lancer containers lines ltd split profit loss Directors report

To,

The Members,

Lancer Container Lines Limited

It is our pleasure to present the 11^th Annual Report (7^th AGM - Post IPO) on the operations of the Company and the accounts for the Financial Year ended March 31, 2022. The PDF Version is also available on the Companys website https://www.lancerline. com/investor-relations.php#tp1-1

1. Financial Statements and Results

The Companys Standalone financial performance for the year under review along with previous years figures is given hereunder:

(Amount in Rs Crs.)

Particulars	Standalone	Consolidated
	Current Year 2021-22	Previous Year 2020-21	Current Year 2021-22	Previous Year 2020-21
Revenue from Operations	595.31	299.51	641.50	312.6
Other Income	2.03	1.48	1.80	1.43
Total income	597.35	301	643.30	314.03
Expenses	560.05	289.17	603.43	300.92
Profit Before Tax	37.29	11.82	39.86	13.11
Net Profit After Tax	27.11	8.78	28.95	9.71
Earnings per Share #	8.99	8.74	9.61	9.67

# EPS numbers are in actuals.

1.1 Brief description of the Companys working during the year on Standalone basis.

During the year under review your Company has reported Standalone total income of Rs 597 Crs compared to the previous year income of Rs 301 Crs., registering a growth of 98.33%. Net profit after tax is at Rs 27.11 Crs compared to previous year net profit after tax of Rs 8.78 Crs. registering a far better growth of 208.76% over the previous year. The financial parameters of the company are as listed under: -

> Revenues at Rs 595.31 Crores, up 98.33 % YoY.

> EBIDTA Rs 47.16 Crores up by 104 % despite higher operating expenses.

> PAT at Rs 27.11 Crores, up 208.76% YoY.

1.2 Brief description of the Companys working during the year on Consolidated basis

During the year under review your Company has reported Standalone total income of Rs 643.30 Crs compared to the previous year income of Rs 314.03 Crs., registering a growth of 104.8 % Net profit after tax is at Rs 28.95 Crs compared to previous year net profit after tax of Rs 9.71 Crs. registering a far better growth of 198.1 % over the previous year. The financial parameters of the company are as listed under: -

> Revenues at Rs 641.50 Crores, up 105.2 % YoY.

> EBIDTA Rs 51.81 Crores up by 100.7 % despite higher operating expenses.

> PAT at Rs 28.95 Crores, up 198.1 % YoY.

2. Transfer to Reserve

The Net Profit after tax of Rs 28.95 Crs. for the FY 21-22 have been retained in the Profit and Loss Account.

3. Managements Discussion and Analysis Report

Managements Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate section, forming part of the Annual Report.

4. Business Expansions & New Projects

Business Expansions and new projects detailed information is covered in the report on Management Discussion and Analysis.

5. Change in capital Structure

The Shareholders has approved at Annual General Meeting for the FY 2020-21 which was held on 29th September 2021, to increase their Authorized Share Capital from Rs 15,00,00,000/- (Fifteen Crores Only) to Rs 50,00,00,000/- (Fifty Crores Only) for the purpose of further expansion of business.

On the same day, with a view to rewarding the existing shareholders and encouraging the participation of small investors by increasing the liquidity of the Equity Shares and to expand the retail shareholders base. The Board of Directors of the Company at their meeting held on 30th August 2021, has recommended and approved the Bonus Shares in the ratio of (2:1), for the sum of Rs 30,14,11,200/- (Rupees Thirty Crore Fourteen Lakh Eleven Thousand Two Hundred Only) after capitalizing the fund not exceeding Rs 20,09,40,800/- (Twenty Crore Nine Lakh Forty Thousand Eight Hundred Only) from the free reserves.

The Authorized Share capital of the Company as on 31st March 2022, stood at Rs 50,00,00,000/- ( Rupees Fifty Crore Only) comprising of 5,00,00,000 Equity Shares of Rs 10/- each.

During the period under review, the company has offered, issued and allotted fully paid up Bonus Shares to the members whose names are in Register of Members of the company.

The issued, subscribed and Paid-up Capital of the Company as on 31st March 2022, stood at Rs 30,14,11,200/- (Thirty Crore Fourteen Lakhs Eleven Thousand and Two Hundred Only) comprising of 3,01,41,120 Equity Shares of Rs 10/- each.

6. Companys Response to COVID

Necessary safety and hygiene protocols like wearing of face masks, social distancing norms, workplace sanitation and employee awareness programmers were followed in compliance with the regulations of the local authorities.

7. Disclosures under the Companies Act, 2013 and Listing Regulations

7.1 Extract of Annual Return

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, Annual Return in MGT - 9 is also placed on our website www.lancerline.com under Investor relations ^Annual Report.

7.2 Committee

> 7.2.1 Audit Committee

The Audit Committee comprises Suresh Babu Sankara as Chairman, Narayanan M Variyam, Praful Jain and Ameeta Ramesh as the members. The Committee is assigned role, powers and responsibilities as provided under Regulation 18 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 Agreement and Section 177 of the Companies Act, 2013. There is no such incidence where Board has not accepted the recommendation of the Audit Committee during the year under review.

During the year under review, 6 (Six) Audit Committee meetings were held on May 10, 2021, June 24, 2021, August 12, 2021, August 30, 2021, November 12, 2021 and February 11, 2022.

> 7.2.2 Stakeholders Relationship Committee

The Stakeholders Relationship Committee comprises Suresh Babu Sankara as Chairman, Narayanan M Variyam and Ameeta Ramesh as the members. The Committee is constituted to supervise and ensure Share Transfer related matters and to look after the Stakeholders Grievances. During the year under review, 1 (One) meeting of Stakeholders Relationship Committee was held on February 11, 2022.

> 7.2.3 Nomination and Remuneration Committee

The Nomination and Remuneration Committee comprises Suresh Babu Sankara as Chairman and Narayanan M Variyam and Ameeta Ramesh as the members. The Committee is formed for the purpose of recommending the Nomination and Remuneration and evaluation of the Directors performance. During the year under review, 3( Three) meeting of Nomination and Remuneration Committee was held on June 24, 2021, August 12, 2021 and August 30, 2021.

> 7.2.4 Corporate Social Responsibility Committee

The Corporate Social Responsibility Committee comprises of Abdul Khalik Chataiwala as Chairman, Praful Jain, Narayanan Moolanghat Variyam and Suresh Babu Sankara as members.

As mandated under Section 135 of the Companies Act, 2013 the Company was required to spend towards CSR activities in the FY 2021-22 an amount of Rs 23,08,408/- The details of the expenditure are mentioned is CSR report annexed to the report. During the year under review, 1 (One) meeting of Corporate Social Responsibility Committee was held on February 11, 2022

> 7.2.5 Independent Directors Meeting

As required under Clause 8 (1) of Schedule 4 to the Companies Act 2013, a meeting of the Independent Directors without the attendance of Non-Independent Directors and the members of the management was held on February 11,2022.

7.3 Board Meetings

The Board of Directors met 7 times during the year as follows:

Sr. No.	Date of Meeting	Board Strength	No. of Directors Present
1	10.05.2021	6	4
2	24.06.2021	6	6
3	12.08.2021	6	6
4	30.08.2021	6	5
5	18.10.2021	6	4
6	12.11.2021	6	6
7	11.02.2022	6	5

7.4 Details of Directors and Key Managerial Personnel

The Board of Directors & Key Managerial Personnel as on 31st March, 2022 comprised of the followings :-

Sr. No.	Name of Directors & Key Managerial Personnel	DIN/PAN	Category cum designation	No. of shares held as on March 31, 2022
1	Abdul Khalik Abdul Kadar Chataiwala	01942246	Chairman & Managing Director	1,73,28,560
2	Suresh Babu Sankara	02154784	Non-Executive - Independent Director	Nil
3	Ameeta Ramesh	03368136	Non-Executive - Independent Director	Nil
4	Narayanan Moolanghat Variyam	08109682	Non-Executive - Independent Director	Nil
5	Narayanan Kutty Parakattil	AUAPP4209J	Chief Executive Officer	24
6	Amol Mohan Shirke	08681663	Whole-Time Director	Nil
7	Praful Jain	08000808	Whole-Time Director	Nil
8	Ranjana Sandeep Shinde	AIGPG1277P	Chief Financial Officer	410
9	Archana Chandrakant Indulkar	AEZPI4694B	Company Secretary and compliance officer	Nil

Note:- Changes in Directors &Key Managerial Personnel.

• Mr. Sadik Jafar Thange, resigned as Company Secretary and Compliance Officer with effect from 15^th, June 2021

• Ms. Archana Chadrakant Indulkar, appointed as Company Secretary and Compliance Officer with effect from 12^th August 2021 and she resigned from above post with effect from 13^th July 2022.

• Mr. Mahendra Gupta, appointed as Company Secretary and Compliance Officer with effect from 9^th August 2022

• Ms. Ranjana Sandeep Shinde, appointed as an Additional Director with effect from 9th August 2022.

7.5 Related Party Transactions:

All related party transactions that were entered into during FY 2021-22 were on an arms length basis and were in the ordinary course of business and disclosed in the financial Statements. There were no materially significant related party transactions made by the Company with Promoters, Directors, KMPs or Body Corporate(s), which had a potential conflict with the interest of the Company at large. Accordingly, the disclosure of related party transactions as required under the provisions of Section 134(3)(h) of the Act in Form AOC-2 is not applicable. The Directors draw attention of the members to notes to Financial Statements which sets out related party disclosures.

All Related Party transaction are uploaded on Companys website and same has been intimated to Stock exchange for period ended March 31,2022and the link for the same is below:

> Company Website:

RPT PolicyLink for Reference, mentioned below-

https://www.lancerline.com/uploads/investor/08434e8bae6db 4a08456d349171e243e.pdf RPT PDF file Link till 31^st March 2022, mentioned below-

https://www.lancerline.com/uploads/investor/ 640fbb7d18FF7fd88d4c5e2222342f9f.pdf

> Bombay Stock Exchange Website link mentioned below: https://www.bseindia.com/xml-data/corpfiling/AttachHis/397a0fcc-a761-46c3-9ed2-3512722d456a.pdf

7.6 Policy on Sexual Harassment of Women at Workplace

There was no case filed during the year, under the Sexual Harassment of Women at workplace (Prevention, Prohibition & Redressal) Act, 2013. Further the Company ensures that there is a healthy and safe atmosphere for every women employee at the workplace and made the necessary policies for safe and secure environment for women employees. Further your Company has complied with constitution of Internal Complaint Committee.

7.8 Corporate Governance

The Company has complied with the corporate governance requirements under the Companies Act, 2013 and the Listing Regulations. A separate section on corporate governance, along with a certificate from the statutory auditors confirming compliance is annexed and forms part of the Annual Report.

7.9 Adequacy of Internal Financial Controls:

The Company has adequate internal financial controls in place with reference to financial statements. These are continually reviewed by the Company to strengthen the same wherever required. The internal control systems are supplemented by internal audit carried out by Internal Auditor of the company "M/s. Ganesh Natarajan & Associates, Chartered Accountants bearing FRN - 141940W" an independent firm and periodical review by the Management. The Audit Committee of the Board addresses issues raised by both, the Internal Auditors and the Statutory Auditors.

7.10 Risk Management.

The Risk Management Policy with reference to Section 134 (3) (n) and Section 177 (4) (vii) of the Companies Act, 2013, the guidelines prescribed for risk management committee is not applicable to the Company. Nevertheless, the Company does assess the various risks faced by it in its various areas of operations and mitigates them from time to time.

7.11 Prevention from Insider Trading

The Board has adopted a revised Code of Prevention of Insider Trading based on the SEBI (Prohibition of Insider Trading) Regulation, 2015. The same has been placed on the website of the company https://www.lancerline.com/ investor-relations#tp1-7 . All the Directors, senior Management employees and other employees who have access to the Unpublished Price Sensitive Information of the Company are governed by this Code. During the year Under Report, there has been compliance with the said code of conduct for prevention of Insider Trading.

8. Managing the Risks of Fraud, Corruption and Unethical Business Practices

8.1 Vigil Mechanism/Whistle-Blower Policy

Your Company believes in promoting a fair, transparent, ethical and professional work environment. The Board of Directors of the Company pursuant to the provisions of Section 177 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has framed "Vigil Mechanism" for Directors and employees of the Company for reporting the genuine concerns or grievances or cases of actual or suspected, fraud or violation of the Companys code of conduct and ethics policy. The Vigil Mechanism Policy has been uploaded on the website of the Company at www.lancerline.com under https://lancerline.com/uploads/ investor/683b5d66339902b17675e26bb3d23cb7.pdf

8.2 Code of Conduct

The Company has laid down a robust Code of Business Conduct and Ethics, which is based on the principles of ethics, integrity and transparency. More details about the Code is given in the Corporate Governance Report

9. Board Of the Directors & Key Managerial Personnel

9.1 Retirement by Rotation

In accordance with the provisions of Companies Act 2013 and Articles of Association of the company , Mr. Amol Mohan Shirke (DIN: 08681663), Executive Director of the company is liable to retire by rotation at the ensuring Annual General Meeting of the Company and being eligible, have offered himself for re-appointment. The Board recommends their re-appointment.

More details about the directors are either given in the Corporate Governance Report or in the Notice of the ensuring Annual General Meeting being sent to the shareholders along with the Annual report.

9.2 Key Managerial Personnel

Mr. Narayan Kutty Parakattil, Chief Executive Officer, Ms. Ranjana Shinde, Chief Financial Officer and Ms. Archana Indulkar, Company Secretary are the Key Managerial Personnel of the Company.

During the year under review, there were some changes in the Key Managerial Personnel of the Company, as Sadik Jafar Resigned as a Company Secretary and Compliance Officer of the company w.e.f. June 15, 2021 and in his place, Archana Indulkar was appointed as a New Company Secretary and Compliance Officer of the company w.e.f 12th August 2021

9.3 Declaration of Independent Directors:

The Independent Directors have submitted the Declaration of Independence, stating that they continue to fulfil the criteria of independence as required pursuant to section 149 of the Companies Act, 2013 and Regulations 16 of the Listing Regulations. This section require companies to have at least one-third of the total number of Directors as Independent Director and the Company complies with this requirement. There has been no change in the circumstances affecting their status as Independent Directors of the Company. The profile of the Independent Directors forms part of the Corporate Governance Report In the Boards opinion, the Independent Directors are persons of high repute, integrity and possess the relevant expertise and experience in their respective fields.

9.4 Board Evaluation:

In compliance with the provisions of Companies Act, 2013 and listing compliances, the Board carried out an annual evaluation of its own performance and individual Directors. It also evaluated the performance of its committees. The evaluation inter alia covered different aspects viz. composition of the Board and its Committees, qualifications, performance, inter-personal skills, submissions done by the Director in varied disciplines related to the Companys business.

9.5 Remuneration policy and criteria for selection of candidates for appointment as Directors, key managerial personnel and senior leadership positions.

The Company has in place a policy for remuneration of Directors, Key Managerial Personnel and Employees of senior leadership Position as well as well-defined criteria for the selection of candidates for appointment to the said positions which has been approved by the Board. The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to the executive and non-executive Directors (by way of sitting fees), Key Managerial Personnel. The criteria for selection of candidates for the above positions cover the various factors and attributes which are considered by the Nomination & Remuneration Committee and the Board of Directors while making a selection of the candidates. The above policy along with the criteria for selection is available at the website of the Company at https://www.lancerline.com/investor-relations#tp1-7

10. Auditors & Auditors Report 10.1 A) Statutory Auditor

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the rules framed thereunder, M/s. Soman Uday & Co., Chartered Accountants, (ICAI Firm Registration No. 110352W ), were appointed as statutory auditors of the Company for a period of 5 years at the Annual General Meeting held on September 30, 2018, till the conclusion of 11^th Annual General Meeting to be held on 30^th September, 2022. M/s. Soman Uday & Co., Chartered Accountants, (ICAI Firm Registration No. 110352W), retires as auditors of the Company on expiry of their tenure. The Board places on record its appreciation for the services rendered by M/s. Soman Uday & Co., Chartered Accountants, (ICAI Firm Registration No. 110352W ), as the Statutory Auditors of the Company for all these years.

Further, The Board of Directors have proposed the appointment M/ s. Praneti Yadav & Co, Chartered Accountants, having Firm Registration No. 137534W, as the Statutory Auditors of the Company to hold office from the conclusion of this 11th Annual General Meeting till the conclusion of the 16th Annual General Meeting and at a remuneration as may be mutually agreed to, between the Board of Directors and M/ s. Praneti Yadav & Co, plus applicable taxes, out-of-pocket expenses, traveling and other expenses.

B) Auditors Reports and Comments thereon

Soman Uday & Co. (FRN: - 110352W), Chartered Accountants is the Statutory Auditor for the year under review. There are no qualifications or adverse remarks in the Auditors Report which require any clarification/ explanation. The Notes on financial statements are self-explanatory and needs no further explanation.

10.2 A) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, read with regulation 24A of SEBI LODR regulations 2015 as amended from time to time M/s. Geeta Canabar & Associates (M No. 8702), Company Secretaries in practice, have been appointed to undertake the Secretarial Audit of the Company.

B) Secretarial Audit Reports and Comments Thereon

There are no qualifications or adverse remarks in the Secretarial Auditors Report, which require any clarification/ explanation from board of directors or Companys management. The Report of the Secretarial Auditor is annexed to the Boards Report as Annexure I.

As required under SEBI LODR Regulations 2015, a compliance certificate from Practicing Company Secretary regarding compliance of conditions of Corporate Governance is annexed herewith, (Annexure II).

10.3 Cost Auditor

The Company is not required to appoint Cost Auditor as it does not fall within the purview of Section 148 of the Companies Act, 2013 and rules made thereunder and hence it is not required to conduct Cost Audit.

10.4 Internal Auditor

The Company has appointed "M/s. Ganesh Natarajan & Associates, Chartered Accountants bearing FRN - 141940W" as the Internal Auditors to carry out the Internal Audit of various operational areas of the Company

10.5 Reporting of Fraud

The Auditors of the Company have not reported any fraud as specified under section 143(12) of the Companies Act, 2013.

11. Director Responsibility Statement

The Directors Responsibility Statement referred to in clause 134(3)(c) of the Companies Act, 2013, state that—

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of of Companies Act 2013 for safeguarding the assets 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) With respect to section 134(3) (ca) there were no frauds reported by auditors under sub-section (12) of section 143 other than those which are reportable to the Central Government.

(f) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

(g) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

12. Compliance with Secretarial Standards on Board and Annual General Meetings

The Company has complied with the Secretarial Standards issued by the Institute of Company secretaries of India on Board Meetings and Annual General Meetings.

13. Details of significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations in future.

There are no material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations in future.

14. Particulars of loans, guarantees or investments under Section 186 of Companies Act:

The Company has not given any loans or guarantees covered under the provision of Section 186 of the Companies Act, 2013. There is no investment and guarantee made during the year which falls under the definition of Section 186.

15. Conservation of energy, technology absorption and foreign exchange earnings and outgo:

a) Conservation of Energy

The Company has always been conscious of the need for conservation of energy and has been sensitive in making progress towards this initiative. Adequate measures are always taken to ensure optimum utilization and maximum possible saving of energy at the offices of the Company.

b) Technology Absorption

The Company continues to integrate the latest proficient technology, innovations and improvement as introduced. The Company has invested significant resources in technological capabilities and has developed a scalable technology system. Your Company has rolled out EBMS system to keep a track of end to end delivery of services to the client.

c) Foreign Exchange Earning and Outgo

During the period under review the foreign exchange earnings and outflow were as follows:

> Earnings : $ 1,13,79,016

> Outflow : $ 1,25,34,150

16. Disclosure required under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

1. Ratio of the remuneration of each Director to the median remuneration of the employees for the FY 2021-22 and percentage change in the remuneration of each Director in the FY 2021-22:

Name of the Director	Designation	Ratio of remuneration of the Director to the median remuneration	% increase in Remuneration
Abdul Khalik Chataiwala	Chairman & Managing Director	30.78	0
Praful Jain	Executive Director	7.15	16.22
Amol Mohan Shirke	Executive Director	6.76	13.83

2. Percentage increase in the remuneration of Chief Executive Officer, Chief Financial Officer and Company Secretary in the FY 2021-22: -

Name	Designation	% Increase in Remuneration
Narayanan Kutty Parakattil	Chief Executive Officer	7.23
Ranjana Sandeep Shinde	Chief Financial Officer	16.47
Sadik Jafar Thange	Company Secretary and Compliance Officer	n/a
Archana Chandrakant Indulkar	Company Secretary and Compliance Officer	n/a

Note:

• Sadik JafarThageresigned as Company Secretary with effect from 15 th June, 2021.

3. There were197 permanent employees on the rolls of the Company at the end of the FY 2021-22.

4. The median remuneration of employees of the Company increased by 12.26% in the FY 2021- 22 compared to the median in FY 2020-21.

5. The increment given to each individual employee is based on the employees potential, experience as also their performance and contribution to the Companys progress over a period of time and also as per market trend.

6. Average percentile increase in the salaries of employees other than the managerial personnel in the 2021-22 was 21.52% and the percentile increase in the managerial remuneration was 64.31% in FY 2021-22.

7. Affirmation: Remuneration paid to Directors, KMP and other employees is as per the remuneration policy of the Company.

Disclosure required under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is as follows: -

Sr. No.	Name	Designation	Monthly Remuneration	Nature of Employment	Educational Qualification	Experience	Date of Joining	Age of Employee	Previous Employment	Equity Shares	Whether employee
			(Amount in Rs)							Held (in%)	is related to the Director
1	Abdul Khalik Chataiwala	Chairman & Managing Director	750000	Permanent	MBA	34 Years	07.03.2011	58 years	NA	57.49	-
2	Amol Mohan Shirke	Whole - Time Director	164620	Permanent	B.Com	18 years	13.06.2016	39 Years	Ceyline Logistics	0.00	-
3	Praful Jain	Whole - Time Director	174300	Permanent	MBA	14 Years	01.11.2019	36 Years	Reliance	0.00	-
4	Ranjana S. Shinde	CFO	145550	Permanent	M.Com(gdca)	17 Years	05.07.2019	47 Years	New Globe logistics Up	0.00	-
5	Narayanan Kutty Parakattil	CEO	76560	Permanent	Pre-University	48 Years	02.01.2013	76 Years	Tube Star Oil & Gas Services Private Limited	0.00
6.	Archna Indulkar	Compliance Officer & Company Secretary	39867	Permanent	Company Secretary	3.8 Years	12.08.2021 Resigned on 13.07.2022	28 Years	Maharashtra Mineral Corporation Limited	0.00

17. Deposits:

During the year, the Company has not accepted any deposits under Chapter V - Acceptance of Deposits by Companies under the Companies Act, 2013.

18. Subsidiary, Associate and Joint venture

As per the provisions of Section 129(3) of the Act, a statement containing the salient features of the financial statements of the Companys subsidiaries and Joint ventures in Form AOC-1 is attached to the financial statements of the Company (AOC-1 added as an annexure to the director report).

19. Equal Opportunity Employer

The Company has always provided a congenial atmosphere for work that is free from discrimination and harassment, including sexual harassment. It has provided equal opportunities of employment to all without regard to their caste, religion, colour, marital status and sex.

20. Appreciations & Acknowledgments

The Company wishes to thank its investors, banking community, rating agencies and stock exchanges for their support. The Company would like to take this opportunity to express sincere thanks to all its valued customers, vendors, agents and suppliers for their continued support and patronage. The Directors express their deep sense of appreciation to all the employees whose outstanding professionalism, commitment and initiative has made the organizations growth and success possible and continue to drive its progress. Finally, the Board of Directors wish to express their gratitude to the members for their trust and support. And to you, our shareholders, we are deeply grateful for the confidence and faith that you have always reposed in us.

	For and on behalf of the Board of Directors
	Lancer Container Lines Limited
	Sd/- Abdul Khalik Chataiwala
Place: Navi Mumbai Date: August 30, 2022	Chairman & Managing Director (DIN: - 01942246)