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Starlog Enterprises Ltd.

BSE: 520155 Sector: Others
BSE 00:00 | 30 Sep 12.99 -0.01






NSE 05:30 | 01 Jan Starlog Enterprises Ltd
OPEN 13.25
52-Week high 15.74
52-Week low 8.61
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.25
CLOSE 13.00
52-Week high 15.74
52-Week low 8.61
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Starlog Enterprises Ltd. (ABGHEAVY) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the Thirty Seventh (37th) AnnualReports together with the audited statement of accounts for the financial year ended on31st March 2021.

Financial Results

The performance of the Company for the financial year ended on 31st March2021 on standalone basis is summarized below: ( in Lakhs)

2020-21 2019-20
Gross Receipts 2539.05 2817.06
Gross Profit before Interest and Depreciation 1049.76 1325.90
Less : Finance Cost 2604.21 2392.53
Less : Depreciation 1128.42 1375.70
Loss Before Tax (2682.87) (2442.33)
Add/(Less): Tax Expense (371.02) (7646.42)
Exceptional Item 0.00 0.00
Loss After Tax (3053.89) (10088.75)
Add : Opening Balance in Profit & Loss Account (17203.30) (7114.55)
Closing Balance of Profit & Loss Account (20257.19) (17203.30)

Brief Profile of the Company

Starlog Enterprises Limited with its humble beginning as a crane rental Company in1983 has rapidly expanded to become one of India's foremost infrastructure solutionproviders. Each of our businesses has been achieving new milestones in efficiencyproductivity and profitability. In the crane rental business Starlog owns and operatingcranes up to 600 MT capacity. There are plans to further enhance the range and limits ofour capacity to meet India's growing needs for energy infrastructure and naturalresources. Starlog on its own and in collaboration with global Port and Logisticproviders has participated in several infrastructure projects all over the country.

Operating Results and Business

During the year under review your Company recorded Gross Receipts of 2539.05 lakhsvis--vis 2817.06 Lakhs in the previous year. Your Company has recorded net loss of3053.89Lakhs vis-a-vis a net loss of 10088.75 Lakhs in the previous financial year.


Your Directors have not recommended any dividend on Equity Shares for the year underreview.

Impact of Covid-19 on Business Outlook

The first and second wave of the Covid-19 pandemic in India and the consequent slowdownin various sectors of industry has had an impact on the flow of business in the currentyear. During the year in review the incidence of COVID-19 developed into a globalpandemic. Due to the worldwide uncertainty caused by COVID-19 and its potential to impactthe Company the Company has put in place mitigation plans to minimize the adverse impacton revenues. However there were circumstances beyond its control at this time it isdifficult to assess with certainty the overall impact that the pandemic will have on theeconomy and the Company. The Company's management under the guidance of Directors aretaking various measures and strategic approaches to ensure that it tides over the currentuncertain times and strengthen the business in the long term. The employees have followedthe protocols and regulations put in place by the concerned governments. There have beendisruptions in day-to-day business due to employees testing positive for Covid-19 and theoffice areas/site areas falling in containment zones from time to time. However theemployees have put in their best efforts to work from home (when necessary) and completetheir assignments and run smooth operations. We hope that the economy and demand for cranerental resumes to pre-covid-19 levels which will have a positive impact on the Company.

Particulars of Loans Guarantees or Investments

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the notes to the Financial Statements.

Significant and Material Orders passed by the Regulators or Courts

During the year under review no significant and material orders were passed by anyregulatory authority or courts.

Extract of Annual Return

Pursuant to Section 134(3) (a) and Section 92(3) of Companies Act 2013 read with Rule12(1) of the Companies (Management and Administration) Rules 2014 the extract of theAnnual Return in form MGT-9 is annexed herewith as "Annexure A" to thisReport. Additionally the Company has also placed a copy of annual return of the financialyear 2020-21 on its website at

Board Meetings and Attendance

Serial No. of meeting Date of meeting Serial No. of meeting Date of meeting
1 08th June 2020 11 07th January 2021
2 29th June 2020 12 12th January 2021
3 04th August 2020 13 22th January2021
4 15th Septemeber 2020 14 25th January 2021
5 23rd September 2020 15 29th January 2021
6 16th October 2020 16 13th February 2021
7 21st November 2020 17 22nd March 2021
8 11th December 2020 18 25th March 2021
9 23rd December 2020
10 02 January 2021

The necessary quorum was present for all the meetings. The maximum interval between anytwo meetings did not exceed 120 days.

Other Additional details of the Directors their meetings attendance etc. have beengiven in the Corporate Governance Report (Annexure -D) which forms a part of thisAnnual Report.

Details of Directors / Key Managerial Personnel Appointed or Resigned During the Year

Pursuant to sub-regulation (1A) of Regulation 17 of the Securities and Exchange Boardof India (Listing Obligations and Disclosure Requirements) Regulations 2015 inserted bythe Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) (Amendment) Regulations 2018 approval of the Members by way of a SpecialResolution is necessary for appointment / continuation of appointment of any Non-ExecutiveDirector who has attained the age of 75 (Seventy Five) years. Hence approval of theMembers sought for the continuation of appointment of Mrs. Kumkum Kamleshkumar Agarwal[Director Identification Number (DIN): 00944021

The Companies Act 2013 requires meeting of Independent Director once in a year withoutpresence of the executive Directors Non-Executive Directors Management or Promoter ofthe Company. During the year under review Independent Directors have met once on08.02.2021.

The Nomination and Remuneration Committee and the Board of Directors have carried outthe annual performance evaluation of all the Directors including Independent DirectorsNon-executive non-Independent Directors and Managing Director and the Board as a whole.

Declaration given by Independent Directors under Section 149(6) of the Companies Act2013

All Independent Directors of the Company have given their respective declaration asrequired under Section 149(7) of the Companies Act 2013 to the effect that they meet thecriteria of independence as provided in Section 149(6) of the Companies Act 2013.

Board Evaluation

Pursuant to the provisions of Companies Act 2013 and SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 the Board has carried out a formal review forevaluation of its own performance and the directors individually. The performance of theBoard was evaluated on the basis of criteria such as the Board composition and structureeffectiveness on processes participation in assessment of annual operating plan risksetc. The individual directors are evaluated on factors like leadership quality attitudeinitiatives and responsibility undertaken decision making commitment and achievementsduring the financial year.

In a separate meeting of Independent Directors performance of Non-IndependentDirectors performance of the Board as a whole and performance of Chairman was evaluated.

Nomination and Remuneration Policy

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The said Nomination & Remuneration Policy is provided under theCorporate Governance Report.

Directors' Responsibility Statements:

Pursuant to the requirements under Section 134(3) (c) of Companies Act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed that:

i) in the preparation of the Annual Accounts for the year ended March 31 2021 theapplicable accounting standards have been followed and there is no material departure fromthe same;

ii) the Directors have 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 as at March 31 2021 and of the loss ofthe Company for the year ended on that date;

iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv) the Directors have prepared the accounts for the year ended on March 31 2021 on agoing concern basis;

v) the internal financial controls were in place and that the financial controls wereadequate and were operating effectively; and

vi) the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

Reporting Of Frauds

Pursuant to the provisions of Section 134(3) (ca) of Companies Act 2013 it is herebyconfirmed that during the year 2019-20 there have been no frauds reported by the auditors.

Auditors' Appointment/Ratification

Further your company has decided further to reappoint M/s. Gupta Rustagi & Co(ICAI Firm Registration NO. 128701W) as statutory auditors for a period of Five (5) yearsfrom conclusion of this Annual general Meeting. The audit fees payable to the statutoryauditors is decided mutually by the Statutory Auditors and the Board of Directors asauthorized by the Members of the Company.

Therefore M/s. Gupta Rustagi & Co (ICAI Firm Registration NO. 128701W) continuesto hold the office as statutory auditors of the company for the year 2021-2022.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed M/s Ritul Parmar Company Secretaries in Practice to undertake the SecretarialAudit of the Company. The Report of the Secretarial Audit Report is annexed herewith as "AnnexureB".

Related Party Transactions

In terms of the SEBI (LODR) Regulations 2015 the Board of Directors of your Companyhas approved Related Party Transactions Policy on dealing with Related Party Transactions.The policy may be accessed at the web-link

All related party transactions are presented to the Audit Committee for approval. Astatement of all related party transactions is presented before the Audit Committee onquarterly basis specifying the nature value and terms and conditions of transactions.Since all related party transactions entered into by the Company were in ordinary courseof business and were on an arms length's basis Form AOC–2 is not applicable toCompany. Further Related Party Transactions / disclosures are detailed in note no. 35 ofthe notes to financial statements.

Business Risk Management

Pursuant to the requirement of Section 134(3) (n) of the Companies Act 2013 a riskmanagement policy has been framed by the Company indicating the identification of riskrelated to the business of the Company which may threaten its existence. This policydefines the risk management approach across the organization at various levels includingdocumentation and reporting.

Vigil Mechanism/Whistle Blower Policy

The Company has framed a Vigil Mechanism Policy to deal with instance of fraud andmismanagement if any. The details of the policy is explained in the Corporate GovernanceReport and also posted on the website of the Company. The Vigil Mechanism enables theDirectors employees and all stakeholders of the Company to report genuine concerns andprovides for adequate safeguards against victimization of person who use Vigil Mechanismand also makes provision for direct access to the Chairman of the Audit Committee.

Committees of The Board

The Details regarding Committees of the Board are mentioned in Corporate GovernanceReport.

Familiarization Programme of Independent Directors

Your Company has framed various programmes to familiarize the Independent Directorswith the Company their roles rights responsibilities in the Company nature of industryin which the Company operates business model of the Company etc. Your Company aims toprovide its Independent Directors insight into the Company to enable them to contributeeffectively. The Company schedules regular meetings for Independent Directors. Duringthese meetings comprehensive presentations are made on the various aspects such asbusiness models new business strategies and initiatives by business leaders riskminimization procedures recent trends in technology changes in domestic/overseasindustry scenario digital transformation and other regulatory regime affecting theCompany. These meetings also facilitate Independent Directors to provide their inputs andsuggestions on various strategic and operational matters directly to the business. Thedetails of the familiarization programme are also available on the website of the Companyat

Consolidated Financial Statements

The Annual Audited Consolidated Financial Statements are based on the FinancialStatements received from subsidiaries as approved by their respective Board of Directorsand have been prepared in accordance with Indian Accounting Standards (Ind AS) which havebeen notified by the Ministry of Corporate Affairs on February 16 2015 and form part ofthis Annual Report.

Corporate Governance

In accordance with Schedule V of SEBI (Listing Obligation and Disclosure Requirements)Regulations 2015 and the provisions of the Companies Act 2013 a separate Section onCorporate Governance Report together with a certificate from the Company's Auditorsconfirming compliance and Management Discussion Analysis Report are forming part of thisAnnual Report.

Material Changes and Commitments

There have been no material changes and commitment affecting the financial position ofthe Company during the financial year 2020-2021.

Report on the Performance and Financial Position of each of the SubsidiariesAssociates and Joint Venture Companies in terms of Rule 8(1) of Companies (Accounts)Rules 2014

In accordance with the provisions of Companies Act 2013 ("the Act") SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 ("ListingRegulations") and Accounting Standard (AS)-21 on Consolidated Financial Statementthe Audited Consolidated Financial Statement forms part of the Annual Report. Thestatement containing the salient features which is required to be given in Form AOC -1 areprovided under notes to the Consolidated Financial Statement of the Company. Hence notrepeated for the sake of brevity. As on 31st March 2021 the Company had thefollowing Subsidiaries / Joint ventures / Associate Company:


The Company has the following subsidiaries:

1. Starlift Services Private Limited

2. Kandla Container Terminal Private Limited

3. Starport Logistics Limited

4. India Ports & Logistics Private Limited (through Starport Logistics Limited)

5. ABG Turnkey Private Limited (through Starport Logistics Limited)

6. Dakshin Bharat Gateway Terminal Private Limited (through of India Ports &Logistics Private Limited

The following are Associates and Jointly controlled venture of the Company:

1. ALBA Asia Private Limited*

2. Haldia Bulk Terminals Private Limited*

3. ALBA Marine Private Limited*

4. Vizag Agriport Private Limited*

5. South West Port Limited

*These entities are Joint ventures between Starport Logistics Limited subsidiary ofthe company and M/s Louis Dreyfus Armateurs SAS ("LDA"). Further details to thesame are given in note no. 35 to the financial statements.

Particulars of Loans Guarantees Or Investments By The Company

The Company has given loans covered under the provisions of Section 186 of theCompanies Act 2013. The details of the loans or investments made by Company are given inthe Notes to the financial statements.

Fixed Deposit

Your Company has not accepted any Fixed Deposits within the meaning of Sections 73 ofthe Companies Act 2013 from the public during the financial year ended on 31stMarch 2021.

Explanation and Comments on Emphasis made by Auditors

The observations made in the Auditors' Report are self-explanatory and therefore do notcall for any further comments.

Disclosure about Cost Audit

Cost Audit is not Applicable to the Company.

Ratios of Remuneration to Each Director

The disclosure pertaining to remuneration and other details as required to be furnishedpursuant to Section 197 (12) read with Rule 5(1) of Companies (Appointment &Remuneration of Managerial Personnel) Rules 2014 are as follows:

a. The ratio of the remuneration of each director to the median remuneration of theemployees of the Company for the financial year ended on 31st March 2021 is 8:1

b. The percentage increase in remuneration of each director Chief ExecutiveOfficer Chief Financial Officer Company Secretary in the financial year -NIL

c. The percentage increase in the median remuneration of employees in the financialyear is NIL

d. The number of contractual & permanent employees on the rolls of Company :One Hundred and Thirty (130)

e. Average percentile increase already made in the salaries of employees other thanthe managerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration: NIL asno increase in remuneration was made to any managerial personnel during the year underreview.

f. Affirmation that the remuneration is as per the remuneration policy of theCompany: The Board of

Director affirms that remuneration is as per the Remuneration Policy of the Company.

The statement containing particulars of top 10 employees and the employees drawingremuneration in excess of limits prescribed under Section 197 (12) of the Act read withRule 5 (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 are attached as "Annexure - E".

Listing With Stock Exchange

The Company confirms that it has paid the Annual Listing fees for the year 2021-2022 toBombay Stock Exchange where the Company's Shares are listed.

Issue of sweat equity shares/issue of shares with differential rights/issue of sharesunder employees stock option scheme.

The Company has not issued any sweat equity shares/ Issue of Shares with DifferentialRights/Issue of Shares under Employee's stock option scheme during the year under reviewi.e 2020-21.

Disclosure on purchase by company or giving of loan by it for purchase of its shares.

The Company has neither purchased nor given any loan to anyone for purchase of itsshares.

Buy Back Of Shares

The Company has not considered any proposal for buyback of shares during the year underreview.

Management Discussion and Analysis

As per the requirement of Regulation 34(2) and 53(f) read with Schedule V of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 the ManagementDiscussion and Analysis of the events which have taken place and the conditionsprevailed during the period under review are enclosed in "Annexure-C" - tothis Report.

Conservation Of Energy Technology Absorption and Foreign Exchange Earnings and Outgo

Considering the nature of business activities being carried out by the Company theDirectors have nothing to report regarding conservation of energy and technologyabsorption required to be furnished pursuant to Section 134(3) (m) of the Companies Act2013 read with Rule 8(3) of The Companies (Accounts) Rules 2014. The information relatedto Foreign Exchange Earnings and Outgo is provided in the Notes to Accounts forming partof the Annual Report.

Disclosures under Sexual Harassment of Women at Workplace (Prevention Prohibition& Redressal) Act 2013

The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013.

The following is a summary of sexual harassment complaints received and disposed offduring the year 2020-21.

No of complaints received : Nil No of complaints disposed off: Nil

Green Initiative

Your Company has taken the initiative of going green and minimizing the impact on theenvironment. The Company has been circulating the copy of the Annual Report in electronicformat to all those Members whose email addresses are available with the Company. YourCompany would encourage other Members also to register themselves for receiving AnnualReport in electronic form.


As the global COVID-19 pandamic continues to put pressure on world economy weacknowledge and thank all at the forefront fighting this pandemaic and risking their livesfor us. Our priority has been the safety of our emmployees customers vendors and stictadherence to government norms.

Your Directors would like to express their sincere appreciation for the support andco-operation extended by bankers financial institutions regulatory bodies governmentauthorities shareholders and specifically the contribution made by the employees of theCompany in the operations of the Company during the year under review. Your Directors lookforward to their continued support.

For and on behalf of Board of Directors

Starlog Enterprises Limited


Saket Agarwal

Managing Director

DIN: 00162608

Place: Mumbai

Date: 08.09.2021