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Jet Freight Logistics Ltd.

BSE: 543420 Sector: Others
NSE: JETFREIGHT ISIN Code: INE982V01025
BSE 00:00 | 04 Jul 28.20 1.30
(4.83%)
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28.20

HIGH

28.20

LOW

27.95

NSE 00:00 | 04 Jul 27.45 0.50
(1.86%)
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28.25

HIGH

28.25

LOW

26.35

OPEN 28.20
PREVIOUS CLOSE 26.90
VOLUME 3405
52-Week high 47.18
52-Week low 20.50
P/E 23.31
Mkt Cap.(Rs cr) 65
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 28.20
CLOSE 26.90
VOLUME 3405
52-Week high 47.18
52-Week low 20.50
P/E 23.31
Mkt Cap.(Rs cr) 65
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jet Freight Logistics Ltd. (JETFREIGHT) - Director Report

Company director report

Dear Members

The Directors have pleasure in presenting this 15th AnnualReport on the affairs of the Company together with the Audited Statement of Accounts forthe Financial Year ended on 31st March 2021. The consolidated performance ofthe Company and its subsidiaries has been referred to wherever required.

FINANCIAL HIGHLIGHTS/ PERFORMANCE OF THE COMPANY:

The financial results for the year ended 31s' March 2021and the corresponding figures for the last year are as under: -

(Rs. in lakhs)

Particulars Consolidated Standalone
Financial Year 2020-2021 Financial Year 2019-2020 Financial Year 2020-2021 Financial Year 2019-2020
Total Income (Gross) 35242.23 30418.48 34735.15 30046.33
Less : Expenses -34448.03 30885.32 -33915.03 -30351.80
Profit before interest Depreciation and Tax 794.2 -466.84 820.12 -305.47
Less : Interest -400.23 445.74 -388.01 435.64
Profit before Depreciation and Tax 393.97 -912.58 432.11 -741.11
Less : Depreciation -131.13 129.54 127.30 -126.60
Profit before Tax 262.83 -1042.11 304.81 -867.70
Less : Provision for Taxation -183.78 -13.30 -186.95 -10.76
Profit after Tax 446.61 -1028.82 491.76 -856.94
Add : Balance B/F from Previous Year 804.02 1799.47 566.34 1423.29
Less: Transfer to Contingency Reserve 500.00 -- 500.00 --
Balance at the closing of the year 750.63 770.65 558.10 566.34
Contingency Reserve:
Add: Transfer During the Year 500.00 -- 500.00 --
Less: Utilized during the year -479.38 -- -479.38 --
Opening Reserve & surplus foreign currency translation Reserve -7.99 33.37 -- --
Foreign Currency Translation Reserve -2.10 -- -2.10 --
APPROPRIATIONS:
Transfer to General Reserve -- -- -- --
Balance carried to Balance Sheet 761.16 804.02 576.62 566.34

IMPACT ON BUSINESS OWING TO COVID-19 PANDEMIC:

CoVID-19 Pandemic continued to impact the operations of the companyduring the FY 2020-2021. The business was almost standstill during 1st quarter. Butgradually with lifting off restrictions on cargo movement globally from 2nd quarteronward it has shown improvement. Due to scarcity of supply the freight rates have skyrocketed which helped the company in achieving moderate growth of 15% in its top line. Thecompany has also initiated various majors of cost reduction like reducing wage costpartial lay off and overall reduction in operating administrative costs. This has helpedin achieving reasonable PBT level. The company is currently facing challenges of 2ndwaive of CoVID-19 which has started from March 2021. But with its proven experience ofmanaging business during last financial year it is confident to tide over any suchsituation which may have an adverse impact.

OVERVIEW OF AIR CARGO:

In April 2020 extensive lockdowns and stay-at-home orders in most ofthe world kept manufacturing activity at low levels. The global manufacturing PurchasingManagers' Index (PMI) dived to levels last seen in early 2009 - after briefly improving inMarch - driven by the EU and Japan indices among others. On the brighter side the US PMIlifted off the bottom in May and the China index trended in values consistent withexpanding manufacturing output (in month-on month terms) for the second consecutive month.

With CoVID-19 having reached most regions of the world lockdowns andtravel restrictions were widespread in April 2020. This has depressed manufacturingactivity and goods demand as well as affected cargo capacity. As a result industry-widecargo tonne- kilometres (CTKs) contracted 27.7% year-on-year. This is the sharpest fall inthe history of our industry-wide series started in 1990 worse than declines seen duringthe Global Financial Crisis (e.g. - 23.9% in January 2009).

Global cargo volumes reached the highest level in the history of ourtime series in March although their growth softened modestly compared with February.Industry-wide cargo tonne-kilometres (CTKs) rose by 4.4% vs. the pre-crisis levels and by0.4% month-on- month.

Global air cargo volumes reached an all-time high in March 2021 amidan improving macroeconomic backdrop. Industry-wide cargo- tonne-kilometres (CTKs) pickedup by 4.4% compared with the pre-crisis level in March 2019 and by 0.4% month-on-month(blue line in Chart 1). Although this represents a slower rate of expansion vs. February(up 9.2% vs. 2019 1.8% m-o-m) it is still a robust outcome compared to what was seenduring 2020. The surveys indicate that the global demand for exports has been recoveringas countries emerge from lockdowns and business activity restarts.

DEALING WITH BANKS AND FINANCIAL INSTITUTIONS:

The Company had a cordial relationship with the bankers during the yearwhereby the required support in terms of enhancement in the working capital limits wasadequately provided by the bankers. Multiple banking arrangements was entered into duringthe year in order to diversify the sources of funding required for growth. All the banksi.e Kotak Mahindra Bank Limited State Bank of India and Deutsche Bank AG are keen insupporting our future growth and would standby us in terms of their commitment to be avalued stakeholder of our company. The Company is thankful to the Bankers for extendingadditional support by providing credit facilities in addition to the existing one formeeting the need of funds due to liquidity crunch faced by the Company during the periodof CoVID-19 Pandemic.

TRANSFER TO RESERVES:

The Company has made no transfer to reserves for the Financial Year2020-2021.

DEPOSITORY SYSTEM:

The Company's equity shares are available for dematerialization throughNational Securities Depository Limited and Central Depository Services India Limited.

CHANGE IN THE NATURE oF BUSINESS:

During the year under review there were no material changes in thenature of business of the company. wholly owned SUBSIDIARIES:

The Company has 2 wholly owned subsidiaries as on March 31 2021. Thereare no associates or joint venture companies within the meaning of Section 2(6) of theCompanies Act 2013 ("Act"). There has been no material change in the nature ofthe business of the subsidiaries.

The Company has incorporated its two Wholly Owned Subsidiary (WOS) -Jet Freight Logistics FZCO on 01.04.2018 & Jet Freight Express Private Limited on17.06.2018.

Pursuant to the provisions of Section 129(3) of the Act a statementcontaining the salient features of financial statements of the Company's subsidiaries inForm AOC-1 is attached to the financial statements of the Company.

Further pursuant to the provisions of Section 136 of the Act thefinancial statements of the Company consolidated financial statements along with relevantdocuments and separate audited financial statements in respect of subsidiaries areavailable on the website of the Company http://www.ietfreight.in/investor-relations.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL:

• The Composition of Board of Directors and the details of KeyManagerial Personnel for the Financial Year 2020-2021 are as follows:

Sr. No Name of the Person Category With effect from and Tenure
1 Mr. Richard F Theknath Managing Director & Key Managerial Personnel 20.06.2016 - for a period of 5 years
2 Mr. Dax F Theknath Whole-Time Director & Key Managerial Personnel 20.06.2016 - for a period of 5 years
3 Mrs. Agnes F Theknath Non -Executive Director 26.09.2012
7 Ms. Kamalika Guha Roy Independent Director 13.09.2019- for a period of 5 years.
9 Dr. Yasho Verdhan Verma Independent Director 09.03.2020 - for a period of 5 years.
11 Mr. Prasad Prabhakar Gothivarekar Chief Financial Officer (Key Managerial Personnel) Resigned wef May 31 2021..
13 Ms. Shraddha P Mehta Company Secretary & Compliance Officer (Key Managerial Personnel) 19.07.2016
14 Rex Quality Products Private Limited Related Party AAFCC7118P
15 Jet Logistix (OPC) Private Limited Related Party AADCJ8246M
16 Jet Freight Express Private Limited Related Party AAECJ2839D
17 Jet Freight Logistics FZCO Related Party --
18 R2D Freight Private Limited Related Party AAJCR5140G

• Retire by Rotation:

Pursuant to the provisions of section 152 of the Companies Act 2013the office of Mr. Dax F Theknath (DIN: 01338030) Director is liable to retire by rotationat this Annual General Meeting and being eligible he has offered himself forre-appointment. Accordingly the proposal for his re-appointment has been included in theNotice convening the Annual General Meeting of the Company.

A brief resume of directors seeking appointment/re-appointmentconsisting nature of expertise in specific functional areas and name of companies in whichthey hold directorship and/or membership/ chairmanships of committees of the respectiveBoards shareholding and relationship between directorship inter-se as stipulated underReg. 36(3) of the SEBI (LODR) Regulations 2015 are given in the section of notice of AGMforming part of the Annual Report.

• Cessation:

Mr. Prasad Prabhakar Gothivarekar resigned wef May 31 2021 as a ChiefFinancial Officer (Key Managerial Personnel) of the Company. The contribution of Mr.Prasad Prabhakar Gothivarekar to the welfare and growth of the company was acknowledgedand placed on record by the Board of Directors of the Company.

• Appointment:

The Board at its meeting held on June 20 2016 approved theappointment of Mr. Richard Francis Theknath as Managing Director of the Company witheffect from June 20 2016 for a period of five years and approved payment of remunerationto him. The tenure expired on June 19 2021 and Mr. Richard was reappointed at the Meetingof the Board of Directors of the Company held on March 04 2021 for further period of fiveyears from June 20 2021 till June 19 2026 subject to the approval of the shareholderson the recommendation of the Nomination & Remuneration Committee.

The Board at its meeting held on June 20 2016 approved theappointment of Mr. Dax Francis Theknath as Whole-Time Director of the Company with effectfrom June 20 2016 for a period of five years and approved payment of remuneration to him.The tenure expired on June 19 2021 and Mr. Dax was reappointed at the Meeting of theBoard of Directors of the Company held on March 04 2021 for further period of five yearsfrom June 20 2021 till June 19 2026 subject to the approval of the shareholders on therecommendation of the Nomination & Remuneration Committee.

COMMITTEES OF THE BOARD:

I. The Board has constituted various committees in accordance with theprovisions of the Companies Act 2013 the details of which are given as under:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee.

1. Audit Committee :

The Company had initially constituted an Audit Committee as per theprovisions of Section 177 of the Companies Act 2013 vide resolution passed in themeeting of the Board of Directors held on July 25 2016.

The committee presently comprises the following three (3) directors:

Composition of Audit Committee:

Name of the Director Status Nature of Directorship
Ms. Kamalika Guha Roy Chairman Independent Director
Dr. Yasho Verdhan Verma Member Independent Director
Mrs. Agnes Francis Theknath Member Non-Executive Director

During the Financial Year 2020-2021 the Audit Committee of the Boardof Directors met Four times viz. on 17.07.2020 27.08.2020 10.11.2020 and 04.03.2021.

During the year under review there were no instances when therecommendations of the Audit Committee were not accepted by the Board.

2. Nomination and Remuneration Committee

The Company has constituted a Nomination and Remuneration Committee.The constitution of the Nomination and Remuneration Committee as per the provisions ofSection 178 of the Companies Act 2013 was approved by a Meeting of the Board of Directorsheld on July 25 2016.

The Board has framed the Nomination & Remuneration Committee whichensures effective compliances as mentioned in section 178 of the Companies Act 2013.

Composition of Nomination and Remuneration Committee:

Name of the Director Status Nature of Directorship
Ms. Kamalika Guha Roy Chairman Independent Director
Dr. Yasho Verdhan Verma Member Independent Director
Mrs. Agnes Francis Theknath Member Non-Executive Director

During the Financial Year 2020-2021 the Nomination and RemunerationCommittee of the Board of Directors met one times viz. on 04.03.2021.

3. Stakeholders Relationship Committee

The Company has constituted a Stakeholder's Relationship Committee toredress the complaints of the shareholders. The Stakeholder's Relationship Committee wasconstituted as per the provisions of Section 178(5) of the Companies Act 2013 videresolution passed at the meeting of the Board of Directors held on October 23 2016.

Composition of Stake holder's Relationship Committee:

Name of the Director Status Nature of Directorship
Mrs. Agnes Francis Theknath Chairperson Non-Executive Women Director
Ms. Kamalika Guha Roy Member Independent Director
Mr. Dax Francis Theknath Member Whole-Time Director

During the Financial Year 2020-2021 the Stakeholder's RelationshipCommittee of the Board of Directors met Two times viz. on 17.07.2020 and 10.11.2020.

4. Corporate social Responsibility Committee:

The Company has constituted a Corporate Social Responsibility (CSR)Committee as per the provisions of Section 135 of the Companies Act 2013 videresolution passed in the meeting of the Board of Directors held on February 28 2018.

The committee presently comprises the following three (3) directors:

Composition of CSR Committee:

Name of the Director Status Nature of Directorship
Mr. Dax Francis Theknath Chairman Whole-Time Director
Ms. Kamalika Guha Roy Member Independent Director
Dr. Yasho Verdhan Verma Member Independent Director

During the Financial Year 2020-2021 the Corporate SocialResponsibility Committee of the Board of Directors met once viz. on 10.11.2021.

II. the Board constitutes additional functional committees from timeto time depending upon the business needs. CREDIT rating oF THE CoMPANY:

In April 2020 your company has received CRISIL BBB- /Stable(Reaffirmed) rating from CRISIL on its Long Term Bank Facilities and cRiSIL A3(Reaffirmed) on its Short Term Bank Facilities in the FY 2020-2021.

material changes between the end of financial year and date of theboard report:

The following activities have been carried out by the Company from theend of the Financial Year till the date of signing of the Directors Report affecting thefinancial position of the Company detailed as under -:

• The Company has incorporated a WOS-Jet Freight Logistics BV inRotterdam Netherlands and registered with Netherlands Chamber of Commerce on April 222021.

• The Company made a capital expenditure by purchasing a premiseslocated next to the present registered office address admeasuring 1715 square feet andvaluing Rs. 39000000.

VIGIL MECHANISM:

A fraud and corruption free environment in a company is the objectiveand in view of that a Vigil Mechanism (Whistle Blower) Policy has been adopted by theBoard for directors and employees which is uploaded on the website of the companywww.ietfreiqht.in pursuant to the provisions of section 177(9) & (10) of the CompaniesAct 2013. No complaint of this nature has been received by the Audit Committee during theyear under review.

ANNUAL RETURN:

The Annual Return for financial year 2020-21 as per provisions of theAct and Rules thereto is available on the Company's website athttps://www.ietfreiqht.in/wp-content/uploads/2021/07/MGT-7-Annual-Retum-for-the-FY-2020-2021.pdf

STATUTORY AUDITOR:

The Members of the Company at their 13th Annual General Meeting held onSeptember 12 2019 appointed M/s S. C. Mehra & Associates LLP (R. No. 106156W/W100305) Statutory Auditors of the Company for the another period of five years i.e.commencing from the conclusion of the 13th AGM till the conclusion of 18th Annual GeneralMeeting.

M/s. S. C. Mehra & Associates LLP has audited the book of accountsof the Company for the Financial Year ended March 31 2021 and have issued the Auditors'Report thereon. There are no qualifications or reservations or adverse remarks ordisclaimers in the said Report.

In terms of the provisions relating to statutory auditors forming partof the Companies Amendment Act 2017 notified on May 07 2018 ratification of appointmentof Statutory Auditors at every AGM is no more a legal requirement. Accordingly the Noticeconvening the ensuing AGM does not carry any resolution on ratification of appointment ofStatutory Auditors.

' AUDITORS'S REPORT:

The report of the Statutory Auditors on Standalone & ConsolidatedFinancial Statements forms a part of the Annual Report. There are no specificationsreservations adverse remarks on disclosure by the Statutory Auditors in their report.They have not reported any incident of fraud to the Audit Committee of the Company duringthe year under review.

SECRETARIAL AUDITOR:

Section 204 of the Companies Act 2013 inter-alia requires every listedcompany to annex with its Board's report a Secretarial Audit Report given by a CompanySecretary in practice in the prescribed form. The Board appointed Parikh & Associates(Registration No. P1988MH009800) Practicing Company Secretaries as Secretarial Auditorto conduct Secretarial Audit of the Company for the Financial Year 2020-2021 and theirreport is annexed to this report as 'Annexure-A'.

There are no qualifications or reservations or adverse remarks ordisclaimers in the said Report.

The Board has also appointed Parikh & Associates as SecretarialAuditor to conduct Secretarial Audit of the Company for Financial Year 2021-2022.

internal financial control with reference TO financial statements

The Company has adequate financial control procedure commensurate withits size and nature of business. These controls include well defined policies guidelinesstandard operating procedure authorization and approval procedures. The internalfinancial control of the company are adequate to ensure the accuracy and completeness ofthe accounting records timely preparation of reliable financial information preventionand detection of frauds and errors safeguarding of the assets and that the business isconducted in an orderly and efficient manner.

DEPOSITS:

The Company has not invited/ accepted any deposits from the publicduring the year ended March 312021. Hence there were no unclaimed or unpaid deposits ason March 31 2021.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

During the year under review there has been no such significant andmaterial orders passed by the regulators or courts or tribunals impacting the goingconcern status and company's operations in future.

CORPORATE SOCIAL RESPONSIBILITY:

The Company has in place a CSR policy which provides guidelines toconduct CSR activities of the Company. The CSR policy is available on the website of theCompany www.jetfreight.in. During the year under review the Company has spent an amountof Rs. INR 3.45 Lakhs on CSR activities in the focused areas such as gender equalityeducation aiding pregnant women through a Registered Trust named The Saved PearlFoundation. The Annual Report on CSR activities in terms of Section 135 of the CompaniesAct 2013 ('Act') is annexed to this report (Annexure B).

During the Financial Year 2020-2021 the Committee met one time viz. onNovember 10 2020.

NUMBER OF MEETING OF THE BOARD:

During the Financial Year 2020-2021 the Board of Directors met fourtimes viz. on 17.07.2020 27.08.2020 10.11.2020 and 04.03.2021.

THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITSSUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE FINANCIAL YEAR 2020-2021:

The Company does not have any Subsidiaries Joint Ventures or Associatecompanies during the financial year 2020-2021 except for the WOS as mentioned above inthis report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under section 134(3)(c) of the CompaniesAct 2013 with respect to Directors' Responsibility Statement it is hereby confirmedthat:

(i) in the preparation of the annual accounts for the financialyear ended 31st March 2021 the applicable accounting standards read with requirementsset out under Schedule III to the Act have been followed along with proper explanationrelating to material departures;

(ii) the Directors have selected such accounting policies andapplied them consistently and made judgments and estimates that are reasonable and prudentso as to give a true and fair view of the state of affairs of the company as at March312021 and of the profit and loss of the company for that period;

(iii) the Directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the company and for preventing anddetecting fraud and other irregularities;

(iv) the Directors have prepared the annual accounts on a goingconcern basis;

(v) the Directors have laid down internal financial controls to befollowed by the company and that such internal financial controls are adequate and wereoperating effectively.

(vi) the Directors have devised proper systems to ensure compliancewith the provisions of all applicable laws and that such systems were adequate andoperating effectively.

RISK MANAGEMENT:

The Company has developed and implemented a Risk Management Policywhich identifies major risks which may threaten the existence of the Company. The same hasalso been adopted by our Board and is also subject to its review from time to time. Riskmitigation process and measures have been also formulated and clearly spelled out in thesaid policy.

A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDERSUB-SECTION (6) OF SECTION 149 OF THE COMPANIES ACT 2013:

The Company has received necessary declarations from Ms. Kamalika GuhaRoy Dr. Yasho Verdhan Verma Independent Directors of the company pursuant to therequirement of section 149(7) of the Companies Act 2013 that they fulfil the criteria ofindependence laid down in section 149(6) of the Companies Act 2013.

Further in terms of Section 150 of the Companies Act 2013 read withRule 6 of the Companies (Appointment and Qualification of Directors) Rules 2014 asamended Independent Directors of the Company have included their names in the data bankof Independent Directors maintained with the Indian Institute of Corporate Affairs.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDINGCRITERIA FOR DETERMINING QUALIFICATIONS POSITIVE ATTRIBUTES INDEPENDENCE OF A DIRECTORAND OTHER MATTERS PROVIDED UNDER SUB-SECTION (3) OF SECTION 178:

A policy known as "Appointment criteria for Directors &Senior Management and their Remuneration Policy" approved by the Nomination andRemuneration Committee and Board is followed by the Company on remuneration of Directorsand Senior Management employees as required under Section 178(3) of the Companies Act2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules 2014. ThePolicy aims at attracting and retaining high caliber personnel from diverse educationalfields and with varied experience to serve on the Board for guiding the Management team toenhanced organizational performance.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OFTHE COMPANIES ACT 2013:

Particulars of loans given investments made guarantees given andsecurities provided along with the purpose for which the loan or guarantee or security isproposed to be utilized by the recipient under the provisions of Section 186 of theCompanies

Act 2013 read with the Companies (Meetings of Board and its Powers)Rules 2014 amended from time to time are forming part of the notes to the financialstatements provided in this Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERREDTO IN SUB-SECTION (1) OF SECTION 188 OF THE COMPANIES ACT 2013:

The particulars of material contracts or arrangements made with relatedparties referred to in section 188(1) of the Companies Act 2013 in the prescribed formAOC-2 is appended as ‘Annexure C' to the Boards' Report.

PARTICULARS OF EMPLOYEE:

Details in terms of the provisions of Section 197 of the Companies Act2013 read with Rule 5(2) of the Companies (Appointment and Remuneration) Rules 2014 thenames and other particulars of the employee are appended as 'Annexure D' to theBoards' Report.

The ratio of remuneration of each Director to the median employee'sremuneration and other details in terms of Section 197(12) of the Companies Act 2013 readalong with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 is annexed herewith as 'Annexure D' and forms part of thisReport.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNINGS AND OUTGO:

The information under Section 134(3)(m) of the Companies Act 2013 readwith Rule 8(3) of the Companies (Accounts) Rules 2014 for the year ended March 31 2020is given below:

A. Conservation of Energy:

i) The steps taken or impact on conservation of energy:

The operations of the Company do not involve high energy consumption.However the Company has for many years now been laying great emphasis on the Conservationof Energy and has taken several measures including regular monitoring of consumptionimplementation of viable energy saving proposals improved maintenance of systems etc.

ii) The steps taken by the Company for utilizing alternate sources ofenergy: Nil

iii) The capital investment on energy conservation equipments: Nil

B. Technology Absorption:

i) The efforts made towards technology absorption : Nil

ii) The benefits derived like product improvement cost reductionproduct development or import substitution: Nil

iii) In case of imported technology (imported during the last threeyears reckoned from the beginning of the Financial Year):

a) the details of technology

b) the year of Import

c) whether the technology been fully absorbed Nil

d) If not fully absorbed areas where this has not taken placereasons therefore and future plan of action

iv) The expenditure incurred on Research and Development during theyear included in the manufacturing cost.- Nil

C. Foreign Exchange Earnings and Outgo:

(Figures in Rupees)

Particulars 2020-2021 2019-2020
Foreign Exchange Earnings 21491989 102044390
Foreign Exchange outgo 16607623 13267764

FORMAL ANNUAL EVALUATION MADE BY THE BOARD OF ITS OWN PERFORMANCE ANDTHAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

Pursuant to Section 134(3) read with Rule 8(4) of the Companies(Account) Rules 2014 & Section 178(2) of the Companies Act 2013 a formal annualevaluation needs to be conducted by the Board of its own performance and that of itscommittees and individual directors. Schedule IV to the Companies Act 2013 states that theperformance evaluation of Independent Directors shall be done by the entire Board ofDirectors excluding the Director being evaluated.

The Board based on evaluation criteria recommended by the 'Nominationand Remuneration Committee' and 'Code for Independent Directors' evaluated the performanceof Board members.

The Board after due discussion and taking into consideration of thevarious aspects such as Knowledge and skills Competency Financial literacy Attendanceat the Meeting Responsibility towards the Board Qualifications Experience Fulfillmentof

functions assigned to him Ability to function as a team InitiativeAvailability & Attendance Commitment Contribution; expressed their satisfaction withthe evaluation process and performance of the Board.

DISCLOSURES UNDER THE SEXUAL HARRASMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013:

The Company has been employing women employees in various cadres withinits Registered Office and its Branches. The Company has in place a policy against SexualHarassment in line with the requirements of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013. Internal Complaint Committees is set upto redress complaints if received and are monitored on regular basis. During the yearunder review the Company did not receive any complaint regarding sexual harassment.

SECRETARIAL STANDARDS:

The Company has in place proper systems to ensure compliance with theprovisions of the applicable secretarial standards issued by The Institute of CompanySecretaries of India and such systems are adequate and operating effectively

AWARDS & ACHIEVEMENTS:

Your Company has a long list of Awards and Recognition from theAirlines during its long legacy of three decades. The Company has been felicitated atvarious forums by valuable stakeholders in the business. Your Company could not receiveany award during the FY 2020-2021 due to worldwide CoVID-19 Pandemic crises where socialdistancing is utmost important for the safety of the people.

GROSS MARGINS:

Gross margins have increased from 5.39% to 5.95% as compared toprevious year. Low volumes accompanied with increase in the freight rates have dented themargins. Further we have not been adequately incentivized by the airlines due to lowvolumes which would have otherwise directly added to our margins.

ACKNOWLEDGEMENTS

The Directors regret the loss of life due to CoVID-19 pandemic and aredeeply grateful and have immense respect for every person who risked their life and safetyto fight this pandemic.

Your Directors take this opportunity to place on record theirappreciation and sincere gratitude to the Government of India Government of MaharashtraBankers to the Company the Airlines customer its employees/consultants for theirvaluable support and look forward to their continued co-operation in the years to come.

Your Directors acknowledge the support and co-operation received fromthe employees and all those who have helped in the day to day management.

For and on behalf of the Board of Directors
For JET FREIGHT LOGISTICS LIMITED
Richard Theknath Dax Theknath
Place: MUMBAI Managing Director Whole-time Director
Dated: 06.07.2021 DIN : 01337478 DIN:01338030

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