Home  »  Company  »  Tiger Logistics (Ind  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Tiger Logistics (India) Ltd.

Mar 31, 2016

DIRECTOR’S REPORT

Dear Shareholders,

The Directors of your Company with immense pleasure, presenting 16th Annual Report together with the Audited Statements of Accounts and the Auditors’ Report of your Company for the Financial Year ended on 31st March, 206. The summarized financial performance for the year ended 31 March, 206 is as follows:

FINANCIAL PERFORMANCE

(Rs. In Lacs)

Particulars

Current Year

Previous Year

Net Sales / Income from operation

25,344.54

24,58 240

Other Income

66.11

6H6

Total Expenditure

24,189.99

23,665.30

Interest

32.37

3.94

Depreciation

74.46

02.47

Profit before tax at:

1220.66

844.37

Net Prof

729.53

578.10

OPERATIONS

Your Company has seen an overall growth in turnover from its business during the year. During the current Financial Year the Company has achieved a turnover of Rs. 25,344.54 Lacs as against the turnover of Rs 24,582.40 Lacs in the previous year. The net profit of the Company has also increased from last year. It is Rs. 729.53 Lacs in the current year as against Rs. 578.10 Lacs in the Previous Year.

DIVIDEND & BONUS

Your Directors has not recommended any dividend for the year under review. However During the year bonus shares has been allotted in the proportion of 3 (Three) Bonus Equity Shares of Rs.10 (Rupees Ten) each for every 2 (Two) fully paid up Equity Share of Rs.10 (Rupees Ten) each.

RESERVES

Details stated in the financial part of the Annual Report.

FIXED DEPOSITS

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

STOCK EXCHANGE & LISTING FEES

The Company’s Equity Shares at present are listed at BSE Ltd., Mumbai 10th (Februarys, 2006 it was migrated from SME Platform to Main Board of BSE Ltd). 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 on date, the Board of Directors of the Company comprises two executive and four non executive directors out of which three are independent directors in accordance with the terms of the Listing Regulations and the Companies Act, 20B.They have submitted a declaration that each of them meets the criteria of independence as provided in Section 49(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 the Companies Act, Mrs. Surjeet Kaur Malhotra is liable to retire by rotation and being eligible seeks re-appointment at this ensuing Annual General Meeting.

STATUTORY AUDITORS

M/s V.K. Sehgal & Associates, Firm Registration Number: 059N,Chartered Accountants, Statutory Auditors of the Company and having its office at 20} Harsh Bhawan 64-65, Nehru Place, New Delhi -100P. The Statutory Auditors of the Company who were appointed as the Statutory Auditors of the Company for 5 years up to 20th annual General Meeting to be held in the financial Year 2020. Your company seeks ratification of the appointment of Statutory Auditors at the ensuing Annual General Meeting. There are no qualifications or reservation or remarks made by the Auditors in their Report.

INTERNAL AUDITORS

M/s Amit & Nitin, Chartered Accountants, has been appointed in your company for the purpose of Internal Audit by the board resolution dated 22.08.2014 for the Financial Year 2015-16. Your board of directors has re-appointed M/s Amit & Nitin, Chartered Accountants as internal auditor for the Financial Year 2016-1 7 to 2018- 19.

SECRETARIAL AUDITORS

Mr. Manoj Kumar Jain of AMJ & Associates, Practicing Company Secretaries, has been appointed in your company for the purpose of conducting Secretarial Audit by the resolution dated 22.08.2014 for the year 205-6 Your board of directors has re-appointed Mr. Manoj kumar Jain, Amj & Associates, Practicing Company Secretary as secretarial auditor for the Financial Year 2016-17 to 2019-19.

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.

PARTICULARS OF EMPLOYEES

There are 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, 204 Except Mr. Harpreet Singh Malhotra, Managing Director of the Company who draw a salary of Rs. 84.00 Lacs for the year ended 2015-16 Mr. Harpreet Singh Malhotra (aged 44) is having experience of more than 6 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 the Registered Office of the Company before the seven days of Annual General Meeting.

INSIDER TRADING REGULATIONS

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 1992, 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.

BOARD EVALUATION

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.

VIGIL MECHANISM

The Company has a vigil mechanism in place named as Whistle Blower Policy to report concerns to the management about unethical behavior, actual or suspected fraud or violation of the Codes of conduct. The details of the Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the website of the Company.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith. The same forms part of this report.

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 Company’s 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 2006 was 267 as against 180 as on 31st March 2015.

MEETINGS

During the Financial Year 2015-16 five 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 of 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, 2015 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 34(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 A’’ is annexed herewith).

REPORT ON CORPORATE GOVERNANCE

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

Your directors are able to find proper avenues to make the expenditure under the head corporate social responsibility. However we have deputed a team along with its committee as mandated by law to find proper avenues where your company will make the expenditure from the financial year 2016-17.The information on the Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 is given in the Corporate Governance Report, which forms an integral part of the annual report.

POLICY TO PREVENT SEXUAL HARASSMENT AT WORK PLACE

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 constituted 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.

MATERIAL DISCLOSURES UNDER THECOMPANIES ACT, 2013

Except opening of wholly owned subsidiary with the name of Tiger Logistics Pte. Limited in Singapore on 5th June, 2016 and as disclosed elsewhere in the report, there have been no material changes and commitments which can affect the financial position of the Company occurred between the end of financial year of the Company and date of this report.

ACKNOWLEDGEMENT

The Board placed on record its appreciation for the valuable support and cooperation of the principals, distributors, dealers, customers who have shown their interest and confidence in our service. The Board also placed on record its appreciation for valuable support and co-operation of suppliers, shareholders, banks, management team and the entire work force for their commitment and look forward to their continued support in future.

By order of the Board

For Tiger Logistics (IndLimited

Sd/-

Harpreet Singh Malhotra

Chairman cum Managing Director

DIN:00147977

Address: 804A-807, Skylark

Building, 60, Nehru Place, New

Delhi - 19.

Place: N ew Delhi

Date: D.08.206


Mar 31, 2014

Dear Members,

The Directors of your Company have pleasure in presenting the 14th Annual Report together with the Audited Statements of Accounts and the Auditors'' Report of your Company for the Financial Year ended on 31st March, 2014. The summarized financial performance for the year ended 31st March, 2014 is as follows:

FINANCIAL PERFORMANCE (Rs. in Lacs)

Particulars Current Year Previous Year

NetSales/Incomefrom operations 14,748.06 12,214.61

Other Income 66.66 59.30

TotalExpenditure 14,213.57 117,84.38

Gross Profit before Interest, 679.34 574.21 Depreciation and Taxation

Interest 0.66 07.03

Gross Profit after Interest but before 678.68 568.18 Depreciation and Taxation

Depreciation 77.52 77.75

Profit/(Loss)beforetaxation 601.16 489.52

Tax 209.17 150.27

Net Profit 391.99 339.25

OPERATIONS

Your Company has seen an overall growth in turnover from its business during the year. During the Current Financial Year the Company has achieved a turnover of Rs. 14,748.90 Lacs as against the turnover of Rs. 12,214.61 Lacs in the previous year. The net profit of the Company has also increased from last year. It is Rs. 391.99 Lacs in the current year as against Rs. 339.25 Lacs in the Previous Year.

DIVIDEND

Your Directors have not recommended any dividend for the year under review.

FIXED DEPOSITS

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

STOCK EXCHANGE & LISTING FEES

The Company''s Equity Shares at present are listed at BSE(SME) Limited, Mumbai. It may be noted that there are no payments outstanding to the Stock Exchange by way oflisting fees, etc.

BOARD OF DIRECTORS

In accordance with the provisions of the Companies Act, Mrs. Benu Malhotra and Mrs. Surjeet Kaur Malhotra are liable to retire by rotation and are eligible for re-appointment at the ensuing Annual General Meeting.

Recent notifications of Section 149 and other applicable provisions of the Companies Act, 2013 and Clause 52 of the Listing Agreement appointment oflndependent Director is required.

Your Directors appointed Mr. Sanjay Chopra, Mr. Praneet Kohli and Mr. Devender Mohan Mahajan as Independent Directors for Five consecutive years from 25th September, 2014to 24th September, 2019.

STATUTORY AUDITORS

M/s V.K. Sehgal Associates, Chartered Accountants, having its office at 201, Harsh Bhawan 64-65, Nehru Place, New Delhi - 110019, Email: vksehgall23@vsnl.net, info@vksa.in, the Statutory Auditors of the Company will retire at the ensuing Annual General meeting of the Company. The Company has received a certificate from the statutory auditors to the effect that their re-appointment, if made, would be eligible under Section 141 of the Companies Act, 2013.

Your Directors recommends their re-appointment as Statutory Auditors of the Company until the conclusion of next Annual General Meeting to be held in the financial year 2015-16 subject to annual ratification by members at every General Meeting.

AUDITORS'' 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.

INTERNAL AUDITORS

M/s Amit & Nitin, Chartered Accountants, having its office at 219, LGF, Vinobapuri, Lajpat Nagar - II New Delhi - 110024 has been appointed in your company for the purpose of Internal Audit. The Company has received a certificate from the Internal auditor to the effect that their appointment.

SECRETARIAL AUDITORS

Mr. Manoj kumar Jain, Amj & Associates, practicing company secretary of Delhi has been appointed in your company for the purpose of conducting Secretarial Audit. The Company has received a certificate from the Internal auditor to the effect that their appointment.

PARTICULARS OF EMPLOYEES

There was no employee during the year under review, whose particulars are required to be given pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 Except Mr. Harpreet Singh Malhotra, Managing Director of the Company who drew a salary of Rs. 84.00 Lacs for the year ended 2013-14. Mr. Harpreet Singh Malhotra (aged 41) is having experience of more than 13 years and associated with our company as promoter from the year 2000.

In terms of section 217 (2AA) of the Companies Act, 1956 the Directors hereby confirm that:

(i) In the preparation of Annual Accounts, applicable Accounting Standards have been followed along with proper explanation related to material departures;

(ii) The Directors have selected Accounting Policies and applied them consistently and madejudgements 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 or Loss of the Company for that period;

(iii) The Directors have taken proper and sufficient care for the maintenance of adequate Accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) The Directors have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with Section 217 (l)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988 is given in Annexure ''A'' forming part of this report. The particulars as required under the provisions of Section 217(1) (e) of the Companies Act, 1956 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review.

REPORT ON CORPORATE GOVERNANCE

A report on Corporate Governance as stipulated in Clause 52 of the Listing Agreement is given in Annexure ''B'' which forms a part of the Director''s Report.

REPORT ON SECRETARIAL COMPLIANCE

A report on Secretarial Compliance as stipulated in section 383A of the Companies Act, 1956 given in Annexure ''C'' which forms a part of the Director''s Report.

DISCLOSURES UNDER SECTION 217QED1 OF THE COMPANIES ACT. 1956

Except as disclosed elsewhere in the report, there have been no material changes and commitments which can affect the financial position of the Company occurred between the end of financial year of the Company and date of this report.

ACKNOWLEDGEMENT

The Board placed on record its appreciation for the valuable support and cooperation of the principals, distributors, dealers, customers who have shown their interest and confidence in our products. The Board also placed on record its appreciation for valuable support and co-operation of suppliers, shareholders, banks, management team and the entire work force for their commitment and look forward to their continued support in future.

By order of the Board For TIGER LOGISTICS (INDIA) LIMITED Sd/- Harpreet Singh Malhotra Managing Director DIN: 00147977

Address: 804A-807, Skylark Building, 60, Nehru Place, New Delhi -19.

Place: New Delhi Date: 22/08/2014

Find IFSC