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Tiger Logistics (India) Ltd.

BSE: 536264 Sector: Others
NSE: N.A. ISIN Code: INE906O01011
BSE 00:00 | 24 Mar 365.10 -0.45
(-0.12%)
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365.70

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NSE 05:30 | 01 Jan Tiger Logistics (India) Ltd
OPEN 365.70
PREVIOUS CLOSE 365.55
VOLUME 11844
52-Week high 479.75
52-Week low 148.50
P/E 12.35
Mkt Cap.(Rs cr) 386
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 365.70
CLOSE 365.55
VOLUME 11844
52-Week high 479.75
52-Week low 148.50
P/E 12.35
Mkt Cap.(Rs cr) 386
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tiger Logistics (India) Ltd. (TIGERLOGISTICS) - Director Report

Company director report

Dear Members

The Directors of your Company with immense pleasure presenting the 22nd Annual Reporttogether with the Audited Financial Statements and the Auditors' Report of your Companyfor the Financial Year ended on 31st March 2022. The summarized financial performance forthe year ended 31st March 2022 is as follows:

Financial Performance
(Rs. In Lacs)
Particulars Current Year (2021-22) Previous Year (2020-21)
Net Sales / Income from operations 61510.69 16787.43
Other Income 209.76 138.43
Total Expenditure 57982.27 18037.10
Finance costs 107.37 170.81
Depreciation 79.86 89.14
Profit before taxation 3738.18 (1212.00)
Net Profit/Loss 3353.17 (1072.66)

Operation

During the current Financial Year the Company has achieved a turnover of Rs. 61510.69Lacs as against the turnover of Rs 16787.43 Lacs in the previous year. The Net Profit ofthe company is Rs. 3353.17 Lacs in the current year as against loss of Rs. 1072.66 Lacsin the previous year.

Dividend & Bonus

Your Board of Directors of the Company at their meeting held on 22nd November 2021 hasdeclared an Interim Dividend of Re. 1 per equity share of the face value of Rs.10/- eachi.e.10% for the Financial Year 2021-2022.

Reserves

Details stated in the financial part of the Annual Report.

Change in nature of business if any

During the Financial Year under review there was no change in the business of theCompany or in the nature of business carried by the Company.

Fixed Deposits

The Company has not accepted any Fixed Deposits during the year under review.

Key Developments

During the year under review the Company has made following key developments:

Your company “Tiger Logistics” is all set to launch its cutting-edge pricediscovery and supply chain automation platform. With this new segment Tiger Logisticswill help exporters and importers to instantly book their freight automate theirdocumentation process keep track of their shipments and manage payments all in oneplatform. In the process it will save hours of manual work countless email exchanges andexperience a fully transparent shipping process.

In its first rendition the full-stack platform will offer cross-border solutions forocean and air shipments along with first-mile last-mile delivery and customs clearance.

Highly unorganized the shipping industry is wrought with by industry knowledge andexperience and an accomplished tech partner Tiger is prepared to change this.

Your company has associated with one of the leading global tech leaders to bring thisplatform. It will surely revolutionize the freight industry starting with the Indianmarket and then taking it to other developing nations. Once the pilot is kicked off theplatform will also incorporate cargo insurance and cargo financing among other features soas to become a one-stop solution for all shipping requirements.

“Historically the freight industry has been broken with manually run operations.With this digital transformation Tiger hopes to offer its customers a seamless shippingsolution one that is customer-first and deconstructs the jargon” said Mr. HarpreetSingh Malhotra MD.

Stock Exchange & Listing Fees

The Company's Equity Shares at present are listed at BSE Ltd. Mumbai. It may be notedthat there are no payments outstanding to the Stock Exchange by way of listing fees etc.

Board Of Directors & Key Managerial Personnel

As of 31st March 2022 the Board of Directors of the Company comprises two executiveone non-executive non-independent woman director and three non- executive Independentdirectors in accordance with the terms of the SEBI (LODR) Regulations 2015 and theCompanies Act 2013. They have submitted a declaration that each of them meets thecriteria of independence as provided in Section 149(6) of the Act and there has been nochange in the circumstances which may affect their status as independent director duringthe year.

In accordance with the provisions of Section 152 of the Act read with rules madethereunder and Articles of Association of the Company Mrs. Surjeet Kaur Malhotra (DIN:03094598) is liable toglobally. retire by rotation at the ensuing AGM and being eligibleoffers herself for reappointment.

Audit Committee

The details pertaining to the Composition of Audit Committee is included in theCorporate Governance report which forms part of this Report.

Nomination And Remuneration Committee

The details pertaining to the composition of Nomination and Remuneration Committee isincluded in the Corporate Governance Report which forms part of this report.

Stakeholder Relationship Committee

The details pertaining to the composition of Stakeholder Relationship Committee isincluded in the Corporate Governance Report which forms part of this report.

Corporate Social Responsibility Committee

The details pertaining to the composition of Corporate Social Responsibility Committeeis included in the Annexure II of Director's Report which forms part of this report.

Management Discussion And Analysis

The Management Discussion and Analysis Report for the year under review as stipulatedunder the SEBI Listing Regulations is presented in a section forming part of this AnnualReport.

Internal Auditors

M/s Amit & Nitin Chartered Accountants are the Internal Auditors of the Companyand they have submitted the Internal Auditors Report as per the requirement of the Act.M/s Amit & Nitin Chartered Accountants were already appointed for the purpose ofInternal Audit for the Financial Year 2020-21 & 2021-22.

Policy On Directors' Appointment And Remuneration

The Company's Policy on Directors' appointment and remuneration and other matters(Remuneration Policy) provided in Section 178(3) of the Act is available on the website ofthe Company at www.tigerlogistics.in.

We affirm that the remuneration paid to the Directors is as per the terms laid out inthe said Remuneration Policy.

Insurance

Your Company has taken appropriate insurance for all assets against foreseeable perils.

Statutory Auditors & Auditors' Report

Independent Auditor's Report for the financial year 2021-2022 is submitted by V.K.Sehgal & Associates Chartered Accountants. The Notes to the financial statementsreferred in the Auditor's Report are self-explanatory. The Auditor's Report is enclosedwith the financial statements forming part of this Annual Report.

Further as per Section 139 of the Act read with rules made thereunder as amendedthe term of M/s V.K. Sehgal & Associates Chartered Accountants (Firm Registration No.011519N) as the Statutory Auditors of the Company expires at the conclusion of theensuing AGM.

Your Company has received consent letter from M/s. Garg Agrawal & AgrawalChartered Accountants having registration No. 016137N to the effect that theirappointment if made would be within the prescribed limits under Section 141 of the Actread with rules made thereunder and that they are not disqualified for such appointment.Your Directors recommended the appointment of M/s. Garg Agrawal & Agrawal CharteredAccountants as Statutory Auditors of the Company in place of retiring auditor (M/s V.K.Sehgal & Associated) to hold office from the conclusion of this 22nd AGM till theconclusion of 27th AGM of the Company to be held in the calendar year 2027.

Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Act and the rules made thereundertheCompany has appointed M/s AMJ & Associates Company Secretaries to undertake theSecretarial Audit of the Company. Secretarial Audit Reports for FY 2021-22 of the Companyis annexed which forms part of this report as Annexure-B. There are no qualificationsreservation or adverse remarks given by Secretarial Auditors of the Company.

Secretarial Auditors

Mr. Manoj Kumar Jain of M/s AMJ & Associates Practicing Company Secretaries isthe Secretarial Auditor of the Company and they have submitted the Secretarial AuditReport (in Annexure-V) as per the requirement of the Act. M/s AMJ & Associates werealready appointed for the purpose of conducting Secretarial Audit for the financial year2020-21 & 2021-22.

Auditor Report & Secretarial Audit Report

The observations of the auditors made in their report are self-explanatory andtherefore in the opinion of your Directors do not call cersfor further comments whichforms a part of this annual report.

Independent Directors' Declaration

The Independent Directors have confirmed declared that they are not disqualified anIndependent Director in compliance with the provisions of Section 149 of the CompaniesAct 2013 and the Board is also of the opinion that the Independent Directors fulfil allthe conditions specified in the Companies Act 2013 making them eligible to act asIndependent Directors.

Particulars Of Employees

There is no employee during the year under review whose particulars are required to begiven pursuant to Section 197 of the Companies Act 2013 read with the Rule 5 Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 and any otherapplicable sectionifany Except Mr.Harpreet Singh Malhotra Managing Director of theCompany who draw a salary of Rs. 1.08 Cr. for the year ended 2021-22.

Mr. Harpreet Singh Malhotra (aged 49) is having experience of more than 22 years andassociated with our company as a promoter from the year 2000.

In terms of Section 136 of the Companies Act 2013 the Report and Accounts are beingsent to all shareholders of the Company excluding the aforesaid information. Anyshareholders interested in obtaining such particulars may write to the Company Secretaryat csvishal@ tigerlogistics.in before the seven days of Annual General Meeting.

Insider Trading Regulations

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations1992 as amended from time to time the code of conduct for prohibition of insidertrading as approved by the Company. The Company has also adopted the concept of TradingWindow Closure

Offidesignated to prevent its Directors employees and other employees from trading inthe securities of the Company at the time when there is unpublished price sensitiveinformation. The Board has appointed Mr. Vishal Saurav Gupta

Company Secretary as the Compliance Officer under the Code. to act as

Evaluation Of The Board's Performance

In compliance with the Companies Act 2013 and Regulation 17(10) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the performance evaluation ofthe Board was carried out during the year under review. Kindly refer the point mentionedin the report of corporate governance which forms an integral part of this annual report.

Internal Control And Internal Audit

The Company has in place adequate systems of Internal Control to ensure compliance withpolicies and procedures. The Company has a system of carrying out internal audit coveringall business processes to review the internal control systems. The internal control systemand mechanism is reviewed periodically by the Audit Committee to make it robust so as tomeet the challenges of the business.

Subsidiary

The Company has no subsidiary company.

Vigil Mechanism

The Company has a vigil mechanism in place named as Whistle Blower Policy to reportconcerns to the management about unethical behaviour actual or suspected fraud orviolation of the Codes of conduct. The details of the Whistle Blower Policy are explainedin the Corporate Governance Report and also posted on the website of the Company i.e. www.tigerlogistics.in.

Extract Of Annual Return

Pursuant to Section 134(3)(a) of the Act the draft annual return as on 31st March2022 prepared in accordance with Section 92(3) of the Act is made available on thewebsite of the Company and can be assessed using the link www.tigerlogistics.in.

Secretrial Standards Issued By The Company Secretraies Of India (ICSI)

The Directors state that applicable Secretarial Standards have been followed during thefinancial year 2021-22.

Credit Rating

During the year under review M/s Informerics Valuation and Rating Private Limited videits letter dated May 04 2021 has assigned the ratings to your Company for Long term &short term Bank Facilities is (IVR BB+/Credit Watch with Developing Implications) &(IVR A4+ Credit Watch with Developing Implications) however currently (as on the draftingtime of this annual report) M/s Informerics Valuation and Rating Private Limited is in theprocess of assigning new rating on the basis of financial results for the ended 31stMarch 2022. Your management will give separate disclosure to disclose the ratings.

Related Party Transactions

None of the transactions with the related parties falls under the scope of section 188(1) of the Act. All contracts/ arrangements/ transaction entered by the Company during thefinancial year with related parties in the ordinary course of business and on arm's lengthprice basis. During the year the Company has not entered into any contracts/arrangements/ transactions with related parties which could be considered material inaccordance with the policy of the Company on materiality of related party transactions.

Information on transactions with related parties pursuant to section 134 (3) (h) of theAct read with rule 8(2) of the Companies (Accounts) Rules 2014 are given in Form AOC-2and the same forms part of this report.

Risk Management Policy

The Board of Directors has put in place a Risk Management policy for the Company whichincludes industry risks quality risks project risks and financial/ interest rate /liquidity risks and the structure infrastructure processes awareness and riskassessment / minimization procedures. The elements of the risk which in severe form canthreaten Company's existence have been identified by the Board of Directors to mitigatethe same.

Headcount-Human Resource Development.

The total number head count as on 31st March 2022 was 157 as against 156 as on 31stMarch 2021.

Board Meetings

During the Financial Year 2021-22 five board meetings were convened and held rest ofthe details of which are given in the Corporate Governance Report. The intervening gapbetween the Meetings was within the period stipulated under the Companies Act 2013.

Directors Responsibility Statement

In terms of Section 134 (3) (C) read with Section 134 (5) of the Companies Act 2013the Directors hereby confirm that: a) in the preparation of the annual accounts theapplicable accounting standards had been followed along with proper explanation relatingto material departures if any; b) that the accounting policies selected and applied areconsistent and the judgments and estimates made are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company at the end of financial year andof the profit and loss the Company for that period; c) that proper and sufficient care hasbeen taken for the maintenance of adequate accounting records in accordance with theprovisions of the Companies Act 2013 for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities; and d) that the Annual Accountsfor the year ended 31st March 2022 have been prepared on a going concern basis. e) thatthe directors had laid down internal financial controls to be followed by the company andthat such internal financial controls are adequate and were operating effectively. f) thatthe directors had devised proper system to ensure compliance with the provisions of allapplicable laws and that such system were adequate and operating effectively.

Conservation Of EnergyTechnology Absorption Foreign Exchange Earnings And Outgo

The particulars as required under the provisions of Section 134(3)(m) of the CompaniesAct 2013 read with Rule 8 Companies (Accounts) Rules 2014 in respect of conservation ofenergy and technology absorption have furnished considering the nature of activitiesundertaken by the company during the year under review (Report “Annexure I” isannexed herewith).

Report On Corporate Governance

As per Listing Regulations and Agreement with the Stock Exchanges a detailed report oncorporate governance practices followed by the

Company together with the certificate from the Practicing Company Secretary confirmingcompliance forms part of this report.

Corporate Social Responsibility

For the financial year 2021-22 the provision of

Section 135 of the Companies Act 2013 was not applicable on the Company. Thereforethe Company has not made any contribution towards CSR expenditure.

Policy To Prevent Sexual Harassment At Workplace

Your Company is committed to creating and maintaining an atmosphere in which employeescan work together without fear of sexual harassment exploitation or intimidation. Asrequired under the provisions of Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 (Act) your Company has constituted an InternalComplaints Committee. No complaints were received by the committee during the year underreview. Since the number of complaints filed during the year was NIL the Committeeprepared a NIL complaints report.

Particulars Of Loans And Gurantees And Investments Under Section 186.

The particulars of loans guarantees and investments have been disclosed in thefinancial statements. Which forms an integral Part of this annual report.

Material Disclosures Under The Companies Act 2013

These material changes and commitments which affects the financial position of theCompany occurred between the end of financial year of the Company and date of this reportare given below:

• Appointment of Mr. Sanjay Chopra (DIN: 03099540) as an Independent Director ofthe Company w.e.f. 01/04/2022.

• M/s Informerics Valuation and Rating Private Limited is in the process ofassigning new rating on the basis of financial results for the year ended 31st March2022. Your management will give separate disclosure to disclose the ratings.

Significant And Material Orders Passed By The

Regulators Or Courts Or Tribunals

Your company has received favourable and positive order from the Appellate Authoritydated 4th February 2022 deciding that the entire demand of around Rs.7 Crores of servicetax for the period April 2009 to June 2017 on the ‘Mark Up' on Ocean FreightContainer Detention Charges and Toll Tax as well as all the penalties imposed have beencompletely set aside.

Awards & Recognition

Your Company has been conferred with the “Most

Diversified Logistics Company of the Year” at the Northern India MultimodalLogistics Awards held on Friday 25" March 2022 at Shangri-La's - Eros Hotel NewDelhi.

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