To,
The Members,
Lancer Container Lines Limited
It is our pleasure to present the 12th Annual Report (8th AGM -
Post IPO) on the operations of the Company and the accounts for the Financial Year ended
March 31, 2023. The PDF Version is also available on the Company's website https://www.lancerline.eom/investor-relations.php#tp1-1
1. Financial Statements and Results
The Company's financial performance for the year under review along with previous
year's figures is given here under:
(Amount in Rs. Lakh.)
|
Standalone |
Consolidated |
Particulars |
Current Year 2022-23 |
Previous Year 2021-22 |
Current Year 2022-23 |
Previous Year 2021-22 |
Revenue from Operations |
68170.03 |
59531.95 |
83717.29 |
64150.29 |
Other Income |
1108.57 |
203.04 |
837.82 |
180.00 |
Total income |
69278.60 |
59735.00 |
84555.11 |
64330.28 |
Expenses |
63866.27 |
56005.12 |
77674.69 |
60343.34 |
Profit Before Tax |
5412.33 |
3729.88 |
6880.42 |
3986.95 |
Net Profit After Tax |
3998.89 |
2711.01 |
5373.70 |
2895.27 |
Earning Per Share (Diluted) |
6.22 |
4.50 |
8.14 |
4.80 |
Earnings per Share (Basic) # |
6.62 |
4.50 |
8.89 |
4.80 |
# EPS numbers are in actuals.
1.1 Brief description of the Company's working during the year on Standalone basis.
During the year under review your Company has reported Standalone total income of
69278.60 Lakh compared to the previous year income of 59735.00 Lakh., registering a growth
of 15.97%. Net profit after tax is at Rs.3998.89 Lakh compared to previous year net profit
after tax of 2711.01 Lakh. registering a far better growth of 47.47% over the previous
year. The financial parameters of the company are as listed under: -
> Revenues at Rs.68170.03 Lakh, up 14.51 % YoY.
> EBIDTA Rs.711.2 Lakh up by 50.80 % despite higher operating expenses.
> PAT at Rs.3998.89 Lakh, up 47.47 % YoY.
1.2 Brief description of the Company's working during the year on Consolidated basis
During the year under review your Company has reported consolidated total income of
Rs.84,555.11 Lakh compared to the previous year income of 6430.28 Lakh, registering a
growth of 31.43 % Net profit after tax is at Rs.5373.70 Lakh compared to previous year net
profit after tax of Rs.2895.27 Lakh. registering a far better growth of 85.59 % over the
previous year. The financial parameters of the company are as listed under: -
> Revenues at Rs.83717.29 Lakh, up 30.50 % YoY.
> EBIDTA Rs.8960.07 Lakh up by 79.16 % despite higher operating expenses.
> PAT at Rs.5373.70 Lakh, up 85.59 % YoY.
2. Transfer to Reserve
The Net Profit after tax of Rs.5373.70 Lakh for the FY 22-23 have been retained in the
Profit and Loss Account.
3. Management's Discussion and Analysis Report
Management's Discussion and Analysis Report for the year under review, as stipulated
under Regulation 34(2) of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, is presented in a separate section,
forming part of the Annual Report.
4. Business Expansions & New Projects
Business Expansions and new projects detailed information is covered in the report on
Management Discussion and Analysis.
5. Change in capital Structure
The Shareholders has approved at its Extra Ordinary-General Meeting for the FY 2022-23
which was held on 5thDecember 2022, for alteration of the Capital Clause in the Memorandum
of Association of the Company and Split/Sub-Division of Ordinary Shares of the Company
from Face Value of Rs.10/- each to Face Value of Rs.5/- each with a view to rewarding the
existing shareholders and encouraging the participation of small investors by increasing
the liquidity of the Equity Shares and to expand the retail shareholder's base.
Further, The Board of Directors of the Company at their meeting held on 14 th February
2023, has considered and approved the allotment of 12,72,000 Equity shares of face Value
of Rs.5/- each at an Issue Price of Rs.125/- each (including premium of Rs.120/- each)
amounting to Rs.15,90,00,000/- upon conversion of 20 Foreign Currency Convertible Bonds
("FCCBs") as per the Conversion Notice received from the bondholders in
accordance with the terms of the FCCBs set out in Offering Memorandum dated 12th August,
2022 and same has been listed on the Bombay Stock Exchange on 13th March, 2023.
Consequent to the aforesaid allotment of Equity Shares; the paid-up equity capital of
the Company has increased from Rs.30,14,11,200/- consisting of 6,02,82,240 Equity Shares
of Rs.5/- each to Rs.30,77,71,200/- consisting of 6,15,54,240 Equity Shares of Rs.5/-
each.
6. Disclosures under the Companies Act, 2013 and Listing Regulations
6.1 Extract of Annual Return
Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014, Annual Return in MGT - 7 for the FY 2022-23
can be accessed at our website www. lancerline.com under Investor relations ^Annual
Report.
6.2 Committee
> 6.1.1 Audit Committee
The Audit Committee comprises Suresh Babu Sankara as Chairman, Narayanan M Variyam,
Praful Jain and Ameeta Ramesh as the members. The Committee is assigned role, powers and
responsibilities as provided under Regulation 18 of the SEBI (Listing Obligations And
Disclosure Requirements) Regulations, 2015 Agreement and Section 177 of the Companies Act,
2013. There is no such incidence where Board has not accepted the recommendation of the
Audit Committee during the year under review.
During the year under review, 4 (Four) Audit Committee meetings were held on May
20,2022; August 9, 2022, November 7,2022 and February 13, 2023.
> 6.1.2 Stakeholders' Relationship Committee
The Stakeholders' Relationship Committee comprises Suresh Babu Sankara as Chairman,
Narayanan M Variyam and Ameeta Ramesh as the members. The Committee is constituted to
supervise and ensure Share Transfer related matters and to look after the Stakeholder's
Grievances. During the year under review, 1 (One) meeting of Stakeholders Relationship
Committee was held on October 28, 2022.
> 6.1.3 Nomination and Remuneration Committee
The Nomination and Remuneration Committee comprises Suresh Babu Sankara as Chairman and
Narayanan M Variyam and Ameeta Ramesh as the members. The Committee is formed for the
purpose of recommending the Nomination and Remuneration and evaluation of the Directors'
performance. During the year under review, 1 (one) meeting of Nomination and Remuneration
Committee was held on August 9, 2022.
> 6.1.4 Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee comprises of Abdul Khalik Chataiwala as
Chairman, Praful Jain, Narayanan Moolanghat Variyam and Suresh Babu Sankara as members.
As mandated under Section 135 of the Companies Act, 2013 the Company was required to
spend towards CSR activities in the FY 2022-23 an amount of Rs.40,15,201/-The details of
the expenditure are mentioned is CSR report annexed to the report. During the year under
review, 1 (One) meeting of Corporate Social Responsibility Committee was held on February
13, 2023
> 6.1.5 Independent Directors Meeting
As required under Clause 8 (1) of Schedule 4 to the Companies Act 2013, a meeting of
the Independent Directors
without the attendance of Non-Independent Directors and the members of the management
was held on February 13, 2023.
6.3 Board Meetings
The Board of Directors met 9 times during the year as follows: -
Sl. No. Date of Meeting |
Board Strength |
No. of Directors Present |
1 20.05.2022 |
6 |
6 |
2 03.08.2022 |
6 |
4 |
3 09.08.2022 |
6 |
6 |
4 30.08.2022 |
7 |
5 |
5 27.09.2022 |
7 |
4 |
6 28.10.2022 |
7 |
6 |
7 07.11.2022 |
6 |
5 |
8 13.02.2023 |
6 |
6 |
9 14.02.2023 |
6 |
3 |
6.4 Details of Directors and Key Managerial Personnel
The Board of Directors & Key Managerial Personnel as on 31st March, 2023
comprised of the followings: -
Sr. Name of Directors & Key Managerial No. Personnel |
DIN/PAN |
Category cum designation |
No. of shares held as on March 31, 2023 |
1 Abdul Khalik Abdul Kadar Chataiwala |
01942246 |
Chairman & Managing Director |
2,55,92,012 |
2 Suresh Babu Sankara |
02154784 |
Non-Executive - Independent Director |
Nil |
3 Ameeta Ramesh |
03368136 |
Non-Executive - Independent Director |
Nil |
4 Narayanan Moolanghat Variyam |
08109682 |
Non-Executive - Independent Director |
Nil |
5 Narayanan Kutty Parakattil |
AUAPP4209J |
Chief Executive Officer |
48 |
6 Amol Mohan Shirke |
08681663 |
Whole-Time Director |
Nil |
7 Praful Jain |
08000808 |
Whole-Time Director |
Nil |
8 Ranjana Sandeep Shinde |
AIGPG1277P |
Chief Financial Officer |
770 |
9 Mahendra Gupta |
ABVPG1171E |
Company Secretary and Compliance Officer |
01 |
10 Archana Chandrakant Indulkar |
AEZPI4694B |
Company Secretary and compliance officer |
Nil |
Note: - Changes in Directors & Key Managerial Personnel.
Mrs. Archana Indulkar Resigned as a Company Secretary and Compliance Officer of
the Company w.e.F. July 13, 2022 and in her place, Mr. Mahendra Gupta was appointed as a
Company Secretary and Compliance Officer of the company w.e.f 9th August 2022.
Mrs. Ranjana Sandeep Shinde, appointed as an Additional Director with effect
from 9th August 2022. On 30th September 2022, her designation has
changed from Additional Director to Director-Non-Executive. She has resigned from the said
position on 1st December 2022 for the sake of good corporate governance
practice. She has been continuing her duties as a Chief Financial Officer of the Company
6.5 Related Party Transactions:
All related party transactions that were entered into during FY 2022-23 were on an
arm's length basis and were in the ordinary course of business and disclosed in the
financial Statements. There were no materially significant related party transactions made
by the Company with Promoters, Directors, KMPs or Body Corporate(s), which had a potential
conflict with the interest of the Company at large. Accordingly, the disclosure of related
party transactions as required under the provisions of Section 134(3)(h) of the Act in
Form AOC-2 is not applicable. The Directors draw attention of the members to notes to
Financial Statements which sets out related party disclosures.
All Related Party transaction are uploaded on Company's website and same has been
intimated to Stock exchange for period ended March 31, 2023 and the link for the same is
below:
> Company Website:
RPT Policy Link for Reference, mentioned below-
https://www.lancerline.com/uploads/investor/08434e8bae6db4a08456d349171e243e.pdf
RPT PDF file Link till 31st March 2023, mentioned below- RPT PDF file
Link till 31st March 2023, mentioned below> Bombay Stock Exchange
Website link mentioned below:
https://www.lancerline.com/uploads/investor/c9db0aa3dab1de33c1b79e06804f52b4.pdf
6.6 Policy on Sexual Harassment of Women at Workplace
There was no case filed during the year, under the Sexual Harassment of Women at
workplace (Prevention, Prohibition & Redressal) Act, 2013. Further the Company ensures
that there is a healthy and safe atmosphere for every women employee at the workplace and
made the necessary policies for safe and secure environment for women employees. Further
your Company has complied with constitution of Internal Complaint Committee.
6.7 Corporate Governance
The Company has complied with the corporate governance requirements under the Companies
Act, 2013 and the Listing Regulations. A separate section on corporate governance, along
with a certificate From the statutory auditors confirming compliance is annexed and forms
part of the Annual Report.
6.8 Adequacy of Internal Financial Controls:
The Company has adequate internal financial controls in place with reference to
financial statements. These are continually reviewed by the Company to strengthen the same
wherever required. The internal control systems are supplemented by internal audit carried
out by Internal Auditor of the company "M/s. Ganesh Natarajan & Associates,
Chartered Accountants bearing FRN - 141940W" an independent firm and periodical
review by the Management. The Audit Committee of the Board addresses issues raised by
both, the Internal Auditors and the Statutory Auditors.
6.9 Risk Management.
The Risk Management Policy with reference to Section 134 (3) (n) and Section 177 (4)
(vii) of the Companies Act, 2013, the guidelines prescribed for risk management committee
is not applicable to the Company. Nevertheless, the Company does assess the various risks
faced by it in its various areas of operations and mitigates them from time to time.
6.10 Prevention from Insider Trading
The Board has adopted a revised Code of Prevention of Insider Trading based on the SEBI
(Prohibition of Insider Trading) Regulation, 2015. The same has been placed on the website
of the company https://www.lancerline.com/ investor-relations#tp1-7 . All the Directors,
senior Management employees and other employees who have access to the Unpublished Price
Sensitive Information of the Company are governed by this Code. During the year Under
Report, there has been compliance with the said code of conduct for prevention of Insider
Trading.
6.11 Structure Digital Database Compliance (Pursuant to Securities and Exchange Board
of India (Prohibition of Insider Trading) Regulations,2015)
For the purpose of comply with the PIT regulation & In the interest of general
public, fair trading in securities markets and to prohibit insider trading in corporates
and other organizations, Securities and Exchange Board of India (SEBI) has enacted SEBI
(Prohibition of Insider Trading) Regulations, 2015,(hereafter referred to as "PIT
regulations") which sets clear rules and procedures for dealing in securities by the
Promoters, Directors, Key Managerial Personnel (KMP) and other Designated Persons those
who have access to Unpublished Price Sensitive Information(UPSI - information which is not
published, but which may affect the share price when it gets published) in an
Organisation, We are aware of the compliance requirement of Structured Digital Database
(SDD) pursuant to provisions of Regulation 3(5) and 3(6) of Securities and Exchange Board
of India (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations)
and certify that) :
S.No. Compliance Requirement |
Yes/No |
Observation/Remark |
1 The Company has a Structured Digital Database in place |
Yes |
The company has its structured Digital Database |
2 Control exists as to who can access the SDD |
Yes |
The absolute control exists as the user name & Password is
captured by the system |
3 All the UPSI disseminated in every quarter for FY 22-23 have been
captured in the Database |
Yes |
All the UPSI disseminated in every quarter for FY 22-23 have been
captured in the Database |
4 The system has captured nature of UPSI along with date and time |
Yes |
We have captured the nature of UPSI along with date and time |
5 The database has been maintained internally and an audit trail is
maintained |
Yes |
The database has been maintained internally on audit trail exists |
6 The database is non-tamperable and has the capability to maintain
the records for 8 years. |
Yes |
The database is non-temperable |
7. Managing the Risks of Fraud, Corruption and Unethical Business Practices
7.1 Vigil Mechanism/Whistle-Blower Policy
Your Company believes in promoting a fair, transparent, ethical and professional work
environment. The Board of Directors of the Company pursuant to the provisions of Section
177 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, has framed "Vigil Mechanism" for Directors and employees of
the Company for reporting the genuine concerns or grievances or cases of actual or
suspected, fraud or violation of the Company's code of conduct and ethics policy. The
Vigil Mechanism Policy has been uploaded on the website of the Company at
www.lancerline.com under https://lancerline.com/uploads/
investor/683b5d66339902b17675e26bb3d23cb7.pdf
7.2 Code of Conduct
The Company has laid down a robust Code of Business Conduct and Ethics, which is based
on the principles of ethics, integrity and transparency. More details about the Code are
given in the Corporate Governance Report
8. Board of the Directors & Key Managerial Personnel
8.1 Retirement by Rotation
In accordance with the provisions of Companies Act 2013 and Articles of Association of
the Company, Mr. Praful Jain (DIN: -08000808), Whole time Executive Director of the
Company is liable to retire by rotation at the ensuring Annual General Meeting of the
Company and being eligible, have offered himself for re-appointment. The Board recommends
their re-appointment.
More details about the directors are either given in the Corporate Governance Report or
in the Notice of the ensuring Annual General Meeting being sent to the shareholders along
with the Annual report.
8.2 Key Managerial Personnel
Mr. Narayanan Kutty, Chief Executive Officer (CEO), Mrs. Ranjana Shinde, Chief
Financial Officer (CFO) and Mr. Mahendra Gupta, Company Secretary (CS) are the Key
Managerial Personnel of the Company as on 31st March, 2023.
During the year under review, there were some changes in the Key Managerial Personnel
of the Company: -
1. Mrs Archana Indulkar Resigned as a Company Secretary and Compliance Officer of the
company w.e.f. July 13, 2022 and in her place, Mr. Mahendra Gupta was appointed as a New
Company Secretary and Compliance Officer of the company w.e.f 9th August 2022.
8.3 Declaration of Independent Directors:
The Independent Directors have submitted the Declaration of Independence, stating that
they continue to fulfil the criteria of independence as required pursuant to section 149
of the Companies Act, 2013 and Regulations 16 of the Listing Regulations. This section
requires companies to have at least one-third of the total number of Directors as
Independent Director and the Company complies with this requirement. There has been no
change in the circumstances affecting their status as Independent Directors of the
Company. The profile of the Independent Directors forms part of the Corporate Governance
Report in the Board's opinion, the Independent Directors are persons of high repute,
integrity and possess the relevant expertise and experience in their respective fields.
8.4 Board Evaluation:
In compliance with the provisions of Companies Act, 2013 and listing compliances, the
Board carried out an annual
evaluation of its own performance and individual Directors. It also evaluated the
performance of its committees. The evaluation inter alia covered different aspects viz.
composition of the Board and its Committees, qualifications, performance, inter-personal
skills, submissions done by the Director in varied disciplines related to the Company's
business.
8.5 Remuneration policy and criteria For selection of candidates For appointment as
Directors, key managerial personnel and senior leadership positions.
The Company has in place a policy for remuneration of Directors, Key Managerial
Personnel and Employees of senior leadership Position as well as well-defined criteria for
the selection of candidates for appointment to the said positions which has been approved
by the Board. The Policy broadly lays down the guiding principles, philosophy and the
basis for payment of remuneration to the executive and non-executive Directors (by way of
sitting fees), Key Managerial Personnel. The criteria for selection of candidates for the
above positions cover the various factors and attributes which are considered by the
Nomination & Remuneration Committee and the Board of Directors while making a
selection of the candidates. The above policy along with the criteria for selection is
available at the website of the Company at
https://www.lancerline.com/investor-relations#tp1-7
8.6 Internal Financial Controls
The key internal financial controls have been documented, automated wherever possible
and embedded in the respective business processes. Assurance to the Board on the
effectiveness of internal financial controls is obtained through 3 Lines of Defense which
include:
a) Management reviews and self-assessment;
b) Continuous controls monitoring by functional experts; and
c) Independent design and operational testing by the Group Internal Audit function.
The Company believes that these systems provide reasonable assurance that the Company's
internal financial controls are adequate and are operating effectively as intended
9. Auditors & Auditors' Report
9.1 A) Statutory Auditor
M/ s. Praneti Yadav & Co, Chartered Accountants, having Firm Registration No.
137534W, were appointed as the Statutory Auditor of the Company to hold office from the
conclusion of 11th Annual General Meeting held on 30th September 2022 till the conclusion
of the 16th Annual General Meeting and at a remuneration as may be mutually agreed to,
between the Board of Directors and M/ s. Praneti Yadav & Co, plus applicable taxes,
out-of-pocket expenses, travelling and other expenses.
The Auditors have confirmed that they are not disqualified from continuing as the
Auditors of the Company.
b) Auditors Reports and Comments thereon
M/ s. Praneti Yadav & Co, Chartered Accountants, having Firm Registration No.
137534W, Chartered Accountants is the Statutory Auditor for the year under review. There
are no qualifications or adverse remarks in the Auditors' Report which require any
clarification/ explanation. The Notes on financial statements are self-explanatory and
needs no further explanation.
9.2 A) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, read with regulation 24A of SEBI LODR
regulations 2015 as amended from time- to-time M/s. Geeta Canabar & Associates (M No.
8702), Company Secretaries in practice, have been appointed to undertake the Secretarial
Audit of the Company.
b) Secretarial Audit Reports and Comments Thereon
There are no qualifications or adverse remarks in the Secretarial Auditors' Report,
which require any clarification/ explanation from board of directors or Company's
management. The Report of the Secretarial Auditor is annexed to the Board's Report as
Annexure I.
As required under SEBI LODR Regulations 2015, a compliance certificate from Practicing
Company Secretary regarding compliance of conditions of Corporate Governance is annexed
herewith, (Annexure II).
9.3 Cost Auditor
The Company is not required to appoint Cost Auditor as it does not fall within the
purview of Section 148 of the Companies Act, 2013 and rules made thereunder and hence it
is not required to conduct Cost Audit.
9.4 Internal Auditor
The Company has appointed "M/s. Ganesh Natarajan & Associates, Chartered
Accountants bearing FRN - 141940W"as the Internal Auditors to carry out the Internal
Audit of various operational areas of the Company
9.5 Reporting of Fraud
The Auditors of the Company have not reported any Fraud as specified under section
143(12) of the Companies Act, 2013.
10. Director Responsibility Statement
The Directors' Responsibility Statement referred to in clause 134(3)(c) of the
Companies Act, 2013, state that?
(a) in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
(b) the Directors had selected such accounting policies and applied them consistently
and made judgments 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 and loss of the Company for that period;
(c) the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act 2013, for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
(d) the Directors had prepared the annual accounts on a going concern basis; and
(e) With respect to section 134(3) (ca) there were no frauds reported by auditors under
sub-section (12) of section 143 other than those which are reportable to the Central
Government.
(f) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.
(g) the Directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
11. Compliance with Secretarial Standards on Board and Annual General Meetings
The Company has complied with the Secretarial Standards issued by the Institute of
Company secretaries of India on Board Meetings and Annual General Meetings.
12. Details of significant and material orders passed by the Regulators or Courts or
Tribunals impacting the going concern status and Company's operations in future.
There are no material orders passed by the Regulators or Courts or Tribunals impacting
the going concern status and Company's operations in future. We however bring to the
attention of the members, matters which are in the nature of disputes & their
associated claims. For all the below stated matters the company has or is in the process
of refuting the incorrect and invalid claims.
Annexure- 1
S. No Name of Parties |
Court |
Amount Claimed |
Subject/Allegation |
Remarks |
1 Banaras Glasses Pvt. Ltd Versus
Lancer Container Lines Private Limited |
72- Additional Civil Judge SD Court No. 42, Lucknow |
Rs. 27,41,652 |
R.S 335/2018 Port of destination code wrongly filed in IGM ICD Chakeri
instead of ICD JRY. |
Next date of hearing is 21/08/2023. W/S not yet filed |
2 Rahul Goyal (Swan International)
Versus
Lancer Container lines |
District and Sessions Judge, South-east, Saket |
Rs 6,06,320 |
CS. (Comm) 511/2019 Cargo wet leakage in roof top |
Filing an appeal against the order |
3 Lancer container Lines Versus
M/S. Bharath Agro Foods and Others |
Before Honorable District Legal services Authority Thoothukudi |
Rs. 5,14,836.10 |
50/2021 for recovery of due amount 50/2021 for recovery of due amount
from customer |
Kept for ex-part Order |
4 Lancer Container Lines Versus Salient Container Lines |
3rd Jt. Civil Judge, S.D. Panvel |
Rs. 17,54,646.82 |
SPL C.S./27/2023 Recovery Suit |
17/08/2023 next date of hearing. Awaiting Notice |
5 Lancer Container Line Versus
Shiv Metal Corporation & Others |
Appellate Tribunal of the Customs, Ahmedabad |
Rs. 4,80,000 |
Penalty Imposed Under sec 112(a), 114AA, 117 |
Date taken to remove all defects in appeal |
6 Lancer Container Line Versus
Royal Glass House |
Civil Court Junior Division, Vashi |
2,86,010.54 |
Sec 138 of Negotiable Instrument Act |
Closed on 10-062022 |
DETAILS OF CASES DISPOSED OFF
S. No Name Of Parties |
Court |
Amount Claimed |
Subject/Allegation |
Remarks |
1 Lancer Container Lines Limited Versus
SAF India Glass LLP |
Metropolitan Magistrate |
Rs. 18,55,306 |
Cheque Dishonor with the reason 'Payment Stopped By Drawer' |
Case Disposed on 19th September, 2022 |
2 Vardhaman Wires and Polymers Limited Versus
Lancer Container Lines Limited |
4th Joint Civil Judge Senior Division, Thane |
Rs. 42,00,000 |
Wet and damaged Cargo because of mishandling consignment |
Case Disposed on 26th April, 2023 |
3 M/S Structural Insulation and Glazing Company Pvt. Ltd. Versus
Lancer container Lines Limited |
Civil Judge Senior
Division |
Rs. 22,35,670 |
Mandatory Injunction and Recovery of damages |
Case disposed on 22nd November, 2021 |
4 Lancer Container Lines Limited Versus
M/s Apocalypse Steel Pvt. Ltd. |
Judicial Magistrate at Burdwan |
Container Recovery only, no amount involved |
Under section 156(3) of the Code of Criminal Procedure for treating the
compliant as FIR for the offences committed under IPC, 1860 |
All 9 Containers were released from ICD on26th June, 2023 |
13. Details of Application /Any Proceeding Pending under the Insolvency and Bankruptcy
Code 2016
Neither any application was made nor any proceeding pending under the insolvency and
Bankruptcy Code 2016
14. Details of Difference between amount of the valuation done at the time of one-time
settlement and the valuation done while taking loan from Banks or financial institutions
along with the reasons thereof
Company has paid all the outstanding dues against loan from bank and financial
institutions within the due date in the previous year or any of the past year, as company
has not done one time settlement during the year under review hence this is not applicable
in our case for FY 22-23.
15. Particulars of loans, guarantees or investments under Section 186 of Companies Act:
The Company has not given any loans or guarantees covered under the provision of
Section 186 of the Companies Act, 2013. There is no investment and guarantee made during
the year which falls under the definition of Section 186.
16. Conservation of energy, technology absorption and foreign exchange earnings and
outgo:
a) Conservation of Energy
The Company has always been conscious of the need for conservation of energy and has
been sensitive in making progress towards this initiative. Adequate measures are always
taken to ensure optimum utilization and maximum possible saving of energy at the offices
of the Company.
b) Technology Absorption
The Company continues to integrate the latest proficient technology, innovations and
improvement as introduced. The Company has invested significant resources in technological
capabilities and has developed a scalable technology system. Your Company has rolled out
EBMS system to keep a track of end-to-end delivery of services to the client.
c) Foreign Exchange Earning and Outgo
During the period under review the foreign exchange earnings and outflow were as
follows:
> Foreign Exchange Earnings: $ 1,42,00,822.65
> Foreign Exchange Outflow: $ 1,05,09,991.82
17. Disclosure required under Rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014.
1. Ratio of the remuneration of each Director to the median remuneration of the
employees for the FY 2022-23 and percentage change in the remuneration of each Director in
the FY 2022-23:
Name of the Director |
Designation |
Ratio of remuneration of the Director to the median remuneration |
% increase in Remuneration |
Abdul Khalik Chataiwala |
Chairman & Managing Director |
47.81 |
33.33 |
Praful Jain |
Executive Director |
11.95 |
43.43 |
Amol Mohan Shirke |
Executive Director |
10.26 |
30.37 |
2. Percentage increase in the remuneration of Chief Executive Officer, Chief Financial
Officer and Company Secretary in the FY 2022-23: -
Name |
Designation |
% Increase in Remuneration |
Ranjana Sandeep Shinde |
Chief Financial Officer |
10.31 |
Narayanan Kutty Parakattil |
Chief Executive Officer |
6.53 |
Archana Chandrakant Indulkar |
Company Secretary and Compliance Officer |
NA |
Mahendra Gupta |
Company Secretary and Compliance Officer |
NA |
Note:
Archana Chandrakant Indulkar resigned as Company Secretary with effect from 13th
July, 2022 in her place, Mr. Mahendra Gupta was appointed as a Company Secretary and
Compliance Officer of the company w.e.f 9 th August 2022.
3. There were 231 permanent employees on payroll of the Company at the end of the FY
2022-23. As compared to previous year, total salary is increased by 28.20% (Including
KMPs), KMPs salary increased by 25.23% & other employees salary increased by 28.81
salary excluding KMPs.
4. The median remuneration of employees of the Company decreased by 14.16 % in the FY
2022 - 23 compared to the median in FY 2021-22.
5. The increment given to each individual employee is based on the employee's
potential, experience as also their performance and contribution to the Company's progress
over a period of time and also as per market trend.
6. Average percentile change in the salaries of employees other than managerial
personnel in the 2022-23 decreased by 11.66% in comparison to last year and the percentile
change in the managerial remuneration increased by 7.33% in 2022-23.
7. Affirmation: Remuneration paid to Directors, KMP and other employees is as per the
remuneration policy of the Company.
Disclosure required under Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is as follows: -
Sr. Name No. |
Designation |
Monthly Remuneration |
Nature of Employment |
Educational Qualification |
Experience |
Date of Joining |
Age of Employee |
Previous Employment |
Equity Shares |
Whether employee |
|
|
(Amount in Rs) |
|
|
|
|
|
|
Held (in%) |
is related to the Director |
1 Abdul Khalik Chataiwala |
Chairman & Managing
Director |
10,00,000 |
Permanent |
MBA |
33 Years |
07-03-2011 |
59 years |
NA |
41.58 |
- |
2 Amol Mohan Shirke |
Whole Time Director |
2,14,620 |
Permanent |
B. Com |
19 years |
13.06.2016 |
40 Years |
Ceyline Logistics |
0.00 |
- |
3 PrafulJain |
Whole Time Director |
2,50,000 |
Permanent |
MBA |
17 Years |
01.11.2019 |
37 Years |
Reliance |
0.00 |
- |
4 Nagender Vashishth |
Branch Head |
2,00,111 |
Permanent |
MBA (International
Marketing) |
18 Years |
11-11-2014 |
41 Years |
Hub link Shipping |
0.00 |
- |
5 Probodh Kumar R. |
Director- |
1,86,768 |
Permanent |
B.Sc. |
30 years |
16-09-2019 |
54 years |
Radiant Maritime |
0.00 |
- |
6 Shyam Gangaram Lalwani |
Director- Gujrat Region |
1,63,192 |
Permanent |
B. Com |
14 years |
01-05-2012 |
39 years |
Radiant Maritime |
0.00 |
- |
7 Ranjana S. Shinde |
CFO |
1,60,550 |
Permanent |
M.Com (GDCA) |
20 Years |
05.07.2019 |
48 Years |
New Globe logistics LLP |
0.00 |
- |
8 NidhiSawant |
Trade Lane Manager |
1,49,361 |
Permanent |
Diploma in Business Management, Diploma in Software Engineering, GNIIT,
MBA in International Business, ICFAI |
22 |
06-04-2022 |
43 Years |
Worldwide Shipping |
|
|
9 Shaiju Sasikumar |
Director |
1,45,000 |
Permanent |
Diploma in Exim Trade |
22 |
01-07-2019 |
43 Years |
CHA Company |
- |
|
10 Prabhish Sukumaran |
Director |
1,22,800 |
Permanent |
MBA (Foreign Trade) |
19 |
01-07-2019 |
47 Years |
Maersk |
- |
|
CONTAINER LINES LTD.
19. Deposits:
During the year, the Company has not accepted any deposits under Chapter V - Acceptance
of Deposits by Companies under the Companies Act, 2013.
20. Subsidiary, Associate and Joint venture
As per the provisions of Section 129(3) of the Act, a statement containing the salient
features of the financial statements of the Company's subsidiaries and Joint ventures in
Form AOC-1 is attached to the financial statements of the Company (AOC-1 added as an
annexure to the director report).
21. Equal Opportunity Employer
The Company has always provided a congenial atmosphere for work that is free from
discrimination and harassment, including sexual harassment. It has provided equal
opportunities of employment to all without regard to their caste, religion, colour,
marital status and sex.
22. Appreciations & Acknowledgements
The Company wishes to thank its investors, banking community, rating agencies and stock
exchanges for their support. The Company would like to take this opportunity to express
sincere thanks to all its valued customers, vendors, agents and suppliers for their
continued support and patronage. The Directors express their deep sense of appreciation to
all the employees whose outstanding professionalism, commitment and initiative has made
the organization's growth and success possible and continue to drive its progress.
Finally, the Board of Directors wish to express their gratitude to the members for their
trust and support.
And to you, our shareholders, we are deeply grateful for the confidence and faith that
you have always reposed in us.
|
For and on behalf of the Board of Directors |
|
Lancer Container Lines Limited |
|
Sd/-
A. K. Chataiwala |
Place: Navi Mumbai Date: August 10, 2023 |
Chairman & Managing Director (DIN: - 01942246) |