Chartered Logistics Limited
Yours Directors are pleased to present the 20th Annual Report together withthe Audited Accounts of the Company for the year ended on 31st March 2015.
1. Financial summary or highlights/Performance of the Company (Standalone)
The Board's Report shall be prepared based on the stand alone financial statements ofthe company.
| || ||(Rs. in lakhs) |
| ||31/03/2015 ||31/03/2014 |
|Gross Income ||17887.10 ||16393.43 |
|Profit Before Interest and Depreciation ||1710.82 ||1352.64 |
|Interest & Finance Chrges ||978.19 ||1168.86 |
|Depreciation ||713.21 ||1092.86 |
|Profit Before Tax ||19.42 ||(909.08) |
|Provision for Tax ||2.57 ||0 |
|Less:Deferred Tax Credit ||141.03 ||85.45 |
|Add:Mat Credit entitlement ||0 ||0 |
|Profit/Loss After Tax ||361.15 ||(823.63) |
|Excess/Short Provision of earlier year ||0 ||0 |
|Net Profit ||361.15 ||(823.63) |
2. Brief description of the Company's working during the year/State of Company's affair
Your company's operational and financial performance has inclined during the financialyear 201415 as compared to previous year During the year company has reported total incomeof Rs. 17887.10 Lakhs against total income of Rs. 16393.23 lakhs in theprevious year. Profit before tax (PBT) has been reported at Rs. 19.42 lakhs in thecurrent year as against Profit before tax (PBT) of Rs(909.08) lakhs in the previous year.The net profit after tax for the current year 2014-15 is 361.15 lakhs as compared to(823.63)lakhs in the previous year.
3. FUTURE OUTLOOK
Your company is striving hard and is confident of growth prospects going forward. Thesteps which are being taken by the government for developing infrastructure for logisticsand the increasing demand and importance of logistic services will also help the companyin achieving its business goals which will not only increase our profit margins but alsowill enhance the value for our stakeholders.
4. Stock Exchange
The company's shares are listed on Bombay Stock Exchange Limited (BSE) the company haspaid necessary listing fees for the year 2014-2015
5. Particulars of Loans guarantees & Investment
Loans Guarantees & investment under Section 186 of Companies Act2013 form part ofnotes to financial statement provided in this Annual Report.
6. CONTRACTS OR ARRANGEMENTS MADE WITH THE RELATED PARTIES
The particulars of every contracts or arrangement entered in to by the Company withrelated party refer to sub section 188 of Companies Act 2013 are disclosed in form AOC-2
7. Fixed Deposits
The company has not accepted any fixed deposits and as such no amount of principal orinterest was outstanding as of Balance sheet date.
8. BUSINESS STRATEGY
We have introduced a number of strategic initiatives during the year to spuroverall growth and productivity in the Company. The following are some of the broad areascovered by these initiatives:
Cost optimization: A series of measures have been initiated to yield highlevels of cost optimization. These include focusing on location Optimization deployingpeople in the right jobs and eliminating unnecessary costs.
Enhancing sales productivity: We are focusing on reinvigorating our salesteams and enabling them with better systems training and processes. We have made allbranches of the company online located at the various locations of the country. This helpus in getting the MIS Report daily from all branches which enable us to focus andimproving the sales productivity of all branches thereby winning large revenue for thecompany
Improving Service effectiveness: Our delivery services have always beenof a high order and we want to re-focus on strengthening it further.
During the year Mr.Ajay Shah has resigned dated 14th day of February 2015 from theoffice. The Board records its sincere appreciation of valuable services by Mr.Ajay Shahduring the year.
As per the provisions of Section 149 of the Companies Act 2013Ms.Nisha Makwana wasappointed as the Women Director (Additional Director).Ms.Nisha Makwana was appointed as anadditional director of the company as per section 161 of Companies Act 2013 with effectfrom 16th Day of September 2014 on the Board of the Companybe and is hereby appointed asthe director of the company.
During the year Mr.Mohib Khericha has tendered his resignation on 14th March 2015.
As per the provisions of the Companies Act 2013 Mr. Lalit Kumar Gandhi will retire inthe ensuing AGM as Managing Director and offers himself for re-appointment. The Board ofDirectors recommends his re-appointment.
As per the provisions. Mr. Harsh Gandhi retires by rotation and offers himself forre-appointment. The Board of Directors recommends his re-appointment.
As per the privisions Mr. Sandip Shah was appointed as independent director of theCompany
As per the provisions Ms.Nirzari Shah has been appointed as additional non-executiveindependent director who retires at enduing AGM and being eligible offers themselves forre-appointment be considered by shareholders for re-appointment for term upto consecutive5 years.
10. CORPORATE SOCIAL RESPONSIBILITY
As per section 135 of the Companies Act 2013 all companies having net worth of Rs.500crore or more or turnover of Rs. 1000 crore or more or a net profit of Rs.5 crore ormore during any financial year will be required to constitute a corporate socialresponsibility (CSR) committee of the Board of Directors and spend at least 2%of its average profits of immediately 3 preceding years on such policy every year.
The provisions of corporate social Responsibility are not applicable on the company andwe are not required to constitute the corporate social responsibility (CSR) committee.
11. Directors Responsibility Statement.
As per the Section 134(5) of Companies Act 2013the Board hereby submits itsresponsibility statement. The company prepares its financial statement in accordance withGAAP.
a) in preparation of annual accounts the applicable accounting standards have beenfollowed along with proper explanation relating to material departures.
b) the directors had selected such accounting policies and applied them-consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for that period:
(c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively
(f) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
All the properties of the company have been adequately insured.
The company has no subsidiary company
14. Number of Board Meetings Conducted During The Year Under Review
The Company had 5 Board meetings during the financial year under review.
15. Declaration of Independent Directors
The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules.
16. Statutory Auditors
M/s Vidya & Co. Chartered Accountants Ahmedabad were appointed as StatutoryAuditors General The Company has received a certificate from the above Auditors to theeffect that if they are reappointed it would be in accordance with the provisions ofSection 141 of the Companies Act 2013. The notes to the accounts referred to in theAuditors Reports are self explanatory and therefore do not call for any furthercomments.
17. Extracts of Annual Return
The Extract of Annual Return in form MGT-9 as per section 92(3) of Companies Act 2013duly certified by Practicing Company Secretary is annexed hereto and forms the part ofthis report.
18. Particulars Required to be Furnished by The Companies (Disclosure of Particularsin The Report of The Board of Directors) Rules 1988:
The Company has no activities relating to conservation of energy or technologyabsorption. There has been no foreign exchange earning or outgo during the year underreview
19. Secretarial Auditor
Ms.Anamika JajooPracticing Company Secretary was appointed as the Secretarial auditoras required under Section 204 of the Companies Act 2013
20. Particulars of Employees Covered Under The (Particulars of Employees) Rules1975
The company does not have any employee in the category as specified under Section 217(2A) of the Companies Act 1956
21. Obligation of Company Under The Sexual Harassment of Woman at Workplace(Prevention Prohibition And Redressal) ACT 2013
In order to prevent sexual harassment of women at work place a new act The SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 hasbeen notified on 9th December 2013. Under the said Act every company is required to setup an Internal Complaints Committee to look into complaints relating to sexual harassmentat work place of any women employee.
Company has adopted a policy for prevention of Sexual Harassment of Women at workplaceand has set up Committee for implementation of said policy. During the year Company hasnot received any complaint of harassment.
22. Green Initiatives
As per the Green initiative of Ministry of Corporate affairs (MCA) Electronic copies ofthe Annual Report 2015 and Notice of the 20th AGM are sent to all members whose emailaddresses are registered with the Company / Depository Participant(s). For members whohave not registered their email addresses physical copies of the Annual Report 2015 andthe Notice of the 20th AGM are sent in the permitted mode. Members requiring physicalcopies can send a request to the Company Secretary
Your Directors thank their customers vendors investors and bankers for theircontinued support during the year. We place on record our appreciation of the contributionmade by our employees at all levels. Our consistent growth was made possible by their hardwork solidarity; cooperation and support . We also thank the Government of Indiaparticularly the Ministry of Corporate Affairs the Income Tax Department and othergovernment agencies for their support and look forward to their continued support in thefuture.
| ||For and on behalf of Board of Directors |
| ||Sd/- |
|Place: Ahmedabad ||Lalit Kumar Gandhi |
|Date: May 30th 2015 ||(Managing Director) |