Sical Logistics Ltd Directors Report.

Dear Members,

In accordance with the applicable provisions of the Insolvency and Bankruptcy Code 2016 ("IBC/Code"), the Corporate Insolvency Resolution Process ("CIRP") of SICAL LOGISTICS LIMITED ("the Company") was initiated by an application filed before the Honourable National Company Law Tribunal ["NCLT"], Chennai Bench by an operational creditor and the same was admitted by the Honble NCLT and ordered initiating Corporate Insolvency Resolution Process ("CIRP") and appointed Mr. S. Lakshmisubramanian (IBBI Registration no. IBBI/IPA-003/IP-N00232/2019-2020/12697) as Interim Resolution Professional ("IRP"), to manage the affairs of the Company vide Order No. CP No. IBA/73/2020 dated 10th March 2021. Pursuant to this, based on the application made by Committee of Creditors of the Company, the Honble NCLT has ordered appointment of Mr. Sripatham Venkatasubramanian Ramkumar (IBBI Registration No. IBBI/IPA-001/IP-P00015/2016-17/10039) as Resolution Professional ("RP") of the Company in disposing of IA no. IA/54/CHE/2021 in IBA/73/2020 on 2nd June 2021. Upon appointment of the IRP / RP the powers of the Board remain suspended and the same vests with the RP.

The RP has invited Expression of Interest on 03rd July, 2021 from the prospective Resolution Applicants and received resolution plans by 29th October, 2021. In the meeting of Committee of Creditors ["CoC"] held on 18th November, 2021, the members opined to invite fresh Expression of Interest as the resolution plans received are found not complaint to the provisions of the code, regulations and request for resolution plan. Accordingly the RP has published fresh EOI on 22nd November 2021 with the probable date for submission of Resolution Plans by 08th January, 2022. Upon receipt of the Resolution Plans and concurrence of the CoC of the Company, RP will submit the Resolution Plan to the Honourable NCLT, Chennai Bench as per the provisions of the IBC for approval. In the meantime, the RP also invited bids for sale of stake held by Sical Logistics Limited in two of the subsidiaries viz. Sical Infra Assets Limited and Patchems Private Limited for which on-line bidding process has been completed. However, pursuing the same has been deferred as per the decision of the CoC.

Pending this and the measures to be adopted as part of the Resolution Process, the audited financial results have been prepared on a going concern basis.

With this background, RP and the Board take pleasure in presenting the report on business and operations of your Company along with the audited statement of Standalone and Consolidated accounts for the year ended 31st March, 2021.

FINANCIAL REVIEW

The stand-alone financial results for the year ended 31st March, 2021 are summarised below.

Year ended 31 March 2021 2020
Sales and other income 37891 85663
Profit/Loss before interest, depreciation and tax -2844 -1116
Interest 11773 2787
Cash Profit / Loss -14616 -3903
Depreciation 6562 7118
Profit / Loss before tax -21178 -11021
Exceptional Items -93789 -
Provision for tax - -2575
Net profit / Loss -114967 -11021
Earnings per share [EPS] in Rs. [after exceptional items] -196.46 -14.43

IMPACT ON PERFORMANCE

The performance of the company was impacted on account of the financial crunch due to the sudden demise of the Promoter Mr. V.G. Siddhartha on 31st July, 2019. After his demise the company ran into liquidity crisis wherein continuation of availing further working capital facilities was not available from the banks / financial institutions since the Company was unable to service the interest and principal on the due dates. Apart from this, the performance of the various divisions were impacted on account of the global COVID-19 pandemic that erupted during the last week of March, 2020 and which lasted even until December, 2020 and also due to the second wave of the pandemic. The Company was scouting for investors to tide over the crisis and revival of the operations but could not fructify on account of the pandemic. In the meanwhile, one of the operational creditors had preferred an application before the Honourable National Company Law Tribunal, Chennai Bench for non-payment of their dues and the same was admitted and the NCLT ordered for initiating Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code 2016 and appointed Mr. S. Lakshmisubramanian as Interim Resolution Professional w.e.f. 10th March, 2021 and as per the application of the CoC, Mr. Sripatham Venkatasubramanian Ramkumar was appointed as the Resolution Professional w.e.f. 02nd June, 2021. The Company could operate only in the segment of stevedoring for handling of coal for TANGEDCO and mining activities at Amlohri, Hingula and Jinghurdah..

DIVIDEND

Since the Company has made negative profits and as the company is undergoing the CIRP, no dividend is recommended for the financial year 2020-21.

RESERVES

Debenture redemption reserve of Rs.25 crores equivalent to 25% of the debenture issue has already been created until the financial year 2017-18 in accordance with the provisions of Rule 18[7] of the Companies [Share Capital and Debenture] Rules, 2014 and hence no fresh amount has been transferred to the Debenture Redemption Reserve for the financial year 2020-21.

IMPAIRMENT OF INVESTMENT MADE AND LOANS AND ADVANCES GIVEN TO SICAL IRON ORE TERMINALS LIMITED

YES Bank Limited [YBL] had issued a Notice of Financial Default on the Subsidiary Company SIOTL on 07.12.2020 citing the Commercial Operation Date [COD] has not been achieved, default in payment of dues and to clear the outstanding amount of Rs. 236.93 crore. Further to this, vide letter dated 16th December, 2020, YBL has sent a letter to Kamarajar Port Limited [KPL] intimating the Financial default of SIOTL on account of non-achievement of COD, default in payment of dues in line with the covenant of the Substitution Agreement entered into between YBL, KPL and SIOTL on 13th June, 2018 and to issue the Notice of Intent to Terminate for non-payment of principal and interest. Based on the Lenders communication, KPL vide its letter dated 21st December 2020 issued the Notice of Intent to Terminate providing a curing time of 90 days to SIOTL. Due to the COVID-19 pandemic and delay in disbursal of Term Loan amount resulted in the stoppage of the project activities. The Company defended the position through various communications to YBL and KPL. However, KPL has vide their letter dated 22nd March 2021 issued the Termination Notice and Transfer Information Notice for handing over the project assets on as is where is basis providing a time limit of 90 days period.

Against this, applications have been preferred by one of the shareholders of SIOTL before the Honourable High Court of Madras and by the RP before the Honourable NCLT, Chennai Bench for protecting the interest of the stakeholders. Under the circumstances, the exposure of the company in SIOTL has been impaired fully which forms part of the exceptional items in the accounts and any recovery which would result as an outcome of the said litigations would be recorded as and when such amounts are received.

CHANGES IN AUTHORISED SHARE CAPITAL

There has been no change in the authorised share capital of the Company during the year under review.

FRESH ISSUE OF SHARES / DEBENTURES

The Company has not issued any equity shares, any shares / securities which are convertible into equity shares or Non-convertible debentures during the financial year 2020-21.

FIXED DEPOSITS

The Company has not invited any deposits from the public. There are no unclaimed deposits which were matured as on 31st March, 2021.

UNCLAIMED DIVIDENDS

Pursuant to the provisions of the Companies Act any dividend amount which remains unpaid or unclaimed for a period of 7 years will have to be transferred to the Investor Education and Protection Fund of the Central Government. The Company does not have any amount lying under unclaimed dividend as on 31st March, 2021 and hence the said provisions are not applicable. Under the circumstances, the Company could not identify the shareholders whose name remains on the unclaimed dividend account over a period of 7 years for transferring such shares to the IEPF account of the Central Government.

PERFORMANCE

The companys revenues for the financial year 2020-21 stood at Rs. 37891 lakh as against Rs. 85663 lakh in the previous year which is lower by 56%. The performance of all the divisions were impacted due to non-availability of adequate working capital and the COVID-19 pandemic restrictions.

SUBSIDIARIES

The Kamarajar Port Limited issued termination notice for the licence provided to Sical Iron Ore Terminals Limited due to non-completion of the project resulting in financial default in response to YES Bank Limiteds notice to Kamarajar Port Limited as per the Financial Documents and hence the project activities which were hampered due to non disbursal of further amounts by the lenders resulting in delay in completing the project activities, could not be continued further.

The business activities of the subsidiary M/s. Sical Multimodal and Rail Transport Limited continued with the handling of containers and Container Freight Stations located at Chennai, Vizag and Tuticorin and letting on lease the railway rakes.

Further, lack of infusement of capital required for the MDO contracts for the West Bengal Power Development Corporation Limited for the Tara mines has resulted in termination of the coal agreement and that for Damodar Valley Corporation for the TUBED mines, the commencement of operations is getting delayed. The said termination notice issued by West Bengal Power Development Corporation Limited is being challenged by way of an application filed in Honble NCLT, Chennai Bench.

SUBSIDIARY COMPANIES FINANCIAL STATEMENTS

As per Section 129[3] of the Companies Act, 2013 read with Rule 5 of the Companies [Accounts] Rules, 2014, the Company has prepared consolidated financial statement and the same is being placed before the members for their approval at the ensuing Annual General Meeting. Also a separate statement containing the salient features of the financial statement of the subsidiaries and joint ventures in Form AOC-1 is attached along with the financial statements.

DIRECTORS

Since the powers of the Board remain suspended upon initiation of the CIRP, the powers of the Board and Committees vest with the Interim Resolution Professional / Resolution Professional w.e.f. 10th March, 2021.

APPOINTMENT / RESIGNATION OF DIRECTORS AND KMPs

Mr. H. Rathnakar Hegde and Mr. S. Ravinarayanan resigned from the Board effective 27th January, 2021. Mr. R. Ram Mohan, Ms. Shweta Shetty, Capt KN Ramesh, Mr. Sudhir Kamath and Mr. H.R. Srinivasan resigned from the Board effective 01st February, 2021.

Mr. T. Subramanian, Mr. S. Rajappan, Ms. V. Neelaveni, Mr. G. Swaminathan and Mr. Krish Narayanan were appointed as additional directors w.e.f. 27th January, 2021.

Mr. T. Subramanian who has been the Group CFO has been elevated to the position of Managing Director and Mr. S. Rajappan who has been the President [Public Relations] was elevated to the position of Executive Director effective 01st February, 2021.

However, subsequent to the initiation of CIRP, the powers of the Board remain suspended effective 10th March, 2021 . In view of the same, the appointment of directors are not being considered in the ensuing AGM.

NUMBER OF THE MEETINGS OF THE BOARD

The Board met 10 [Ten] times during the financial year 2020-21 prior to the commencement of CIRP. Detailed information on the meetings of the Board are included in the report on Corporate Governance which forms part of the Directors Report.

Additionally several committee meetings were held prior to the initiation of CIRP including Audit Committee which met 03 [Three] times during the year. The committee meetings could not be conducted during the COVID-19 pandemic peak periods between April 2020 and August 2020.

COMMITTEES OF THE BOARD

The Company has the following committees of the Board Audit Committee Stakeholders Relationship Committee Corporate Social Responsibility Committee Nomination and Remuneration Committee

The powers of the Board remain suspended on account of the Order of the Honble NCLT, Chennai Bench effective 10th March, 2021 and such powers vest with the IRP/RP.

The details with respect to the composition, powers, roles, terms of reference of relevant mandatory committees are given in detail in the Report on Corporate Governance which forms part of the Directors Report.

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

In compliance with Section 135 of the Companies At, 2013 read with Companies [Corporate Social Responsibility Policy] Rules, 2014, the Company has established a Corporate Social Responsibility [CSR] Committee. Since the Company has incurred significant losses during the previous two years and in view of the commencement of CIRP, no contributions have been made towards CSR activity during the previous year under review.

PERFORMANCE EVALUATION OF THE BOARD

In accordance with Section 178 of the Companies Act, 2013 and Regulation 17 of the SEBI [Listing Obligations and Disclosure Requirements] Regulations ,2015 [earlier Clause 49 [IV ] of the Listing Agreement], the Company has laid down a Nomination and Remuneration Policy. Further to this, the manner in which formal annual evaluation of the directors is to be carried out for the Board and Board level committees were devised by the Committee. Due to the appointment of new directors in January / February, 2021, CIRP initiation and suspension of the powers of the Board, the performance evaluation for the financial year 2020-21 was not carried out.

CORPORATE GOVERNANCE

A separate section providing a Report on the Corporate Governance as stipulated under Regulation 34 [3] and Schedule V [c] of the SEBI [Listing Obligations and Disclosure Requirements] Regulations, 2015 is attached as an Annexure to this report. The said report on corporate governance also contains certain disclosures required under the Companies Act, 2013.

A certificate from the Statutory Auditors M/s. SRSV & Associates, Chartered Accountants conforming compliance to the conditions of Corporate Governance as stipulated under Regulation 34[3] of the SEBI [Listing Obligations and Disclosure Requirements] Regulations, 2015 is annexed to the Report.

MANAGEMENT DISCUSSION AND ANALYSIS

A Management Discussion and Analysis Report pursuant to Schedule V [B] of the SEBI [Listing Obligations and Disclosure Requirements] Regulations, 2015 is furnished as an Annexure to this report.

VIGIL MECHANISM

The Company has implemented a Vigil Mechanism / Whistle Blower Policy pursuant to which Whistle Blowers are allowed to raise concerns relating to Reportable Matters [as defined in the Policy]. Further the policy encourages whistle blowers to bring the genuine concerns or grievances and provides for adequate safeguards against victimisation of Whistle Blower who avail of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional circumstances. The functioning of the vigil mechanism is reviewed by the Audit Committee from time to time. None of the whistle blowers were denied access to the Audit Committee of the Board of Directors / IRP / RP. The details of Vigil Mechanism / Whistle Blower Policy are available on the website of the Company www.sical.in.

RISK MANAGEMENT POLICY

The Board has implemented the risk management policy for effective management of risks that are envisaged on the conduct of business wherein all material risks faced by the company are identified and assessed and evolves assessment of controls and policies and put in place procedure for monitoring, mitigating and reporting risk on a periodic basis.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions that were entered into during the financial year were in the ordinary course of business of the Company and were on arms length basis. There were no materially significant related party transactions entered into by the Company with the Promoters, Directors, Key Managerial Personnel or other persons which may have a potential conflict with the interest of the Company. The details of such related party transactions forms part of the standalone and consolidated financials which can be referred to.

The policy on Material Related Party Transactions and also on dealing with the Related Party.

Transactions as approved by the Board of Directors is uploaded on the website of the Company and the link for the same is http://www.sical.in/policy.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Corporate guarantees were provided to banks / financial institutions / Port authorities for the financial facilities availed by the companys subsidiaries / due performance of contracts by the subsidiaries, after obtaining due approval from the shareholders through postal ballot wherever such transactions are considered to be material related party transactions. Considering the financial crunch faced by the Company, no loans / guarantees were given or any investments made to any other companies during the financial year 2020-21. The details of the related party transactions that took place during the year 2020-21 is furnished as Annexure-1.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has laid down set of standards, processes and structure which enables to implement internal financial control across the organisation and ensure that the same are adequate and operating effectively. The statutory auditors M/s. SRSV& Associates LLP have provided their report on the internal financial control as part of their audit report.

Further more, the Company has appointed M/s. Sundar, Srini, Sridhar, Chartered Accountants as the internal auditors for carrying out internal audit functions based on the comprehensive plans formulated in advance.

[a] Statutory Auditor

M/s. SRSV & Associates LLP, Chartered Accountants retire at the conclusion of the ensuing Annual General Meeting. In this connection, the Audit Committee and Board of Directors / IRP /RP have recommended for the approval of the shareholders at the ensuing AGM the appointment of SRSV & Associates, Chartered Accountants with Firm Registration No.: 0150415 as the Statutory Auditors of the Company for the current financial year 2021-22 at the same remuneration as is paid for the previous financial year.

[b] Secretarial Auditor and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013, KRA & Associates, Chennai was appointed the Secretarial Auditor for the financial year 2020-21. The report of the Secretarial Auditor for the FY 2020-21 is annexed to this report as Annexure – 2. As required by Regulation 24A of the SEBI [LODR] Regulations, 2015, the Secretarial Audit Reports of KRA & Associates for the material subsidiaries viz. Sical Infra Assets Limited, Sical Multimodal and Rail Transport Limited and Sical Iron Ore Terminals Limited are also annexed to Annexure – 2.

Statutory Auditors have expressed qualified opinions. The details of the audit qualification and the response of the Board are furnished below.

S.No. Qualified Opinion Reply
1. Regarding application by an operational creditor, initiating the insolvency provisions under the Insolvency and Bankruptcy Code, 2016 (‘the Code) and the consequential appointment of the RP under the Code, and adequacy of disclosures concerning the Holding Companys ability to meet its financial, contractual and statutory obligations including managements technical estimates in regard to realisation of Overdue receivables, Loans and Advances including related party and contractual dues, investments and Deferred Tax Assets amounting to Rs.475.97 crores. Corporate Insolvency Resolution Process has been initiated by the Honourable National Company Law Tribunal, Chennai Bench vide order dated 10th March, 2021. Accordingly, Interim Resolution Professional was appointed and subsequent to this, Resolution Professional was appointed on 02nd June, 2021. The RP is in the process of obtaining required Expression of Interest and obtaining Resolution Plans from Resolution Applicants which shall be put up before the Committee of Creditors ["COC"] and the Honourable NCLT for necessary approval.
The possible impact, if any, arising out of the above matters is presently not quantifiable.
2 Confirmation of balances are not available for majority of the trade receivables, loans and advances given, trade payables, claims received from the employees, bank balances and bank loans as at March 31, 2021. In accordance with the IBC Code, public announcement was made calling upon the financial creditors, operational creditors and past and present employees of the Company to submit their claims with the Interim Resolution Professional/Resolution Professional ["IRP/ RP"]. In accordance with the Code, the IRP/RP has to receive, collate and admit the claims submitted against the Corporate Debtor. Such claims can be submitted to the IRP/RP during CIRP till the approval of a Resolution Plan by the Committee of Creditors ["CoC"].
Pursuant to the CIRP, the Holding Company stopped providing interest on bank borrowings from the CIRP initiation date. In the absence of confirmation of balances the possible adjustment if any required in the Statement is presently not determinable. The finance cost appearing in the Statement are recorded based on transactions accounted in the accounting system, differences between the liability recorded by the Holding Company and confirmations received by the lenders are not recorded as finance cost or contingent liability
3 The Holding Companys net worth as on the reporting date is negative. The Holding Company has significant accumulated losses as at the date of the Balance Sheet and it continues to incur cash losses. Considering the above and the matters more fully explained in the Material Uncertainties Relating to Going Concern section below, we are unable to comment on the appropriateness of preparation of the Statement on a going concern basis. The Resolution Professional is in the process of obtaining the bids from the Resolution Applicants and a Resolution Plan will be submitted to the Committee of Creditors and subsequently filed with NCLT for approval. Such a situation might improve the performance of the company. In view of the above, financials have been prepared on a GOING CONCERN basis.
4 WehavebeeninformedbytheRPthatcertaininformation including the minutes of the meetings of the CoC, cases filed by the RP against the key management personnel, employees, suppliers, customers and other parties and the outcome of certain specific/ routine procedures carried out as part of the IBC process are confidential in nature and could not be shared with anyone, other than the CoC and Honble NCLT. In the opinion of the RP, the matter is highly sensitive, confidential and may have adverse impact on the resolution process. The Resolution Professional is obliged not to share certain information which are integral part of the CIRP, in order to maintain confidentiality of the process and in line with the directions of the Committee of Creditors.
Accordingly, we are unable to comment on the possible adjustments required in the carrying amount of assets and liabilities, possible presentation and disclosure impacts, if any, that may arise if we have been provided access to review of those information. As regards the observation of some of the subsidiaries, the same will get addressed once a Resolution Plan is achieved by the Corporate Debtor in reviving the Company.
Additionally, the auditors of some of the subsidiaries have highlighted key audit matters, material uncertainty related to going concern and emphasis of matter paragraphs, non receipt of confirmation of balance from debtors and creditors, delay / defaults in payment of interest and principal to banks and financial institutions amounting to Rs.33,692 lakhs , receivables outstanding from Holding Company in the books of subsidiaries in their respective audit reports.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitments affecting the financial position of the company which has occurred between the end of the financial year of the company i.e. 31st March, 2021 and the date of the Boards Report i.e. 08th December, 2021.

EMPLOYEE REMUNERATION

1. The details relating to employees as required under Section 197 of the Companies Act, 2013 read with Rule 5[2] of the Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014 as amended is not applicable since none of the employees are in receipt of remuneration exceeding Rs.1.02 crores p.a. or Rs.8,50,000 per month during the financial year 2020-21

2. The ratio of the remuneration of each director to the median employees remuneration and other details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5[1] of the Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014 are forming part of this report as Annexure – 3.

STATUTORY DISCLOSURES

[1] The disclosures to be made under sub-section [3][m] of Section 134 of the Companies Act, 2013 read with Rule 8[3] of the Companies [Accounts] Rules, 2014 are furnished below.

Since the company is engaged in providing logistics services, the details as to conservation of energy and technology absorption are not applicable.

A. CONSERVATION OF ENERGY NA
B. TECHNOLOGY ABSORPTION NA
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Total Foreign Exchange : Earned Rs. Nil
Used Rs.26 lakhs

[2] Significant and Material Orders passed by the Regulators or Courts or Tribunals impacting the Going Concern status of the Company.

In view of the pendency of the CIRP, and in view of the suspension of the powers of board of directors, the powers of approval of the standalone and consolidated financial results vests with the RP. The RP has relied upon the representations, clarifications and explanations provided by the Managing Director, Chief Financial Officer and Senior Management Personnel of the Company. During CIRP, there have been no significant nor material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations.

[3] There were no complaints received / cases filed under Section 22 of the Sexual Harrassment of Women at Workplace [Prevention, Prohibition and Redressal] Act, 2013.

[4] No stock options were issued to the Directors of the Company.

EXTRACTS OF ANNUAL RETURN

Pursuant to sub-section 3[a] of Section 134 and sub-section [3] of Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies [Management and Administration] Rules, 2014, as amended, the Annual Return will be posted in the website www.sical.in.

BOARDS / RP RESPONSIBILITY STATEMENT

Members may kindly note that during the CIRP Process (i.e. after 10th March, 2021 and continuing till the date of this Report), the RP was entrusted with the management of the affairs of the company.

Prior to the Insolvency Resolution commencement date, the Board of Directors had the oversight on the management of the affairs of the Company. The RP along with the Directors is submitting this report. The RP is not to be considered responsible to discharge fiduciary duties with respect to the oversight on financial and operational health of the company and performance of the management for the period prior to the commencement of CIRP.

Accordingly, pursuant to the requirement of Section 134[5] of the Companies Act, 2013, the Board and RP [based on the knowledge / information gained by him about the affairs of the Company in a limited period of time and based on understanding of the then existing processes and to the best of their/ his knowledge state that:

[a] in the preparation of the annual accounts for the financial year ended 31st March, 2021, the applicable accounting standards had been followed along with proper explanation relating to material departures.

[b] the RP has continued with such accounting policies as were adopted on CIRP date, made judgments and estimates that are reasonable and prudent so as to give a reasonably true and fair view of the state of affairs of the company at the end of the financial year ended 31st March, 2021 and of the loss of the company for that period.

[c] that the annual accounts for the financial year ended 31st march, 2021 have been prepared on a going concern basis as explained herein above in the preamble. The directors/ RP had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

[d] that proper systems which have been devised to ensure compliance with the provisions of applicable laws are adequate and operating [e] that internal financial controls which were laid down and followed by the company on the date of CIRP, along with the necessary steps and changes in the Management Structure that have been taken to improve the internal financial controls during CIRP are operating effectively.

[f] that proper and sufficient care has been taken care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

ACKNOWLEDGEMENT

The Directors / RP wish to thank the Port Authorities, Governmental Agencies, companys bankers, financial institutions, customs authorities, foreign collaborators, suppliers, statutory regulators, investors, customers, employees and all stakeholders for their support during this period of difficulty.

T. Subramanian S. Rajappan
Director Director
DIN 00584440 DIN 00862481
Sripatham Venkatasubramanian Ramkumar
Resolution Professional for Sical Logistics Ltd.
IP Registration No.:IBBI/IPA-001/IP-
P00015/2016-17/10039
Place : Chennai
Date : 08th December, 2021