Name of the Company 31st
March 2016 31st
March 2015
1 ABC India Ltd 74,206,119 118,500,000
2 TCI Infrastructure Ltd. 174,562,500 211,310,000
34. The scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 (the Scheme) between Transport Corporation
of India Limited (the Demerged Company) and its wholly owned subsidiary TCI Express Limited (formerly known as TCI Properties
(Pune) Limited - the Resulting Company) and their respective shareholders and the creditors of the two companies for demerger
of the XPS undertaking of the Demerged Company into TCI Express limited with the appointed date at the close of business hours
on 31st
March 2016, has been sanctioned by the Hon’ble Telengana and Andhra Pradesh High Court by an order dated 14th
June,
2016 and a certified copy thereof has been filed with the Registerar of Companies, Hyderabad. The scheme, being effective from
the appointed date, provides for:
a) Issue of one equity share of ~ 2 each by TCI Express Limited (Formerly known as TCI Properties (Pune) Ltd. for two equity
shares of ~ 2 each of the Demerged Company
b) Cancellation of 50,000 equity shares of ~ 10 each of TCI express Ltd (Formerly known as TCI Properties (Pune) Ltd. held by
the demerged company under the provisions of sections 102 to 103 of the Companies Act 1956 and same has been adjusted
with General Reserve. In respect of the above adjustments it is deemed that the special resolution as contemplated under
Article 62 of the Article of Association of the demerged company and under section 100 of the Companies Act 1956 has been
passed and all the procedures required under section 100 of the Companies Act, 1956 for reduction of share capital have been
complied with.
c) Loss of ~ 2,13,739,400 on liquidation of the wholly owned subsidiary of the demerged company TCI Global Holding (Mauritius)
Limited has been adjusted in the statement of profit and loss and an equivalent amount transferred from Securities Premium
Account to the Statement of Profit and Loss.
d) The amount of difference in the net value of assets has been adjusted against reserves as per the Scheme.
e) All the assets and liabilities of the XPS Undertaking has been transferred as a going concern at the values appearing in the
books of the Demerged Company at the close of business hours on 31st
March 2016. The particulars of assets and liabilities
transferred are as follows
f) Surplus of ~1,229,473,912 assets over liabilities pertaining to XPS Undertaking transferred to TCI Express Limited (Formerly
known as TCI Properties (Pune) Limited) has been adjusted with the reserves of the demerged Company in the following
manner.
Assets: Amount In ~
Fixed Assets including Land & Building 637,463,571
Capital Work-in-Progress 90,734,027
Long-Term Loans and Advances 28,364,554
Short-Term Loans and Advances 65,360,673
Trade Receivable 1,053,924,665
Cash and Bank Balances 108,719,813
Total 1,984,567,303
Liabilities:
Long Term Borrowings 5,802,733
Deferred tax liabilities 23,543,807
Short-Term Borrowings 397,483,220
Trade Payables 231,494,913
Other Current Liabilities 76,878,890
Short-Term Provisions 19,889,828
Total 755,093,391
Amount In R
(i) Share Premium Account 978,599,696
(ii) General Reserve 250,874,216
Total 1,229,473,912

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MOVING COMMERCE
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(i) Contingent liabilities not provided in respect of following
31st
March 2016
In ~
Trade Tax/ Octroi/ Duty/ ESI and other demands under dispute 2,420,766
Guarantees and Counter Guarantees Outstanding 4,382,452
(ii) Commitments
Estimated amount of contracts remaining to be executed on
capital account and not provided for net of advance on tan-
gible assets.
110,877,825
h) The following statement shows the revenue and expenses of continuing and discontinuing (demerged) operations
37. ADDITIONAL INFORMATION
Remittance in Foreign Currency
Particulars
31st
March 2016 31st
March 2015
In ~ In ~
(a) Capital Goods 57,768,367 654,304,096
(b) Main Engine Break-down Repair 4,059,444 5,677,919
(c) Shipping Freight & Port Disbursements - 21,850,755
(d) Traveling Expenses 8,952,611 10,228,074
(e) Conference & Seminar 60,897 1,983,819
(f) Consultancy Charges/ Professional Fees 542,526 230,371
(g) Subscription 725,616 305,390
(h) Staff Training Programmes 718,021 1,577,589
(i) Insurance 6,767,454 6,632,166
(j) Dry- Dock Expenses 61,252,299 17,177,195
(k) Spare Parts 29,805,065 25,501,506
(l) Other Ship Operating Expenses 3,152,673 4,393,588
35. a) There is no outstanding as at 31st
March 2016 due to Micro and Small Enterprises registered under Micro, Small and
Medium Enterprises development Act, 2006, (MSME)
b) Interest paid/payable to the enterprises register under MSME ~ NIL ( Previous Year NIL)
36. Previous year figure’s have been regrouped /rearranged wherever considered necessary
~ In Lakh
Particulars Continuing Operations Discontinuing Operation
(TCI XPS Undertaking)
Total
2015-16 2014-15 2015-16 2014-15 2015-16 2014-15
Turnover 160,705 155,021 66,296 65,891 227,000 220,913
Operating Expenses 127,748 125,320 50,608 51,158 178,356 176,478
Profit (Loss) before interest and
tax
9,182 8,736 4,877 4,591 14,059 13,328
Interest Expense 2,296 2,616 525 576 2,820 3,191
Profit (Loss) before tax 6,886 6,104 4,353 4,015 11,239 10,119
Exceptional Items 3 - - - 3 -
Income tax expenses 1,424 1,320 1,306 1,205 2,730 2,525
Profit (Loss) after tax 5,459 4,783 3,047 2,811 8,506 7,594
g) Contingent liabilities and commitments related to the XPS Undertakings has been transferred to TCI Express Ltd.
(Formerly known as TCI Properties (Pune) Ltd.)

Particulars
31st
March 2016 31st
March 2015
In ~ In ~
(m) Commission - 2,207,574
(n) Others 5,126,536 853,957
Earning in Foreign Currency During the Year
Freight Income - 17,809,200
C.I.F. Value of Imported & Indigenous Stores and Spare Parts Consumed
Particulars
31st
March 2016 31st
March 2015
% of Total
Consump-
tion
In ~
% of Total
Consumption
In ~
(a) Imported 53% 53,094,080 39% 25,501,506
(b) Indigenous 47% 47,235,568 61% 40,185,305
38. SIGNIFICANT ACCOUNTING POLICIES OF THE FINANCIAL STATEMENTS
1) Recognition of Income and Expenditure
(a) Income and expenditure are recognized on accrual basis in accordance with the applicable accounting standards and provision
is made for all known losses and liabilities.
(b) Freight income is accounted when goods are delivered by the company to customers, except in case of the Seaways Division
where freight income is accounted when the ship sails out of the port.
(c) Freight expenses are accounted when hired vehicles deliver goods to the Company at destination.
(d) Having regard to the size of operations and the nature and complexities of the Company’s business, freight received/paid in
advance is accounted as income/expense on payment.
(e) Year-end liability in respect of claims for loss and damages is provided as calculated by claims recovery agents except in case
of the Seaways Division where such liability is provided as calculated by the Company’s claim department.
2) Gratuity and Leave Encashment
A provision for gratuity and leave encashment liability to employees is made on the basis of actuarial valuation. Gratuity liability is
paid to the approved Gratuity Fund.
3) Depreciation
The Company depreciates its fixed assets over the useful life in the manner prescribed in Schedule II of the Company Act 2013.
Depreciation on additions to assets or on sales/ discardment of assets, is calculated prorata from/ to the date of addition/deduction
of individual assets.
4) Fixed Assets
(a) Fixed Assets are stated at cost and/or at revaluation.
(b) Depreciation on the amount added to Fixed Assets on revaluation is adjusted by transfer of equivalent amount from capital
reserve created on revaluation of fixed assets to Profit and Loss Account
5) Investment
(a) Investments that are readily realizable and intended to be held for not more than a year are classified as current investments.
All other investments are classified as long term investments.
(b) Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long term
investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary
in the value of the investments.
6) Inventories
Inventories are valued of lower of cost and net realisable value.

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MOVING COMMERCE
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7) Foreign Exchange Transactions:
(a) Initial recognition
All transactions in foreign currency are recorded at the rate of exchange prevailing on the dates when the relevant transactions
take place.
(b) Measurement of foreign currency monetary items at the balance sheet date
Monetary items in foreign currency at the year end are converted in Indian Currency at the year end rates. In terms of the
amendments to Accounting Standard 11 on The Effects of Changes in Foreign Exchange Rates, exchange differences relating
to long-term monetary items are dealt with in the following manner:
(i) Exchange differences relating to long-term monetary items, arising during the year, in so far as they relate to the acquisition
of a depreciable capital asset are added to/ deducted from the cost of the asset and depreciated over the balance life of
the asset.
(ii) In other cases such differences are accumulated in a “Foreign Currency Monetary Item Translation Difference Account” and
amortised over the balance life of the long-term monetary item.
(c) Treatment of exchange differences
Any income or expense on account of exchange difference either on settlement or translation is recognised in the Statement of
Profit and Loss.
(d) In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the forward rate
and exchange rate at the inception of the contract is recognised as income or expense over the life of the contract.
8) Taxation
Provision for tax is made for both current and deferred taxes. Provision for current income tax is made on the current tax rates based
on assessable income. Provision for current income tax on income from shipping activities is made on the basis of deemed tonnage
income of the Company.
The company, except for its Seaways division, provides for deferred tax based on the tax effect of timing differences resulting from
the recognition of items in the accounts and in estimating its current tax provision. The effect on deferred taxes of a change in tax
rate is recognized in the year in which the change is effected
9) Impairment of Assets
The company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired and if such
indication exists, the carrying value of such asset is reduced to its recoverable amount and a provision is made for such impairment
loss in the Statement of Profit and Loss
Date: 18th
August, 2016

Independent Auditor’s Report on Consolidated Financial Statements
To The Members of Transport Corporation of India Limited
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Transport Corporation of India Limited (hereinafter referred to
as “the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), and its
Jointly Controlled entities, comprising of the Consolidated Balance Sheet as at 31st
March, 2016, the consolidated Statement of Profit
and Loss, the consolidated Cash flow Statement for the year then ended, and a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as “ the consolidated financial statements”)
Management’s Responsibility for the Consolidated Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with
respect to the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position,
consolidated financial performance and consolidated cash flows of the Group in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the Act, as applicable. The respective Board of
Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these Consolidated financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
financial control relevant to the Company’s preparation of the consolidated financial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by Company’s Board of Directors, as well as evaluating the
overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports
referred to in para (a) of the other matters below is sufficient and appropriate to provide a basis for our audit opinion on the consolidated
financial statement.
Opinion
Based on our audit on consideration of reports of other auditors, on separate financial statements of the subsidiaries and to the best
of our information and according to the explanations given to us, the aforesaid consolidated financial statements give a true and fair
view in conformity with the accounting principles generally accepted in India, of the consolidated state of the affairs of the Group as at
31st
March, 2016 and its consolidated profit and their consolidated cash flows for the year ended on that date.
Emphasis of Matters
We draw attention to Note 35 of the financial statements regarding the scheme of arrangement for demerger of the XPS undertaking into
TCI Express Ltd. [formerly known as TCI Properties (Pune) Ltd.] as sanctioned by the Hon’ble Telangana and Andhra Pradesh High Court
by its order dated 14th
June, 2016. As per the Scheme loss on liquidation of wholly owned subsidiary TCI Global Holding (Mauritius) Ltd of
~ 213,739,400/- has been debited to the Statement of Profit and Loss and an equivalent amount transferred from the Securities Premium
Account. This is not in accordance with Accounting Standard (AS) 5 ‘Net Profit or Loss for the Period, Prior Period Items and Changes in
Accounting Policies’. This has no effect on profit before tax and profit after tax of the year.
Our opinion is not modified in respect of this matter.
Other Matters
(a) We did not audit the financial statements of nine subsidiaries (including seven overseas step-down subsidiaries), and two jointly
controlled entities (including one overseas joint venture), whose financial statements reflect total assets of ~ 10,548.44 lakh as at
31st
March 2016, total revenues of ~ 25,908.20 lakh and net cash inflows amounting to ~ 693.72 lakh for the year ended on that
date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors
whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so
far as it relates to the amounts and disclosures included in respect of these subsidiaries and jointly controlled entities, and our

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MOVING COMMERCE
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report in terms of sub-sections (3) and (11) of section 143 of the Act, insofar as it relates to the aforesaid subsidiaries and jointly
controlled entities, is based solely on the reports of the other auditors.
(b) We did not audit the financial statements of two overseas step-down subsidiaries, whose financial statements reflect total assets
of ~ 4.10 lakh as at 31st
March 2016, total revenues of ~ 25.15 lakh and net cash outflows amounting to ~ 5.03 lakh for the year
ended on that date, as considered in the consolidated financial statements. These financial statements are unaudited and have
been furnished to us by the management and our opinion on the consolidated financial statements, in so far as it relates to the
amounts and disclosures included in respect of these step down subsidiaries, and our report in terms of sub-sections (3) and (11)
of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries, is based solely on such unaudited financial statements.
In our opinion and according to the information and explanations given to us by the Management, these financial statements are
not material to the Group.
Our opinion on the consolidated financial statements, and our report on other legal and regulatory requirements below, is not
modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and
the financial statements certified by the management.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit of the aforesaid consolidated financial statement;
b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial
statement have been kept so far as it appears from our examination of those books and the reports of the other auditors;
c. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash Flow
Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of
preparation of the consolidated financial statements;
d. In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under
Section 133 of the Act, as applicable.
e. On the basis of the written representations received from the directors of the Holding Company as on 31st
March, 2016
taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary
companies and jointly controlled companies incorporated in India, none of the directors of the Group companies, its jointly
controlled companies incorporated in India is disqualified as on 31st
March, 2016 from being appointed as a director in
terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial control over financial reporting of the Group and the operating
effectiveness of such control, refer to our separate report in Annexure “A”.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit
and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. As detailed in Note 30 to the consolidated financial statements, the Group has disclosed the impact of pending litigation
on its consolidated financial statements.
ii. The Group did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Holding Company.
Firm’s Regn No.: 304045E
R.S. Agarwala
Date: 18th
August, 2016 Membership No.: 005534
Annexure “A’’ to the Independent Auditor’s Report
Referred to in paragraph 1(f) of the Independent Auditors’ Report of even date to the members of
Transport Corporation of India Limited on the consolidated financial statements for the year ended
31st
March, 2016
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of section 143 of the companies Act, 2013
We have audited the internal financial controls over financial reporting of Transport Corporation of India Limited (hereinafter referred to as
“the Holding Company”) and its subsidiary companies as of 31st
March, 2016 in conjunction with our audit of the consolidated financial
statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company, its subsidiary companies are responsible for establishing and maintaining
internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential
components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to respective company’s policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and
completeness of the accounting records, and timely preparation of reliable financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Group’s internal financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance
Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by
the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting
was established and maintained an d if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over
financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on
the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud
or error.
We believe that the audit evidence we have obtained and the reports of the other auditors in respect of entities audited by them referred
to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (a)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors of the company; and (c) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Holding Company, its subsidiary companies have, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st
March,
2016, based on the internal control over financial reporting criteria established by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India as it appears from our examination of the books and records of the Holding Company and the reports of
the other auditors in respect of entities audited by them.
Other Matters
Our aforesaid report under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over
financial reporting insofar as it relates to nine subsidiary companies is based on the corresponding reports of the auditors. Our opinion
is not modified in respect of this matter.
Firm’s Regn No.: 304045E
R.S. Agarwala
Date: 18th
August, 2016 Membership No.: 005534

81
MOVING COMMERCE
TO NEW HORIZONS
Particulars Note
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 152,147,200 151,347,000
Reserves and Surplus 2 5,510,986,124 6,053,798,646
5,663,133,324 6,205,145,646
Minority Interest 38,679,585 34,536,396
Non-Current Liabilities
Long-Term Borrowings 3 999,635,830 778,417,200
Deferred Tax Liabilities (Net) 4 330,398,065 292,646,954
Other Long-Term Liabilities 5 - 17,799
Long Term Provisions 6 2,443,511 1,974,584
1,332,477,406 1,073,056,537
Current Liabilities
Short-Term Borrowings 7 2,164,454,801 2,057,983,879
Trade Payables 8 749,160,083 869,505,347
Other Current Liabilities 9 586,543,722 542,809,430
Short-Term Provisions 10 505,232,084 590,930,047
4,005,390,690 4,061,228,703
TOTAL 11,039,681,005 11,373,967,282
ASSETS
Non-Current Assets
Fixed Assets 11
Tangible Assets 5,577,083,138 5,176,350,725
Intangible Assets 11,065,331 36,863,664
Capital Work-in-Progress 124,747,065 68,217,052
Non-Current Investments 12 71,822,800 72,087,538
Long-Term Loans and Advances 13 392,397,801 407,092,200
Other Non-Current Assets 14 - 26,385,083
6,177,116,135 5,786,996,262
Current Assets
Inventories 15 20,027,291 22,752,180
Trade Receivables 16 3,481,530,388 4,345,803,002
Cash and Cash Equivalents 17 449,206,388 421,208,866
Short-Term Loans and Advances 18 891,306,758 784,470,567
Other Current Assets 19 20,494,045 12,736,405
4,862,564,870 5,586,971,020
TOTAL 11,039,681,005 11,373,967,282
CONSOLIDATED FINANCIAL STATEMENTS
1-39
Consolidated Balance Sheet as at 31st
March 2016
Date: 18th
August, 2016

Particulars Note
Year ended
31st
March 2016
Year ended
31st
March 2015
In ~ In ~
REVENUE
Revenue from Operations 20 25,214,113,326 24,167,176,298
Other Income 21 76,749,806 90,596,642
TOTAL REVENUE 25,290,863,132 24,257,772,940
EXPENSES
Operating Expense 22 20,105,220,410 19,477,376,783
Employee Benefits Expenses 23 1,544,553,919 1,304,458,237
Finance Costs 24 294,996,133 333,167,008
Depreciation and Amortization Expense 11 589,486,914 545,101,605
Other Expenses 25 1,595,439,274 1,453,820,247
TOTAL EXPENSES 24,129,696,650 23,113,923,880
Profit Before Exceptional Items and Tax 1,161,166,482 1,143,849,060
Exceptional Items
Provision for diminution in value of investments 12 (i) 264,738 1,785,462
Loss on liquidation of wholly owned subsidiary TCI Global Holding
(Mauritius) Ltd
35 213,739,400 -
Transferred of an equivalent amount from the Securities Premium
Account as per the Scheme
35 213,739,400 -
Tax Expenses
Current Tax 278,519,866 349,482,625
Deferred Tax 61,227,573 (23,639,616)
Profit after Tax before share in profit in associate and minority
interest
821,154,305 816,220,589
Share of Profit in Associate - -
Share of Profit Transferred to Minority Interest 4,143,189 2,348,013
Profit before tax from Continuing Operations 721,491,995 738,168,105
Tax Expense of Continuing Operations 209,167,470 205,378,765
Profit from Continuing Operations after tax 512,324,525 532,789,340
Profit before tax from Discontinuing Operations 435,266,560 401,547,480
Tax Expense of Discontinuing Operations 130,579,969 120,464,244
Profit from Discontinuing Operations after tax 304,686,591 281,083,236
Earnings Per Equity Share Face Value of ~ 2 each
Basic 30 10.76 11.07
Diluted 10.73 11.02
THE NOTES FORM AN INTEGRAL PART OF THESE CONSOLIDATED
1-39
Consolidated Statement of Profit And Loss for the Year Ended 31st
March 2016
Date: 18th
August, 2016

83
MOVING COMMERCE
TO NEW HORIZONS
Particulars
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
A CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit (Loss) before Tax and exceptional items as per the
Statement of Profit and Loss
1,161,166,482 1,143,849,060
Adjustments for Non-Operating Activities:
Depreciation and Amortisation Expenses 589,486,914 545,101,605
Loss/ (Profit) on Sale of Fixed Assets (9,582,473) (12,242,205)
Share of loss in derecognised Subsidiaries/Associates 7,415,115 812,717
Finance Costs 294,996,131 333,167,008
Interest Income (35,087,530) (40,121,377)
Dividend Income (1,001,352) (251,352)
Total 846,247,855 826,487,446
Operating Profit before Working Capital Changes 2,007,414,337 1,970,336,506
Adjustments for Working Capital Changes:
Inventories 2,724,889 (5,791,109)
Changes in Trade Receivables and Advances (338,472,752) (526,470,707)
Changes in Trade and Other Payables 205,390,035 85,765,643
Change in Persuant to the Scheme 767,477,900 -
Cash Generation From Operations 2,644,534,409 1,523,840,333
Direct Taxes Paid (Net) (318,015,157) (277,774,086)
Net Cash from Operating Activities 2,326,519,252 1,246,066,247
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (including capital work in progress) (1,794,079,333) (1,422,797,729)
Loans and Advances 12,714,928 98,801,884
Sale of Fixed Assets 54,513,200 58,667,919
Sale of Investments - 5,847,495
Loss on Liquidation of Subsidiary Company as per Scheme (213,739,400) -
Loss on Cancellation of investments in subsidiary Company as per Scheme (500,000) -
Dividend Income 1,001,352 251,352
Lease Rent Payments (21,050) (21,050)
Increase/ (Decrease) in Minority Interest/Goodwill on Consolidation - 1,400,000
Increase/(Decrease) in Capital Reserve on Consolidation 211,263,428 6,263,619
Change in Persuant to the Scheme 756,562,152
Net Cash from Investing Activities (937,197,193) (1,211,465,133)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital 35,523,068 618,769,332
Short Term Borrowinngs (Net) 538,767,406 (517,850,077)
Proceeds from Long Term Borrowings 760,638,772 833,119,815
Repayments of Long Term Borrowings (533,617,409) (472,430,649)
Finance Costs (294,996,131) (333,167,008)
Payment of Dividend (182,216,744) (141,523,624)
Payment of Dividend Tax (52,663,634) (28,701,610)
Change in Persuant to the Scheme (1,632,759,865) -
Net Cash from Financing Activities (1,361,324,537) (41,783,821)
Net Increase (Decrease) in Cash and Cash Equivalent (A+B+C) 27,997,522 (7,182,707)
Cash and Cash Equivalent As on 31st
March 2015 421,208,866 428,391,573
Cash and Cash Equivalent As on 31st
March 2016 449,206,388 421,208,866
Consolidated Cash Flow Statement for the Year Ended 31st
March 2016
Date: 18th
August, 2016

Particulars
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
Authorised :
100,000,000 Equity shares of ~ 2 each 200,000,000 200,000,000
500,000 Preferential shares of ~ 100 each 50,000,000 50,000,000
250,000,000 250,000,000
Issued, Subscribed and Paid up :
7,60,73,600 Equity Shares of ~ 2 Each Fully Paid up 152,147,200 151,347,000
( 7,56,73,500 In Previous Year)
Notes to the Consolidated Financial Statements
1. SHARE CAPITAL
The Company has only one class of equity shares having a par value of ~ 2 per share. Each holder of equity shares is entitled to one
vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders, except in case of interim
dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution
of all preferential amounts, in proportion of their shareholding.
Reconciliation of the Numbers of Shares Outstanding
Particulars
As at
31st March 2016
As at
31st March 2015
Number of
shares
In ~ Number of
shares
In ~
Shares at the beginning of the year 75,673,500 151,347,000 72,948,180 145,896,360
Add: Allotted by way of preferential allotment - - 2,400,000 4,800,000
Add: Allotted under Employee Stock Option Scheme 400,100 800,200 325,320 650,640
Shares at the end of the year 76,073,600 152,147,200 75,673,500 151,347,000
Details of Shareholders Holding More than 5% shares:
Name of shareholders
31st March 2016 31st March 2015
Numbers of
shares held
% of holding Numbers of
shares held
% of holding
Bhoruka Finance Corporation of India Limited 15,904,679 20.91 15,869,679 20.97
Bhoruka International (P) Limited 10,561,755 13.88 10,561,755 13.96
Mr D.P Agarwal 4,974,995 6.54 4,974,995 6.57
TCI India Limited 4,045,564 5.32 4,045,564 5.35
Shares reserved for issue under options:
5,49,000 equity shares of ~ 2/- each are reserved under employee stock option scheme as on 31st
March 2016 (Previous year 9,81,500)
and 5,49,000 options will vest in the year 2016-17.
2. RESERVES & SURPLUS
Particulars
As at
31st March 2016
In ~
As at
31st March 2015
In ~
Capital Redemption Reserve
Securities Premium Reserve
As per last Balance Sheet 1,157,616,228 544,297,536
Additions during the year (i) 34,722,868 613,318,692
Less: Transferred persuant to the Scheme (Ref Note No 35 (c) ) (978,599,696) -
Less: Transferred persuant to the Scheme (Ref Note No 35 (d) ) (213,739,400)
- 1,157,616,228

85
MOVING COMMERCE
TO NEW HORIZONS
Particulars
As at
31st March 2016
In ~
As at
31st March 2015
In ~
Reserve on Consolidation
Opening Balance 32,553,501 34,730,436
Add: Addition during the year 213,739,400 -
Less: Opening Balance of Goodwill on Consolidation - (2,176,935)
246,292,901 32,553,501
Revaluation Reserve
Share Options Outstanding Account
Add : Created against stock option granted during the year (ii) - 45,818,500
Less : Transferred to Security Premium Reserve (iii) 19,024,569 9,523,332
Less : Reversed on Cancellation of Options not excercised 1,363,433 847,118
36,113,548 56,501,549
Foreign Currency Translation Reserve
As per Last Balance Sheet (47,315,572) (53,579,191)
Add: Deduction during the year (4,913,026) 6,263,619
(52,228,598) (47,315,572)
Retained Earnings in Associates
Share in Accumulated profits/losses of Associates (12,134)
General Reserve
As per last Balance Sheet 3,826,222,000 3,376,222,000
Less: Transferred persuant to the Scheme (Refer Note No 34 ) 250,874,216 -
Less: Cancellation of Investment in subsidiary Company TCI Properties
(Pune) Limited persuant to the Scheme (Refer Note 34)
500,000
4,074,847,784 3,826,222,000
Tonnage Tax Reserve (Utilized) (iv)
Add: Transferred from tonnage Tax Reserve - 50,000,000
197,800,000 197,800,000
Tonnage Tax Reserve
Less: Utilized during the year (iv) - 50,000,000
99,500,000 52,000,000
Surplus As Per Statement of Profit and Loss
Less: Expired assets block transfer in opening earnings - 31,979,419
Add: Share of loss in dercongnised associates - 12,134
Add: Share of loss in derecognised subsidiary as per last balance sheet (v) 9,797,721 788,450
Add: Share of loss in derecognised subsidiary as per last balance sheet (vi ) 42,313 -
Add: Profit for the year 817,011,116 813,872,576
Less: Interim Dividend on Equity Shares
[Dividend Per Share ~ 1.50 (P.Y. ~ 0.60)]
114,110,594 43,964,100
Proposed Dividend on Equity Shares
[Dividend Per Share ~ Nil (P.Y. ~ 0.90)]
- 68,106,150
Tax on Dividend 35,013,141 33,762,059
Transferred to:
General Reserve 500,000,000 450,000,000
Tonnage Tax Reserve 47,500,000 52,000,000
Closing Balance 744,939,068 614,711,653
Total 5,510,986,124 6,053,798,646
(i) On allotment of 4,00,100 Equity shares under Employees' Stock Option Scheme.
(ii) In respect of options granted under the Employees' Stock Option Scheme and in accordance with the guidelines issued by

Securities and Exchange Board of India the accounting value of options (based on market value of share on the date of grant of
options minus option price) is accounted as deferred employee compensation, which is amortised on a straight line basis over the
vesting period. Consequently Employee benifits expenses includes ~ 172,21,186 (Previous Year ~ 178,83,984) being amortisation
of deferred employee compensation.
(iii) Transferred to Security Premium Reserve on allotment of equity shares during the year under Employees' Stock Option Scheme.
(iv) Amount utilized for acquisition of Ships
(v) TCI Global Holdings (Mauritius) Ltd. wholly owned subsidiary, TCI Global (HKG) Ltd. and TCI Global (Malaysia) Sdn Bhd step-
down subsidiaries have been gone into liquidation/liquidated during the year and ~ 9,797,721 representing share of opening
balance of losses have been added to brought farward opening balance of Surplus in Consolidated Statement of Profit and Loss.
(vi) Persuant to the Scheme of arrangement, TCI Express Ltd. (Formely known as TCI Properties (Pune) Ltd.) ceased to be wholly
owned susubidiry and ~ 42,313 representing share of opening balance of losses has been added to brought farward Surplus in
Consolidated Statement of Profit and Loss.
3. LONG TERM BORROWINGS
Particulars
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
Secured Term Loans
From Banks 1,370,259,505 1,136,901,136
From Others 25,587,799 2,914,274
Total Long term Borrowings 1,395,847,304 1,139,815,410
Less: Current maturities of long term borrowings (Note-9) 396,211,474 361,398,210
Total 999,635,830 778,417,200
Other Information pertaining to nature of security and terms of repayment
Particulars of Nature of Security Term of Repayment
Secured to the extent
31st
March 2016
In ~
31st
March 2015
In ~
Term Loans from Banks
1025 nos. of General Cargo Containers. Repayable in 72 monthly
installments starting from January
2010. Last installment due in
December 2015. Rate of Interest
10.40% p.a.
- 7,500,000
(a) Apartment No . 801, 8th Floor Block No.
A-2, “World Spa East” Building, Sector 30
& 40, Revenue State of Village - Silokhera,
Tahsil and District - Gurgaon (Haryana)
Repayable in 24 quarterly
installments starting from
November, 2016. Last installment
due in November, 2022. Rate of
Interest 9.60% p.a.
39,600,000 -
(b) Dag No. 53, Khatian No.53, Bankim
Banary Samana, National Highway No.6
Mousa - Sodulpur, JL-89 Parangana Dist-
Midnapur Dharinda, Kharagpur (WB)”
November 2015. Last installment
due in November 2016. Rate of
Interest 9.60% p.a.
25,000,000 -
Properties situated at (1) Kharsa no. 8//1,2,3
MIN, 4MIN 5MIN, 8MIN, 9/1MIN. 10/1, 12/2,
13,1, 9//5, 6/1/1, Village Jhundsarai Viran,
District-Gurgaon.
installments starting from January
2015. Last installment due in
October 2020. Rate of Interest
9.15% p.a.
79,166,666 95,833,333
December 2015. Last installment
due in October 2021. Rate of
Interest 9.45% p.a.
45,833,334 50,000,000
M.V. TCI Prabhu
Repayable in 36 monthly
November 2013. The said loan
have been prepaid on 21st
May
2015
- 60,222,045

87
MOVING COMMERCE
TO NEW HORIZONS
350 Containers
September 2015. Last installment
due in June 2019. Rate of Interest
9.75% p.a.
40,742,641 51,356,641
Trucks and Cars acquired against individual
loan
Repayable in monthly installments
at an average rate of 9.30% p.a.
788,201,783 357,575,232
Term Loans of Joint Venture: Transystem
Logistics Internation Pvt Ltd. Loans secured
by hypothecation of trucks & trailers
Repayable in monthly installments 1,045,845 17,670,367
Term Loans of Subsidiary: TCI Global
(Singapore) Pte Ltd. Loans secured by
legal mortgage of leasehold property of the
Company
Repayable in monthly installments 29,399,400 29,740,350
Sub-Total 1,370,259,505 1,136,901,136
Term Loans from Others
Vehicles acquired against individual loan Repayable in monthly installments 25,587,799 2,914,274
Total 1,395,847,304 1,139,815,410
M.V. TCI Lakshmi
installments starting from October
2014. The said loan have been
prepaid on 4th
June 2015
- 107,466,668
M.V. TCI Arjun
December 2015. Last installment
due in September 2021. Rate of
Interest 9.85% p.a.
265,833,336 290,000,000
500 Containers
installments starting from August
2015. Last installment due in May
2019. Rate of Interest 9.75% p.a.
55,436,500 69,536,500
Particulars of Nature of Security Term of Repayment
Secured to the extent
31st
March 2016
In ~
31st
March 2015
In ~
4. DEFERRED TAX LIABILITIES (NET)
Particulars
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
Difference between book and tax depreciation 337,716,846 300,484,964
Disallowance under the provision of Income tax Act (7,318,781) (7,838,010)
Total 330,398,065 292,646,954
5. OTHER LONG TERM LIABILITIES
Security deposit payable - 17,799
6. LONG TERM PROVISIONS
Provision for Employee Benefits 2,443,511 1,974,584

Particulars of Nature of Security
(i) Working capital loans are secured by hypothecation of books debts as primary security along with land properties as collateral.
8. TRADE PAYABLES
Other than acceptance 749,160,083 869,505,347
Current maturities of Long-Term Borrowings (Note No 3)
From Banks 392,668,362 358,483,936
From Others 3,543,112 2,914,274
Overdrawn bank balances 2,398,667 1,854,626
Interest accrued but not due on borrowings 8,296,818 7,573,688
Unpaid /Unclaimed dividends (Note) 12,895,802 8,715,516
Trade / Security deposits 96,447,552 105,379,763
Due to gratuity fund 4,658,384 19,920,494
Payables on purchase of fixed assets 13,761,512 64,484
Statutory remittances 51,873,513 37,902,649
Total 586,543,722 542,809,430
9. OTHER CURRENT LIABILITIES
Note: ~ 3,54,805 (P.Y. ~ 7,97,353) has been transferred to investor education and protection fund during the year.
10. SHORT TERM PROVISIONS
Provision for Employee Benefits 42,403,677 54,371,509
Others
Proposed dividend - 68,106,150
Tax on proposed dividend 3,990,198 21,640,691
Taxation (net of advance tax) 458,838,209 446,811,697
Total 505,232,084 590,930,047
7. SHORT TERM BORROWINGS
Particulars
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
Secured
From Banks (i) 861,752,342 784,370,866
Unsecured
From Banks
Commercial Paper 1,200,000,000 1,150,000,000
From Banks 102,115,185 123,014,640
From Directors 587,274 598,373
Total 2,164,454,801 2,057,983,879

89
MOVING COMMERCE
TO NEW HORIZONS
Descriptionof
Assets
GROSSBLOCKDEPRECIATIONNETCARRYINGVALUE
Asat
1st
April2015
Addition
DuringtheYear
Deductions
duringthe
year
OnDemerger
(ReferNote
No34)
Asat
31st
March
2016
Upto31st
March2015
FortheYearAdjustment
onDeductions
Retained
Earnings
OnDemerger
(ReferNote
No34)
TotalDepreci-
ation
31st
March
2016
31st
March
2015
TangibleAssets:
Land860,552,411152,716,00010,585,800242,106,359760,576,252------760,576,252860,552,411
Buildings(a)1,461,418,086303,800,941-259,611,2351,505,607,792144,152,14333,643,840--17,321,313160,474,6701,345,133,1221,317,265,943
(b)3,289,6817,577,335-10,867,016483,7772,106,872---2,590,6498,276,3672,805,904
(c)61,823,53961,823,539268,184268,18461,555,355-
Ships1,205,876,488--1,205,876,488198,137,17446,494,463---244,631,637961,244,8511,007,739,314
MotorTrucks2,608,977,850564,299,779201,324,0172,971,953,6121,709,882,233317,383,047188,798,342--1,838,466,9381,133,486,674899,095,617
Vehicles166,134,81233,919,06330,572,53329,043,011140,438,33155,445,25121,363,37116,602,679-7,664,38652,541,55787,896,774110,689,561
PlantandEquipment880,971,270348,976,9071,153,59547,412,8181,181,381,764362,942,10066,168,832583,401-10,827,764417,699,767763,681,997518,029,170
Computers178,347,49718,497,14569,972,79262,074,13464,797,716123,283,80428,537,87765,800,921-42,718,44943,302,31121,495,40555,063,693
Containers301,338,52543,403,6792,147,100168,000342,427,10460,037,30923,114,9201,139,241-112,82581,900,163260,526,941241,301,216
Furniture&Fixtures257,602,40179,544,837369,88859,071,180277,706,170125,912,26625,536,692--35,958,960115,489,998162,216,173131,690,135
OfficeEquipments119,857,11421,501,8002,216,36373,513,17865,629,37390,967,5139,654,452486,777-44,011,36456,123,8249,505,54828,889,601
WeighingScales&
ChainPulley
6,694,5941,045,108-4,512,8083,226,8943,466,434400,734--2,127,9531,739,2151,487,6793,228,160
SUB-TOTAL8,051,060,7291,637,106,133318,342,088777,512,7238,592,312,0512,874,710,004574,673,284273,411,361-160,743,0143,015,228,9135,577,083,1385,176,350,725
IntangibleAssets
ComputerSoftware156,170,7059,709,160-28,790,889137,088,976119,307,04114,813,630--8,097,026126,023,64511,065,33136,863,664
CapitalWork-in-Progress
CapitalWork-in-
Progress
68,217,052284,927,267137,663,22790,734,027124,747,065------124,747,06568,217,052
Total8,275,448,4861,931,742,560456,005,315897,037,6398,854,148,0922,994,017,045589,486,914273,411,361-168,840,0403,141,252,5585,712,895,5345,281,431,441
PREVIOUSYEAR7,114,042,5181,860,295,798698,889,830-8,275,448,4862,616,165,211545,101,605214,966,04747.716.276(d)-2,994,017,0455,281,431,4414,224,672,552
(a)Buildingsincludethoseonleaseholdland.
(b)Representscostoftemporaryconstructiononlandtakenonleaseforthreeyears
(c)Duringtheyear,theCompanyacquiredassetsofaclosedtextilemillconsistingofland,buildings,plant&machineryforaconsiderationof~17,12,07,165/-outofwhichplant&
machinery,beingunusable,weredisposedofffor~3,50,00,000/-.Thebalanceconsiderationof~13,62,07,165hasbeenallocatedascostofadditionsasfollows:-
ParticularsAmountIn~
Land74,383,626
Buildings61,823,539
Total136,207,165
(d)AdjustmentasperScheduleIItotheCompaniesAct,2013
11.FIXEDASSETS
Amountin~

12. NON-CURRENT INVESTMENTS
Particulars
As at
31st
March 2016
As at
31st
March 2015
Nos. In ~ Nos. In ~
Long Term Investments (At Cost)
Trade Investments:
Fully Paid Equity Shares of Joint Stock Companies
Unquoted :-
Associates
XPS Cargo Services Ltd. of ~ 10 each 300,000 3,000,000 300,000 3,000,000
TCI Distribution Centres Ltd. Of ~ 10 each (i) 143,700 1,437,000 143,700 1,437,000
Fully Paid Preference Shares
Associates
TCI Distribution Centres Ltd. (i) 622,000 62,200,000 622,000 62,200,000
11% Redemable Non-Cummulative Preference Share
of ~ 100 each
Quoted :-
Fully Paid Equity Shares
Associate
TCI Developers Ltd. of ~10 each 100,000 1,000,000 100,000 1,000,000
Sub-total 67,637,000 67,637,000
Non-Trade Investments
Quoted :-
Mutual Funds:
JM Basic Fund- Units of ~ 33.39 each 149,753 5,000,000 149,753 5,000,000
Debentures / Bonds
National Highway Authority of India - 1236 Bonds of ~ 1,000
each
1,236 1,236,000 1,236 1,236,000
Sub-total 6,236,000 6,236,000
Provision For Diminution in Value
(i) Units of JM Basic Fund
Exceptional Items in the statement of profit and loss represents
provision during the year for diminution in the market value of JM
Basic Fund of ~ 2,64,738.
(2,050,200) (1,785,462)
Total 71,822,800 72,087,538
Market value of quoted investments 36,427,930 33,574,138
(i) TCI Distribution Centres Ltd. has ceased to be associate Company within the meaning of Companies Act 2013
13. LONG TERM LOANS & ADVANCES
Particulars
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
Unsecured
Capital advances 255,591,142 254,402,620
Advance & deposits with others 138,370,645 156,716,586
413,629,003 425,133,705
Considered good 392,397,801 407,092,200
Less: Provision made for doubtful advances & deposits (21,231,202) (18,041,505)
Total 392,397,801 407,092,200
14. OTHER NON-CURRENT ASSETS
Deferred Employee Stock Option Compensation - 26,385,083

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15. INVENTORIES (As taken,valued and certified by the management)
Particulars
As at
31st
March 2016
In ~
As at
31st
March 2015
In ~
(At lower of cost and net realisable value)
Ship fuels & consumables 20,027,291 22,752,180
16. TRADE RECEIVABLES
Unsecured
Outstanding for a period exceeding six months
from the due date
Considered good 245,596,682 239,735,470
Considered Doubtful 1,032,567 1,032,567
Less: Provision for doubtful debt (1,032,567) (1,032,567)
Others
Outstanding for a period less than six months from the due date
Considered good 3,235,933,706 4,106,067,532
Total 3,481,530,388 4,345,803,002
17. CASH & CASH EQUIVALENTS
Cash on hand 7,058,078 3,819,799
Balances with banks
In current accounts 387,924,739 371,915,101
In deposit accounts 41,327,769 36,758,450
Unpaid dividend accounts ( Earmarked) 12,895,802 8,715,516
Total 449,206,388 421,208,866
Some of the Fixed Deposit Receipts are deposited with Banks against borrowings and guarantees issued.
18. SHORT TERM LOANS & ADVANCES
Unsecured
Advances & deposits with Landlords 22,299,130 62,011,489
Loans and advances to employees 10,139,912 12,960,288
Prepaid expenses 23,646,507 27,069,860
CENVAT credit receivable 16,201,524 15,354,195
Tax dedcuted at source 574,841,663 523,319,860
Accrued Income 19,798,570 14,096,175
Operational advances 205,706,621 96,827,708
915,863,359 810,421,765
Considered good 891,306,758 784,470,567
Less : Provision for doubtful advances (24,556,601) (25,951,198)
Total 891,306,758 784,470,567
19. OTHER CURRENT ASSETS
Deferred Employee Stock Option Compensation 20,494,045 12,693,581
Preliminary expenses - 42,824
Total 20,494,045 12,736,405
In the opinion of the Board, assets other than fixed assets and non-current investments have a value on realisation in the ordinary
course of business at least equal to the amount at which they are stated.

20. REVENUE FROM OPERATIONS
Particulars
Year ended
31st
March 2016
In ~
Year ended
31st
March 2015
In ~
Freight, Demurrage and Miscellaneous Charges 23,280,603,155 22,651,912,317
Logistics and Other Services 1,874,061,906 1,457,173,564
Sales 59,448,265 58,090,417
Total 25,214,113,326 24,167,176,298
21. OTHER INCOME
Rent 7,165,351 6,881,997
Dividends on Long Term Investments 1,001,352 251,352
Profit on sale of Ship - 19,864,528
Profit on sale of Assets 9,582,473 -
Unspent liabilities/excess provisions written back 9,987,198 11,564,882
Bad Debts and Irrecoverable Balances written off earlier, realised 12,430,196 2,431,324
Interest Recieved 35,087,530 40,121,377
Miscellaneous Income 167,794 9,481,182
Difference in Exchange 1,327,912 -
Total 76,749,806 90,596,642
22. OPERATING EXPENSES
Freight 16,219,538,886 16,053,344,235
Vehicles' Trip Expenses 1,529,328,780 1,447,006,332
Tyres & Tubes etc. 49,636,392 90,141,330
Warehouse Rent 274,642,890 244,253,759
Warehouse Expenses 749,072,564 500,136,591
Other Transportation Expenses 268,171,986 249,137,124
Claims for loss & damages (Net) 1,357,938 18,156,071
Commission 1,967,266 2,294,271
Vehicles' Taxes 57,522,234 56,478,270
Vehicles' and Ship Insurance 38,805,098 37,968,702
Power, Fuel and Water Charges 301,024,730 318,111,386
Stores & Spare Parts Consumed 79,014,222 66,408,586
Port and Survey Expenses 67,868,612 50,237,982
Stevedoring and Cargo Expenses 292,366,365 186,743,387
Wages, Bonus and Other Expenses - Floating Staff 105,931,685 101,584,167
Contribution to Providend & Other funds -Floating Staff 514,214 446,681
Clearing and forwarding Expenses 68,456,548 54,927,909
Total 20,105,220,410 19,477,376,783
23. EMPLOYEE BENEFITS EXPENSE
Salaries, Wages & Bonus 1,268,065,540 1,060,443,645
Contribution to Providend & Other funds 103,426,288 97,432,792
Contribution to Employees' State Insurance 39,787,897 20,304,883
Expenses on Employees Stock Option Scheme 17,221,186 17,883,984
Staff Welfare & Development Expenses 116,053,008 108,392,933
Total 1,544,553,919 1,304,458,237
24. FINANCE COSTS
Interest expenses 294,996,133 333,167,008

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25. OTHER EXPENSES
(A) Administrative Expenses
Particulars
Year ended
31st
March 2016
In ~
Year ended
31st
March 2015
In ~
Rent 285,352,764 275,559,297
Rates and Taxes 14,487,360 9,872,525
Insurance 14,003,184 13,672,973
Telephone Expenses 35,603,724 35,838,882
Printing and Stationery 44,380,269 34,170,134
Travelling Expenses 183,639,793 172,232,803
Legal Expenses 6,468,598 7,240,332
Postage and Courier 17,573,803 19,111,660
Electricity Expenses 69,023,958 49,197,900
Bank Charges 15,181,150 11,830,814
Advertisement Expenses 19,247,914 10,446,558
Office Maintenance & Security exp. 149,477,147 143,484,615
E mail/I. net/Telex Expenses 42,464,183 40,458,000
Consultancy & Internal Audit fee (i) 29,392,848 42,188,605
Conference & Seminar exp. 26,045,262 23,200,726
Commission & Fee's to Directors 4,617,217 7,175,987
Remuneration to Auditors
-Audit Fees 2,566,651 3,239,293
-Tax Audit Fees 667,135 607,238
-Other Services - 56,180
Bad Debts and Irrecoverable Balances Written off (ii) 159,968,427 103,515,582
Agricultural Expenses (Net of income) 1,020,446 875,497
Charity & Donations 26,503,107 20,287,627
Loss on Sale of assets - 7,622,323
Difference in Exchange - 210,049
Miscellaneous Expenses 52,795,861 49,302,975
Sub-total 1,200,501,851 1,081,419,625
(i) Includes ~ 21,60,000 paid to one director for services of a professional nature (Previous year ended ~ 21,60,000)
(ii) Includes provision of ~ 41,90,395 (Previous year ended ~ 2,78,54,578 )
(B) Repairs & Maintenance Expenses
Motor Trucks 153,682,602 143,656,032
Other Vehicles 41,207,288 39,595,428
Ships 33,824,446 38,482,074
Dry Docking expenses 62,249,068 19,625,692
Plant & Equipments 35,713,016 33,105,128
Computers 26,187,759 37,777,078
Buildings 42,073,244 60,159,190
Sub-total 394,937,423 372,400,622
Total 1,595,439,274 1,453,820,247

26. The Consolidated Financial Statement Include Results of all the Subsidiaries,
Step-Down Subsidiaries and Joint Ventures of Transport Corporation of India Limited.
Sl. Name of the Company
Country of
Incorporation
% of
Shareholding
Consolidated as
1 Transystem Logistics International Pvt. Ltd. India 49% Joint Venture
2 PT. TCI Global, Indonasia Indonasia 48% Step-down deemed Subsidiary
3 PT. TCI Global Indonasia 100% Step-down Subsidiary
4 TCI Global (Thailand) Co. Ltd. Thailand 49% Step-down deemed Subsidiary
5 TCI Global Pte Ltd. Singapore 100% Step-down Subsidiary
6 TCI Global Logistik GmbH Germany 100% Step-down Subsidiary
7 TCI Global Brazil Logistica Ltda Brazil 100% Step-down Subsidiary
8 TCI Holdings Netherlands B.V. Netherlands 100% Step-down Subsidiary
9 TCI Global (Shanghai) Co. Ltd. China 100% Subsidiary
10 TCI Holdings Asia Pacific Pte. Ltd. Singapore 100% Subsidiary
11 TCI Holdings SA & E PTE LTD Singapore 100% Subsidiary
12 TCI Transportation Company Nigeria Ltd Nigeria 50% Joint Venture
13 TCI-CONCOR Multimodal Solutions Pvt. Ltd. India 51% Subsidiary
The Following companies has been striked off /liquidated during the year:
1 TCI Global (HKG) Ltd. Hong Kong 100% Step-down Subsidiary
2 TCI Global (Malaysia) Sdn Bhd Malaysia 100% Step-down Subsidiary
3 TCI Global Holdings (Mauritius) Ltd. (Note) Mauritius 100% Subsidiary
Note: The necessary formalities had been completed and accepted by the competant authorities on 17th
August 2016.
The Following companies are under liquidation proceedings
1 TCI Global Logistik GmbH Germany 100% Step-down Subsidiary
(a) The financial statements of these companies are for the period as under:-
Sl. Name of the Company
Period Remarks
From To
1 Transystem Logistics International Pvt. Ltd. 1st
April, 2015 31st
March, 2016 Financial year of the company
2 PT. TCI Global, Indonasia 1st
April, 2015 31st
3 PT. TCI Global 1st
April, 2015 31st
4 TCI Global (Thailand) Co. Ltd. 1st
April, 2015 31st
5 TCI Global Pte Ltd. 1st
April, 2015 31st
6 TCI Global Logistik GmbH 1st
April, 2015 31st
March, 2016 Under Liquidation
7 TCI Global Brazil Logistica Ltda 1st
April, 2015 31st
8 TCI Holdings Netherlands B.V. 1st
April, 2015 31st
9 TCI Global (Shanghai) Co. Ltd. 1st
April, 2015 31st
10 TCI Holdings Asia Pacific Pte. Ltd. 1st
April, 2015 31st
11 TCI Holdings SA & E PTE LTD 1st
April, 2015 31st
12 TCI Transportation Company Nigeria Ltd 1st
April, 2015 31st
13 TCI-CONCOR Multimodal Solutions Pvt. Ltd. 1st
April, 2015 31st
(b) The Consolidated financial statements have been prepared on the following principles:
(i) In respect of Subsidiary Companies, the financial statements have been consolidated on a line by line basis by adding
together the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra-group
balances and unrealised profits/losses on intra-group transactions as per Accounting Standard-AS 21 “Consolidated
Financial Statement”.
(ii) In case of Joint Venture Companies, the financial statements have been consolidated considering the interest in the joint
ventures using proportionate consolidation method as per the Accounting Standard - AS - 27 “Financial Reporting of
Interest in Joint Ventures”.

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MOVING COMMERCE
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(iii) In respect of associates the financial statements have been consolidated by adding share of net profit/losses in the
carring amount of the investment in associates as per Accounting Standard--23. Accounting for Investment in Associates
in Consolidated Financial Statement.
(iv) In case of foreign subsidiary and joint venture, being Non-Integral Foreign Operations, revenue items are consolidated at
the average rate prevailing during the year. All assets and liabilities are converted at the rate prevailing at the end of the
year. Any exchange difference arising on consolidated is recognised as “ Foreign Currency Translation Reserve”
(v) The Excess of cost to the Company of its investment in subsidiary and joint venture companies is recognised in the financial
statements as a Goodwill, which is tested for impairment on every Balance Sheet date. The excess of Company’s share of
equity and reserves of the subsidiary and joint venture companies over the cost of acquisition is treated as Capital Reserve.
The goodwill/capital Reserve arising from aquisition of an associates in included in carring amount of the investment in
associates
27. Additional information, as required under Schedule III to the Companies Act 2013, of
enterprises consolidated as Subsidiaries/Associates /Joint Ventures.
Name of the Enterprise
Net Assets, i.e., total assets
minus total liabilities
Share in profit or loss
As % of
onsolidated
net assets
R In Lakh As % of
consolidated
profit or loss
R In Lakh
Parent
Transport Corporation of India Limited 89.97 50,970.51 104.11 8,506.16
Subsidiary
Indian
1 TCI-CONCOR Multimodal Solutions Pvt. Ltd. 1.39 789.38 1.03 84.55
Foreign
1 TCI Holdings SA & E PTE LTD 0.42 235.28 (0.17) (14.16)
2 TCI Holdings Asia Pacific Pte. Ltd. 4.80 2,716.55 (2.68) (218.97)
3 TCI Global Pte Ltd. (0.01) (4.57) (0.45) (36.85)
4 TCI Holdings Netherlands B.V. 0.06 35.63 (1.64) (134.31)
5 PT. TCI Global (0.45) (256.38) (4.08) (333.17)
6 TCI Global (Thailand) Co. Ltd. 0.00 1.53 0.37 30.25
7 TCI Global Brazil Logistica Ltda 0.02 13.54 (1.08) (88.51)
8 TCI Global Logistik GmbH 0.00 0.00 0.60 48.98
9 PT. TCI Global, Indonasia (0.07) (40.08) (0.44) (35.65)
10 TCI Global (Shanghai) Co. Ltd. 0.10 59.32 (0.04) (2.86)
Minority Interests in all subsidiaries (0.68) (386.80) (0.51) (41.43)
Joint Ventures (as per proportionate consolidation method)
Indian
1 Transystem Logistics International Pvt. Ltd. 10.79 6,115.36 14.17 1,157
Foreign
1 TCI Transportation Company Nigeria Ltd 0.34 192.06 0.40 32.63
Intercompany and consolidation adjustments (6.69) (3,788.24) (9.60) (784)
Total 100 56,653.10 100 8,170.11

28. RELATED PARTY DISCLOSURES
I. List of Related Parties:
i Key Management Personnel:
Mr. D.P. Agarwal
Mr.Vineet Agarwal
Mr. Chander Agarwal
ii. Relatives of Key Management Personnel:
Mrs. Priyanka Agarwal (Wife of Mr. Vineet Agarwal)
iii. Associates:
TCI Global Logistics Ltd TCI Exim Pvt. Ltd.
Bhoruka Finance Corporation of India Ltd XPS Cargo Services Ltd
TCI Industries Ltd TCI India Ltd
Bhoruka International Pvt. Ltd TCI Warehousing (MH) – Partnership firm
TCI Properties (Guj) – Partnership firm TCI Properties (South) – Partnership firm
TCI Properties (Delhi) – Partnership firm TCI Properties (NCR) – Partnership firm
TCI Developers Ltd. TCI Infrastructure Ltd.
TCI Properties (West) Ltd. TCI Apex Pal Hospitality India Pvt. Ltd
TCI Institute Logistics
II.Transactions with Related Parties:
Nature of Transaction Nature of Relation 31st
March 2016
In R
31st
March 2015
In R
Transactions during the year:
Income:
Freight Income Associates - 81,768
Rental Income
Key Management Personnel being Trustee 109,098 -
Associates 267,900 132,000
Expenditure:
Fuel Purchases Associates 64,757,026 44,295,283
Training Expenses Associates 5,106,000 960,000
Rent Paid
Associates 110,932,687 101,553,645
Key Management Personnel being Trustee 1,571,800 2,993,064
Remuneration and Commission
Key Management Personnel 120,834,138 104,800,785
Directors 3,300,000 2,500,000
Finance & Investment:
Advances/ Deposits Given Associates 21,621,896 51,114,760
Propety Management Service Associates 2,989,000 2,094,000
III. Balances as at the year end
Assets: 2015-16 2014-15
Investments Made Associates 67,637,000 67,637,000
Advance and deposit given
Associates 101,788,653 80,166,760
Liabilities:
Trade Payables Associates 1,368,795 -
Advances/ Deposits Taken Key Management Personnel 587,274 598,373

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Particulars Divisions
31st
March 2016
In R
31st
March 2015
In R
Segment Revenue Freight Division 9,685,015,359 8,907,864,415
XPS Division 6,669,486,665 6,602,358,158
Energy Division 59,649,461 62,242,048
Global Division 72,212,759 69,177,528
Unallocable & Corporate 33,903,856 28,166,279
Total 25,733,388,744 24,702,229,107
Less: Inter Segment Revenue 442,525,612 444,456,167
Net Sales/Income from Operations 25,290,863,132 24,257,772,940
Segment Results Freight Division 169,523,054 139,678,293
XPS Division 487,716,986 459,114,885
Energy Division 26,159,053 29,172,328
Global Division (73,243,405) (23,788,792)
Total 1,443,958,758 1,476,480,206
Unallocated Corporate Expenses 21,700,000 29,415,878
Unallocated Corporate Income (33,639,118) (28,166,279)
Interest Expenses 294,996,132 333,167,009
Other Information
Segment Assets Freight Division 2,444,609,806 2,261,168,731
XPS Division* - 1,328,561,715
Energy Division 283,992,738 296,162,533
Global Division 84,497,356 296,561,256
Unallocated Corporate Assets 3,204,800,000 3,198,769,044
Total Assets 11,092,770,123 11,654,943,287
Segment Liabilities Freight Division 263,009,834 214,948,999
XPS Division* - 278,956,107
Energy Division 59,019 119,403
Global Division 30,413,212 173,784,769
Unallocated Corporate Liabilities 732,168,993 789,645,988
Total Liabilities 1,584,411,296 1,920,424,377
Capital Expenditure Freight Division 128,762,481 140,858,338
XPS Division* - 52,976,516
Global Division 5,611,072 846,266
Unallocated Capital Expenditure 599,860,076 330,346,225
Total Capital Expenditure 1,681,455,044 1,408,099,362
Depreciation Freight Division 111,527,583 100,721,026
XPS Division 57,853,261 60,010,761
Energy Division 21,056,187 21,056,192
Global Division 1,443,309 1,511,191
Total Depreciation 589,486,914 545,101,605
The Company operates mainly in India and therefore there are no separate geographical segments.
*XPS Undertaking of the Company has been Demerged in TCI Express Limited (Formerly known as TCI Properties (Pune) Limited) as
per Scheme of Arrangement approved by the Hon’ble High Court of Telangana and Andhra Pradesh by Order dated 14th June 2016.
29. SEGMENT INFORMATION

Particulars
31st
March 2016
In R
31st
March 2015
In R
(a) Contingent liabilities not provided in respect of the following
Trade Tax/ Octroi/ Duty/ ESI and other demands under dispute 32,471,589 47,309,675
Bank Guarantees and Counter Guarantees Outstanding 459,343,256 454,154,421
Income Tax demands under dispute 2,271,370 3,397,540
(b) Commitments
Estimated amount of contracts remaining to be executed on capital account and not
provided for net of advance on Tangible Assets
52,835,273 224,671,790
31. Earnings Per Share
Particulars Unit 31st March 2016 31st March 2015
Net Profit after tax available for equity share holders for Basic and Diluted EPS In R 817,011,116 813,872,576
Weighted average no. of Equity Shares for Basic EPS Nos. 75,935,483 73,515,375
Add: Adjustments for stock options Nos. 195,631 349,765
Weighted average no. of Equity Shares for Diluted EPS Nos. 76,131,115 73,865,140
Nominal Value of Equity Shares In R 2.00 2.00
Basic Earnings per Equity Share In R 10.47 11.07
Diluted Earnings per Equity Share In R 10.45 11.02
32 IN RESPECT OF ASSETS TAKEN UNDER NON-CANCELLABLE OPERATING LEASE,
the future minimum lease payments as on 31st
March 2016 are:
Particulars 31st
March 2016 31st
March 2015
In R In R
Not later than one year 21,050 21,050
Later than one year and not later than five years 84,200 84,200
Later than five years 84,200 105,250
Total 189,450 210,500
33 In accordance with Accounting Standard (AS 15) “Employee Benefits”, adequate provisions have been made in the accounts
and there is no further liability is expected on this account.
34 DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S
186 (4) OF THE COMPANIES ACT, 2013
Investments made are given under the respective heads (Refer note 12)
Corporate Guarantees given by the Company in respect of loans as at 31st
March, 2016
Sl
No
Name of the Company As at
31st
March, 2016
As at
31st
March, 2015
1 ABC India Ltd 74,206,119 118,500,000
2 TCI Infrastructure Ltd. 174,562,500 211,310,000
35 The scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 (the Scheme) between Transport
Corporation of India Limited (the Demerged Company) and its wholly owned subsidiary TCI Express Limited (formerly known
as TCI Properties (Pune) Limited - the Resulting Company) and their respective shareholders and the creditors of the two
companies for demerger of the XPS undertaking of the demerged company into TCI Express Limited with the appointed
date at the close of business hours on 31st
March 2016, has been sanctioned by the Hon’ble Telengana and Andhra Pradesh
High Court by an order dated 14th
June, 2016 and a certified copy thereof has been filed with the Registerar of Companies,
Hyderabad. The Scheme, being effective from the appointed date, provides for:
a) Issue of one equity share of ~ 2 each by TCI Express Limited (Formerly known as TCI Properties (Pune) Ltd. for two equity
shares of ~ 2 each of the demerged company
30. Contingent Liabilities & Commitments

99
MOVING COMMERCE
TO NEW HORIZONS
b) Cancellation of 50,000 equity shares of ~ 10 each of TCI express Ltd (Formerly known as TCI Properties (Pune) Ltd. held by
the demerged company under the provisions of sections 102 to 103 of the Companies Act 1956 and same has been adjusted
with General Reserve. In respect of the above adjustments it is deemed that the special resolution as contemplated under
Article 62 of the Article of Association of the demerged company and under section 100 of the Companies Act 1956 has been
passed and all the procedures required under section 100 of the Companies Act, 1956 for reduction of share capital have
been complied with.
c) Loss of ~ 2,13,739,400 on liquidation of the wholly owned subsidiary of the demerged company TCI Global Holding (Mauritius)
Limited has been adjusted in the statement of profit and loss and an equivalent amount transferred from Securities Premium
Account to the Statement of Profit and Loss.
d) The amount of difference in the net value of assets has been adjusted against reserves as per the Scheme.
e) All the assets and liabilities of the XPS Undertaking has been transferred as a going concern at the values appearing in the
books of the demerged Company at the close of business hours on 31st
March 2016. The particulars of assets and liabilities
transferred are as follows
Assets: Amount In R
Fixed Assets including Land & Building 637,463,571
Capital Work-in-Progress 90,734,027
Long-Term Loans and Advances 28,364,554
Short-Term Loans and Advances 65,360,673
Trade Receivable 1,053,924,665
Cash and Bank Balances 108,719,813
Total 1,984,567,303
Liabilities
Long Term Borrowings 5,802,733
Deferred tax liabilities 23,543,807
Short-Term Borrowings 397,483,220
Trade Payables 231,494,913
Other Current Liabilities 76,878,890
Short-Term Provisions 19,889,828
Total 755,093,391
f) Surplus of ~ 1,229,473,912 assets over liabilities pertaining to XPS Undertaking transferred to TCI Express Limited (Formerly
known as TCI Properties (Pune) Limited) has been adjusted with the reserves of the demerged Company in the following
manner.
Amount In R
(i) Share Premium Account 978,599,696
(ii) General Reserve 250,874,216
Total 1,229,473,912
g) In persuant to the Scheme, contingent liabilities and commitments related to the XPS Undertakings has been transferred to
TCI Express Ltd.(Formerly known as TCI Properties (Pune) Ltd.)
(i) Contingent liabilities not provided in respect of following 31st March 2016
Trade Tax/ Octroi/ Duty/ ESI and other demands under dispute* 2,420,766
Guarantees and Counter Guarantees Outstanding * 4,382,452
(ii) Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for net of
advance on tangible assets.*
110,877,825

h) The following statement shows the revenue and expenses of continuing and discontinuing (demerged) operations
R In Lakh
Continuing Operations
Discontinuing Operation
(TCI XPS Undertaking)
Total
2015-16 2014-15 2015-16 2014-15 2015-16 2014-15
Turnover 186,613 176,686 66,296 65,891 252,909 242,578
Operating Expenses 150,444 143,616 50,608 51,158 201,052 194,774
Profit (Loss) before interest and tax 9,684 10,179 4,877 4,591 14,562 14,770
Interest Expense 2,425 2,756 525 576 2,950 3,332
Profit (Loss) before tax 7,259 7,423 4,353 4,015 11,612 11,438
Exceptional Items 3 18 - - 3 18
Income tax expenses 2,092 2,054 1306 1,205 3,397 3,258
Profit (Loss) after tax 5,123 5,304 3,047 2,811 8,170 8,139
36. As per Section 135 of the Companies Act, 2013, a Corporate Social Responsible committee has been formed by the Com-
pany. Expenditure by way of contribution to various trusts and institutions related to Corporate Social Responsibility as per
Section 135 of the Companies Act, 2013 read with Schedule VII thereof Rs 256 lakh
37. a) There is no outstanding as at 31st
March 2016 due to Micro and Small Enterprises registered under Micro, Small and
Medium Enterprises development Act, 2006, (MSME)
b) Interest paid/payable to the enterprises register under MSME Rs Nil ( Previous Year Nil)
38. Previous year figure’s have been regrouped /rearranged wherever considered necessary
1) Recognition of Income and Expenditure
(a) Income and expenditure generally are recognized on accrual basis in accordance with the applicable accounting standards
and provision is made for all known losses and liabilities.
(b) Freight income is accounted when goods are delivered by the company to customers, except in case of the Seaways Division
where freight income is accounted when the ship sails out of the port.
(c) Freight expenses are accounted when hired vehicles deliver goods to the Company at destination.
(d) Having regard to the size of operations and the nature and complexities of the Company’s business, freight received/paid in
advance is accounted as income/expense on payment.
(e) Year-end liability in respect of claims for loss and damages is provided as calculated by claims recovery agents except in case
of the Seaways Division where such liability is provided as calculated by the Company’s claim department
2) Gratuity and Leave Encashment
A provision for gratuity and leave encashment liability to employees is made on the basis of actuarial valuation. Gratuity liability is
paid to the approved Gratuity Fund.
3 ) Depreciation
The Company depreciates its fixed assets over the useful life in the manner prescribed in Schedule II of the Company
Act 2013. Depreciation on additions to assets or on sales/ discardment of assets, is calculated prorata from/ to the date of addition/
deduction of individual assets.
4) Fixed Assets
Fixed Assets are stated at cost and/or at revaluation
5) Investment
(a) Investments that are readily realizable and intended to be held for not more than a year are classified as current investments.
All other investments are classified as long term investments.
(b) Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long term
investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary
in the value of the investments.
6) Inventories
Inventories are valued of lower of cost and net realisable value
7) Foreign Exchange Transactions:
(a) Initial recognition
All transactions in foreign currency are recorded at the rate of exchange prevailing on the date s when the relevant transactions
take place.
39. SIGNIFICANT ACCOUNTING POLICIES OF THE CONSOLIDATED FINANCIAL STATEMENT

101
MOVING COMMERCE
TO NEW HORIZONS
10) Notes to these Consolidated Financial Statements are intended to serve as a means of informative disclosure and a guide to
better understanding of the consolidated portion of the companies. Recognizing this purpose, the Company has disclosed only
such Notes from the individual financial statements, which fairly present the needed disclosure.
11) Significant Accounting Policies followed by Subsidiaries, Joint Ventures, to the extent, different
and unique from parent.
(a) Transystem Logistics International Private Limited
(i) The Company depreciates its fixed assets over the useful life in the manner prescribed in Schedule II of the Company
Act 2013. Depreciation on additions to assets or on sales/ discardment of assets, is calculated prorata from/ to the date
of addition/deduction of individual assets. Further, assets individually costing Rs. 5,000/- or less that were depreciated
fully in the year of purchase are now depreciated based on the useful life considered by the Company for the respective
category of assets. The details of previously applied depreciation method, rates / useful life are as follows:
(b) PT. TCI Global (Indonasia)
(i) Basis of preparation
The financial statement is reported in conformity with generally accepted accounting principal in Indonesia.
(ii) Fixed Assets
Fixed Assets are stated at cost less accumulated Depreciation, except for land. Depreciation on Fixed Assets other
than land is calculated on straight- line method with estimated useful life as follows:
(iii) Deferred Tax
The company not doing deferred tax temporary differences between revenue and expenses for the purpose of
commercial and tax.
Category of Assets Useful life based on SLM
a. Motor trucks and trailers 6 Years
b. Office equipments 5 Years
c. Furniture and fixtures 10 Years
d. Computers 3 Years
e. Servers 6 Years
f. Plant and machinery 15 Years
(b) Measurement of foreign currency monetary items at the balance sheet date
Monetary items in foreign currency at the year end are converted in Indian Currency at the year end rates. In terms of the
amendments to Accounting Standard 11 on The Effects of Changes in Foreign Exchange Rates, exchange differences relating
to long-term monetary items are dealt with in the following manner:
(i) Exchange differences relating to long-term monetary items, arising during the year, in so far as they relate to the
acquisition of a depreciable capital asset are added to/ deducted from the cost of the asset and depreciated over the
balance life of the asset.
(ii) In other cases such differences are accumulated in a “Foreign Currency Monetary Item Translation Difference Account”
and amortised over the balance life of the long-term monetary item.
(c) Treatment of exchange differences
Any income or expense on account of exchange difference either on settlement or translation is recognised in the profit and
loss account
(d) In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the forward rate
and exchange rate at the inception of the contract is recognised as income or expense over the life of the contract.
8) Taxation
Provision for tax is made for both current and deferred taxes. Provision for current income tax is made on the current tax rates
based on assessable income. Provision for current income tax on income from shipping activities is made on the basis of deemed
tonnage income of the Company.
The company, except for its Seaways division, provides for deferred tax based on the tax effect of timing differences resulting from
the recognition of items in the accounts and in estimating its current tax provision. The effect on deferred taxes of a change in tax
rate is recognized in the year in which the change is effected
9) Impairment of Assets
The company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired and if such
indication exists, the carrying value of such asset is reduced to its recoverable amount and a provision is made for such impair-
ment loss in the Statement of Profit and Loss.
a. Office Supplies 25% p.a.
b. Office Equipments 25% p.a.


(c) TCI Global (Shanghai) Co. Ltd
Depreciation method of fixed assets: The straight line method is used in computing the depreciation of fixed assets, and
the depreciation rate is computed according to the original value of fixed assets and the deduction of residual value as per
expected service life.
(d) TCI Global (Singapore) Pte. Ltd.
Depreciation is calculated on a straight-line method to write off the cost of the property, plant and equipment over their estimated
useful lives at the following annual rates
(e) TCI Holdings SA & E Pte Ltd, Singapore
The financial statements have been prepared in accordance with accounting principles generally accepted in Singapore as
required by Singapore Companies Act Chapter 50
(f) TCI Transportation Company Nigeria Limited
The financial statement have been prepared in accordance with International Financial Reporting Standards (IFRSs) and realted
interpretation from the International Financial Reporting Committee (IFRIC) set by the International Accounting Standards
Board (IASB) and adopted by the Federal
Republic of Nigeria, under the regulation of the Financial Reporting Council of Nigeria, in addition to those relevant sections of
the Companies & Allied Matter Act 2004 (CAMA) applicable to companies reporting under IFRS.
a. Leasehold Property 60 years
b. Office Equipment 5 years
c. Computers 3 years
d. Furniture & Fitting 5 years
e. Renovation 5 years
Date: 18th
August, 2016

103
MOVING COMMERCE
TO NEW HORIZONS
FormAOC-I
(Persuanttofirstprovisotosub-section(3)ofsection129readwithrules5ofCompanies(Accounts)Rules,2014.Statementcontainingsalientfeaturesofthefinancialstatementofsubsidiaries/associatecompanies/jointventures)
Part“A”:Subsidiaries
SlNoNameoftheSubsidiaryReportingCurrencyandExchangerate
asonthelastdateoftheFinancialYear
Share
Capital
Reserves
&Surplus
Total
Assets
Total
Liabilities
Investments
(a)
TurnoverProfitbefore
taxation
Provisionfor
taxation
Profitafter
taxation
Proposed
Dividend
%of
Shareholding
1TCIGlobal(Thailand)Co.Ltd.THB1=1.8756131.89(31.73)0.380.22Nil0.003.030.003.03Nil100%
2TCIGlobalPteLtd.SGD1=49.0163102.56(103.02)72.1372.58Nil0.00(3.69)0.00(3.69)Nil100%
3TCIGlobalLogistikGmbHEUR1=75.05731.88(1.88)0.000.00Nil0.004.900.004.90Nil100%
4TCIHoldingsAsiaPacificPte.Ltd.SGD1=49.0163326.70(55.04)271.990.34Nil0.00(21.90)0.00(21.90)Nil100%
5TCIGlobalBrazilLogisticaLtdaBRL1=18.37955.12(3.77)35.6834.32Nil0.00(8.85)0.00(8.85)Nil100%
6TCIHoldingsNetherlandsB.V.EUR1=75.057330.57(27.01)28.5624.99Nil0.00(13.43)0.00(13.43)Nil100%
7TCIHoldingsSA&EPTELTDSGD1=49.016327.41(3.88)27.273.74Nil0.00(1.42)0.00(1.42)Nil100%
8TCIGlobal(Shanghai)Co.Ltd.CNY1=10.246651.57(45.64)19.2013.27Nil0.00(0.29)0.00(0.29)Nil100%
9PT.TCIGlobal,IndonasiaIDR1=0.004984-(4.01)0.204.21Nil2.61(3.56)0.00(3.56)Nil48%
10PT.TCIGlobalIDR1=0.00498424.26(49.90)1.8427.48Nil0.00(33.32)0.00(33.32)Nil100%
11
TCI-CONCORMultimodalSolutions
Pvt.Ltd.
70.008.94301.82222.88Nil1304.8111.262.818.46Nil51%
(a)Excludinginvestmentinsubsidiaries
(b)Theannualaccountsofsubsidiariesandstepdownsubsidiarieswithrelateddetailedinformationareavailableforinspectionbythemembersattheregistered/corporateofficeofthecompany
RinMillions
RinMillions
Part“B”:AssociatesandJointVentures
Persuanttofirstprovisotosub-section(3)ofsection129readwithrules5ofCompanies(Accounts)Rules,2014
SlNoNameofJointVenture
1.Latestaudited
BalanceSheetDate
2.SharesofAssociate/JointVenturesheldby
thecompanyontheyearend
3.Descriptionofhow
thereissignificant
influence
4.Reasonwhythe
associate/jointventureis
notconsolidated
5.Networthattributableto
Shareholdingasperlatest
auditedBalanceSheet
6.Profit/Lossfortheyear
No.
AmountofInvestmentin
Associates/JointVenture
Extendof
Holding%
Consideredin
Consolidation
NotConsideredin
Consolidation
1TransystemLogistics
InternationalPvt.Ltd.
31.03.20163.9239.250%N.A.N.A.612115.75120.47
2TCITransportationCompany
NigeriaLtd(a)
31.03.2016516.850%N.A.N.A.193.263.26
(a)FiguresofTCITransportationCompanyNigeriaLtdtranslatedatexchangerateason31st
March,2016asNGN1=Rs0.3328
IntermsofourReportofevendate ForandonbehalfoftheBoard
ForRSAgarwala&Co SMDatta OSwaminathaReddy DPAgarwal VineetAgarwal
CharteredAccountants Chairman Director ViceChairman& ManagingDirector
FirmRegnNo.304045E ManagingDirector
RSAgarwala ChanderAgarwal ArchanaPandey AshishTiwari
Partner Director ComapanySecretary& GroupCFO
MembershipNo.005534 ComplianceOfficer
Camp:Hyderabad Place:Hyderabad
Date:18th
August,2016 Date:18th
August,2016

Tci annual report_2015-16

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