Directors Report of Tiger Logistics (India) Ltd.

Mar 31, 2025

The Directors of your Company with enormous pleasure, presenting the 25^th Annual
Report together with the Audited Financial Statements and the Auditors’ Report of your
Company for the Financial Year ended on 31st March 2025. The summarized financial
performance for the year ended 31st March 2025 is as follows:

FINANCIAL PERFORMANCE (Rs. i_n lacsexceDt EPS1

Particulars	Current Year (2024-25)	Previous Year (2023-24)
Net Sales / Income from operations	53,630.50	24,025.85
Other Income	886.80	387.66
Total Expenditure	50,908.16	22,643.96
Finance costs	284.45	42.54
Depreciation	84.71	77.90
Profit before taxation	3,609.14	1,769.55
Net Profit/Loss (Total comprehensive income)	2,702.47	1,296.80
EPS	2.56	1.23

OPERATION

During the current Financial Year, the Company has achieved a turnover of Rs.
53,630.50 lacs as against the turnover of Rs 24,025.85 Lacs in the previous year. The Net
Profit of the company is Rs. 2,702.47 Lacs in the current year as against the profit of Rs.
1,296.80 Lacs in the previous year.

DIVIDEND & BONUS

Your directors have not recommended any dividend for the financial year 2024-25.
RESERVES

Details stated in the financial part of the Annual Report.

CHANCE 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

a) TIGER LOGISTICS LAUNCHED ITS LCL DIVISION “CUBOX”

Tiger Logistics, India''s leading global logistics solutions company, has launched CUBOX,
an innovative Less-than-Container Load (LCL) consolidation service focused on
providing effective solutions for LCL export and import to forwarders and logistics
companies. CUBOX aims to meet the rising demand for cost-effective and reliable
international ocean freight services, especially in India’s LCL market.

b) RE-APPOINTMENT OF MR. SUSANTA KUMAR PANDA FOR 5 YEARS.

Mr. Susanta Kumar Panda (DIN: 07917003) has been re-appointed as an Independent
Director for the second term of 5 consecutive years with effect from 1st April 2025 with
the approval of board of directors and shareholders.

STOCK EXCHANGE & LISTING FEES

The Company’s Equity Shares at present are listed at BSE Ltd., Mumbai. It may be noted that
there are no payments outstanding to the Stock Exchange byway of listing fees, etc.

BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL

As of 31st March, 2025, the Board of Directors of the Company comprises two executive,
one non-executive non-independent woman director and three non- executive
independent directors in accordance with the terms of the SEBI (LODR) Regulations,
2015 and the Companies Act, 2013 (the Act).

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

The details pertaining to the Composition of 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 Director’s Report, which forms part of this report.

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
appointed last year, and they have submitted the Internal Auditors Report as per the
requirement of the Act.

POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION

The Company’s Policy on Directors’ appointment and remuneration and other matters
(Remuneration Policy) provided in Section 178(3) of the Act is available on the website 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 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 Auditor’s Report for the financial year 2024-2025 is submitted by Garg
Agrawal & Agrawal, Chartered Accountants. The Notes to the financial statements
referred in the Auditor’s Report are self-explanatory. The Auditor’s Report is enclosed
with the financial statements 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 FY2024-25 of the
Company is annexed, which forms part of this report as Annexure-V. There is one
observation pertaining to return not filed under Carriage by Road Act, 2007 and
Carriage by Road Rules, 2011. Board hereby clarifies that due to impracticability to
compile data related to the return to be filed under the said Act, we did not submit the
required return as the data of return is applicable for core transportation businesses
having trucks in their kitty. Further, the Company is currently in the process of
surrendering the license obtained under the Carriage by Road Act, 2007, as it is no
longer relevant to 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/fe AMJ & Associates is being appointed by the board of the
directors (in their meeting held on 27.05.2025) for 5 years subject the approval of shareholder in
the ensuing annual general meeting for conducting Secretarial Audit.

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 fulfil all the conditions specified in the Companies Act, 2013 making 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 2024-25. Mr.
Harpreet Singh Malhotra (aged 53) is having experience of more than 25 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 [email protected] before 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 BOARD’S PERFORMANCE

In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing
Obligations and 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 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 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 2025,
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.

SECRETARIAL STANDARDS ISSUED BY THE COMPANY SECRETRAIES OF INDIA (ICSI)

The Company is following applicable Secretarial Standards during the financial year
2024-25.

CREDIT RATING

During the year under review, Infomerics Valuation and Rating Pvt. Ltd. has upgraded
the company’s credit ratings with an improved outlook. The long-term rating for cash
credit facilities of ^28.00 crore has been upgraded to IVR BBB /Stable from IVR
BBB /Negative. Short-term facilities of ^1.60 crore continue to hold IVR A2. Proposed
facilities of ^2.40 crore have also been reaffirmed at IVR BBB /Stable & IVR A2. Total
rated amount: ^32.00 crore.

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 arm’s length
price basis. During the year, the Company has not entered 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.

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 2025 was 216 as against 189 as on 31st
March 2024.

BOARD MEETINGS

During the Financial Year 2024-25, six board meetings were convened and held. Rest of
the details pertaining to board meeting 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, 2025 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) thatthe 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).

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

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
theyear under review. Since the number of complaints filed during theyearwas 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.

CONFIRMATION RELATED TO MATERNITY BENEFITS:

In accordance with Rule 8(5)(xiii) of the Companies (Accounts) Rules, 2014, the Board
confirms that the Company has complied with the applicable provisions of the
Maternity Benefit Act, 1961.

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:

• RE-APPOINTMENT OF MR. SUSANT KUMAR PANDA

Mr. Susanta Kumar Panda (DIN: 07917003) has been appointed as an Independent
Director of the Company w.e.f. 1st April 2025 to 31st March 2030 via board meeting held
03.02.2025 and postal ballot confirmation by shareholders dated 28.06.2025.

• APPLICATION OF NSE LISTING.

The company has filed an application of direct listing at NSE platform with the approval
of board resolution. This proposed direct listing on the Main Board of the National Stock
Exchange of India Limited (NSE) represents a key milestone in the Company’s growth
trajectory. It is aimed at enhancing market presence, improving share liquidity, and
increasing visibility among a broader investor base. The listing is expected to bolster
investor confidence, support value creation for existing shareholders, and align with the
Company’s long-term objectives of sustainable growth and strengthened corporate
governance.

• CREDIT RATING

M/s Infomerics Valuation and Rating Limited has upgraded the Company’s credit
ratings for its bank facilities. The rating for the Long-Term Bank Facilities amounting to
R37.67 crore has been upgraded from IVR BBB /Stable (IVR Triple B Plus with Stable
Outlook) to IVR A-/Stable (IVR Single A Minus with Stable Outlook). The Short-Term Bank
Facilities of R2.60 crore have been upgraded from IVR A2 (IVR A Two) to IVR A2 (IVR A
Two Plus). Additionally, the rating for the proposed Long/Short-Term Bank Facilities
amounting to R4.73 crore has been upgraded from IVR BBB /Stable & IVR A2 to IVR
A-/Stable & IVR A2 . The total rated facilities now stand at R45.00 crore (Rupees
Forty-Five Crores Only).

• TIGER LOGISTICS WINS “LOGISTICS COMPANY OF THE YEAR” AT THE ALL INDIA
MARITIME AND LOGISTICS AWARDS 2025.

Tiger Logistics (India) Limited, a leading end-to-end international logistics solutions
provider, has been honoured with the prestigious “Logistics Company of the Year"
award at the 15th Edition of the All India Maritime and Logistics Awards (MALA) 2025.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS

None

AWARDS & RECOGNITION

The company has been honoured with the esteemed CONCOR EXIM Star Award
2023-24 - Special Recognition Award for Pant Nagar - CHA, Area-1. This accolade
highlights Tiger Logistics'' exceptional contributions as a logistics partner in enabling
seamless global trade and delivering efficient customs operations. Conferred by the
Container Corporation of India (CONCOR), this recognition underscores the company''s
unwavering commitment to excellence in the EXIM trade sector.

ANNEXURES FORMING PART OF DIRECTOR’S REPORT

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 Exchange 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.

Your directors appreciate and value the contribution made by every member of the Tiger
family

By order of the Board
For Tiger Logistics (India) Limited

Sd/-

Harpreet Singh Malhotra
Chairman cum Managing Director

DIN: 00147977

Place: New Delhi Address: D-174, Ground Floor, Okhla

Date: 06-08-2025 Industrial Area, Phase-1, New Delhi -110020.

---

Mar 31, 2024

The Directors of your Company with enormous pleasure, presenting the 24th Annual Report together with the Audited Financial Statements and the Auditors’ Report of your Company for the Financial Year ended on 31st March 2024. The summarized financial performance for the year ended 31st March 2024 is as follows:

FINANCIAL PERFORMANCE

(Rs. In Lacs exceDt EPS1

Particulars	Current Year (2023-24)	Previous Year (2022-23)
Net Sales / Income from operations Other Income Total Expenditure Finance costs Depreciation Profit before taxation Net Profit/Loss (Total comprehensive income) EPS	24,025.85 387.66 22,643.96 42.54 77.90 1,769.55 1,296.80 12.27	43,334.78 679.67 40,880.10 59.52 78.05 3,134.35 2,319.90 21.94

OPERATION

During the current Financial Year, the Company has achieved a turnover of Rs.24,025.85 Lacs as against the turnover of Rs 43,334.78 Lacs in the previous year. The Net Profit of the company is Rs. 1,296.80 Lacs in the current year as against the profit of Rs.2,319.90 Lacs in the previous year.

DIVIDEND & BONUS

Your directors have not recommended any dividend for the financial year 2023-24.

RESERVES

Details stated in the financial part of the Annual Report.

CHANGE IN NATURE OF BUSINESS, IF ANY

During the Financial Year under review, there was no change in the business of 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

a) 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”.

FreightJar is a digital logistics platform which aims to streamline freight booking and management in international logistics. The platform''s 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.

FreightJar represents a significant leap forward in the digitization of logistics operations, enabling businesses to streamline their freight booking and management processes, and providing access to supply chain financing options to support business growth.

b) Stock Split

During the period under review, the Board of Directors of your Company approved, the sub-division/ split of equity shares of your Company, such that 1 (one) equity share having face value of ?10.00 (Rupees Ten only) each, fully paid-up, was sub-divided into 10 (ten) equity shares having face value of ?1.00 (Rupee One only) each, fully paid-up.

Further, the members vide resolution passed by way of postal ballot on 10th February 2024 approved the said sub-division/ split of equity shares and consequential alteration in the existing Capital Clause of the Memorandum of Association (MOA) of your Company.

After the requisite approvals of the Stock Exchange i.e. BSE and the depositories i.e. NSDL and CDSL, new ISIN (INE906001029) was allotted to your Company.

The effect of change in face value of the share was reflected on the share price at the Stock Exchange where your Company is listed (BSE) effective from 4th March 2024 i.e. record date for the purpose of sub-division/ split of equity shares of your Company.

As a result of the sub-division/ split of equity shares of your Company, it has become more affordable and encouraged participation of investors at large.

Accordingly, the capital structure of your Company post sub-division/ split of equity shares is as follows:

Type of Capital	No. of equity shares	Face Value (in?)	Total Share Capital (in?)
Authorised Share Capital	11,00,00,000	1	11,00,00,000
Issued, Subscribed and	10,57,25,000	1	10,57,25,000
Paid-up Share Capital

c) Launch of TiGreen

Your Company has announced its strategic plan towards setting up a dedicated vertical - ‘TiGreen’ which will be focusing on strengthening its presence in the global trade of sustainable & renewable energy, by providing tailor-made international logistics solutions, primarily for solar power and electric mobility segment.

The scope of this dedicated vertical is in alignment with the Indian government''s initiatives towards promoting sustainable and renewable energy such as PM Surya Ghar scheme, which is expected to increase imports of solar cells, modules, or associated components. In 2023, Tiger Logistics strengthened its network in Cambodia, Malaysia, Vietnam, Thailand and Hong Kong which are emerging alternate destinations for the import of Solar Module Panels in India.

The specialised vertical, TiGreen will leverage Tiger Logistics'' extensive expertise to streamline the transportation and distribution processes for solar components, and Electric Vehicles across the country and worldwide. To lead this vertical, Tiger Logistics will be hiring across multiple positions, including ‘Global Head, TiGreen’ who will spearhead the vertical, and further add strategic direction to Tiger Logistics ambitions in ‘Green Logistics’.

STOCK EXCHANGE & LISTING FEES

The Company’s 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, 2024, the Board of Directors of the Company comprises two executive, one non-executive non-independent woman director and three non- executive Independent directors in accordance with the terms of the SEBI (LODR) Regulations, 2015 and the Companies Act, 2013 (the Act).

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. Surjeet Kaur Malhotra (DIN-03094598) is liable to retire by rotation at the ensuing AGM and being eligible offers herself for reappointment.

AUDIT COMMITTEE

The details pertaining to the Composition of 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.

The details pertaining to the composition of Corporate Social Responsibility Committee is included in the Annexure II of Director’s Report, which forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review, as 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 2023-24.

POLICY ON DIRECTORS’APPOINTMENT AND REMUNERATION

The Company’s Policy on Directors’ appointment and remuneration and other matters (Remuneration Policy) provided in Section 178(3) of the Act is available on the website 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 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 Auditor’s Report for the financial year 2023-2024 is submitted by Garg Agrawal & Agrawal, Chartered Accountants. The Notes to the financial statements referred in the Auditor’s Report are self-explanatory. The Auditor’s Report is enclosed with the financial statements 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 2023-24 of the Company is annexed, which forms part of this report as Annexure-V. There is one observation pertaining to return not filed under carraige by Road Act, 2007 and carraige by Road Rules, 2011. Board hereby clarify that due to impracticability to compile data related to the return to be filed under the said Act ,we did not submit the required return as the data of return is applicable for core transportation businesses having trucks in their kitty.

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 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 fulfil all the conditions specified in the Companies Act, 2013 making 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 2023-24. Mr. Harpreet Singh Malhotra (aged 52) is having experience of more than 24 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 [email protected] before 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 BOARD’S PERFORMANCE

In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and 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 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 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 2024, 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.

SECRETARIAL STANDARDS ISSUED BY THE COMPANY SECRETRAIES OF INDIA (ICSI)

The Company is following applicable Secretarial Standards during the financial year 2023-24. CREDIT RATING

During the year under review, M/s Informerics Valuation and Rating Private Limited vide its letter dated February 16th, 2024, has revised the ratings to your Company for Long term & short-term Bank Facilities from IVR BBB / Stable (IVR Triple B Plus with Stable outlook) & IVR A2 to IVR BBB / Negative (IVR Triple B Plus with Negative 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 .

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 arm’s length price basis. During the year, the Company has not entered 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 2024 was 189 as against 172 as on 31st March 2023.

BOARD MEETINGS

During the Financial Year 2023-24, six 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, 2024 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).

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.

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:

• Mr. Susanta Kumar Panda (DIN: 07917003) has been appointed as an Independent Director of the Company w.e.f. 1st April, 2024.

• The Company has received a positive ruling in its favour. Vide Order-in-Original dated 18.11.2021, the Commissioner, CX & GST, Delhi East, confirmed a demand of Service Tax amounting to ?5,65,06,356/- in respect of the markup/differential freight in the sale of space for export cargo, container detention charges, toll tax and other services provided. On ROM Application filed against the above order, vide Order-in-Original dated 19.10.2022, the Commissioner accepted the fact of an amount of ?2,64,78,835/- having already been paid towards the Service Tax on services provided and ordered for appropriation of the same against the demand confirmed. Vide Final Order dated 12.07.2023, CESTAT set aside the demand of service tax on the markup/differential freight, container detention charges and toll tax. However, the issue of-quantification of the demand for service tax on the services provided on account of non-consideration by the Commissioner of the abatement claimed was remanded by CESTAT to the Commissioner. Now vide Order-in-Original dated 27.03.2024, the Commissioner has accepted the company’s claim for abatement and re-quantified the demand of service tax to the amount which was already paid.

• Mrs. Benu Malhotra has resigned from the post of Chief Financial Officer (CFO) w.e.f. 24th April 2024.

• Mr. Madhusudan Jhunjhunwala has been appointed as Chief Financial Officer (CFO) w.e.f. 24th April 2024.

• Company has announced the launch of FreightJar 2.0. This major upgrade to our proprietary freight booking and management platform will enable businesses of all sizes to handle their import shipments, including FCL (Full Container Load), LCL (Less than Container Load), and Air Freight,

with enhanced ease and efficiency. This is in addition to our existing capabilities for FCL exports.

• M/s Informerics Valuation and Rating Private Limited is in the process of assigning a new rating based on financial results for the year ended 31st March 2024.

• The Company has been certified as a Great Place To Work® in India for the period July 2024 to July 2025. Following a rigorous evaluation by the Great Place to Work Institute, 96% of the employees rated Tiger Logistics as an excellent workplace, highlighting the strengths in diversity, fairness, pride, inclusivity, and credible management.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

The 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 it as contingent liability. CESTAT vide order no. 50868-50870/2023 has set aside the demand against the same.

AWARDS & RECOGNITION

FreightJar, the proprietary digital freight booking and management platform of the company has been recognized as the Digital Startup of the Year at the prestigious Northern India Multimodal & Logistics Awards 2024, concurrent with Conquest 2024. The award ceremony took place at The Lalit, New Delhi in the presence of eminent personalities from the logistics and supply chain industry and senior government representatives.

ANNEXURES FORMING PART OF DIRECTOR’S REPORT

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
I	Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange 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.

Your directors appreciate and value the contribution made by every member of the Tiger family.

By order of the Board For Tiger Logistics (India) Limited

Sd/-

Harpreet Singh Malhotra Chairman cum Managing Director

DIN: 00147977

Place: New Delhi Address: D-174, Ground Floor, Okhla Industrial

Date: 06-08-2024 Area, Phase-1, New Delhi -110020.

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Mar 31, 2023

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 financial part of the Annual Report.

Change in nature of business, if any

During the Financial Year under review, there was no change in the business of 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”.

FreightJar is a digital logistics platformwhich aims to streamline freight booking and management in international logistics. The platform''s 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 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 Company''s 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 nonexecutive 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

The details pertaining to the Composition of

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 Director''s Report, which forms part of this report.

Management Discussion And Analysis

The Management Discussion and Analysis Report for the year under review, as 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 Company''s Policy on Directors'' appointment and remuneration and other matters (Remuneration Policy) provided in Section 178(3)

of the Act is available on the website 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 Auditor''s Report for the financial year 2022-2023 is submitted by Garg Agrawal & Agrawal, Chartered Accountants. The Notes to the financial statements referred in the Auditor''s Report are self-explanatory. The Auditor''s Report is enclosed with the financial statements 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 fulfil all the conditions specified in the Companies Act, 2013 making 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 Board’s Performance

In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and 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 arm''s 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 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 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, 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 platform''s 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
I	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.

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Mar 31, 2018

Dear Shareholders,

The Directors of your Company with immense pleasure, presenting the 18^th Annual Report together with the Audited Standalone and Consolidated Financial Statements and the Auditors’ Report of your Company for the Financial Year ended on 31^st March, 2018. The summarized financial performance for the year ended 31^st March, 2018 is as follows:

FINANCIAL PERFORMANCE

(Rs. In Lacs)

	Standalone		Consolidated
Particulars	Current Year (2017-18)	Previous Year (2016-17)	Current Year (2017-18)	Previous Year (2016-17)
Net Sales / Income from operations	32,423.72	29,805.10	32,423.72	29,828.36
Other Income	60.41	21.44	60.41	21.44
Total Expenditure	30,742.81	28,229.01	30,744.45	28,249.58
Interest	156.28	53.50	156.28	53.50
Depreciation	58.09	53.89	58.09	53.89
Profit before taxation	1,741.32	1,597.53	1,739.68	1,600.22
Net Profit	1,139.00	1,028.93	1,137.35	1,031.62

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. 32,423.72 Lacs as against the turnover of Rs 29,805.10 Lacs in the previous year. The net profit of the Company has also increased from last year. It is Rs. 1,139.00 Lacs in the current year as against Rs. 1,028.93 Lacs in the Previous Year.

DIVIDEND & BONUS

Your Directors has not recommended any dividend for the financial year 2017-18.

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. 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 SEBI (LODR) Regulations, 2015 and the Companies Act, 2013. They 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 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.

AUDIT COMMITTEE

The details pertaining to the Composition of 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.

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 appointed for the purpose of Internal Audit by the board resolution dated 14.08.2018 for the Financial Year 2018-19 & 2019-20.

SECRETARIAL AUDITORS

Mr. Manoj Kumar Jain of AMJ & Associates, Practicing Company Secretaries, is the Secretarial Auditor of the Company and they have submitted the Secretarial Auditor Report (in Annexure-V) as per the requirement of the Act. M/s AMJ & Associates appointed for the purpose of conducting Secretarial Audit by the resolution dated 14.08.2018 for the year 2018-19 & 2019-20.

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 fulfil all the conditions specified in the Companies Act, 2013 making 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. 1.74 Cr. for the year ended 2017-18. Mr. Harpreet Singh Malhotra (aged 46) is having experience of more than 18 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.

EVALUATION OF THE BOARD’S PERFORMANCE

In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and 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.

SUBSIDIARIES

The Company had made investment of 100% in the equity of Tiger Logistics Pte. Ltd (Singapore) in the Financial Year 2016-17, however the business operations of the company is yet to get commenced. A statement containing salient features of the financial statements of the Company’s subsidiary in Form AOC-1 is attached as Annexure III.

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.

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. (Annexure-IV).

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 arm’s 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 31^st March 2018 was 385 as against 350 as on 31^st March 2017.

MEETINGS

During the Financial Year 2017-18 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, 2018.

e) have been prepared on a going concern basis.

f) 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.

g) 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 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

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. For other details regarding the CSR Committee, please refer to Corporate Governance Report, which forms part of this report. 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.

PARTICULARS OF LOANS AND GURANTEES AND INVESTMENTS UNDER SECTION 186

The particulars of loans, guarantees and investments have been disclosed in the financial statements.

MATERIAL DISCLOSURES UNDER THECOMPANIES ACT, 2013

Upon recommendation of Nomination and Remuneration Committee, Mr. Ayush Periwal has been appointed as Additional (Independent) Director of the Company with effect from 14 ^th August, 2018 by the Board of Directors of the Company in place of Mr. D.M. Mahajan, whose office got vacated due to his resignation. In terms of Section 161(1) of the Companies Act, 2013, said Director hold office as an ‘Additional Director’ upto the date of this Annual General Meeting. The Company has received a Notice in writing from a Member under Section 160 of the Companies Act, 2013, proposing Mr. Ayush Periwal candidature for the office of Director of the Company. Mr. Ayush Periwal is proposed to be appointed as an Independent Director of the Company for a period of 5 years from the date of their appointment.

Upon recommendation of Nomination and Remuneration Committee, Mr. Naman Nanda has been appointed as Additional (Independent) Directors of the Company with effect from 14^th August, 2018 by the Board of Directors of the Company in place of Mr. Sanjay Chopra, whose office got vacated due to his resignation. In terms of Section 161(1) of the Companies Act, 2013, said Director hold office as an ‘Additional Directors’ upto the date of this Annual General Meeting. The Company has received a Notice in writing from a Member under Section 160 of the Companies Act, 2013, proposing Mr. Naman Nanda candidature for the office of Director of the Company. Mr. Naman Nanda is proposed to be appointed as an Independent Director of the Company for a period of 5 years from the date of their appointment.

Further, Your Director’s of the Company hereby inform you that the Registered Office of the company has changed from 804A-807, Skylark Building, 60, Nehru Place, New Delhi - 19 to D-174, Ground Floor, Okhla Industrial Area, Phase-1, New Delhi -110020 with effect from 10th April, 2018.

These are certain 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.

ANNEXURES FORMING A PART OF DIRECTOR’S REPORT

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
I	Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange and Outgo
II	Report on Corporate Social Responsibility
III	FORM-AOC-1
IV	MGT-9
V	Secretarial Audit 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 (India) Limited

Sd/-

Harpreet Singh Malhotra

Place: New Delhi Chairman cum Managing Director

Date: 14.08.2018 DIN: 00147977

Address: D-174, Ground Floor, Okhla

Industrial Area, Phase-1, New Delhi -110020.

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Mar 31, 2016

DIRECTOR’S REPORT

Dear Shareholders,

The Directors of your Company with immense pleasure, presenting 16^th Annual Report together with the Audited Statements of Accounts and the Auditors’ Report of your Company for the Financial Year ended on 31^st 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 10^th (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 20^th 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 31^st March 2006 was 267 as against 180 as on 31^st 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 5^th 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

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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: [email protected], [email protected], 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