55th ANNUAL REPORT
2016 - 17

**BOARD OF DIRECTORS**

Mr. Farukh S. Wadia
Director

Ms. Bhumika L. Batra
Director

Mr. Vilas P. Unavane
Director

Mr. P. S. G. Nair
Director

Mr. Syed K. Husain
Director

Mr. Sandeep P. Parikh
Director

Mr. Asgar S. Patel
Chairman

Mr. Areef A. Patel
Executive Vice Chairman

**55th  Annual General Meeting**

Wednesday, the 27th day of September 2017, at 11.00 a.m. at Sheila Raheja Hall, Rotary Service Centre, Juhu Tara Road, 
Santacruz (West), Mumbai – 400 049.

**Members are requested to bring their copy of the Annual Report to the Annual General Meeting.**

BOARD OF DIRECTORS
Asgar S. Patel
Chairman
Areef A. Patel
Executive Vice-Chairman
P. S. G. Nair
Director
Syed K. Husain
Director
Sandeep P. Parikh
Director
Farukh S. Wadia
Director
Bhumika L. Batra
Director
Vilas P. Unavane
Director

CHIEF FINANCIAL OFFICER 
Mahesh Fogla 

COMPANY SECRETARY 
Nitin B. Akolkar

AUDITORS 
MSP & Co. Mumbai

LEGAL ADVISORS 
Crawford Bayley & Co. Mumbai

BANKERS 
HDFC Bank 
Karur Vysya Bank 
DBS Bank

REGISTERED OFFICE 
‘Patel House’, 5th Floor, 
Plot no. 48, Gazdarbandh, 
North Avenue Road, 
Santacruz (West), 
Mumbai – 400 054.

CORPORATE OFFICE 
‘Natasha’,  
52 Hill Road, 
Bandra (West), 
Mumbai – 400 050.

SHARE TRANSFER AGENTS 
Bigshare Services Private Limited 
1st Floor, Bharat Tin Works Building,  
Opp. Vasant Oasis, Makwana Road, Marol,  
Andheri (East), Mumbai 400059

**Contents
Page 
Nos.**

Vice Chairman’s Message
2
Financial Overview
3-4
Notice and Annexure to Notice
5-11
Directors’ Report
12-30
Corporate Governance Report
31-43
Auditors’ Certificate on Corporate
Governance
44

Management Discussion &
Analysis Report
45-49

STANDALONE FINANCIAL 
STATEMENTS
Auditors’ Report
50-55
Balance Sheet
56
Profit and Loss Account
57

Cash Flow Statement
58-59
Notes forming part of Accounts
60-80
CONSOLIDATED FINANCIAL 
STATEMENTS
Auditors’ Report
81-83
Balance Sheet
84
Profit and Loss Account
85
Cash Flow Statement
86-87
Notes forming part of Accounts
88-108
Statement containing salient features of 
subsidiaries
109

                           I sincerely thank our customers, vendors and shareholders. 
These are the testing times where we have witnessed subdued 
economic and business environment. It has been a challenging 
year for your Company as moderate business environment and 
short term impact of demonetization, had marginal impact on 
performance. We did hard work and sustained our position by 
keeping focus on our values, operational efficiencies, innovation 
and customer satisfaction.  I remain confident about the growth 
of your Company in years to come in the light of improvement 
in the macro-economic trends and structural changes in the 
economy, especially the Goods and Services Tax (GST) roll-out, 
which will help strengthen competitiveness and grow market 
share. I am sure the impact of GST on all the players in the market 
will be positive in long run. 

At Patel Integrated Logistics Ltd, we believe in meeting the 
needs and expectations of our esteemed customers. We shall 
achieve this with the help of a motivated and proactive family 
of employees committed towards innovation and continual 
improvement.

**“**

**”**

At Patel Integrated Logistics Ltd, we believe in meeting the needs and expectations of our esteemed customers. 
We shall achieve this with the help of a motivated and proactive family of employees committed towards 
innovation and continual improvement.

Your Company has been growing with its wide distribution network in India with its current 500+ branches 
covering PAN India. 

I would like to reiterate that we have strategic plans for our express business and warehousing divisions to make 
our organization diversified and profitable venture in the years to come. Your Company has already acquired 
land for Warehouse at  Bangalore and looking to expand Warehousing at Ahmadabad, Chennai, Hyderabad, 
NCR Region and other strategic locations in the coming years.

I would like to conclude that consistent performance and focus at all levels can only help an organization to 
reach newer advantage. With our core brand values and integrated services comprising of Surface Transport, 
Express Delivery, Warehousing and Air Cargo Consolidation, I am positive that your Company will maintain its 
market leadership and play an important role in growth of service sector of Indian economy.

With Best wishes,

**AREEF A. PATEL
EXECUTIVE VICE CHAIRMAN**

**to our ShareholderS**

**FINaNCIal oVerVIeW**

**NetWorth**

**eBItda**

*in lacs

*in lacs

**Pat**

**GroSS MarGIN %**

*in lacs

**NOTICE**

NOTICE is hereby given that the 55th Annual General Meeting of the members of PATEL INTEGRATED LOGISTICS LIMITED 
will be held at the Sheila Raheja Hall, Rotary Service Centre, Juhu Tara Road, Santacruz (West), Mumbai - 400 049, on 
Wednesday the 27th day of September 2017 at 11.00 a.m., to transact the following business: 

**ORDINARY BUSINESS:**

1.  To consider and adopt: 

(a) the Standalone Audited Financial Statements of the Company for the financial year ended 31st March 2017 including 
the Audited Balance Sheet as at 31st March 2017 and the Statement of Profit and Loss Account & Cash Flow Statement 
for the year ended 31st March 2017 and the Reports of the Board of Directors and Auditors thereon. 

(b)  the Consolidated Audited Financial Statements of the Company for the financial year ended 31st March 2017 
including the Audited Balance Sheet as at 31st March 2017 and the Statement of Profit and Loss Account & Cash 
Flow Statement for the year ended 31st March 2017 and the Reports of the Auditors thereon.

2.  To declare a dividend on the Equity Shares for the financial year ended 31st March, 2017.

3.  To appoint a Director in place of Mr. Syed K. Husain (DIN: 03010306), who retires by rotation and, being eligible, offers 
himself for re-appointment.

4.  To appoint Auditors and in this regard to consider and if thought fit, to pass, with or without modification(s), the following 
Resolution as an Ordinary Resolution:

 
“RESOLVED THAT pursuant to the provisions of Section 139, 142 and other applicable provisions if any, of the Companies 
Act, 2013 (the Act) and the Companies (Audit and Auditors) Rules 2014 (including any statutory modification(s) or  
re-enactment thereof, for the time being in force) and pursuant to recommendation of Audit Committee and the Board 
of Directors, M/s. Hitesh Shah & Associates, Chartered Accountants, (Firm Registration No. 103716W), who have 
offered themselves for appointment and have confirmed their eligibility to be appointed as the Statutory Auditors of the 
Company be and are hereby appointed as Statutory Auditors of the Company in place of retiring auditors, MSP & Co. 
Chartered Accountants, (Firm Registration No. 107565W) whose tenure expires at the ensuing Annual General Meeting 
at such remuneration to be decided mutually between the said Statutory Auditors and Board of Directors, in addition to 
reimbursement of out-of-pocket expenses incurred in connection with the audit of the accounts of the Company; 

 
RESOLVED FURTHER THAT M/s. Hitesh Shah & Associates, Chartered Accountants, if appointed as the Statutory 
Auditors of the Company, shall hold office for a period of five years, from the conclusion of this 55th Annual General 
Meeting till the conclusion of 60th Annual General Meeting of the Company subject to ratification of the appointment by 
the Members at every Annual General Meeting held after this Annual General Meeting.”

**NOTES:**

1.  A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY/ PROXIES 
TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF. SUCH A PROXY/ PROXIES NEED NOT BE A MEMBER 
OF THE COMPANY. In order to be effective proxies must be deposited at the Registered Office of the Company not later 
than 48 hours before the commencement of the Meeting. Pursuant to the provisions of Section 105 of the Companies 
Act, 2013, a person shall not act as a proxy for more than 50 (fifty) members and holding in aggregate not more than 
10% (ten percent) of the total share capital of the Company. However, a single person may act as a proxy for a member 
holding more than 10% (ten percent) of the total share capital of the Company provided that such person shall not act as 
a proxy for any other person.

2.  Revenue Stamp should be affixed on the Proxy Form. Forms which are not stamped are liable to be considered invalid. 

3.  Members may please bring the Attendance Slip duly filled in and hand over the same at the entrance to the Meeting Hall.

4.  Corporate Members / FIIs / Financial Institutions intending to send their authorized representatives to attend the Annual 
General Meeting are requested to send a duly certified copy of the Board resolution / such other documents authorizing 
their representatives to attend and vote at the Annual General Meeting well in advance.

5.  The Register of Members and Share Transfer Books of the Company will remain closed from 21st September 2017 to  
27th September 2017 (both days inclusive).

6.  Members seeking any information with regards to annual accounts are requested to write to the Company in advance so 
as to enable the management to keep the information ready.

7.  The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 is enclosed herewith. Relevant 
documents referred to in the accompanying Notice and the statement pursuant to Section 102(1) of the Companies 
Act, 2013 are available for inspection at the Registered Office of the Company during business hours on all days except 
Saturdays, Sundays and Public Holidays upto the date of the AGM.

8.  Those Members who have not encashed their dividend warrants for the financial years 2009-10 to 2015-16 are requested 
to return the time barred dividend warrants or forward their claims to the Company or the Registrar & Share Transfer 
Agents (RTA) of the Company.

9.  The Company has transferred the unclaimed dividends, upto 2008-09 to the Investor Education and Protection Fund (the 
Fund) established by the Central Government. Pursuant to the provisions of Section 124 of the Companies Act, 2013 and 
the rules made thereunder final dividend for the year 2009-10 which remains unclaimed for a period of 7 years is due for 
transfer to the Fund. 

10. Kindly note that you can claim the said unclaimed dividend from IEPF Authority by filing e-form IEPF-5 available on the 
website www.iepf.gov.in 

11. Members are requested to send their Bank Account details to the Share Transfer Agents of the Company at ‘Bigshare 
Services Private Limited’, 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis Makwana Road, Marol, Andheri (East), 
Mumbai 400059. This is to avoid the fraudulent encashment of dividend warrants.

12. The Company provides National Electronic Clearing Service (NECS) facility for the payment of dividend. Accordingly, 
shareholders holding equity shares in physical form are requested to send National Electronic Clearing Service (NECS) 
mandates, if any, to the Share Transfer Agents of the Company at ‘Bigshare Services Private Limited’, 1st Floor, Bharat 
Tin Works Building, Opp. Vasant Oasis Makwana Road, Marol, Andheri (East), Mumbai 400059. .

 
Shareholders holding equity shares of the Company in the dematerialized form shall intimate to their respective Depository 
Participants about the NECS mandates.

13. Shareholders may be aware that the Companies Act, 2013, permits service of the Notice of the Annual General Meeting 
through electronic mode. Electronic copy of the Annual Report including Notice of the 55th Annual General Meeting of 
the Company inter alia indicating the process and manner of e-voting along with Admission Slip and Proxy Form is being 
sent to all the members whose e-mail IDs are registered with the Company/Depository Participant(s) for communication 
purposes. However, those members who desire to have a physical copy may request for the same. For members who 
have not registered their e-mail address, physical copies of the Annual Report are being sent in the permitted mode.

14. The shareholders who are holding shares in demat form and have not yet registered their e-mail IDs, are requested to 
register their e-mail IDs with their Depository Participant at the earliest, to enable the Company to use the same for 
serving documents to them electronically, hereinafter. Shareholders holding shares in physical form may kindly provide 
their e-mail IDs in writing to the Share Transfer Agents of the Company at ‘Bigshare Services Private Limited’, 1st Floor, 
Bharat Tin Works Building, Opp. Vasant Oasis Makwana Road, Marol, Andheri (East), Mumbai 400059. 

15. The Annual Report 2016-17 of the Company circulated to the Members of the Company, will be made available on the 
Company’s website at www.patel-india.com 

16. Voting through electronic means:

1.  Pursuant to the provisions of Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and 
Administration) Rules, 2014 and Regulation 44 of SEBI (Listing Obligations and Disclosures Requirements) Regulations 
2015, the Company is pleased to provide members facility to exercise their right to vote at the 55th Annual General 
Meeting (AGM) by electronic means and the business may be transacted through e-voting services provided by Central 
Depository Services Limited (CDSL). 

2.  The Company has appointed Dinesh Kumar Deora, Practising Company Secretary (FCS No. 5683 CP No. 4119), as the 
Scrutiniser to the e-voting process, in a fair and transparent manner.

3.  The instructions for members for voting electronically are as under:-

 
The voting period begins on 23rd September 2017 at 9.00 a.m. IST and ends on 26th September 2017 at 5.00 p.m. IST. 
During this period shareholders’ of the Company, holding shares either in physical form or in dematerialized form, as 
on 20th September 2017 the cut-off date (record date), may cast their vote electronically. The e-voting module shall be 
disabled by CDSL for voting thereafter.

 
The Notice of AGM of the Company can be downloaded from www.cdslindia.com and www.patel-india.com

**A.  In case of members receiving e-mail (for Members whose e-mail addresses are registered with the Company / 
Depositories):**

i) 
Log on to the e-voting website www.evotingindia.com

ii) 
Click on “Shareholders” tab.

iii) Now Enter your User ID 

a. 
For CDSL: 16 digits beneficiary ID, 

b. 
For NSDL: 8 Character DP ID followed by 8 Digits Client ID, 

c. 
Members holding shares in Physical Form should enter Folio Number registered with the Company.

iv) Next enter the Image Verification as displayed and Click on Login.

v) 
If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier voting 
of any company, then your existing password is to be used. 

vi) If you are a first time user follow the steps given below:

For Members holding shares in Demat Form and Physical Form
PAN
Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both 
demat shareholders as well as physical shareholders)
• 
Members who have not updated their PAN with the Company/Depository Participant are 
requested to use the first two letters of their name and the 8 digits of the sequence number 
(refer serial no. printed on the address label/ sticker affixed on the Annual Report) in the 
PAN field.
• 
In case the sequence number is less than 8 digits enter the applicable number of 0’s before 
the number after the first two characters of the name in CAPITAL letters. Eg. If your name 
is Ramesh Kumar with serial number 1 then enter RA00000001 in the PAN field.
Dividend Bank 
Details 
OR Date of Birth 
(DOB) 

Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your 
demat account or in the company records in order to login. 
If both the details are not recorded with the depository or company please enter the member id 
/ folio number in the Dividend Bank details field. 

vii) After entering these details appropriately, click on “SUBMIT” tab.

viii) Members holding shares in physical form will then reach directly the Company selection screen. However, members 
holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily 
enter their login password in the new password field. Kindly note that this password is to be also used by the demat 
holders for voting for resolutions of any other company on which they are eligible to vote, provided that company 
opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other 
person and take utmost care to keep your password confidential.

ix) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained 
in this Notice.

x) 
Click on the EVSN for the PATEL INTEGRATED LOGISTICS LIMITED.

xi) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for 
voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option 
NO implies that you dissent to the Resolution.

xii) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

xiii) After selecting the resolution you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed. 
If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modify 
your vote.

xiv) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

xv) You can also take out print of the voting done by you by clicking on “Click here to print” option on the Voting page.

xvi) If Demat account holder has forgotten the changed password then enter the User ID and the image verification code 
and click on Forgot Password & enter the details as prompted by the system.

xvii) Shareholders can also cast their vote using CDSL’s mobile app m-Voting available for android based mobiles. The 
m-Voting app can be downloaded from Google Play Store. Apple and Window phone users can download the app 
from the App Store and the Windows phone Store respectively. Please allow the instructions as prompted by the 
mobile app while voting on your mobile.

 
xviii)Note for Non-individual Shareholders and Custodians

l� Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to log on to 
www.evotingindia.com and register themselves as Corporates.

l��They should submit a scanned copy of the Registration Form bearing the stamp and sign of the entity to 
helpdesk.evoting@cdslindia.com.

l� After receiving the login details they have to create a user who would be able to link the account(s) which they 
wish to vote on. 

l� The list of accounts should be mailed to helpdesk.evoting@cdslindia.com and on approval of the accounts they 
would be able to cast their vote. 

l� They should upload a scanned copy of the Board Resolution and Power of Attorney (POA) which they have 
issued in favour of the Custodian, if any, in PDF format in the system for the scrutinizer to verify the same.

**B. In case of members receiving the physical copy:**

 
Please follow all steps from sl.no. (i) to (xviii) above to cast vote.

**C.  Other instructions:**

i. 
In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (“FAQs”) 
and e-voting manual available at www.evotingindia.co.in under help section or write an email to helpdesk.evoting@
cdslindia.com.

ii. 
The voting rights of Members shall be in proportion to their shares of the paid-up equity share capital of the Company 
as on 20th September 2017.

iii. The facility of ballot/polling paper for voting shall also be made available at the meeting and Members attending 
the meeting who have not already cast their vote through e-voting shall be able to exercise their right to vote at the 
meeting.

iv. The members who have cast their vote by e-voting prior to the meeting may also attend the meeting but shall not be 
entitled to cast their vote again.

v. 
The results declared along with the Scrutinizer’s Report shall be placed on the Company’s website www.patel-india.
com and on the website of CDSL www.cdslindia.com within 2 days of the passing of the Resolutions at the AGM of 
the Company and communicated to the Stock Exchanges where the shares of the Company are listed.

vi. Any person who acquires shares of the Company and becomes member of the Company after dispatch of the Notice 
and holding shares as on cut-off date i.e. 20th September 2017 may follow the same procedure as mentioned above 
for e-voting. 

vii. Any person who is not a member of the Company as on cut-off date i.e. 20th September 2017, should treat this 
Notice for information purposes only.

**INFORMATION/PROFILE ABOUT DIRECTORS SEEKING APPOINTMENT/REAPPOINTMENT AT THE ANNUAL 
GENERAL MEETING:**

**Particulars
Mr. Syed K. Husain**

Director Identification Number
03010306

Age
71 years

Qualifications
B.Sc. (Engineering), M.Sc. (Management) 

Expertise
Has over 35 years of experience in various fields like Transportation of Goods, 
Logistics and Distribution, Engineering, Exports, Construction and General 
Management.

Particulars of Appointment /  
Re-Appointment
Non Executive Director of the Company since 29th May 2013, retires by rotation at 
the ensuing Annual General Meeting. It is proposed to re-appoint Mr. Husain as the 
Director of the Company.

No. of shares held in the Company
Nil

Other Directorships as on 31st March 
2017
• Patel Holdings Limited

• Patel Real Estate Developers Private Limited

• Natasha Constructions Private Limited

• Wall Street Securities & Investments (I) Limited

• Wall Street Derivatives And Financial services (India) Private Limited

• Natasha Construction Projects Pvt Ltd

Chairmanship(s) / Membership(s) of 
Committees as on 31st March 2017
Stakeholders Relationship Committee
• Patel Integrated Logistics Limited (Member)

Inter-se 
relationships 
between 
Directors

NIL

Registered Office:  
By order of the Board,
Patel House, 5th Floor, 
 
Plot No.48, Gazdarbandh, 
 
North Avenue Road, 
 
Santacruz (west), 
(Nitin B. Akolkar) 
Mumbai-400 054.  
Company Secretary 

Mumbai, 10th August 2017  

**Explanatory Statement**

(Pursuant to Section 102 of the Companies Act, 2013)

As required by section 102 of the Companies Act, 2013, the following explanatory statement sets out all material facts relating 
to the business mentioned under Item No. 4 of the accompanying Notice.

**Item no. 4:**

This Explanatory Statement is provided though strictly not required as per Section 102 of the Companies Act, 2013.

Pursuant to the provision of section 139 of Companies Act, 2013 (the Act) and the Rules made thereunder, it is mandatory 
to rotate the statutory auditors on completion of two terms of five consecutive years. The Rules also provide for additional 
transition period of three years from the commencement of the Act i.e. 1st April, 2014. The existing auditors, M/s. MSP & Co. 
Chartered Accountants, (Firm Registration No. 107565W) have served the company over 10 years and will be completing the 
transition period (three years) at the ensuing 55th Annual General Meeting.

Accordingly, the term of the present auditors, M/s. MSP & Co. Chartered Accountants, expires at the conclusion of the forth 
coming Annual General Meeting. The Audit Committee and the Board of Directors have placed on record their appreciation 
for the services rendered by MSP & Co. Chartered Accountants, during their association with the company as its auditors.

The Audit Committee and the Board of Directors of the company at their respective meetings have recommended the 
appointment of M/s. Hitesh Shah & Associates, Chartered Accountants, (Firm Registration No. 103716W) as the statutory 
auditors of the company for a period of five years from the conclusion of 55th Annual General Meeting till the conclusion of 
60th Annual General Meeting (Subject to ratification of their appointment at every Annual General Meeting held, if so required 
under the act)

M/s. Hitesh Shah & Associates, Chartered Accountants, have confirmed that their appointment, if made, would be within the 
limits specified under section 141(3)(g) of the Act and that they are not disqualified to be appointed as statutory auditor in 
terms of the provisions of proviso to section 139(1) and section 141(2) and section 141(3) of the Act and the provision of the 
companies (Audit and Auditors) Rules, 2014.

The Board of Directors recommends the Resolution at item No.4 of the accompanying Notice for approval by Members as 
an Ordinary Resolution.

None of the Directors or Key Managerial Personnel of the Company or their relatives are in any way, concerned or interested, 
financially or otherwise in the Resolution set out in Item No.4 of the Notice.  

Your Directors recommend the ordinary resolution set out at item no. 4 for the approval of the members.

Registered Office:  
 By order of the Board, 
Patel House, 5th Floor, 
 
Plot No.48, Gazdarbandh, 
 
North Avenue Road, 
 
Santacruz (west),  
 (Nitin B. Akolkar) 
Mumbai-400 054.  
 Company Secretary 

Mumbai, 10th August 2017 

Santacruz Station
(West)

**Juhu Tara Road**

**H B Gawde Marg**

Linking Road
Linking Road

**Juhu Beach**

S V Road
S V Road

Juhu Road

Tilak Road

Juhu Road

Sheila Raheja Hall,
Rotary Service Center,
Juhu Tara Road,
Santacruz (West),
Mumbai - 400049.

Juhu Garden

**Route Map to the Venue of the AGM**

**Sheila Raheja Hall,
Rotary Service Center,
Juhu Tara Road, Santacruz (West),
Mumbai - 400 049.**

**ROUTE MAP TO THE VENUE OF AGM:**

**DIRECTORS’ REPORT**

To, 
The Members of 
Patel Integrated Logistics Limited.

Your Directors have pleasure in presenting their 55th Annual Report for the year ended 31st March 2017. 

**FINANCIAL RESULTS:**

The standalone and consolidated financial highlights of your Company are as under:
 (` in lakhs)

Standalone
Consolidated
2016-17
2015-16
2016-17
Total Revenue 
45873.42
51401.45
45873.42
Profit before Finance cost, Depreciation & Tax
2159.66
2437.03
2159.42
Finance cost
816.90
902.22
816.91
Depreciation
420.55
428.12
421.74
Profit before Tax
922.21
1106.69
920.77
Provision for Tax
Current Tax
Deferred Tax
(Excess) / Short Provision of Income Tax for earlier years

181.00
38.54
-

326.00
(42.97)
(13.76)

181.00
38.54
-
Net Profit after Tax
702.67
837.42
701.23
Less: Minority Interest
-
-
-
Net Profit for the year
702.67
837.42
701.23
Balance of Profit from previous year
630.80
335.67
630.80
TOTAL …
1333.47
1173.09
1332.03
APPROPRIATIONS:
Equity Dividend 
79.43
76.68
79.43
Tax on Dividend
16.18
15.61
16.18
Transfer to General Reserve
200.00
200.00
200.00
Transfer to Contingency Reserve
250.00
250.00
250.00
Balance carried to Balance Sheet
787.86
630.80
786.42
TOTAL …
1333.47
1173.09
1332.03

**FINANCIAL PERFORMANCE REVIEW:**

The Indian economy witnessed slow growth during the current year. GDP growth in FY 2016-17 has come down to 7.1%. 
The financial year 2016-17 has witnessed muted growth of the Company in terms of financial performance of the Company. 
In the first two quarters the Company reported growth in the turnover and profitability. With the demonetisation effective 
November 8, 2016 the Company has observed short term impact on growth. The Company observed a drop in revenue in 
surface Transport and cargo consolidation business which impacted Net Sales/income from operations as well as profit for 
the last few months. 

In such a challenging scenario, your Company posted a profit after tax of ` 7.03 cr. for the year ended March 31, 2017 as 
compared to ` 8.37 cr. for the year ended March 31, 2016. Income from operations for the year ended March 31, 2017 was 
` 458.73 cr. as compared to ` 514.01cr. for the year ended March 31, 2016. Net Worth stood at `112.55 cr. Fixed Asset base 
was ` 53.75 cr. and the Basic EPS was ` 4.42 and Diluted EPS (after considering conversion of warrants) was ` 4.18.

In spite of demonetisation, which affected the logistic industry, the Company has generated profit due to diligent decision 
making, cost reduction measures and continuous focus on value business only.

The Company’s consolidated results shown marginal drop in profitability as its wholly owned subsidiary DelivrEx India Limited 
has not yet started its operation for e-com logistic set up. 

There is no change in the nature of business during the year under review.

**CONSOLIDATED FINANCIAL STATEMENTS:**

As per Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 (hereinafter referred to as “Listing Regulations”) and applicable provisions of the Companies Act, 2013 
read with the Rules issued thereunder, the Consolidated Financial Statements of the Company for the financial year 2016-17 
have been prepared in compliance with applicable Accounting Standards and on the basis of audited financial statements 
of the Company and its subsidiary Company, as approved by the respective Board of Directors. The Consolidated Financial 
Statements together with the Auditors’ Report form part of this Annual Report.

**INDIAN ACCOUNTING STANDARDS (IND AS):**

The Ministry of Corporate Affairs, vide notification dated February 16, 2015, notified the Companies (Indian Accounting 
Standard Rules), 2015. The Company shall adopt IND AS with effect from April 1, 2017 as the IND AS is applicable to the 
Company for the accounting periods beginning on or after April 1, 2017.

**SUBSIDIARY, ASSOCIATES AND JOINT VENTURE:**

The Company has one wholly owned subsidiary ‘DelivrEx India Limited’ as on 31st March, 2017 having business akin and 
germane to the business of holding Company and there has been no change in the nature of business of wholly owned 
subsidiary during the year. The Company does not have any Associate or Joint Venture Company as on 31st March 2017.

A separate statement containing the salient features of financial statements of subsidiary of the Company forms a part of 
consolidated financial statements in compliance with Section 129 and other applicable provisions, if any, of the Companies 
Act, 2013. In accordance with Section 136 of the Companies Act, 2013, the financial statements of the subsidiary are available 
for inspection by the members at the Registered Office of the Company during business hours on all days except Saturdays, 
Sundays and public holidays upto the date of the Annual General Meeting (‘AGM’). Any member desirous of obtaining a copy 
of the said financial statements may write to the Company Secretary at the Registered Office of the Company. The financial 
statements including the consolidated financial statements, financial statements of subsidiary and all other documents 
required to be attached to this report have been uploaded on the website of the Company (www.patel-india.com).

**TRANSFER TO RESERVES:**

Your Company has transferred ` 2.00 crore to the general reserve and ` 2.50 crore to contingency reserve. An amount of  
` 7.88 crore is carried forward in Profit and Loss.

**DIVIDEND:**

For the year under consideration, the Board of Directors recommended a dividend of ` 0.5 per share i.e. 5% on the equity 
share capital of the Company for the financial year ended March 31, 2017. 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 conservation of resources for diversification. 

**FUTURE OUTLOOK:**

The introduction of much awaited Goods and Services Tax (GST) leading corporates to consolidate their warehouses. New 
policies could be brought in to facilitate this and set up base infrastructure for strategic transport and warehousing hubs 
in India. Your Company has significant plans to expand its warehousing foot prints in the years to come on a pan India 
basis. During the year under review, your Company has acquired 2.20 acre of land allotted by Karnataka Industrial Areas 
Development Board at Bangalore on 99 years term lease for expanding warehousing business. Your Company will be looking 
to expand its warehousing business in Gujarat, Chennai and other locations in India. 

After rollout of GST, reduction of around 30% is expected in Truck Travel time due to end of check post. As a result, logistic 
cost will go down by 10-12% which will help in increasing the profitability.

The strategic plan has been drawn to consolidate e-commerce players like Amazon and flipkart in the market. This will benefit 
us to concentrate on top players in the Industry for achievement of faster business growth. 

**FINANCE:**

**Bank Finance:**

The Company enjoys fund based and non fund based credit facilities from the Banks to meet its working capital requirements. 
The Company also enjoys a credit line for buying the trucks on deferred payment guarantee basis. 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 from various banks and closely pursuing with the Bank to reduce the Interest cost. 

**Fixed Deposits:**

The Company is 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 `1493.28 lacs as on 31st March 2017. There were no unpaid 
or overdue deposits as on 31st March 2017, other than unclaimed Deposits and interest accrued thereon aggregating `4.57 
lacs. In terms of Section 73(2) of the Companies Act, 2013, the Company has maintained liquid assets by depositing sum of 
` 1.44 cr. in a schedule bank under deposit repayment reserve account. 

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. 

The Companies (Acceptance of Deposits) Amendment Rules, 2017 dated 11th May 2017 allowed Companies to accept 
deposits without deposit insurance contract till 31st March 2018 or till the availability of a deposit insurance product, whichever 
is earlier.

**Credit Rating:**

Credit Analysis & Research Ltd (CARE), has assigned credit rating CARE BBB [moderate degree of safety] for Company’s 
fund based borrowings & finance lease and CARE A3+ [moderate degree of safety] rating for its non fund based borrowings 
from the banks.

India Ratings & Research Private Ltd (India Ratings), a Fitch group Company has affirmed credit rating for Company’s fund 
based borrowings & finance lease to ‘IND BBB’ [outlook stable] and rating for its non fund based borrowings from the banks 
upgraded to ‘IND A3+ [outlook stable] 

India Ratings has also assigned credit rating ‘IND tA-’ (stable) for its Fixed Deposit Programme.

**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:**

The CSR expenditure incurred by your Company during the financial year 2016-17 was ` 16,81,700/- against the statutory 
requirement of ` 14,76,535/- i.e. 2% of the average profit before tax for the last three financial years. The CSR initiatives of 
your Company were under the identified thrust areas as provided under the CSR Policy of the Company. Your Company’s 
CSR Policy statement and annual report on the CSR activities undertaken during the financial year ended 31st March, 2017, 
in accordance with Section 135 of the Companies 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 100 listed entities.

However the Company has constituted a Risk Management Committee. The details of Committee and its terms of reference 
are set out in the Corporate Governance Report forming part of the Board’s Report.

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 Department 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 is explained 
in the Corporate Governance Report and also posted on the website of the Company.

**DIRECTORS AND KEY MANAGERIAL PERSONNEL:**

Mr. Syed K. Husain, Non Executive Director of the Company, retires by rotation at the ensuing Annual General Meeting 
pursuant to the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification 
of Directors) Rules, 2014 and the Articles of Association of your Company and, being eligible, has offered himself for  
re-appointment as the Director.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 
149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements) Regulation 2015.

There is no Key Managerial Personnel appointed and resigned during the year under review.

**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 25th February 2017 have reviewed and evaluated the performance of Board as a whole, Chairman and 
Executive Vice Chairman. 

**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 six Board Meetings and four 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. There are no materially significant 
related party transactions made by the Company with Promoters, Directors, Key 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 and sitting fees by Non executive directors, none of the Directors 
has any pecuniary relationships or transactions vis-à-vis the Company.

Your Directors draw attention of the members to Note 38 to the financial statement which sets out related party disclosure. 

**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, the period of office of MSP & Co. Chartered Accountants, (Firm Registration No. 107565W) as the Statutory Auditors 
of the Company, expires with the conclusion of this ensuing Annual General Meeting (AGM). The Board places on record, its 
appreciation for the contribution of M/s. MSP & Co., Chartered Accountants, during their tenure as the Statutory Auditors of 
the Company. 

Accordingly, as per the provisions of Section 139(2) Companies Act 2013, it is mandatory to rotate the Statutory Auditors 
at the ensuing AGM. Upon the recommendation of Audit Committee, the Board of Directors has at its Meeting held on  
10th August, 2017 recommended appointment of M/s. Hitesh Shah & Associates, Chartered Accountants, (Firm Registration 
No. 103716W), as the new Statutory Auditors of the Company to hold office for one term of 5 years commencing from 
conclusion of the ensuing 55th Annual General Meeting upto the 60th Annual General Meeting of the Company to be held in 
calendar year 2022.

The Company has received a certificate from the proposed Statutory Auditors to the effect that their appointment, if made, 
shall be in compliance with the provisions of Section 139 and 141 of the Companies Act, 2013. Accordingly, the Board 
proposes appointment of M/s. Hitesh Shah & Associates, Chartered Accountants as the Statutory Auditors of the Company in 
place of M/s. MSP & Co., to hold office from the conclusion of this AGM until the conclusion of the 60th AGM of your Company. 
Necessary resolution seeking approval of the members for appointment of new Statutory Auditors has been incorporated in 
the Notice convening the Annual General Meeting forming part of this Annual Report.

The Auditors’ Report for the financial year 2016-17 on the financial statements of the Company which is a part of this Annual 
Report does not contain any qualification, reservation or adverse remark.

**DISCLOSURE REQUIREMENTS:**

To comply with conditions of Corporate Governance, pursuant to regulation 34 read with schedule V of SEBI (Listing 
Obligations and Disclosures Requirements) Regulations, 2015, a Management Discussion and Analysis Report, Corporate 
Governance Report and Auditors’ Certificate on the compliance of conditions of Corporate Governance, are included in this 
Annual Report. 

A Business Responsibility Report as required under Regulation 34 of SEBI (Listing Obligations and Disclosures Requirements) 
Regulations, 2015 is not applicable to the Company as the same is applicable for top 100 listed entities based on market 
capitalization.

Dividend Distribution Policy as required under Regulation 43A of SEBI (Listing Obligations and Disclosures Requirements) 
Regulations, 2015 is not applicable to the Company as the same is applicable for top 500 listed entities based on market 
capitalization.

**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 Mr. Dinesh Kumar Deora, Practicing Company Secretary, 
to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit Report for the financial year ended  
31st March 2017 is set out as “Annexure [III]” to this Report. 

**EXTRACT OF ANNUAL RETURN:**

The details forming part of the extract of the Annual Return in Form MGT- 9 in accordance with Section 92(3) of the Companies 
Act, 2013 read with the Companies (Management and Administration) Rules, 2014, are set out herewith as “Annexure [IV]” 
to this Report.

**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 of energy
:
Energy conservation continues to receive priority attention at all levels. 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 
utilizing 
alternate 
sources 
of 
energy

:
The Company continues its in-house programme of enlightening and educating its 
commercial vehicle drivers for greater fuel efficiencies. All the vehicles owned by the 
Company undergo an intensive Planned Preventive Maintenance (PPM) drill to keep 
the vehicles in top running condition with special emphasis on fuel conservation. 
Also planning to use Bio-fuel for enhancing more efficiency of vehicles.

(iii) The capital investment 
on energy conservation 
equipments

:
The Company has on going process to conserve the energy by replacement of old 
electronic devices and installation of new efficient power saving devices whenever 
required.

No material capital investment incurred by the Company during the year 2016-17.

**(B) TECHNOLOGY ABSORPTION:**

(i)  The efforts made towards 
technology absorption
:
Updating of technology is a continuous process; appropriate 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 has developed in house web- based application for complete 
logistics operation’s requirements which helping order processing and tracking 
the shipments with the entire operation cycle of the GCNs and improving dispatch 
and delivery efficiency.

(iii)  Imported Technology
:
There is no imported technology imported during the last three years.

(iv) The expenditure incurred 
on 
Research 
and 
Development

:
No expenditure is incurred on Research and Development by the Company 
during the year 2016-17. 

(C)  FOREIGN EXCHANGE EARNINGS AND OUTGO:
 ( ` in lakhs)

Year ended 
31st March, 2017
Year ended 
31st March, 2016

**Earnings in Foreign Exchange**

Air Freight Billing, and other expenses (Net)
Nil
1.62

TOTAL …
Nil
1.62

**Expenditure in Foreign Currency**

Membership and Subscription Fees
0.42
0.41

Travelling (excluding air fare)
1.01
3.06

TOTAL …
1.43
3.47

**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 [V]” 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 internal committee has been set up 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 2016-17:

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 year ended 31st March 2017 are in 
full conformity with the requirement of the Companies Act, 2013. 

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 March 31, 2017, 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 
2017 and of the profits of the Company for the financial year ended 31st March 2017;

3) 
the 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; 

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. 

**MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY:**

1)  During the period between the end of the financial year of the Company i.e. 31st March 2017 and the date of this report, the 
Company on 12th July 2017 has allotted 6,49,311 equity shares of `10/- each against the conversion of equity warrants to 
Strategic Investor, Frontline Strategy Limited, a company registered in Mauritius, not forming part of the Promoter Group 
of the Company upon its exercise of option for conversion of same number of convertible equity warrants fully paid up 
at an issue price for ` 115/- (including premium of `105/-) issued by the Company on preferential basis in terms of SEBI 
(ICDR) Regulations, 2009 and as per special resolution passed by the members at their Extra Ordinary General Meeting 
held on 28th December 2015.

 
Consequent to such allotment, the Paid-up Equity Share Capital of the Company has increased from `15,88,66,120/- 
consisting of 1,58,86,612 equity shares of `10/- each to ` 16,53,59,230/- consisting of 1,65,35,923 equity shares of `10/- 
each.

 
The Company on 14th July 2017 has cancelled 2,79,689 number of equity warrants allotted to Frontline Strategy Limited 
as the warrant holder did not exercise the right to convert the equity warrants into equity shares within the due date of 18 
months from the date of allotment of equity warrants, which was 13th July 2017. Accordingly, the 25% of the consideration 
amount received at the time of allotment of the above equity warrants in terms of Regulation 77 SEBI (ICDR) Regulations 
2009 is forfeited and will be transferred to Capital Reserve.

2)  No significant and material orders were passed by the regulators or courts or tribunals which impact the going concern 
status and Company’s operations in future.

**ACKNOWLEDGEMENTS:**

The Directors place on record their appreciation of the continued assistance and support received from the Bankers, Clients, 
Stakeholders and Fixed Deposit Holders in the endeavors of the Company.

Registered Office : 
Patel House, 5th Floor, Plot No. 48,
Gazdarbandh, North Avenue Road, 
Santacruz (West) 
Mumbai – 400 054. 

Mumbai, dated 10th August, 2017

**For and on behalf of the Board of Directors**

AREEF A. PATEL      
-   Executive Vice Chairman
DIN:00075687

P. S. G. NAIR      
-   Director 
DIN:00074494  

**ANNEXURE I**

**Report on the Corporate Social Responsibility (CSR) Activities for the year 2016-17**

**1. 
Brief outline of your Company’s CSR policy:**

 
The objective of the CSR policy of the Company is to define the contribution which the Company can make towards its 
Corporate Social Responsibility, the geographical limits within which it envisages to make such contribution, the chosen 
activities, programs or projects for its CSR activities and the control and reporting mechanism which will ensure proper 
functioning of such CSR activities to the optimum results.

 
The scope of CSR activities are taken into account as per the Schedule VII of the Companies Act, 2013. Preference is to 
be given to the local areas of the offices of the Company.

 
In accordance with the CSR Policy of the Company, the CSR initiatives would be focused around following identified 
thrust areas for channelizing the resources:
1) Health 2) Education 3) Environment 4) Ethnicity 5) Sports 6) Support to Technology Incubators

 
The CSR Policy of your Company is available on website at following link.

 
(http://patel-india.com/wp-content/uploads/2015/11/CSRPOLICY.pdf)
2.  Composition of CSR Committee:

Mr. Areef Patel
Chairman
Executive Director
Mr. Syed K. Husain
Member
Non Executive Director
Mr. Sandeep Parikh
Member
Independent Director

 
Mr. Nitin Akolkar acts as the Secretary to the Committee.
3.  Average Net Profit before Tax of the Company for last 3 financial years : ` 738.27 lacs
4.  Prescribed CSR expenditure (2% of this amount as in Sr. No. 3 above): ` 14.77 lacs
5.  Details of CSR spent during the financial year:
a. 
Total amount spent for the financial year: ` 16.82 lacs
b. 
Amount unspent, if any: Nil
c. 
Manner in which the amount spent during the financial year is detailed below:

CSR projects / Activities
Sector in
which the
Project is
covered

Location where 
project
is undertaken
State (Local 
Area/
District)

Amount
outlay
(budget)
Project /
Programs
Wise

Amount Spent on the Projects
or Programs
Cumulative
Expenditure
upto the
reporting
period

Amount
spent: Direct
or through
implementing
agency

1. Direct
Expenditure
2. Overheads

Promoting Healthcare by 
undertaking a project of 
donating a Blood Bank 
Vehicle to Tata Memorial 
Hospital, Mumbai, India’s 
premier Cancer treatment 
Hospital,

Health
Mumbai
Maharashtra
` 26.81 lacs ` 16.82 lacs
Nil
` 26.81 lacs
**Through 
implementing 
agency.

 
** Through The Rotary Club of Bombay Bandra Charitable Trust, A trust registered with Charity Commissioner of Mumbai 
& engaged in projects related to upliftment of downtrodden for last 25 years.

6.  In case the Company has failed to spend the two percent of the average net profit of the last three financial years or any 
part thereof, the Company shall provide the reasons for not spending the amount in its Board’s Report : Not Applicable

7.  The CSR Committee confirms that the implementation and monitoring of the CSR Policy is in compliance with the CSR 
objectives and Policy of your Company.

Mr. Areef A. Patel 
Whole Time Director & Chairman of CSR Committee 
DIN:00075687

Mr. Syed K. Husain 
Non Executive Director & Member of Committee 
DIN: 03010306

Mumbai, dated 10th August, 2017

**ANNEXURE II**

**FORM NO. AOC-2**

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

**Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties 
referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions 
under third proviso thereto**

1.  Details of contracts or arrangements or transactions not at arm’s length basis

(a)
Name(s) of the related party and nature of relationship

------------------NOT APPLICABLE-------------------

(b)
Nature of contracts/ arrangements/ transactions

(c)
Duration of the contracts / arrangements / transactions

(d)
Salient terms of the contracts or arrangements or 
transactions including the value, if any

(e)
Justification for entering into such contracts or 
arrangements or transactions 

(f)
date(s) of approval by the Board

(g)
Amount paid as advances, if any

(h)
Date on which the requisite resolution was passed 
in general meeting as required under first proviso to 
section 188 of the Companies Act 2013

2.  Details of material contracts or arrangement or transactions at arm’s length basis

**(a)
Name(s) of the related party and nature of 
relationship**

**------------------NOT APPLICABLE-------------------**

**(b)
Nature of contracts/ arrangements/ transactions**

**(c)
Duration of the contracts / arrangements/ 
transactions**

**(d)
Salient terms of the contracts or arrangements 
or transactions including the value, if any**

**(e)
Date(s) of approval by the Board, if any**

**(f)
Amount paid as advances, if any**

Registered Office : 
Patel House, 5th Floor, Plot No. 48,
Gazdarbandh, North Avenue Road, 
Santacruz (West)
Mumbai – 400 054. 

Mumbai, dated 10th August, 2017

**For and on behalf of the Board of Directors**

AREEF A. PATEL      
-   Executive Vice Chairman
DIN:00075687

P. S. G. NAIR      
-   Director 
DIN:00074494  

**ANNEXURE III**

**FORM NO. MR-3**

**SECRETARIAL AUDIT REPORT**

**FOR THE FINANCIAL YEAR ENDED MARCH 31, 2017**

 [Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and 
Remuneration of Managerial Personnel) Rules, 2014]

To, 
The Members of, 
Patel Integrated Logistics Limited

I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good 
corporate practices by Patel Integrated Logistics Limited (hereinafter called “the Company”). Secretarial Audit was 
conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts / statutory compliances 
and expressing my opinion thereon.

Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained 
by the Company and also the information provided by the Company, its officers, agents and authorized representatives during 
the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the 
financial year ended March 31, 2017, complied with the statutory provisions listed hereunder and also that the Company has 
proper Board-processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made 
hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for 
the financial year ended on March 31, 2017 according to the provisions of:

1. 
The Companies Act, 2013 (the Act) and the rules made thereunder;

2. 
The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

3. 
The Depositories Act, 1996 and the Regulations and bye-laws framed thereunder;

4. 
The provisions of Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent 
of Foreign Direct Investment, Overseas Direct Investment and External Commercial borrowings were not applicable to 
the Company under the financial year under report;

5. 
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI 
Act’):-

a. 
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

b. 
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

c. 
The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;

6. 
Provisions of the following Regulations and Guidelines prescribed under the Securities and Exchange Board of India 
Act,1992 (‘SEBI’) were not applicable to the Company under the financial year under report-

a. 
The Securities and Exchange Board of India (Employee Stock Option Scheme and employee Stock Purchase 
Scheme) Guidelines, 1999;

b. 
The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations,2008;

c. 
The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, 
regarding the Companies Act and dealing with client;

d. 
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and

e. 
The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;

 
I further report that, having regard to the compliance system prevailing in the Company and on examination of the 
relevant documents and records in pursuance thereof, the Company has complied with the following laws applicable 
specifically to the Company;

a. 
The Carriers Act,1865,

b. 
Carriage by Road Act,2007,

c. 
The Multimodal Transportation of Goods Act,1993,

d. 
Motor Vehicles Act,1988,

e. 
The Motor Transport Workers Act,1961,

f. 
The Food Safety and Standards Act,2006,

g. 
Consumer Protection Act,1986

I have also examined compliance with the applicable clauses of the following:

1. 
Secretarial Standards issued by The Institute of Company Secretaries of India.

2. 
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

 
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, 
Standards etc. mentioned above.

I further report that the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, 
Non Executive Directors and Independent Directors. There were no changes in the composition of the Board of Directors took 
place during the period under review.

Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent 
at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the 
agenda items before the meeting and for meaningful participation at the meeting. Majority decision is carried through while 
the dissenting members’ views are captured and recorded as part of the minutes.

I further report that there are adequate systems and processes in the Company commensurate with the size and operations 
of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

**I further report that during the audit period Company has no instances of, **

(i) 
Public/Right/Preferential issue of shares / debentures/sweat equity, etc. 

(ii) Redemption / buy-back of securities.

(iii) Major decisions taken by the members in pursuance to section 180 of the Companies Act, 2013. 

(iv) Merger / amalgamation / reconstruction, etc. 

(v) Foreign technical collaborations.

 
Dinesh Kumar Deora 
Practising Company Secretary

FCS NO 5683 
COP NO 4119

Place: Mumbai 
Date: 10th August, 2017

**ANNEXURE IV**

**FORM NO. MGT-9**

**EXTRACT OF ANNUAL RETURN**

As on the financial year ended on 31ST March, 2017

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the  
Companies (Management and Administration) Rules, 2014]

**I. 
REGISTRATION AND OTHER DETAILS:**

i)
CIN
:
L71110MH1962PLC012396

ii)
Registration Date
:
22/06/1962

iii)
Name of the Company
:
Patel Integrated Logistics Limited

iv)
Category / Sub-Category of the Company
:
Company limited by shares

v)
Address of the Registered office and contact details
:
Patel House, Plot No.48, 5th Floor, Gazdar Bandh,  
North Avenue Road, Santacruz (West), Mumbai-400054
Tel - 022-26050021

vi)
Whether listed company Yes / No
:
Yes

vii) Name, Address and Contact details of Registrar and 
Transfer Agent
:
Bigshare Services Pvt. Ltd
Bharat Tin Works Building, 1st Floor, Opp. Vasant 
Oasis, Makwana Road, Andheri (E.),
Mumbai - 400 059
Tel: 022-62638200
Email: investor@bigshareonline.com

**II.  PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:**

 
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-

**Sl. 
No.
Name and Description of main 
products / services
NIC Code of the
Product/ service
% to total turnover of the
company**

1
Freight
6023
39.41

2
Co-loading and Cargo Income 
6301
60.58

**III.  PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES :**

**Sl. 
No.
Name And Address  
of The Company
CIN/GLN
Holding/
Subsidiary/
Associate**

**% of 
shares
Held**

**Applicable 
Section**

1
DelivrEx India Limited
Patel House, 1st Floor, Plot No.48, Gazdar 
bandh, North Avenue Road, Santacruz 
(West), Mumbai-400054

U60221MH2016PLC280615
Subsidiary
100
2(87)

**IV.  SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity):**

**i)  
Category-wise Share Holding**

Category of
Shareholders
No. of Shares held at the
beginning of the year 01.04.2016
No. of Shares held at the end of
the year 31.03.2017
%
Change
during the year
Demat
Physical
Total
% of
Total Shares
Demat
Physical
Total
% of
Total Shares
A.  Promoters
(1)  Indian
a) Individual/ HUF
1270042
-
1270042
7.99
1270042
-
1270042
7.99
-
b)  Central Govt
-
-
-
-
-
-
-
-
-
c)  State Govt (s)
-
-
-
-
-
-
-
-
-
d)  Bodies Corp.
3205371
-
3205371
20.18
3205371
-
3205371
20.18
-
e)  Banks / FI
-
-
-
-
-
-
-
-
-
f)  Trust
1371500
-
1371500
8.63
1371500
-
1371500
8.63
-
Sub-total (A) (1) 
5846913
-
5846913
36.80
5846913
-
5846913
36.80
-
(2) Foreign
a)  NRIs - Individuals
1065879
-
1065879
6.71
1065879
-
1065879
6.71
-
b)  Other –Individuals
-
-
-
-
-
-
-
-
-
c)  Bodies Corp.
-
-
-
-
-
-
-
-
-
d)  Banks / FI
-
-
-
-
-
-
-
-
-
e)  Any Other….
-
-
-
-
-
-
-
-
-
Sub-total (A) (2)
1065879
-
1065879
6.71
1065879
-
1065879
6.71
-
Total shareholding
of Promoter (A) =(A)(1)+(A)(2)
6912792
-
6912792
43.51
6912792
-
6912792
43.51
-

B. Public Shareholding
1. Institutions
a)  Mutual Funds
-
9205
9205
0.06
-
9205
9205
0.06
-
b)  Banks / FI
57804
-
57804
0.36
25292
-
25292
0.16
-0.20
c)  Central Govt
-
-
-
-
-
-
-
-
-
d)  State Govt(s)
-
-
-
-
-
-
-
-
-
e)  Venture Capital Funds
-
-
-
-
-
-
-
-
-
f)  Insurance Companies
-
-
-
-
-
-
-
-
-
g)  FIIs
44039
-
44039
0.28
14000
-
14000
0.09
-0.19
h)  Foreign Venture Capital Funds
-
-
-
-
-
-
-
-
-
i) Others (specify)
-
-
-
-
-
-
-
-
-
Sub-total (B)(1)
101843
9205
111048
0.70
39292
9205
48497
0.30
-0.40

2.  Non-Institutions
a)  Bodies Corp.
i)  Indian
1035843
14920
1050763
6.61
618387
14920
633307
3.99
-2.62
ii)  Overseas
750000
-
750000
4.72
700000
-
700000
4.41
-0.31
b)  Individuals
i) Individual shareholders holding 
nominal share capital upto ` 1 lakh
4210745
749846
4960591
31.22
4914023
740596
5654619
35.59
4.37

ii) Individual shareholders holding
nominal share capital in excess of Rs 1
lakh

1462316
-
1462316
9.20
1358730
-
1358730
8.55
-0.65

c) Others (specify)
i)  NRI Individual
193988
201590
395578
2.49
247906
199180
447086
2.81
0.32
ii)  Clearing Member
243524
-
243524
1.53
131581
-
131581
0.83
-0.70
Sub-total (B)(2)
7896416
966356
8862772
55.78
7970627
954696
8925323
56.18
0.40
Total Public Shareholding
(B)=(B)(1)+(B)(2)
7998259
975561
8973820
56.49
8009919
963901
8973820
56.49
-

C.  Shares held by Custodian for 
GDRs & ADRs
-
-
-
-

**Grand Total (A+B+C)
14911051
975561
15886612
100 14922711
963901
15886612
100
-**

**(ii)  Shareholding of Promoters:**

**Sl
No.
Shareholder’s
Name
Shareholding at the beginning
of the year 01.04.2016
Share holding at the end of the
Year 31.03.2017
% change
In share
holding
during
the year**

**No. of
Shares
% of
total
Shares
of the
company**

**%of Shares
Pledged /
encumbered
to total
shares**

**No. of
Shares
% of
total
Shares
of the
company**

**%of Shares
Pledged /
encumbered
to total
shares**

1
 Asgar S. Patel
1065879
6.71
Nil
1065879
6.71
Nil
Nil

2
 Areef A. Patel
927884
5.84
927884
927884
5.84
927884
Nil

3
 Yasmin A. Patel
192100
1.21
Nil
192100
1.21
Nil
Nil

4
 Natasha R. Pillai
150058
0.94
Nil
150058
0.94
Nil
Nil

5
Patel Holdings Limited
3025667
19.05
Nil
3025667
19.05
Nil
Nil

6
A.S.Patel Trust
1371500
8.63
Nil
1371500
8.63
Nil
Nil

7
Wall Street Securities and 
Investments Limited
179704
1.13
Nil
179704
1.13
Nil
Nil

**(iii) Change in Promoters’ Shareholding:**

**Shareholder’s 
Name
Shareholding
Date of 
Transaction
Increase/
(Decrease)
in
shareholding**

**Reason
Cumulative Shareholding 
during the year**

No. of Shares at the
beginning
(01.04.2016)/end
of the year
(31.03.2017)

% of total
Shares of
The Company

No. of shares % of total shares 
of
the company

**THERE WAS NO CHANGE IN PROMOTER SHAREHOLDING DURING THE F.Y. ENDED 31.03.2017.**

**(iv)  Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):**

**Sl.
No.
For Each of the Top 10 Shareholders
Shareholding at the beginning of
the year 01.04.2016
Shareholding at the end of 
 the year 31.03.2017**

No. of  
shares
% of total shares  
of the company
No. of  
shares
% of total shares 
of the company

1
Frontline Strategy Limited
700000
4.41
700000
4.41

2
Bhavesh Dhieshbhai Shah
100455
0.63
142282
0.90

3.
Jyoti Naik
74000
0.47
74000
0.47

4
SVS Securities Pvt Ltd
80000
0.50
60000
0.38

5.
Ugrabhai Vanarshidas Patel
79758
0.50
54621
0.34

6.
Dilip Shankar Bhide
4500
0.03
50000
0.31

7.
Nidhi S Shah
45000
0.28
45000
0.28

8.
Rajesh Sundaram
-
-
40000
0.25

9.
Navaratan Dugar
12413
0.08
38000
0.23

10.
Manish Kumar
-
-
35500
0.22

**(v) Shareholding of Directors and Key Managerial Personnel:**

**Shareholder’s Name
Shareholding
Date of 
Transaction
Increase/
(Decrease)
in
shareholding**

**Reason
Cumulative Shareholding 
during the year**

**No. of Shares 
at the
beginning
(01.04.2016)/
end
of the year
(31.03.2017)**

**% of total
Shares of
the 
Company**

**No. of 
shares
% of total 
shares of
the company**

**Directors**

Asgar S. Patel
10,65,879
10,65,879
6.71
6.71
01.04.2016
31.03.2017
Nil
Nil 
movement
during the 
year

10,65,879
6.71

Areef A. Patel
9,27,884
9,27,884
5.84
5.84
01.04.2016
31.03.2017
Nil
Nil 
movement
during the 
year

9,27,884
5.84

P.S.G. Nair
0
0
0
0
01.04.2016
31.03.2017
0 Nil holding
during the 
year
0
0

Syed K. Husain
0
0
0
0
01.04.2016
31.03.2017
0 Nil holding
during the 
year
0
0

Farukh S. Wadia
0
0
0
0
01.04.2016
31.03.2017
0 Nil holding
during the 
year
0
0

Sandeep P. Parikh
100
100
0.001
0.001
01.04.2016
31.03.2017
Nil
Nil 
movement
during the 
year

100
0.001

Bhumika Batra
0
0
0
0
01.04.2016
31.03.2017
0 Nil holding
during the 
year
0
0

Vilas Unavane
0
0
0
0
01.04.2016
31.03.2017
0 Nil holding
during the 
year
0
0

**Key Managerial Personnel**

Nitin B. Akolkar
Company Secretary
5
5
negligible
negligible
01.04.2016
31.03.2017
Nil
Nil 
movement
during the 
year

5
negligible

Mahesh Fogla
Chief Financial Officer
0

5

0

negligible

01.04.2016
16.09.2016
31.03.2017

0
5
Purchase
5
negligible 

** V. INDEBTEDNESS:**

** 
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Amount in `)**

**Secured Loans
excluding 
deposits**

**Unsecured
Loans
Deposits
Total
Indebtedness**

Indebtedness at the beginning of the financial year 
01/04/2016
i)  
Principal Amount
ii) 
Interest due but not paid
iii)  Interest accrued but not due

45,40,09,861
-
-

74,60,294
-
-

14,67,42,000
3,92,643
75,18,227

60,82,12,155
3,92,643
75,18,227
Total (i+ii+iii)
45,40,09,861
74,60,294
15,46,52,870
61,61,23,025
Change in Indebtedness during the financial year
•  
Addition
•  
Reduction
30,18,13,680
28,98,48,757
8,98,06,749
9,71,05,248
4,01,43,579
3,79,55,997
43,17,64,008
42,49,10,002
Net Change
1,19,64,923
(72,98,499)
21,87,582
68,54,006
Indebtedness at the end of the financial year 31/03/2017
i)  
Principal Amount
ii)  
Interest due but not paid
iii)  Interest accrued but not due

46,55,68,411
4,06,373
-

1,61,795
-
-

14,93,28,000
4,61,329
70,51,123

61,50,58,206
8,67,702
70,51,123
Total (i+ii+iii)
46,59,74,784
1,61,795
15,68,40,452
62,29,77,031

**VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:**

**A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(Amount in `)**

**Sl.
no.
Particulars of Remuneration
Name of MD/WTD/ Manager**

Mr. Areef Asgar Patel
1
Gross salary
(a)  Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961
(b)  Value of perquisites u/s 17(2) Income-tax Act, 1961
(c)  Profits in lieu of salary under section 17(3) Income-tax Act, 1961

48,11,600
4,89,600
-
2.
Stock Option
-
3.
Sweat Equity
-
4.
Commission
-
5.
Others- Employer contribution to provident fund
5,04,000
Total (A)
58,05,200
*Ceiling as per the Act
120,00,000

** 
*As per Part II Section II Table A of Schedule V of Companies Act 2013.**

**B.  Remuneration to other directors:
 
(Amount in `)**

**Name of Director
Fee for attending board 
/ committee meetings
Commission
Others
Total**

1. Independent Director
Mr. P.S.G. Nair
2,90,000
-
-
2,90,000
Mr. Sandeep P. Parikh
1,80,000
-
-
1,80,000
Mr. Farukh S.Wadia
2,,90,000
-
-
2,90,000

Ms. Bhumika Batra
50,000
-
-
50,000
Mr. Vilas Unavane
1,00,000
-
-
1,00,000
Total (1)
9,10,000
2. Other Promoter /Non Executive Director
Mr. Asgar S. Patel
50,000
-
-
50,000
Mr. Syed K. Husain
1,65,000
-
-
1,65,000
Total (2)
2,15,000
Total (1)+(2)
11,25,000
Ceiling as per the Act
1% of the net profits calculated as per section 198 of the Companies Act 2013 exclusive 
of sitting fees payable to Directors. No other remuneration other than sitting fees has been 
paid to non executive directors during the financial year 2016-17.

**C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD:**

**(Amount in `)**

**Sl.
no.
Particulars of Remuneration
Key Managerial Personnel**

**Chief Financial Officer
Company Secretary**

1
Gross salary
(a)  Salary as per provisions contained in section 17(1) of the Income-tax 
Act, 1961
(b)  Value of perquisites u/s 17(2) Income-tax Act, 1961
(c)  Profits in lieu of salary under section 17(3) Income-tax Act, 1961

27,18,872
-
-

7,01,852
-
-

2.
Stock Option
-
-

3.
Sweat Equity
-
-

4.
Commission
-
-

5.
Others- Employer contribution to provident fund 
2,01,600
66,240

Total (A)
29,20,472
7,68,092

**VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:**

**Type
Section of
the
Companies
Act**

**Brief
Description
Details of Penalty /
Punishment/Compounding fees 
imposed**

**Authority
[RD /
NCLT/
COURT]**

**Appeal made, if 
any
(give Details)**

**A. COMPANY**

Penalty
None
Punishment

Compounding

**B. DIRECTORS**

Penalty
None
Punishment

Compounding

**C. OTHER OFFICERS IN DEFAULT**

Penalty
None
Punishment

Compounding

 

**Registered Office : 
Patel House, 5th Floor, Plot No. 48,
Gazdarbandh, North Avenue Road, 
Santacruz (West)
Mumbai – 400 054. **

**Mumbai, dated 10th August, 2017**

**For and on behalf of the Board of Directors**

**AREEF A. PATEL      
-   Executive Vice Chairman
DIN:00075687**

**P. S. G. NAIR      
-   Director 
DIN:00074494  **

**ANNEXURE V**

**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.**

A.  The Ratio of the remuneration of Whole Time Director to the median remuneration of the employees of the Company for 
the financial year ended 31st March 2017 was 23.36.

 
The remuneration to Non Executive Directors includes only sitting fees paid to them for the financial year 2016-17 which 
depends upon no of meetings held during the year and attended by them. There was no increase in sitting fees during 
the financial year 2016-17.

B.  The percentage increase in remuneration of Whole Time Director was 35% and there were no increase in the remuneration 
of the Chief Financial Officer and the Company Secretary in the financial year 2016-17. Average percentage increase 
made in the salaries of all the employees other than managerial personnel in the financial year 2016-17 was 5%.

**C.  The percentage increase in the median remuneration of employees in the financial year 2016-17 was 9.70%**

**D.  The number of permanent employees on the rolls of the Company as on 31st March, 2017 were 885.**

**E.  It is affirmed that the remuneration paid is as per remuneration policy of the Company.**

 
Registered Office : 
Patel House, 5th Floor, Plot No. 48,
Gazdarbandh, North Avenue Road, 
Santacruz (West)
Mumbai – 400 054. 

Mumbai, dated 10th August, 2017

**For and on behalf of the Board of Directors**

AREEF A. PATEL      
-   Executive Vice Chairman
DIN:00075687

P. S. G. NAIR      
-   Director 
DIN:00074494  

**REPORT ON THE CORPORATE GOVERNANCE**

**[Pursuant to Regulation 34(3) Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015] **

**A) COMPANY’S PHILOSOPHY ON THE CORPORATE GOVERNANCE:**

** 
The Company strongly believes in values of transparency, professionalism and accountability which are the mainstay of 
good Corporate Governance. The Company has consistently practiced good Corporate Governance and will endeavor 
to improve on it on an ongoing basis.**

** 
We strive to achieve the corporate objectives within the framework of the national interest, macro and micro economic 
policies devised by the Government of India and to conduct the business affairs of the Company in an ethical and 
transparent manner, also strive for the maximization of the shareholders’ wealth and in doing so contribute positively to 
the economic development of India and achievement of the overall objectives of the Company.**

** 
Your Company has complied with all the regulations stipulated in the SEBI (Listing Obligations and Disclosure 
Requirements) Regulations, 2015 (hereinafter referred to as Listing Regulations)**

**B) THE BOARD OF DIRECTORS:**

** 
Composition and No. of Board Meetings:**

** 
The Board of Directors has judicious mix of Executive and Non-Executive Directors as on 31st March, 2017, comprised 
of a Non-Executive Chairman who is promoter of the Company, a Whole-time Director designated as Executive Vice-
Chairman and Six Non-Executive Directors of which five Directors are Independent Directors. **

** 
During the financial year ended 31st March 2017, Six Board Meetings were held. Dates on which Board Meetings were 
held are 09-05-2016, 27-05-2016, 12-07-2016, 09-08-2016, 12-11-2016 and 14-02-2017. **

** 
Composition of the Board of Directors as at 31st March 2017, their attendance at Board Meetings during the year 
ended on that date and at the last Annual General Meeting as also number of other directorships and chairmanships / 
memberships of committees held by them, as on that date are as given below:**

**Name of the Director
Category of 
Directorship
Shares 
held
No. of Board 
Meetings 
Attended**

**Attendance 
at the Last 
A.G.M.**

****No. of other 
Directorships
(Including Pvt. 
Ltd. Companies)**

*****Committee 
Memberships
Chairman
Member **

Mr. Asgar S.Patel
DIN 00164823
NEC
10,65,879
2
No
1
-
-

Mr. Areef A.Patel
DIN 00075687
WTD
9,27,884
6
Yes
1
-
2

Mr. P.S.G.Nair
DIN 00074494
NEID
118
6
Yes
Nil
3
-

Mr. Syed K. Husain
DIN 03010306
NED
Nil
5
Yes
6
-
1

Mr. Sandeep P. Parikh
DIN 00022365 
NEID
100
4
Yes
10
1
3

Mr. Farukh S.Wadia
DIN 00097162
NEID
Nil
6
Yes
1
Nil
3

Ms. Bhumika Batra
DIN 03502004
NEID
Nil
2
No
10
2
7

Mr. Vilas Unavane
DIN 02929561
NEID
Nil
4
Yes
3
-
-

**NEC 
-  
Non Executive Chairman **

**WTD 
-  
Whole-time Director (designated as Executive Vice-Chairman )**

**NED 
-  
Non Executive Director**

**NEID 
-  
Non Executive Independent Director**

****Excludes directorship in Patel Integrated Logistics Limited.**

 
***Memberships and chairmanship of Audit Committee and Stakeholders Relationship Committee and Nomination and 
Remuneration Committee of public companies considered.

 
Mr. Asgar S. Patel and Mr. Areef A. Patel, Directors of the Company are related to each other.

 
Certificates have also been obtained from the Independent Directors confirming their position as Independent Directors 
on the Board of the Company and your Company had also issued formal appointment letters to all the Independent 
Directors in the manner provided under Section 149 of the Companies Act, 2013, A sample of the letter of appointment 
is available on the website of the Company i.e. www.patel-india.com. 

 
Independent Directors’ Meeting:

 
In accordance with the provisions of Schedule IV (Code for Independent Directors) of the Companies Act, 2013 and 
Regulation 25(3) of Listing Regulations, a meeting of the Independent Directors of the Company was held on 24th March 
2017, without the attendance of Non-Independent Directors and members of the management. 

 
The familiarization programme for Independent Directors in terms of listing regulations uploaded on the website of the 
Company and can be accessed through the following link:

 
http://patel-india.com/wp-content/uploads/2015/11/FamiliarisationProgrammeforIndependentDirector.pdf

** 
Performance Evaluation:**

 
The Nomination and Remuneration Committee has laid down criteria for Performance evaluation of Board of Directors. 
Accordingly the Board has carried out the annual performance evaluation of its own performance, the Directors individually 
as well as the evaluation of the working of its other Committees. A structured questionnaire was prepared after taking into 
consideration inputs received from the Directors, covering various aspects of the Board’s functioning. 

 
A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of 
the Board, who were evaluated on various parameters. The performance evaluation of the Independent Directors was 
carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was 
carried out by the Independent Directors after taking into views of executive director. The Directors expressed their 
satisfaction with the evaluation process.

**C) COMMITTEES OF THE BOARD OF DIRECTORS:**

 
The Committees constituted by the Board play a very important role in the governance structure of the Company. The 
terms of reference of these Committees are approved by the Board and are in line with the requirements of Companies 
Act, 2013 and Listing Regulations.

**1)  Audit Committee:**

 
The Audit Committee has played an important role in ensuring the financial integrity of the Company. The Audit 
Committee’s role includes oversight of the financial reporting process, the audit process, the adequacy of internal 
controls, transactions with related parties and compliance with applicable laws and regulations.

** 
Composition:**

 
The Audit Committee comprises of 4 Directors as on 31st March 2017 i.e. Mr. P. S. G. Nair, Mr. Areef A. Patel, 
Mr. Farukh S. Wadia and Mr. Sandeep P. Parikh. Mr. P. S. G. Nair is the Chairman of the Committee. The Audit 
Committee met 4 times during the year ended 31st March, 2017. Dates on which Audit Committee Meetings were 
held are 27-05-2016, 09-08-2016, 12-11-2016 and 14-02-2017. Attendance of the members of the Committee at the 
Audit Committee Meetings held during the financial year ended 31 March, 2017, was as follows:

**SR.NO.
NAME OF THE MEMBER
STATUS
NO.OF MEETINGS ATTENDED**

1.
Mr.P.S.G.Nair
Chairman
4

2.
Mr. Areef A. Patel 
Member
4

3.
Mr.Farukh S.Wadia
Member
4

4.
Mr. Sandeep P. Parikh
Member
3

 
The Audited Annual Accounts for the year ended 31st March, 2017, were placed before the Committee for its 
consideration in the Audit Committee Meeting held on 26th May, 2017. 

 
Terms of Reference:

 
The scope of the work of the Audit Committee includes areas prescribed by Listing Regulations and Section 177 of 
the Companies Act, 2013. The Terms of Reference of the Audit Committee broadly include the following:

a) 
Overseeing the company’s financial reporting process and the disclosure of its financial information to ensure that 
the financial statement is correct, sufficient and credible;

b) 
Recommendation for appointment, remuneration and terms of appointment of auditors of the company;

c) 
Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

d) 
Reviewing, with the management, the annual financial statements and auditor’s report thereon before submission to 
the board for approval;

e) 
Reviewing, with the management, the quarterly financial statements before submission to the board for approval 
with particular reference to Matters required to be included in the Director’s Responsibility Statement, changes, if 
any, in accounting policies and practices and reasons for the same, Major accounting entries involving estimates 
based on the exercise of judgment by management, Significant adjustments made in the financial statements arising 
out of audit findings, Compliance with listing and other legal requirements relating to financial statements, Disclosure 
of any related party transactions and Qualifications in the draft audit report;

f) 
Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, 
rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the 
offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilisation of 
proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this 
matter;

g) 
Review and monitor the auditor’s independence and performance, and effectiveness of audit process;

h) 
Approval or any subsequent modification of transactions of the company with related parties;

i) 
Scrutiny of inter-corporate loans and investments;

j) 
Valuation of undertakings or assets of the company, wherever it is necessary;

k) 
Evaluation of internal financial controls and risk management systems;

l) 
Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control 
systems;

m) Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, 
staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal 
audit;

n) 
Discussion with internal auditors of any significant findings and follow up there on;

o) 
Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected 
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;

p) 
Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-
audit discussion to ascertain any area of concern;

q) 
To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders 
in case of non-payment of declared dividends and creditors;

r) 
To review the functioning of the Whistle Blower mechanism;

s) 
Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance 
function or discharging that function) after assessing the qualifications, experience and background, etc. of the 
candidate;

t) 
Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.

**2) 
Stakeholders’ Relationship Committee:**

  
The composition of the Stakeholder Relationship Committee is in compliance with the provisions of Section 178 of the 
Companies Act, 2013 and Regulation 20 of the Listing Regulations.

** 
Terms of Reference:**

 
To oversee the redressal of the shareholders’/investors/Depositors’ complaints like the transfer of shares, non-receipt of 
balance sheet, non-receipt of the declared dividend etc.

 
Composition:

 
The Stakeholders Relationship Committee comprises of Three Non-Executive Directors i.e. Mr.P.S.G.Nair, Mr. Syed 
K. Husain and Mr. Farukh S. Wadia. Mr.P.S.G.Nair is the Chairman of the Committee. The Stakeholders Relationship 
Committee met twice during the financial year ended 31st March 2017. Dates on which Shareholders’ Grievance 
Committee Meetings were held are 29-04-2016 and 28-10-2016. Attendance of the members of the Committee at the 
Shareholders’ Grievance Committee Meetings was as follows:

SR. NO.
NAME OF THE MEMBER
STATUS
NO.OF MEETINGS ATTENDED
1.
Mr. P.S.G.Nair
Chairman
2
2.
Mr. Syed K. Husain
Member
2
3.
Mr. Farukh S. Wadia
Member
2

 
During the year 2016-2017, 11 (Eleven) complaints were received from shareholders/investors. All these complaints 
have been replied to the satisfaction of the complainants.

 
Mr. Nitin B. Akolkar, Company Secretary also functions as the Compliance Officer.

 
The Company is also redressing the complaints through SCORES, which is centralized web based complaints redress 
system developed by SEBI.

 
All valid transfers received during the year 2016-2017 have been acted upon by the Company. 

**3)  Nomination and Remuneration Committee:**

 
The role of the Nomination and Remuneration Committee is governed by its Charter and its composition is in compliance 
with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations.

** 
Terms of Reference:**

 
The Terms of Reference of the Nomination and Remuneration Committee broadly include the following:

a)  To identify persons who are qualified to become Directors and who may be appointed in senior management in 
accordance with the criteria laid down and to recommend to the Board their appointment and/ or removal;

b)  To carry out evaluation of every Director’s performance;

c)  To formulate the criteria for determining qualifications, positive attributes and independence of a Director, and 
recommend to the Board a policy, relating to the remuneration for the Directors, key managerial personnel and other 
employees;

d)  To formulate the criteria for evaluation of Independent Directors and the Board;

e)  To devise a policy on Board diversity;

f) 
To recommend/review remuneration of the Managing Director(s) and Whole-time Director(s) based on their 
performance and defined assessment criteria; 

g)  To administer, monitor and formulate detailed terms and conditions of the Employees’ Stock Option Scheme;

h)  To carry out any other function as is mandated by the Board from time to time and / or enforced by any statutory 
notification, amendment or modification, as may be applicable;

i)  
To perform such other functions as may be necessary or appropriate for the performance of its duties.

**Composition:**

 
The Nomination and Remuneration Committee as on 31st March 2017, comprised of 3 Non-Executive Independent 
Directors and 1 Whole Time Director i.e. Mr.P.S.G.Nair, Mr. Sandeep P. Parikh, and Mr.Farukh S.Wadia who are Non-
Executive Independent Directors and Mr. Areef A. Patel who is Whole Time Director. Mr.P.S.G.Nair is the Chairman of 
the Committee.

 
Mr. Areef Patel who is executive director and designated as ‘Vice Chairman’ of the Company is appointed as a member 
of Committee pursuant to sub proviso of Regulation 19(2) of SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 whereby chairperson whether executive or non executive may be appointed as member of Nomination 
and Remuneration Committee. Mr. Areef Patel is only member of Committee which is permitted as above.

 
The Nomination and Remuneration Committee met once during the financial year 2016-2017 on 30-03-2017 

SR.NO.
NAME OF THE MEMBER
STATUS
NO.OF MEETINGS ATTENDED
1.
Mr. P.S.G. Nair
Chairman
1
2.
Mr. Areef Patel
Member
1
3.
Mr. Farukh S. Wadia
Member
1
4.
Mr. Sandeep Parikh
Member
1

 
Remuneration Policy:

 
On recommendation of Nomination and Remuneration Committee the Board has adopted a policy which inter alia, 
deals with criteria for determine the qualifications, positive attributes and independence of director remuneration for 
the directors, key managerial personnel and other employees and also to lay down the criteria for various matters like 
training of independent directors and performance evaluation of directors.

 
The material points of the policy are as under:

 
CRITERIA FOR SELECTION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

 
In case of Executive Directors and Key Managerial Personnel, the selection can be made in either of the ways given 
below:

a) 
 by way of recruitment from outside; 

b) 
from within the Company hierarchy; or 

c) 
Upon recommendation by the Chairman or other Executive Director.

 
The appointment may be made either to fill up a vacancy caused by retirement, resignation, death or removal of an 
existing Executive Director and Key Managerial Personnel or it may be a fresh appointment.

In case of Non-Executive Directors the selection can be made in either of the ways given below:

a) 
By way of selection from the data bank of Independent Directors maintained by the Government.

b) 
Upon recommendation by Chairman or other Executive Director.

 
The appointment may be made either to fill up a vacancy caused by resignation, death or removal of an existing Non-
Executive Director or it may be appointment as an additional director or an alternate director.

 
The due consideration shall be given for Qualification, Experience and Positive Attributes of Directors before selection 
of Directors as well as Board Diversity and Independence of Directors shall be observed by the Board, as far as is 
practicable.

 
REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES:

a) 
While determining the remuneration of Executive Directors and Key Managerial Personnel, the Board shall consider 
following factors:

i) 
Criteria / norms for determining the remuneration of such employees prescribed in the HR Policy. 

ii) 
Existing remuneration drawn. 

iii) Industry standards, if the data in this regard is available.

iv) Key Result Area (KRA). 

v) 
Qualifications and experience levels of the candidate.

vi) Remuneration drawn by the outgoing employee, in case the appointment is to fill a vacancy on the death, 
resignation, removal etc. of an existing employee.

vii) The remuneration drawn by other employees in the grade with matching qualifications and seniority, if applicable.

b) 
The determination of remuneration for other employees shall be governed by the HR Policy.

c) 
The proposal for the appointment of an Executive Director / Key Managerial Personnel shall provide necessary 
information in this regard which will assist the Board in arriving at the conclusion as to whether or not the remuneration 
offered to the candidate is appropriate, reasonable and balanced as to the fixed and variable portions (including the 
commission).

d) 
The Total remuneration payable to the Executive Directors, including the Commission and value of the perquisites, 
shall not exceed the permissible limits as are mentioned within the provisions of section 197 and section 198 of the 
Companies Act, 2013. 

e) 
The Executive Directors shall not be eligible to receive sitting fees for attending the meetings of the Board or 
committees thereof. 

f) 
The Non-Executive Directors shall not be eligible to receive any remuneration / salary from the Company. However, 
the Non-Executive Directors shall be paid sitting fees for attending the meeting of the Board or committees thereof 
and commission, as may be decided by the Board / shareholders from time to time.

 
The Non-Executive Directors shall also be eligible to the reimbursement of the reasonable out-of-pocket expenses 
incurred by them for attending the meetings of the Board, committees including the travelling and lodging & boarding 
expenses on an actual basis.

g) 
The amount of sitting fee and commission payable to Non-Executive Directors shall not exceed the limits prescribed 
under the provisions of the Companies Act, 2013.

** 
Details of the Managerial Remuneration paid during the year ended 31st March, 2017:**

 
Details of managerial remuneration paid during the year ended 31st March, 2017 is stated in the Form MGT- 9 – Extract 
of the Annual Return which forms part of the Board’s Report in this Annual Report. The Company has not paid any 
remuneration to Non-Executive Directors during the year ended 31st March, 2017, except sitting fees for attending 
meetings of the Board of Directors and Committees thereof. 

**4)  Risk Management Committee:**

 
Business Risk Evaluation and Management is an ongoing process within the Organization. The Company has a risk 
management framework to identify, monitor and minimize risks as also identify business opportunities.

The objectives and scope of the Risk Management Committee broadly comprises:

1)  To monitor and review of the risk management plan.

2)  To identify and report to the Board the elements of risk associated with all the areas of business.

3)  To perform such other functions as may be directed by the Board from time to time as it may deem fit.

 
Within its overall scope as aforesaid, the Committee shall review risks trends, exposure, potential impact analysis and 
mitigation plan.

 
The composition of the Risk Management Committee as at 31ST March, 2017 is as under:

Name of the Member 
Category
Status
Mr. Areef A. Patel
Whole Time Director
Chairman
Mr. Farukh S. Wadia
Independent Director
Member
Mr. Sandeep Parikh
Independent Director
Member
Mr. Charanjit Singh
Senior Executive
Member
Mr. Deepak Keni
Senior Executive
Member

**5)  Corporate Social Responsibility (CSR) Committee:**

 
The composition of the CSR Committee is in alignment with provisions of Section 135 of the Companies Act, 2013.

 
The Committee met 2 (two) times during the financial year 2016-17 on 26th May 2016 and 11th November 2016. The 
constitution of the CSR Committee of the Board of Directors of your Company along with the details of the meetings held 
and attended by the members of the Committee during the financial year 2016-17 is detailed below:

Name of the Member 
Category
Status
No. of Meetings attended
Mr. Areef A. Patel
Whole Time Director
Chairman
2
Mr. Syed K. Husain
Non Executive Director
Member
2
Mr. Sandeep Parikh
Independent Director
Member
2

**6)  Share Transfer Committee:**

 
The transfer of shares of the Company are processed by Share Transfer Agents i.e. Bigshare Services Private Limited 
and are approved by the Share Transfer Committee. The Share Transfer Committee met 11 times during the year ended 
31st March, 2017 and approved transfer of shares, transmission of shares or name deletion of shareholders and issue of 
duplicate share certificate etc. 

**7)  Investment Committee:**

 
The Company has Investment Committee to take such decisions as may be necessary for utilization of surplus funds 
of the Company subject to overall control and supervision of the Board of Directors of the Company. The Investment 
Committee consisted of directors and senior management employees of the Company. The Investment Committee met 
2 times during the year ended 31st March, 2017.

 
The composition of the Investment Committee as at 31ST March, 2017 is as under:

Name of the Member 
Category
Status
No. of Meetings attended
Mr. Areef A. Patel
Whole Time Director
Chairman
2
Mr. Sandeep Parikh
Independent Director
Member
2
Mr. Mahesh Fogla
CFO
Member
2

**D) RELATED PARTY TRANSACTIONS:**

 
Your Company enters into various transactions with related parties as defined under Section 2(76) of the Companies 
Act, 2013 in its ordinary course of business. All the RPTs are undertaken in compliance with the provisions set out in 
Companies Act, 2013 and Regulation 23 of Listing Regulations. 

 
The policy on related party transactions has been placed on the Company’s website and can be accessed through the 
following link:

 
http://patel-india.com/wp-content/uploads/2016/03/PILL-Policy-on-Related-Party-Transactions.pdf

 
The Company has a process for RPTs and the transactions with Related Parties are referred to the Audit Committee for 
its approval at the scheduled quarterly meetings or as may be called upon from time to time along with all relevant and 
stipulated information of such transaction(s).

 
During the financial year ended 31st March, 2017, the Company has entered into RPTs in the ordinary course of business 
and on arms’ length basis; and in accordance with the provisions of the Companies Act, 2013 read with the Rules 
issued thereunder, Regulation 23 of Listing Regulations and the Policy of the Company on dealing with RPTs. During 
the financial year ended 31st March, 2017, there are no transactions with related parties which qualify as a material 
transaction in terms of the applicable provisions of Regulation 23 of Listing Regulations. The details of the RPTs are set 
out in the Notes to Financial Statements forming part of this Annual Report. 

**E) SUBSIDIARY:**

 
During the year ended 31st March, 2017, the Company has one Wholly Owned Subsidiary Company DelivrEx India 
Limited. The Company monitors the performance of subsidiary company on periodic basis. The statement containing 
details of all significant transactions entered into by subsidiary company is tabled before the Board periodically. Minutes 
of the Board Meetings of unlisted subsidiary company are placed before the Board. The Company does not have any 
material non-listed Indian Subsidiary Company.

**F) GENERAL BODY MEETINGS:**

 
Details of last three Annual General Meetings of the Company are given below:

YEAR
DATE
TIME
VENUE
No. of Special 
Resolutions 
passed
2016
28.09.2016
11.00 a.m.
Sheila Raheja Hall, Rotary Service Centre, Juhu Tara Road, 
Santacruz (West), Mumbai– 400 049.
Nil

2015
15.09.2015
11.00 a.m.
Sheila Raheja Hall, Rotary Service Centre, Juhu Tara Road, 
Santacruz (West), Mumbai– 400 049.
Nil

2014
21.08.2014
11.00 a.m.
Sheila Rhea Hall, Rotary Service Centre, Jehu Tara Road, 
Santacruz (West), Mumbai– 400 049.
Nil

 
Postal Ballot:

 
No Special Resolutions were put through the postal ballot last year. No Special Resolutions on matters required to be put 
through the postal ballot are placed for Shareholders’ approval at this meeting. 

**G) DISCLOSURES:**

1) 
During the year ended 31st March, 2017, there were no transactions of material nature entered into by the Company 
with Promoters, Directors, Key Managerial Persons, their relatives or the Management etc. that has potential conflict 
with the interest of the Company.

2) 
There were no instances of non-compliances nor were any penalties or strictures imposed on the Company by Stock 
Exchange or SEBI or any statutory authority, on any matter related to capital markets during the last three years. 

3) 
In terms of the requirements of Regulation 17(8) of the Listing Regulations, Mr. Areef Patel the Executive Vice-
Chairman and Mr. Mahesh Fogla Chief Financial Officer have submitted necessary certificate to the Board of 
Directors stating the particulars specified under the said regulation. 

4) 
Whistle Blower Policy:

 
In compliance with Regulation 22 of the Listing Agreement, and Section 177(9) of the Companies Act 2013, 
the Company has Whistle Blower Policy for directors and employees to report to the management instances of 
unethical behaviour, actual or suspected fraud or violation of the Company’s code of conduct or ethics policy. The 
Whistle Blower Policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no 
discrimination will be meted out to any person for a genuinely raised concern. During the year under review, no 
employee was denied access to the Audit Committee of your Company.

5) 
Code of Conduct:

 
The Board of Directors has adopted the Code of Conduct for Directors and Senior Management of the Company (the 
Code). The Code has been communicated to the Directors and members of the Senior Management, as defined in 
the said Code. The Code has also been posted on the Company’s web-site i.e. www.patel-india.com. 

 
All the Board Members and the Senior Management Personnel have affirmed their compliance with the said Code 
of Conduct for the financial year ended 31st March, 2017. The declaration to this effect signed by Mr. Areef A. Patel, 
Executive Vice Chairman of the Company forms part of the report.

6) 
Code of Conduct for Prevention of Insider Trading:

 
The Board of Directors at its meeting held on 28th May 2015 approved and adopted the ‘Patel Integrated Logistics 
Limited - Code of Conduct for Regulating, Monitoring and Reporting of Trading by Insiders’ in line with SEBI 
(Prohibition of Insider Trading) Regulation, 2015. The Board at its aforesaid meeting also approved the ‘Patel 
Integrated Logistics Limited - Code for Fair Disclosure’.

 
Code of Conduct for Prevention of Insider Trading covers all the Directors, senior management personnel, persons 
forming part of promoter(s)/promoter group(s) and such other designated employees of the Company, who are 
expected to have access to unpublished price sensitive information relating to the Company.

7) 
Details of compliance with mandatory and non-mandatory requirements of Corporate Governance:

 
Your Company has complied with all the mandatory requirements of Regulation 17 to 27 of the Listing Regulations 
of corporate governance.

 
The Company has adopted following non-mandatory requirement of the Corporate Governance :

1)  The Board:
 
A Chairman’s Office with adequate staff, infrastructure facilities including Company maintained flat and car 
facility is provided at the Company’s expense for the use of the Non-Executive Chairman of the Company to 
enable him to discharge his responsibilities effectively, when he visits India.

2)  Audit qualifications:
 
During the year under review, there was no audit qualification on the Company’s financial statements.

**3)  Separate posts of Chairman and Managing Director/Whole Time Director:**

 
The Chairman of the Board is a Non-Executive Director and his position is separate from that of the Managing 
Director /Whole Time Director.

**H) MEANS OF COMMUNICATION:**

1) 
Quarterly Results of the Company are published in English and vernacular language news paper and also displayed 
on the web-site of the Company i.e. www.patel-india.com. The official updates are sent to the Stock Exchanges. The 
Annual Report, Quarterly Results and Shareholding Pattern of the Company are also available on the Company’s 
website in a user-friendly and downloadable form.

2)  Management Discussion and Analysis forms part of this Annual Report.

3)  The Company also files information through ‘NEAPS’- a web based application provided by NSE and also through 
‘BSE Listing’ a web based application provided by BSE which facilitates online filing of Corporate Governance 
Report, the Shareholding Pattern, Financial Results and Corporate Announcements by the companies. 

**I) 
GENERAL SHAREHOLDER INFORMATION:**

 1)  The Annual General Meeting of the Company for the year ended 31st March 2017 will be held on Wednesday, 
the 27th September 2017, at the Sheila Raheja Hall, Rotary Service Centre, Juhu-Tara Road, Santacruz (West),  
Mumbai – 400 049, at 11.00 a.m.

2)  The Financial Year of the Company comprises of a twelve month period which commences on 1st April of every year 
and ends on 31st March of the immediately succeeding year. The Financial Year under consideration commenced on 
1st April, 2016 and ended on 31st March, 2017. 

 
The Financial Calendar:

Board Meeting for consideration of 
Annual Accounts
:
26th May 2017

Mailing of Annual Reports
:
21 clear days prior to the date of AGM as per provisions of 
Companies Act 2013.
Book Closure Dates
:
21st September 2017 to 27th September 2017 (both days inclusive).

Day, Date, Time and venue of the Annual 
General Meeting
:
Wednesday the 27th September 2017 at 11.00a.m. at The Sheila 
Raheja Hall, Rotary Service Centre, Juhu Tara Road, Santacruz 
(West), Mumbai – 400 049.

Board Meetings for the consideration of 
Unaudited Financial Results for the next 
three quarters of the current accounting 
year

:
Within forty five days from the end of each quarter or within such 
expended period with Limited review Report as stipulated under the 
Listing Regulations. 

  
3)  The Book Closure will be from 21st September 2017 to 27th September 2017 (both days inclusive).

4)  Dividend for the year ended 31st March, 2017, if declared at the Annual General Meeting, will be paid within a period 
of 30 days, to the shareholders whose names appear on the Register of Members as at the date of the Annual 
General Meeting. 

5)  Equity Shares of the Company are listed on Bombay Stock Exchange Limited, National Stock Exchange of India 
Limited, Ahmadabad Stock Exchange Limited, and The Calcutta Stock Exchange Association Limited.

 
 The Delhi Stock Exchange Association Limited and Madras Stock Exchange Limited ceased to be stock exchanges 
upon exit orders passed by SEBI to respective stock Exchanges in that connection.

6)  a)  Scrip Code on the Bombay Stock Exchange Limited : 526381

 
b)  Scrip ID on the National Stock Exchange of India Limited: PATINTLOG-EQ

7)  ISIN (Security Code no. granted by Depositories): 

 
 i)  For Equity shares in Demat form 
:  INE529D01014

 
ii)  For Convertible Warrants in Demat form :  INE529D13019  

8) 
The monthly high and low quotations of shares traded on Bombay Stock Exchange Limited (BSE) and National 
Stock Exchange of India Limited (NSE) are as follows:

MONTH
BSE
(In ` per share)
NSE
(In ` per share)
Monthly High
Monthly Low
Monthly High
Monthly Low
April 2016
106.50
88.40
106.50
88.45
May 2016
107.00
87.70
106.80
87.90
June 2016
121.30
96.20
121.25
96.30
July 2016
125.70
110.00
125.85
109.65
August 2016
125.00
88.45
125.40
88.50
September 2016
99.40
80.00
99.45
81.55
October 2016
94.35
83.70
94.70
84.00
November 2016
91.95
69.50
92.80
68.80
December 2016
81.00
70.20
81.00
70.10
January 2017
86.25
72.35
86.45
72.25
February 2017
86.00
74.75
86.00
73.00
March 2017
92.80
77.30
92.70
77.00

 

9)  Registrars and Share Transfer Agents (STA):

 
The Share Transfer work of the Company was being looked after by M/s Bigshare Services Private Limited (STA) 
having office at 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis Makwana Road, Marol, Andheri (East), 
Mumbai 400059. The STA have the necessary infrastructure to carry out share transfer work for shares in physical 
as well as in dematerialized form including the necessary connectivity with depositories. The STA also accepts and 
deals with investors’ complaints.

10)  Share Transfer System:

 
Company’s shares are traded on the Stock Exchange compulsorily in the dematerialized form. Shares in physical 
form which are lodged with the STA for transfer are processed and the share certificates are returned to concerned 
person after transfer, subject to the documents being valid and complete in all respect.

11)  Distribution of Shareholding as on 31st March 2017:

NO.OF SHARES
NO.OF SHARE 
HOLDERS
% OF SHARE 
HOLDERS
SHARE HOLDING
% OF SHARES 
HELD
Up to 500
18,814
88.82
27,09,534
17.05
501-1000
1,248
5.90
10,19,646
6.42
1001-2000
584
2.76
9,02,998
5.69
2001-3000
175
0.82
4,48,991
2.83
3001-4000
91
0.42
3,26,196
2.05
4001-5000
74
0.35
3,50,583
2.21
5001-10000
102
0.48
7,19,052
4.52
10001 and above
93
0.45
94,09,612
59.23
TOTAL
21,181
100.00
1,58,86,612
100.00

12)  Shareholding Pattern of the Company as on 31st March 2017:

CATEGORY
NO.OF SHARES HELD
% SHARE HOLDING
Group Holding (Including Indian & NRI Promoters & Group 
Companies)
69,12,792
43.51

Indian Mutual Funds
9,205
0.06
Banks and Financial Institutions
25,292
0.16
Foreign Inst. Investors
14,000
0.09
Corporate Bodies (Other than Promoters)
6,33,307
3.99
Non Resident Indians (Other than Promoters)
4,47,086
2.81
Non Resident Entity
7,00,000
4.41
Indian Public
70,13,349
44.14
Other-Clearing Member / Market Maker/Trust
1,31,581
0.83
TOTAL
1,58,86,612
100

13)  Details of unclaimed shares:

 
There are no unclaimed share certificates as on 31st March 2017.

14)  Constituents of House of Patels (Promoters and Promoter’s group):

 
a) Mr. Asgar S. Patel b) Mrs. Yasmin A. Patel c) Mr. Areef A. Patel d) Mrs. Natasha R. Pillai e) A.S.Patel Trust  
f) Patel Holdings Limited g) Wall Street Securities & Investments (India) Ltd h) Natasha Constructions Private 
Limited i) Patel Real Estate Developers Pvt. Ltd j) Natasha Homes Pvt. Ltd k) Natasha Construction Projects Pvt. 
Ltd l) Transways Combines Pvt. Ltd. m) Wall Street Derivatives and Financial Services (India) Ltd n) One capitall 
Limited o) Goldman (Patel Family) Beneficiaries Trust. p) DelivrEx India Ltd.

15) Details of Dematerialisation of shares:

 
As on 31st March, 2017, 93.93% of the Company’s total Shares representing 1,49,22,711 Equity Shares were held 
in dematerialized form and balance 6.07% representing 9,63,901 Equity Shares were held in physical (paper) form.

16)  Outstanding GDRs/ADRs/Warrants or any Convertible instruments:

 
The Company has not issued any GDRs/ ADRs. The shareholders, at their Extra Ordinary General Meeting held 
on 28th December, 2015, approved the issue of 9,29,000 Equity Warrants of ` 10/- each at a premium of ` 105/- per 
Warrant aggregating to ` 10,68,35,000/- to Frontline Strategy Limited on Preferential Basis. The Board of Directors 
on 14th January, 2016, allotted the said Equity Warrants. As per terms of issue of the said Equity Warrants, the 

holders of the Warrants have an option to apply for and obtain one Equity Share for each Equity Warrant held, within 
a period of 18 months from the date of their allotment. However, the holders of the said Equity Warrants have not 
exercised their option till 31st March 2017.

 
However the Company on 12th July 2017 has allotted 6,49,311 equity shares of ` 10/- each against the conversion 
of equity warrants to Frontline Strategy Limited, upon its exercise of option for conversion of same number of 
Convertible Equity Warrants. 

 
Consequent to such allotment, the Paid-up Equity Share Capital of the Company has increased from ` 15,88,66,120/- 
consisting of 1,58,86,612 equity shares of ` 10/- each to ` 16,53,59,230/- consisting of 1,65,35,923 equity shares of 
` 10/- each.

 
The Company on 14th July 2017 has cancelled 2,79,689 number of equity warrants allotted to Frontline Strategy 
Limited as the warrant holder did not exercise the right to convert the equity warrants into equity shares within the 
due date of 18 months from the date of allotment of equity warrants, which was 13th July 2017. Accordingly, the 25% 
of the consideration amount received at the time of allotment of the above equity warrants in terms of Regulation 77 
SEBI (ICDR) Regulations 2009 is forfeited and transferred to Capital Reserve.

17)  Information for Communication:

a)  Registered Office:
 
“Patel House”, 5th Floor, Plot No. 48,
  
Gazdarbandh, North Avenue Road,

 
Santacruz (West), Mumbai – 400 054.

 
Tel : (022) 2605 0021

 
Fax : (022) 2605 2554

 
Email : pill_investorservices@patel-india.com

b)  Registrars & Share Transfer Agents:
 
Bigshare Services Private Limited,

 
1st Floor, Bharat Tin Works Building,

 
Opp. Vasant Oasis Makwana Road,

 
Marol, Andheri (East), Mumbai 400059

 
Tel: (022) 62638200

 
Fax: (022) 62638299

 c)  Depositories:
 
National Securities Depository Limited  
Central Depository Services (India) Limited

 
Trade World, A wing, 4th & 5th Floors,  
Phiroze Jeejeebhoy Towers,

 
Kamala Mills Compound,  
17th Floor, Dalal Street,

 
Senapati Bapat Marg, Lower Parel,  
Mumbai – 400 001.
  
Mumbai – 400 013.  
Tel : (022) 2272 3333

 
Tel : (022) 2499 4200 (60 lines)  
Fax : (022) 2272 3199 / 2272 2072

 
Fax : (022) 2497 2993 / 2497 6351  
E-mail : investors@cdslindia.com

 
E-mail : info@nsdl.co.in  
Website : www.cdslindia.com

 
Website : www.nsdl.co.in
 

Shareholders holding shares in physical mode are requested to lodge share transfer, transmission and intimate changes, if 
any, in their registered address, bank account mandate details, residential status and queries / complaints etc. quoting their 
folio numbers to the Registrars & Share Transfer Agents of the Company or may also contact Company Secretary at the 
registered office of the Company. 

Shareholders holding shares in the dematerialized form shall address their correspondence regarding their shareholding to 
their respective Depository Participants (DP) and can address their queries / complaints to the Registrars & Share Transfer 
Agents of the Company or may also contact Company Secretary at the registered office of the Company. 

**Declaration as required under Regulation 26 of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 **

This is to confirm that the Company has adopted a Code of Conduct for its directors and senior management employees. 
These Codes are available on the Company’s website.

I confirm that the Company has in respect of the year ended March 31, 2017, received from the Senior Management Team 
of the Company and the Members of the Board a declaration of compliance with the Code of Conduct as applicable to 
them.

For the purpose of this declaration, Senior Management Team means the all employees in the Grade of Assistant General 
Manager and above, as per the personnel policies of the Company, for the time being and from time to time in force and 
also includes employees who though not in the aforesaid Grades do, or are required to, take part in deliberations at the 
Board Level by virtue of their job responsibilities or by invitation.

 
Areef A. Patel
Executive Vice Chairman
Mumbai, 10th August 2017

** AUDITORS’ CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE 
GOVERNANCE TO THE MEMBERS OF PATEL INTEGRATED LOGISTICS LIMITED **

We have examined the compliance of conditions of Corporate Governance by Patel Integrated Logistics Limited (‘the 
Company’), for the year ended 31st March, 2017, as stipulated in Regulation 17 to 27 of Securities and Exchange Board of 
India (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘Listing Regulations’). 

The compliance of corporate governance is the responsibility of the management. Our examination was limited to procedures 
and implementation thereof, adopted by the Company for ensuring the compliance with the conditions of corporate governance. 
It is neither an audit nor an expression of opinion on the financial statements of the Company. 

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company 
has complied with the conditions of Corporate Governance as stipulated in the above-mentioned Listing Regulations. 

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency / 
effectiveness with which the management has conducted the affairs of the Company. 

For M S P & Co. 
Chartered Accountants 
(Registration No. 107565W) 

M. S. Parikh 
Partner 
Membership No. 08684 
 
Mumbai. 
Dated : 10th August 2017

**MANAGEMENT DISCUSSION & ANALYSIS REPORT **

(Within the limits set by the Company’s competitive position) 

**Economic Scenario **

The financial year 2016-17 has been a year marked with both excitement and challenges for the global as well as the Indian 
economy. When the Indian Economy was just showing the growth trajectory on the back of positive sentiments from private 
consumption and good monsoon, the Government in November 2016 demonetised almost 86% of the currency notes in 
circulation, which strained the consumption and business activities for a second half of the year. Consequently, GDP growth 
in FY 2016-17 has come down to 7.1% against 7.6% in FY 2015-16.

It was also encouraging to see the Government move ahead and implemented the biggest tax reform for India i.e. Goods and 
Service Tax (GST), which will create a single national market and enhance the efficiency of inter-state movement of goods 
and services apart from moving a large part of the informal sector within the formal set-up of the economy. 

The various initiatives and reforms of the Government have built the platform for a quantum leap ahead. The trade deficit in 
2016-17 was narrowed to US$ 112.4 billion which is lower by 14% over the previous year. The current account deficit has 
been significantly pared. Investors are bullish. India’s foreign exchange reserves and foreign investment flows are scaling 
new records. Markets are buoyant. Stock index is at a historic peak. India’s global ranking has jumped up in competitiveness 
and on the innovation index. 

As in the previous years, the service sector continued to be the dominant contributor to the overall growth of the economy. 
The transport and logistics sector has demonstrated growth in the current year in the backdrop of a challenging global 
economic situation. The Government has a clear focus on developing highways, railways and rural road infrastructure. The 
allocation of funds in infrastructure is thus likely to propel the transport, warehousing and logistics businesses rapidly over 
the medium term. 

Looking at the prevalent overall macroeconomic scenario it would not be unreasonable to conclude that the India would 
remain the fastest growing economy in the world.

**Company’s Business in brief: **

Your Company offers a complete range of Logistics Products, which include following business activities: 

• 
Surface Transport

• 
Retail Door Pick-up and Door Delivery

• 
Warehousing

• 
Air Cargo Consolidation 

Your Company is a single stop Logistics Services Provider, offering unified Logistics solutions through the extensive 
infrastructure of Offices and Delivery Destinations across all over the country. 

**(A) PATEL ROADWAYS **

The Flagship division of the company caters to the bulk cargo movement of the B to B vertical, where in primary raw material 
movement from manufacturer to end product manufacturer and bulk movement from manufacturer to mother warehouses or 
C&F agents is catered through this segment. This division moves such bulk material through two modes namely Full Truck 
Load Movement (FTL) and Less than Truck(LTL) Load movement. This Division requires deeper penetration geographically 
and is catered through a large branch network. Patel Roadways continues to maintain competitive leadership and innovate 
to lead in the post GST market. This division has maximized its movement through closed body containers thereby ensuring 
maximum safety to consignments..Entire Fleet has been installed with GPS ensuring real time tracking. The division has been 
phasing out 9 tonner trucks and upgrading to 15 tonner container to ensure optimisation of costs without compromising on 
service quality. 

**Industry overview: **

The year gone by has been watershed in terms of so many events impacting the economy and industry. The Transport Industry 
was growing at a rapid pace. The momentum however was interrupted with the sudden demonetisation announcement by 
the government. This move has hindered the day to day operations of transportation and logistics resulting in short term 
disruption in the business. We expect business disruption to be temporary and the situation is improving to normalize for 
service and manufacturing sector in the coming 2 to 3 quarters. 

With the launch of GST, is a milestone opportunity for the organized transport industry. We see gradual consolidations in the 
sector with smaller players who do not have a national presence are getting edged out by the larger player. Overall we see 
significant positive uptick for the organized transport sector. 

**Opportunities & Threats: **

With the government emphasizing large investments in the infrastructure space, we see uptick in tonnage and gradual revival 
of economic growth. Implementation of the tax reform GST from July onwards would bring in major changes for the Indian 
transportation and warehousing sector. We expect huge opportunities to arise for the organized transportation sector with 
all companies looking in to tie up with such players to fulfill their requirement right upto the final leg end customers, thereby 
skipping the middle layer of C&F agents and state warehouses. This would eliminate need for regional/lane players as 
companies would like to consolidate the number of transporters they work with and depend on more reliable national players 
which would guarantee them Safety, Timelines with follow up and feedback mechanism. We expect huge investments to 
come into this sector in the coming years. 

Patel Roadways is very well placed in attracting new customers and thereby expanding its market share. GST would bring 
in free movement of goods with elimination of state barriers and this would force all companies to look out for transporters to 
support their national needs as they will move into cost cutting mode to cut down their state branches and state warehouses 
and may work from a limited set of mother warehouses thereby immensely creating a new market for established players. 

According to Road Transport Ministry, after the rollout of GST, Truck are covering 300-325 km a day on an average against 
about 225 km a day before GST due to end of border check post.

The Logistic cost will come down by around 10-12% due to reduction in travel time. 

We don’t see any significant threats to the industry in the short and medium terms with fuel prices expected to remain stable 
or under pressure. The international environment looks quite stable and interest rates are expected to soften or remain stable 
which will give a boost to the manufacturing sector. We also see major investments being made by the current government 
into the Roads and Highways thereby reducing operation costs on account of fuel, tires and maintenance. 

**Outlook: **

The outlook remains extremely positive for the Logistics sector. The GST will bring the benefits of operational and cost 
efficiencies to the organized players. The unorganized players will struggle with the GST tax model which may cause major 
consolidation in this sector. This business will move to more organized industry and thereby to organized transporters. 

Further we will see the manufacturing and trading industry becoming more reliant on their transportation partners to implement 
JIT(Just In Time), cater to their clients, provide single window solution. We also see this government taking major steps to 
improve the surface transportation network, create more truck terminals, create super highways, eliminating state barriers, 
reducing paper work etc. We also expect the entry of new players to take advantage of the new market opportunities. 
Warehousing and Transportation will merge in near future to create single window solution.

The Information Technology will be heavily deployed to provide quality services to the customer and the demand for skilled 
labor will increased. 

**Risks & Concerns: **

We see skilled labor shortage as a major risk which can slowdown the expansion plans of the industry. Despite of all actions, 
if economy as a whole fails to get reactivated then there remains the risk of stagnation. In the absence of defined regulations, 
benchmarks on the quality of services for the transportation sector, this sector creates free entry for all enterprise leading to 
some fly by night operators continue to come in and create chaos in the market. 

**(B) PATEL RETAIL **

This division is poised to take charge as the flagship division with revenue contribution from this division expected to surpass 
the Patel Roadways contribution in the next 2 years. Patel Retail remains the fastest growing division of the Surface transport 
business and provides Premium Door-to-Door Express Cargo Service to over 250 branches serving more than 650 delivery 
stations. 

With introduction of GST we see major business moving to this division with customer looking for end to end solutions thereby 
eliminating factor to state warehouse movement but rather from mother warehouses to end customers. Industry will look to 
tie up with a motley set of players existing in this vertical to service their needs. Patel Retail seems very well poised to benefit 
from this environment. 

**Industry Overview: **

The implementation of GST is expected to be a major positive for the Express Cargo business. 

Retail business has been born out of the current need of the market, where organizations want to reduce their costs on 
warehousing, manpower, inventory, wastages due to storage, damages or expiry. Supply Chain managers implementing 
Just In Time policy which ensure reduction in inventory and timely supply of material as per requirement. Introduction of GST 
would eliminate requirements of large company owned warehousing space and significant reduction in inventories. Large 
segment of corporates are willing to pay a premium for assured deliveries in guaranteed transit time. This would lead to a 
boom in Express Cargo business which would grow at a scorching pace. The Express Cargo industry primarily catered to the 
transportation of consumer goods which are high value and compact in nature, However we see a gradual shift of business 
from conventional surface transportation to Express Cargo. This process will speed up in the upcoming years. 

**Opportunities & threats: **

With introduction of GST we can see major business is moving to this division with customer looking for end to end solutions 
for end customers by eliminating state warehouse movement. 

Industry will look to tie up with the players existing in this vertical to service their needs. Patel Retail seems very well poised 
to benefit from this environment. 

The Express Cargo business continues to grow as the companies are realized that the value being created in customers 
minds is due to the efficient and timely service being provided by this sector at a small premium. This sector is poised to 
attract lot of investments. Customers don’t mind paying a small premium as the cargo costs comprise a very small percentage 
of the product value. Moreover, in order to maintain its competitiveness, companies operating in textiles, automobiles and 
pharmaceuticals, IT peripherals industries are expected to outsource their logistics requirements to third party logistics service 
provider (3PL) and concentrate on their core-competency of manufacturing. 

The opportunities in this business are extraordinary. Using strength of our existing infrastructure of nearly 650 delivery 
stations / offices / hubs, VTS scheduled vehicles, Centralised Delivery System and skilled team at operations, we are set to 
cater significant growth in the market share. The coming years are set to put the Express Logistics in the limelight and huge 
opportunities are getting created. 

Challenges faced by the division include industry coming under pricing pressure as everybody tries to grab a piece of action 
in the light of GST. 

The other challenges involve huge immediate investments which will have to be made in technology, increased manpower 
costs and acquiring new vehicles, payback of which would be in coming years. 

**Outlook: **

The express cargo sector will become the focus of all investors. We foresee this sector to set a scorching pace of multi year 
growth. As a fast-growing, market-driven economy, we believe that India is poised to take a leading role on the world’s stage. 
The outlook for this product is progressive. Though it is a part of the Transport Sector in general, the Express Cargo Industry, 
in a short span of time, has been able to carve a separate status and identity for itself. With the steady growth in all the sectors 
including the Manufacturing and the Retail Trade, larger segment of corporate has started preferring express deliveries. 

The net margins in this business are much higher as compared to those in the conventional freight transport business as 
the customer is prepared to pay a higher price for professional handling of cargo and door-to-door delivery, and “Just in 
Time” delivery of cargo. Patel Retail is very well poised to surpass industry growth in coming years with every service being 
measured to deliver a delightful customer experience. 

**Risk & concerns: **

We see lot of PE money and FDI coming into this sector in coming years which could cause market disruption as this money 
could create unhealthy competition and put pressure on pricing. At the same time we see valuations rising rapidly with the 
few players existing and huge market available. 

**(C) POBC AND PATEL AIRFREIGHT: **

These divisions of the Company carry on the business of courier and air cargo consolidation in the domestic market as well 
as in International market. These divisions are IATA approved divisions and undertakes efficient and cost-effective courier and 
air cargo consolidation with network of branches across all over the country. 

**Industry overview: **

The Indian Air Cargo sector is poised to undergo significant growth in the coming years. The Indian economy seems to have 
gained a strong foothold on the recovery path backed by timely and aggressive policies by the Government. The Government 
now demonstrating a strong focus towards providing an enabling infrastructure and creating conducive regulations. There 
is significant current and planned investment in infrastructure to with an increased emphasis on public private partnership. 
Regulations are creating an environment of positive change. 

The globalization will bring in the much-needed capital and global best practices to the Indian air cargo industry. The growth 
potential of cargo industry is phenomenal. 

**Opportunities & threats: **

Air cargo is essential to many facets of modern life. E-Commerce growth provided huge opportunities to Air Cargo business. 
Liberalization and Growth of economy and trade lead to more and more demand of Air Cargo. The last year was severely 
impacted due to the global economic downturn as exhibited by the failing domestic volumes and reduced consumer spending . 
However, Our Company moved from strength to strength and grew across its business segments. Our operational excellence 
and effective cost management has helped us reduce costs to a large extent thereby improving our operating margins. 

New Players and Unregulated supply chain participants are posing challenges to the Air Cargo Industry. The raising fuel cost 
is also one of the threat for Air Cargo Industry. 

**Outlook: **

Indian economy is one of the fastest growing economies in the world. In order to maintain this sustainable economic 
development, country has to improve its transportation and infrastructure sector. India‘s air cargo business is having much 
more potential in revenue generation than passenger business but still air cargo market is untapped. In today‘s economy, 
air cargo sector has become indispensable to facilitate global trade, logistics and supply chain management. So there exists 
strong demand for predicting air cargo growth. 

The implementation of GST will have free flow of goods from one state to another thereby giving a very big boost to the Air 
Cargo Industry . 

**Risk & concerns: **

The air cargo industry continues to face challenges of sustainability, profitability and customer satisfaction. Our Company is 
operating in an environment that is becoming more and more competitive . As it gets into a more aggressive approach, it is 
poised to exploit several new opportunities. 

Our business is substantially dependent on the prevailing global economic conditions, National as well as International. There 
are factors which adversely affect the global economy and in turn our business. This risk arises from more players wanting 
a share in the same pie. Like in most other industries, opportunity brings with itself competition. We face different levels of 
competition in each segment, from domestic as well as multinational companies. However, Our Company has strong brand 
goodwill in the market which has helped us to stay afloat and ahead despite the downturn. 

**Human Resource Management: **

The “House of Patels” is mainly a service provider in the arena of Logistics. In this field there are several players, and the fact 
that we have completed half a century and are one of the acknowledged leaders in this field is mainly due to the quality of 
service that we provide to our esteemed clients. 

The Indian Logistics sector has been growing at faster pace than the global industry in the past decade. However, there is 
an acute shortfall of personnel with adequate training and education in logistical management in India. The management and 
mid-tier levels are provided with training on leadership skills, jointed skills and positions and being process-driven. 

Sourcing the right candidates, engagement, development and retention of intellectual capital is a vital management exercise. 
Our human capita constitutes a judicious mix of youth, imagination, risk-taking ability and seasoned experience.

The management firmly believes that the ‘people’ are the driving force behind the growth of every organization and continues 
to focus on people development. As a service-based sector, logistics services can only be as efficient as the efficiency of its 
lowest rung employee. Skill based training is imparted to the entry level or the ‘Blue Collared’ employee. The Company has 
always held the view that recognizing and rewarding excellence is essential for having a totally committed, dedicated and 
“charged” work force. 

From the bottom to the top, a change in the efficiencies of personnel will spur the growth of the company, and allow 
business to scale greater heights. 

The Company continues to enjoy peaceful and harmonious relations with all its employees through several proactive 
measures during the year. The Company employed 885 people as on 31st March 2017. 

**Internal Control System: **

The Company has a satisfactory Internal Control System, the adequacy of which has been reported by the Auditors in their 
Report as required by the Companies (Auditor’s Report) Order, 2015. 

The Company is committed to further improve Internal Controls and strengthen the Internal Audit function. Further stress on 
Corporate Governance is being given in the current year. We firmly believe that the business can grow and develop on the 
required lines and profitability can be sustained only through Strong and Transparent Corporate Governance. 

**Financial performance and segment-wise performance: **

The discussion on the financial performance of the Company is covered in the Directors’ Report. The segment-wise 
performance is available in note 36 of the notes forming part of the Accounts for the year under consideration. 

**Cautionary Statement: **

Statements in the Management Discussion and Analysis Report describing Projections, Estimates, Expectations, Future 
Outlook etc. in connection with the business may be ‘forward looking statements’ within the meaning of applicable securities 
laws and regulations. However, the actual results could materially differ from those expressed or implied in the statements 
made by the Management. Various factors which are outside the purview of the Management Control can cause these 
deviations. These factors include economic developments in the country, changes in governmental policies and fiscal laws, 
sudden and unexpected rise in input costs, change in the demand supply pattern in the industry, etc. 

**INDEPENDENT AUDITOR’S REPORT**

**To,
The Members of 
Patel Integrated Logistics Limited**

**Report on the Standalone Financial Statements**

We have audited the accompanying standalone financial statements of Patel Integrated Logistics Limited (“the Company”), 
which comprise the Balance Sheet as at March 31, 2017, the Statement of Profit and Loss, the Cash flow statement for the 
year then ended, and a summary of significant accounting policies and other explanatory information. 

**Management’s Responsibility for the Financial Statements**

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (“the 
Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial 
position, financial performance and cash flows of the company in accordance with the accounting principles generally 
accepted in India, including the Accounting Standards referred specified under section 133 of the Act, read with Rule 7 of 
the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in 
accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds 
and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that 
are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were 
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and 
presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due 
to fraud or error.

**Auditor’s Responsibility**

Our responsibility is to express an opinion on these standalone financial statements based on our audit. 

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required 
to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those 
Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 
about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial 
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material 
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor 
considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair 
view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the 
operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used 
and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall 
presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Opinion**

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial 
statement gives the information required by the Act, in the manner so required and give a true and fair view in conformity with 
accounting principles generally accepted in India, of state of affairs of the company as at March 31, 2017, and its profits and 
its cash flows for the year ended as on that date.

**Report on Other Legal and Regulatory Requirements**

1. 
As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India 
in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A” statement on the matters specified in 
paragraphs 3 and 4 of the Order, to the extent applicable.

2. 
As required by section 143 (3) of the Act, we report that:

a) 
We have sought and obtained all the information and explanations which to the best of our knowledge and belief 
were necessary for the purpose of our audit;

b) 
In our opinion, proper books of account as required by law have been kept by the Company so far as appears from 
our examination of those books;

c) 
The Balance Sheet, the statement of Profit and Loss, dealt with by this Report are in agreement with the books of 
account;

d) 
In our opinion, the aforesaid standalone financial statement comply with the Accounting Standards specified under 
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) 
On the basis of written representations received from the directors as on March 31, 2017, and taken on record by 
the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director 
in terms of section 164(2) of the Act;

f) 
With respect to the adequacy of the internal financial controls over financial reporting of the Company and the 
operating effectiveness of such controls, refer to our separate Report in “Annexure B” and

g) 
In our opinion and to the best of our information and according to the explanations given to us, we report as under 
with respect to other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies 
(Audit and Auditors) Rules, 2014:

i. 
The Company has disclosed the impact of pending litigations on its financial position in its financial statements 
– Refer to Note No.31 to the financial statements;

ii. 
The Company did not have any long term contracts including derivative contracts, as such the question of 
commenting on any material foreseeable losses thereon does not arise;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and 
Protection Fund by the Company; 

iv. The Company has provided the requisite disclosure in its standalone financial statements as to holdings as 
well as dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated the 8th November, 
2016 of the Ministry of Finance, during the period from November 8, 2016 to December 30, 2016 and these 
are in accordance with the books of accounts maintained by the company. Refer Note No. 40 to the financial 
statements.

For M S P & CO.
Chartered Accountants
FR No: 107565W

M. S. Parikh
Partner
M No: 08684 

Place: Mumbai
Date: May 26, 2017

**“Annexure A” forming a part of Independent Auditor’s Report**

The Annexure referred to in Independent Auditor’s Report to the members of the company on standalone financial statements 
for the year ended March 31, 2017, we report that.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us 
during the course of our audit, we report that:

1) 
(a)  The Company has maintained proper records showing full particulars, including quantitative details and situation of 
fixed assets. 

 
(b)  The company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in 
a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified 
during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of 
physical verification is reasonable having regard to the size of the company and the nature of its assets. 

 
(c)  According to the information and explanations given to us and the records examined by us and based on the 
examination of registered sale deed provided to us, we report that, the title deeds, comprising all the immovable 
properties of land and building owned by the company are held in its name. However some of the immovable 
properties are mortgaged against the bank loan. In respect of immovable properties of land that have been taken on 
lease and disclosed as property in the financial statements, the lease agreements are in the name of the company, 
where the company is lessee in the agreement.

2) 
In view of there being no requirement to carry and hold any stock of inventories, therefore the provisions of clause (ii) of 
the order is not applicable to the company.

3) 
According to the information and explanations given to us, the Company has granted unsecured interest free loans to 
companies covered in the register maintained under section 189 of the Companies Act, 2013, in respect of which:

(a) The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the Company’s 
interest.

(b) The schedule of repayment of principal has been stipulated and repayments or receipts of principal amounts have 
been regular as per stipulations.

(c) There is no overdue amount remaining outstanding as at the year-end.

4) 
In our opinion and according to the information and explanations given to us, the Company has complied with the 
provisions of Section 185 and 186 of the Act, with respect to loans and investments made.

5) 
The Company has complied with the provisions of Sections 73 to 76 of the Act, and the Companies (Acceptance of 
Deposits) Amendment Rules, 2015 with regards to the deposits accepted from public. According to the information and 
explanation given to us, no order under the aforesaid sections has been passed by the Company Law Board or National 
Company Law Tribunal or Reserve Bank of India or any court or any other tribunal against the Company.

6) 
The Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Act 
in respect of any of the activities of the Company.

7) 
(a)  In our opinion and according to the information and explanations given to us and on the basis of our examinations of 
the records of the Company, amount deducted/accrued in the books of accounts in respect of undisputed statutory 
dues including Income Tax, Service Tax, Cess and other material statutory dues have been regularly deposited 
during the year by the Company with the appropriate authorities. As explained to us, the company did not have any 
dues on account of employees’ state insurance and duty of excise. 

 
(b)  According to the information and explanations given to us, no undisputed statutory dues including Income Tax, 
Service Tax, Cess and other material statutory dues were in arrears as at March 31, 2017 for the period more than 
six months from the date they become payable.

 
(c)  According to the information and explanations given to us, there are no material dues of Customs, Income Tax, Duty 
of Excise, Service Tax, Cess and other material statutory dues which have not been deposited with the appropriate 
authorities on account of any dispute.

8) 
In our opinion and according to the information and explanations given to us, the Company has not defaulted in any 
repayment of loan to a financial institution or bank.

9) 
Based upon the audit procedures performed and according to the information and explanations given to us, term loans 
have been applied for the purposes for which it was raised. The company has not raised monies by way of Initial Public 
offer or further public offer (including debt instruments).

10) According to the information and explanations given to us, no material fraud by the Company or on the Company by its 
officers or employees has been noticed or reported during the year.

11) According to the information and explanations given to us and based on our examination of the records of the Company, 
the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the 
provisions of section 197 read with Schedule V to the Act. 

12) In our opinion and according to the information and explanation given to us, the Company is not a Nidhi Company. 
Therefore, this clause of the Order is not applicable to the Company.

13) According to the information and explanations given to us and based on our examination of records of the Company, 
transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and the 
details of such transactions have been disclosed in the financial statements as required by the applicable accounting 
standards.

14) According to the information and explanations given to us and based on our examination of records of the Company, the 
Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures 
during the year under review. Therefore, this clause of the Order is not applicable to the Company.

15) According to the information and explanations given to us and based on our examination of records of the Company, the 
Company has not entered into any non-cash transactions with directors or persons connected with him. Therefore, this 
clause of the Order is not applicable to the Company.

16) In our opinion and according to the information and explanations given to us, the company is not required to be registered 
under section 45 – IA of Reserve Bank of India Act, 1934. Therefore, this clause of the Order is not applicable to the 
Company.

For M S P & CO.
Chartered Accountants
FR No: 107565W

M. S. Parikh
Partner
M No: 08684 

Place: Mumbai
Date: May 26, 2017

**“Annexure B” forming part of Independent Auditor’s Report**

**Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 
2013 (“the Act”).**

We have audited the internal financial controls over financial reporting of Patel Integrated Logistics Limited (“the Company”) 
as of March 31, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date. 

**Management’s Responsibility for Internal Financial Controls**

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal 
control over financial reporting criteria established by the Company considering the essential components of internal control 
stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of 
Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate 
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including 
adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the 
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required 
under the Companies Act, 2013.

**Auditors’ Responsibility**

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our 
audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial 
Reporting (the “Guidance Note”) and the Standards on Auditing, to the extent applicable to an audit of internal financial 
controls, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that 
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate 
internal financial controls over financial reporting was established and maintained and if such controls operated effectively in 
all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls 
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial 
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a 
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the 
assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material 
misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit 
opinion on the Company’s internal financial controls system over financial reporting.

**Meaning of Internal Financial Controls over Financial Reporting**

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance 
with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those 
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the 
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded 
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and 
that receipts and expenditures of the company are being made only in accordance with authorisations of management and 
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised 
acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

**Inherent Limitations of Internal Financial Controls over Financial Reporting**

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion 
or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. 
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the 
risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or 
that the degree of compliance with the policies or procedures may deteriorate.

**Opinion**

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial 
reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based 
on the internal control over financial reporting criteria established by the Company considering the essential components of 
internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the 
Institute of Chartered Accountants of India.

For M S P & CO.
Chartered Accountants
FR No: 107565W

M. S. Parikh
Partner
M No: 08684 

Place: Mumbai
Date: May 26, 2017

**STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2017**

** Note 
 No. 
`**

** As At 
 31.03.2017 
 ` **

 As At 
 31.03.2016 
 ` 
EQUITY AND LIABILITIES 
Shareholders' Funds 
share Capital 
2
15,88,66,120
15,88,66,120
Reserves and Surplus 
3
96,66,73,931
88,34,18,517
Money Received Against Share Warrants 
4
2,67,08,750
2,67,08,750
1,15,22,48,801
1,06,89,93,387
Non - Current Liabilities 
Long Term Borrowings 
5
18,01,82,950
10,12,12,495
Deferred Tax Liability ( Net ) 
6
2,57,79,152
2,19,25,135
Other Long Term Liabilities 
7
2,64,22,647
2,80,13,707
23,23,84,749
15,11,51,337
Current Liabilities 
short Term Borrowings 
8
37,82,37,409
43,49,82,916
Trade Payables 
9
10,45,07,220
13,01,64,666
Other Current Liabilities 
10
10,47,38,155
13,74,14,474
Short Term Provisions 
11
10,47,77,284
9,50,42,532
69,22,60,068
79,76,04,588
TOTAL 
2,07,68,93,618
2,01,77,49,312
ASSETS 

Non - Current Assets 
Property, Plant And Equipment 
12
51,88,28,487
39,76,84,582
Capital Work-in-Progress 
1,78,84,836
 43,45,838
Intangible Assets 
13
 7,48,599
 8,13,097
Non - Current Investment 
14
3,98,41,454
 43,95,913
Long Term Loans and Advances 
15
7,58,84,245
6,40,02,193
65,31,87,621
47,12,41,623
Current Assets 
Current Investment 
16
8,12,24,436
1,27,34,683
Trade Receivable 
17
87,57,60,511
94,22,30,290
Cash and Cash Equivalents 
18
18,06,37,368
29,94,40,905
Short Term Loans and Advances 
19
28,29,67,992
28,69,86,790
Other Current Assets 
20
 31,15,690
 51,15,021
1,42,37,05,997
1,54,65,07,689
TOTAL 
2,07,68,93,618
2,01,77,49,312
 Significant Accounting Policies 
1
 Notes on Financial Statements 
2 - 41

 As per our report of even date 
 For M S P & Co. 
 For and on behalf of the Board, 
 Chartered Accountants 
 (Registration No. 107565W) 

 M. S. Parikh 
 AREEF A. PATEL 
 P. S. G. NAIR 
 Partner 
 Executive Vice Chairman 
 Director 
 Membership No. 08684 

 Mumbai, 
 NITIN B. AKOLKAR 
 MAHESH FOGLA 
 Dated : 26th May, 2017. 
 Company secretary 
 Chief Financial Officer 

**STANDALONE PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2017**

** Note 
 No. 
 For the Year 
 2016-17 
 `**

** For the Year 
 2015-16 
 `**

**INCOME **

Revenue from Operations 
21
4,53,95,15,382
5,11,36,32,878

Other Income 
22
4,78,27,398
2,65,11,853

**Total Revenue 
4,58,73,42,780
5,14,01,44,731**

**EXPENSES **

Operating Cost 
23
3,83,18,37,430
4,37,32,32,533

Employee Benefits Expense 
24
29,13,65,740
28,29,50,985

finance Costs 
25
8,16,89,863
9,02,21,969

Depreciation and Amortization Expense 
12 &13
4,20,55,641
4,28,11,531

Other Expenses 
26
24,81,73,535
24,02,58,735

**Total Expenses 
4,49,51,22,209
5,02,94,75,753**

**Profit Before Tax 
9,22,20,571
11,06,68,978**

**Tax Expense **

Current Tax 
1,81,00,000
3,26,00,000

Deferred Tax 
 38,54,017
 (42,96,916)

(Excess) / Short Provision of Income Tax for earlier years 
 - 
 (13,75,782)

**Profit for the year 
7,02,66,554
8,37,41,676**

**Earning per Equity Share of face value of ` 10/- each **

Basic ( in ` ) 
27
 4.42 
 5.46 

Diluted ( in ` ) 
27
 4.18 
 4.98 

Significant Accounting Policies 
1

Notes on Financial Statements 
2 - 41

 As per our report of even date 
 For M S P & Co. 
 For and on behalf of the Board, 
 Chartered Accountants 
 (Registration No. 107565W) 

 M. S. Parikh 
 AREEF A. PATEL 
 P. S. G. NAIR 
 Partner 
 Executive Vice Chairman 
 Director 
 Membership No. 08684 

 Mumbai, 
 NITIN B. AKOLKAR 
 MAHESH FOGLA 
 Dated : 26th May, 2017. 
 Company secretary 
 Chief Financial Officer 

**STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2017**

** ` **

** Year Ended 
 31.03.2017 
 ` 
 ` **

** Year Ended 
 31.03.2016 
 ` **

** A: CASH FLOW FROM OPERATING ACTIVITIES : **

Net Profit Before Tax as per Profit and Loss 
Account 
9,22,20,571
11,06,68,978

Adjusted For : 

Profit / Loss on Sale / Discard of Assets (Net) 
 (2,38,62,453)
 (6,68,339)

Depreciation 
4,20,55,641
4,28,11,531

(Net Gain) / Loss on Sale of Current / Non-Current 
Investments 
 (1,44,84,603)
 (59,57,709)

Dividend Income 
 (26,83,514)
 (11,86,944)

Interest Income 
 (2,37,19,859)
 (1,34,28,697)

finance Cost 
8,16,89,863
9,02,21,969

5,89,95,075
11,17,91,811

Operating Profit Before Working Capital Changes 
15,12,15,646
22,24,60,789

Adjusted For : 

Trade and Other Receivables 
 47,54,143
 (4,99,04,121)

Trade and Other Payables 
 (5,69,10,960)
(12,04,90,092)

 (5,21,56,817)
(17,03,94,213)

Cash Generated from Operations 
9,90,58,829
5,20,66,576

Taxes Received / (Paid) (Net) 
4,65,67,514
 (5,30,56,113)

4,65,67,514
 (5,30,56,113)

**Net Cash from Operating Activities 
14,56,26,343
 (9,89,537)**

**B:
CASH FLOW FROM INVESTING ACTIVITIES : **

Purchase of Fixed Assets 
(18,63,09,625)
 (2,05,15,043)

Sale of Fixed Assets 
8,05,31,487
 21,32,795

(Purchase) / Sale of Current / Non-Current 
Investment (Net) 
 (8,94,50,691)
 60,23,709

Movement in Fixed Deposits (Net) 
1,22,15,860
 (75,04,736)

Increase in Capital Work in Progress 
 (1,35,38,998)
45,750

Interest Received 
2,57,19,190
1,34,19,369

Dividend Received 
 26,83,514
 11,86,944

**Net Cash (used in) Investing Activities 
(16,81,49,263)
 (52,11,212)**

** ` **

** Year Ended 
 31.03.2017 
 ` 
 ` **

** Year Ended 
 31.03.2016 
 ` **

**C:
 CASH FLOW FROM FINANCING ACTIVITIES : **

 Proceeds from Public Deposits (Net) 
 25,86,000
2,32,80,000

 Proceeds from Issue of Equity Shares 
 - 
8,05,00,000

 Proceeds from Issue of Share Warrants 
 - 
2,67,08,750

 Proceeds from Long Term Borrowings (Net) 
6,14,11,930
 (88,01,418)

 Proceeds from Short Term Borrowings (Net) 
 (5,67,45,506)
11,57,44,429

 Interest Paid 
 (8,20,88,281)
 (8,99,23,907)

Dividend Paid 
 (92,28,900)
 (91,39,125)

**Net Cash (used in) / from Financing Activities 
 (8,40,64,757)
13,83,68,729**

Net Increase / (Decrease) in Cash and Cash 
Equivalents 
(10,65,87,677)
13,21,67,980

Opening Balance of Cash and Cash Equivalents 
23,65,53,760
10,43,85,780

**Closing Balance of Cash and Cash Equivalents 
12,99,66,083
23,65,53,760**

Notes : 
 1)  Cash and Cash Equivalents do not include Fixed Deposits with Banks as Margin Money. 

 2)  Amount of ` 5,54,33,799/- (Previous Year ` 10,72,08,750/-) received as preferential money was included in above 
specified Bank Account. 

 3)  Figures in bracket denote outflow of cash. 

 4)  The above Cash Flow Statement has been prepared under the “Indirect Method” set out in Accounting Standard (AS-3) 
“Cash Flow Statement”. 

 5)  Previous year’s figures have been restated/recasted, wherever necessary, to confirm to this year’s classification.

 As per our report of even date 
 For M S P & Co. 
 For and on behalf of the Board, 
 Chartered Accountants 
 (Registration No. 107565W) 

 M. S. Parikh 
 AREEF A. PATEL 
 P. S. G. NAIR 
 Partner 
 Executive Vice Chairman 
 Director 
 Membership No. 08684 

 Mumbai, 
 NITIN B. AKOLKAR 
 MAHESH FOGLA 
 Dated : 26th May, 2017. 
 Company secretary 
 Chief Financial Officer 

**STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2017**

1. 
Significant Accounting Policies 

a. 
Basis for preparation of Financial Statements:

 
The financial statements of the Company have been prepared to comply in all material aspects with applicable accounting 
principles in India, the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read 
with Rule 7 of the Companies (Accounts) Rules, 2014, the provision of the Act (to the extent notified) and guidelines issued 
by the Securities and Exchange Board of India (SEBI).

 
The preparation of the financial statements in conformity with generally accepted accounting principles requires the use of 
estimates and assumption that affect the reported amount of assets and liabilities as at the balance sheet date, reported 
amount of revenues and expenses during the year and disclosure of contingent liabilities as at that date. The estimates 
and assumption used in the financial statements are based upon the management’s evaluation of the relevant facts and 
circumstances as of the date of financial statements.

b. 
Property, Plant and Equipment : 

i. 
All fixed assets are stated at cost of acquisition which includes amounts added on revaluation, less accumulated 
depreciation and impairment losses. 

ii. 
Assets acquired on financial lease on or after April 1, 2001 are capitalised at their fair values. 

iii. 
Land purchased on long term lease (99 years) is shown under Property, Plant and Equipment, and not separately 
shown under Leased Assets. 

c. 
Intangible Assets:

 
Intangible assets are stated at cost of acquisition less accumulated amortization and impairment losses, if any.

d. 
Depreciation / Amortization: 

 i. 
Depreciation on all assets, including those revalued, and those valued at market price is provided under straight line 
method at the rates and in the manner prescribed under Part-C of Schedule II of the Companies Act, 2013 (the “Act”). 

ii. 
Depreciation on additions to assets or sale or disposal of assets is calculated on a pro-rata basis from / to the date of 
addition / deduction. 

 iii. Cost of leasehold land is amortised over the residual period of the lease on straight line basis.

e. 
Impairment of Assets:

 
Impairment loss if applicable is provided to the extent the carrying amount of assets exceeds their recoverable amount and 
the same is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. 

f. 
Investments:

i. 
Non – Current Investments are stated at cost as they are made with long-term perspective. Provision for diminution, 
if any, in value of investments is made to recognize a decline other than temporary in the value of the investment and 
valuation is done on global basis.

ii. 
Current Investments are carried at lower of cost and fair value, computed category wise.

iii. 
Membership shares of a Co-operative Housing Society related to office premise are included under Non - Current 
Investments.

iv. 
Profit / Loss on sale of Current/Non-Current Investments is computed on FIFO basis. 

g. 
Policy For Revenue Recognition: 

i. 
Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned / incurred, 
except those with significant uncertainties. 

ii. 
Amounts recovered towards demurrage and delivery charges are accounted at the time when they are ultimately 
realised. Freight includes recoverable on undelivered consignments as certified by the management and recoveries 
for other allied services.

iii. 
Income on account of Co-Loading and Cargo division is recognized on booking of courier & cargo load. 

iv. 
Cargo Freight charges has been accounted on gross basis and commission received if any, against the same has 
been accounted as revenue from operation under the head commission.

v. 
Dividend income from investment is recognised as and when received. 

vi. 
Other incomes are accounted for on accrual basis except when the recovery is uncertain, it is accounted for on receipt 
basis. 

vii. Administrative and other expenses are stated net of recoveries wherever applicable. 

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

h. 
Employee Benefits:

i. 
The Company has taken a policy with Life Insurance Corporation of India under the Group Gratuity Scheme to cover 
gratuity liability to the extent of ` 10,00,000/- per employee and the premium is accrued on yearly basis. Additional 
liability if any, in excess of ` 10,00,000/- per employee is provided for on payment basis in respect of gratuity entitlement.

ii. 
Employee benefits includes salary, wages, employee state insurance and contribution to provident fund, family pension 
fund, superannuation fund, gratuity and compensated absences to eligible employees.

 
Short term employee benefits like salary, wages etc. are recognized and charged to Statement of Profit and Loss when 
the employee renders the services.

 
Contribution to defined schemes such as Provident Fund, Family Pension Fund, Superannuation Fund (in the case 
of eligible employees) and Employees’ State Insurance Scheme are charged to the Statement of Profit and Loss as 
incurred.

 
Company’s liability towards gratuity is determined by actuarial valuation carried out by the independent actuary as 
at each balance sheet date and is fully provided for in the Statement of Profit and Loss on the basis of aforesaid 
valuation. The actuarial valuation method used for measuring the liability is the Projected Unit Credit method.

 
The liability for compensated absences is determined by actuarial valuation carried out by the independent actuary 
as at each balance sheet date and provided for in the Statement of Profit and Loss as incurred in the year in which 
services are rendered by employees. The actuarial valuation method used for measuring the liability is the Projected 
Unit Credit method.

 
The actuarial gains and losses are recognized immediately in the Statement of Profit and Loss.

i. 
Foreign Currency Transactions:

 
Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. Monetary 
items denominated in foreign currencies are restated at the exchange rate prevailing on the balance sheet date. Exchange 
differences arising on settlement of the transaction and on account of restatement of monetary items are dealt with in the 
Statement of Profit and Loss.

j. 
Taxes on Income:

 
Taxes on Income are accounted for in accordance with Accounting Standard (AS 22)- Accounting for Taxes on Income, 
notified under the Companies (Accounting Standards) Rules, 2006. Income Tax comprises both Current and Deferred tax. 

 
Current tax is measured at the amount expected to be paid to the revenue authorities, using applicable tax rate and laws.

 
The tax effect of the timing differences that result between taxable income and accounting income and are capable of 
reversal in one or more subsequent periods are recorded as a deferred tax asset or deferred tax liability. They are measured 
using the substantively enacted tax rates and tax regulations as of the Balance Sheet date.

 
Deferred tax assets on unabsorbed depreciation and carry forward of losses are recognized only to the extent there is a 
virtual certainty of its realization.

 
Minimum Alternate Tax (MAT) paid in accordance with the tax law, which gives future economic benefits in the form of 
adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will 
pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future 
economic benefit associated with it will flow to the Company.

k. 
Service Tax Input Credit :

 
Service Tax Input credit is accounted for in the books in the period in which the underlying service is received and when 
there is no uncertainty in availing /utilizing the credits.

l. 
Provision and Contingencies:

 
A provision is recognized when the Company has legal and constructive obligation as a result of a past event, for which 
it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A 
Contingent Liability is disclosed when the Company has possible or present obligation where it is not certain that an outflow 
of resources will be required to settle it.

 
Claims in respect of which the Company is of the opinion that they are frivolous or is legally advised that they are 
unsustainable in law are not considered as Contingent Liability as the possibility of an outflow of resources embodying 
economic benefits is remote. Contingent Assets are neither recognized nor disclosed in the financial statements.

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

** As at 
 As at 
 31.03.2017 
 31.03.2016 
2
 SHARE CAPITAL 
 `
 `**

 Authorised Share Capital 
 2,00,00,000 Equity Share of ` 10/- each 
20,00,00,000
20,00,00,000
 (2,00,00,000) 

20,00,00,000
20,00,00,000
 ISSUED, SUBSCRIBED AND PAID UP : 
 1,58,86,612 Equity Shares of ` 10/- each paid up value 
15,88,66,120
15,88,66,120
 (1,58,86,612) 

** TOTAL 
15,88,66,120
15,88,66,120**

2.1 During the previous year 7,00,000 Equity Shares of ` 10/- each at the premium of ` 105/- were issued on preferential 
basis on 14th January, 2016. The pricing and procedure were in accordance with the requirement of Chapter VII of the 
SEBI (ICDR) regulations 2009, Section 42 and 62 of Companies Act, 2013 and Rule 14 of the Companies (Prospectus 
and Allotment of securities) Rules, 2014. Money received including share premium on issue of 7,00,000 Equity Shares 
was ` 8,05,00,000/- out of which ` 5,17,74,951/- has been utilised for purchase of land for Warehousing Business and 
for Subsidiary Company DelivrEx India Ltd. Balance ` 2,87,25,049/- is in Bank.

**2.2 The reconciliation of the number of shares outstanding is set out below :**

** As At 
31.03.2017 
 As At 
31.03.2016 
 Particulars 
 No. of Shares 
 No. of Shares **

 Equity Shares at the beginning of the year fully paid up 
1,58,86,612
1,51,86,612
 Add: Shares issued during the year (Note No. 2.1) 
 - 
 7,00,000

** Equity Shares at the end of the year 
1,58,86,612
1,58,86,612**

**2.3 Rights, preferences and restrictions attached to the equity shares - **

 
The Company has one class of equity shares having a par value of ` 10/- per share. Each shareholder is eligible for one 
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in 
the ensuing Annual General Meeting, except in case of interim dividend.

**2.4  The details of Shareholders holding more than 5 % shares :**

 As At 31.03.2017 
 As At 31.03.2016 
 Name of the Shareholders 
 No. of Shares 
 % held 
 No. of Shares 
 % held 
 Patel Holdings Limited 
 30,25,667
 19.05 
 30,25,667
 19.05 
 A. S. Patel Trust 
 13,71,500
 8.63 
 13,71,500
 8.63 
 Mr. Asgar S. Patel 
 10,65,879
 6.71 
 10,65,879
 6.71 
 Mr. Areef A. Patel 
 9,27,884
 5.84 
 9,27,884
 5.84 

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

** As at 
 As at 
 31.03.2017 
 31.03.2016 
3
 RESERVES AND SURPLUS 
 `
 `
 `**

 Capital Reserve 
 As per last Balance Sheet 
1,27,33,553
1,27,33,553
 Add : Profit on sale of Land 
3,34,94,457
 - 
4,62,28,010
1,27,33,553

 Capital Redemption Reserve 
 18,60,000
 18,60,000

 Securities Premium Reserve 
 As per last Balance Sheet 
32,00,75,337
24,65,75,337
 Add : Premium on shares issued during the year 
 - 
7,35,00,000
 Less : Share issue expenses 
 10,16,123
 - 
31,90,59,214
32,00,75,337

 General Reserve 
 As per last Balance Sheet 
44,78,23,518
42,78,23,518
 Add : Transferred from Profit and Loss Account 
2,00,00,000
2,00,00,000
46,78,23,518
44,78,23,518

 Other Reserve 
 Contingency Reserve 
 (To meet contingencies) 
 As per last Balance Sheet 
3,78,46,266
3,08,76,867
 Add : Transferred from Profit and Loss Account 
2,50,00,000
2,50,00,000
6,28,46,266
5,58,76,867
 Less : Transfer to Profit and Loss Account 
 99,29,097
1,80,30,601
5,29,17,169
3,78,46,266

 Profit and Loss Account 
 As per last Balance Sheet 
6,30,79,843
3,35,67,067
 Add : Profit for the year 
7,02,66,554
8,37,41,676
13,33,46,397
11,73,08,743
 Less : Appropriations : 
 Transferred to General Reserve 
2,00,00,000
2,00,00,000
 Transferred to Contingency Reserve 
2,50,00,000
2,50,00,000
 Proposed Dividend on Equity Shares 
 79,43,306
 76,67,897
 (Dividend per share ` 0.50 (Previous Year ` 0.50) 
 Tax on Dividend 
 16,17,071
 15,61,003
7,87,86,020
6,30,79,843

** TOTAL 
96,66,73,931
88,34,18,517**

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

 As at 
 As at 
 31.03.2017 
 31.03.2016 
4
 MONEY RECEIVED AGAINST SHARE WARRANTS 
 `
 `
Application money received against 9,29,000 Convertible Equity Warrant @  
` 28.75 per Warrant of ` 115/ each (including premium) issued on preferential 
basis. 

2,67,08,750
2,67,08,750

** TOTAL 
2,67,08,750
2,67,08,750**

4.1 During the previous year, Company has issued 9,29,000 equity warrants of ` 10/- each at a price of ` 115/- per equity 
warrant to be converted into 9,29,000 equity share of ` 10/- at a price of ` 115/- per share (inclusive of share premium of  
` 105/- per share) within 18 months from the date of allotment i.e. 14th January, 2016 on the terms and conditions approved 
by the members of the Extra Ordinary General Meeting. Application money received on 9,29,000 equity warrants is  
` 2,67,08,750/-. The funds received in preferential allotment of equity warrants aggregating to ` 2,67,08,750/- has been 
kept with bank in Current Account.

** As At 31.03.2017 
 As At 31.03.2016 
 Non Current 
 Current 
 Non Current 
 Current 
5
 LONG TERM BORROWINGS 
 `
 `
 `
 `**

** Secured **

 Term Loan 
 - 
60,780
 66,94,761
 7,90,208
 Deferred Payment Liabilities 
6,36,14,950
2,41,83,853
1,16,87,894
 51,65,593
6,36,14,950
2,42,44,633
 18,382,655 
 59,55,801

** Unsecured **

 Term Loan 
 - 
39,587
 1,81,840
 19,66,944
 Deposit accepted from public 
11,65,68,000
3,27,60,000
8,26,48,000
6,40,94,000
11,65,68,000
3,27,99,587
8,28,29,840
6,60,60,944

**                                                           TOTAL 
18,01,82,950
5,70,44,220
10,12,12,495
7,20,16,745**

**5.1 Deferred payment liabilities referred above are secured by way of mortgage of trucks and motor cars. **

5.2 Term loan liability referred above is secured by office premises located at Unit No. 504, 5th Floor, The Crescent Business 
Park, Andheri Kurla Road, Sakinaka, Andheri (E), Mumbai - 400 072.

 As at 
 As at 
 31.03.2017 
 31.03.2016 
6
 DEFERRED TAX LIABILITY (Net) 
 `
 `
 Deferred Tax Liability 
 Related to Fixed Assets 
2,38,91,275
2,25,56,836

 Deferred Tax Liability / (Assets) 
 Disallowances under the Income Tax Act, 1961 
 18,87,877
 (6,31,701)

** TOTAL 
2,57,79,152
2,19,25,135**

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

** As at 
 As at 
 31.03.2017 
 31.03.2016 
7
 OTHER LONG TERM LIABILITIES 
 `
 `**

 Deposits* 
2,64,22,647
2,80,13,707

** TOTAL 
2,64,22,647
2,80,13,707**

 * Deposits includes deposits from Transporters, Customers, Franchisees and others. 

** As at 
 As at 
 31.03.2017 
 31.03.2016 
8
 SHORT TERM BORROWINGS 
 `
 `**

** Secured - Loans repayable on demand **

 Working Capital Loans from Banks 
37,81,15,201
42,96,71,405

** Unsecured **

 Working Capital Loans from Banks and Others 
 1,22,208
 53,11,511

** TOTAL 
37,82,37,409
43,49,82,916**

**8.1 Working Capital Loans from Banks : **

 
Secured by : 

 
Pari Passu Hypothecation charges on all the present & future book debts (up to 120 days) and movable assets except 
those as statutorily earmarked other than those acquired under hire purchase agreement. 

 
Collateral Security - 

 
- Personal Guarantee of Wholetime Director designated as Executive Vice Chairman. 

 
- Equitable Mortgage of certain properties owned situated at Mumbai and Thane.

** As at 
 As at 
 31.03.2017 
 31.03.2016 
9
 TRADE PAYABLES 
 `
 `**

 Acceptances 
7,10,00,000
5,45,00,000
 Others 
3,35,07,220
7,56,64,666
 TOTAL 
10,45,07,220
13,01,64,666

9.1 The Company has not received any intimation from its vendors regarding their status under Micro, Small and Medium  
Enterprises Development Act, 2006 and hence the disclosure, if any under the said Act has not been made.

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

** As at 
 As at 
 31.03.2017 
 31.03.2016 **

**10  OTHER CURRENT LIABILITIES 
 `
 `
 `**

 Current Maturities of Public Deposits 
3,23,03,000
6,30,89,000

 Current Maturities of Deferred Payment Liabilities 
2,41,83,853
 51,65,593

 Current Maturities of Term Loan Liabilities 
 1,00,367
 27,57,151

 Interest Accrued but not due on Public Deposits 
 70,51,123
 75,18,227

 Unclaimed Dividend 
 35,75,347
 37,94,336

 Unclaimed Matured Deposits and Interest Accrued thereon 
 9,18,329
 13,97,643

 Creditors for Capital Expenditure 
 - 
 8,21,630

** Other Payables **

 Staff Advance 
51,694
 1,50,071

 Statutory Liabilities 
 71,42,539
1,06,60,699

 Staff Liabilities 
2,11,19,255
2,14,69,237

 Sundry Deposits 
 23,48,783
 36,58,663

 Overdrawn Balance in Current Account with Bank 
 15,44,531
52,418

 Liabilities for claims 
 10,02,205
1,14,59,947

 Other Payables* 
 33,97,129
 54,19,859

3,66,06,136
5,28,70,894

** TOTAL 
10,47,38,155
13,74,14,474**

 * Includes Agency payables, etc. 

** As at 
 As at **

** 31.03.2017 
 31.03.2016 **

**11
 SHORT TERM PROVISIONS 
 `
 `**

 Provisions for Leave Encashment 
1,06,16,907
1,93,13,632

 Proposed Dividend 
 79,43,306
 76,67,897

 Tax on Dividend 
 16,17,071
 15,61,003

 Provision for Income Tax 
8,46,00,000
6,65,00,000

** TOTAL 
10,47,77,284
9,50,42,532**

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

**12 PROPERTY, PLANT AND EQUIPMENT**

** 
 Following are the changes in the carrying value of property, plant and equipment for the year ended 31st March, 2017: 
(Amt. in `)**

** Description 
 Gross Carrying Value 
 Depreciation / Amortisation 
 Net Carrying 
Value **

** As at 
01.04.2016 
 Additions / 
Adjustment 
 Deductions / 
Adjustments 
 As at 
31.03.2017 
 As at 
01.04.2016 
 For the Year 
 Deductions / 
Adjustments 
 As at 
31.03.2017 
 As at 
31.03.2017 **

 Freehold Land 
16,03,25,082
 - 
1,35,18,627
14,68,06,455
 - 
 - 
 - 
 - 
14,68,06,455

 Leasehold Land 
92,050
3,86,58,000
 - 
3,87,50,050
29,971
2,026
 - 
31,997
3,87,18,053

 Buildings 
14,23,18,156
4,15,25,000
1,03,84,528
17,34,58,628
3,15,94,940
 21,62,278
 17,20,242
3,20,36,976
14,14,21,652

 Furniture and Fixtures 
13,16,52,452
 55,36,647
 - 
13,71,89,099
8,06,70,257
 93,62,325
 - 
9,00,32,582
4,71,56,517

 Computer 
16,47,48,333
 41,27,741
 - 
16,88,76,074
15,65,89,709
 51,54,135
 - 
16,17,43,844
 71,32,230

 Office Equipment 
6,58,11,754
 53,64,403
 5,41,312
7,06,34,845
4,93,87,214
 52,63,489
 5,41,297
5,41,09,406
1,65,25,439

 Plant and Machinery 
 88,24,912
 2,06,207
 - 
 90,31,119
 65,89,918
 2,24,422
 - 
 68,14,340
 22,16,779

 Truck 
9,84,56,212
8,39,88,676
 - 
18,24,44,888
6,48,93,923
1,56,79,890
 - 
8,05,73,813
10,18,71,075

 Vehicles 
3,84,48,909
 63,95,801
 19,57,539
4,28,87,171
2,32,37,346
 36,35,428
 9,65,890
2,59,06,884
1,69,80,287

** Total 
81,06,77,860
18,58,02,475
2,64,02,006
97,00,78,329
41,29,93,278
4,14,83,993
 32,27,429
45,12,49,842
51,88,28,487**

**Following are the changes in the carrying value of property, plant and equipment for the year ended 31st March, 2016: 
(Amt. in `)**

** Gross Carrying Value 
 Depreciation / Amortisation 
 Net Carrying 
Value 
 Description 
 As at 
01.04.2015 
 Additions / 
Adjustment 
 Deductions / 
Adjustments 
 As at 
31.03.2016 
 As at 
01.04.2015 
 For the 
Year 
 Deductions / 
Adjustments 
 As at 
31.03.2016 
 As at 
31.03.2016 **

 Freehold Land 
16,03,25,082
 - 
 - 16,03,25,082
 - 
 - 
 - 
 - 
16,03,25,082
 Leasehold Land 
92,050
 - 
 - 
92,050
29,015
956
 - 
29,971
62,079
 Buildings 
14,23,18,156
 - 
 - 14,23,18,156
2,92,18,267
 23,76,673
 - 
3,15,94,940
11,07,23,216
 Furniture and Fixtures 
12,72,24,674
 44,27,778
 - 13,16,52,452
7,14,27,393
 92,42,864
 - 
8,06,70,257
5,09,82,195
 Computer 
16,56,93,573
 42,96,519
 52,41,759
16,47,48,333
15,53,53,367
 64,78,045
 52,41,703
15,65,89,709
 81,58,624
 Office Equipment 
6,26,03,730
 55,50,107
 23,42,083
6,58,11,754
4,65,94,189
 51,04,771
 23,11,746
4,93,87,214
1,64,24,540
 Plant and Machinery 
 87,81,639
 2,58,260
 2,14,987
 88,24,912
 65,59,844
 2,44,366
 2,14,292
 65,89,918
 22,34,994
 Truck 
9,84,56,212
 - 
 - 
9,84,56,212
4,99,29,042
1,49,64,881
 - 
6,48,93,923
3,35,62,289
 Vehicles 
3,80,34,031
 57,02,107
 52,87,229
3,84,48,909
2,34,87,465
 36,03,743
 38,53,862
2,32,37,346
1,52,11,563

** Total 
80,35,29,147
2,02,34,771
1,30,86,058
81,06,77,860
38,25,98,582
4,20,16,299
1,16,21,603
41,29,93,278
39,76,84,582**

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

**12.1  Building includes ` 250/- in respect of shares held in the Society.**

**12.2  In respect of fixed assets acquired on finance lease on or after 1st April, 2001, the minimum lease rental outstanding as 
on 31st March, 2017 are as follows**

** (Amt in ` ) **

** Particulars 
 Total minimum lease 
payments outstanding  
As at 31st March **

** Future interest on 
outstanding lease payments 
 Present value of minimum 
lease payments  
As at 31st March **

**2017
2016
2017
2016
2017
2016**

** Within one year 
3,18,07,510
 66,67,519
 76,23,657
 15,01,926
2,41,83,853
 51,65,593**

** Later than one year and not later **

** than five years 
7,25,16,192
1,32,44,753
 89,01,242
 15,56,859
6,36,14,950
1,16,87,894**

** Total 
10,43,23,702
1,99,12,272
1,65,24,899
 30,58,785
8,77,98,803
1,68,53,487**

**12.3 Buildings worth ` 58,77,423/- included in Gross Block are revalued on the basis of the replacement value as at 30.06.1987 
and the office premises worth ` 2,48,44,368/- included in Gross Block are revalued on the basis of the replacement value 
as at 31.03.1993. They are stated at revalued figures less accumulated depreciation.**

**12.4 The office building at Natasha, 1st Floor, Bandra, Mumbai - 400 050 is under litigation which is pending before the High 
Court .**

**12.5 Gross carrying of leasehold land represents amounts paid under certain lease-cum-sale agreements to acquire land 
including agreements where the Company has an option to purchase or renew the properties on expiry of the lease 
period.**

**13 INTANGIBLE ASSETS :**

** 
Following are the changes in the carrying value of acquired intangible assets for the year ended 31st March, 2017: (Amt in ` )**

**Description 
 Gross Carrying Value 
 Depreciation / Amortisation 
 Net 
Carrying 
Value **

** As at 
01.04.2016 
 Additions / 
Adjustment 
 Deductions 
/ Adjustments 
 As at 
31.03.2017 
 As at 
01.04.2016 
 For the 
Year 
 Deductions / 
Adjustments 
 As at 
31.03.2017 
 As at 
31.03.2017 **

Licence Software 
2,31,44,092
 5,07,150
 - 
2,36,51,242
2,23,30,995
 5,71,648
 - 
2,29,02,643
 7,48,599

**Total 
2,31,44,092
 5,07,150
 - 
2,36,51,242
2,23,30,995
 5,71,648
 - 
2,29,02,643
 7,48,599**

** 
Following are the changes in the carrying value of acquired intangible assets for the year ended 31st March, 2016:  (Amt in ` )**

** Description 
 Gross Carrying Value 
 Depreciation / Amortisation 
 Net Carrying 
Value **

** As at 
01.04.2015 
 Additions / 
Adjustment 
 Deductions / 
Adjustments 
 As at 
31.03.2016 
 As at 
01.04.2015 
 For the 
Year 
 Deductions / 
Adjustments 
 As at 
31.03.2016 
 As at 
31.03.2016 **

 Licence Software 
2,28,63,820
 2,80,272
 - 
2,31,44,092
2,15,35,763
 7,95,232
 - 
2,23,30,995
 8,13,097

** Total 
2,28,63,820
 2,80,272
 - 
2,31,44,092
2,15,35,763
 7,95,232
 - 
2,23,30,995
 8,13,097**

 

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

 As at 
 As at 
 31.03.2017 
 31.03.2016 
 `
 `
14 NON - CURRENT INVESTMENTS 
(Long Term Investments) 
Investments in Equity Shares 
Trade Quoted 
20  Gati Ltd. of ` 2/- each fully paid up 
1,013
1,013
 (20)  
200  All Cargo Logistics Ltd. of ` 2/- each 
16,993
16,993
(200)  fully paid up 
20  Transport Corporation of India Ltd. of ` 2/- 
1,495
1,495
(20)  each fully paid up 
10  TCI Express Ltd. of ` 2/- 
 - 
 - 
(_)  each fully paid up 

19,501
19,501

Non Trade Quoted 
250  Pfizer Ltd. of ` 10/- each fully paid up 
 2,26,721
 2,26,721
(250)  
_  Ganesh Benzo Plast Ltd of ` 10/- each fully 
 - 
17,850
(700)  paid up 
50  Ganesh Anhydride Ltd. of ` 10/- each fully 
500
500
(50)  paid up 
2500  Power Grid Corporation of India Ltd. of ` 10/- 
 3,84,775
 3,84,775
(2500)  each fully paid up 
165000  Wall street Finance Ltd. of ` 10/- each 
 34,10,000
 34,10,000
(165000)  fully paid up 
1  TCI Developers Ltd. of ` 10/- each 
 - 
 - 
(1)  fully paid up 
157  BSE Ltd of ` 2/- each fully paid up 
 1,26,542
 - 
(_)  
250  Sree Rayalseema Alkalies and Allied Chemicals 
2,500
2,500
(250)  of ` 10/- each fully paid up 

 41,51,038
 40,42,346

Non Trade Unquoted 
5000  Shamrao Vithal Co-op Bank Ltd. of ` 25/- each 
 1,25,000
 1,25,000
(5000)  fully paid up 
50  NKGSB Co-op Bank Ltd of ` 10/- each 
500
500
(50)  fully paid up 
910  Shri Ambuja Petrochemicals Ltd of ` 10/- each 
9,100
9,100
(910)  fully paid up 
5  The Memon Co-op. Bank Ltd of ` 10/- each 
50
50
(5)  fully paid up 

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

 As at 
 As at 
 31.03.2017 
 31.03.2016 
 `
 `
5 The Natasha Co-op. Housing Society Ltd. 
250
250
 (5) of ` 50/- each fully paid up 
8 Piramal Glass Limited of ` 10/- each 
 - 
 - 
 (8)  

 1,34,900
 1,34,900

Investments in Subsidiary 
10000 DelivrEx India Ltd of ` 10/- each 
 1,00,000
 - 
 (_)  

 1,00,000
 - 

Investments in Debentures - Quoted 
 14000 NCD of Blue Dart Express Ltd. 
 - 
 - 
 (14000)  of ` 10/- each fully paid up 

 - 
 - 

 Investments in Debentures - Unquoted 
 40  NCD of Ganesh Benzo Plast Ltd 
3,000
3,000
(40)  of ` 75/- each fully paid up 
1  Secured NCD of Orris Infrastructure Pvt. Ltd.
1,02,36,849
 - 
(_)  

1,02,39,849
3,000

 Investments in Mutual Fund - Quoted 
 16200  UTI Mastershares of ` 10/- each fully paid up 
 1,96,166
 1,96,166
 (16200)  

 1,96,166
 1,96,166

 Investments in Mutual Fund - Unquoted 
150000 Units Essel Asset II at NAV of ` 100/- each
1,50,00,000
 - 
(_)
 Reliance Yield Maximiser AIF Scheme III
1,00,00,000
 - 

2,50,00,000
 - 

**TOTAL
3,98,41,454
 43,95,913**

 Note 
 Aggregate book value of quoted investments 
 43,66,705
 42,58,013
 Aggregate market value of quoted investments 
 59,36,067
 56,43,939
 Aggregate book value of unquoted investments 
3,54,74,749
 1,37,900

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

 As at 
 As at 
 31.03.2017 
 31.03.2016 
15  LONG - TERM LOANS AND ADVANCES 
 `
 `
 `
 ( Unsecured Considered Good ) 
 Property Deposit 
 Related Party (Refer Note No. 38[i]) 
1,00,00,000
1,00,00,000
 Others 
3,59,15,732
4,59,15,732
3,53,52,374
 Earnest Money Deposit 
 6,35,595
 6,23,397
 Other Deposits 
 49,63,918
 36,57,422
 Other Loans and Advances (Refer Note No. 35) 
2,43,69,000
1,43,69,000
                         TOTAL 
7,58,84,245
6,40,02,193

 As at 
 As at 
 31.03.2017 
 31.03.2016 
16  CURRENT INVESTMENTS 
 `
 `
 (short Term Investments) 
 Investments in Equity Shares 
 Trade Quoted 
 1000 Blue Dart Express Ltd. of ` 10/- each
 45,89,909
 - 
 (_) fully paid up

 45,89,909
 - 
 Non Trade Quoted 
76500  Hindustan Petroleum Corporation Ltd. of ` 10/- 
2,61,45,992
1,27,34,683
(25500)  each fully paid up 
9400  State Bank of India of ` 1 /- each 
 24,83,007
 - 
 (_)  fully paid up 

2,86,28,999
1,27,34,683
 Investments in Debentures - Unquoted 
2  Secured NCD of Omkar Realtors Andheri Project Pvt. Ltd.
 80,69,139
 - 
 (_)  
50  Secured NCD of Prime Focus Technologies Pvt. Ltd.
 50,00,000
 - 
(_)  
100  Secured NCD of Pinnacle Vastunirman Pvt. Ltd.  
1,03,38,082
 - 
 (_)  

2,34,07,221
 - 
 Investments in Mutual Fund - Quoted 
643255.101 Redeemable Units of ICICI Balanced Advantage Fund at NAV 
 97,06,719
 - 
(_) of ` 15.09 each

 97,06,719
 - 
Investments in Mutual Fund - Unquoted 
49062.834 Redeemable Units of DSP Blackrock India Enhanced Equity Fund
 50,52,000
 - 
Class B-7.03 at NAV of ` 102.97 each
98395.878 Redeemable Units of DSP Blackrock India Enhanced Equity Fund
 98,39,588
 - 
(_) Class B-7.01 at NAV of ` 100/- each

1,48,91,588
 - 

TOTAL
8,12,24,436
1,27,34,683
 Note 
 Aggregate book value of quoted investments 
4,29,25,627
1,27,34,683
 Aggregate market value of quoted investments 
5,84,80,622
2,00,31,525
 Aggregate book value of unquoted investments 
3,82,98,809
 - 

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

 As at 
 As at 
 31.03.2017 
 31.03.2016 
17  TRADE RECEIVABLE 
 `
 `
 Secured Considered Good 
 Over six months 
1,40,10,603
1,15,28,258
 Others 
33,99,23,501
32,82,19,336
 Unsecured Considered Good 
 Over six months 
5,54,34,651
4,20,10,967
 Others 
46,63,91,756
56,04,71,729
 TOTAL 
87,57,60,511
94,22,30,290

 As at 
 As at 
 31.03.2017 
 31.03.2016 
18  CASH AND BANK BALANCES 
 `
 `
 Cash and Cash Equivalents 
 Balance with Banks 
 In Current Accounts (includes proceeds of preferential issue) 
11,72,77,101
20,91,75,952
 In Dividend Account for Unclaimed Dividend 
 35,75,347
 37,94,336
 Cash on Hand 
 91,13,635
1,14,02,827
 Cheque in Transit 
 - 
1,21,80,645
 Other Bank Balances 
 In Fixed Deposits 
 20,08,423
 13,95,299
 In Fixed Deposits ( as margin money against bank guarantees,LC's and others ) 
3,31,62,862
4,69,73,884
 In Fixed Deposits ( as earmarked against public deposits ) 
1,55,00,000
1,45,17,962
 TOTAL 
18,06,37,368
29,94,40,905

 Fixed deposits with bank includes deposits of ` 10,72,787/- ( Previous Year ` 37,07,850/-) with maturity of more than 
12 months 

 As at 
 As at 
 31.03.2017 
 31.03.2016 
19  SHORT - TERM LOANS AND ADVANCES 
 `
 `
 (Unsecured and Considered Good) 
 Prepaid Expenses 
 61,63,071
 51,77,572
 Staff Advances 
 23,21,910
 30,33,073
 Advance Income Tax 
17,50,63,339
22,16,30,853
 Loans and Advances to Subsidiary Company 
 38,34,836
 - 
 Others* 
9,55,84,836
5,71,45,292
 TOTAL 
28,29,67,992
28,69,86,790

 * includes interest receivable, cenvat receivable, claim receivable, agent receivable and octroi advance. 

** As at 
 As at 
 31.03.2017 
 31.03.2016 
20  OTHER CURRENT ASSETS 
 `
 `**

 Interest Accrued on Bank Deposits 
 31,15,690
 51,15,021
 TOTAL 
 31,15,690
 51,15,021

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

 For the Year 
 For the Year 
 2016-17 
 2015-16 
21
 REVENUE FROM OPERATIONS 
 `
 `
 Sale of Services 
 freight 
1,77,43,03,604
1,76,30,42,307
 Co Loading and Cargo Income 
2,34,43,91,970
2,89,52,12,197
 Commission 
38,24,79,946
45,41,78,374
 Other Operating Income 
3,83,39,862
 12,00,000
 TOTAL 
4,53,95,15,382
5,11,36,32,878

 For the Year 
 For the Year 
 2016-17 
 2015-16 
22
 OTHER INCOME 
 `
 `
 Interest Income 
2,37,19,859
1,34,28,697
 Dividend Income 
 26,83,514
 11,86,944
 Other Non Operating Income 
2,14,24,025
1,18,96,212
 TOTAL 
4,78,27,398
2,65,11,853

 For the Year 
 For the Year 
 2016-17 
 2015-16 
23
 OPERATING COST 
 `
 `
 Truck Hire Charges 
1,04,16,51,926
1,04,15,89,938
 Truck Operational Expenses 
13,64,77,982
13,13,27,558
 Truck Repairs and Maintenance Expenses 
1,20,74,096
 86,41,409
 Diesel, Oil and Grease 
9,08,22,331
6,58,35,614
 Taxes and Permits 
 24,10,503
 20,49,478
 Sundry Airport Expenses 
1,31,20,643
1,57,95,522
 Line Haul Transportation Expenses 
3,11,37,327
4,85,04,595
 Cargo freight Charges 
2,04,92,70,414
2,69,29,02,396
 Handling Charges 
32,26,43,579
22,56,75,605
 Packing Materials Expenses 
 15,81,328
 78,00,087
 Miscellaneous Operating Expenses 
8,64,84,178
7,86,25,170
 Insurance 
 21,40,291
 18,50,832
 Agency Commission 
4,20,22,832
4,51,51,635
 Claims for Loss of Goods (Net of Recoveries) 
 26,44,231
 74,82,694
 Less : Transfer from Contingency Reserve 
 (26,44,231)
 - 
 TOTAL 
3,83,18,37,430
4,37,32,32,533

** For the Year 
 For the Year 
 2016-17 
 2015-16 
24
 EMPLOYEE BENEFITS EXPENSE 
 `
 `**

 salaries and Wages 
24,88,60,679
23,97,13,307
 Contribution to Provident and Other Funds 
2,49,15,295
2,40,65,280
 Staff Welfare Expenses 
1,75,89,766
1,91,72,398
 TOTAL 
29,13,65,740
28,29,50,985

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

24.1
 Defined obligations - Disclosures as per Accounting Standard 15 ( Revised ) are as under, 
 Gratuity 
 Leave 
 2016 - 17 
 2015 - 16 
 2016 - 17 
 2015 - 16 
 `
 `
 `
 `
(A)
 Reconciliation of changes in present value of obligations 
 At the beginning of the year 
6,46,99,157
6,03,14,519
1,93,13,631
1,62,79,065
 Current service cost 
 51,42,904
 51,26,779
 78,53,064
 79,96,720
 Interest Cost 
 51,75,933
 48,25,162
 14,51,998
 11,61,350
 Actuarial ( Gain ) / Loss 
 17,63,725
 7,48,700
 (56,74,475)
 (33,43,577)
 Benefits paid 
 (74,18,476)
 (63,16,003)
 (1,23,27,311)
 (27,79,927)
 At the closing of the year 
6,93,63,243
6,46,99,157
1,06,16,907
1,93,13,631

(B)
 Reconciliation of changes in fair value of plan assets 
 At the beginning of the year 
3,31,29,261
3,17,21,299
 - 
 - 
 Expected return on plan assets 
 25,44,232
 27,66,123
 - 
 - 
 Contributions 
 39,49,354
 49,57,842
1,23,27,311
 27,79,927
 Benefits paid 
 (74,18,476)
 (63,16,003)
 (1,23,27,311)
 (27,79,927)
 Actuarial ( Gain ) / Loss 
 - 
 - 
 - 
 - 
 At the closing of the year 
3,22,04,371
3,31,29,261
 - 
 - 

(C)
 Reconciliation of fair value of plan assets 
 At the beginning of the year 
3,31,29,261
3,17,21,299
 - 
 - 
 Actual return on plan assets 
 25,44,232
 27,66,123
 - 
 - 
 Contributions 
 39,49,354
 49,57,842
1,23,27,311
 27,79,927
 Benefits paid 
 (74,18,476)
 (63,16,003)
 (1,23,27,311)
 (27,79,927)
 At the closing of the year 
3,22,04,371
3,31,29,261
 - 
 - 
 funded status 
 (3,71,58,871)
 (3,15,69,896)
 (1,06,16,907)
 (1,93,13,631)
 Excess of actual over estimated return on plan assets 
 - 
 - 
 - 
 - 
 ( Actual rate of return = Estimated rate of return as ARD 
falls on 31st March ) 

(D)
 Actuarial Gain / Loss recognized 
 Actuarial ( gain ) / loss on obligations 
 (17,63,725)
 (7,48,700)
 (56,74,475)
 (33,43,577)
 Actuarial ( gain ) / loss for the year - Plan Assets 
 - 
 - 
 - 
 - 
 Actuarial ( gain ) / loss on obligations 
 17,63,725
 7,48,700
 - 
 - 
 Actuarial ( gain ) / loss recognized in the year 
 17,63,725
 7,48,700
 (56,74,475)
 (33,43,577)

 (E)  The amount to be recognized in the Balance Sheet and Statement of Profit and Loss 
 Present value of obligations as at the end of year 
6,93,63,243
6,46,99,157
1,06,16,907
1,93,13,631
 Fair value of plan assets as at the end of year 
3,22,04,371
3,31,29,261
 - 
 - 
 funded status 
 (3,71,58,871)
 (3,15,69,896)
 (1,06,16,907)
 (1,93,13,631)
 Net assets / ( liability ) recognized in Balance Sheet 
 (3,71,58,871)
 (3,15,69,896)
 (1,06,16,907)
 (1,93,13,631)

 (F)  Expenses recognised in statement of Profit and Loss 
 Current service Cost 
 51,42,904
 51,26,779
 78,53,064
 79,96,720
 Interest Cost 
 51,75,933
 48,25,162
 14,51,998
 11,61,350
 Expected return on plan assets 
 (25,44,232)
 (27,66,123)
 - 
 - 
 Net Actuarial ( gain ) / loss recognised in the year 
 17,63,725
 7,48,700
 (56,74,475)
 (33,43,577)
 Expenses recognised in Statement of Profit and Loss 
 95,38,330
 79,34,518
 36,30,587
 58,14,493

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

 For the Year 
 For the Year 
 2016-17 
 2015-16 
25
FINANCE COSTS 
 `
 `
Interest Expense 
7,43,41,653
8,34,55,272
Other Borrowing Costs 
 73,48,210
 67,66,697
TOTAL 
8,16,89,863
9,02,21,969

** For the Year 
 For the Year 
 2016-17 
 2015-16 
26
OTHER EXPENSES 
 `
 `**

Electricity Charges 
1,14,28,053
1,19,11,398
Rent 
5,64,89,953
5,05,70,281
Repair to Buildings 
 8,97,485
 15,08,996
Insurance 
 26,65,991
 23,52,603
Printing and Stationery 
 92,66,358
1,36,99,417
Postage and Telegram, Internet Charges 
 57,69,478
 59,93,439
Conveyance and Travelling 
2,23,62,159
2,08,80,178
Telephone and Telex 
1,12,16,698
1,15,00,629
Rate and Taxes 
1,26,15,146
1,00,25,547
Legal and Professional Fees 
1,52,70,767
1,68,73,529
Auditors' Remuneration 
 16,90,000
 12,65,000
Advertisement, Publicity and Business Promotion 
 54,41,350
 68,84,068
Directors' Sitting Fees 
 11,25,000
 13,60,000
Corporate Social Responsibility Expenditure (Refer Note No. 29) 
 16,81,700
 9,98,850
Miscellaneous Expenses 
9,02,53,397
8,44,34,800
Bad Debts Written Off 
 72,84,866
1,80,30,601
Less : Transfer from Contingency Reserve 
 (72,84,866)
 (1,80,30,601)
TOTAL 
24,81,73,535
24,02,58,735

27
EARNINGS PER SHARE ( EPS ) 
 2016-17 
 2015-16 
A) Net Profit After Tax 
7,02,66,554
8,37,41,676

B) Calculation of Weighted Average Number of Equity Share of ` 10 each 
  
I) 
Number of shares at the beginning of the year 
1,58,86,612
1,51,86,612

 
ii)  Total number of shares outstanding at the end of the year. 
1,58,86,612
1,58,86,612
  
iii)  Weighted Average Number of Equity Shares outstanding during the year 
1,58,86,612
1,53,35,792

C) Basic Earning per share ( in `) 
 4.42 
 5.46 

D)  Diluted Earning per share ( in `)
 4.18 
 4.98 

E)  Nominal Value of Shares 
 10.00 
 10.00 

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

**28. Payment to Auditors :**

**Particulars
For the Year  
2016 - 17
`**

For the Year  
2015 - 16
`
Audit Fees
12,65,000*
9,73,250*
Tax Audit Fees
2,58,750*
2,00,375*
Certification Fees including Limited Review
3,45,000*
2,29,000*
Out of Pocket Expenses
74,750*
45,800*
 Total
19,43,500 
14,48,425 

 
*includes service Tax, swachh Bharat Cess and Krishi Kalyan Cess of ` 2,53,500/- (Previous Year ` 1,83,425 /-).

**29. Corporate Social Responsibility Expenditure :**

 
The Company has incurred a total expenditure of ` 16,81,700/- (Previous Year ` 9,98,850/-), which is being debited to 
the profit and loss account for the year ended 31st March, 2017.

**Nature of expenses
Schedule in the financial statement 
For the Year
2016 – 17
`**

For the year
2015 – 16
` 
Donation to the Trust towards purchase 
of blood bank vehicle for use of Tata 
Memorial Hospital

Other expenses (Note 26)
16,81,700
9,98,850

** Total 
 
16,81,700
 9,98,850 **

 
The CSR committee constituted by the Board of Directors of the Company under section 135 of the Act supervise all the 
expenditure incurred for CSR purposes. The Company contributed to Rotary Club of Bombay Bandra Charitable Trust 
for purchase of blood bank vehicle for use of Tata Memorial Hospital.

 
Following is the information regarding projects undertaken and expenses incurred on CSR activities during the year 
ended 31st March, 2017.

 
I. 
Gross amount required to be spent by the Company during the year – ` 14,76,535/- (Previous Year ` 9,95,527/-).

 
II. 
Following is the amount spent during the year on (by way of contribution to the trust and projects undertaken): 

**Particulars 
For the Year
2016-17
`**

 For the Year
2015-16
` 
 Other project 
16,81,700
 9,98,850 
 Total 
16,81,700
 9,98,850 

**30. Earnings and Expenditure in Foreign Currency : **

**Particulars
 For the Year  
2016 - 17
`**

 For the Year  
2015 - 16
`
Earnings in Foreign Currency :
Air Freight Billing and Other expenses (Net)
--
1,62,351
Total
--
1,62,351
Expenditure in Foreign Currency :
Membership and Subscription Fees
42,062
41,357
Travelling
1,01,451
3,06,474
Total
1,43,513
3,47,831

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

**31. Contingent Liabilities **

 
i. 
Estimated amount of contracts remaining to be executed on capital expenditure and not provided for as on  
31st March, 2017 ` 5,25,154/- (Previous Year ` 5,25,154/).

 
ii. 
Counter guarantees given to Banks and to Mr. Areef Patel, Executive Vice Chairman for guarantees provided by 
them against credit facilities ` 77,10,05,000/- (Previous Year ` 69,19,22,590/-), for which no monetary benefit has 
accrued to Mr. Areef Patel, Executive Vice Chairman.

 
iii. Claims against the Company not acknowledged as debts ` 6,08,16,950/- (Previous Year ` 4,19,73,979/-).

 
iv. On account of CSR ` NIL (Previous Year ` 16,70,000/-).

32.  Trade Receivable against whom the Company has filed the legal suits for recovery are being reviewed by the legal 
department on year-to-year basis. The Management is hopeful of recovery of these amounts. Accordingly no provision 
has been made for any loss, which may occur on this account. 

33. Classification of Trade Receivable as secured and Trade Receivable / loans and advances as unsecured considered 
good are as evaluated and certified by the management, which has been relied upon by the auditors.

34. Balances of Trade Receivable, Trade Payable and certain loans and advances are subject to confirmation / reconciliation 
and adjustments, if any in respect thereof.

35. Other Loans and Advances under Long Term Loans & Advances includes Inter Corporate Deposits aggregating to  
` 1,28,27,000/- (Previous Year ` 1,28,27,000/-) due from certain companies.  Having regards to the long-term association 
with these companies, the management is of the view that no provision is considered necessary on these accounts.

36. Trade Receivable outstanding in Company books for Franchisee locations are collected by the Franchisee, as agent on 
behalf of the Company.

**37.  Segment Reporting : **

** 
 
 
 
 
 
  
 (Amt. in `)**

**Segment
Surface 
Transportation
Co-Loading 
of Courier
Consolidation 
of Cargo
Total**

Segment Revenue
External Sales
1,80,33,42,466
29,79,16,277
2,43,82,56,639
4,53,95,15,382
(1,76,30,42,307)
(24,50,22,194)
(3,10,55,68,377)
(5,11,36,32,878)
Inter - Segment Sales
Total Revenue
1,80,33,42,466
29,79,16,277
2,43,82,56,639
4,53,95,15,382
(1,76,30,42,307)
(24,50,22,194)
(3,10,55,68,377)
(5,11,36,32,878)
Segment Result
16,51,13,999
2,48,77,964
13,22,70,062
32,22,62,025
(17,61,95,143)
(1,94,02,793)
(17,54,71,114)
(37,10,69,050)
Unallocated Corporate Expenses
19,61,78,989
(19,66,89,956)
Operating Profits
12,60,83,036
(17,43,79,094)
Interest Expenses
8,16,89,863
(9,02,21,969)
Interest / Dividend Income
2,64,03,373
(1,46,15,641)
Other Income
2,14,24,025
(1,18,96,212)
Net Profit
9,22,20,571
(11,06,68,978)

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

**Segment
Surface 
Transportation
Co-Loading 
of Courier
Consolidation 
of Cargo
Total**

**Other Information**

segment Assets
1,01,49,03,047
8,37,65,274
70,55,52,897
1,80,42,21,218

(85,99,60,642)
(6,91,03,019)
(72,18,10,202)
(1,65,08,73,863)

Unallocated Corporate Assets
27,26,72,400

(36,68,75,449)

Total Assets
1,01,49,03,047
8,37,65,274
70,55,52,897
2,07,68,93,618

(85,99,60,642)
(6,91,03,019)
(72,18,10,202)
(2,01,77,49,312)

Segment Liabilities
43,68,37,569
48,90,208
33,25,58,682
77,42,86,459

(42,52,12,817)
(68,88,239)
(38,20,81,772)
(81,41,82,828)

Unallocated Corporate Liabilities
1,30,26,07,159

(120,35,66,484)

Total Liabilities
43,68,37,569
48,90,208
33,25,58,682
2,07,68,93,618

(42,52,12,817)
(68,88,239)
(38,20,81,772)
(2,01,77,49,312)

Capital Expenditure
17,42,28,981
--
1,20,80,644
18,63,09,625

(84,08,092)
(28,500)
(1,20,78,451)
(2,05,15,043)

Unallocated Corporate Capital Expenditure
--

(--)

Total Capital Expenditure
17,42,28,981
--
1,20,80,644
18,63,09,625

(84,08,092)
(28,500)
(1,20,78,451)
(2,05,15,043)

Depreciation and Amortization
2,74,28,717
2,70,012
1,32,67,382
4,09,66,111

(2,78,59,918)
(3,00,726)
(1,36,87,403)
(4,18,48,047)

Unallocated Depreciation and Amoritzation
10,89,530

(9,63,484)

Total Depreciation and Amortization
2,74,28,717
2,70,012
1,32,67,382
4,20,55,641

(2,78,59,918)
(3,00,726)
(1,36,87,403)
(4,28,11,531)

**38. Related party disclosures : -**

 
Related Parties have been classified as per Accounting Standards of Institute of Chartered Accountants of India as 
under:

 
A) Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or 
are under common control with, the reporting enterprise (Clause 3(a) of AS 18).

 
 
DelivrEx India Limited (Wholly Owned Subsidiary)

 
B) Individuals owning directly or indirectly an interest in the voting power of the reporting enterprise that gives 
them significant influence over the enterprise, and relative of such individual (Clause 3(c) of AS 18).

 
 
Mr. Asgar S. Patel and his relatives within the meaning of Clause 10.9 of AS 18.

 
C) Key Management Personnel and relatives of such personnel ( Clause 3(d) of AS18) and his relatives within 
the meaning of Clause 10.9 of AS 18.

 
 
Mr. Areef Patel

 
 
Mr. Mahesh Fogla

 
 
Mr. Nitin Akolkar

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

** 
D) Enterprises over which any person described in (A) or (B) is able to exercise significant influence  
(Clause 3(e) of AS 18)**

** 
 
a) 
Wall Street Securities & Investment (India) Ltd.**

** 
 
b) 
Transways Combines Pvt. Ltd.**

** 
 
c) 
Patel Real Estate Developers Pvt. Ltd.**

** 
 
d) 
One Capitall Ltd.**

** 
 
e) 
Patel Holdings Ltd.**

** 
 
f) 
Wall Street Derivatives and Financial Services (India) Pvt. Ltd.**

** 
 
g) 
Natasha Constructions Pvt. Ltd.**

** 
 
h) 
Natasha Homes Pvt. Ltd.**

** 
 
i) 
Natasha Construction Projects Pvt. Ltd.**

** 
 
j) 
A. S. Patel Trust**

** 
 
k) 
Goldman (Patel Family) Beneficiaries Trust.**

** (Amt. in `)**

**Sr.
Particulars
A
B
C
D**

**Transactions during the year**

**16-17
15-16
16-17
15-16
16-17
15-16
16-17
15-16**

1.
Lease Rent Paid
--
--
--
--
--
--
19,13,296
18,96,948

2.
Rent Received
--
--
--
--
--
--
7,02,960
6,63,510

3.
Director Sitting Fees
--
--
50,000
50,000
--
--
--
--

4.
Remuneration Paid
--
--
--
--
94,93,764
54,69,182
--
--

5.
Reimbursement of Expenses 
(Paid)
--
--
--
--
--
--
--
3,78,696

 6.
Inter Corporate Deposit Repaid
--
--
 --
 --
 --
 --
--
2,74,00000

 7.
Inter Corporate Deposits Taken
--
--
 --
 --
 --
 --
--
1,20,00000

 8.
Interest on ICD paid
--
--
--
--
--
--
--
14,42,540

 9.
Loans and Advances Given
38,34,836
--
--
--
--
--
--
--

10.
Investment
1,00,000
--
--
--
--
--
--
--

**Balance as at**

11.
Investment

DelivrEx India Limited.
1,00,000
--
--
--
--
--
--
--

12.
Property Deposit Given

A S Patel Trust
--
--
--
--
--
--
1,00,00,000
1,00,00,000

13.
Loans and Advances

DelivrEx India Limited.
38,34,836
--
--
--
--
--
--
--

** 
Above figures are excluding Service Tax, Swachh Bharat Cess and Krishi Kalyan Cess, wherever applicable.**

** 
NOTES :**

** 
i. 
The godown deposit is treated as property deposit pending final outcome of application filed by the Company for 
recovery of possession in the Court of Additional Rent Controller , Central District, Tiz Hazari Court, New Delhi.**

** 
ii. 
There are no provisions for doubtful debts or amounts written off or written back during the year for debts due from 
or to related parties.**

**39. In the opinion of the Board, current assets, loans and advances have a value of at least equal to the amounts shown in 
the Balance Sheet, if realised in the ordinary course of business. The provision for all known liabilities is adequate and 
not in excess of amount considered reasonably necessary. There are no contingent liabilities other than those stated in 
Note No. 31.**

40. During the year , the Company had specified bank notes or other denomination notes as defined in the MCA notification 
G.S.R. 308(E) dated March 30, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period 
from November 08, 2016 to December 30, 2016, the denomination wise SBN's and other notes as per the notification is 
given below:

** (Amt. in `)**

**Particulars
SBN’s
Other Denomination 
notes
Total**

Closing Cash on Hand as on November 08,2016
1,16,54,500
1,24,19,419
2,40,73,919
Add: Permitted Receipts
--
4,99,03,070
4,99,03,070
Less: Permitted Payments 
8,33,000
4,98,41,304
5,06,74,304
Less: Amount deposited in Banks
1,08,21,500
10,14,823
1,18,36,323
Closing Cash on Hand as on December 30,2016
--
1,14,66,363
1,14,66,363

 
*For the purpose of this clause , the term “ Specified Bank Notes” shall have the same meaning provided in the notification 
of the Government on India , in the Ministry of Finance , Department of Economic Affairs , Number S. O. 3407 (E), dated 
November 08, 2016.

41. Previous year’s figures are regrouped/restated wherever required. 

As per our report of even date
For M S P & Co.
For and on behalf of the Board,
Chartered Accountants
(Registration No. 107565W)

M. S. PARIKH
AREEF A. PATEL
P. S. G. NAIR
Partner
Executive Vice Chairman
Director
Membership No. 08684

Mumbai,
NITIN B. AKOLKAR
MAHESH FOGLA
Dated : 26th May, 2017
Company secretary
Chief Financial Officer

**Notes on Standalone Financial Statements for the Year Ended 31st March, 2017**

**INDEPENDENT AUDITOR’S REPORT**

**To,
The Members of 
Patel Integrated Logistics Limited**

**Report on the Consolidated Financial Statements**

We have audited the accompanying consolidated financial statements of Patel Integrated Logistics Limited (hereinafter 
referred as “the Holding Company”) and its subsidiaries (the holding company and its subsidiaries together referred to as “the 
Group”), comprising of the Consolidated Balance Sheet as at March 31, 2017, the Consolidated Statement of Profit and Loss, 
the consolidated Cash flow statement for the year then ended, and a summary of significant accounting policies and other 
explanatory information (herein after referred to as “the consolidated financial statements”)  

**Management’s Responsibility for the Consolidated Financial Statements**

The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial statements in 
terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair view of the 
consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in accordance 
with the accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 
of the Act. The respective Board of Directors of the companies included in the Group are responsible for maintenance of 
adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its 
associates and its jointly controlled entities and for preventing and detecting frauds and other irregularities; the selection and 
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring 
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial 
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have 
been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, 
as aforesaid.

**Auditor’s Responsibility**

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. In conducting our 
audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are 
required to be included in the audit report under the provisions of the Act and the Rules made there under. 

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those 
Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 
about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated 
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of 
material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, 
the auditor considers internal financial control relevant to the Holding Company’s preparation of the consolidated financial 
statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An 
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting 
estimates made by the Holding Company’s Directors, as well as evaluating the overall presentation of the consolidated 
financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on 
consolidated financial statements.

**Opinion**

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated 
financial statement gives the information required by the Act, in the manner so required, give a true and fair view in conformity 
with accounting principles generally accepted in India, of consolidated state of affairs of the Group, as at March 31, 2017, and 
their consolidated profits and their consolidated cash flows for the year ended as on that date.

**Other Matters**

Financial Statements / Consolidated Financial Statements of a Subsidiary which reflect total assets of `38,14,629/- as at 
March 31, 2017, total revenues of `Nil and Net Cash flows amounting to ` 16,301/- for the year then ended, have been 
audited by us.

**Report on Other Legal and Regulatory Requirements**

1. 
As required by Section 143(3) of the Act, based on our audit and on the consideration of the report of the other auditors 
and the other financial information of subsidiaries referred in the Other Matters paragraph above we report, to the extent 
applicable, that:

 
a) 
We have sought and obtained all the information and explanations which to the best of our knowledge and belief 
were necessary for the purpose of our audit;

 
b) 
In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated 
financial statements have been kept so far as it appears from our examination of those books;

 
c) 
The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash Flow 
Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose 
of preparation of the consolidated financial statements;

 
d) 
In our opinion, the aforesaid consolidated financial statement comply with the Accounting Standards specified under 
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

 
e) 
On the basis of written representations received from the directors as on March 31, 2017, and taken on record by 
the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director 
in terms of section 164(2) of the Act;

 
f) 
With respect to the adequacy of the internal financial controls over financial reporting of the Company and the 
operating effectiveness of such controls, refer to our separate Report in “Annexure A” and

 
g) 
In our opinion and to the best of our information and according to the explanations given to us, we report as under 
with respect to other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies 
(Audit and Auditors) Rules, 2014:

 
 
i. 
The Consolidated financial statements has disclosed the impact of pending litigations on its financial position in 
its consolidated financial statements – Refer to Note No.31 to the consolidated financial statements;

 
 
ii. 
The group did not have any long term contracts including derivative contracts, as such the question of 
commenting on any material foreseeable losses thereon does not arise;

 
 
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and 
Protection Fund by the Holding Company. In respect of the subsidiary companies incorporated in India, there 
were no amounts which were required to be transferred to the Investor Education and Protection Fund;

 
 
iv. The Holding Company has provided requisite disclosures in the consolidated financial statements as regards 
the holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated the 8th 
November, 2016 of the Ministry of Finance, during the period from 8th November, 2016 to 30th December, 2016 
of the Group entities as applicable. Based on audit procedures performed and the representations provided to 
us by the management, we report that the disclosures are in accordance with the relevant books of accounts 
maintained by those entities for the purpose of preparation of the consolidated financial statements. Refer Note 
40 to the consolidated financial statements.

For M S P & CO. 
Chartered Accountants 
FR No: 107565W 

M. S. Parikh 
Partner 
M No: 08684 

Place: Mumbai 
Date: May 26, 2017

**“Annexure A” forming a part of Independent Auditor’s Report**

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”).
We have audited the internal financial controls over financial reporting of Patel Integrated Logistics Limited (“the Company”) as of March 31, 
2017 in conjunction with our audit of the consolidated financial statements of the Company for the year ended on that date. 
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over 
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance 
Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These 
responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively 
for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, 
the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of 
reliable financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We 
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance 
Note”) and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of 
Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan 
and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was 
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over 
financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an 
understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and 
evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the 
auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due 
to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the 
Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that 
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the 
assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated 
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are 
being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance 
regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material 
effect on the consolidated financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper 
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any 
evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control 
over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or 
procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and 
such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over 
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note 
on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
For M S P & CO. 
Chartered Accountants 
FR No: 107565W
M. S. Parikh 
Partner 
M No: 08684 
Place: Mumbai
Date: May 26, 2017

**As per our report of even date
For M S P & Co.
For and on behalf of the Board,
Chartered Accountants
(Registration No. 107565W)**

**M. S. PARIKH
AREEF A. PATEL
P. S. G. NAIR
Partner
Executive Vice Chairman
Director
Membership No. 08684**

**Mumbai,
NITIN B. AKOLKAR
MAHESH FOGLA
Dated : 26th May, 2017
Company Secretary
Chief Financial Officer**

**CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2017**

** Note
No. 
`**

 As At 
 31.03.2017  
`
 EQUITY AND LIABILITIES 
 Shareholders' Funds 
 Share Capital 
2
15,88,66,120
 Reserves and Surplus 
3
96,65,30,174
 Money Received Against Share Warrants 
4
2,67,08,750
1,15,21,05,044
 Non - Current Liabilities 
 Long Term Borrowings 
5
18,01,82,950
 Deferred Tax Liability ( Net ) 
6
2,57,79,152
 Other Long Term Liabilities 
7
2,64,22,647
23,23,84,749
 Current Liabilities 
 Short Term Borrowings 
8
37,82,37,409
 Trade Payables 
9
10,45,30,770
 Other Current Liabilities 
10
10,47,38,155
 Short Term Provisions 
11
10,47,77,284
69,22,83,618
 TOTAL 
2,07,67,73,411

 ASSETS 
 Non - Current Assets 
 Property, Plant And Equipment 
12
51,98,97,671
 Capital Work-in-Progress 
1,78,84,836
 Intangible Assets 
13
 7,48,599
 Non - Current Investment 
14
3,97,41,454
 Long Term Loans and Advances 
15
7,59,18,445
65,41,91,005
 Current Assets 
 Current Investment 
16
8,12,24,436
 Trade Receivable 
17
87,57,60,511
 Cash and Cash Equivalents 
18
18,06,53,669
 Short Term Loans and Advances 
19
27,91,33,156
 Other Current Assets 
20
 58,10,634
1,42,25,82,406
 TOTAL 
2,07,67,73,411
 Significant Accounting Policies 
1
 Notes on Financial Statements 
2 - 41

**As per our report of even date
For M S P & Co.
For and on behalf of the Board,
Chartered Accountants
(Registration No. 107565W)**

**M. S. PARIKH
AREEF A. PATEL
P. S. G. NAIR
Partner
Executive Vice Chairman
Director
Membership No. 08684**

**Mumbai,
NITIN B. AKOLKAR
MAHESH FOGLA
Dated : 26th May, 2017
Company Secretary
Chief Financial Officer**

**CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2017**

** Note 
 No. 
 For the Year 
 2016-17  
` 
INCOME **

Revenue from Operations 
21
4,53,95,15,382
Other Income 
22
4,78,27,398
Total Revenue 
4,58,73,42,780

**EXPENSES **

Operating Cost 
23
3,83,18,37,430
Employee Benefits Expense 
24
29,13,65,740
Finance Costs 
25
8,16,90,437
Depreciation and Amortization Expense 
12 &13
4,21,74,333
Other Expenses 
26
24,81,98,026
Total Expenses 
4,49,52,65,966

**Profit Before Tax 
9,20,76,814**

**Tax Expense **

Current Tax 
1,81,00,000
Deferred Tax 
 38,54,017
(Excess) / Short Provision of Income Tax for earlier years 
 - 
Profit for the year 
7,01,22,797

**Earning per Equity Share of face value of ` 10/- each **

Basic (in `) 
27
 4.41 

Diluted (in `) 
27
 4.17 

Significant Accounting Policies 
1
Notes on Financial Statements 
2 - 41

**CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2017**

** ` **

** Year Ended 
 31.03.2017 
 ` **

**A:
CASH FLOW FROM OPERATING ACTIVITIES : **

Net Profit Before Tax as per Profit and Loss Account 
9,20,76,814

 Adjusted For : 

 Profit / Loss on Sale / Discard of Assets (Net) 
 (2,38,62,453)

 Depreciation 
4,21,74,333

 (Net gain) / Loss on Sale of Current/Non - Current Investments 
 (1,44,84,603)

 Dividend Income 
 (26,83,514)

 Interest Income 
 (2,37,19,859)

 Finance Cost 
8,16,90,437

5,91,14,341

Operating Profit Before Working Capital Changes 
15,11,91,155

 Adjusted For : 

 Trade and Other Receivables 
 58,59,835

 Trade and Other Payables 
 (5,68,87,410)

 (5,10,27,575)

 Cash Generated from Operations 
10,01,63,580

 Taxes Received / (Paid) (Net) 
4,65,67,514

**4,65,67,514**

** Net Cash from Operating Activities 
14,67,31,094**

**B:
CASH FLOW FROM INVESTING ACTIVITIES : **

 Purchase of Fixed Assets 
(18,74,97,501)

 Sale of Fixed Assets 
8,05,31,487

 (Purchase) / Sale of Current / Non - Current Investment (Net) 
 (8,93,50,691)

 Movement in Fixed Deposits (Net) 
1,22,15,860

 Increase in Capital Work in Progress 
 (1,35,38,998)

 Interest Received 
2,57,19,190

 Dividend Received 
 26,83,514

** Net Cash (used in) Investing Activities 
(16,92,37,139)**

** ` **

** Year Ended 
 31.03.2017 
 ` **

**C:
 CASH FLOW FROM FINANCING ACTIVITIES : **

 Proceeds from Public Deposits (Net) 
 25,86,000

 Proceeds from Long Term Borrowings (Net) 
6,14,11,930

 Proceeds from Short Term Borrowings (Net) 
 (5,67,45,506)

 Interest Paid 
 (8,20,88,855)

 Dividend Paid 
 (92,28,900)

** Net Cash (used in) / from Financing Activities 
 (8,40,65,331)**

 Net Increase / (Decrease) in Cash and Cash Equivalents 
(10,65,71,376)

 Opening Balance of Cash and Cash Equivalents 
23,65,53,760

 Closing Balance of Cash and Cash Equivalents 
12,99,82,384
Notes : 

1) 
Cash and Cash Equivalents do not include Fixed Deposits with Banks as Margin Money. 

2) 
Amount of ` 5,54,33,799/- received as preferential money was included in above specified Bank Account. 

3) 
Figures in bracket denote outflow of cash. 

4) 
The above Cash Flow Statement has been prepared under the “Indirect Method” set out in Accounting Standard (AS-3) “Cash 
Flow Statement”. 

5) 
This being the first year of preparation of Consolidated Financial Statements, previous year consolidated figures are not given.

**As per our report of even date
For M S P & Co.
For and on behalf of the Board,
Chartered Accountants
(Registration No. 107565W)**

**M. S. PARIKH
AREEF A. PATEL
P. S. G. NAIR
Partner
Executive Vice Chairman
Director
Membership No. 08684**

**Mumbai,
NITIN B. AKOLKAR
MAHESH FOGLA
Dated : 26th May, 2017
Company Secretary
Chief Financial Officer**

**CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2017**

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

**1. 
Significant Accounting Policies **

a. 
Basis for preparation of Financial Statements:

 
The financial statements of the Company have been prepared to comply in all material aspects with applicable accounting 
principles in India, the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read 
with Rule 7 of the Companies (Accounts) Rules, 2014, the provision of the Act (to the extent notified) and guidelines 
issued by the Securities and Exchange Board of India (SEBI). 

 
The preparation of the financial statements in conformity with generally accepted accounting principles requires the 
use of estimates and assumption that affect the reported amount of assets and liabilities as at the balance sheet date, 
reported amount of revenues and expenses during the year and disclosure of contingent liabilities as at that date. The 
estimates and assumption used in the financial statements are based upon the management’s evaluation of the relevant 
facts and circumstances as of the date of financial statements.

 
Principles of Consolidation

 
i. 
The consolidated Financial Statements comprise the financial statements of Patel Integrated Logistics Ltd. and its 
wholly owned 100% subsidiary DelivrEx India Ltd.

 
ii. 
DelivrEx India Ltd., became a subsidiary Company from its date of Incorporation i.e. 3rd May, 2016 and became a 
wholly owned subsidiary w.e.f. 14th June, 2016 and is consolidated from 3rd May, 2016 (being the closest available 
balance sheet date of DelivrEx India Ltd.)

 
iii. The Consolidated Financial Statement of the Company and its Subsidiary Company have been prepared in 
accordance with the Accounting Standard 21 (AS-21) “Consolidated Financial Statements”, by adding together the 
book value of like items of assets, liabilities, income and expenses. The intra-group balance, intra-group transactions 
and unrealized profit or losses are fully eliminated.

 
iv. The Consolidated Financial Statements have been prepared using uniform accounting policies for like transaction 
and other events in similar circumstances and are presented, to the extent possible, in the same manner as the 
Company’s standalone financial statements.

b. 
Property, Plant and Equipment :

 
i. 
All fixed assets are stated at cost of acquisition which includes amounts added on revaluation, less accumulated 
depreciation and impairment losses. 

 
ii. 
Assets acquired on financial lease on or after April 1, 2001 are capitalised at their fair values. 

 
iii. Land purchased on long term lease (99 years) is shown under Property, Plant and Equipment, and not separately 

shown under Leased Assets. 

c. 
Intangible Assets:

 
 
Intangible assets are stated at cost of acquisition less accumulated amortization and impairment losses, if any.

d. 
Depreciation / Amortization: 

 
i. 
Depreciation on all assets, including those revalued, and those valued at market price is provided under straight 
line method at the rates and in the manner prescribed under Part-C of Schedule II of the Companies Act, 2013 (the 
“Act”). 

 
ii. 
Depreciation on additions to assets or sale or disposal of assets is calculated on a pro-rata basis from / to the date 
of addition / deduction. 

 
iii. Cost of leasehold land is amortised over the residual period of the lease on straight line basis.

e. 
Impairment of Assets:

 
Impairment loss if applicable is provided to the extent the carrying amount of assets exceeds their recoverable amount 
and the same is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. 

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

f. 
Investments:

 
i. 
Non – Current Investments are stated at cost as they are made with long-term perspective. Provision for diminution, 
if any, in value of investments is made to recognize a decline other than temporary in the value of the investment 
and valuation is done on global basis.

 
ii. 
Current Investments are carried at lower of cost and fair value, computed category wise.

 
iii. Membership shares of a Co-operative Housing Society related to office premise are included under Non - Current 
Investments.

 
iv. Profit / Loss on sale of Current / Non - Current Investments is computed on FIFO basis. 

g. 
Policy For Revenue Recognition: 

  
i. 
Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned / incurred, 
except those with significant uncertainties. 

 
ii. 
Amounts recovered towards demurrage and delivery charges are accounted at the time when they are ultimately 
realised. Freight includes recoverable on undelivered consignments as certified by the management and recoveries 
for other allied services.

 
iii. Income on account of Co-Loading and Cargo division is recognized on booking of courier & cargo load. 

 
iv. Cargo Freight charges has been accounted on gross basis and commission received if any, against the same has 
been accounted as revenue from operation under the head commission.

 
v. 
Dividend income from investment is recognised as and when received. 

 
vi. Other incomes are accounted for on accrual basis except when the recovery is uncertain, it is accounted for on 
receipt basis.

 
vii. Administrative and other expenses are stated net of recoveries wherever applicable. 

h. 
Employee Benefits:

 
i. 
The Company has taken a policy with Life Insurance Corporation of India under the Group Gratuity Scheme to cover 
gratuity liability to the extent of ` 10,00,000/- per employee and the premium is accrued on yearly basis. Additional 
liability if any, in excess of ` 10,00,000/- per employee is provided for on payment basis in respect of gratuity 
entitlement.

 
ii. 
Employee benefits includes salary, wages, employee state insurance and contribution to provident fund, family 
pension fund, superannuation fund, gratuity and compensated absences to eligible employees.

 
Short term employee benefits like salary, wages etc. are recognized and charged to Statement of Profit and Loss 
when the employee renders the services.

 
Contribution to defined schemes such as Provident Fund, Family Pension Fund, Superannuation Fund (in the case 
of eligible employees) and Employees’ State Insurance Scheme are charged to the Statement of Profit and Loss as 
incurred.

 
Company’s liability towards gratuity is determined by actuarial valuation carried out by the independent actuary as 
at each balance sheet date and is fully provided for in the Statement of Profit and Loss on the basis of aforesaid 
valuation. The actuarial valuation method used for measuring the liability is the Projected Unit Credit method.

 
The liability for compensated absences is determined by actuarial valuation carried out by the independent actuary 
as at each balance sheet date and provided for in the Statement of Profit and Loss as incurred in the year in which 
services are rendered by employees. The actuarial valuation method used for measuring the liability is the Projected 
Unit Credit method.

 
The actuarial gains and losses are recognized immediately in the Statement of Profit and Loss.

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

i. 
Foreign Currency Transactions:

 
Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. Monetary 
items denominated in foreign currencies are restated at the exchange rate prevailing on the balance sheet date. Exchange 
differences arising on settlement of the transaction and on account of restatement of monetary items are dealt with in the 
Statement of Profit and Loss.

j. 
Taxes on Income:

 
Taxes on Income are accounted for in accordance with Accounting Standard (AS 22)- Accounting for Taxes on Income, 
notified under the Companies (Accounting Standards) Rules, 2006. Income Tax comprises both Current and Deferred 
tax. 

 
Current tax is measured at the amount expected to be paid to the revenue authorities, using applicable tax rate and laws.

 
The tax effect of the timing differences that result between taxable income and accounting income and are capable 
of reversal in one or more subsequent periods are recorded as a deferred tax asset or deferred tax liability. They are 
measured using the substantively enacted tax rates and tax regulations as of the Balance Sheet date.

 
Deferred tax assets on unabsorbed depreciation and carry forward of losses are recognized only to the extent there is a 
virtual certainty of its realization.

 
Minimum Alternate Tax (MAT) paid in accordance with the tax law, which gives future economic benefits in the form of 
adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will 
pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future 
economic benefit associated with it will flow to the Company.

k. 
Service Tax Input Credit : 

 
Service Tax Input credit is accounted for in the books in the period in which the underlying service is received and when 
there is no uncertainty in availing /utilizing the credits.

l. 
Provision and Contingencies:

 
A provision is recognized when the Company has legal and constructive obligation as a result of a past event, for which 
it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A 
Contingent Liability is disclosed when the Company has possible or present obligation where it is not certain that an 
outflow of resources will be required to settle it.

 
Claims in respect of which the Company is of the opinion that they are frivolous or is legally advised that they are 
unsustainable in law are not considered as Contingent Liability as the possibility of an outflow of resources embodying 
economic benefits is remote. Contingent Assets are neither recognized nor disclosed in the financial statements.

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 
 As at 
 31.03.2017 
 ` 
2
 SHARE CAPITAL
 Authorised Share Capital 
 2,00,00,000 Equity Share of ` 10/- each 
20,00,00,000
 

20,00,00,000
 ISSUED, SUBSCRIBED AND PAID UP : 
 1,58,86,612 Equity Shares of ` 10/- each paid up value 
15,88,66,120
 
 TOTAL 
15,88,66,120

**2.1 The reconciliation of the number of shares outstanding is set out below :**

 Particulars 
 As At 
31.03.2017 
 No. of Shares 
 Equity Shares at the beginning of the year fully paid up 
1,58,86,612
 Equity Shares at the end of the year 
1,58,86,612

**2.2 Rights, preferences and restrictions attached to the equity shares - **

 
The Company has one class of equity shares having a par value of ` 10/- per share. Each shareholder is eligible for one 
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in 
the ensuing Annual General Meeting, except in case of interim dividend.

**2.3 The details of Shareholders holding more than 5 % shares : **

 Name of the Shareholders 
 As At 31.03.2017 
 No. of Shares 
 % held 
 Patel Holdings Limited 
 30,25,667
 19.05 
 A. S. Patel Trust 
 13,71,500
 8.63 
 Mr. Asgar S. Patel 
 10,65,879
 6.71 
 Mr. Areef A. Patel 
 9,27,884
 5.84 

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

** 
 ` **

** As at 
 31.03.2017 
 ` **

**3
RESERVES AND SURPLUS**

**Capital Reserve **

As per last Standalone Balance Sheet 
1,27,33,553

Add : Profit on sale of Land 
3,34,94,457

4,62,28,010

 Capital Redemption Reserve 
 18,60,000

** Securities Premium Reserve **

 As per last Standalone Balance Sheet 
32,00,75,337

 Less : Share issue expenses 
 10,16,123

31,90,59,214

** General Reserve **

 As per last Standalone Balance Sheet 
44,78,23,518

 Add : Transferred from Profit and Loss Account 
2,00,00,000

46,78,23,518

** Other Reserve **

** Contingency Reserve **

 (To meet contingencies) 

 As per last Standalone Balance Sheet 
3,78,46,266

 Add : Transferred from Profit and Loss Account 
2,50,00,000

6,28,46,266

 Less : Transfer to Profit and Loss Account 
 99,29,097

5,29,17,169

** Profit and Loss Account **

 As per last Standalone Balance Sheet 
6,30,79,843

 Add : Profit for the year 
7,01,22,797

13,32,02,640

 Less : Appropriations : 

 Transferred to General Reserve 
2,00,00,000

 Transferred to Contingency Reserve 
2,50,00,000

 Proposed Dividend on Equity Shares 
 79,43,306

 (Dividend per share ` 0.50) 

 Tax on Dividend 
 16,17,071

7,86,42,263

** TOTAL 
96,65,30,174**

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 As at 
 31.03.2017 
 ` 
4
MONEY RECEIVED AGAINST SHARE WARRANTS
 Application money received against 9,29,000 Convertible Equity warrant @ ` 28.75 per warrant 
2,67,08,750

 of ` 115/ each (including premium) issued on preferential basis. 
   TOTAL 
2,67,08,750

 As At 31.03.2017 
 Non Current 
 Rupees 
 Current 
 Rupees 
5
 LONG TERM BORROWINGS 
 Secured 
 Term Loan 
 - 
60,780
 Deferred Payment Liabilities 
6,36,14,950
2,41,83,853
6,36,14,950
2,42,44,633
 Unsecured 
 Term Loan 
 - 
39,587
 Deposit Accepted from Public 
11,65,68,000
3,27,60,000
11,65,68,000
3,27,99,587
                                    TOTAL 
18,01,82,950
5,70,44,220

**5.1 Deferred payment liabilities referred above are secured by way of mortgage of trucks and motor cars. **

5.2 Term loan liability referred above is secured by office premises located at Unit No. 504, 5th Floor, The Crescent Business 
Park, Andheri Kurla Road, Sakinaka, Andheri (E), Mumbai - 400 072.

** As at 
 31.03.2017 
 ` **

**6
DEFERRED TAX LIABILITY (Net) **

**Deferred Tax Liability **

Related to Fixed Assets 
2,38,91,275

**Deferred Tax Liability / (Assets) **

Disallowances under the Income Tax Act, 1961 
 18,87,877

**   TOTAL 
2,57,79,152**

** As at 
 31.03.2017 
 ` **

**7
OTHER LONG TERM LIABILITIES **

Deposits* 
2,64,22,647

**   TOTAL 
2,64,22,647**

* Deposits includes deposits from Transporters, Customers, Franchisees and others. 

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

** As at 
 31.03.2017 
 `**

**8
 SHORT TERM BORROWINGS **

** Secured - Loans repayable on demand **

 Working Capital Loans from Banks 
37,81,15,201

** Unsecured **

 Working Capital Loans from Banks and Others 
 1,22,208

** TOTAL 
37,82,37,409**

**8.1 Working Capital Loans from Banks : **

 
Secured by : 

 
Pari Passu Hypothecation charges on all the present & future book debts (up to 120 days) and movable assets except 
those as statutorily earmarked other than those acquired under hire purchase agreement. 

 
Collateral Security - 

 
- Personal Gurantee of Wholetime Director designated as Executive Vice Chairman. 

 
- Equitable Mortgage of certain properties owned situated at Mumbai and Thane.

** As at 
 31.03.2017 
 ` **

**9
 TRADE PAYABLES **

 Acceptances 
7,10,00,000

 Others 
3,35,30,770

** TOTAL 
10,45,30,770**

9.1 The Company has not received any intimation from its vendors regarding their status under Micro, Small and Medium 
Enterprises Development Act, 2006 and hence the disclosure, if any under the said Act has not been made.

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

** 
 ` **

** As at 
 31.03.2017 
 ` **

**10
 OTHER CURRENT LIABILITIES **

 Current Maturities of Public Deposits 
3,23,03,000

 Current Maturities of Deferred Payment Liabilities 
2,41,83,853

 Current Maturities of Term Loan Liabilities 
 1,00,367

 Interest Accrued but not due on Public Deposits 
 70,51,123

 Unclaimed Dividend 
 35,75,347

 Unclaimed Matured Deposits and Interest Accrued thereon 
 9,18,329

** Other Payables **

 Staff Advance 
51,694

 Statutory Liabilities 
 71,42,539

 Staff Liabilities 
2,11,19,255

 Sundry Deposits 
 23,48,783

 Overdrawn Balance in Current Account with Bank 
 15,44,531

 Liabilities for claims 
 10,02,205

 Other Payables* 
 33,97,129

3,66,06,136

** TOTAL 
10,47,38,155**

 * Includes Agency payables, etc. 

** As at 
 31.03.2017 
 `**

**11
 SHORT TERM PROVISIONS **

 Provisions for Leave Encashment 
1,06,16,907

 Proposed Dividend 
 79,43,306

 Tax on Dividend 
 16,17,071

 Provision for Income Tax 
8,46,00,000

** TOTAL 
10,47,77,284**

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

**12 PROPERTY, PLANT AND EQUIPMENT**

** 
Following are the changes in the carrying value of property, plant and equipment for the year ended 31st March, 2017:**

**(Amt. in ` )**

** Gross Carrying Value 
 Depreciation / Amortisation 
 Net Carrying Value **

** Description 
 As at  
01.04.2016 
 Additions / 
Adjustment 
 Deductions / 
Adjustments 
 As at  
31.03.2017 
 As at  
01.04.2016 
 For the Year 
 Deductions 
/ Adjustments 
 As at  
31.03.2017 
 As at  
31.03.2017 **

 Freehold Land 
16,03,25,082
 - 
1,35,18,627
14,68,06,455
 - 
 - 
 - 
 - 
14,68,06,455

 Leasehold Land 
92,050
3,86,58,000
 - 
3,87,50,050
29,971
2,026
 - 
31,997
3,87,18,053

 Buildings 
14,23,18,156
4,15,25,000
1,03,84,528
17,34,58,628
3,15,94,940
 21,62,278
 17,20,242
3,20,36,976
14,14,21,652

 Furniture and Fixtures 
13,16,52,452
 56,67,303
 - 
13,73,19,755
8,06,70,257
 93,81,913
 - 
9,00,52,170
4,72,67,585

 Computer 
16,47,48,333
 50,62,111
 - 
16,98,10,444
15,65,89,709
 52,21,172
 - 
16,18,10,881
 79,99,563

 Office Equipment 
6,58,11,754
 54,87,253
 5,41,312
7,07,57,695
4,93,87,214
 52,95,556
 5,41,297
5,41,41,473
1,66,16,222

 Plant and Machinery 
 88,24,912
 2,06,207
 - 
 90,31,119
 65,89,918
 2,24,422
 - 
 68,14,340
 22,16,779

 Truck 
9,84,56,212
8,39,88,676
 - 
18,24,44,888
6,48,93,923
1,56,79,890
 - 
8,05,73,813
10,18,71,075

 Vehicles 
3,84,48,909
 63,95,801
 19,57,539
4,28,87,171
2,32,37,346
 36,35,428
 9,65,890
2,59,06,884
1,69,80,287

** Total 
81,06,77,860
18,69,90,351
2,64,02,006
97,12,66,205
41,29,93,278
4,16,02,685
 32,27,429
45,13,68,534
51,98,97,671**

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

**12.1 Building includes ` 250/- in respect of shares held in the Society. **

**12.2 In respect of fixed assets acquired on finance lease on or after 1st April, 2001, the minimum lease rental outstanding 
as on 31st March, 2017 are as follows**

** (Amt in ` ) 
 Particulars 
 Total minimum lease 
payments outstanding 
As at 31st March **

** Future interest on 
outstanding lease 
payments **

** Present value of 
minimum lease 
payments  
As at 31st March 
2017
2017
2017
 within one year 
3,18,07,510
 76,23,657
2,41,83,853
 Later than one year and not later 
 than five years 
7,25,16,192
 89,01,242
6,36,14,950
 Total 
10,43,23,702
1,65,24,899
8,77,98,803**

**12.3 Buildings worth ` 58,77,423/- included in Gross Block are revalued on the basis of the replacement value as at 
30.06.1987 and the office premises worth ` 2,48,44,368/- included in Gross Block are revalued on the basis of the 
replacement value as at 31.03.1993. They are stated at revalued figures less accumulated depreciation.**

** 12.4 The office building at Natasha, 1st Floor, Bandra, Mumbai - 400 050 is under litigation which is pending before the High 
Court .**

** 12.5 Gross carrying of leasehold land represents amounts paid under certain lease-cum-sale agreements to acquire land 
including agreements where the Company has an option to purchase or renew the properties on expiry of the lease 
period.**

**13 
INTANGIBLE ASSETS :**

** 
Following are the changes in the carrying value of acquired intangible assets for the year ended 31st March, 2017:**

**(Amt in ` )**

** Gross Carrying Value 
 Depreciation / Amortisation 
 Net 
Carrying 
Value **

** Description 
 As at  
01.04.2016 
 Additions / 
Adjustment 
 Deductions 
/ 
Adjustments **

** As at  
31.03.2017 
 As at  
01.04.2016 
 For the 
Year 
 Deductions / 
Adjustments 
 As at  
31.03.2017 
 As at  
31.03.2017 **

 Licence 
Software 
2,31,44,092
 5,07,150
 - 2,36,51,242
2,23,30,995
5,71,648
 - 
2,29,02,643
 7,48,599

** Total 
2,31,44,092
 5,07,150
 - 2,36,51,242
2,23,30,995
5,71,648
 - 
2,29,02,643
 7,48,599**

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 As at 
 31.03.2017 
 `
14
 NON - CURRENT INVESTMENTS 
 
 (Long Term Investments) 
 Investments in Equity Shares 
 Trade Quoted 
 20 
Gati Ltd. of ` 2/- each fully paid up
1,013
 
 200 
All Cargo Logistics Ltd. of ` 2/- each
16,993
  
fully paid up
 20 
Transport Corporation of India Ltd. of ` 2/- 
1,495
 
each fully paid up
 10 
TCI Express Ltd. of ` 2/-
 - 
 
each fully paid up

19,501
 Non Trade Quoted 

 250 
Pfizer Ltd. of ` 10/- each fully paid up
 2,26,721
 
 50 
Ganesh Anhydride Ltd. of ` 10/- each fully
500
 
paid up
 2500 
Power Grid Corporation of India Ltd. of ` 10/- 
 3,84,775
 
each fully paid up
 165000 
wall Street Finance Ltd. of ` 10/- each
 34,10,000
 
fully paid up
 1 
TCI Developers Ltd. of ` 10/- each
 - 
 
fully paid up
 157 
BSE Ltd of `  2/- each fully paid up
 1,26,542
 
 250 
Sree Rayalseema Alkalies and Allied Chemicals
2,500
of `  10/- each fully paid up

 41,51,038
 Non Trade Unquoted 

 5000 
Shamrao Vithal Co-op Bank Ltd. of ` 25/- each
 1,25,000
 
fully paid up
 50 
NKGSB Co-op Bank Ltd of ` 10/- each
500
 
fully paid up
 910 
Shri Ambuja Petrochemicals Ltd of ` 10/- each
9,100
 
fully paid up
 5 
The Memon Co-op. Bank Ltd of ` 10/- each
50
 
fully paid up
 5 
The Natasha Co-op. Housing Society Ltd. 
250
 
of `  50/- each fully paid up
 8 
Piramal Glass Limited of ` 10/- each
 - 
 

 1,34,900

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 As at 
 31.03.2017 
 `
Investments in Debentures - Quoted 
 14000 
NCD of Blue Dart Express Ltd. 
 - 
 
of ` 10/- each fully paid up

-
Investments in Debentures - Unquoted 
 40 
NCD of Ganesh Benzo Plast Ltd
3,000
 
of ` 75/- each fully paid up
 1 
Secured NCD of Orris Infrastructure Private Limited
1,02,36,849
 

1,02,39,849
Investments in Mutual Fund - Quoted 
 16200 
UTI Mastershares of ` 10/- each fully paid up
 1,96,166
 

 1,96,166
 Investments in Mutual Fund - Unquoted 
150000
Units Essel Asset II at NAV of ` 100/- each
1,50,00,000
Reliance Yield Maximiser AIF Scheme III
1,00,00,000
2,50,00,000

TOTAL
3,97,41,454
 Note 
 Aggregate book value of quoted investments 
 43,66,705
 Aggregate market value of quoted investments 
 59,36,067
 Aggregate book value of unquoted investments 
3,53,74,749

** 
 ` **

 As at 
 31.03.2017 
 ` 
15
 LONG - TERM LOANS AND ADVANCES 
 
 (Unsecured Considered Good) 
 Property Deposit 
 Related Party (Refer Note No. 38[i]) 
1,00,00,000
 Others 
3,59,39,932
4,59,39,932
 Earnest Money Deposit 
 6,35,595
 Other Deposits 
 49,73,918
 Other Loans and Advances (Refer Note No. 35) 
2,43,69,000
                           TOTAL 
7,59,18,445

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 As at 
 31.03.2017 
 ` 
16
CURRENT INVESTMENTS 
(Short Term Investments) 
Investments in Equity Shares 
Trade Quoted 
1000 
Blue Dart Express Ltd. of ` 10/- each
 45,89,909
 
fully paid up

 45,89,909
 Non Trade Quoted 
 76500 
Hindustan Petroleum Corporation Ltd. of ` 10/- 
2,61,45,992
 
each fully paid up
 9400 
State Bank of India of ` 1 /- each
 24,83,007
 
fully paid up

2,86,28,999
 Investments in Debentures - Unquoted 
 2 
Secured NCD of Omkar Realtors Andheri Project Pvt. Ltd.
 80,69,139
 
 50 
Secured NCD of Prime Focus Technologies Pvt. Ltd.
 50,00,000
 
 100 
Secured NCD of Pinnacle Vastunirman Pvt. Ltd. 
1,03,38,082
 

2,34,07,221
Investments in Mutual Fund - Quoted 
643255.101 
Redeemable Units of ICICI Balanced Advantage Fund at NAV
 97,06,719
of ` 15.09 each

 97,06,719
 Investments in Mutual Fund - Unquoted 
49062.834
Redeemable Units of DSP Blackrock India Enhanced Equity Fund 
Class B-7.03 at NAV of ` 102.97 each
 50,52,000

98395.878
Redeemable Units of DSP Blackrock India Enhanced Equity Fund 
Class B-7.01 at NAV of ` 100/- each
 98,39,588

1,48,91,588

**TOTAL
8,12,24,436**

Note 
Aggregate book value of quoted investments 
4,29,25,627
Aggregate market value of quoted investments 
5,84,80,622
Aggregate book value of unquoted investments 
3,82,98,809

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 As at 
 31.03.2017 
 `
17
 TRADE RECEIVABLE 
 Secured Considered Good 
 Over six months 
1,40,10,603
 Others 
33,99,23,501
 Unsecured Considered Good 
 Over six months 
5,54,34,651
 Others 
46,63,91,756
 TOTAL 
87,57,60,511

 As at 
 31.03.2017 
 `
18
 CASH AND BANK BALANCES 
 Cash and Cash Equivalents 
 Balance with Banks 
 In Current Accounts (includes proceeds of preferential issue) 
11,72,93,402
 In Dividend Account for Unclaimed Dividend 
 35,75,347
 Cash on Hand 
 91,13,635
 Other Bank Balances 
 In Fixed Deposits 
 20,08,423
 In Fixed Deposits ( as margin money against bank guarantees,LC's and Others ) 
3,31,62,862
 In Fixed Deposits ( as earmarked against public deposits ) 
1,55,00,000
 TOTAL 
18,06,53,669

 Fixed deposits with bank includes deposits of ` 10,72,787/- with maturity of more than 12 months 

 As at 
 31.03.2017 
 `
19
 SHORT - TERM LOANS AND ADVANCES 
 (Unsecured and Considered Good) 
 Prepaid Expenses 
 61,63,071
 Staff Advances 
 23,21,910
 Advance Income Tax 
17,50,63,339
 Others* 
9,55,84,836
 TOTAL 
27,91,33,156
 * includes interest receivable, cenvat receivable, claim receivable, agent receivable and octroi advance. 

 As at 
 31.03.2017 
 `
20
 OTHER CURRENT ASSETS 
 Interest Accrued on Bank Deposits 
 31,15,690
 Pre-Operative Expenses 
 26,94,944
 TOTAL 
 58,10,634

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 For the Year  
2016-17 
`
21
 REVENUE FROM OPERATIONS 
 
 Sale of Services 
 Freight 
1,77,43,03,604
 Co Loading and Cargo Income 
2,34,43,91,970
 Commission 
38,24,79,946
 Other Operating Income 
3,83,39,862
 TOTAL 
4,53,95,15,382

 For the Year  
2016-17 
`
22
 OTHER INCOME 
 Interest Income 
2,37,19,859
 Dividend Income 
 26,83,514
 Other Non Operating Income 
2,14,24,025
 TOTAL 
4,78,27,398

 For the Year  
2016-17 
`
23
 OPERATING COST 
 Truck Hire Charges 
1,04,16,51,926
 Truck Operational Expenses 
13,64,77,982
 Truck Repairs and Maintenance Expenses 
1,20,74,096
 Diesel, Oil and Grease 
9,08,22,331
 Taxes and Permits 
 24,10,503
 Sundry Airport Expenses 
1,31,20,643
 Line Haul Transportation Expenses 
3,11,37,327
 Cargo Freight Charges 
2,04,92,70,414
 Handling Charges 
32,26,43,579
 Packing Materials Expenses 
 15,81,328
 Miscellaneous Operating Expenses 
8,64,84,178
 Insurance 
 21,40,291
 Agency Commission 
4,20,22,832
 Claims for Loss of Goods (Net of Recoveries) 
 26,44,231
 Less : Transfer from Contingency Reserve 
 (26,44,231)
 TOTAL 
3,83,18,37,430

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 For the Year  
2016-17 
`
24
 EMPLOYEE BENEFITS EXPENSE 
 Salaries and wages 
24,88,60,679
 Contribution to Provident and Other Funds 
2,49,15,295
 Staff Welfare Expenses 
1,75,89,766
 TOTAL 
29,13,65,740
24.1
Defined obligations - Disclosures as per Accounting Standard 15 (Revised ) are as under,

 Gratuity 
 Leave 
 2016 - 17  
`
 2016 - 17  
`
(A)
 Reconciliation of changes in present value of obligations 
 
 At the beginning of the year 
6,46,99,157
1,93,13,631
 Current service cost 
 51,42,904
 78,53,064
 Interest Cost 
 51,75,933
 14,51,998
 Actuarial ( Gain ) / Loss 
 17,63,725
 (56,74,475)
 Benefits paid 
 (74,18,476)
 (1,23,27,311)
 At the closing of the year 
6,93,63,243
1,06,16,907
(B)
 Reconciliation of changes in fair value of plan assets 
 At the beginning of the year 
3,31,29,261
 - 
 Expected return on plan assets 
 25,44,232
 - 
 Contributions 
 39,49,354
1,23,27,311
 Benefits paid 
 (74,18,476)
 (1,23,27,311)
 Actuarial ( Gain ) / Loss 
 - 
 - 
 At the closing of the year 
3,22,04,371
 - 
(C)
 Reconciliation of fair value of plan assets 
 At the beginning of the year 
3,31,29,261
 - 
 Actual return on plan assets 
 25,44,232
 - 
 Contributions 
 39,49,354
1,23,27,311
 Benefits paid 
 (74,18,476)
 (1,23,27,311)
 At the closing of the year 
3,22,04,371
 - 
 Funded Status 
 (3,71,58,871)
 (1,06,16,907)
 Excess of actual over estimated return on plan assets 
 - 
 - 
 (Actual rate of return = Estimated rate of return as ARD falls on 31st March) 
(D)
 Actuarial Gain / Loss recognized 
 Actuarial ( gain ) / loss on obligations 
 (17,63,725)
 (56,74,475)
 Actuarial ( gain ) / loss for the year - Plan Assets 
 - 
 - 
 Actuarial ( gain ) / loss on obligations 
 17,63,725
 - 
 Actuarial ( gain ) / loss recognized in the year 
 17,63,725
 (56,74,475)
(E)
The amount to be recognized in the Balance Sheet and Statement of 
Profit and Loss 
 Present value of obligations as at the end of year 
6,93,63,243
1,06,16,907
 Fair value of plan assets as at the end of year 
3,22,04,371
 - 
 Funded Status 
 (3,71,58,871)
 (1,06,16,907)
 Net assets / ( liability ) recognized in Balance Sheet 
 (3,71,58,871)
 (1,06,16,907)

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

 Gratuity 
 Leave 
 2016 - 17  
`
 2016 - 17  
`
(F)
 Expenses recognised in statement of Profit and Loss 
 Current Service Cost 
 51,42,904
 78,53,064
 Interest Cost 
 51,75,933
 14,51,998
 Expected return on plan assets 
 (25,44,232)
 - 
 Net Actuarial ( gain ) / loss recognised in the year 
 17,63,725
 (56,74,475)
 Expenses recognised in Statement of Profit and Loss 
 95,38,330
 36,30,587

 For the Year 
2016-17 
`
25
 FINANCE COSTS 
 
 Interest Expense 
7,43,41,653
 Other Borrowing Costs 
 73,48,784
 TOTAL 
8,16,90,437

 For the Year 
2016-17 
`
26
 OTHER EXPENSES 
 Electricity Charges 
1,14,28,053
 Rent 
5,64,89,953
 Repair to Buildings 
 8,97,485
 Insurance 
 26,65,991
 Printing and Stationery 
 92,66,358
 Postage and Telegram, Internet Charges 
 57,69,478
 Conveyance and Travelling 
2,23,62,159
 Telephone and Telex 
1,12,16,698
 Rate and Taxes 
1,26,22,387
 Legal and Professional Fees 
1,52,70,767
 Auditors' Remuneration 
 17,07,250
 Advertisement, Publicity and Business Promotion 
 54,41,350
 Directors' Sitting Fees 
 11,25,000
 Corporate Social Responsibility Expenditure (Refer Note No. 29) 
 16,81,700
 Miscellaneous Expenses 
9,02,53,397
 Bad Debts Written Off 
 72,84,866
 Less : Transfer from Contingency Reserve 
 (72,84,866)
 TOTAL 
24,81,98,026

**27
 EARNINGS PER SHARE ( EPS ) 
 2016-17 **

 A) Net Profit After Tax 
7,01,22,797

** B) Calculation of Weighted Average Number of Equity Share of ` 10 each **

 I) Number of shares at the beginning of the year 
1,58,86,612
 ii) Total number of shares outstanding at the end of the year. 
1,58,86,612
 iii) Weighted Average Number of Equity Shares outstanding during the year 
1,58,86,612

 C) Basic Earning per share ( in ` ) 
 4.41 

 D) Diluted Earning per share ( in ` ) 
 4.17 

 E) Nominal Value of Shares 
 10.00 

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

**28. Payment to Auditors :**

Particulars
For the Year
2016 – 17
`
Audit Fees
12,82,250*
Tax Audit Fees
2,58,750*
Certification Fees including Limited Review
3,45,000*
Out of Pocket Expenses
74,750*
Total
19,60,750 

 
*includes Service Tax, Swachh Bharat Cess and Krishi Kalyan Cess of ` 2,55,750/- 

**29. Corporate Social Responsibility Expenditure :**

 
The Company has incurred a total expenditure of ` 16,81,700/-, which is being debited to the profit and loss account for 
the year ended 31st March, 2017.

Nature of expenses
Schedule in the financial statement 
For the Year
2016 – 17
`
Donation to the Trust towards purchase of blood 
bank vehicle for use of Tata Memorial Hospital
Other expenses (Note 26)
16,81,700

**Total 
 
16,81,700**

 
The CSR committee constituted by the Board of Directors of the Company under section 135 of the Act supervise all the 
expenditure incurred for CSR purposes. The Company contributed to Rotary Club of Bombay Bandra Charitable Trust 
for purchase of blood bank vehicle for use of Tata Memorial Hospital.

 
Following is the information regarding projects undertaken and expenses incurred on CSR activities during the year 
ended 31st March, 2017.

 
I. 
Gross amount required to be spent by the Company during the year – ` 14,76,535/-. 

 
II. 
Following is the amount spent during the year on (by way of contribution to the trust and projects undertaken): 

Particulars 
For the Year
2016-17
`
 Other Project 
16,81,700
 Total 
16,81,700

**30. Earnings and Expenditure in Foreign Currency : **

Particulars
For the Year
2016 – 17
`
Earnings in Foreign Currency :
Air Freight Billing and Other expenses (Net)
--
Total
--
Expenditure in Foreign Currency :
Membership and Subscription Fees
42,062
Travelling
1,35,302
Total
1,77,364

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

**31. Contingent Liabilities **

** 
i. 
Estimated amount of contracts remaining to be executed on capital expenditure and not provided for as on  
31st March, 2017 ` 5,25,154/- .**

** 
ii. 
Counter guarantees given to Banks and to Mr. Areef Patel, Executive Vice Chairman for guarantees provided 
by them against credit facilities ` 77,10,05,000/-, for which no monetary benefit has accrued to Mr. Areef Patel, 
Executive Vice Chairman.**

** 
iii. Claims against the Company not acknowledged as debts ` 6,08,16,950/-.**

** 
iv. On account of CSR ` NIL.**

**32. Trade Receivable against whom the Company has filed the legal suits for recovery are being reviewed by the legal 
department on year-to-year basis. The Management is hopeful of recovery of these amounts. Accordingly no provision 
has been made for any loss, which may occur on this account. **

**33. Classification of Trade Receivable as secured and Trade Receivable / loans and advances as unsecured considered 
good are as evaluated and certified by the management, which has been relied upon by the auditors.**

**34. Balances of Trade Receivable, Trade Payable and certain loans and advances are subject to confirmation / reconciliation 
and adjustments, if any in respect thereof.**

**35. Other Loans and Advances under Long Term Loans & Advances includes Inter Corporate Deposits aggregating to  
` 1,28,27,000/- due from certain companies. Having regards to the long-term association with these companies, the 
management is of the view that no provision is considered necessary on these accounts.**

**36. Trade Receivable outstanding in Company books for Franchisee locations are collected by the Franchisee, as agent on 
behalf of the Company.**

**37. Segment Reporting : 
 
 
 
 
 
 
  
 (Amt. in `)**

**Segment
Surface 
Transportation
Co-Loading 
of Courier
Consolidation of 
Cargo
Total**

Segment Revenue
External Sales
1,80,33,42,466
29,79,16,277
2,43,82,56,639
4,53,95,15,382
Inter - Segment Sales
Total Revenue
1,80,33,42,466
29,79,16,277
2,43,82,56,639
4,53,95,15,382
Segment Result
16,51,13,999
2,48,77,964
13,22,70,062
32,22,62,025
Unallocated Corporate Expenses
19,63,22,172
Operating Profits
12,59,39,853
Interest Expenses
8,16,90,437
Interest / Dividend Income
2,64,03,373
Other Income
2,14,24,025
Net Profit
9,20,76,814
Other Information
Segment Assets
1,01,49,03,047
8,37,65,274
70,55,52,897
1,80,42,21,218
Unallocated Corporate Assets
27,25,52,193
Total Assets
1,01,49,03,047
8,37,65,274
70,55,52,897
2,07,67,73,411
Segment Liabilities
43,68,37,569
48,90,208
33,25,58,682
77,42,86,459
Unallocated Corporate Liabilities
1,30,24,86,952
Total Liabilities
43,68,37,569
48,90,208
33,25,58,682
2,07,67,73,411
Capital Expenditure
17,42,28,981
--
1,20,80,644
18,63,09,625
Unallocated Corporate Capital Expenditure
11,87,876
Total Capital expenditure
17,42,28,981
--
1,20,80,644
18,74,97,501
Depreciation and Amortization
2,74,28,717
2,70,012
1,32,67,382
4,09,66,111
Unallocated Depreciation and Amoritzation
12,08,222
Total Depreciation and Amortization
2,74,28,717
2,70,012
1,32,67,382
4,21,74,333

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

**38. Related party disclosures : -**

 
Related Parties have been classified as per Accounting Standards of Institute of Chartered Accountants of India as 
under:

 
A) Individuals owning directly or indirectly an interest in the voting power of the reporting enterprise that 
gives them significant influence over the enterprise, and relative of such individual (Clause 3(c) of AS 18).

 
 
Mr. Asgar S. Patel and his relatives within the meaning of Clause 10.9 of AS 18.

 
B) Key Management Personnel and relatives of such personnel ( Clause 3(d) of AS18) and his relatives within 
the meaning of Clause 10.9 of AS 18.

 
 
Mr. Areef Patel

 
 
Mr. Mahesh Fogla

 
 
Mr. Nitin Akolkar

 
C) Enterprises over which any person described in (A) or (B) is able to exercise significant influence (Clause 
3(e) of AS 18)

 
 
a) 
Wall Street Securities & Investment (India) Ltd.

 
 
b) 
Transways Combines Pvt. Ltd.

 
 
c) 
Patel Real Estate Developers Pvt. Ltd.

 
 
d) 
One Capitall Ltd.

 
 
e) 
Patel Holdings Ltd.

 
 
f) 
Wall Street Derivatives and Financial Services (India) Pvt. Ltd.

 
 
g) 
Natasha Constructions Pvt. Ltd.

 
 
h) 
Natasha Homes Pvt. Ltd.

 
 
i) 
Natasha Construction Projects Pvt. Ltd.

 
 
j) 
A. S. Patel Trust

 
 
k) 
Goldman (Patel Family) Beneficiaries Trust.

** 
 
 
 
 
 
  
 (Amt. in `)**

**Sr. 
No.
Particulars
A
B
C**

16-17
16-17
16-17
1.
Lease Rent Paid
--
--
19,13,296
2.
Rent Received
--
--
7,02,960
3.
Director Sitting Fees
50,000
--
--
4.
Remuneration Paid
--
94,93,764
--
Balance as at
5.
Property Deposit Given
A S Patel Trust
--
--
1,00,00,000

 
 
 
Above figures are excluding Service Tax, Swachh Bharat Cess and Krishi Kalyan Cess, wherever applicable.

** 
 
NOTES :**

 
 
i. 
The godown deposit is treated as property deposit pending final outcome of application filed by the Company 
for recovery of possession in the Court of Additional Rent Controller, Central District, Tiz Hazari Court, New 
Delhi.

 
 
ii. 
There are no provisions for doubtful debts or amounts written off or written back during the year for debts due 
from or to related parties.

**Notes on Consolidated Financial Statements for the Year Ended 31st March, 2017**

39. In the opinion of the Board, current assets, loans and advances have a value of at least equal to the amounts shown in 
the Balance Sheet, if realised in the ordinary course of business. The provision for all known liabilities is adequate and 
not in excess of amount considered reasonably necessary. There are no contingent liabilities other than those stated in 
Note No. 30.

40. During the year, the Company had specified bank notes or other denomination notes as defined in the MCA notification 
G.S.R. 308(E) dated March 30, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period 
from November 08, 2016 to December 30, 2016, the denomination wise SBN’s and other notes as per the notification is 
given below:

** 
 
 
 
 
 
  
 (Amt. in `)**

Particulars
SBN’s
Other Denomination notes
Total
Closing Cash on Hand as on November 08,2016
1,16,54,500
1,24,21,626
2,40,76,126
Add: Permitted Receipts
--
4,99,22,070
4,99,22,070
Less: Permitted Payments 
8,33,000
4,98,54,496
5,06,87,496
Less: Amount deposited in Banks
1,08,21,500
10,14,823
1,18,36,323
Closing Cash on Hand as on December 30,2016
--
1,14,74,378
1,14,74,378

 
*For the purpose of this clause, the term “ Specified Bank Notes” shall have the same meaning provided in the notification 
of the Government on India, in the Ministry of Finance, Department of Economic Affairs, number S. O. 3407 (E), dated 
November 08, 2016.

41. This being the first year of preparation of Consolidated Financial Statements, previous year consolidated figures are not 
given.

 

As per our report of even date
For M S P & Co.
For and on behalf of the Board,
Chartered Accountants
(Registration No. 107565W)

M. S. PARIKH
AREEF A. PATEL
P. S. G. NAIR
Partner
Executive Vice Chairman
Director
Membership No. 08684

Mumbai,
NITIN B. AKOLKAR
MAHESH FOGLA
Dated : 26th May, 2017
Company Secretary
Chief Financial Officer
 

  
 
 
  
 

**Form AOC-1**

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)

**Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures**

**Part “A”: Subsidiaries**

(Information in respect of each subsidiary to be presented with amounts in Rupees)

**Sl. No.
Particulars
Details**

1.
Sl. No.
1

2.
Name of the subsidiary
DelivrEx India Limited

3.
The date since when subsidiary was acquired
3rd May 2016

4.
Reporting period for the subsidiary concerned, if different from the holding company’s 
reporting period
From 3rd May 2016 to 
31st March 2017

5.
Reporting currency and Exchange rate as on the last date of the relevant Financial year 
in the case of foreign subsidiaries
INR
This is an Indian 
Subsidiary

6.
Share capital
`.1,00,000/-

7.
Reserves & surplus
` (1,43,757/-)

8.
Total assets
` 38,14,629/-

9.
Total Liabilities
` 38,14,629/-

10.
Investments
NIL

11.
Turnover
NIL

12.
Profit before taxation
` (1,43,757/-)

13.
Provision for taxation
NIL

14.
Profit after taxation
` (1,43,757/-)

15.
Proposed Dividend
NIL

16.
Extent of shareholding (In percentage)
100%

1. 
Names of subsidiaries which are yet to commence operations- Not Applicable

2. 
Names of subsidiaries which have been liquidated or sold during the year- Not Applicable.

The Company is not having any Associate Company and Joint venture, hence disclosure under Part B are not applicable to 
the Company.

For and on behalf of the Board

AREEF A. PATEL 
P.S.G. NAIR 
NITIN B. AKOLKAR 
MAHESH FOGLA
Executive Vice Chairman 
Director 
Company Secretary 
Chief Financial Officer

**GROWING
EVERYDAY
WITH YOU**

•                  A trusted name in the world 

of Logistics is One of the Pioneers in 
Logistics in India. 

• We have  a unique experience of handling both 
Air & Road Cargo.

• We Handle 2 lacs tons of Cargo worth 
Rs.120 Billion per year. 

• PAN India presence with  500+ Stations.

**GROWING**

**PAN INDIA PRESENCE**

*Branches

Map not to scale and for illustrative purpose only.

*Only the cities have been marked in the 
map. There are total 500+ Branches PAN 
India

**Notes:**

**PROXY FORM**

[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014-Form No. MGT-11]

CIN 
: L71110MH1962PLC012396

Name of the Company 
: PATEL INTEGRATED LOGISTICS LTD

Registered office 
: Patel House, 5th Floor, Plot No.48, Gazdar Bandh, North Avenue Road, Santacruz (W.), Mumbai-400054

Name of the member (s)  
:____________________________________________________________________________________

Registered address  
:____________________________________________________________________________________

E-mail ID  
:____________________________________________________________________________________

Folio No/ Client ID/DP ID 
:____________________________________________________________________________________

I/We, being the Member(s) of ________________________ shares of Patel Integrated Logistics Limited hereby appoint,

1. Name  
:____________________________________________________________________________________

 
Email ID  
:____________________________________________________________________________________

 
Address 
:____________________________________________________________________________________

 
Signature 
:_____________________________  or failing her/him;

2. Name 
:____________________________________________________________________________________

 
Email ID  
:____________________________________________________________________________________

 
Address 
:____________________________________________________________________________________

 
Signature 
:_____________________________  or failing her/him;

3. Name  
:____________________________________________________________________________________

 
Email ID  
:____________________________________________________________________________________

 
Address 
:____________________________________________________________________________________

 
Signature 
:_____________________________  

as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 55th Annual General Meeting of the Company, to be held 
on Wednesday, September 27, 2017 at 11.00 a.m. at the Sheila Raheja Hall, Rotary Service Centre, Juhu Tara Road, Santacruz (West), 
Mumbai - 400 049 and at any adjournment thereof in respect of such resolutions as are indicated below:

**Sr. 
No.
RESOLUTIONS
Optional***

For
Against
1
(a) Adoption of Standalone Audited Financial Statements of the Company for the financial year ended 
31st March 2017 and the Reports of the Board of Directors and Auditors thereon. 

(b) Adoption of  Audited Consolidated Financial Statements of the Company for the financial year ended 
31st March 2017 and the Reports of the Auditors thereon.
2
Declaration of  dividend on the Equity Shares for the Financial year ended March 31, 2017. 

3
Re-appointment of  Mr. Syed K. Husain (DIN: 03010306), who retires by rotation and, being eligible, 
offers himself for re-appointment. 
4
Appointment of M/s. Hitesh Shah & Associates, Chartered Accountants, (Firm Registration No. 103716W) 
as Statutory Auditors of the Company and fixing their remuneration.

Signed this _______ day of __________________ 2017

 
________________________ 
___________________________ 

 
Signature of Proxy holder(s)  
Signature of shareholder

Note:
1. This form of proxy in order to be effective should be duly completed and deposited in the register office of the company, not less than 48 
hours before the commencement of the meeting.
2. A proxy need not be a member of the Company.
3. *It is optional to put () in the appropriate column against the resolutions indicated in the Box. If you leave the for or against column blank 
against any or all resolutions, your proxy will be entitled to vote in the manner as he/she thinks appropriate.

Affix
revenue
stamp
of Re. 1

**
**

.

**CIN: L71110MH1962PLC012396**

**Regd. Office: Patel House, 5th Floor, Plot No.48, Gazdar Bandh, North Avenue Road, Santacruz (W.), Mumbai-400054 
Tel No.: 022-26050021, 26052915, Fax No.: 022-26052554, Website: www.patel-india.com**

**ATTENDANCE SLIP**

I/We hereby record my/our presence at the 55th Annual General Meeting of the Company on Wednesday,   September 27, 
2017 at 11.00 a.m. at the Sheila Raheja Hall, Rotary Service Centre, Juhu Tara Road, Santacruz (West), Mumbai -400 049.

For Physical Holding
For Electronic Form (Demat) NSDL/CDSL
No of Shares Held

LF No.:
DP ID & CLIENT ID:

Name of the Member (in Block Capitals)

Name of the Proxy (in Block Capitals) 

___________________________

Signature of the Member / Proxy

NOTES:

1. Only members/proxies and representatives are allowed to attend the Meeting.

2. Members are requested to bring their copy of the Annual Report with them to the Meeting as additional copies of the same 
will not made available at the Meeting.

**
**

.

Patel Roadways is a 
division which undertakes the 
conventional transportation 
of Goods including -
Less Truck Load (LTL) and Full 
Truck Load (FTL).

Patel Express is an 
expedite urgent, 
time-sensitive deliveries, 
from your doorstep to 
theirs. Virtually anywhere in 
India.

Patel Airfreight is a 
division of the company 
handling Airfreight of  
Domestic & International 
Cargo.

**Perfection. Persistence. Prosper.
For a better India.**

Registered Office : Patel House, Plot No 48, Gazdhar Bandh, 
North Avenue Road, Santacruz (W), 
Mumbai, Maharashtra - 400054 

Corporate Office : House Of Patel, Natasha Building, 1st Floor, 
52 Hill Road, Bandra (W), Mumbai, Maharashtra - 400050 

**Email : contactus@patel-india.com      Website : www.patel-india.com**

**BSE : 526381        NSE : PATINTLOG EQ
CIN : L71110MH1962PLC012396**