To,
The Members of the Company
Your Directors have pleasure in presenting their 62nd Annual Report and
audited statement of accounts of the Company for the financial year ended 31 st
March, 2024.
FINANCIAL PERFORMANCE:
The Company's financial performance for the year ended 31 st March, 2024 is summarized
below:
(Rs. in lakhs)
Particulars |
2023-24 |
2022-23 |
Income |
|
|
Revenue From Operations |
29054.87 |
27827.80 |
Other Income |
197.18 |
200.72 |
Total Income |
29252.05 |
28028.52 |
Expenses |
|
|
Operating Cost |
26162.45 |
24927.40 |
Employee Benefits Expense |
1247.25 |
1229.65 |
Finance Costs |
259.02 |
477.37 |
Depreciation and Amortization Expense |
280.38 |
291.95 |
Other Expenses |
735.39 |
638.03 |
Total Expenses |
28684.49 |
27564.40 |
Profit before exceptional and extraordinary items and Tax |
567.56 |
464.12 |
Exceptional items |
- |
- |
Profit/(Loss) before Tax |
567.56 |
464.12 |
Provision for Tax |
13.75 |
(25.56) |
Profit/(Loss) after Tax |
553.81 |
489.68 |
Other comprehensive income |
|
|
Item that will not be reclassified to Statement of Profit and Loss |
(54.17) |
161.99 |
Income tax relating to item that will not be reclassified to Statement
Loss of Profit and |
(15.24) |
(19.02) |
Total Other Comprehensive Income |
69.41 |
(142.97) |
Total Comprehensive Income for the year |
623.22 |
346.71 |
The Company has prepared the Financial Statements in accordance with the Companies
(Indian Accounting Standards) Rules, 2015 prescribed under Section 133 of the Companies
Act, 2013.
FINANCIAL PERFORMANCE REVIEW:
During the financial year 2023-24 your Company posted the total comprehensive income of
6.23 cr. for the year ended 31 st March, 2024 as compared to 3.47 cr. for the
year ended 31st March, 2023. Income from operations for the year ended 31st
March, 2024 was .290.55 cr.as compared to 278.28 cr. for the year ended 31st March, 2023.
Net Worth stood at 119.32 cr. Basic EPS was 0.86 and Diluted EPS was 0.86.
Material changes and commitments affecting the financial position of the Company after
the end of the financial year till the date of this Report:
Except as otherwise mentioned in this report, there are no material changes and
commitments affecting the financial of the Company which have occurred between the end of
the Financial year of the Company to which the Financial Statements relates and the date
of this report.
There is no other change in the nature of business during the year under review.
SUBSIDIARY, ASSOCIATES AND JOINT VENTURE:
There is no subsidiary of company as on 31st March, 2024. The Company does
not have any Associate or Joint Venture Company as on 31st March, 2024
TRANSFER TO RESERVES:
Your Company has transferred amount of Rs 7 Crores to contingency reserve and Rs 1
Crore to General Reserve.
DIVIDEND:
For the year under consideration, the Board of Directors recommended a dividend of 0.10
per share i.e. 1% on the equity share capital of the Company for the financial year ended
31st March, 2024. The dividend payout is subject to approval of members at the
ensuing Annual General Meeting. The dividend payout for the year under review has been
formulated after consideration of Company's long term objectives of growth and also for
conservationofresourcesfordiversification.
OPERATIONS AND FUTURE OUTLOOK:
The Company will continue to focus and undertake air cargo' business and
warehousing' business. The Company's air cargo business registered satisfactory
growth during the year 2023-24. The Company is taking all necessary measures in terms of
mitigating the impact of the challenges being faced in the business and it is confident of
improving the business during the year.
The Future outlook of the business is highly dynamic. As markets evolve and customer
demands change, we need to constantly review and update our operation and products to meet
the market need.
FINANCE: Bank Finance:
The Company enjoys fund based and non fund based credit facilities from the Banks to
meet its working capital requirements as well as long term finance for funding the part of
capital expenditure. The Company is regular in payments of installments and there are no
over dues as on the date of reporting. The Company could bring down interest cost by
proper mix of utilization of finance by repayment of loans taken from various banks and
closely pursuing with the Bank to reduce the Interest cost.
Fixed Deposits:
The Company was accepting unsecured fixed deposits from the public in accordance with
the requirements prescribed under
Chapter V of the Companies Act 2013 and Companies (Acceptance of Deposits) Rules, 2014.
Accordingly, Fixed Deposits accepted by the Company stood at 2.00 Lakhs as on 31st
March, 2024. There were no unpaid or overdue deposits as on 31st March, 2024,
other than Unclaimed Deposits and interest accrued thereon aggregating 8.14 lacs out of
which nothing is outstanding for the period of more than seven years and liable to be
transfer to Investor Education and Protection Fund.
There has been no default in repayment of deposits or payment of interest thereon
during the year under consideration. The
Company has not accepted any deposits which are not in compliance with the requirement
of Chapter V of the Companies
Act, 2013.
Credit Rating:
The Company is continued to be rated as IND BBB-'/Stable for Company's Term Loan,
Term Deposit & Finance lease , IND BBB-'/ Stable/'IND A3'rating for its
fund-based limits and IND A3' rating for its non fund based limits by India Ratings
&
Research Private Ltd (India Ratings), a Fitch group Company. The rating is valid as on
the date of reporting
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The details of loans, guarantees and investments under Section 186 of the Companies
Act, 2013 read with the Companies
(Meetings of Board and its Powers) Rules, 2014 are given in the notes to the Financial
Statements.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Company's CSR policy focuses on areas such as education, support for the women, elderly
people, children and social inclusion. This entails transcending business interests and
grappling with the "quality of life" challenges that underserved communities
face, and working towards making a meaningful difference to them. The detailed policy of
the Company is available on our website www.patel-india.com
During the year, we have spent Nil on CSR activities. The details of CSR Policy
statement and annual report on the CSR activities undertaken during the financial year
ended 31st March, 2024, in accordance with Section 135 of the
Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed
to this report as Annexure [I].
RISK MANAGEMENT:
The requirement of Risk Management Committee under Regulation 21 of SEBI (Listing
Obligations and Disclosures
Requirements) Regulation, 2015 is not applicable to the Company as the same is
applicable to top 1000 listed entities.
The Company has a Business Risk Management framework to identify, evaluate business
risks and opportunities. This framework seeks to create transparency, minimize adverse
impact on the business objectives and enhance the Company's competitive advantage.
There are no risks which in the opinion of the operating management threaten the
existence of your Company. However, some of the risks which may pose challenges are set
out in the Management Discussion and Analysis which forms part of this Report.
AUDIT COMMITTEE:
The Company has Audit Committee of Board of Directors constituted in accordance with
section 177 of the Companies Act, 2013. The details of the Audit Committee are explained
in the Corporate Governance Report.
INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUECY:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. However, this requires upgradation and improvement under new
business environment. The Company is constantly improving the quality and implementing
more internal financial controls.
The Internal Audit firm monitors and evaluates operating systems, accounting procedures
and policies at all locations of the
Company. Based on the report of internal audit function, the Audit Committee/ Board
initiate corrective action in respective areas and advise the operating people about the
action taken on such report and thereby strengthen the controls. Significant audit
observations and corrective actions thereon are presented to the Audit Committee of the
Board.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism named Whistle Blower Policy which is in compliance
with the provisions of Section 177
(10) of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligations and
Disclosures Requirements) Regulation,
2015. The policy deals with instance of fraud and mismanagement, if any. The details of
the Whistle Blower Policy are explained in the Corporate Governance Report and also posted
on the website of the Company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the year under review, the following changes occurred in the composition of the
Board and the Key Managerial
Personnel of your Company:
Ms. Jasmin Lalla (DIN: 00074858), Executive Director ceased to be director of the
Company upon her resignation on 01st
December, 2023.
Mr. Vikas Porwal (DIN:10382199) was appointed as an Additional Executive Director of
the Company w.e.f. 01st December, 2023.
Subsequently, he was re-appointed as a Whole-Time Director of the Company on 28th
January, 2024 with Shareholder's approval through Postal Ballot Process.
The term of office of Mr. Ramakant Kadam (DIN: 03575629) of the Company expired on 29th
June, 2024. The Board of
Directors vide circular resolution dated 4th July, 2024 based upon the
performance evaluation and recommendation of Nomination and Remuneration committee
appointed Mr. Ramakant Kadam as Non- Executive Non-Independent Director of the Company.
Approval of members is sought for appointment of Mr. Ramakant Kadam as Non-Executive
Non-Independent
Director of the Company, who being eligible have offered himself for appointment at the
62 nd Annual General Meeting. There is no other Key Managerial Personnel
appointed or resigned during the year under review.
Disclosure from Independent Directors:
Pursuant to the provisions of Section 134 of the Companies Act, 2013 with respect to
the declaration given by the Independent
Director of the Company under Section 149(6) of the Companies Act, 2013, the Board
hereby confirms that all the Independent Directors have given declarations and further
confirms that they meet the criteria of Independence as per the provisions of Section
149(6) read with Regulation 16 of SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015.
The Independent Directors of your Company have registered on the Independent Directors'
Databank as per the requirements of Section 149 of the Companies Act, 2013 and the
applicable rules thereto. However, with respect to the proficiency the Independent
Directors have a timeline of one year as per the applicable provisions, from the date of
registration on the
Independent Directors' Data bank for taking the proficiency test and none of the
Independent Directors have exceeded the said period of one year from the date of
registration as on the date of this Report.
Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued
thereunder and the Listing Regulations
(including any statutory modification(s)or re-enactment(s) for the time being in
force), the process for evaluation of the annual performance of the Directors/ Board/
Committees was carried out. The manner in which the evaluation has been carried out has
been explained in the Corporate Governance Report. In pursuance to the above, Independent
Directors in their separate meeting held on 06th February 2024 have reviewed
and evaluated the performance of Board as a whole, and of the Managing Director.
Nomination and Remuneration Policy:
The Board has, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration. The Remuneration Policy is stated in the Corporate Governance Report.
Meetings:
During the year Five Board Meetings and Four (4) Audit Committee Meetings were convened
and held. The details of which are given in the Corporate Governance Report. The
intervening gap between the Meetings was within the period prescribed under the Companies
Act, 2013.
RELATED PARTY TRANSACTIONS:
All related party transactions referred to in section 188(1) of the Companies Act 2013
that were entered into during the financial year were on an arm's length basis and were in
the ordinary course of business. Approval of the Members of the Company is also obtained
in case any related party transaction was not on arm's length basis and exceeds the
prescribed transactions made by the Company with Promoters, Directors, Key
limits.Therearenomateriallysignificant Managerial Personnel or other designated persons
which may have a potential conflict with the interest of the Company at large.
The Form AOC - 2 pursuant to Section 134(3)(h) of the Companies Act, 2013 read with
Rule 8(2) of the Companies (Accounts) Rules, 2014 is set out as Annexure [II].
All Related Party Transactions are placed before the Audit Committee as also the Board
for approval. The policy on Related
Party Transactions as approved by the Board is uploaded on the Company's website.
Apart from receiving remuneration by executive directors, sitting fees by non-executive
directors, and professional fees paid to qualified professional directors none of the
Directors has any pecuniary relationships or Your Directors draw attention of the members
to Note 40 to the financial statement which sets out related party disclosure. The policy
on related party transactions has been placed on the Company's website and can be accessed
through the following link:
Microsoft Word - Policy on Materiality and Dealing with Related Party Transactions
(patel-india.com)
STATUTORY AUDITORS AND AUDITORS' REPORT:
In terms of the provisions of Section 139 of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules,
2014, M/s. Hitesh Shah & Associates, Chartered Accountants, Firm Registration No.
103716W was appointed as statutory auditors of the Company to hold office for one term of
5 years commenced from conclusion of the 60th Annual General
Meeting upto the 65th Annual General Meeting of the Company to be held in
calendar year 2027. The Company has received a effect that their appointment, shall be in
compliance with the provisions certificate of Section 139 and 141 of the Companies Act,
2013.
The Auditors have issued their report on the financial statements for the financial
year unmodified opinion and do not contain any qualification, observation or adverse
remarks or disclaimer that may call for any explanation from the Board of Directors. The
Auditors have not reported any matter under Section 143(12) of the Companies Act, 2013 and
therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Companies
Act, 2013. unmodifiedi.e. it does not The Auditors' Report for the financial contain any
qualification(s), reservation(s) or adverse remark(s) and forms part of this Annual
Report.
SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed DM & Associates Company Secretaries LLP, Company
Secretaries, to undertake the Secretarial Audit of the Company. The Report of the
Secretarial Audit Report for the financial year ended 31st March, 2024 is set
out as "Annexure [III]" to this Report.
SECRETARIAL STANDARDS:
The Institute of Company Secretaries of India had revised the Secretarial Standards on
Meetings of the Board of Directors
(SS-1) and Secretarial Standards on General Meetings (SS-2) with effect from October 1,
2017. The Company is in compliance with the provisions of the same.
DISCLOSURE REQUIREMENTS:
To comply with conditions of Corporate Governance, pursuant to regulation 34 read with
schedule V of SEBI (Listing
Obligations and Disclosures Requirements) Regulation, 2015, a Management Discussion and
Analysis Report, Corporate compliance of conditions of Corporate Governance, are included
in this Governance Report and Auditors'Certificate
Annual Report.
A Business Responsibility Report as required under Regulation 34 of SEBI (Listing
Obligations and Disclosures Requirements)
Regulation, 2015 is not applicable to the Company as the same is applicable for top
1000 listed entities based on market capitalization.
Dividend Distribution Policy as required under Regulation 43A of SEBI (Listing
Obligations and Disclosures Requirements)
Regulation, 2015 is not applicable to the Company.
EXTRACT OF ANNUAL RETURN:
Pursuant to Section 134(3)(a) of the Act, the Annual Return of the Company prepared as
per Section 92(3) of the Act for the year ended March 31, 2024, is available on the
Company's website and can be accessed atfinancial www.patel-india.com In terms of Rules 11
and 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return
shall be filed with the Registrar of Companies, with prescribed timelines.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
As stipulated under Section 134 of the Companies Act, 2013 read with the Companies
(Accounts) Rules, 2014.
(A) CONSERVATION OF ENERGY:
(i) The steps taken or impact on conservation : |
The operations of your Company are not energy intensive. However |
of energy |
all efforts are made to conserve and optimize use of energy with |
|
continuous monitoring, improvement in Maintenance systems and |
|
through improved operational techniques. |
(ii) The steps taken by the Company for : |
The Company has on going process to conserve the energy by |
utilizing alternate sources of energy |
replacement of old electronic devices and installation of new |
|
efficient power saving devices whenever required. |
(iii) The capital investment on energy : |
No material capital investment incurred by the Company during the |
conservation equipments |
year 2023-24. |
(B) TECHNOLOGY ABSORPTION: |
|
(i) The efforts made towards technology : |
Updating of Technology is a Continuous process; appropriate |
absorption: |
technology is implemented and adapted by the Company for |
|
innovation. Efforts are continuously made to develop new products |
|
required in the Transport and Logistics Industry. |
(ii) The benefits derived: : |
The Company is steadily delivering on its promise of providing the |
|
swift service Investment in IT and state-of-the art tracking systems, |
(iii) Imported Technology: : |
There is no imported technology imported during the last three |
|
years. |
(iv) The expenditure incurred on Research and : |
No expenditure is incurred on Research and Development by the |
Development: |
Company during the year 2023-24 |
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO:
(Rs. in lakhs)
|
Year ended 31st March, 2024 |
Year ended 31st March, 2023 |
Earnings in Foreign Exchange |
|
|
Air Freight Billing, and other expenses (Net) |
- |
- |
TOTAL
|
- |
- |
Expenditure in Foreign Currency |
|
|
Membership and Subscription Fees |
0.63 |
0.61 |
Travelling (excluding air fare) |
- |
0.23 |
TOTAL
|
0.63 |
0.84 |
MAINTENANCE OF COST RECORDS:
The maintenance of cost records as specified by the Central Government under sub
section (1) of section 148 of the
Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules 2014 is not
applicable to the Company.
PARTICULARS OF EMPLOYEES:
The Directors sincerely appreciate efforts put in by employees of the Company at all
levels and thank them for their contribution in achieving the overall results during the
year.
Disclosure pertaining to the remuneration and other details as required under Section
197(2) of the Companies Act 2013 and Rule, 5(1) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is enclosed as
"Annexure [IV]" to this report.
The information required pursuant to Section 197 read with Rule, 5(2) of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees
of the Company, will be provided upon request. In terms of Section 136 of the Act, the
Report and Accounts are being sent to the Members and others entitled thereto, excluding
this information which is available for inspection by the Members at the Registered Office
of the Company during business hours on working days of the Company up to the date of the
ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof,
such Member may write to the Company Secretary in this regard.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND
REDRESSAL) ACT, 2013:
The Company has in place Sexual Harassment Policy in line with the requirements of The
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company has complied with provisions relating to the constitution of internal
complaint committee under the said Act to redress complaints received regarding sexual
harassment. All employees are covered under this policy.
The following is the summary of sexual harassment complaints received and disposed off
during the financial year 2023-
No.of Complaints received |
Nil |
No.of Complaints disposed off |
Nil |
DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors would like to inform the Members that the Audited Accounts for the
financial st March 2024 are in full conformity with the requirement of the
Companies Act, 2013. The Financial Accounts are audited by the Statutory
Auditors, M/s Hitesh Shah & Associates.
In terms of Section 134(3)(c) of the Companies Act, 2013, the Directors, based on the
representation received from the
Operating Management, confirm that:
1) in the preparation of the annual accounts, for the year ended 31st March,
2024, the applicable accounting standards and Schedule III of the Companies Act, 2013 have
been followed and there are no material departures from the same; 2) the Directors have
selected such accounting policies and applied them consistently and made judgment 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 31st March, 2024 and of the profits of the Company
for the financial year ended 31 st March 2024;
3) the proper and sufficient care has been taken for the maintenance the provisions of
the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
4) the Directors have prepared the Annual Accounts of the Company on a going
concern' basis;
5) the Company has proper internal financial controls in place. However, the Company
continues to develop better controls for implementation in current financial year.
6) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
APPRECIATION:
Your Directors place on the record their appreciation of the contribution made by the
employees at all levels who, through their competence, diligence, solidarity, co-operation
and support, have enabled the Company to achieve the desired results during the year.
The Board of Directors gratefully acknowledge the continued assistance and support
received from the Bankers, Clients, Stakeholders and Fixed Deposit Holders in the
endeavors of the Company.
|
For and on behalf of the Board of Directors |
Registered Office: |
Sd/- |
Sd/- |
Patel House, Ground Floor, Plot No. 48, |
|
|
|
Mahesh Fogla |
Vikas Porwal |
Gazdarbandh, North Avenue Road, |
|
|
Santacruz (West) |
Director |
Director |
Mumbai 400 054. |
|
|
Mumbai, dated 15th July, 2024 |
DIN: 05157688 |
DIN: 10382199 |