Report
Dear Members,
The Directors of your Company with immense pleasure, presenting the 23rd Annual Report
together with the Audited Financial Statements and the Auditors Report of your Company
for the Financial Year ended on 31st March, 2023. The summarized financial performance for
the year ended 31st March, 2023 is as follows:
Financial Performance
Particulars |
Current Year (2022-23) |
Previous Year (2021-22) |
| Net Sales / Income from operations |
43,334.78 |
61,510.69 |
| Other Income |
679.67 |
209.76 |
| Total Expenditure |
40,880.10 |
57,982.27 |
| Finance costs |
59.52 |
107.37 |
| Depreciation |
78.05 |
79.86 |
| Profit before taxation |
3,134.35 |
3,738.18 |
| Net Profit/Loss(Total comprehensive income) |
2,319.90 |
3,353.17 |
| EPS |
21.94 |
31.72 |
Operation
During the current Financial Year, the Company has achieved a turnover of Rs. 43,334.78
Lacs as against the turnover of Rs 61,510.69 Lacs in the previous year. The Net Profit of
the company is Rs. 2,319.90 Lacs in the current year as against the profit of Rs. 3,353.17
Lacs in the previous year.
Dividend & Bonus
Your Directors has not recommended any dividend for the financial year 2022-23
Reserves
Details stated in the Report.
Change in nature of business, if any
During the Financial Year under review, there was no change in the business of the
Company or in 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:
Tiger Logistics Launched its Digital Freight Platform “FreightJar”
Tiger Logistics (India) Ltd., a leading third-party logistics company with expertise in
international cargo and project logistics, has launched its digital product “FreightJar”.
FreightJarisadigitallogisticsplatformwhichaims to streamline freight booking and
management in international logistics. The platforms intuitive interface and
comprehensive features have been designed to enhance operational efficiency, enabling
exporters and importers to manage their shipping requirements more efficiently.
FreightJar enables users to access real-time freight rates, book freight instantly,
automate documentation, and track shipments for improved accessibility, visibility, and
transparency in their supply chains. Furthermore, FreightJar offers Cargo Value Financing
solutions to exporters, providing them with the ability to manage cash flow and apply for
collateral-free financing options.
FreightJar represents a significant leap forward in the digitization of logistics
operations, enabling partoftheAnnual businesses to streamline their freight booking and
management processes, and providing access to supply chain financing options to support
business growth.
Stock Exchange & Listing Fees
The Companys Equity Shares at present are listed at BSE Ltd., Mumbai. It may be noted
that 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, 2023, the Board of Directors of the Company comprises two executive,
one non-executive non-independent woman director and four non- executive Independent
directors in accordance with the terms of the SEBI (LODR) Regulations, 2015 and the
Companies Act, 2013. During the year, Mr. Sanjay Chopra and Mr. Rajesh Kumar Gupta has
been appointed as Independent Director of the Company w.e.f. 1st April, 2022 and 5th
December, 2022 respectively and Mr. Ayush Periwal has resigned w.e.f 5th December, 2022.
Independent Directors have submitted a declaration that each of them meets the criteria
of independence as provided in Section 149(6) of the Act and there has been no change in
the circumstances which may affect their status as independent director during the year.
In accordance with the provisions of Section 152 of the Act, read with rules made
thereunder and Articles of Association of the Company, Mrs. Benu Malhotra (DIN-00272443)
is liable to retire by rotation at the ensuing AGM and being eligible offers herself for
reappointment.
Audit Committee
Audit Committee is included in the Corporate Governance report, which forms part of
this Report.
Nomination And Remuneration Committee
The details pertaining to the composition of Nomination and Remuneration Committee is
included in the Corporate Governance Report, which forms part of this report.
Stakeholder Relationship Committee
The details pertaining to the composition of Stakeholder Relationship Committee is
included 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 Committee
is included in the Annexure II of Directors Report, which forms part of this report.
Management Discussion And Analysis
The Management Discussion and Analysis Report for the year under review, as stipulated
under the SEBI Listing Regulations, is presented in a section forming part of this Annual
Report.
Internal Auditors
M/s Amit & Nitin, Chartered Accountants, are the Internal Auditors of the Company
and 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 of
Internal Audit for the Financial Year 2022-23 & 2023-24.
Policy On Directors Appointment And Remuneration
The Companys Policy on Directors appointment and remuneration and other matters
(Remuneration Policy) provided in Section 178(3) of the Act is available on the website of
the Company at www.tigerlogistics.in.
We affirm that the remuneration paid to the Directors is as per the terms laid out in
the said Remuneration Policy.
Insurance
Your Company has taken appropriate insurance for all assets against foreseeable perils.
Statutory Auditors & Auditors Report
At the 22nd Annual General Meeting of the Company, the Members approved the appointment
of M/s Garg Agrawal & Agrawal, Chartered Accountants (Firm Registration No. 016137N)
as the Statutory Auditors of the Company, to hold office for a period of 5 (five) years
from the conclusion of this 22nd Annual General Meeting of the Company till the conclusion
of the 27th Annual General Meeting of the Company, in terms of the applicable provisions
of Section 139(1) of the Act read with the Companies (Audit and Auditors) Rules, 2014.
Independent Auditors Report for the year 2022-2023 is submitted by Garg Agrawal &
Agrawal, Chartered Accountants. The Notes to the financial statements referred in the
Auditors Report are self-explanatory. The Auditors Report is enclosed with the financial
forming part of this Annual Report.
Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Act, and the rules made thereunder,
the Company has appointed M/s AMJ & Associates, Company Secretaries to undertake the
Secretarial Audit of the Company. Secretarial Audit Reports for FY 2022-23 of the Company
is annexed, which forms part of this report as Annexure-V. There are no qualifications,
reservation or adverse remarks given by Secretarial Auditors of the Company.
Secretarial Auditors
Mr. Manoj Kumar Jain of M/s AMJ & Associates, Practicing Company Secretaries, is
the Secretarial Auditor of the Company and they have submitted the Secretarial Audit
Report (in Annexure-V) as per the requirement of the Act. M/s AMJ & Associates were
already appointed for the purpose of conducting Secretarial Audit for the financial year
2022-23 & 2023-24.
Auditor Report & Secretarial Audit Report
The observations of the auditors made in their report are self-explanatory and
therefore, in the opinion of your Directors, do not call for further comments, which forms
a part of this annual report.
Independent Directors Declaration
The Independent Directors have confirmed and declared that they are not disqualified to
act as an Independent Director in compliance with the provisions of Section 149 of the
Companies Act, 2013 and the Board is also of the opinion that the Independent Directors
specified them eligible to act as Independent Directors.
Particulars Of Employees
There is no employee during the year under review, whose particulars are required to be
given 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 other
applicable section, if any Except Mr. Harpreet Singh Malhotra,
Managing Director of the Company who draw a salary of Rs. 1.08 Cr. for the year ended
2022-23. Mr. Harpreet Singh Malhotra (aged 50) is having experience of more than 23 years
and associated 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 being
sent to all shareholders of the Company, excluding the aforesaid information. Any
shareholders interested in obtaining such particulars may write to the Company Secretary
at csvishal@ tigerlogistics.in before the seven days of Annual
General Meeting.
Insider Trading Regulations
Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations,
2015, as amended from time to time, the code of conduct for prohibition of insider
trading, as approved by the Company. The Company has also adopted the concept of Trading
Window Closure, to prevent its Directors, Officers, designated employees and other
employees from trading in the securities of the Company at the time when there is
unpublished price sensitive information. The Board has appointed Mr. Vishal Saurav Gupta,
Company Secretary as the Compliance Officer under the Code.
Evaluation Of The Boards Performance
In compliance with the Companies Act, 2013 and all the conditions Regulation 17(10) of
SEBI (Listing Obligations and in the Companies Act, 2013 making Disclosure Requirements),
Regulations, 2015, the performance evaluation of the Board was carried out during the year
under review. Kindly refer the point mentioned in 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 with
policies and procedures. The Company has a system of carrying out internal audit, covering
all business processes to review the internal control systems. The internal control system
and mechanism is reviewed periodically by the Audit Committee to make it robust so as to
meet 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 report
concerns to the management about unethical behaviour, actual or suspected fraud or
violation of the Codes of conduct. The details of the Whistle Blower Policy are explained
in 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 March
2022, prepared in accordance with Section 92(3) of the Act, is made available on the
website 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 the
financial year 2022-23.
Credit Rating
During the year under review, M/s Informerics Valuation and Rating Private Limited vide
its letter dated August 5th, 2022 has assigned the ratings to your Company for Long term
& short term Bank Facilities is (IVR BBB+ with Stable outlook) & (IVR A2) however
currently (as on the drafting time of this annual report) M/s Informerics Valuation and
Rating Private Limited is in the process of assigning new rating on the basis of financial
results for the year ended 31st March, 2023. 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 the
financial year with related parties in the ordinary course of business and on arms length
price basis. During the year, the Company has not entered into any contracts/
arrangements/ transactions with related parties which could be considered material in
accordance 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 the
Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2
and 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, which
includes industry risks, quality risks, project risks and financial/ interest rate /
liquidity risks and the structure, infrastructure, processes, awareness and risk
assessment / minimization procedures.
The elements of the risk, which in severe form can threaten Companys existence, have
been identified by the Board of Directors to mitigate the same.
Headcount-Human Resource Development.
The total number head count as on 31st March 2023 was 172 as against 157 as on 31st
March 2022.
Board Meetings
During the Financial Year 2022-23, seven board meetings were convened and held, rest of
the details of which are given in the Corporate Governance Report. The intervening gap
between 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, 2013
the Directors hereby confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures, if any;
b) that the accounting policies selected and applied are consistent and the judgments
and estimates made 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 financial year and of the profit and loss
the Company for that period;
c) that proper and sufficient care has been taken 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; and
d) that the Annual Accounts for the year ended 31st March, 2023 have been prepared on a
going concern basis.
e) that the directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively. f) that the directors had devised proper system to ensure compliance with the
provisions of all applicable laws and that such system were adequate and operating
effectively.
Conservation Of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
The particulars as required under the provisions of Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 Companies (Accounts) Rules, 2014 in respect of conservation of
energy and technology absorption have furnished considering the nature of activities
undertaken by the company during the year under review (Report “Annexure I” is
annexed herewith).
As per Listing Regulations and Agreement with the Stock Exchanges, a detailed report on
corporate governance practices followed by the Company together with the certificate from
the Practicing Company Secretary confirming compliance, forms part of this report.
Corporate Social Responsibility
The Brief outline of the Corporate Social Responsibility (CSR) Policy of the Company
and the initiative undertaken by the company on CSR activities during the year are set out
in the Annexure II of this report in the format prescribed in the Companies (Corporate
Social Responsibility Policy) Rules, 2014.
Policy To Prevent Sexual Harassment At Workplace
Your Company is committed to creating and maintaining an atmosphere in which employees
can work together without fear of sexual harassment, exploitation, or intimidation. As
required under the provisions of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 (Act), your Company has an Internal Complaints
Committee. No complaints were received by the committee during the year under review.
Since the number of complaints filed during the year was NIL, the Committee prepared 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 the
financial 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 the
Company occurred between the end of financial year of the Company and date of this report
are given below:
Tiger Logistics (India) Ltd., a leading third-party logistics company with expertise in
international cargo and project logistics, has launched its digital product
“FreightJar”.
FreightJar is a digital logistics platform which aims to streamline freight booking and
management in international logistics. The platforms intuitive interface and
comprehensive features have been designed to enhance operational efficiency, enabling
exporters and importers to manage their shipping requirements more efficiently.
M/s Informerics Valuation and Rating Private
Limited is in the process of assigning a new rating on the basis of financial results
for the year ended 31st March, 2023. Your management will give separate disclosure to
disclose the ratings.
Mr. Naman Nanda has ceased to be to be the director of the company under section
167(1)(b) of Companies Act, 2013, requisite documents and forms has been filed by the
company.
Tiger Logistics (India) Limited has been granted a Certificate of Accreditation from
the International Air Transport Association (IATA). This accreditation signifies that our
company has met the professional standards set by IATA, enabling us to promote, sell, and
handle international air cargo transportation.
Tiger Logistics (India) Limited has received a follow up favorable order from CESTAT
setting aside the demand raised on Mark Up of ocean freight by service tax department
which was declared by us on exchange as well as contingent liability.
Significant And Material Orders Passed By The
Regulators Or Courts Or Tribunals
Your Company has received a follow up favourable order from CESTAT, in view of the
demand raised on Mark Up of ocean freight by service tax department which was declared by
us on exchange as well as contingent liability. We are pleased to inform you that CESTAT
vide order no. 50868-50870/2023 has set aside the demand against the same.
Awards & Recognition
Mr. Harpreet Singh Malhotra, the Chairman and Managing Director of Tiger Logistics
(India) Limited, was bestowed with the esteemed Business Leader of the Year Award at the
Northern India Multimodal Logistics Awards ceremony held on March 24th, 2023. The event
was hosted at The Lalit in New Delhi, coinciding with Conquest 2023.
The Annexures referred to in this Report and other information which are required to be
disclosed are annexed herewith and form a part of this Report:
| Annexure |
Particulars |
| 1 |
Particulars of Conservation of Energy, Technology Absorption and Foreign
and Outgo |
| II |
Report on Corporate Social Responsibility |
| III |
AOC-2 |
| IV |
Certification by CEO/ MD & CFO |
| V |
Secretarial Audit Report |
| VI |
Certificate On compliance with the conditions of Corporate Governance |
| VII |
Certificate of Non-Disqualification of Directors |
Acknowledgement
Your directors wish to place on record their sincere appreciation for the continued
support and cooperation extended to the Company by its bankers, customers, vendors,
suppliers, dealers, investors, business associates, all the stakeholders, shareholders,
debenture holders and various departments of the State and the Central Government.
By order of the Board
|
For Tiger Logistics (India) Ltd. |
|
Sd/- |
|
Harpreet Singh Malhotra |
|
Chairman cum Managing Director |
|
DIN: 00147977 |
| Place: New Delhi, India |
Address: D-174, Ground Floor, |
| Dated: 03/08/2023 |
Okhla Industrial Area, Phase-1, New Delhi -110020, India |
+91-9892691696
